Since you’re most probably stuck at home and “social distancing” yourself, now’s a great time for a lighthearted discussion about spring cleaning your financial picture. Everything else in life right now seems pretty heavy, so today we’ll keep it light with three people who know a thing or two about great money moves. Joining us today from Paychecks and Balances, we’ll welcome Marcus Garrett, from the Afford Anything podcast, we’ll say hello to Paula Pant, and finally, from Len Penzo dot com, its our favorite house keeper Alice from The Brady Bunch! …while that would be fun, today it’s just gonna be Len Penzo.
While you’re cleaning up your money, raising your savings rate is a great place to start (or at least trying to stop your savings from deteriorating…). SO today Joe will be chat about behavioral finance with expert Dr. Ted Klontz and Emily Shallal from Ally Bank. Dr. Ted Klontz lets us know that our ancestors did not hoard their money or even their toilet paper…#shocking. Surprisingly, he says our brains are wired differently, and Emily Shallal from Ally tells us how they’ve used similar studies to create new product features that’ll trick our brains into saving.
And finally, during our Magnify Money segment, we’ll talk to a Stacker named Joe about whether he should contribute to his retirement or save for a house.
As always, of course we’ll quiz our contributors with Joe’s Mom’s neighbor Doug’s amazing trivia. We’re talking omelettes on today’s show (of course!).
Mom hopes you’re all safe and washing your hands! Enjoy the show.
<6:04> Today’s Topic:
Check Out Paula’s site and amazing podcast: AffordAnything.com
Follow Paula on Twitter: @AffordAnything
Say hello to Len on Twitter: @LenPenzo
Check out Len’s website: LenPenzo.com
<26:15> Dr. Ted Klontz & Emily Shallal from Ally
Dr. Ted Klontz is a financial and behavioral psychology expert. Dr. Ted Klontz is the president of Klontz Consulting Group.
Emily Shallal the Senior Director on the Strategy and Innovations for Ally
Watch how Buckets works here on YouTube
<46:02> Doug’s Trivia
- How many eggs were in the worlds largest omelette?
<57:27> Magnify Money Question
Compare checking, savings, credit cards, and loans before switching. MagnifyMoney makes it super easy to compare, switch, and save. Use StackingBenjamins.com/MagnifyMoney to see how much you could be saving.
- We will be asking our panel if our Stacker friend Joe should put money in the ROTH or save the money for a house?
Join Us Monday!
Jean Chatzky will be coming down to the basement to chat with Joe on how things have changed and YOU need to take charge of your money.