Jean Chatzky
Appearances
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The seat will be adjustable in a different way so that you'll be able to see over the front of the hood if you're height challenged in the way that I am. It'll change the design of homes. Single women buy many more homes than single men. They've become a very important segment of homebuyers. And we are seeing homes designed with the things that women want in mind.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So it's not just a matter of the fact that financial advisors are a little bit up in arms about this because They have seen studies that show that when the male spouse in a family dies, 70-ish percent of women are likely to leave the advisor and find somebody of their own choosing. Those trends are underway as well, but it's going to change the look and feel and design of a lot of products.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Yeah, it's definitely not. And maybe if they start to see that more women are buying their own business class seats, that'll be something that will change. Or the folks who make the away bag that we all seem to carry will come up with some sort of a hoister to help us get it up in that luggage compartment because I have the same trouble that you do. Yeah.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Look, there's a lot of research on when a woman is the primary breadwinner and whether or not it causes strife in relationships. Generally, if when a man and a woman form their relationship, the woman is already the higher earner, then that status quo doesn't rock the boat too much.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's when there's a shift in the dynamic over the course of the relationship that impacts the balance of power in the relationship in other ways that things go a little bit sideways. And that's where we start to see breakdown in communication. That's where we start to see women compensating for the fact that they make more money. I mean, I'm sure that you have seen this research, Khaled.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's so troubling. When women make more money, we don't see that they offload more of the responsibilities at home. We see that they take on more of the responsibilities at home. And the logic behind that is that we feel somehow bad about that and that we have to make nice to our spouse's ego. So of course, we're going to make dinner and do the grocery shopping and take care of the kids.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And that's where burnout comes from. And that's where anger comes from. And in some cases, that's where divorce comes from.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I got interested, quite honestly, because my own financial life was a bit of a mess. And simultaneously, the journalism job that I got was business adjacent. I started my career as an editorial assistant at a magazine that no longer exists called Working Woman. And got to report some stories on things like business and careers and management trends and investing.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I was interested enough in them to try to get a job in personal finance, business journalism when I left that job, which turned out to be really, really difficult. Because all the big business magazines on the planet, I applied to all of them, thought Working Woman was a joke. And finally, I got a little bit of advice that what I needed was an MBA.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I agree with that. First of all, I think, and no disrespect to Marshall, but when he says you have to marry down, I think that that's the wrong word. I think that you have to marry and date different people. Yeah, you need a partner who is going to be really supportive of your efforts and your career. Because let's just be honest about this. And I felt the same way when I first had kids.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
My former father-in-law said, well, when are you stopping working? Because all of his other daughters and daughters-in-law had stopped working. And I said, yeah, not me. I'm not doing that. We will figure out how these kids will have care during the day. And the way that we did it was that my ex-husband didn't travel for work and I did. And that balanced us out for a very, very long time.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
If you are in a relationship where the egos are clashing or where your partner can't support your success or doesn't want to support your success, then it's not going to work. It's just going to fail. Have you ever seen the movie Beautiful Girls? No. Okay, you have to watch the movie Beautiful Girls. It's old, 20 years probably.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Natalie Portman and Annabeth Gish and Timothy Hutton and Matt Dillon, a whole bunch of people. But the part of that movie that sticks with me is there's a very successful woman in it. She's dating Timothy Hutton and he is a piano player in a bar. who also happens to be an accountant.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And he's been putting a whole lot of pressure on himself to get a real accounting job so that he can keep up with her. And finally, she just said, musicians are sexy. Accountants are not sexy. Musicians are sexy. giving him the permission to continue to do this thing that he enjoyed and continue to bring that sexy energy to their relationship, which is what she needed from him.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And so that's the balance I think that you're looking for. There's a lot of lean in Sheryl Sandberg's book that people have dismissed over the past number of years. I think the thing that really holds up from that book is the importance that she put on selecting your partner.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
She picked a guy that she knew was going to let her be her and let her do the work that she wanted to do and help them create a life where that was going to be possible. And that's what you need.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think the way that you do it is by knowing yourself and knowing your partner and closing ranks. This is your business and it's your partner's business and it's not your mother's business or your mother-in-law's business or your friend's business. or Instagram's business, right? It is nobody's business but yours. And if it's working for the two of you, then who the hell cares, right?
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
What anybody else has to say. You just have to respect the boundaries that you've created with the two of you and what that allows you to do. Look, I'm the breadwinner in my marriage. I have been for many years. My husband is largely retired. He works about 15 hours a week these days. He's older than I am. And he had an incredibly successful career.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But the fact that I out-earn him, he could care less. He knows the value that he brings to our marriage. I certainly know the value that he brings to our marriage. And it's nobody else's business, really, despite the fact that I'm talking about it on your podcast.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Men have traditionally invested it and women traditionally have been slow to the party. If you, again, and you pulled out a whole bunch of statistics, I'm grateful for that. But one of my favorites is that women keep about 70% of our assets in cash. Men keep about 60%.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But I didn't have really any interest in going back to school at that point. So instead, I got a job on Wall Street. I worked in equity research for a couple of years. I learned investing inside and out. And when I came back out, I was able to reenter journalism, join Forbes, from there to Smart Money. And from there, I ended up on the Today Show for 25 years.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's a really big and important difference because investing our money is the only way that we are going to make sure that it is working as hard as we are working ourselves. And so what we're starting to see is women investing
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
move into the ranks of being investors, wanting to be investors, wanting to learn about investors, whether you've got all your money in a 401k where you put it in a target date fund and you let that fund do its thing, or you're buying individual stocks. We want to learn. I was telling you about my investing club.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I run this investing club with Karen Feinerman, who is one of the panelists on Fast Money on CNBC. She's a hedge fund manager. You would love her. She's so brilliant. And we're teaching 300 women and growing how to invest every other Monday night on Zoom. And we pick stocks together and we talk about diversification and trends and everybody can ask their questions.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And investing is the kind of thing that is hard for women because there are no right or perfect answers. There's some parts of personal finance where if you ask me a question, I can give you an answer and I can be 100% right. What is the best cashback credit card? I can look at them all. I can run the numbers. I can give you an answer. I can know that I'm correct. What's the best stock?
