Making money in a low return world is tough. Last week, the yield on 10-year US government bonds touched an all-time low and stocks have been stuck in neutral for two years. Given the current environment, return caller Ryan asked whether one asset allocation fits all portfolios? In other words, should you put those investments which are likely to appreciate the most in a Roth IRA, where you will never have to pay taxes on the gains? It may take some some work, but the idea has merit.
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Heather Long, CNNMoney's senior markets and economy writer, joins the show to weigh in how you can make money in the current low return era. Heather notes that most forecasters now expect below average returns for the major asset classes over the next five years. She helps us decide what to do about it. Heather also discussed politics, diving into the question: Who’s better for your money: Trump or Clinton?
Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
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Have the recent market swings freaked you out? Listen to the wisdom of CPA and CFP Michael Goodman and you will likely feel a lot better. Michael is the President of Wealthstream Advisors and began his career in financial services as a CPA, before opening the doors to his own financial planning and investment management firm.
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When those white-knuckle market gyrations occur, Michael says go back to the basics and remind yourself why you are investing and what your long terms goals are. He also makes the case that some people do not need advisors and can go it on their own.
Allison's husband is in the market for disability insurance, but when we were able to dive into the details of their lives, it became clear that there were many more issues than DI!
Brian needed advice about how to maximize his retirement plan contributions and Paul asked about consolidating retirement accounts.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
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There are big changes afoot in the credit reporting industry-credit expert John Ulzheimer joins the show to explain what consumers need to know! While we had him, John provided identity theft protection tips, which are especially important as we look towards the holiday season frenzy!
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John (aka "the Credit Czar") explained the new credit reporting changes that will help consumers, why it is important to check your credit report (only 4 percent do it!), how medical debt will be handled in the future and how we can be the best stewards of our personal information. As John said, there is "NO SUCH THING AS SECURE DATA!"
We also talked to Jeff and Eric, both of whom are in their early fifties and trying to strategize about retirement.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
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As Serena Williams tries to make tennis history, tune into the Grand Slam of money shows! We started with Bob, who is 72 years old. Half of his $3 million nest egg is invested in rental real estate: Is that too much?
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Michael and his wife are in their late 40's with two teenage boys. Is their asset allocation appropriate or are they too heavily invested in equities? Michael also expressed frustration over finding a fee-only advisor.
Meanwhile, John is trying to decide between using a financial adviser or doing it himself and Felissa wanted to know whether her approach for her non-retirement funds should be similar to that of her retirement account.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
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Ready to grab hold of your financial life and take control? Level Money's co-founder Jake Fuentes joins the show to tell you! Jake launched the award-winning personal finance app in order to help people spend with confidence, save more and achieve financial balance. The app is a simple tool to automatically analyze your financial picture.
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Rich and his wife are getting ready to retire and will have a little more than $1 million. A fiduciary advisor is recommending a fixed annuity, but we're not so sure.
David asked about tapping home equity to purchase another rental property; Jeff had questions about SS, Medicare and retirement planning; and Sarah asked about funneling money into a 529 plan versus a general investment account. Here is an education cost calculator to determine how much to save today in order to cover future tuition bills.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
We're cramming in a summer class on bonds, led by Bond Yoda, Marilyn Cohen. Marilyn founded Envision Capital Management 20 years ago after stints at William O’Neil & Company and Cantor Fitzgerald. Besides her impressive credentials, our favorite fact on her bio is: "In her spare time Marilyn raises service dogs for the disabled and regularly conducts pet therapy sessions at the VA Hospital."
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Marilyn covers the differences between bond funds and individual bonds; the costs involved in buying bonds directly and how you can learn more about the mark up and recent trading of bonds at http://www.investinginbonds.com/.
How should you invest your bond portfolio? Marilyn advises that investors keep it US-centric (though not treasuries) and make sure to focus on 3 to 10 year maturities. She also weighs in on whether or not you should consider so-called "bond alternatives", like REITs, dividend stocks, preferred stock.
