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- [00:00]
Jill Schlesinger
Hey gang, you know I've changed my tune on Bitcoin. Meaning I know that a lot of you are Bitcoin curious and that's okay. I know you're not putting all of your money into this. If you've been curious about Bitcoin but haven't made the jump yet, Cash App makes it easy. You can set up automatic purchases with zero fees or buy larger amounts also with zero fees. Start small or go bigger. It's designed to be simple either way. So whether you're just learning or ready to try it out, it's built to meet you where you you are. For a limited time. New customers can get $10 added to their balance. Just use code CASHAPP10 when you sign up. And don't forget this. Send at least $5 to a friend in the first two weeks Terms apply. Cash App is a financial services platform, not a bank. Banking services provided by Cash App's bank partners. Bitcoin services provided by Block Inc. Brand for additional information, see the Bitcoin disclosures at Cash App. Today's episode is brought to you by Alma. You know gang, I've talked about how helpful therapy has been for me. But finding the right therapist? It's never easy. Often you just don't know where to start. And when you do look, it feels overwhelming trying to figure out who takes insurance, who you might connect with. It's just a lot. That's why Alma really stands out. Alma is on a mission to simplify access to high quality, affordable mental health care and and they've built a network of over 26,000 therapists nationwide. You can browse their directory without even making an account and filter for exactly what matters to you like insurance, specialty, background and more. And since May is Mental Health Awareness month, it's a great time to take that step. Clients with insurance pay $20 on average and 98% of Alma therapists accept insurance. Plus you can see your costs up front with their free estimator. Most people actually find their match on first try and 95% connect with a therapist within a week. Over 80% of people report feeling better within six months. Get started now at helloalma.com money that's hello alma.com money welcome to the Jill on Money Show. It's Friday, May 29th and we are coming to the end of graduation season which means many of you have returning guests to your 365 day a year hotel. Yes, those children coming back home now if you have a young person in your life, a 20 or 30 something or you yourself are a 20 or 30 something. I have great news. Today we are going to present a snippet of an interview with my friend Beth Kobleiner. Beth has reissued her book Get a financial personal finance in your 20s and 30s, all in time for the 30th anniversary. And it's amazing because I read the book and I said, gosh, this advice still holds. It's fantastic. So if you have someone in your life who is looking ahead, trying to get their life restarted, the first thing you have to do is listen to this interview. The second thing you have to do is actually buy Beth's book. The third thing you have to do is check out our show. It's called Money Moves. It's under the Money Watch podcast feed. Subscribe to us, follow us on YouTube, get in line. It's going to be great. We are gearing this podcast towards anyone who's under the age of, let's call it 40ish, maybe 45. We'll have video, we'll have audio, we'll have questions. It's going to be a lot of fun. Little bit of a different format than this program. So check it out on our website@jillonmoney.com under the Money Watch tab. Just subscribe. So subscribe to Money Watch wherever you get your podcasts and and you will automatically be inside of our new feed called Money Moves. It's kind of cool and it's fun. Anyway, we're gonna keep the same irreverent approach. We are not gonna treat this all with handshaking and scolding. No, this is fun. This program is fun. I will tell you something. Having Beth Kobleiner as a friend and somebody in my life is always fun. This interview lives behind our paywall. The whole interview is there. If you would like to see that. You must be a subscriber to Jill on Money Live. That's where you pay 45 bucks. For the next 12 months you get these extra fun interviews, usually video with special guests like Beth. You also can participate in our four webinars over the next 12 months. Our upcoming webinar coming on June 17th, Social Security is the topic. The guest is Heather Schreiber. So all that lives behind our paywall, Jill on Money Live, all on our website. Okay, so right now let's get to the interview with Beth Kobliner and we're going to talk a little bit about this inundation of information that we're all plagued with. So here is our interview with Beth Kobliner. So you and I come of age in a time where we know that on Wall street there are things like newsletters, right? Remember, that was like, subscribe to the Joe Schmo newsletter and they'll teach you how to get rich, they'll teach you how to buy gold. And so there are many iterations of salespeople, like in every age. This age feels slightly more dangerous to me because it's so seamless to get the information. And so if someone, you know, has a kid who's like, oh, you know, this person, this influencer, this finfluencer, what are the ways that they can sort of pull the curtain back and determine whether or not this person is for real?
- [05:58]
Beth Kobliner
Well, for starters, a lot of times what they're pitching is cryptocurrency. They're pitching gambling sites and prediction markets. And as you know now, suddenly there's a lot of attention to this, how, you know, you lose 96% of the time. A big study found when you're gambling online, you're losing. There's a study of 700,000 online gamblers and showed that 96% of the time they lost money. If you look at the stock, if you look at 15 year increments, economists show that you make money 98% of the time. So just the logic of that. I think it's very informative to young people and they're savvy. It's very interesting. They're savvy in certain ways. They're like, yeah, I know that person's getting money from it, but I think there's a sense of hopelessness. I'm never going to be able to afford a home of my own. So maybe what I need to do is like take a flyer on Bitcoin or take. Really go for some gam gambling or some prediction markets because everybody supposedly is making money, even though the vast majority of people are losing money. And that is really, that's into the fiber, that's sewn into the fabric of young people's lives. And to me, that is probably the worst part of this whole financial world we're in. Because it's so easy to just see something online, buy it quickly from your living room, and then lose a bunch of money right away.
- [07:23]
Jill Schlesinger
Okay, let's talk about the opposite of that. What is the best thing to happen in the last 30 years since you wrote the book?