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Can't do it. Because no perfect answer exists because we have backward-looking information and not forward-looking information. And so we have to trust in the historical accuracy of what has come before. That is difficult for a large portion of women who like to know the answer to any question before we even ask that question.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We have to get comfortable and the way to get comfortable is by actually doing it. And one thing that has really, really helped when you look at Gen Z and millennials is that we're now being across the board automatically enrolled in these 401k and other retirement plans at work where we have them. The money's being automatically invested into a default, like a target date fund.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So you're investing whether or not you are doing the work of investing yourself in many cases. And if you can allow yourself to sit with that and get comfortable with the fact that you're not only doing it, but you're doing it pretty well, that helps people.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
That's pretty much my definition too. It's just my definition I think extends for a longer period of time because of my age, right? So I look at this and I think I want all of that, but I want to be able at some point to just work when I want to work and know that those things will continue for as long as I live. So I think that's where the disparity in financial freedom comes in.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think younger generations define it in terms for today and older generations define it in terms that include a retirement that might last for three decades.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
like being a homeowner is a helpful way to save money over the long term. If you think about buying versus renting, month to month, right now, the costs are actually closer than they've ever been. But when you own, you are putting equity, you're building equity in this house. And that is a form of forced savings.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And what happens if you get to the end of the road, if you pay down a mortgage for a long enough period of time, or even if you swap out of it and out of a couple of homes, but you've built up some equity and then you build up some more, you end up with this cushion of cash. your standard of living. You can use it to pay for long-term care. You can use it to keep a roof over your head.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You can use it to sell and move to Costa Rica. You have choices because you have this additional cushion. And if you've rented your whole life, unless you took The difference between the renting cost and the buying cost, which is a lot slimmer than it used to be, and you put that away every single month, you don't have that additional sum of money.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So that's where being a homeowner, I think, is additive to your bottom line. There are other differences. We know in a whole bunch of different situations that autonomy is one of the things that make people happy.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You're happier at your job if you feel like you've got enough autonomy to rearrange the furniture or to put your own stuff up on the walls or to decide that you're going to come in at 9.30 rather than 9 o'clock. You're just happier. And you are happier where you live if you feel like you have enough autonomy to make the place what you want it to be.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And you're more likely to have that if you own rather than if you rent. But there are a lot of cases where you shouldn't own, right? If you're not going to be someplace for five years, I don't think you should buy. The cost of buying is just too steep. I don't think that mortgage rates at this level should stop people who want to be in a place for six, seven years and more.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You'll eventually, hopefully, get an opportunity to refi that loan. But there are cases where renting is just better.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But you have more choice now than you used to have. I know young couples who are thinking they live in New York where the price of homeownership is unsustainable. They're looking at Philadelphia. They're looking at Charlotte. They're looking at other places where because they can work remotely, They could keep their jobs.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
They could make some friends and they could be homeowners and have a standard of living that just is a little bit easier.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's important to know how you're wired and why you're wired the way you are. The money type is love languages, right? If you ever read the five love languages, money type is that, just for money. So we worked with Ph.D., who developed this in-depth tool that has been tested on men and women to help figure out why you are the way you are with money. I mean, you may know that it is
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
hard for you to spend or easy for you to spend. You may know that you have trouble losing money or more or less trouble taking risk than other people. You may know that you would do anything for the members of your family, even if it meant putting yourself at financial risk All of these things are tied up in our five personality types.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I would bet just knowing a little bit more about you and about your audience, that if people went to hermoney.com and they took our diagnostic, our questionnaire, our money type quiz, you've got an audience that is full of what we call visionaries. A lot of entrepreneurs are visionaries. And visionaries
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
have to be careful when it comes to their own personal finances because it is really tempting to throw all of your money against the business and think that that business is going to be your retirement plan. And we know the statistics on businesses that succeed versus fail. And you give up a lot of years trying to get that business off the ground and very quickly you can get yourself in trouble.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The other thing that I like about money type so much is that We're not all just one type. We've got a primary type. And then we have a couple of secondary types that make up our personality. And if you know your money type and your partner's money type, It's helpful in navigating the relationship and the conversations that the two of you have about money.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I was recently on a different podcast and the hosts had taken the money type questionnaire and they said, I feel so seen. Because there's something about this diagnostic. It just gets people. I felt this way the first time I took it. And I'm a producer. That's my primary money type with a little bit of connoisseur, which means I like to spend in as well. And it's really true.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And it's really interesting that a test can get you so well.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Yeah. And it's good that you figured this out before you got engaged to the guy or worse, married the guy, right? In my house, we say this is why we work. And we say it for exactly the reasons that you just described. We work hard and we work hard so that if we want to get on a plane and fly across the country, we don't have to think about it. This is the...
