Are you overdue for a money reset? It might be time to reflect on what you really want to do with your life and career. Since the pandemic, a record number of people have quit their jobs for better-paying opportunities, transitioned into a different field, retired early, or started new businesses. And CBS News business analyst Jill Schlesinger noticed more people were calling into her radio show, Jill on Money, to ask how to make these major changes work financially. She wanted to create a roadmap for people to follow so they could go through those life transitions without jeopardizing their financial futures, so she wrote a book called, “The Great Money Reset: Change Your Work, Change Your Wealth, Change Your Life.”
Jill joins us to discuss the wide-ranging impact of the pandemic on millions of people’s goals, and why many of us realized that what we thought we wanted no longer made sense in the new normal. Then she lays out all the practical steps for making a big decision, whether it be moving across the country or going from full-time to part-time work. The very first step? Put your finances under a microscope. Listen in to hear how you can analyze all of your income, assets, and debts so you can make your new goals a reality.
We also discuss why it’s important to question our assumptions around financial success, and how carving your own definition can give you more flexibility when you make your next move. Do you need to own a home to be financially stable, or could renting and funneling more money into your retirement accounts be a better option? Do you have to go from working full-time to being completely retired, or does it make sense to work part-time in retirement if it means you get to scale back your hours right now? Tune in to hear Jill answer these questions and more.
We also dig deep into another big part of the financial equation: learning how to curb your spending. This doesn’t mean giving up all the small things that make you happy — “I’m not telling you that if you stop drinking a latte, you’ll become a millionaire,” she says — but it does mean determining whether your expenses are necessary and truly bring value to your life. We talk about the negative emotions that often motivate our spending decisions, why making impulse purchases doesn’t really resolve those emotions, and how we can spend less without feeling deprived.
Increasing your wealth isn’t just about spending less — you also have to earn more. Jill shares her advice as a boss on how you can successfully negotiate for a raise or other benefits by being specific, understanding your company’s position in the negotiation, and standing up for your values without burning any bridges.
In Mailbag, we hear from a listener who’s managing the estate plan of an elderly family member and wondering if she needs legal help. Another listener asks whether she needs to give her social security number to be hired as an independent contractor. In Thrive, the secret money habits of super savers.
You can catch more of Jill in a previous HerMoney episode about investing, healthcare, and tackling it all as a woman. And if you want to read more of her work, check out her first book, “The Dumb Things Smart People Do with Their Money.”
Plus — FinanceFixx has another session in the works! If you want someone to take a closer look at your finances and help you build a plan for your future, you can sign up here. The next program starts on April 4th.
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