- [07:30]
Beth Kobliner
Yeah, there's so many good things. I mean, automatic investments. Do you remember when we would get our paycheck in the late 80s and you'd have to go to the bank and Wait online, fill out a deposit slip, endorse your check. Like all that stuff is like 99% of people do payroll deduction, which is great. And so many people now and a lot of young people take advantage of. Every time that that money lands in my, in my bank account, I'm going to first of all switch it to a high yield bank account. So at least I'm not earning 0.1, you know, a half of 1%, not even a half, a quarter of 1% or a tenth of 1%. A tenth of 1% versus earning maybe 3%, maybe 4% on some online FDIC insured bank. So we know more about that kind of thing. And have 10% taken out of my checking account and put into my high rate savings account, high yield savings account and maybe 10% put into my 401k that is matching. And that happens without me doing anything. Yeah.
- [08:30]
Jill Schlesinger
So the friction has really been reduced whether it's investing, saving. But I think that what's, it's kind of fascinating like what you're painting a picture of like someone in their 20s and 30s. I hear it all the time. We hear it on the show. We hear it about from our friends and their kids that there's that, that really, that hopelessness and it kind of breaks your heart because you know, so much of, so much of like your, your advancement in your life and your career has a lot to do with timing. That is, I mean everybody, there's a lot of people work hard like your parents work their butts off. And they were not in high paying professions, but they work their butts off. What is your advice to someone in their 20s and 30s who doesn't want to go into a high earning career, wants to go be a teacher, wants to go do something but is anxious because maybe I'm not going to make enough money to support myself. So what is it that you think we need to communicate to those kids?
- [09:30]
Beth Kobliner
I think we need to communicate that, look, this is a very tough time historically a tough time. And as we know, everything is cyclical. There are ups and downs. But I do think first off there are some tried and true rules. Some call them cliches. Like for example, do you remember we would write stories like, you know what if you buy like that's the beginning of Starbucks and expensive coffees. Coffee was a dollar, then it became like $6. And if you put that $6 into a long term 401k or IRA and an index fund that you know, has done so incredibly well over the last few Years, then you can have a lot of money. Then it got criticized. People, they shouldn't tell young people not to drink coffees because they love coffee. So now when I go into schools and tell them that, you know what you see that Dunkin Donuts or that bacon and cheese you bought from the local, you know, supermarket, the bodega, you say if you put that into a 401k, you know what? They are thrilled to hear that. They are so interested. So I think this generation is primed for hearing basic advice. You know, the good news is now, whether it's Vanguard or Schwab or Fidelity, they have these very low cost ETFs or index funds. And you could start with as little as a dollar. I mean, you could really start with just putting a dollar in every day or whatever it is to make sure you have an automatic savings plan, something in place, no matter how little you have. And I do think the lifestyle of my parents, maybe that should be my next book. Live like Harold and Shirley.
- [11:09]
Jill Schlesinger
Yeah, I love that. I love that book.
- [11:11]
Beth Kobliner
Yeah. The middle class, you know, it's. It's very tough. It's much harder today than it was certainly in our generation.
- [11:19]
Jill Schlesinger
Yeah.
- [11:20]
Beth Kobliner
But generations before that, you know, the Depression generation, it was really hard, too. And I would say, and I, you know, maybe this comes from turning a certain age, and it's not 40, it's not 50. Turning a certain age, you realize, you know, life kind of could be short and you should do the thing you love.
- [11:41]
Jill Schlesinger
We'll have a link to Beth's book in the show notes, but it's Get a financial life. Personal finance in your 20s and 30s. Check that out. And if you've got a financial question about something that came up during the interview, don't hesitate. Just go to jillonmoney.com, click the contact Us button, write us a note. And if you'd like to join us on the air, check the box. Mark will do everything else. You can subscribe to us on the Odysee app or wherever you find your favorite podcast. It's Friday. That's when I do my thank yous. Our music is composed by Joel Goodman, Mark Tulareus, the executive producer, king of all things Web. We are distributed by the lovely folks at Odyssey. We always ask that you lift someone up. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you on Monday. Are you the kind of person friends turn to when they need help planning a trip? I know I am. That means you got to dig into the hotel options, figure out the best neighborhoods, track down that one hard to get dinner reservation. There's something really satisfying about turning a loose idea into a trip that feels unforgettable, and that's why Fora stands out. Fora is a modern travel agency built for people who already love planning their travel and and want to take that skill a step further. You get training, booking tools, and a community of experienced advisors who share real insights and support as you build your own travel business. Fora also provides flexibility. You're working for yourself on your own terms alongside whatever else life looks like for you. And with access to thousands of preferred partners, clients can get perks like upgrades and resort credits that make a real difference in their trips. When you book travel, you earn commissions, and getting started can be as simple as helping people you already know. Now's the time to turn that passion into something more with Fora. Become a Fora advisor today@foratravel.com jillonmoney that's f o r a travel.com jillonmoney and make sure you tell them we sent you foratravel.com Jill Jill on Money on
- [13:56]
Maury Povich
my new podcast On Par with Maury Povich, we're getting down to the truth behind the names that you know and love. Unfiltered conversations with legends like Leanne Morgan, Kathy Griffin, Ricki Lake to find out when they feel the most on par. We're breaking it down with Don Lemon, Aaron Parnas, Lamani Jones, laughing it up with Josh Johnson, Dan Soder, many more. You know the results are in. Great conversations are always on par. So follow and listen to On Par wherever you get your podcasts.