retirement plan

Protecting Your Retirement Plan

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You've done a great job with your retirement plan and a great job of saving. But now you're thinking about worst case scenarios. What happens if there's another recession? Will I lose everything? Is my current allocation too aggressive? That's the scenario on the latest bonus call with Bob from Philadelphia.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

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Financial Planning for All

Financial Planning for All

Are you celebrating the upcoming World Financial Planning Day by creating a financial plan? I’m guessing that the answer is no, because according to the 2018 Charles Schwab Modern Wealth Index, about a quarter of Americans have a written financial plan. That’s too bad because having one “can lead to better daily money behaviors.”

Real Estate + The Financial Crisis Ten Years Later

Saving for retirement while also trying to save for a house downpayment. That’s the dilemma facing Erin from Salt Lake City as we kicked off the latest radio show. Is there a happy medium? Or should she focus all her efforts on getting that downpayment in place?

Next up was Joe from Chicago with another real estate question. This one involves finding a way to keep an piece of existing property in the family.

Where has the time gone? It was ten years ago this month that the U.S. financial system was brought to its knees.

To help us retrace the events of that period, we’re joined today by Gretchen Morgenson, investigative reporter at the Wall Street Journal.

As the financial crisis was unfolding, Morgenson was working for the New York Times, and subsequently co-authored Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon.

There’s no one more qualified to walk us down memory lane and remind us of just how bad things actually were. In case you’ve forgotten, consider this timeline:

  • 9/15/2008: Lehman Brothers files for Chapter 11 bankruptcy protection. On the same day, Bank of America announced its intent to purchase Merrill Lynch for $50 billion.

  • 9/16/2008: The Federal Reserve Board authorized the Federal Reserve Bank of New York to lend up to $85 billion to AIG under Section 13(3) of the Federal Reserve Act.

  • 9/16/2008: The net asset value of shares in the Reserve Primary Money Fund fell below $1 per share, primarily due to losses on Lehman Brothers commercial paper and medium-term notes. When the Reserve fund “broke the buck,” it caused panic among investors who considered money market accounts nearly the equivalent of bank savings accounts.

  • 9/19/2008: To guard against a run on money market funds, the Treasury Department announced that it would insure up to $50 billion in money-market fund investments at companies that paid a fee to participate in the program. The year long initiative guaranteed that the funds' values would not fall below the $1 a share.

  • 9/20/2008: The Treasury Department submitted draft legislation to Congress for authority to purchase troubled assets (the first version of TARP).

  • 9/21/2008: The Federal Reserve Board approved applications of investment banking companies Goldman Sachs and Morgan Stanley to become bank holding companies.

All this in just one week!! An incredible moment in the history of this country, and it was only ten years ago.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

How to Invest Extra Money

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For years and years you've been the sole breadwinner. Now your spouse is back in the workforce and there's a surplus of money flowing in. What should you do with it? That's the good problem facing John from North Carolina.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

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Should I Use Roth 401(k)?

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It's becoming more and more common for workplace retirement plans to offer a Roth 401(k) option. The next question is whether or not you should be using it. That's what Shirley wanted to know on the latest BONUS call.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

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Expensive Retirement Plans + Father/Daughter CFPs

A "father of the year" candidate starts us off this week as we chat with Richard from Connecticut who is trying to help his daughter navigate her workplace retirement plan options. The problem he's having is that it's a plan containing a bunch of awfully darn expensive investment options. Is there a workaround? 

We finished up the hour answering some questions from the endless email pile.

Hour two this week was an interesting chat with a couple CFPs who also just happen to be related..as in father and daughter! 

Walter Wisniewski and Allison Vanaski, owners of Arcadia Wealth Management, recently teamed up to write The Millionaire Within, a book intended to show how people tend to succeed or fail with their finances based on their perceptions, behaviors and biases about money, not because they are experts at timing the market.

This may be an investment book, but it is not about the mechanics of investing. It's more about enriching your future by embracing your capacity to change your perspectives about money. Intelligent financial decision-making is not about money. It's about emotions and behavior and unleashing the power that lies within you.

