Lessons From 2023 with Today Show Money Editor Jean Chatzky (SB1451)
Dec 20, 2023
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Jean Chatzky, Today Show Money Editor, shares great tips on budgeting, investments, and money in bank accounts. The podcast also covers falling interest rates, the significance of diversification, analyzing the portfolio impact of global events, and the future of investing in Bitcoin and cryptocurrency.
Setting boundaries and managing budget for gift-giving during the holiday season.
Maximizing savings and protecting deposits through multiple accounts and high yield savings accounts.
Being cautious of short-term market fluctuations and the importance of diversifying portfolio and seeking professional advice for investments.
Deep dives
Budget Problems and the Pressure to Give Expensive Gifts
Nick from Northern Alaska is feeling overwhelmed by the pressure to give expensive gifts to kids he doesn't know. What used to be simple toys has transformed into expensive gadgets like iPads and Xboxes.
The Importance of Setting Boundaries
Nick is grappling with the need to set boundaries and manage his budget when it comes to gift-giving. He's experiencing the consequences of not establishing limits and is looking for advice on how to navigate this situation.
Redefining the Meaning of Gift-Giving
Nick is questioning the true purpose of gift-giving and wondering if there are alternative ways to make a meaningful impact without breaking the bank. He is seeking guidance on how to balance generosity with financial responsibility.
Maximizing Savings and Protecting Deposits
The podcast episode explores the importance of maximizing savings and protecting deposits. It emphasizes the need to be mindful of FDIC protection and the limit of $250,000 per deposit. It suggests opening multiple accounts if one exceeds this limit, even though it may be a little administratively cumbersome. With interest rates on the rise, it recommends taking advantage of high yield savings accounts, which offer better returns compared to the average interest rates provided by banks. It highlights the risk of losing money to inflation if savings are not properly invested.
Navigating Investments and Looking Beyond Headlines
The episode delves into the topic of investments, advising listeners to not make hasty decisions based on headlines and short-term market fluctuations. It shares insights on how historical events like wars and elections may impact the stock market in the short term, but over time, the market tends to recover. It briefly discusses Bitcoin and the potential of blockchain technology in the future. The importance of creating a diversified portfolio and seeking professional advice is also highlighted. Lastly, it touches on the challenges faced by conservative investors with bonds and suggests considering tax loss harvesting as a strategy.
LOTS of incredible events happened this year. What should we have learned from a big bank collapse? From Bitcoin resurging? From the stock market moving up (along with interest rates)? We asked about all of these and more to Today Show Money Editor and host of the Her Money podcast, Jean Chatzky. Jean shares great tips on your budget, investments, money in bank accounts, and more.
But that's not all. In our headline segment we share some of the recent moves in interest rates. Now with rates beginning to fall again, are there moves we should have made? We also throw out the lifeline to a Stacker who needs help AND Doug shares his best trivia ever.
