Jeff Rogo

speaker
233 appearances 3 recordings 1 series first heard Oct 2018 last heard Mar 2023

Jeff Rogo’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Put Your Personal Finances Through a Stress Test · 22 Mar 2023 podcast
You're seeing these headlines and your response may be to freak out and your response may be, I don't care, it doesn't affect me.
I don't think either of these are the right responses.
and provides a disaster preparedness situation.
So it looks at what if we lose X percent of jobs, what if there's freezes in the credit market, and looks at what happens in these scenarios to banks' finances, their capital ratios, their funding, how strong are they in a situation if a bunch of bad stuff happens.
And at the end, they all get a grade.
Over the last two weeks or so, everyone's kind of freaked out because one enormous bank in California has failed.
Another large bank in Europe had to be bought and a bunch of regional banks are under pressure.
You're seeing these headlines and your response may be to freak out and your response may be, I don't care, it doesn't affect me.
I don't think either of these are the right responses.
Your response is to do something.
And what you can do is stress test your own finances.
And I think there's concrete ways that you can go about and see, am I okay if there's my own personal sort of bad situation?
So as a consumer, having all of your stuff in one place is really easy.
It's one app.
It also is probably what the bank has been telling you.
Since the financial crisis, one of the big things banks have done is this idea of cross-selling.
Let's get a customer in the door, and by doing that, we can offer them all these other products.
So what that enables you as a customer is probably a little easier to do a stress test.
But what you don't know is the health of that singular institution.
And so even if on all those lines you look great, know that you're still tied to one financial firm.
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