073: How to take back control of your money – with Jean Chatzky

We are back again, talking all about money. If you feel like you don’t have a good grasp of it, or at times you need to take back control of your money, this one is especially for you.

My guest hosts HerMoney Podcast, and she breaks this topic down into five key areas, to help you make a start.

Jean Chatzky simplifies how to take back control of your money

In this episode, you will learn:

• Why you should start this exercise by asking the simple question: what do I want from my money?
• What does money mean to you?
  • Is it safety, freedom, energy, a burden, a tool?
  • How to untangle yourself from your money story
• The 5 things you can do to take back control of your money
• Earn a decent living
• Spend less than you make (and track your spending)
• Invest what you’re not spending
  • Automate savings, IRAs, real estate, and put your money to work behind the scenes.
• Protect the financial world you’re building
• Give back to others generously
• If you’re caring for aging parents:
• How to have important money conversations with them
• Ensure their end-of-life financial wishes are protected and honoredAs Jean puts it: “It’s all about getting paid what you’re worth, building secure relationships, and making your money last.”This builds on our money conversations we’ve had recently with Hilary Hendershott and Lisa Linfield. Tune into those episodes for more help and clarity with wealth management. It may be a daunting topic at first, so let’s simplify it!#DoTheThing!

Links, books and apps mentioned:

Book: Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve – Jean Chatzky

App: Monzo – online banking in the UK – sign up for a free Monzo account using this link and we both get £5!

Episode recommendation: How to save for retirement when you’re self-employed – with Hilary Hendershott – The Simplifiers Podcast

Link: HSA – Health Savings Account, in the US

Link: Sandwiched Between Elderly Parents and Growing Kids? 6 Ways to Stretch your Dollar – blog by Amelia McBain on HerStory – Jean Chatzky

Link: Principles for Responsible Investment – environment, social, governance – Wikipedia

Link: A great example of a business that gives back in a public way. This company asks wedding clients to choose which charity they would like to donate a portion of their fees to.

Book: The Power of Habit: Why We Do What We Do in Life and Business – Charles Duhigg

Podcast: HerMoney Podcast – Jean Chatzky

Favorite quotes from this episode:

[02:24] “We’ve never been in a situation where we felt like it’s okay to talk about [money], because we all were raised being told, ‘Don’t talk about it – it’s rude’”. – Jean

[06:10] “Your business can’t be your retirement plan. (I mean), for many people it is, but it shouldn’t be because if the business does fail, then you’ve wasted years of your time.” – Jean

[09:20] “Life is the target. Money is the tool.” – Jean

[13:00] “We know that couples clash over money, because our money stories are often very different… we are often attracted to the things that we feel we are lacking.” – Jean

[13:22] “What was the feeling about money like in the home that you grew up in? What was the feeling like about saving money, or your earliest money memory? And I love that you’re talking about if you have a spouse or a partner in life – there’s 50% of the decision making” – Mary

About Jean:

Jean Chatzky launched HerMoney Media and HerMoney.com in 2018. She provides women with information about money they can actually trust.

The award-winning financial editor of NBC’s The TODAY Show, Jean has also appeared on shows including Oprah, MSNBC, CNN, The View, The Talk and many others.

Millions have tuned into Jean’s podcast. She is the best-selling author of 11 books, and a fierce advocate for financial literacy.