inherit

Do I Need Permanent Life Insurance

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We start things off this week with Sally from Buffalo who inherited about $35,000 and is wondering what she should do with the proceeds. Up until now, the money has been sitting in the bank earning virtually nothing. There must be a better alternative!

Next up was Linda from New Jersey. With a good amount of savings, and various accounts out there, Linda is being pitched a permanent life insurance policy. Does she need it?

The email marathon continues in hour two. We’re now into mid-April, so not so bad. Next week marks the return of the second hour guests. Hooray!!!

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Help! I Can't Find a Good Advisor

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We start things off this week with Nancy from Cape Cod. Nancy recently inherited a large chunk of money, and after striking out with a couple of financial planners, she gave us a call to see if we’d be able to help her finally find the right person to manage her newfound fortune. Such a fascinating conversation.

More emails in hour two. The good news is that we’re finally into the 2019 section of the inbox.

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Inherited Variable Annuity

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Buying a variable annuity is always tricky. But what happens when you inherit one? That's what we're discussing on the latest call with Linda from the Bay Area.

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Paying Off Student Loans

Happy Holidays!

We’re officially winding things down for the year, which means this week we’re going to give you a couple of our more memorable calls from 2018.

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First up is an inheritance call from Jenny in Seattle. We’ve been taking listener calls for just about eight years now...I can easily say that this will go down as one of the most memorable calls in the history of my podcast and radio show. Me writing about it will do it no justice so you’re going to have to listen. It was incredible.

Next up was Megan from North Carolina who is drowning in debt thanks to high interest student loans. Considering that her mom has the money to help, is it worth having a conversation?

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Inheritance, Planning for Retirement and Thinking in Bets

Happy Holidays!

We’re officially winding things down for 2018, which means this week in hour two you’re getting one of my favorite interviews of 2018.

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But before that, we’re starting things off with Marguerite from the Bay Area who inherited some money a few years back. Now she’s wondering if there’s something better she could, or should, be doing with the money.

Next up was Janine from Washington, whose husband will be retiring from the military and entering the civilian workforce. Is there anything they should be doing to prepare?

Daily life requires numerous decisions. Some easy, some difficult. And some that have to be made without knowing a lot of pertinent information. And what we think is the best decision in the moment, doesn’t necessarily yield the best outcome.

No one knows this better than our guest this week, Annie Duke. As a former professional poker player and world champion, Annie made a living based on high pressure decision making and shares the story in her new book, Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts.

There’s always an element of luck that you can’t control, and there is always information that is hidden from view. So perhaps the key to long-term success (and avoiding worrying yourself to death) is to think in bets:

  • How sure am I?

  • What are the possible ways things could turn out?

  • What decision has the highest odds of success?

  • Did I land in the unlucky 10% on the strategy that works 90% of the time?

  • Or is my success attributable to dumb luck rather than great decision making? 

For most people, it’s difficult to say “I’m not sure” in a world that values and, even, rewards the appearance of certainty.

By shifting your thinking from a need for certainty to a goal of accurately assessing what you know and what you don’t, you’ll be less vulnerable to reactive emotions, knee-jerk biases, and destructive habits in your decision making.

You’ll become more confident, calm, compassionate and successful in the long run.

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A Large Financial Windfall and Disability Insurance

Digging out from under our pile of calls and emails has been a struggle all year long, and there’s really no end in sight. It’s definitely a good problem to have and one that will certainly lead to more shows like today’s episode that only features questions from you, our fabulous listeners!

If you like what you hear, please let us know by sending a quick note or by leaving a comment in iTunes.

First up this week was Lisa from the Bay Area who is having a terribly hard time getting disability insurance. She’s young, healthy, has a good job...so what’s the issue? Wait till you hear this one.

After Lisa we jumped into a variety of emails. We talked about saving for a house downpayment versus saving for retirement, transferring a 401(k) into an annuity (NO!!!), the benefits of using a Roth 401(k) and a Roth IRA, and the best places for short-term investments.