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
payoff of working so hard and producing. And I acknowledge we are definitely privileged. I'm fortunate to have a career that I love, which makes working hard feel like not working as hard. But this is why we work. If they didn't pay us, we wouldn't work so hard.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I was one of the original side giggers, right? I think I had a side hustle before it was called a side hustle. Pretty much always because journalists make very little money, or at least when you're starting out as a journalist, you make very little money. So originally my side hustle was teaching SATs. But as I started to become a stronger writer and a stronger content creator, I was able to
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Well, first of all, are you not on the real, real? You should just be turning over your closet. I mean, this is what I do because I'm the same. I do a lot of appearances and I don't want to be wearing the same thing all the time.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I wear it a couple of times and I send it to the RealReal and I buy something else on the RealReal and I run a credit and it makes me feel like I'm shopping for free, even though it's not quite shopping for free and that I'm doing something a little bit better for the environment. And so that's my shopping suggestion. But when it comes to overspending in general,
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think that the secret is that most people have absolutely no idea where their money is actually going. So when we teach budgeting, and we have a program called Finance Fix where we teach budgeting and how to do this in a way that you can actually save something, we put people through this process of figuring out where their money is going.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
hustle in my own industry. So just by doing that, I picked up a lot of the adjacent skills that I then needed to launch this business. Once I was on the Today Show in particular, a lot of doors started to open. These were the days where everybody was watching the Today Show. And so I got a lot of offers to go out and speak, to write books, to consult for
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We use technology to do it so you don't have to do it by hand. And once you see where you've been using your money, then you have the tools and the ammunition to make changes about where you consciously want to use your money. And so it's not, don't buy the coffee, right? Everybody's least favorite example. It's,
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
If the coffee is the thing that lights up your day, then by all means, buy the coffee. But if you could care less and really what you want is a little bit of caffeine to help you get out the door, then make it at home and have a sip and go about your day and spend your money on something that you actually value.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The cheapest way, the cheapest, fastest way to pay off debt is to just stack it, highest interest rate to lowest interest rate. Pay off the highest interest rate debts first while making the minimum payments on the rest. Once that high interest rate debt is gone, then you just move on to the next one and so on and so on and so on. The student loan debts are a little bit of a different beast.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Long-term debts, student loans, mortgages, car loans, You basically want to try to pay those off on the schedule that you're given. If you're struggling with your student loan debts and their federal debts, then you want to make sure you're enrolled in an income repayment program through the Department of Education. We're getting some changes to those programs that are helpful.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
As long as you're enrolled, you should get notified of the changes and they should come your way. But don't let... paying student loan debt faster, get in the way of doing important things like grabbing the match from your 401k. Because if you look at the return on your money, the way that we think about or the way that we should think about return on your money is,
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
equivalent to the interest rate. So if you're paying off a student loan debt at 6%, that's like getting a 6% return on your money. If you're getting 50 cents on the dollar as a match in your 401k, that's a 50% return on your money. And you can't not get that because you want to pay off the debt at 6%. You just pay off the debt at 6% a little bit slower.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You should be using your personal credit cards and you should be paying them off every month.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Pay them off to zero. Interest rates are way too high. The average credit card interest rate, I just looked this up yesterday, is 28%. insane. It's insane. You don't want to be paying interest on a credit card. So the way to do this is to understand that there are a couple of factors that go into your credit score and you need to simultaneously manage all of them.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Number one, you got to pay your bills on time. If you pay late, especially if you pay late more than once, that's really going to hurt your score. The second, and this is where you got in trouble, is credit utilization. That's the percentage of credit that you have available to you that you're actually using. We want to keep that number below 30% at all times.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So if you have a heavy spending month, sometimes when I go on vacation, I have a heavy spending month that I spend more than 30% of my credit limit on a card. If you do that, the thing to do is just pay the bill now. Pay it twice a month rather than once a month to bring the utilization down. The problem that you got into by closing those credit cards is that you shrunk
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
different companies in the employee benefits departments where they were trying to improve the financial health of their employees. And I didn't become an entrepreneur until, a full-scale entrepreneur, until 20 years down the road when I left my last magazine job. I actually got fired from my last magazine job because I'd gotten a little too expensive for their payroll.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
the pool of available credit that you had, and that hurt your score. The other thing that you did, another factor, it's not as big as the first two, but it's something called length of credit or credit history. The longer your credit relationships, the more beneficial it is to your score. When you close those cards, if they were the cards that you had had the longest, you hurt that factor too.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So that's how you do it.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
What I'm doing with that kind of money right now is... splitting it up and buying the stocks that we've been picking for our investing club, right? I have a diversified portfolio that is set up to get me to the retirement that I want to get to. I am on track. I have met my savings goals.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So if this is quite literally free money, I'm going to put it into the picks that we're picking for our investing club. And so recently we've been looking at stocks like Lululemon. We've got JPMorgan Chase. We've got a bunch of stocks in the portfolio, but we add one about every month. And sometimes we sell one and I would do that.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's called Investing Fix. If anybody wants to try it out, you can do it free for a month. But the way it works is that every month we present four different investing options. We look at them on four different dimensions. How do they make their money? What do we like about them? What don't we like about them? And would we buy them at the current price? And then the club votes.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
on what we add to the portfolio and what we take away from the portfolio. It's a democracy, democracy rules. And it's been a lot of fun. Some of the women in our club have stepped up and presented stocks that they're interested in. And some of those have been purchased for the club. One of our members suggested United Rentals and we bought that. It's been a huge win.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So we're all learning from each other, which is just so amazing.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We're not. We run a group portfolio that the club itself runs and is invested by the votes that the club decides. But a lot of members like me are buying the picks for our own portfolios.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Yeah, if you don't know where it's going, then you have no control over what it's doing for you, whether it's a business expense or a personal expense. And I know it's tedious and I know it's boring, but sometimes boring is better.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
My secret to profiting, and I got to tell you, I lost my mom recently and my lifelong friends came out of the woodwork and haven't left me alone in a good way, in the best way. And my secret is to invest as much energy as absolutely possible in those friends.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So I'm on social pretty much everywhere at Jean Chatzky and you can find us at hermoney.com.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I looked at all of the other things that I was doing. I was doing radio for Oprah over here and I was doing speaking here and I was on my 10th book over here and I had three other clients over here. And I thought, why am I getting another job? I have five other jobs. I just need to put them together. Her money as a company came along after her money as a podcast.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I was doing some work with Fidelity Investments. They were our original launch sponsor. The fabulous team there basically said, what else can we do together? And I was like, how about a podcast? So we launched and very quickly it became apparent to me that we were growing a community of like-minded women who wanted to learn about money. And Her Money, the company, launched around that.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Oh, it's a thing. It has budged, which is good. Over the last year and a half, it's moved up a smidge so that at this point, women earn 83 and a half cents to every dollar that a white man earns. But the American Association of University Women say we are going to be halfway through the next century before this gap actually closes. That's how slowly...
