HerMoney with Jean Chatzky

Tune into any reality show these days (Extreme Makeovers, Cribs, The Biggest Loser, the list goes on) and it probably won't be long before a certain message filters into your consciousness: If you change your outer life, it will change your inner life. But that's a lie. What we have is not who we are, no matter how hard pop culture may drill that message into our heads. That's just a bit of the wonderful insight shared on this week's episode by Rabbi Steve Leder, senior Rabbi of Wilshire Temple in Los Angeles. Leder is the author of several critically acclaimed books, including More Money Than God: Living A Rich Life Without Losing Your Soul, and More Beautiful Than Before: How Suffering Transforms Us.  Listen in as he shares why he became a Rabbi, and how the synagogue became the place where he could pursue his passion for creative, cultural, intellectual and spiritual matters. He also discusses his early work on a congressional campaign and why he decided not to pursue politics. "I realized that I cared more about the values expressed in the bible than I did about the values being expressed in political warfare, so I made the decision at 20 years old to go to Rabbinical school, and I never looked back," he says.  As a Rabbi, Leder says that over the years, he's seen many people who have a disconnect between their set of professed values and their lived values — and that's a recipe for trouble. When we have this disconnect, it can present many problems in our lives, and pose a challenge for how we raise our children. As a father, Leder knows all too well the challenges of raising kids who truly know the value of a dollar, and understand the difference between wants and needs. He and Jean share some real talk on how to raise healthy, well-grounded and decent humans in the Instagram, instant-gratification reality we live in. In today's world, we can press a single button and have just about anything we want delivered right to the doorstep. So how do we break the cycle of shopping for sport? "For kids, you have to engage," Leder says.  In his most recent book, More Beautiful Than Before: How Suffering Transforms Us, Leder opens up about his difficult recovery from a car accident and severe back injury that changed his perspective on suffering. "I realized coming out the other end of it, that I knew very little to nothing about real pain, and this book was an apology, and an attempt to set the record straight about pain and what we can learn from it," he says.  Lastly, in Mailbag, Jean advises a woman who recently found herself as the primary breadwinner following her husband's retirement, and tackles a question about the rules for exactly how much you need to have saved heading into retirement. In Thrive, Jean dishes on wedding insurance, and whether or not it's something the happy couple should really be investing in. 

On this week's episode of the HerMoney podcast, we're going deep! We're diving right in for some introspection, and we're going to flip the script a little bit by asking you a question:  Are you the kind of person who always follows through? Someone who always — or almost always — keeps their promises? If you're feeling guilty already, don't, because this week's guest, Seth Godin, has some motivation for all of us that's going to change the way we think about our word and our personal brand. Seth is the author of an incredible 19 books, including the worldwide best-sellers 'Linchpin,' 'The Dip' and 'This Is Marketing.' He's the founder of workshops including the ALT-MBA, and 'The Marketing Seminar,' which more than 10,000 people have taken, and if that weren't enough, he's also an entrepreneur and in 2018 was inducted into the Marketing Hall Of Fame. Seth says that the strength of your personal brand — and perhaps even your entire career — hinges on a single question: Do you do what you say you're going to do? Seth says that you tell people who you are every day, at every interaction, without even realizing it. Because your personal brand all comes down to what people expect when they engage with you — and in that way, your brand is nothing but a promise... a promise you'd be wise to keep! Listen in as Seth tells us all what good marketing looks like, how spam is "in the eye of the beholder" and how we should never (ever) spend money to make short-term pain go away. He also dishes on how our "lizard brains" (the parts of us that still make us wild animals) are influencing our decisions day to day, and how we can tame these parts of ourselves and tune into what's in our best interest.  In Mailbag, Jean tackles the question of where to invest money once you've maxed out your 401(k) and addresses the best way for someone in their early 50's to save for retirement. She also advises a woman who rents out part of her home, is considering getting liability insurance, and is looking into refinancing her home loan.  Lastly, in Thrive, Jean takes on the fact that some private colleges are — shockingly — lowering tuition, but there's more to this story than meets the eye. As these institutions lower their sticker price, they're taking away scholarships and other discounts. The big takeaway? Always look at the net price of what you're paying for college before you commit. 

That's just a bit of the wisdom shared by this week's HerMoney podcast guest, financial therapist Amanda Clayman. In her role, Amanda guides her clients on how they can positively change their overall approach to their finances, and adjust their thinking in areas that may be holding them back.  Over the last decade, the concept of financial therapy has become more mainstream, as more people have sought to discover why and how our thoughts and feelings may shape our financial choices.  Amanda says she was led to her profession after seeing "how money was so misunderstood, and how much suffering we really take on in our lives because of this misunderstanding." Facing her own financial struggles has better enabled her to guide her clients: "I was in a pattern where I would just shut my eyes and spend," she says, describing some of the money habits she had to re-learn.  "I had been engaging with money only as a form of self punishment," she says, discussing a time when she erroneously believed she had to strip away all the small joys and comforts from her life in order to pay off debt. After some self-discovery, she was able to make the mindset shift from thinking of budgeting as a constraint that forced her to say "no," to a tool that has allowed her to say "yes" to the things she wants most in life.  At the end of the day, Amanda says she tries to impart to all her clients that money is a tool that should be used consciously — a tool that allows us to take care of ourselves and the things and people we care most about, both today and in the future.  She describes why her approach to money is based on holistic health and wellness, and tells us what many of her clients have in common. (Hint: No one shows up to financial therapy because they want to check in and brag about how well they're doing with their money!) In many cases, people seek her guidance because of a conflict in their family, or a desire to finally put a stop to a recurring problem. Amanda starts each session by helping her clients to establish a framework for where money is or isn't working in their lives, and then digs into where and why money may be causing them anxiety.  Amanda also offers up her thoughts on the automation of our finances — sometimes "set it and forget it" can separate us too much from our money. "I fully embrace and appreciate automation, but it takes us away from being conscious," she says. In other words, automation is a place that we want to get to, but there needs to be a period where we are highly engaged with our money before we can allow ourselves to disengage.  In her role as a financial therapist, Amanda has guided hundreds of couples on their path to understanding one another's differing money styles, and has helped them "excavate under the surface" so they can start solving the real problems. (As opposed to just arguing about who is "right"... No one is, but often we so desperately want our partner to validate our point of view that it results in conflict!)  Lastly, Amanda shares her thoughts on why money is such a sensitive and powerful thing, and offers her tips for the best things we can all do to feel positive and confident about our finances on a daily basis. She leaves us with some powerful philosophy to mull over as we look to make more empowered money decisions: “Don't live so in service of the future that you miss out on the joys of today. And similarly, don't be so focused on today that you aren't taking the necessary steps to have safety in the future.”  Then, in Mailbag, Jean and Kathryn talk about the pros and cons of closing credit cards you no longer use, what to do if you worry you'll have too much money saved for college, and the myriad options for how childfree individuals can leave a legacy behind. And in Thrive, Jean gets serious about elder abuse — who’s at risk, how to prevent it, and what to do if you suspect it. 