You can check out Marilyn's e-book about bonds for free at Smashwords.com or for $0.99 at Amazon.com.
I also mentioned a CBS This Morning segment on saving, which you can find here and the New York Times 1% More Calculator.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
This Father's Day weekend, we have financial advice for dads, moms and kids. Many of you know that my father, "Big Al" or "Albie", had a big influence on me and I miss him terribly. For those who never heard the show where Dad came on as a guest, you can check out this post. I also wrote about him here.
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In this week's show, we spoke to Frank and Camille about annuities, as well as Mike about his asset allocation. Jill wanted advice or ideas about how she could contribute to her household income, perhaps through a small business and Pam asked about the about the Windfall Elimination Provision of Social Security.
Finally, Vinnie wants to retire early…really early -- no later than 57 and as early as 52 if he can make it work...can he?
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
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For years, small investors have complained that the big firms don’t want their business and when they do, it’s often expensive. Not anymore…There’s been a revolution in the financial advice business, which could help. It’s not a WHO, but a WHAT… automated systems are replacing humans! They’re called ROBO-ADVISORS and we have one of the industry's stars--Betterment co-founder and COO Eli Broverman to explore this amazing trend.
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Eli explains how Betterment works and why he has embraced the pejorative ROBO ADVISOR. If you are wondering if robo is for you, check out my post here.
As stocks stage another run at records, Mike is concerned about a downturn, which would give back a lot of the fantastic returns he has seen over the past six years. What should he do?
Nancy is a widow in her late fifties and still working. Should she re-fi her 30 yr mortgage? We also answered Mary's estate question about rolling over a spouse's retirement account and Mike's titling issue around his deceased in-law's.
Mary's husband will retire by the end of the year and has to make a pension election-what is the best choice for them?
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
This weekend marks the 71st anniversary of the Allied invasion of Normandy (D-Day). In the sports world, the weekend could mean the end of thoroughbred racing's 37-year Triple Crown drought. As American Pharoah tries to reign at the Belmont Stakes, we’re tackling your financial questions. The "Jill on Money" Triple Crown means that the show aims to be fun, informative and free!
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We started with Mitch from MN, a 26-year-old engineer, who just got engaged. He and his soon-to-be wife are juggling savings, paying down student loans and retirement planning. What’s the best game plan to attack the debt? Should they refinance their mortgage to pay it off early? So many questions and we have the answers!
Jan from Alaska is 62.5 years old and wants to know if she should avoid filing for Social Security retirement benefits before her Full Retirement Age -- YES! Steve wants to minimize losses before a stock market correction occurs and Stanley from CT is wondering about rolling over his 401 (k) into an IRA.
It was a delight to have guest Eleanor Blayney, the CFP Board of Standards’ Consumer Advocate join the show to discuss inheritance disputes. As Eleanor says, fights over estates “are not just a problem for the rich and famous, or for blended families.” Find out who has a right to contest a will and the ways that families can take proactive steps to avoid these messy post-mortem dustups. You can read Eleanor’s great post about the topic here.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
When you call and write, asking about various financial issues, you'll hear me ask a bunch of nosey questions. I am the first to admit that I am a financial voyeur, but the real reason that I need that information is to determine the best financial advice for you! So often, it really does depend on your specific situation, which is why we avoid dispensing cookie-cutter advice.
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We started the show with a follow up response to last week's question: would you quit your job to take off a year from the grind? Allison did just that, but says, "Looking back I should never of done it."
Greg and Laura are considering the purchase of a vacation rental home and wanted to know the pitfalls of doing so.
We helped Steve and an anonymous e-mailer with allocation/share type questions; Chrissy with a query about her variable annuity; helped Maurie guide her 19 year old daughter, who needs financial guidance; and provided Anil with the upside and downside of carrying a "big, long mortgage."
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
Happy Mother's Day! Your mom would probably want you to take control of your financial life, so listen up. We started the show with Katrina, who needs help with her financial priorities. Should she contribute to retirement, save more in her emergency reserve fund or pay down her mortgage? The answer is: YES!