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's moving and it's worse for women of color. And the problem with the gender wage gap is that when you combine it with all of the other factors that women deal with in terms of earning money and growing money for retirement, they put us behind. Women are the ones to take breaks from work to care for kids and care for older parents.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We saw that in the pandemic in spades, but it's been true all along. Because we take those breaks, we have less money growing in those retirement accounts. We earn fewer social security credits. We get to the end of the line. We've got a smaller nest egg, and then we have to make the money last longer because we go and we outlive men by six, seven years. So
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's an uphill battle, but you're right in terms of the advice being gender neutral. There are not a ton of differences in the advice that somebody would give to a man versus a woman. Jane Bryant Quinn, who is one of my mentors and a leading personal finance journalist, just a trailblazer. She likes to say that stocks aren't pink or blue. Money's not pink or blue. It's green.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And she's 100% right about that. The problem is that women sometimes don't feel as safe as we need to feel to ask the questions that we need answered in order to get us to take the steps to start investing, to put our money to work, to ask for that raise.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And what I've found and the reason that I launched Her Money was that when I was in a room full of all women giving some sort of a talk and I would get to the Q&A section, the hands would just fly up in the air. And when I was in a mixed group, the response was a lot more muted. Women really held back and didn't want to share as much. And so what I set out to create was a safe space.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But am I going to tell women that they should buy Nvidia as we did for our investing club two years ago and tell men that they should not? No, absolutely not.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think our responsibility is to level it and it has to come from the employers because if employers don't take a look at our payrolls, don't take a look at how we are treating our employees irrespective of gender, irrespective of race, these gaps are never gonna close. And so we have to get really honest about who's doing what work And how much are they being compensated for it?
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And it's not a matter of need. It's a matter of the work that we need them to do, but it's not a matter of our perception of the money that they need to take home, which is how it used to work. Years back, you would hear conversations where a boss would tell a female employee, well, of course, John is going to get paid more than you do.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
He's the breadwinner and he's got multiple mouths to feed at home. We're now in an era where more women are the breadwinners. And if you look ahead, if you look out to 2030 and into the 2030s, women are actually expected to control the lion's share of the wealth and the spending in this country and across the world. And it's because
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
of educational trends that are leading women to have more qualifications than men in many, many instances. And it's also because of the way that the transfer of wealth, the $41 trillion transfer of wealth that is going on as we speak is playing out. Women are inheriting twice.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And not because our parents prefer us to our brothers, but we're inheriting twice because if we have brothers, chances are we split the family pie with them. But then when our husbands die, we inherit that money as well.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
If you look at the types of jobs that college grads hold and the types of jobs that you need to have a college degree in order to get, they tend to be the higher paying jobs. We are seeing some movement in trades, in apprenticeships, in vocational programs. I grew up in Wheeling, West Virginia, in a high school that had a big welding department in the basement.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I believe that we need to see more of these opportunities. But there's no question that a college degree helps you land a better salary. And when you look at the lifetime earnings of a person with a college degree versus one who doesn't have one, It's hundreds of thousands of dollars, if not more.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And the way that that then drives change in society is that you have these families where you tend to have not just one, but two college educated people because college educated people often meet in college. And those two income college-educated households are going to be making significantly more money in many cases than those who are not college-educated.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And what we wind up with is just a bigger income disparity in this country than we have right now. And as you know, Hala, it's already problematic. So we look at it and we see these things starting to march in that direction.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The other problem though, and I hear of this from my daughter and from people younger than her, is that if you are on a college campus and you're heterosexual and you want to date, it's gotten an awful lot harder.
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So it's education and it is the transfer of wealth. Those are the two big factors that are playing into this. But when you talk about the fact that women are going to have the money, what people don't do is sort of follow the breadcrumbs and think about how that's going to change everything. right?
Young and Profiting (YAP) with Hala Taha
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
When you follow the breadcrumbs, what you see is that the fact that women are making these purchasing decisions changes things. If you look at cars, it's going to change the way that cars are designed because they're going to be designed with women buyers more in mind. You'll have a better place to park that bag that you carry around on your shoulder all the time.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The seat will be adjustable in a different way so that you'll be able to see over the front of the hood if you're height challenged in the way that I am. It'll change the design of homes. Single women buy many more homes than single men. They've become a very important segment of homebuyers. And we are seeing homes designed with the things that women want in mind.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So it's not just a matter of the fact that financial advisors are a little bit up in arms about this because They have seen studies that show that when the male spouse in a family dies, 70-ish percent of women are likely to leave the advisor and find somebody of their own choosing. Those trends are underway as well, but it's going to change the look and feel and design of a lot of products.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Yeah, it's definitely not. And maybe if they start to see that more women are buying their own business class seats, that'll be something that will change. Or the folks who make the away bag that we all seem to carry will come up with some sort of a hoister to help us get it up in that luggage compartment because I have the same trouble that you do. Yeah.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Look, there's a lot of research on when a woman is the primary breadwinner and whether or not it causes strife in relationships. Generally, if when a man and a woman form their relationship, the woman is already the higher earner, then that status quo doesn't rock the boat too much.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's when there's a shift in the dynamic over the course of the relationship that impacts the balance of power in the relationship in other ways that things go a little bit sideways. And that's where we start to see breakdown in communication. That's where we start to see women compensating for the fact that they make more money. I mean, I'm sure that you have seen this research, Khaled.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's so troubling. When women make more money, we don't see that they offload more of the responsibilities at home. We see that they take on more of the responsibilities at home. And the logic behind that is that we feel somehow bad about that and that we have to make nice to our spouse's ego. So of course, we're going to make dinner and do the grocery shopping and take care of the kids.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And that's where burnout comes from. And that's where anger comes from. And in some cases, that's where divorce comes from.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I got interested, quite honestly, because my own financial life was a bit of a mess. And simultaneously, the journalism job that I got was business adjacent. I started my career as an editorial assistant at a magazine that no longer exists called Working Woman. And got to report some stories on things like business and careers and management trends and investing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I was interested enough in them to try to get a job in personal finance, business journalism when I left that job, which turned out to be really, really difficult. Because all the big business magazines on the planet, I applied to all of them, thought Working Woman was a joke. And finally, I got a little bit of advice that what I needed was an MBA.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I agree with that. First of all, I think, and no disrespect to Marshall, but when he says you have to marry down, I think that that's the wrong word. I think that you have to marry and date different people. Yeah, you need a partner who is going to be really supportive of your efforts and your career. Because let's just be honest about this. And I felt the same way when I first had kids.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
My former father-in-law said, well, when are you stopping working? Because all of his other daughters and daughters-in-law had stopped working. And I said, yeah, not me. I'm not doing that. We will figure out how these kids will have care during the day. And the way that we did it was that my ex-husband didn't travel for work and I did. And that balanced us out for a very, very long time.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
If you are in a relationship where the egos are clashing or where your partner can't support your success or doesn't want to support your success, then it's not going to work. It's just going to fail. Have you ever seen the movie Beautiful Girls? No. Okay, you have to watch the movie Beautiful Girls. It's old, 20 years probably.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Natalie Portman and Annabeth Gish and Timothy Hutton and Matt Dillon, a whole bunch of people. But the part of that movie that sticks with me is there's a very successful woman in it. She's dating Timothy Hutton and he is a piano player in a bar. who also happens to be an accountant.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And he's been putting a whole lot of pressure on himself to get a real accounting job so that he can keep up with her. And finally, she just said, musicians are sexy. Accountants are not sexy. Musicians are sexy. giving him the permission to continue to do this thing that he enjoyed and continue to bring that sexy energy to their relationship, which is what she needed from him.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And so that's the balance I think that you're looking for. There's a lot of lean in Sheryl Sandberg's book that people have dismissed over the past number of years. I think the thing that really holds up from that book is the importance that she put on selecting your partner.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
She picked a guy that she knew was going to let her be her and let her do the work that she wanted to do and help them create a life where that was going to be possible. And that's what you need.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think the way that you do it is by knowing yourself and knowing your partner and closing ranks. This is your business and it's your partner's business and it's not your mother's business or your mother-in-law's business or your friend's business. or Instagram's business, right? It is nobody's business but yours. And if it's working for the two of you, then who the hell cares, right?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
What anybody else has to say. You just have to respect the boundaries that you've created with the two of you and what that allows you to do. Look, I'm the breadwinner in my marriage. I have been for many years. My husband is largely retired. He works about 15 hours a week these days. He's older than I am. And he had an incredibly successful career.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But the fact that I out-earn him, he could care less. He knows the value that he brings to our marriage. I certainly know the value that he brings to our marriage. And it's nobody else's business, really, despite the fact that I'm talking about it on your podcast.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Men have traditionally invested it and women traditionally have been slow to the party. If you, again, and you pulled out a whole bunch of statistics, I'm grateful for that. But one of my favorites is that women keep about 70% of our assets in cash. Men keep about 60%.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But I didn't have really any interest in going back to school at that point. So instead, I got a job on Wall Street. I worked in equity research for a couple of years. I learned investing inside and out. And when I came back out, I was able to reenter journalism, join Forbes, from there to Smart Money. And from there, I ended up on the Today Show for 25 years.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's a really big and important difference because investing our money is the only way that we are going to make sure that it is working as hard as we are working ourselves. And so what we're starting to see is women investing
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
