Jean Chatzky has appeared on Oprah, Live With Regis and Kelly, The View and other programs. She has written for Parents, Seventeen, Cosmopolitan, was a staff writer for SmartMoney and a fact checker for Forbes. Chatzky is also the financial editor for NBC’s Today Show. Jean also maintains a daily blog on her website.
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3 Key Points:
- The most common money mistake people make is that they don’t save.
- Getting rid of interest payments is equivalent to making the same amount of interest on an investment.
- Set up a saving system where your money automatically transfers into savings without you seeing it… if you don’t see it, you won’t spend it.
**Click the time stamp to jump directly to that point in the episode.
- [01:57] – The Number 1 mistake people are making financially!
- Saving is the only thing that’s 100% in our control
- Saving is the foundation for long-term financial success
- [02:54] – How to make a savings plan
- Who doesn’t have to save?!
- [05:34] – How savings is an insurance for your life
- [06:31] – There’s no such thing as “Chump Change”
- How small adjustments add up to tremendous payoffs
- Pay attention to small fees and basis points
- The penny a day rule
- [08:42] – How much should you save?
- Return on your money and fees on your money are the same thing
- How to look at your financial trade-offs
- [12:28] – The rule of thumb for the amount of cash reserves to have in your bank account
- [13:56] – Why to build a financial legacy, not an inheritance…
- A legacy is much more than dollars and cents
- You must set up a legacy while you’re alive
- [15:56] – Jean shares what her own financial statements look like!
- [17:48] – Jean talks about how she recovered from her own financial mistakes
- You don’t have to be perfect to end up at the right place
- How to recognize financial mistakes and correct them
- [19:44] – Why “deciding to change” doesn’t work
- Most people need a reason to change financially
- It doesn’t have to be a big reason
- Don’t wait for something bad to happy financially to change
- [23:00] – The absolute one thing you should do today to start saving
- When you don’t see money, you can’t spend it
- Taking some action will inspire you to do more
- [24:15] – Jean explains the Razor-blade model of saving.
- Shaving just 50 cents off coffee can add up to huge savings
- The more small savings you can find, the more you can save
- Just saving isn’t enough though… you need to move the money
- [25:25] – Jean shares her favorite rules of money!
- [26:44] – Here’s what Jean has learned from the experts on her podcast.
- [28:48] – Jean shares her favorite books about money.
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