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After the emails we went back to the phones and took an inheritance call from Jenny in Seattle. We’ve been taking listener calls for just about eight years now...I can easily say that this will go down as one of the most memorable calls in the history of my podcast and radio show. Me writing about it will do it no justice so you’re going to have to listen. It was incredible.

“Better Off” is sponsored by Betterment.

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

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Retirement Plan Options + A Large Inheritance

Happy Fourth of July weekend! Or was it last weekend? Or is it this weekend? Whatever the case, the show goes on.

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This weekend we kick things off with young Nicole from Seattle who just started a job at a local university and has a decision to make when it comes to her retirement plan. A traditional 401(k) or a defined benefit pension plan which only kicks in after she's been there for ten years? It's a tough call to make. 

Next up was Sharon from Michigan. She and her husband just inherited $400,000. What should they do with it? Pay off some debt? Invest it? 

Hour two this week features an interview with my pal and retirement guru, Mark Miller. No stranger to writing books, Mark was on to chat about his latest project, Jolt: Stories of Trauma and Transformation

Having interviewed dozens of people over the years who are hell-bent on changing their lives and careers to focus on work with more purpose and meaning, Mark began to notice a pattern: many leap-of-faith transformations begin with unforeseen traumatic life events.

Mark decided to think of these high-voltage bolts out of the blue as jolts — painful events that stop people in their tracks and then thrust them toward positive change.

The death of a child. Life-threatening illness. Plane crashes. Terror attacks. Natural disasters. Some of us never fully recover from unimaginable traumas like these, but some not only survive—they bounce back to thrive and grow.

Jolt tells the stories of people transformed by trauma, and the new paths that they pursue.

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Listener Questions: Student Loans, Retirement Planning, 529 College Savings

Desperate times call for desperate measures.

The questions from you guys continue to pour in, and at the current rate of taking one or two a week, we’re never going to clear out the inbox.

Hence today’s episode, one that’s devoted entirely to you guys and your questions! We’ll probably start doing this on a regular basis, maybe once a month or maybe more if you like it. So please let us know by sending a quick note or by leaving a comment in iTunes.

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The first question on today’s episode comes from Britton in South Carolina. There’s cause for celebration as Britton and his wife just learned that a baby is coming! Woot woot! As a police officer and teacher it’s safe to say they’re not raking in the bucks. With a small savings account, and a small chunk of student loan debt remaining, does it make sense to beef up the savings or just get rid of the outstanding loan before the baby comes?

Next up was Alex calling from somewhere overseas. Alex is on the complete opposite end of the spectrum. Married, no kids, federal employee, making good money, and perhaps most significant, virtually zero expenses, including housing. With the goal of becoming financially independent at a young age, which approach should she be taking with her investments.

The final call comes from Allen in Dallas. Planning for college way down the road, Allen is wondering what’s the best strategy to fund a couple 529 plans for his two kids. These guys are in great shape. If all goes according to plan, college should be taken care of when the time comes.

Before wrapping up, we read a quick listener email regarding the absurd cost of college. It was prompted by our interview with New York Times reporter John Schwartz and his comment that when he went to college at the University of Texas in the 1970s it cost less than $200 a semester. And guess what people, he didn’t graduate with any debt! Amazing how that works.  

“Better Off” is sponsored by Betterment.

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

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#351 Preserving and Sharing Humanity’s Stories with StoryCorps

Happy Thanksgiving!  It's hard to believe that this is our seventh Thanksgiving together here at Jill on Money.  Where does the time go?

In hour one this week we're bringing you some great listener calls.  We started the action with Chris from Florida who inherited some money and is wondering what his next step should be. Next up was Doug from Miami, who at the ripe old age of 35 has aspirations of a very young retirement. Andrew from Chicago had some questions about consolidating old retirement plans and we wrapped up the calls with Chris from Spokane who has some extra income and isn't quite sure what he should be doing with it.