move into the ranks of being investors, wanting to be investors, wanting to learn about investors, whether you've got all your money in a 401k where you put it in a target date fund and you let that fund do its thing, or you're buying individual stocks. We want to learn. I was telling you about my investing club.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I run this investing club with Karen Feinerman, who is one of the panelists on Fast Money on CNBC. She's a hedge fund manager. You would love her. She's so brilliant. And we're teaching 300 women and growing how to invest every other Monday night on Zoom. And we pick stocks together and we talk about diversification and trends and everybody can ask their questions.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And investing is the kind of thing that is hard for women because there are no right or perfect answers. There's some parts of personal finance where if you ask me a question, I can give you an answer and I can be 100% right. What is the best cashback credit card? I can look at them all. I can run the numbers. I can give you an answer. I can know that I'm correct. What's the best stock?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Can't do it. Because no perfect answer exists because we have backward-looking information and not forward-looking information. And so we have to trust in the historical accuracy of what has come before. That is difficult for a large portion of women who like to know the answer to any question before we even ask that question.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We have to get comfortable and the way to get comfortable is by actually doing it. And one thing that has really, really helped when you look at Gen Z and millennials is that we're now being across the board automatically enrolled in these 401k and other retirement plans at work where we have them. The money's being automatically invested into a default, like a target date fund.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So you're investing whether or not you are doing the work of investing yourself in many cases. And if you can allow yourself to sit with that and get comfortable with the fact that you're not only doing it, but you're doing it pretty well, that helps people.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
That's pretty much my definition too. It's just my definition I think extends for a longer period of time because of my age, right? So I look at this and I think I want all of that, but I want to be able at some point to just work when I want to work and know that those things will continue for as long as I live. So I think that's where the disparity in financial freedom comes in.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think younger generations define it in terms for today and older generations define it in terms that include a retirement that might last for three decades.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
like being a homeowner is a helpful way to save money over the long term. If you think about buying versus renting, month to month, right now, the costs are actually closer than they've ever been. But when you own, you are putting equity, you're building equity in this house. And that is a form of forced savings.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And what happens if you get to the end of the road, if you pay down a mortgage for a long enough period of time, or even if you swap out of it and out of a couple of homes, but you've built up some equity and then you build up some more, you end up with this cushion of cash. your standard of living. You can use it to pay for long-term care. You can use it to keep a roof over your head.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You can use it to sell and move to Costa Rica. You have choices because you have this additional cushion. And if you've rented your whole life, unless you took The difference between the renting cost and the buying cost, which is a lot slimmer than it used to be, and you put that away every single month, you don't have that additional sum of money.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So that's where being a homeowner, I think, is additive to your bottom line. There are other differences. We know in a whole bunch of different situations that autonomy is one of the things that make people happy.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You're happier at your job if you feel like you've got enough autonomy to rearrange the furniture or to put your own stuff up on the walls or to decide that you're going to come in at 9.30 rather than 9 o'clock. You're just happier. And you are happier where you live if you feel like you have enough autonomy to make the place what you want it to be.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And you're more likely to have that if you own rather than if you rent. But there are a lot of cases where you shouldn't own, right? If you're not going to be someplace for five years, I don't think you should buy. The cost of buying is just too steep. I don't think that mortgage rates at this level should stop people who want to be in a place for six, seven years and more.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You'll eventually, hopefully, get an opportunity to refi that loan. But there are cases where renting is just better.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But you have more choice now than you used to have. I know young couples who are thinking they live in New York where the price of homeownership is unsustainable. They're looking at Philadelphia. They're looking at Charlotte. They're looking at other places where because they can work remotely, They could keep their jobs.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
They could make some friends and they could be homeowners and have a standard of living that just is a little bit easier.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's important to know how you're wired and why you're wired the way you are. The money type is love languages, right? If you ever read the five love languages, money type is that, just for money. So we worked with Ph.D., who developed this in-depth tool that has been tested on men and women to help figure out why you are the way you are with money. I mean, you may know that it is
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
hard for you to spend or easy for you to spend. You may know that you have trouble losing money or more or less trouble taking risk than other people. You may know that you would do anything for the members of your family, even if it meant putting yourself at financial risk All of these things are tied up in our five personality types.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I would bet just knowing a little bit more about you and about your audience, that if people went to hermoney.com and they took our diagnostic, our questionnaire, our money type quiz, you've got an audience that is full of what we call visionaries. A lot of entrepreneurs are visionaries. And visionaries
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
have to be careful when it comes to their own personal finances because it is really tempting to throw all of your money against the business and think that that business is going to be your retirement plan. And we know the statistics on businesses that succeed versus fail. And you give up a lot of years trying to get that business off the ground and very quickly you can get yourself in trouble.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The other thing that I like about money type so much is that We're not all just one type. We've got a primary type. And then we have a couple of secondary types that make up our personality. And if you know your money type and your partner's money type, It's helpful in navigating the relationship and the conversations that the two of you have about money.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I was recently on a different podcast and the hosts had taken the money type questionnaire and they said, I feel so seen. Because there's something about this diagnostic. It just gets people. I felt this way the first time I took it. And I'm a producer. That's my primary money type with a little bit of connoisseur, which means I like to spend in as well. And it's really true.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And it's really interesting that a test can get you so well.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Yeah. And it's good that you figured this out before you got engaged to the guy or worse, married the guy, right? In my house, we say this is why we work. And we say it for exactly the reasons that you just described. We work hard and we work hard so that if we want to get on a plane and fly across the country, we don't have to think about it. This is the...
