Take WSJ's Six-Week Money Challenge

Summary

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WSJ Your Money Briefing – "Take WSJ's Six-Week Money Challenge"

Date: September 8, 2020
Host: J.R. Whalen
Guest: Baret Lam, WSJ Personal Finance Editor

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Episode Overview

This episode introduces the Wall Street Journal’s new "Six-Week Money Challenge," a free, guided program designed to help listeners boost their financial awareness and improve personal finance habits. Against the economic backdrop of the Covid-19 pandemic, host J.R. Whalen and editor Baret Lam discuss how financial priorities have shifted and why now is an ideal time for practical, reflective money management.

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Key Discussion Points & Insights

1. Why Launch a Money Challenge Now? (01:45)

• Pandemic-Driven Reflection:
  Baret Lam explains the increased interest in self-improvement projects during the pandemic, such as cooking or home improvement, and frames the Money Challenge as a relevant, actionable way for listeners to focus on their financial health.

  “We just really thought a money challenge is a good time for people to reflect and do a project that really gives them some awareness of their personal finances.”
  — Baret Lam (01:45)

2. How Money Habits Have Changed (02:27)

• Shifting Budgets and Priorities:
  The conversation highlights how household budgets in 2020 look different, with unexpected costs (like childcare), reduced expenses (like commuting), and fundamentally altered priorities.

  “There are a lot of parents out there who are facing childcare costs for the first time in years... maybe we're spending more on masks, but we're spending less on commuting.”
  — Baret Lam (02:31)

• Out-of-Touch Old Advice:
  The hosts point out that classic advice, such as skipping daily coffee, feels irrelevant now.

  “Things like the tired coffee, like do you buy coffee or not? Debate that just seems so out of touch right now.”
  — Baret Lam (02:46)

3. The Challenge Is for Everyone (03:17)

• Accessible to All Income Levels:
  The program is not about investing or building wealth, but rather about examining and improving financial habits, making it accessible regardless of income.

  “It's really a reflection of your financial habits. And no matter where you're at, what financial level you’re at, you can really reflect on what you’re doing, what you’re spending, what your habits are.”
  — Baret Lam (03:20)

• Exorcising Bad Habits:
  The first challenge is described as “an exorcism of financial habits that are no longer relevant to your goals.”

  “The first Money Challenge ... is an exorcism of financial habits that are no longer relevant to your goals.”
  — Baret Lam (03:33)

  • Memorable moment:

    "Beret, I believe that was a first. The first time we've heard the word exorcism here on your money briefing."
    — J.R. Whalen (04:05)
    "Excellent. I am honored."
    — Baret Lam (04:10)

4. How to Sign Up & How It Works (04:12)

• Sign-Up Details:
  Listeners can join at WSJ.com/moneychallenge. Upon signing up, participants receive a welcome email followed by weekly challenges for six weeks.

  “To sign up for the challenge, go to WSJ.com/moneychallenge one word and you'll be able to sign up for it... the course starts with a welcome email. And then the next day you'll get the first challenge.”
  — Baret Lam (04:15)

• Flexible Timeline:
  The challenge start date is up to the participant, aligning with their schedule or life events.

  “The challenge starts when you want it to. So when you sign up, your six weeks start, you don't have to start it until whenever you want.”
  — Baret Lam (04:52)

• Expert Contributors:
  Content comes from various WSJ personal finance reporters, including Julia Carpenter, Ann Tergeson (retirement), and Laura Saunders (taxes).

5. Ongoing Coverage & Listener Participation (05:22)

• Listener Stories Invited:
  Listeners are encouraged to share their own experiences and challenges, with the possibility of being featured on the podcast.

  “What are your biggest money challenges? What are you hoping to learn about your finances? And are you already making changes to your money habits?”
  — J.R. Whalen (05:36)

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Notable Quotes & Memorable Moments

• Money Habits Out of Step with 2020:

  “People aren't really thinking about issues like that. Other issues like do I need more space in my house or do I need to bring down my rent because my income has changed. Those are all things that so many families are thinking about right now.”
  — Baret Lam (03:03)

• “Exorcism” of Old Habits:

  “The first Money Challenge I'll preview a little bit. When you sign up for this is an exorcism of financial habits that are no longer relevant to your goals.”
  — Baret Lam (03:33)

• Welcoming All Listeners:

  “I think this is for anyone at any financial status. This isn't an investing challenge... it's really a reflection of your financial habits.”
  — Baret Lam (03:20)

• Humorous Exchange:

  “I believe that was a first. The first time we’ve heard the word exorcism here on your money briefing.”
  — J.R. Whalen (04:05)
  “Excellent. I am honored.”
  — Baret Lam (04:10)

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Timestamps for Key Segments

• [01:45] – Why launch a money challenge during the pandemic
• [02:27] – How budgeting and priorities have changed in 2020
• [03:17] – The challenge is for everyone (not just the wealthy)
• [03:33] – First challenge: “Exorcising” irrelevant financial habits
• [04:12] – How to sign up and what to expect
• [04:52] – Flexible start dates and ongoing accessibility
• [05:22] – How listeners can share their stories and participate

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Takeaways

• The WSJ Six-Week Money Challenge offers timely, practical guidance for evaluating and improving money habits in an uncertain and changing economic landscape.
• Listeners are encouraged to sign up regardless of financial status and to reflect on habits that may no longer serve them.
• The challenge is flexible and features contributions from several WSJ personal finance reporters for a multi-perspective learning experience.

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For more information or to participate, visit WSJ.com/moneychallenge.

Transcript

[Small Business Owner]

Access to affordable credit helps me pay my employees, but I don't really need it.