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Jim has $200K to invest-what should he do? (We should all have such problems!) Also in the category of "I wish I were him/her": Both Allison and Roseanne have nearly $2 million saved for retirement and need guidance.
Brian asked about whether or not dividends are reinvested in the TSP plan, Erica is trying to decide between a standard 529 plan and a pre-paid tuition program (check out this description from FinAid); and Daniel is not sure whether or not he should participate in his company's SIMPLE-IRA plan.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
Our guest - financial planner, author and speaker Jonathan Pond - worries that millions of Boomer generation parents have indulged their children, at their own expense. Jonathan, a pioneer in bringing low-cost, personalized money guidance to Americans, says that some greedy children have become "rapacious consumers of their parents’ money" OUCH!
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Jonathan also notes that the financial services industry in general, and the insurance business in particular, thrives on obfuscation. He warns that "if it can’t be explained to you in one sentence, don’t buy it…if you can’t get out of the investment without penalty within a few days or a week, be leery of it…stick to simple, understandable products".
And here's a simple product: Jonathan's SmartPlanner financial literacy tool, which costs $40--the equivalent of 5 bourbons at the cheap bars, where Producer Mark drinks!
In honor of the 141st Kentucky Derby at Churchill Downs (Go Upstart!), our first caller was John from Louisville, who's wife will be retiring shortly and has to make a pension election.
At age 63, Steve wants to know whether his retirement plan is on track and Chris asked about investing $25,000 on behalf of his famous daughter, who won the JIF Peanut Butter "Most Creative Sandwich Contest" in 2012. (Check out her recipe!)
Aaron asked about consolidating retirement accounts; Mark weighed in diversification; Mary asked about the safety of a couple of different financial institutions; Colette is just starting her retirement investing plan; Chris is considering entering the financial services industry; and Al and his wife are not sure whether or not they need a trust.
Thanks to everyone who participated and to Mark, the BEST producer in the world. (You can check out Mark's story on Manny Pacquiao's trainer, Freddie Roach here.) If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
May 1 is "college decision day," the deadline to formally accept an offer of college admission and send in your deposit. It's also the time when families must make choices about financial aid packages, which is why we spend time outlining some of the strategies necessary to maximize the process.
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Here are some resources that might be helpful in the college funding and planning process:
- Education Department College Navigator
- CFPB Financial Aid Comparison
- FinAid Guide to Financial Aid
- Edvisors Planning and Paying for College
- 529 Plan Info
Great calls from Holly (college funding), Marchello (saving and investing), Ryan (early retirement plan) and Brian (disability insurance). We also field Chris' e-mail about the "good" annuity company (TIAA-CREF) and a property tax issue from E.
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
We celebrated the conclusion of National Retirement Planning Week with guest Anthony LoCascio, a fiduciary advisor with more than three decades of experience in retirement and tax planning. Anthony breaks down retirement for Boomers, Gen-Xers and Millennials.
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Speaking of the Millennials (those who are currently 18-34), did you know that they are the biggest generation in US history—even bigger than the Baby Boomers. According to Goldman Sachs, there are 92 million Millennials, compared to 77 million Boomers. And as it turns out, the generation has a firm grip on certain aspects of their financial lives. Check out this segment from CBS Evening News for more on the slackers-turned-savers.
We fielded great questions from Millennials Sam, Tim and Anon!
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
As we head into National Retirement Planning Week, guest James Nichols joins us to reveal the results of the Voya Financial "Retire Ready Index". The results emphasize that retirement savers need combine knowledge, planning and action to help reach their goals.
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Here are some of the online tools that James mentioned:
And check out this segment from CBS This Morning, where I discussed retirement planning.
Before James joined us, we fielded a retirement question from John (should he convert his 401 (k) into a Roth?); a beneficiary retirement query from Mike and Gary asked about REITs.
If you are toiling away at your taxes this weekend, here are some Last Minute Tax Filing Resources.
