Jean Chatzky
Jean Chatzky
Jean Sherman Chatzkyis an American financial journalist, author and motivational speaker. Chatzky has given personal financial advice on various TV shows. She is the financial editor for NBC's Today Show...
NationalityAmerican
ProfessionJournalist
Date of Birth7 November 1964
CountryUnited States of America
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I'm big on setting goals, but I also think that if you have too many lofty ambitions and set goals for everything, you can sabotage your efforts by overextending your brain.
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Face your financial issues head on. Open your bills, pick up the phone, call your lender. If applicable, tell them you're struggling and explain why. If you lost your job or took a pay cut, be ready to prove it.
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It doesn't help to follow every rise and fall of your portfolio. It's better to tune out the day-to-day shifts, in fact. But getting a handle on the larger picture will make you feel more secure, and that goes a long way in calming your fear.
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Joining finances can be tricky. Money has long topped the list of topics couples fight about.
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Eliminating or substantially lowering just one major monthly expense can give you enough cushion to move into a more comfortable place financially.
loans
I've never been a fan of loans between relatives or friends. They can divide relationships.
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Our culture highlights the desire to always have more, even when we should be grateful for what we have.
settlement
If you'd asked me a few years ago about debt settlement companies, I probably would have told you to avoid them.
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You'll get much better results by being upfront, answering creditors calls, and responding to their letters. Delaying the inevitable only digs a deeper hole.
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Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.
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Women take fewer financial risks than men do, but not because we're wusses. Both sexes secrete the hormone oxytocin in stressful situations, but women secrete more of it, which helps us stay calmer.
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Unlike other loans, a reverse mortgage doesn't have to be repaid until the borrower moves out of the home or passes away.
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There are two things that you need to save for. First, you need an emergency cushion of no fewer than six months of living expenses. This needs to be cash in a liquid account where you can get at it in - yes - an emergency if you need it. In other words, money markets, not CDs. You also need to save for your future: that means retirement.
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To bring down your credit card balances, write down the benefits of reducing your debt. No more gnawing feeling that you're throwing money away, perhaps. More money flowing to other financial objectives. Then consult the list when you have doubts.