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
payoff of working so hard and producing. And I acknowledge we are definitely privileged. I'm fortunate to have a career that I love, which makes working hard feel like not working as hard. But this is why we work. If they didn't pay us, we wouldn't work so hard.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I was one of the original side giggers, right? I think I had a side hustle before it was called a side hustle. Pretty much always because journalists make very little money, or at least when you're starting out as a journalist, you make very little money. So originally my side hustle was teaching SATs. But as I started to become a stronger writer and a stronger content creator, I was able to
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Well, first of all, are you not on the real, real? You should just be turning over your closet. I mean, this is what I do because I'm the same. I do a lot of appearances and I don't want to be wearing the same thing all the time.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I wear it a couple of times and I send it to the RealReal and I buy something else on the RealReal and I run a credit and it makes me feel like I'm shopping for free, even though it's not quite shopping for free and that I'm doing something a little bit better for the environment. And so that's my shopping suggestion. But when it comes to overspending in general,
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think that the secret is that most people have absolutely no idea where their money is actually going. So when we teach budgeting, and we have a program called Finance Fix where we teach budgeting and how to do this in a way that you can actually save something, we put people through this process of figuring out where their money is going.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
hustle in my own industry. So just by doing that, I picked up a lot of the adjacent skills that I then needed to launch this business. Once I was on the Today Show in particular, a lot of doors started to open. These were the days where everybody was watching the Today Show. And so I got a lot of offers to go out and speak, to write books, to consult for
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We use technology to do it so you don't have to do it by hand. And once you see where you've been using your money, then you have the tools and the ammunition to make changes about where you consciously want to use your money. And so it's not, don't buy the coffee, right? Everybody's least favorite example. It's,
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
If the coffee is the thing that lights up your day, then by all means, buy the coffee. But if you could care less and really what you want is a little bit of caffeine to help you get out the door, then make it at home and have a sip and go about your day and spend your money on something that you actually value.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The cheapest way, the cheapest, fastest way to pay off debt is to just stack it, highest interest rate to lowest interest rate. Pay off the highest interest rate debts first while making the minimum payments on the rest. Once that high interest rate debt is gone, then you just move on to the next one and so on and so on and so on. The student loan debts are a little bit of a different beast.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Long-term debts, student loans, mortgages, car loans, You basically want to try to pay those off on the schedule that you're given. If you're struggling with your student loan debts and their federal debts, then you want to make sure you're enrolled in an income repayment program through the Department of Education. We're getting some changes to those programs that are helpful.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
As long as you're enrolled, you should get notified of the changes and they should come your way. But don't let... paying student loan debt faster, get in the way of doing important things like grabbing the match from your 401k. Because if you look at the return on your money, the way that we think about or the way that we should think about return on your money is,
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
equivalent to the interest rate. So if you're paying off a student loan debt at 6%, that's like getting a 6% return on your money. If you're getting 50 cents on the dollar as a match in your 401k, that's a 50% return on your money. And you can't not get that because you want to pay off the debt at 6%. You just pay off the debt at 6% a little bit slower.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
You should be using your personal credit cards and you should be paying them off every month.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Pay them off to zero. Interest rates are way too high. The average credit card interest rate, I just looked this up yesterday, is 28%. insane. It's insane. You don't want to be paying interest on a credit card. So the way to do this is to understand that there are a couple of factors that go into your credit score and you need to simultaneously manage all of them.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Number one, you got to pay your bills on time. If you pay late, especially if you pay late more than once, that's really going to hurt your score. The second, and this is where you got in trouble, is credit utilization. That's the percentage of credit that you have available to you that you're actually using. We want to keep that number below 30% at all times.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So if you have a heavy spending month, sometimes when I go on vacation, I have a heavy spending month that I spend more than 30% of my credit limit on a card. If you do that, the thing to do is just pay the bill now. Pay it twice a month rather than once a month to bring the utilization down. The problem that you got into by closing those credit cards is that you shrunk
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
different companies in the employee benefits departments where they were trying to improve the financial health of their employees. And I didn't become an entrepreneur until, a full-scale entrepreneur, until 20 years down the road when I left my last magazine job. I actually got fired from my last magazine job because I'd gotten a little too expensive for their payroll.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
the pool of available credit that you had, and that hurt your score. The other thing that you did, another factor, it's not as big as the first two, but it's something called length of credit or credit history. The longer your credit relationships, the more beneficial it is to your score. When you close those cards, if they were the cards that you had had the longest, you hurt that factor too.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So that's how you do it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
What I'm doing with that kind of money right now is... splitting it up and buying the stocks that we've been picking for our investing club, right? I have a diversified portfolio that is set up to get me to the retirement that I want to get to. I am on track. I have met my savings goals.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So if this is quite literally free money, I'm going to put it into the picks that we're picking for our investing club. And so recently we've been looking at stocks like Lululemon. We've got JPMorgan Chase. We've got a bunch of stocks in the portfolio, but we add one about every month. And sometimes we sell one and I would do that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's called Investing Fix. If anybody wants to try it out, you can do it free for a month. But the way it works is that every month we present four different investing options. We look at them on four different dimensions. How do they make their money? What do we like about them? What don't we like about them? And would we buy them at the current price? And then the club votes.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
on what we add to the portfolio and what we take away from the portfolio. It's a democracy, democracy rules. And it's been a lot of fun. Some of the women in our club have stepped up and presented stocks that they're interested in. And some of those have been purchased for the club. One of our members suggested United Rentals and we bought that. It's been a huge win.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So we're all learning from each other, which is just so amazing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We're not. We run a group portfolio that the club itself runs and is invested by the votes that the club decides. But a lot of members like me are buying the picks for our own portfolios.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Yeah, if you don't know where it's going, then you have no control over what it's doing for you, whether it's a business expense or a personal expense. And I know it's tedious and I know it's boring, but sometimes boring is better.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
My secret to profiting, and I got to tell you, I lost my mom recently and my lifelong friends came out of the woodwork and haven't left me alone in a good way, in the best way. And my secret is to invest as much energy as absolutely possible in those friends.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So I'm on social pretty much everywhere at Jean Chatzky and you can find us at hermoney.com.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I looked at all of the other things that I was doing. I was doing radio for Oprah over here and I was doing speaking here and I was on my 10th book over here and I had three other clients over here. And I thought, why am I getting another job? I have five other jobs. I just need to put them together. Her money as a company came along after her money as a podcast.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I was doing some work with Fidelity Investments. They were our original launch sponsor. The fabulous team there basically said, what else can we do together? And I was like, how about a podcast? So we launched and very quickly it became apparent to me that we were growing a community of like-minded women who wanted to learn about money. And Her Money, the company, launched around that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
Oh, it's a thing. It has budged, which is good. Over the last year and a half, it's moved up a smidge so that at this point, women earn 83 and a half cents to every dollar that a white man earns. But the American Association of University Women say we are going to be halfway through the next century before this gap actually closes. That's how slowly...
