Better Off with Jill Schlesinger

Do you have a financial advisor? Are you looking for one? Do you know how much you're paying this person? Or should be expecting to pay? Are the fees so high you feel like you're getting screwed? Our BONUS caller of the week sure felt that way! That's why Cheryl from Massachusetts gave us a call. Was her gut instinct right? Is she paying too much? Give it a listen and leave us your feedback by leaving a rating or review in iTunes. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Have a question? Email us at askjill@betteroffpodcast.com.

With Tax Day right around the corner, our guest, Ed Slott, CPA, is in the house to review some last-minute tips, dos and don'ts, and provide sage advice about which IRA might be right for you. Ed is not only a tax guru, he’s also a total character. He skillfully presents what is usually dry advice in just the way we like on “Better Off”: with attitude and humor! Considered one of the foremost authorities on all things regarding taxes, retirement, IRAs, Ed is regularly quoted in the New York Times, Wall Street Journal, Forbes, Money, Kiplinger’s, USA Today, Investment News and a host of additional national magazines and financial publications. You may have also seen Ed on your local public television station on one of his numerous specials. I realize paying taxes can be a sore subject, but as much as everyone complains, Ed says that tax rates are still relatively low. That means that now could be a good time to move funds from tax-deferred vehicles, like 401(k)s and IRAs into tax free Roth IRAs. Ed also notes that the very best retirement strategy is to work as long as you can. Extra income can prevent you from dipping into your nest egg; allow you to make Roth and spousal Roth IRA contributions (though once you turn 70 1/2, you can NOT make traditional IRA contributions); and most importantly, working longer will help you combat the reality of longevity! See, it’s not all bad news around tax time...and as Ed says, the key to the entire tax preparation process is to keep flawless records and documentation throughout the year! “Better Off” is sponsored by Betterment. Please leave us a rating or review in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/.

On the latest BONUS call we talk to Kevin from California. Kevin and his wife were recently gifted $25,000 and have been contemplating various ways to use it. As a young couple with decades ahead of them before retirement, their initial thought was to pay down the mortgage. Good idea? You'll have to listen for the answer! Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating in iTunes. Have a question? Email us at askjill@betteroffpodcast.com.

If you don’t know the name Jason Zweig, as a listener of the Better Off podcast, chances are you know his work. The “Intelligent Investor” column that you read every Saturday in the Wall Street Journal...yep, that’s his awesome work. I’ve been a fan of Jason’s for a long time, so it’s a no brainer that he’s on one of the early episodes of “Better Off.” And let me just say, it was no easy get! We, and when I say we I really mean Mark, the best producer in the world, have been going back and forth with Jason since last October trying to nail down a date. Was it worth it? Let’s just say that when we do interviews, Mark and I are acutely aware of how long they’re running. We try to keep them 30 minutes or less. Well, Jason was so good we kept him for nearly an hour. His knowledge and insight of the financial industry is so wide and deep that we decided that we needed to feature him in back-to-back episodes, a “Better Off” first! In part two of this interview we cover the decreasing cost of investing and why it may eventually cost the customer absolutely nothing, the role of brokers as the industry continues to evolve, and finally, what encourages Jason about the future of the financial services industry. If you like Jason’s column, you should also check out his books. His latest work, The Devil’s Financial Dictionary, skewers the plutocrats and bureaucrats who gave us exploding mortgages, freakish risks, and banks that are too big to fail. It also distills the complexities, absurdities, and pomposities of Wall Street into plain truths and aphorisms anyone can understand. “Better Off” is sponsored by Betterment. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/.

This week on the BONUS call we do retirement planning with Barry from Pennsylvania. Barry and his wife are looking to retire in a few years and want to make sure they're on the right track. As you'll hear, there are many questions that need to be asked before giving a thumbs up or down. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating in iTunes. Have a question? Email us at askjill@betteroffpodcast.com.

If you don’t know the name Jason Zweig, as a listener of the Better Off podcast, chances are you know his work. The “Intelligent Investor” column that you read every Saturday in the Wall Street Journal...yep, that’s his awesome work. I’ve been a fan of Jason’s for a long time, so it’s a no brainer that he’s on one of the early episodes of “Better Off.” And let me just say, it was no easy get! We, and when I say we I really mean Mark, the best producer in the world, have been going back and forth with Jason since last October trying to nail down a date. Was it worth it? Let’s just say that when we do interviews, Mark and I are acutely aware of how long they’re running. We try to keep them 30 minutes or less. Well, Jason was so good we kept him for nearly an hour. His knowledge and insight of the financial industry is so wide and deep that we decided that we needed to feature him in back-to-back episodes, a “Better Off” first! In part one of the interview we cover the power of index funds, the importance of having rules in your financial life, the beauty of passive investing and the importance of technology and humans working together. We also talk about the evil F-word (fiduciary) and why such a simple concept of putting clients first, is such a controversial issue for a conflict-ridden industry. If you like Jason’s column, you should also check out his books. His latest work, The Devil’s Financial Dictionary, skewers the plutocrats and bureaucrats who gave us exploding mortgages, freakish risks, and banks that are too big to fail. It also distills the complexities, absurdities, and pomposities of Wall Street into plain truths and aphorisms anyone can understand. “Better Off” is sponsored by Betterment. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

This week on the BONUS call we talk to Karen from Kentucky who was wondering about an annuity. Because annuities are very tricky products it's one of the most common questions we get. In Karen's case, she already has a pension and a retirement account so does she need to purchase this product? Listen to find out! Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating in iTunes. And if you have a question you'd like to ask, email us at askjill@betteroffpodcast.com.

I’m going to assume that a good portion of you subscribed to the Better Off podcast have used either Uber or Airbnb. I use Uber all the time and it seems like everyone I know has used Airbnb. My producer Mark just used Airbnb for a week in Tokyo and loved it. James Altucher, our guest from the second episode, basically lives full-time in various Airbnb locations. It’s no exaggeration to say that these companies have almost single-handedly disrupted stodgy industries (taxi/limousine and hotel), become stars of the Silicon Valley venture capital world and made their impact felt across the globe. That’s why we were delighted to have a great conversation with Brad Stone, Bloomberg journalist and author of “The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley are Changing the World.” Brad defines an upstart as either “a newly successful person” or “someone who does not show proper respect to the established way of doing things” -- you’ll need to decide whether or not Travis Kalanick of Uber and Brian Chesky fall into one or both of those categories. They certainly were brash survivors who didn’t create the ideas that made each company successful, but somehow they were able to execute better (more ruthlessly?) than their competitors. Unlike in his previous book about Amazon, “The Everything Store”, where CEO Jeff Bezos would not talk to him, this time Brad had access to all the key players and he writes a compelling page-turner. He opens the story with the 2008 Obama Inauguration, which founders of both companies were attending. What lessons have these wildly successful upstarts learned over the past nine years? How have they matured and become better leaders? After reading this book, you’ll have a whole new perspective the next time you ride in an Uber or make an Airbnb reservation. “Better Off” is sponsored by Betterment. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

For the BONUS call this week we chatted with Brian from Seattle who plans on leaving his Roth IRA to his two kids...since this won't be happening for many, many years, he was wondering how he should be invested inside the Roth. A good lesson for anyone with a Roth or traditional IRA. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating in iTunes. And if you have a question you'd like to ask, send us an email at askjill@betteroffpodcast.com.

A couple weeks ago, we devoted the entire interview portion of the podcast to the hotly debated Department of Labor fiduciary rule, which was set to begin implementation on April 10. We taped that interview just days before President Trump signed a Memorandum that instructs the DOL to examine the rule “to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.” In other words, the fiduciary rule could be toast. Well, not on this show--it’s going to be a running theme on Better Off because as a CERTIFIED FINANCIAL PLANNER™, fiduciary is an issue about which I’m deeply passionate. So is our guest this week, Betterment CEO Jon Stein. By now it’s no secret that Betterment is the sponsor of Better Off. But that’s not the reason why we’re having Jon on today. Jon has been an industry leader on the issue of fiduciary, publishing an open letter to President Trump, and voicing his company’s support for the rule. Jon’s take is simple and one that should resonate: U.S. investors should be able to trust that the financial advice they’re getting is in their best interest. As he stated in the letter, “Investing can be made intentionally complicated, and salesmen are clever. Left to its own devices, the investment industry for decades sold bad products to Americans.” The good news is that Jon and I are not alone. There’s support out there from plenty of high-profile people, including U.S. Sen. Elizabeth Warren, D-Mass., who penned a letter to the DOL highlighting support for the fiduciary rule from several financial institutions, including Betterment, adding that a delay “would be a slap in the face to the companies that have invested, in good faith, for a deadline that has stood for the past year -- and to the everyday worker deserving of the assurance that their retirement adviser is working in their best interest.” Safe to say Jon and I have plenty to discuss! “Better Off” is sponsored by Betterment. For more information on this and past episodes, visit www.betterment.com/resources/topics/inside-betterment/better-off-podcast/ "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

On this week's BONUS call we talk about navigating the tricky world of student loans with Ashley. Let's just say that Ashley and her boyfriend racked up a good chunk of debt and she was looking for some advice on how to best tackle the loans. We all know somebody in a similar situation so it's worth a listen as it may help someone you know. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating in iTunes.