Have a money question? Email me here or call 855-411-JILL.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Retirement Plan Options + A Large Inheritance

Happy Fourth of July weekend! Or was it last weekend? Or is it this weekend? Whatever the case, the show goes on.

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This weekend we kick things off with young Nicole from Seattle who just started a job at a local university and has a decision to make when it comes to her retirement plan. A traditional 401(k) or a defined benefit pension plan which only kicks in after she's been there for ten years? It's a tough call to make. 

Next up was Sharon from Michigan. She and her husband just inherited $400,000. What should they do with it? Pay off some debt? Invest it? 

Hour two this week features an interview with my pal and retirement guru, Mark Miller. No stranger to writing books, Mark was on to chat about his latest project, Jolt: Stories of Trauma and Transformation. 

Having interviewed dozens of people over the years who are hell-bent on changing their lives and careers to focus on work with more purpose and meaning, Mark began to notice a pattern: many leap-of-faith transformations begin with unforeseen traumatic life events.

Mark decided to think of these high-voltage bolts out of the blue as jolts — painful events that stop people in their tracks and then thrust them toward positive change.

The death of a child. Life-threatening illness. Plane crashes. Terror attacks. Natural disasters. Some of us never fully recover from unimaginable traumas like these, but some not only survive—they bounce back to thrive and grow.

Jolt tells the stories of people transformed by trauma, and the new paths that they pursue.

Have a money question? Email me here or call 855-411-JILL.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Should I Fire My Financial Advisor?

Sometimes I'm so glad that people call me before they make another mistake with their current financial advisor. That's the case on the latest BONUS call with Joe from California, who thankfully was sensing that something wasn't quite right. This is a great call to learn from.

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I'm so glad when people call me before they make another mistake with their current financial advisor. That's the case on the latest BONUS call with Joe from California, who thankfully was sensing that something wasn't quite right. This is a great call to learn from. If your gut is telling you something, get in touch with me!!

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

Connect with me at these places for all my content:

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I'm 50, How's My Retirement Plan + The Great-Grandson of President Taft

We started off the show this week with a great call from Lissette in New York. As she prepares to turn 50 in 2019, she wanted to run her retirement plan by us. Considering Lissette and her husband never made ridiculously large salaries, they're in pretty darn good shape. And turning 50 isn't all bad news...there's a great bonus that comes with it! If you don't know what it is, you're going to have to listen :)

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In hour two we chatted with John Taft, the great-grandson of of President William Howard Taft. 

Taft is Vice Chairman of Baird, an international employee-owned wealth management, capital markets, asset management and private equity firm overseeing $188 billion in client assets.

Prior to joining Baird, John served as CEO of RBC Wealth Management–U.S., Senior Advisor to Deloitte & Touche LLP; a member of the Board of Directors of the Columbia Threadneedle Funds, Segall Bryant & Hamill and The Clifton Group; President and CEO of Voyageur Asset Management; president and CEO of Dougherty Summit Securities; and as managing director at Piper Jaffray & Hopwood. Earlier in his career, John was assistant to the mayor of the City of St. Paul, Minnesota, and has worked as a journalist.

John serves on the Board of Securities Industry and Financial Markets Association (SIFMA), the leading securities industry trade group. He served as Chairman in 2011. As a representative of SIFMA, John has advocated for financial reform and testified before Congress in support of a federal fiduciary standard of care for investment professionals who provide advice to individual clients.

In his book, “A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism” he has gathered more than 20 industry leaders to share their fresh perspectives on creating solutions for positive social outcomes and a sustainable financial future. John is also the author of "Stewardship: Lessons Learned from the Lost Culture of Wall Street," which explores the importance of stewardship as a core principle for financial services, as well as for society.

Have a money question? Email us here or call 855-411-JILL.

Connect with me at these places for all my content:

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Backdoor Roth IRA

If you make too much money and are not able to contribute to a Roth IRA, I'm all for implementing the backdoor conversion strategy. But there are some rules associated with pulling it off, and that's what Jeff from Chicago was calling about on the latest BONUS call.

“Better Off” is sponsored by Betterment.

Have a money question? Email us here or call 855-411-JILL.

We love feedback so please subscribe and leave us a rating or review in Apple Podcasts!

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