Since this episode is dropping on Thanksgiving we thought we’d do something a bit different.

Instead of focusing on bettering ourselves financially, we wanted to introduce you to StoryCorps, a non-profit organization that strives to make the world better off by preserving and sharing stories, build connections and create a more just and compassionate world.

In short, it serves as a good reminder of the things that matter most.

And who better to help us stay in the giving thanks spirit than our guest Dave Isay, the founder and president of StoryCorps.

His goal is simple: to use stories to remind us of our shared humanity, to strengthen and build the connections between people, to teach the value of listening, and to weave into the fabric of our culture the understanding that everyone’s story matters. At the same time, StoryCorps is creating an invaluable archive for future generations--every interview is housed at the Library of Congress.

So as you’re sitting around this Thanksgiving weekend with family and friends, I encourage you to download the StoryCorps app and take part in The Great Thanksgiving Listen, a national movement that empowers people of all ages to create an oral history of the contemporary United States by recording an interview with an elder using the free app.

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#346 The Road to Black Monday, the Worst Day in Wall Street History with Diana Henriques

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Yes, this is still here, and it will be for a while to serve as a reminder that there's a new place for Jill on Money content - YouTube!  Seems like a no-brainer, but sometimes it takes a little outside help (h/t to JOM friend, Joe A!) to recognize the obvious.  So don't freak out.  Going forward, we're going to put all our radio and podcast content on YouTube! It'll be easier for you to navigate and listen to past shows, because everything will be in one place.  Just click any of the links below and you'll be able to listen to this week's show as well as anything else you see that might interest you, including all the Better Off podcast content if you haven't been listening. Let us know what you think by emailing us at askjill@jillonmoney.com.

CLICK HERE FOR LATEST SHOW ON YOUTUBE

Oct 21 Download Hour One Here

Imagine this...you're in your 30s and a parent and grandparent just recently passed away.  One is bad enough, but  two losses seems unbearable. Now imagine that in the mourning process, you inherit over two million dollars! That's what happened to Jessica, our first caller this week. And as if she needs more to juggle, you can throw in the fact that Jessica is pregnant with her second child and she and her husband are selling their house and getting ready to move to another state.  It's a ton to process, hence the call to us.  Thankfully, Jessica has a good head on her shoulders.

CLICK HERE FOR LATEST SHOW ON YOUTUBE

Oct 21 Download Hour Two Here

Ask some Wall Street veterans where they were on October 19, 1987 and they will likely regale you with details of any crisis. My life changed that day in ways that often creep up on me. Indeed, Black Monday was the single worst day in Wall Street history, with the Dow Jones Industrial Average plunging by more than 22 percent in one session--that’s the equivalent of the blue chip index diving by more than 5,000 points today.

It was a “First Class Catastrophe”, according to our first class guest and storyteller supreme, Diana Henriques, who dropped by the studio to help us retrace the events that led up to that day.

Diana joined us on the show earlier this year when her book, The Wizard of Lies: Bernie Madoff and the Death of Trust, was made into an HBO movie. This time around Diana is joining us to discuss her latest book, A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History.  As Diana recounts, Black Monday was more than seven years in the making and threatened nearly every U.S. financial institution.

There were missed opportunities, market delusions, and destructive actions that stretched from the “silver crisis” of 1980 to turf battles in Washington and a rivalry between the New York Stock Exchange and the Chicago Mercantile Exchange.

Here’s the crazy thing...you’d think that after Black Monday, lessons would be learned. But in her analysis, Henriques demonstrates how that Monday in the fall of 1987 was the predicate to the financial crisis of 2008. Sadly, investors, regulators, and bankers failed to heed the lessons of 1987, even as the same patterns resurfaced.

This was a fascinating interview for me because I lived through this period. I had just started my career on Wall Street, as the chaos was unfolding. I watched firsthand as my father nearly lost his business.  This chat was like going down memory lane and it’ll give you guys a good glimpse of the life I used to live before I started hosting podcasts and radio shows!

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE