Podcast Summary: "Here to Hold Your Hands" on Jill on Money with Jill Schlesinger

Episode Details:

• Title: Here to Hold Your Hands
• Host: Jill Schlesinger, CFP®
• Release Date: April 7, 2025
• Platform: Audacy
• Description: In this episode, Jill Schlesinger and her co-host Mark delve into the recent market turmoil, offering insights, personal anecdotes, and actionable financial advice to help listeners navigate these turbulent times.

1. Introduction and Personal Updates

Timestamp: 01:21

The episode kicks off with Jill welcoming listeners and acknowledging the rough patch in the markets. She shares a personal note about her recent illness, adding a relatable and human touch to the discussion.

Jill Schlesinger: "My voice has improved a little bit. The markets are just getting hammered and you need some hand holding." (01:21)

Timestamp: 01:47

Jill humorously recounts her struggle with sickness, touching on missed recordings and the challenges of maintaining professionalism during tough times.

Jill Schlesinger: "I was so sick that I couldn't even freak out because I was like flying on the couch..." (02:13)

2. Market Overview

Timestamp: 02:11

Jill and Mark compare the current market downturn to past financial crises, notably the 2008 financial crisis, highlighting differences and similarities.

Jill Schlesinger: "This is major. These tariffs are the highest tariff levels in more than a century." (02:20)

Timestamp: 03:00

They discuss the uncertainty surrounding the duration and impact of the tariffs, emphasizing the precariousness of the current economic situation.

Jill Schlesinger: "The unknown is really scary. But the financial system is sound." (03:45)

3. Listener Concerns: Focus on Retirement

Timestamp: 04:17

Mark introduces the influx of listener emails, particularly from retirees or those nearing retirement, expressing anxiety over market fluctuations.

Jill Schlesinger: "If you're already retired, it's harder to take losses." (05:10)

4. Financial Advice and Strategies

A. Managing Retirement Investments

Timestamp: 05:00

Jill emphasizes the importance of having sufficient non-retirement funds to weather market downturns, advocating for diversification and caution in investment strategies.

Jill Schlesinger: "Have two years worth of cash on the sidelines." (09:18)

B. Opportunistic Moves: Refinancing Example

Timestamp: 07:00

Mark shares a personal anecdote about refinancing their mortgage amidst the market turbulence, illustrating how volatility can present opportunities.

Mark: "We bought at 6.25 and now have a 5.5 rate." (07:00)

Timestamp: 08:17

They discuss the considerations and cost-benefit analysis of refinancing, highlighting the strategic decisions investors can make during unstable periods.

Mark: "Our break even is so small. We're going to break even in a matter of months." (07:40)

C. Roth Conversions and Tax Strategies

Timestamp: 06:47

Jill introduces Roth conversions as a viable strategy during market dips, explaining how converting at lower levels can benefit long-term financial planning.

Jill Schlesinger: "Roth conversions can be pretty good right about now." (06:47)

5. Federal Reserve and Economic Policy

Timestamp: 10:00

Jill consults with Mark Spindel, a Federal Reserve expert, regarding recent political pressures on the Fed to lower interest rates amidst the market downturn.

Mark Spindel: "They are going to sit back and monitor this for a little while." (10:55)

Timestamp: 11:04

Jill contrasts political statements with the Fed's actual stance, emphasizing that the Fed is unlikely to intervene unless there are significant economic changes like deflation.

Jill Schlesinger: "I wouldn't be counting on the Fed coming to the rescue." (11:04)

6. Emotional and Practical Support for Listeners

Timestamp: 12:35

Jill underscores the emotional toll of market volatility, encouraging listeners to seek support and reminding them that feeling anxious is natural.

Jill Schlesinger: "It's an emotional buffer and it's the actual buffer." (09:18)

Timestamp: 13:38

She shares a listener's experience of moving to cash entirely, reinforcing the message that everyone's financial situation is unique and requires personalized strategies.

Jill Schlesinger: "We're down 17.5% from the recent high." (13:38)

7. Conclusion and Call to Action

Timestamp: 14:24

Jill wraps up the episode by reassuring listeners of their support and encouraging them to reach out for personalized advice.

Jill Schlesinger: "We're here for you, so change your work, change your wealth, change your life." (14:24)

She invites listeners to visit jillonmoney.com for assistance and to engage with the community for further support.

Key Takeaways:

• Stay Informed and Calm: Understanding the broader economic context can help mitigate panic during market downturns.
• Diversify and Protect: Ensure you have non-retirement funds to provide a safety net and consider strategies like Roth conversions.
• Look for Opportunities: Market volatility can present refinancing opportunities or tax-saving strategies.
• Emotional Resilience: Acknowledge the emotional impact of financial stress and seek support when needed.
• Trust in the System: While current tariffs are uncertain, the underlying financial system remains robust compared to past crises.

Notable Quotes:

• Jill Schlesinger: "The unknown is really scary. But the financial system is sound." (03:45)
• Mark: "Our break even is so small. We're going to break even in a matter of months." (07:40)
• Jill Schlesinger: "We get that it's very scary." (05:00)
• Mark Spindel: "They are going to sit back and monitor this for a little while." (10:55)

For More Information: Visit jillonmoney.com and click the "Contact Us" button to reach out with your financial questions or concerns. Let Jill and Mark guide you through these uncertain times with personalized advice and support.