562: Rachel Schneider, Co-Author of The Financial Diaries
So Money with Farnoosh Torabi
Farnoosh Torabi
4.7 • 2K Ratings
🗓️ 19 April 2017
⏱️ 36 minutes
🧾️ Download transcript
Summary
What happens when you have no savings and you suddenly incur a huge expense like a medical bill or car repair. What happens if you have a job in retail and your weekly paycheck fluctuates while your monthly bills remain steady. The topic today is financial fragility and to explore I’ve invited Rachel Schneider, the co-author of the new book, The Financial Diaries: How American Families Cope in a World of Uncertainty. In her book she and her co-author take a deep dive into how 235 low and middle-income families in the U.S. spend, earn and save over the course of a year. How do they deal with inconsistent paychecks, emergency costs and other financial ups and downs?
Some more about Rachel: She's the Senior Vice President at Center for Financial Services Innovation or CFSI. She's an expert on financial health and how an innovative financial services marketplace can improve the live for Americans. She is also the co-Principal Investigator on the U.S. Financial Diaries research study that is the basis of her new book. Rachel’s began her career as an investment banker at Merrill Lynch.
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Transcript
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| 0:00.0 | So Money episode 562 Rachel Schneider, co-author of the Financial Diaries. |
| 0:05.6 | You're listening to So Money, with award-winning Money Guru Farnu Farnu Shkorabi. |
| 0:11.6 | Each day, get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnoos yourselves. |
| 0:20.0 | Looking for ways to save on gas or double your double coupons? |
| 0:25.0 | Sorry, you're in the wrong place. |
| 0:27.0 | Seeking profound ways to live a richer, happier life. |
| 0:30.0 | Welcome to So Money. |
| 0:34.0 | You're listening to So Money. Welcome to the show. |
| 0:37.0 | I'm your host, Farnish Terabi. |
| 0:39.0 | Thanks for joining me. |
| 0:40.0 | What happens when you have no savings and you suddenly incur a huge expense like a medical bill or a car repair? |
| 0:47.5 | Nearly half of Americans would have trouble paying for a $400 surprise expense because we just don't have the rainy day savings. |
| 0:56.5 | And what happens if you work in retail and your weekly paycheck fluctuates because your |
| 1:00.8 | boss changes your hours every week. |
| 1:02.8 | And meantime, your monthly bills are steady. |
| 1:05.4 | The topic today is financial fragility, |
| 1:08.0 | and we're going to explore this with Rachel Schneider. |
| 1:11.0 | She's the co-author of the new book The Financial Diaries, how American Families |
| 1:16.0 | Cope in a World of Uncertainty. |
| 1:18.6 | She and her co-author take a deep dive into how over 200 low and middle income families in the country spend, earn, and |
| 1:26.4 | save over the course of a year. |
| 1:29.0 | How do they deal with inconsistent paychecks? |
... |
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