Jill on Money with Jill Schlesinger

Latest Episodes:

Become an Intelligent Investor with Jason Zweig (Part Two) Mar 09, 2017

Show notes

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/.

BONUS call: Retirement Planning Mar 07, 2017

Show notes

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.

Become an Intelligent Investor with Jason Zweig (Part One) Mar 02, 2017

Show notes

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.

BONUS call: Annuity Feb 28, 2017

Show notes

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.

Silicon Valley Disrupters with Brad Stone Feb 23, 2017

Show notes

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.

BONUS call: Roth IRA Feb 21, 2017

Show notes

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.

Fiduciary Rule with Betterment CEO Jon Stein Feb 16, 2017

Show notes

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.

BONUS call: Student Loans Feb 14, 2017

Show notes

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.

Kids and Financial Literacy with Beth Kobliner Feb 09, 2017

Show notes

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 Standard Under Fire with Megan Leonhardt and Jack Otter Feb 02, 2017

Show notes

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 Fiduciary is a weird legal word that has become a lightning rod from Wall Street to Washington DC. In a nutshell, fiduciary is the standard of care which requires financial professionals to put the interests of their clients’ first. Seems like a pretty obvious and basic principle, that should be the standard when someone is talking about your money, right? Well, you may be surprised as to learn that the majority of the financial services industry has long been held to a lower standard, which was called “suitability.” Suitability meant that any financial product that was sold had to be appropriate for you, though not necessarily in your best interest. The problem is that most investors have been unaware of the different standards that have applied for all of these years. Enter the the Department of Labor (DOL), which in the aftermath of the financial crisis -- and in conjunction with the Obama Administration, began working on a way to incorporate elements of the fiduciary standard to those who provide retirement services to American investors. After a lengthy comment period and lots of negotiation with the financial services industry, new DOL fiduciary rules are scheduled to begin implementation on April 10th. These rules are intended to help protect investors by requiring all who provide retirement investment advice to plans, plan fiduciaries and IRAs to abide by a "fiduciary" standard, putting their clients’ interest first. (There are exceptions to the new rules, which require advisers and financial institutions to follow certain procedures to avoid being in violation of the new rules.) Financial service companies large and small had made big plans to comply with the new rules, but that was before the election of President Donald Trump. It is now widely expected that Mr. Trump, along with Congressional Republicans, may delay and perhaps kill portions of the proposed DOL rule. As you can see it’s a complicated issue. It shouldn’t be, but it is. That’s why we brought in Megan Leonhardt from MONEY Magazine and Jack Otter from Barrons to try and help us make sense of it all. With implementation day rapidly approaching, if the government takes the position that the fiduciary standard is not important, you may want to ask yourself this question: If a broker or salesperson doesn’t want to put you first, why should you work with him? "Better Off" is sponsored by Betterment. I would love to hear your feedback on this thorny issue. You can always reach us via email at askjill@betteroffpodcast.com. Ratings/reviews matter a lot in the podcasting world...so if you have a free minute, please leave us one in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.