What does it really mean to have “enough”?  Every day, we’re confronted by messages from advertisements and society telling us that we need a new car, new clothes, a new phone — new everything. Without even realizing it, it’s easy to fall into a thought process that goes a little something like this: If I consume more, I'll be happier. But that's just not true.  This week’s guest, Vicki Robin, co-author of the seminal book “Your Money Or Your Life,” challenged a whole generation of people to think critically about what they were really working toward financially, and how they could live authentically in a consumer-driven world.   Vicki and her late partner and co-author Joe Dominguez are largely credited with sowing the seeds of the FIRE movement (Financial Independence, Retire Early) as it is known today. Vicki says the reason the FIRE movement has been such an awakening for so many people is because it’s given them a steering wheel with which to take control of their financial lives — which they can use to steer themselves away from debt and other money struggles. For so many people, it feels like an awakening, she says, "like someone just sent me a life ring in a vast sea, and I'm being reeled in."  Vicki speaks some hard and necessary truths about the concept of "enough," and how we can fully embrace what’s "enough" for us. She reminds us that you have to want something else more than you want stuff, and tells us that for every purchase, you need to ask yourself: Is this making me happy? Is this thing really worth the number of working hours I’m going to invest in it?  Unfortunately, nothing in society today is inspiring us to think critically about how much we’re spending — every day, we are encouraged to consume. Oftentimes, the only way out of the spending cycle is introspection, and making a conscious effort to think about the future in the present. For example, asking yourself: In five years’ time, what would I like to be doing with my life? or, What are ten things I’d like to do before I die?  While on the topic of consumerism, Vicki also talks about environmental impact — people who reduce their overall consumption also reduce their carbon footprint. In this way, she says, living authentically means living without excess.  Then, in Mailbag, Jean and Kathryn talk about how to build credit scores and credit history for young people, how to save for retirement if your employer doesn't offer a 401(k), and what to do with a balance remaining in a 529 college savings account. Lastly, in Thrive, Jean talks about balance transfers on credit cards, and whether one might be right for you. Want to learn from some of the world's most successful women? Subscribe to the #HerMoneyPodcast so you don't miss a beat!

Husband and husband team David Auten and John Schneider, hosts of The Queer Money Podcast, are known as the “Debt Free Guys” for a reason. This week they sit down with us to offer some inspiring advice on how to live a fulfilling life without sacrificing financial security. Listen in as they break down how to discuss combating financial anxiety with your partner, how to take a good hard look at what you may be doing wrong with your money, and how to weigh the financial priorities (and sacrifices) in your life. They also tackle the question as to why the LGBTQ community assumes more debt than the heterosexual population, why same-sex couples are 73% more likely to be denied a mortgage, and what financial institutions can do to affect change.  Then, in Mailbag, Jean and Kelly tackle listener questions about how credit cards that get closed due to inactivity may impact your credit score, whether you should contribute to your spouse’s 401(k), and tips on saving for grad school. And in Thrive, details on Facebook’s crypto to come.

The R-word looms large in the headlines these days.  If you’re feeling a little anxious about your finances, well, we don’t blame you. That’s why we sat down with wealth advisor Ed Butowsky. He’s the author of the new bestseller *Wealth Mismanagement: A Wall Street Insider On the Dirty Secrets of Financial Advisers and How to Protect Your Portfolio, *and he gets candid about the Federal Reserve’s recent rate cut, how to stay calm in the face of a potential market swings, and what the heck an inverted yield curve is, anyway. He also gives us his suggestions for tried and true stock sectors that can weather any storm. In Mailbag, Jean and Kathryn talk through tips on reducing your credit card debt in the face of competing priorities — like student loans and your mortgage. And in this week’s Thrive, Jean breaks down the concept of “traditional retirement” vs. “phased retirement,” in other words, how you can pull out of the workforce slowly.

This week, Jean sits down with Megan Schleck, co-founder and CEO of COIN, a conscious investing platform that allows us to put our money into companies making an impact in the areas we care most about. Megan shares with us the genesis of COIN, her thoughts on “buycott” culture, and how to make a positive societal impact through ethical investing. Listen in as Megan and Jean discuss creating an avenue for everyday investors to have a place where their voice can be heard (for as little as $50!), the dramatic rise of companies that are following suit, mission-based investing as we enter the 2020 elections, and Megan’s background as a wilderness guide. Then, in Mailbag, Jean and Kathryn talk about how age is more than just a number, encouraging women in the C-suite, and the Fidelity Women’s Leadership Fund. Then Jean tackles listener questions about when to sell an apartment that’s losing value, the best ways to start investing while in college, and how to spend an inheritance. Lastly, in Thrive, Jean talks about the large net worth gap between Baby Boomers and Millennials, and ways the younger generation can close it once and for all.

One of the challenges we face when making decisions is that there can be an overwhelming number of choices — in work, with our finances, and in our personal lives. And when we start to second guess ourselves, it can make us feel disempowered.  This week, our guest is going to help us break down the entire decision-making process and help us gain the confidence we need when faced with life’s big “what to dos.”  Cheryl Strauss Einhorn, well known from her many years on CNBC, is also the creator of the AREA Method which helps people solve complex problems when making such decisions. She's also an author and her most recent book is Investing in Financial Research: A Decision-Making System for Better Results. Cheryl shares her method for decision-making and explains how research is fundamental to the process. She also dives into the concept of risk, and how we can feel more empowered when making choices and navigating the emotional aspects of big decisions.  Cheryl also tells us about her personal practice to increase daily productivity called “Cheetah Pauses” — and yes, it is based on real Cheetahs. Then in this week’s mailbag, Jean and Kathryn tackle listener questions about helping a parent save for retirement when they’re new to the country, what to do when a child doesn’t qualify for a federal student grant or loan because the parents have a generous savings account, and getting out of debt after divorce. Plus, Thrive warns of the dangers of dating site fraud, and the scam artists who profit from it.

This week we're boldly going where no HerMoney episode has ever gone before — we're talking cryptocurrency and blockchain technology. Listen in as we explore some of your most frequently asked questions, including: How does it work? Should you invest in it? How do I use my money once I buy crypto? Our guest, Kiana Danial, is the author of the new book Cryptocurrency Investing for Dummies, and CEO of InvestDiva.com. She  talks with Jean about her journey into investing in cryptocurrency, and understanding what blockchain was all about. With Kiana's help, we'll learn about the digital ledgers that record cryptocurrency transactions and keep them secure. Of course we'll also tackle the risks associated with investing in a new technology, and how difficult it is to pinpoint which of the thousands of cryptocurrencies currently on the market will be the "winner" in the end. Kiana also talks about her international upbringing, with a childhood in Iran, her time spent in Japan, and how that shaped her perspective on a de-centralized currency like Bitcoin. Kiana also shares her thoughts on exactly when we're all going to be able to use cryptocurrency in a "real" way, to pay for things on our mobile devices, just like we would with any other purchasing app. Hint: The future isn't so very far away.

When many people hear the word "wealth," they think about dollars and cents — but it's oh-so-much more than that, according to our guest this week, Veronica Dagher. Veronica is an award-winning reporter for the Wall Street Journal, co-host of the “Secrets of Wealthy Women” podcast, and author of the new ebook, Resilience: How 20 Ambitious Women Used Obstacles to Fuel Their Success. Veronica shares some of the biggest lessons she's learned from the incredible women featured on her podcast, including Ayesha Curry, Maria Sharapova and Barbara Corcoran. She also dishes on the most important career and financial advice she's gotten from female CEOs and other women leaders. Listen in as Veronica shares her advice for what to do when you're afraid to take that leap in life and in business, and why you should never give up. She also discusses the best financial advice her mom ever gave her, and why she followed it to the letter once she was out on her own. Then, in mailbag, Jean tackles a question from a listener who's unsure how to fund her family's much-needed home improvements, and also offers advice for how best to ask for a raise at your annual review. She also dives in to help out a woman who is considering buying a home for her aging mother-in-law — but only if it's not going to put her own retirement at risk. Lastly, in Thrive, we tackle the problem of the boomerang kid — the adult child who moves back home with mom and dad. Jean gives us a run-down on how to set those all-important boundaries so that your sanity and your relationship with your child remain strong.

Is ESG investing on your radar yet? That stands for Environmental, Social, and Governance, and it’s a huge trend — particularly among women and millennials — who want to invest in companies they can feel good about.  In this week’s episode, Jean sits down with Nicole Connolly, Head of ESG investing and Portfolio Manager for the Women’s Leadership Fund at Fidelity Investments. She breaks down how we can all put our money where our mouth is when it comes to supporting companies that are doing the right thing. Because, newsflash — we no longer have to choose between doing well financially and making an impact in the world. In fact, you can actually make more money by doing good. Nicole shares how some of the highest-ranking ESG companies outperform the market by around 2% per year, and breaks down how you can get involved, and use ESG as part of your overall investing and retirement strategy. Hint: These companies exist in every sector!  Nicole also talks about the Women’s Leadership Fund at Fidelity Investments, a fund that invests in companies that support future female leaders. She dishes on why more companies today are doing the right thing by society and the world, by being more environmentally conscious, having more women in the C-suite, having more diversity on their boards, and much more. In other words, we can all get returns with a purpose and align our capital and our values in a way that also generates superior returns and is sustainable.   Then, in mailbag, Jean breaks down tax laws for folks with side hustles, and talks about how we can all strike a balance between investing using your head and your heart. Lastly, in thrive, Jean breaks down eight reasons why you might be unhappy at work, and how to fix them. 

Listen in as Joanie talks about her journey into couponing, and how she went from being skeptical that it would work to being "all-in." (Hint: Her enthusiasm might have something to do with the fact that she saved $100 on her first trip to the store with coupons!) She also dishes on the Krazy Coupon Lady's vibrant online community, and some of the advice they share with one another. For example, just because you have a coupon doesn't mean you should go shopping. Learn what style of couponing may work best for you, and how 10 minutes of effort each week could save you $50. You'll also hear Joanie discuss some of the mistakes she's made (hello, high fiber oatmeal) and the differences in the type of discounts offered by loyalty programs, in-store promotions and coupon stacking.  Then, in Mailbag Jean discusses negotiating vacation days and a flexible schedule as part of your total compensation package, how to successfully (and easily) consolidate retirement accounts, and whether or not there's a benchmark spending timeline for retirement like there is for saving. Lastly, in Thrive, Jean talks about the evolution of the wedding registry. It's not your mother's china patterns anymore. These days, Millennials are registering for down payments on homes, experiences, even fertility treatments. Learn why there's been such a radical shift. 

If you haven't taken a career break yourself, chances are you know someone who has. Today, 85% of millennials are planning to take career breaks, but unfortunately, returning to the workforce after time away can be much more challenging than landing that first job. This week, Jean sits down with Addie Swartz, CEO of ReacHIRE, a company that partners with Fortune 500 companies to create re-entry opportunities for women of all ages, at all stages of their careers. Addie, who is a serial entrepreneur and also a mom of two, talks about the resources women need to get back to work, including free online courses, resume updates, and networking. She also offers insider tips on how using the right keywords on your application can help your resume rise to the top of digital applicant systems and databases. Jean and Addie also explore the variety of compensation packages available on the market right now, and why no decision should ever be made based on salary alone.  In Mailbag, Jean dishes on the best bank and investment account security protocols, and dives into some of the best ways to eliminate credit card debt and get that "sparkle" back in your life. And, in Thrive, a look at why remote workers are not only happier, they're also (gasp!) more productive.         

When's the last time you asked for a raise? In this week's episode, Jean sits down with Claire Wasserman, founder of Ladies Get Paid, a career development organization that helps women negotiate for pay and power at work. Claire dishes on power, value, and the wage gap in the workplace, and why women have to ask for more money. She also talks about her journey to becoming a feminist and the best advice she's ever been given around negotiating and asking for more money. She walks us through the negotiating process and tells us why, anytime you negotiate, you should walk through the door with three numbers in mind. (Hint: that first salary offer you get is only a starting point for your negotiating!) Plus, in mailbag, Jean tackles questions about home building, some of the best ways to increase your retirement savings, and in Thrive, Kelly shares the top money lessons she's learned after spending six years working with Jean.

Today, most of us are taking better care of our health. We’re more active, get more Vitamin D, and stress a little less. As for our finances, sometimes these feel-good vibes — including summer vacations — cause us to amp up our spending. If your wallet is starting to sweat (like ours), then Ashley Feinstein Gerstley, author of The 30-Day Money Cleanse, is here to whip our finances back into shape. We also have a candid discussion on the divisive latte — you don’t want to miss it. In Mailbag, is it smarter to pay additional money toward the principal on a home mortgage or to invest that money in an index fund? Plus: In case you hadn’t heard, there’s lots of good news for borrowers on the horizon — fixed mortgage rates and interest on federal student loans are heading down. We discuss.