[Retail Industry Advocate]

Inflation is killing me, but who cares? Big retailers are making record profits. That's why we support the Durbin Marshall credit card bill.

[Small Business Owner]

See banks and credit unions help small businesses make payroll. This bill would cut the vital resources

[Retail Industry Advocate]

they need while increasing megastore profits. They deserve it, don't they?

[Consumer Advocate]

Tell Congress stop the Durbin Marshall money grab for corporate megastores paid for by the Electronic Payments Coalition.

[J.R. Whalen]

Here's your money briefing for Tuesday, September 8th. I'm J.R. whalen for the Wall Street Journal. The pandemic has made a lot of us take a closer look at our bank accounts and household budgets and say, how can I save and spend my money more wisely?

[Baret Lam]

So a lot of things have changed, things like the tired coffee, like do you buy coffee or not? Debate that just seems so out of touch right now.

[J.R. Whalen]

So the timing is perfect for a new six week money challenge from the Wall Street Journal's personal finance team. Coming up, our personal finance editor, Bare Lam will tell you all about it. That's after the break. If you've been working from home this year, it's a good chance you've taken on some projects like fixing things around the house. Well, here's a project that can fix up your bank account in six weeks flat. The Wall Street Journal has launched a six week Money Challenge. It's a free once a week online course to help improve your knowledge of your finances. And our personal finance editor, Bare Lam is here with details. So first of all, Bare, why launch this challenge? You know, what kind of need did you see out there?

[Baret Lam]

So the pandemic has been going on since March and since that time we've been seeing just a lot of interest in projects. You know, people have a lot of time at home. A lot of us are working from some of us are maybe not working at all and looking for ways to improve our awareness, looking for ways to think about our money, maybe in a different way. In terms of projects you've seen on social media, there's a lot of people doing sourdough starters or recipes or different kind of challenges. So we just really thought a money challenge is a good time for people to reflect and do a project that really gives them some awareness of their personal finances.

[J.R. Whalen]

The way people manage their household budgets is a lot different these days versus just a year ago.

[Baret Lam]

There are a lot of parents out there who are facing childcare costs for the first time in years. Their kids are going to school part time and learning Remotely and that requires them to pay for childcare that they weren't anticipating. So there's just a lot of budgeting things that are different about this time we're in, maybe we're spending more on masks, but we're spending less on commuting. So a lot of things have changed. Things like the tired coffee, like do you buy coffee or not? Debate that just seems so out of touch right now. People aren't really thinking about issues like that. Other issues like do I need more space in my house or do I need to bring down my rent because my income has changed. Those are all things that so many families are thinking about right now.

[J.R. Whalen]

Now, you don't have to be wealthy to do well in this challenge. Right.

[Baret Lam]

I think this is for anyone at any financial status. This isn't an investing challenge. This isn't about investing your money for this. It's really a reflection of your financial habits. And no matter where you're at, what financial level you're at, you can really reflect on what you're doing, what you're spending, what your habits are. The first, the first Money Challenge I'll preview a little bit. When you sign up for this is an exorcism of financial habits that are no longer relevant to your goals. So and we take you through step by step how to do that. So I really think it's for anyone, I think anyone at any income level can gain something from this.

[J.R. Whalen]

Well, Beret, I believe that was a first. The first time we've heard the word exorcism here on your money briefing.

[Baret Lam]

Excellent. I am honored.

[J.R. Whalen]

So how can somebody sign up to take the six week challenge?

[Baret Lam]

To sign up for the challenge, go to WSJ.com moneychallenge one word and you'll be able to sign up for it. And once you sign up, the course starts with a welcome email. And then the next day you'll get the first challenge and then you'll get six weeks of challenges, either written by me or Julia Carpenter on my team. There's also a lot of personal finance reporters mixed up in there. Ann Tergeson on retirement, Laura Saunders on taxes. You get a little bit of everybody in this.

[J.R. Whalen]

And let's say people don't get around to signing up for a week or so or even more, can they still take the challenge for a full six weeks?

[Baret Lam]

This is the great thing about our Money Challenge jr, is that the challenge starts when you want it to. So when you sign up your, your six week start, you don't have to start it until whenever you want. Like if you want to start next week, you can sign up next week or if this is something you want to do going into the new year. Usually a lot of people think about their finances at the beginning of each year. You can sign up the first week of January and you can get the six weeks of challenges and they will be relevant. They are challenges you can do anytime.

[J.R. Whalen]

All right, that's Wall Street Journal of Personal Finance editor Baret Lam. We'll be checking in with Bure's team here on youn Money Briefing over the next few months to find out how our listeners are doing and the challeng and what their biggest personal finance concerns are. Bure, thanks for coming on the show. Thanks, J.R. now, before we go, have you embarked on the Wall Street Journal's six week Money challenge or do you plan to start? If so, we want to hear from you. What are your biggest money challenges? What are you hoping to learn about your finances? And are you already making changes to your money habits? Call us at 315-992-8298 and leave a voicemail. We may include your voice in our podcasts. And that's your Money briefing. I'm J.R. whalen for the Wall Street Journal.

[Small Business Owner]

Access to affordable credit helps me pay my employees that I don't really need it.

[Retail Industry Advocate]

Inflation is killing me, but who cares? Big retailers are making record profits. That's why we support the Durbin Marshall credit card bill.

[Small Business Owner]

See banks and credit unions help small businesses make payroll. This bill would cut the vital resources

[Retail Industry Advocate]

they need while increasing megastore profits. They deserve it, don't they?

[Consumer Advocate]

Tell Congress stop the Durbin Marshall money grab for corporate megastores paid for by the Electronic Payments Coalition.