004 – Jean Chatzky: Money Rules to Smash Debt, Invest & Grow Your Wealth


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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Resources Mentioned:

3 Key Points:

  1. The most common money mistake people make is that they don’t save.
  2. Getting rid of interest payments is equivalent to making the same amount of interest on an investment.
  3. 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.

Show Notes

**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.

Awesome Resources!

1) The Goal Setting Guide: Learn how to set goals and actually accomplish them within 90 days!

2) The Novo Method Success Pack: Create rapid success by learning how to overcome your mental blocks… then build your best body using my proven nutrition, cardio, and weight training program.