emergency reserve

Do I Need Life Insurance?

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We kick off the holiday weekend with Gabriel who is about to turn 30, recently married, planning on starting a family, and is now wondering if he should be looking to purchase a life insurance policy.

Next up was Kelly from Georgia who has a boat load of cash sitting in a savings account. There must be a better alternative than a savings account, right?

Congratulations, you're a manager! After you pop the champagne, accept the shiny new title, and step into this thrilling next chapter of your career, the truth descends like a fog: you don't really know what you're doing.

That's exactly how our latest guest, Julie Zhuo, felt when she became a rookie manager at the age of 25. It’s also why she felt compelled to write her first book, The Making of a Manager: What to Do When Everyone Looks to You.

She stared at a long list of logistics, from hiring to firing, from meeting to messaging, from planning to pitching, and faced a thousand questions and uncertainties. How was she supposed to spin teamwork into value? What was the secret to leading with confidence in new and unexpected situations?

Now, having managed dozens of teams spanning tens to hundreds of people, Julie knows the most important lesson of all: great managers are made, not born. If you care enough to be reading this, then you care enough to be a great manager.

The Making of a Manager is a modern field guide packed everyday examples and transformative insights, including:

  • How to tell a great manager from an average manager

  • When you should look past an awkward interview and hire someone anyway

  • How to build trust with your reports through not being a boss

  • Where to look when you lose faith and lack the answers

Whether you're new to the job, a veteran leader, or looking to be promoted, this is the handbook you need to be the kind of manager you wish you had.

Have a money question? Email me here.

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

Is It Okay to Invest My Emergency Fund?

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You guys always hear me talking about how it's crucial to have an adequate emergency reserve for those unforeseen things that just seem to pop up. But where should it be kept? Is it okay to invest it? That's the discussion with Andrew from Atlanta on the latest episode. 

Have a money question? Email us here.

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Should I Pay Off the Car?

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Who really likes having a car loan? No one is the answer. If you have some cash in the bank, enough to pay off the car, should you pull the trigger and free yourself of the debt? As I told Devin from Pittsburgh on the latest BONUS call, it all depends on your unique situation.

“Better Off” is sponsored by Betterment.

Have a money 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:

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How to Invest Extra Money

Having some extra money to invest, and not knowing what to do with it, is what I like to call a good problem to have! That's the case with Kelly in Atlanta, who's sitting on 125k with no short term needs on the horizon.

“Better Off” is sponsored by Betterment.

Have a money 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!

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BONUS call: Student Loan Debt

Should you use your emergency reserve to tackle your student loan debt? That's what Kristin from Florida was wondering on the latest BONUS call.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here.

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/ 

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

Financial Threats You CAN Control

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Earlier this month, the Economist Intelligence Unit updated its list of the Top Ten Global Threats. They are:

  1. China experiences a hard landing
  2. Currency volatility and persistent commodity prices weakness culminates in an emerging markets corpo
  3. Donald Trump wins the US presidential election
  4. Beset by external and internal pressures, the EU begins to fracture
  5. "Grexit" is followed by a euro zone break-up
  6. The rising threat of jihadi terrorism destabilizes the global economy
  7. Global growth surges in 2017 as emerging markets rally
  8. The UK votes to leave the EU
  9. Chinese expansionism prompts a clash of arms in the South China Sea
  10. A collapse in investment in the oil sector prompts a future oil price shock

While any one of these events could throw the world’s economy into a tailspin, they are out of our control, so it may be smarter to concentrate on the Top Ten Financial Threats that are within our ability to manage.

  1. Ignoring your Cash Flow: It is hard to live within your means if you have no idea where the money is going. Regardless of your income level, the key to reaching your financial goals starts with a simple task: tracking your income and expenses.
  1. Borrowing too much: Whether it’s for a house or for your child’s education, carrying too much debt can prevent you from addressing important financial goals and may also create a huge emotion burden.
  1. Not establishing an emergency reserve fund: Bad luck can occur at any time, so it is vital to save an easily accessible, liquid cushion of 6 to 12 months of expenses if you are still working - 12 to 24 months if you are retired.
  1. Carrying No/Insufficient Life Insurance Coverage: If you have dependents, prepare for the worst-case scenario by purchasing adequate life insurance coverage. In most cases, term life will do the job.
  1. Not Contributing to Retirement as Early as Possible: Ask any retiree about the biggest mistake he or she made and it will likely be “I should have started saving sooner!” Establishing the automatic saving habit early pays huge dividends in the future.
  1. Tapping Retirement Funds Early: While the IRS allows for hardship withdrawals in certain instances, too many workers who leave their jobs, cash out plan assets and pay a tax penalty, instead of rolling over the funds into another retirement account.
  1. Failing to Properly and Efficiently Manage Retirement Funds: Whether it’s not rebalancing, owning too much company stock or using high-fee funds, retirement savers are costing themselves money with easy-to-rectify oversights.
  1. Claiming Social Security Early: You can claim SS retirement benefits as early as age 62, but doing so will permanently reduce your (and your spouse's, if he or she plans to claim one-half of your benefit) monthly income by as much as 25 percent.
  1. Not drafting a will/power of attorney/health care proxy: Don’t create a mess for your heirs-draft the necessary estate documents NOW.
  1. Not Seeking Help When You Need It: There is no shame in admitting that you need help with your financial life. If you want customized services,work with a professional who has earned the CFP® certification or is a CPA Personal Financial Specialist. You can ask for referrals from friends or colleagues or use the search tools offered by the Certified Financial Planner Board of Standards, the Financial Planning Association, or for fee only advisors, go to the National Association of Personal Financial Advisors.