Vanguard

Financial Planning for All

Financial Planning for All

Are you celebrating the upcoming World Financial Planning Day by creating a financial plan? I’m guessing that the answer is no, because according to the 2018 Charles Schwab Modern Wealth Index, about a quarter of Americans have a written financial plan. That’s too bad because having one “can lead to better daily money behaviors.”

Do I Need a Financial Planner?

Retirement is approaching, and so far you've done a great job of planning for it on your own. Do you need to hire a financial planner or can you keep going solo? That's what Michelle was wondering on the latest BONUS call.

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“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

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"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

A Vanguard Retirement Plan & Whole Life Insurance

Happy Memorial Day weekend! Please, please take a moment or two sometime this weekend to remember all those who have paid the ultimate sacrifice while serving our country. Without them, none of it is possible. 

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We started the show this week with Dennis from Minnesota who is planning on retiring next year and is in the process of putting the finishing touches on his retirement plan and wanted to run it by us. 

Next up was John from Connecticut who is being pitched a whole life insurance policy by his financial advisor. Is such a policy in the best interest of John? Should he buy it? Or pass? 

Next up, you guessed it, we wrapped up the hour by answering a handful of emails. 

“I’m just bad with money!” I know that many have convinced themselves that they were born with a recessive money management gene, but financial planning can be learned, like anything else. That's the message of This Is the Year I Put My Financial Life in Order. In a book that is part financial memoir and part research-based guide to attaining lifelong security, New York Times reporter John Schwartz bares his financial soul.

Schwartz and his wife, Jeanne, are upper middle class earners, who have been on a financial rollercoaster. Sharing his own alternately harrowing and hilarious stories, from his brush with financial ruin and bankruptcy in his thirties to his short-lived budgeted diet of cafeteria food, John will walk you through his own journey to financial literacy, which he admittedly started a bit late.

He covers everything from investments to retirement and insurance to wills (at fifty-eight, he didn't have one!), medical directives and more. Whether you're a college grad wanting to start out on the right foot or you're approaching retirement age and still wondering what a 401(K) is, this book will help you find your financial way.

So if you are like the countless others who are a bit tentative when it comes to money matters, but are willing to learn before it's too late, this book should help improve your financial literacy.

Have a money question? Email us here or call 855-411-JILL.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Planning for Retirement...Am I Treading Water?

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We started the show this week with an awesome call from Lisa in the Twin Cities. Lisa and her husband are in their late 50s and hoping to retire in the next few years. In her words, Lisa thinks they're "treading water" when it comes to their retirement game plan. I'm not so sure I agree with that assessment. It was a good call that required a couple segments. 

We finished up the first hour by blowing through some of the inbox. Believe it or not, we're still answering emails from March. 

Hour two this week features an interesting chat with Jane Barratt, the founder and CEO of GoldBean, an online investing platform that aims to get you started with investing by analyzing your spending history and your financial profile with the goal of building you a personalized portfolio, featuring successful companies and brands that you love, know, and buy.

Think of using GoldBean as a five step process:

  1. A Personalized Portfolio - Start, build and grow your own investment portfolio. 
  2. Company Overviews - There is a lot of noise about companies in the news. GoldBean will distill it down to what's important.
  3. Real-time Advice - The GoldBean Index lets you know when to sell, when to hold and when to buy stocks.
  4. Ideas - GoldBean helps you get started with companies based on your spending profile, what's hot and community favorites.
  5. Education - GoldBean helps you learn the language of Wall Street, decoding what's going on in the news and being prepared for opportunities when they happen.

The Fintech Revolution is changing the financial services industry on a daily basis, and GoldBean is just another example of the amazing possibilities when the worlds of finance and technology collide. 

Have a money question? Email us here or call 855-411-JILL.

Connect with me at these places for all my content:

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

100 Questions Every First-Time Home Buyer Should Ask

Home ownership has always been considered an essential part of the American Dream.

And while it may be getting harder to accomplish—especially for the millennials—it’s still pretty high on the list of goals. If you’re going to do it, make sure you do it right by doing your homework and asking the right kinds of questions:

  • What can you afford?
  • What do you want in a home, and what do you really need?
  • What does "location, location, location" really mean?
  • How do I decide what to offer on a house?
  • What exactly does the closing process look like?

While it’s hard to ignore all the financial implications of making such a large investment, there are, of course, the equally important issues related to life, family and relationships that arise in buying a home.

And quick postscript to all you millennials out there who want to buy, but feel like the cards are stacked against you...hit up the app store on your phone and put all the tools and technology at your fingertips to use to help you find the best deal possible.

And remember, the American Dream is still very much alive and achievable.  

“Better Off” is sponsored by Betterment.

Have a finance related question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

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https://www.linkedin.com/in/jillonmoney/ 

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"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

Inflation-Proof Your Life

Inflation-Proof Your Life

Worries about rising inflation have spooked stock and bond investors. As a reminder, inflation occurs when the prices of goods and services rise and as a result, every dollar you spend in the economy purchases less. The annual rate of inflation over from 1917 until 2017 has averaged just over 3 percent annually. That might not sound like much, but consider this: today you need $7,272.09 in cash to buy what $1,000 could buy in 50 years ago.

Better Off BONUS call: Investment Property

If there's a piece of property in the family that's on the market, would it make sense to buy it and keep in the family as an investment property? That's the question from Ryan on the latest BONUS call.

“Better Off” is sponsored by Betterment.

Have a finance related question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

https://twitter.com/jillonmoney

https://www.facebook.com/JillonMoney

https://www.instagram.com/jillonmoney/

https://www.linkedin.com/in/jillonmoney/ 

http://www.stitcher.com/podcast/jill-... 

http://betteroffpodcast.com/

https://itunes.apple.com/us/podcast/b...

"Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

Stock Market Correction: What to do Now

Stock Market Correction: What to do Now

We knew that a stock market correction was coming, but why then did everyone seem so shocked when it arrived on Februarys 8th? Corrections, defined as 10 percent drops from the recent highs (January 26th), usually occur every year or so. Until last week, it had been two full years since the major US indexes had corrected. In other words, we were overdue for a drop.

CBS This Morning: Why Stock Market's Recent Volatility is Healthy

A wild week on Wall Street came to an end with a small rally on Friday. I joined CBS This Morning to explain why such volatility might not be a bad thing.