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Continue to live longer and remain active longer my next guest says -- -- your savings can be a real problem Jean Chatzky.
Is the author of the new book money rules the simple path to lifelong security -- great to see you thanks Christine thank you for having me great to have you here.
What -- the questions I have for you because you've been writing about these issues for a long long time.
If you have money are you necessarily a good money manager absolutely not first of -- as you know -- you've been doing this as long as I have.
People are not too hot these scales and we've all seen 68 years seven figure earners who have six figures are seven figures a credit card debt.
Exactly it doesn't necessarily mean if you're earning a lot of money that you know how to run it now I will walk through some of these rules with the EU and -- talk about money rule number 91.
Using don't take financial advice from somebody just because they have money.
Just because that money that's the temptation you think because they have money they automatically no more than you know what we know a lot of people who put their money with some pretty shady money manager -- and ended up with absolutely nothing -- got to do your homework.
No matter who year hiring to help -- -- we're saying that even if we have a money manager somebody advising you of financial advisor you have to be.
Plugged -- -- you yet you have to it there's no excuse for not opening statements for not understanding.
What you own and why you own.
And it's actually been a better experience lately opening -- statement -- to -- actually happen.
Our payroll number seven more money -- always make you happy but it's not a bad start it's not a bad start and and it won't make you.
More happy necessarily what we know from from some big university research is that once you have a level of comfort.
Once he can pay your mortgage and your -- -- and put food on the table and -- on a vacation once a while.
The additional happiness for more money.
Just isn't there you have to find that satisfaction from something else comfort is important.
Because without -- you're gonna be miserable but beyond that it's not making blissful.
This went to this is money -- 36.
It's -- to -- things it's hard sell things and it's even harder to sell things at a profit.
-- real estate cars and in the list is.
Enlist and it makes you realize that you really have to think about it.
Before you make the purchase because that's where it's really easy to pull the trigger and that's what we get emotional that's where.
We get caught up in the excitement.
Of whenever it is we're bringing home with us whether it's a new stock.
-- new car and sometimes we just had -- break.
You know even today I think some people are having hangover from buying Cox.
-- telling people about real estate -- now you know I think it's a great time to buy real estate selectively.
If you wanna buy a house because you -- -- live in it for five years by all means this is a good time to daily you can finance it cheaper than we've ever been able to finance it in history.
If you're looking at real estate as an investment.
Think about where you are think about what that market looks like and whether it looks like it'll come back.
Yeah I think a lot of people are -- that decision yet national are another one of my favorites number 48 if you're just looking don't try it on I love this.
I have -- corollary to this walk away walk away give you some 24 hours.
Once you try and the -- pants in the store your brain actually takes ownership of those pants and yeah.
Or the dress for the glad we're.
And that aren't what it is and then it feels like a loss -- give it up and just like we're wired to avoid losses in our investments we're wired to avoid losses when it comes to a purchase makes it more difficult amen -- OK number send -- to the secret to successful investing isn't how important timing -- temperaments.
You've got to be able.
To stick -- -- No matter what markets are doing because some markets are gonna do what they're gonna do and you have to keep -- our eyes on durables and make sure the plane your own -- You know it's not just your temperament that it can also obvious bounces tempered well -- there's -- so how do you manage that -- Well I think you manage from the end game you think about what are we trying to accomplish and how much do we need in terms of their return to get there it'll prevent you from taking too little risk you know a bank from taking too much.
And at least you have something that you can focus on together.
Well it's a great book chime -- I know people -- you know are expecting great book out of -- now that you bring how many you're at this since eight.
80 -- at that that they get -- practically an entire encyclopedia Jean -- thanks for coming on tonight ankles thank you for your time.
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