You will often hear me say that before you worry about the financial future of your kids, you need to make sure you’re taking care of yourself first. But that doesn’t take you off the hook for discussing money with your kids. Think of it as another one of the talks...so now in addition to the sex talk, the drug and alcohol talk, we can add the money talk. All of these conversations must occur at every stage of your child’s development, with age-appropriate messaging that the kids can absorb. To help with your effort, this week we’re talking to Beth Kobliner, author of Make Your Kid A Money Genius (Even If You're Not): A Parents’ Guide for Kids 3 to 23. Okay, okay, full disclosure, she’s also a friend of mine. But that’s not why Beth is on “Better Off.” She’s on because it’s an important topic. I know there are a lot of you out there subscribed to this podcast, with kids or thinking about starting a family, wondering how to have such conversations: How much debt should we take on for college? Should I give my teen a debit or credit card? Should I give my child an allowance? My kid wants to move back home...should I charge rent? Those are just some examples and there’s plenty more in the book. Whether you’re a rookie in the parenting game or a veteran, this book will help. As Beth says, “Think of it as a guide for parents that offers the financial facts of life for kids 3 to 23.” And FYI, Beth is the real deal. In 2010, she was selected by President Obama to be a member of the President’s Advisory Council on Financial Capability, where she created MoneyAsYouGrow.org. The site attracted more than 1.4 million visitors and was adopted by the Consumer Financial Protection Bureau in 2016. So whether you have kids, are planning on it or know someone with kids, I encourage you to check it out. It’s never too soon to start the money talk with your children. “Better Off” is sponsored by Betterment. If you have a free minute, please leave us a rating or review in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

Fiduciary Definition, according to Merriam-Webster: a : held or founded in trust or confidence b : holding in trust c : depending on public confidence for value or currency

I promised you that on the “Better Off” podcast, we would tackle uncomfortable, and even controversial, money and investing issues. And high up on the list of anxieties is trying to land a new job or move up the food chain in your existing workplace. Of course, it’s all about who you know and having connections. As someone who has been called a “natural networker,” I wholeheartedly cling to that concept. In fact, according to the Bureau of Labor Statistics, 70% of all jobs are found through networking. And because it’s a new year, a time when people often make changes, especially career changes, we thought it was a good idea to talk to networking expert Kelly Hoey. Kelly’s new book, Build Your Dream Network: Forging Powerful Relationships in a Hyper-Connected World, has just been released and is perfect for anyone looking for networking and career advice. We have all heard that networking can be an effective and important tool, but Kelly emphasizes creating meaningful connections, defining your goal and honing on those who can help you form a strategy for connecting. Some of her tips include: 1) Determine the most effective ways to connect with others so you don’t clutter your calendar with dead-end coffee dates and informational interviews 2) Synchronize networking efforts with your digital outreach 3) Turn “closed door” conversations into strong personal relationships and business opportunities 4) Eliminate FOMO by keeping your networking efforts focused We also talk about how the rules have been rewritten now that we live in a digital world where our lives are dominated by Facebook, Twitter and apps. The book also includes a series of Q&As with some of the best networking experts in the business who share some invaluable advice based on their successes and failures. “Better Off” is sponsored by Betterment. As always, ratings and reviews matter in the podcasting world, so if you have a free minute, please leave us a rating in iTunes. Thank you! "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

Young. Check. Ivy League educated. Check. Obsessed with statistics. Check. Obsessed with politics. Check. A rising star in the media world. Check. Yep, that pretty much describes this week’s “Better Off” podcast guest. As promised, we tackle uncomfortable, and even controversial, money and investing issues, but on this episode, we are wading into the choppy waters of politics, with Harry Enten, senior political writer and analyst for FiveThirtyEight. If you’re not familiar with the site, it’s the brainchild of statistician guru Nate Silver who gained recognition in 2008 after correctly predicting the outcomes in 49 of the 50 states in the presidential election. With the presidential inauguration upon us, we thought it made sense to talk to someone about the recent race, more specifically the numbers behind it, and how so many people got it wrong. What were the warning signs that so many missed? What did Hillary do wrong? Was it all about the economy or were there other factors? Did the third party candidates have an impact? Harry breaks down the election/forecasting/statistical terminology we’ve been bombarded with over the past year or so. What is probability and what does it mean? How about margin of error? What about sample errors? Are polls perfect or are they just a tool? As you’ll hear, politics was the main theme, but we also talked about Harry’s background and his love of sports and weather. That’s right, weather. This guy loves a good snowstorm. So much so that it played a role in picking a college. I think you’ll really enjoy the interview. It was very fun and informative, definitely one of my personal favorites. Harry Enten is a name you will be hearing more and more of in 2017. We just hope he remembers us little people. “Better Off” is sponsored by Betterment. And one more thing...ratings and reviews matter a lot in the podcasting world. So if you have a free minute it'd mean a lot if you can rate me in iTunes. Thank you! "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.