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
Guest Gary Schatsky, a fee-only financial advisor, Chair Emeritus of NAPFA and Annuity Hater, joins the show to discuss why annuities are rarely advisable (Gary says just 5 percent of the time!) He also weighs in on the concept of fiduciary and explains why he believes that working with a fee-only advisor vastly reduces the potential for conflicts of interest.
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Kenny from NY read my recent post, "Spring Cleaning for your Money" and wanted to know how to reduce the taxable income generated from some of his mutual funds. One easy fix: use index funds in taxable accounts and keep managed funds in retirement accounts.
Meanwhile, Terry from MN is sitting pretty in her early retirement, but is not sure whether she should roll over her old 401 (k) into an IRA; and she also needs allocation tips. Poor Michael was unable to max out his retirement contributions and now is starting a fatter tax bill, while Steve asked about beneficiary IRA accounts and Wayne asked for advice about changing careers - from a pilot to a financial planner.
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
The show may be called "Jill on Money", but listeners know that the man without the microphone - Mark - is the center of the action. This weekend, we help the best producer in the world with the asset allocation for his IRA rollover.
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It just so happens that David from Chicago is also seeking allocation advice, especially in light of Vanguard's shift on its target date funds. Here are two sample portfolio allocations to consider:
BALANCED
- 10% Money Market fund
- 30% Bond Index Fund
- 10% International Bond Index
- 30% Total Stock Market Index Fund
- 5% Small Cap Index Fund
- 10% International Stock Index Fund
- 5% Emerging Market Stock Index Fund
GROWTH
- 5% Money Market fund
- 20% Bond Index Fund
- 5% International Bond Index
- 35% Total Stock Market Index Fund
- 10% Small Cap Index Fund
- 15% International Stock Index Fund
- 10% Emerging Market Stock Index Fund
And this is the post about "Why We Are Lousy Investors"
Throughout the show we also discussed some estate questions and some tax issues.
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
Another week, another announcement of identity theft. This time, it was Premera Health customers, next time, it could be you. Because of the seemingly endless number of incidents, we decided to re-air our interview with nationally recognized expert on credit reporting, credit scoring and identity theft, John Ulzheimer.
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Retirement investing can be tricky business, but George from MD is actually in great shape. He has a pension that more than covers his needs, $100K in an annuity, $80K in his deferred compensation plan and now wants to find a home for an extra $90K that he has in cash. After funding Roth IRAs for him and his wife, we discuss how to allocate the remaining money.
Ron from KY has bounced around a few different brokerage firms and has come to a conclusion: maybe he should manage his own money and pay himself the investment management fee! To help, we came up with an easy-to-implement balanced portfolio:
- 10% Money Market fund
- 30% Bond Index Fund
- 10% International Bond Index
- 30% Total Stock Market Index Fund
- 5% Small Cap Index Fund
- 10% International Stock Index Fund
- 5% Emerging Market Stock Index Fund
Samantha asked at what level could one properly diversify a fixed income portion of a portfolio with individual bonds, while Eileen is selling her vacation home and wants to know how to account for the improvements she has made over the years. In general, you add the cost of improvements to your original cost, but here is a link to the IRS site to help out.
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio
While you're picking up the wings, the 6-foot subs and snacks for the big game, we've got some x's and o's for your financial life! In honor of the big game, we started the show with Seahawks' season ticket holder Brian, who snuck a quick call about his Roth IRA before rooting on his team.
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Karen asked about longevity annuities and Gordon needed help on how to manage his TSP. We talked allocation with David and told Joe to check out the IRS withholding calculator so that he can better manage his cash flow and prepare for tax season.
Thanks to everyone who participated and to Mark, the BEST producer in the world. Check out Mark's first-producing credit for this CBS Evening News segment that aired recently. If you have a financial question, there are lots of ways to contact us:
- Call 855-411-JILL and we'll schedule time to get you on the show LIVE
- Send an email: askjill@jillonmoney.com
- Tweet us: @jillonmoney and @MTalercio