Podcast Summary: The Long View – Jean Chatzky: What Women Need to Do Differently With Their Money

Episode Information

• Title: Jean Chatzky: What Women Need to Do Differently With Their Money
• Podcast: The Long View
• Host/Author: Morningstar
• Release Date: April 8, 2025

Introduction

In this insightful episode of The Long View, Morningstar’s hosts—Christine Benz, Dan Lefkovitz, and Amy C. Arnott—welcome back renowned financial expert Jean Chatzky. Chatzky, the CEO of HerMoney.com and host of the Her Money podcast, shares her extensive experience and expertise on empowering women to navigate their financial lives more effectively.

Main Initiatives and Time Allocation

Christine Benz kicks off the conversation by inquiring about Chatzky's current projects and how she manages her diverse responsibilities.

Jean Chatzky highlights her multifaceted role:

“My main initiative these days is my company Her Money, where we produce the HerMoney podcast and we also have a couple of coaching programs. We have Finance Fix, our budgeting cash management program, and Investing Fix, which teaches investing to over 500 women every other Monday night on Zoom.”
(01:50)

She also mentions her involvement with PBS’s Opportunity Knocks, corporate consulting, and her upcoming book.

Catalyst for Focusing on Women’s Finances

Amy Arnott probes into what inspired Chatzky to center her work around women's financial issues, especially given her background in journalism and equity research.

Jean Chatzky recounts a pivotal year at age 40:

“I got divorced, I lost my dad, I got fired... I realized that I needed to not only do it by myself, for myself, but that there were an awful lot of women who didn't have the knowledge base that I did.”
(03:49)

This personal turmoil led her to recognize the unique financial challenges women face, such as lower earnings, career breaks due to caregiving, and longer lifespans requiring more substantial retirement savings.

Creating a Comfortable Environment for Women

When discussing how to engage women in financial discussions, Chatzky emphasizes creating safe and interactive spaces.

“I developed a deck of cards that has leading questions on it. We go around, pick a card, answer questions, and talk about things like what's your biggest money fear?”
(06:48)

This method encourages openness and relatability, allowing women to share experiences and fears in a supportive setting. Chatzky also integrates personal anecdotes to foster connection:

“I share my life. I was an English major... Who hasn't really messed up Thanksgiving?”
(08:51)

Tips for Financial Advisors

Addressing female financial advisors, Chatzky offers practical advice to better connect with women clients.

1. Listen More, Speak Less

   “Shut up. Ask more questions than you answer. Be empathetic... It starts with being curious enough to gather the information.”
   (09:17)

2. Simplify Financial Language

   “Leave a lot of time for questions. Take breaks and ask, is that clear?”
   (09:17)

3. Engage Both Partners in Financial Discussions

   “Make sure that you are paying as much attention to both members of that couple as you possibly can.”
   (09:17)

Chatzky underscores the importance of understanding clients' lives beyond numbers to build trust and effective financial plans.

Women’s Main Financial Fears

Chatzky identifies that the predominant financial fear among women is the fear of running out of money before they die.

“The biggest fear that we hear from women over and over again is the fear of running out of money before we run out of time.”
(13:08)

She contrasts this with men, noting that women are more concerned about long-term care and outliving their resources, often due to societal roles and life expectancy differences.

Long Term Care Considerations

The discussion delves into strategies for addressing long-term care, particularly the challenges women face in affording care.

Jean Chatzky advises:

“If you've got more than a couple million, you can invest your own money. If you have significantly less, you're probably not going to afford a long term care policy.”
(15:04)

She recommends hybrid insurance policies that combine long-term care with life insurance or annuities, providing flexibility and additional value:

“I bought a long term care life insurance policy where if I do need to use the benefits, then I'll be able to use the benefits. If not, they will be available as life insurance to my kids.”
(15:04)

Balancing Work and Caregiving

Chatzky addresses the financial and emotional toll of caregiving on women, emphasizing the importance of maintaining workforce participation to safeguard retirement and financial independence.

“The year after my mom died, I cooked the Thanksgiving turkey upside down... Who hasn't really messed up Thanksgiving?”
(18:56)

She cites a MetLife study indicating significant income loss for caregivers, urging women to explore alternatives that allow them to stay employed:

“There are choices... find some way to pay for care out of your salary, out of your resources, rather than take yourself completely off track.”
(18:56)

Amy Arnott adds the benefits of continued employment beyond financial reasons, highlighting social interaction and personal fulfillment:

“Working longer can often be beneficial, not just financially, but in terms of having more social interaction...”
(22:03)

The FIRE Movement and Retirement

Chatzky discusses the Financial Independence, Retire Early (FIRE) movement, noting its growing appeal among women seeking financial autonomy and lifestyle flexibility.

“FIRE gives you that right. You have to make a lot of compromises... running your financial life with the flexibility to make those choices.”
(30:33)

She observes a shift from strict retirement to phased retirement, where individuals dip in and out of work to pursue passions and maintain active, fulfilling lives.

Entrepreneurship and Building a Brand

Chatzky offers advice to aspiring female entrepreneurs, emphasizing the importance of maintaining a steady income while exploring business ventures:

“You don't have to quit your day job in order to pursue entrepreneurship... Test the waters and give yourself a chance to see whether what you want to start actually has legs.”
(39:21)

On building a personal brand, she underscores self-awareness:

“Understand what your brand is... Explain complicated things in plain English with a touch of empathy.”
(41:44)

Chatzky encourages women to identify their unique strengths and leverage social media for brand growth.

Legacy and Advice

Reflecting on her legacy, Chatzky aspires to equip women with the financial knowledge to live stress-free, financially comfortable lives:

“I want them to live a healthy, happy, financially comfortable life where they're not as stressed out...”
(47:23)

She emphasizes the importance of financial education from an early age and hopes her work makes financial management more accessible.

Conclusion

Throughout the episode, Jean Chatzky imparts valuable insights on how women can take control of their financial futures. From understanding fears and optimizing retirement strategies to fostering financial literacy and entrepreneurship, Chatzky provides a comprehensive guide tailored to women's unique financial landscapes.

Notable Quotes:

• Jean Chatzky: “Shut up. Ask more questions than you answer.” (09:17)
• Jean Chatzky: “FIRE gives you that right. You have to make a lot of compromises.” (30:33)
• Jean Chatzky: “I want them to live a healthy, happy, financially comfortable life where they're not as stressed out.” (47:23)

Closing Remarks

The Long View episode featuring Jean Chatzky serves as an empowering resource for women seeking to enhance their financial well-being. Chatzky’s blend of personal anecdotes, practical advice, and strategic insights offers listeners actionable steps to achieve financial security and independence.

Note: This summary excludes advertisements, introductions, outros, and non-content sections to focus solely on the substantive discussions and insights shared during the episode.