M&M 59: Jean Chatzky on Exciting Personal Finance Predictions for the Future
What exciting themes will emerge in the personal finance space over the next 10 years? Joe Saul-Sehy talks with expert Jean Chatzky, the financial editor for NBC’s TODAY show, AARP’s personal finance ambassador, and host of the podcast HerMoney with Jean Chatzky.
Jean is no stranger to FinCon or the Money & Media Podcast. (Check out her previous podcast before hitting the main stage at #FinCon13.) She’ll be returning again this year as one of the opening keynotes at #FinCon18.
In this episode, Jean Chatzky shares:
- The story behind her acquiring DailyWorth
- What’s new with the HerMoney podcast
- The biggest money stories of the next 10 years including things such as annuities, women and finance, and financial literacy
Intro Jean Chatzky–podcaster, financial editor, AARP ambassador
2:25 From investor to owner of Daily Worth
5:30 Why are we afraid to talk about money?
7:00 The biggest money stories of the next ten years
12:00 How Jean organizes her own day
From Investor to Owner of Daily Worth
Jean had been an investor in Daily Worth for the past 5 years when it became clear that the owner, Amanda, was about to sell some of the company’s assets. With Jean already speaking to a women-centric audience with the Her Money podcast, it only made sense for her to purchase the website, which is also geared toward a female audience.
Jean is continuing to grow her brand with the podcast, which is gaining new listeners every week, and has a growing community on Facebook. If you are a woman interested in conversations about career, life, investing, and really every part of life that money touches, you should definitely tune in.
Talking About Math and Money Is Cool
It’s something we don’t often talk about in specific terms. Of course, it takes a basic knowledge of math to understand money. However, when you think about it, you can’t be good at money if you don’t understand basic math. And with math changing in our schools, many parents are struggling to teach their children how to do basic math. Adding in teaching about money just seems impossible.
Those of us in the finance space have always known that math is cool, but we aren’t always so great at getting down to the basics and promoting financial literacy.
FinCon is growing every year at a steady clip. Even so, the personal finance niche is still relatively small compared to some other niches. Jean has some beliefs about the reasons for that, and the main one is shame. People still feel shame or embarrassment when it comes to talking about money.
If you grew up in a family that openly discussed money, you have to know that you are in the minority. Thankfully, those conversations are becoming more normal now. As a result, some of that embarrassment is being overcome by just being honest about our situations. We don’t have to share all of our financial transactions but the simple act of being open about how much we make or how much our house cost is making huge inroads.
The Biggest Money Stories of the Next Ten Years
Bloggers, podcasters, and YouTubers have to come up with new content on a daily basis. If you are building a brand, you need to differentiate yourself from everyone else in your space, but how do you do that? Jean shared with us some of what she believes will be the biggest money topics coming up over the next ten years.
Let’s face it – if there’s one thing we can’t control, it’s the market. If you head into retirement depending on your investments in the market to sustain you for the rest of your life, you could be putting yourself at risk. Take a minute to recall 2008 to realize why diversification is such a necessity. Jean Chatzky is a strong believer in having steady income through annuities so that you can meet your fixed expenses if anything happens with the market.
Our lifespan continues to lengthen, with many people now living past 90 years old and some even to 100. If we don’t think ahead and prepare to have income for those years, we may find ourselves among the growing number of senior citizens who claim bankruptcy. It’s great to save during your earning years but you have to be smart with what you do with those savings.
Jean Chatzky speaks to women, writes about women, and invests in women. It’s no surprise, then, that one of the topics she thinks will be most prevalent in the next ten years relates to women. Specifically, she is focused on how much women will control money in America and the world. Jean’s desire is twofold: two teach women how to have enough money and how to manage money to do all the things that matter.
How Jean Chatzky Organizes All the Irons in the Fire
If you look at Jean Chatzky’s life, you might feel overwhelmed. She’s a writer, a podcast host, the owner of two websites. She also makes regular appearances on the Today show, works with AARP, and helps to produce materials for school children. She’s one busy lady, and yet she can still prioritize time with her family thanks to these organizational tricks.
Jean credits her team for making it all possible. She certainly couldn’t do everything that is done for her brand by herself. Her team uses Slack to communicate. Additionally, they have a team meeting every Monday morning so that everyone is on the same page.
Her best tip: she uses a calendar. And yes, this is a simple thing to do, but it works. She lists deadlines, things that need attention immediately, and what needs to happen step-by-step for larger projects.
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