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's moving and it's worse for women of color. And the problem with the gender wage gap is that when you combine it with all of the other factors that women deal with in terms of earning money and growing money for retirement, they put us behind. Women are the ones to take breaks from work to care for kids and care for older parents.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
We saw that in the pandemic in spades, but it's been true all along. Because we take those breaks, we have less money growing in those retirement accounts. We earn fewer social security credits. We get to the end of the line. We've got a smaller nest egg, and then we have to make the money last longer because we go and we outlive men by six, seven years. So
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
It's an uphill battle, but you're right in terms of the advice being gender neutral. There are not a ton of differences in the advice that somebody would give to a man versus a woman. Jane Bryant Quinn, who is one of my mentors and a leading personal finance journalist, just a trailblazer. She likes to say that stocks aren't pink or blue. Money's not pink or blue. It's green.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And she's 100% right about that. The problem is that women sometimes don't feel as safe as we need to feel to ask the questions that we need answered in order to get us to take the steps to start investing, to put our money to work, to ask for that raise.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And what I've found and the reason that I launched Her Money was that when I was in a room full of all women giving some sort of a talk and I would get to the Q&A section, the hands would just fly up in the air. And when I was in a mixed group, the response was a lot more muted. Women really held back and didn't want to share as much. And so what I set out to create was a safe space.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
But am I going to tell women that they should buy Nvidia as we did for our investing club two years ago and tell men that they should not? No, absolutely not.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
I think our responsibility is to level it and it has to come from the employers because if employers don't take a look at our payrolls, don't take a look at how we are treating our employees irrespective of gender, irrespective of race, these gaps are never gonna close. And so we have to get really honest about who's doing what work And how much are they being compensated for it?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And it's not a matter of need. It's a matter of the work that we need them to do, but it's not a matter of our perception of the money that they need to take home, which is how it used to work. Years back, you would hear conversations where a boss would tell a female employee, well, of course, John is going to get paid more than you do.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
He's the breadwinner and he's got multiple mouths to feed at home. We're now in an era where more women are the breadwinners. And if you look ahead, if you look out to 2030 and into the 2030s, women are actually expected to control the lion's share of the wealth and the spending in this country and across the world. And it's because
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
of educational trends that are leading women to have more qualifications than men in many, many instances. And it's also because of the way that the transfer of wealth, the $41 trillion transfer of wealth that is going on as we speak is playing out. Women are inheriting twice.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And not because our parents prefer us to our brothers, but we're inheriting twice because if we have brothers, chances are we split the family pie with them. But then when our husbands die, we inherit that money as well.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
If you look at the types of jobs that college grads hold and the types of jobs that you need to have a college degree in order to get, they tend to be the higher paying jobs. We are seeing some movement in trades, in apprenticeships, in vocational programs. I grew up in Wheeling, West Virginia, in a high school that had a big welding department in the basement.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And I believe that we need to see more of these opportunities. But there's no question that a college degree helps you land a better salary. And when you look at the lifetime earnings of a person with a college degree versus one who doesn't have one, It's hundreds of thousands of dollars, if not more.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And the way that that then drives change in society is that you have these families where you tend to have not just one, but two college educated people because college educated people often meet in college. And those two income college-educated households are going to be making significantly more money in many cases than those who are not college-educated.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
And what we wind up with is just a bigger income disparity in this country than we have right now. And as you know, Hala, it's already problematic. So we look at it and we see these things starting to march in that direction.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
The other problem though, and I hear of this from my daughter and from people younger than her, is that if you are on a college campus and you're heterosexual and you want to date, it's gotten an awful lot harder.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
So it's education and it is the transfer of wealth. Those are the two big factors that are playing into this. But when you talk about the fact that women are going to have the money, what people don't do is sort of follow the breadcrumbs and think about how that's going to change everything. right?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Jean Chatzky: How to Unlock Wealth and Maximize Your Earnings | Finance | YAPClassic
When you follow the breadcrumbs, what you see is that the fact that women are making these purchasing decisions changes things. If you look at cars, it's going to change the way that cars are designed because they're going to be designed with women buyers more in mind. You'll have a better place to park that bag that you carry around on your shoulder all the time.