It’s September! I’m on round two of what I’ve dubbed my September Sabbatical, otherwise known as my yearly time to take a one-month recess from podcast production.
Throughout September, we’re airing some of the most insightful, inspiring interviews from the archives. You’ll hear from experts discussing topics like habits, happiness, focus, digital minimalism, classic financial lessons and easy-to-make financial mistakes. Enjoy!
Even the nerdiest of money nerds are susceptible to making a dumb financial mistake.
“Nope, not me! There’s no way I make any financial mistakes. I live and breathe this stuff.”
Hm, really? You’re not capable of making any financial mistakes?
By the way – we’re not talking “classic” mistakes like taking out a bunch of loans, running up your credit card, or making a late payment.
We’re talking about hidden mistakes, like having the wrong life insurance policy, or not having an estate plan, or listening to the wrong ‘experts.’
You might be doing a bunch of things right on the outside, but your process is all wrong.
“Oh … well in that case, maybe I should listen.”
In this episode, Jill Schlesinger, author of The Dumb Things Smart People Do With Their Money, sets the record straight on what not to do with your hard-earned cash.
Jill is an Emmy-nominated and Gracie Award-winning Business Analyst for CBS News, the host of Jill on Money, and the former Chief Investment Officer and co-owner of a financial advisory firm. She makes weekly appearances on NPR’s show “Here and Now,” she’s a Certified Financial Planner, and a graduate of Brown University.
After speaking and working with thousands of people, Jill created this list of 13 dumb mistakes people commonly make with their money:
- You Buy Financial Products That You Don’t Understand
- You Take Financial Advice from the Wrong People
- You Make Money More Important Than It Is
- You Take On Too Much College Debt
- You Buy a House When You Should Rent
- You Take On Too Much Risk
- You Fail to Protect Your Identity
- You Indulge Yourself Too Much During Your Early Retirement Years
- You Saddle Your Kids With Your Own Money Issues
- You Don’t Plan for the Care of Your Aging Parents
- You Buy the Wrong Kinds of Insurance, or None at All
- You Don’t Have a Will
- You Try to “Time” the Market
We dive into all of these, plus Jill’s experience with #13, on today’s episode.
You’ll enjoy this episode if…
- You want to double-check that your financial plan is sound and secure, especially in these uncertain times.
- You have a semi-unhealthy relationship with money and want to strengthen your money mindset.
- You’re a bit lazy when it comes to the boring aspects of personal finance, like creating a will, and need some motivation to get through the paperwork. (Don’t worry, you’re not alone.)
- The Dumb Things Smart People Do With Their Money, by Jill Schlesinger
Thanks to our sponsors!
Want to reduce your cell phone bill? Mint Mobile costs just $15 per month, and every plan comes with unlimited nationwide talk and text. You don’t have to pay for unlimited data you’ll never use – Mint Mobile offers 3GB, 8GB, or 12GB of 4G LTE data each month. Bring your own phone and keep your phone number. Go to mintmobile.com/paula for your $15 per month plan.
Grammarly is the digital writing assistant available on multiple platforms that helps more than 20 million people put their best words forward. Develop your skills as a writer with Grammarly’s suggestions on tone, word choice, punctuation, sentence structure, and style. Head to Grammarly.com/Paula to get 20% off Grammarly Premium.
Native creates safe, simple, effective products with trusted ingredients and performance. Their deodorant doesn’t have aluminum and comes in a wide variety of scents. They also have bar soap, body wash, toothpaste, and plastic-free deodorant. Go to nativedeo.com/paula for 20% off!
Policygenius is an easy way to get life insurance. In minutes, you can compare quotes from top insurers to find the coverage you need, at a price you can afford. No matter how much or how little you know about life insurance, you can find the right policy at Policygenius.