HerMoney Classic: Stop! When Doing Less Is The Right Money Move

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 9 August 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

When we start losing our hard-earned money in the market, we want to put a stop to it. We want to take action. But statistically, we know that investors who stay the course do better over time than those who try to time the markets. Jinny Uppal, author of “IN/ACTION: Rethinking the Path to Results," dishes on why we should stop listening to the voice in our head that tempts us to a default action path. "The belief that ‘I am the one who can control the outcome with my action,’ makes us take more action than is necessary," she says. In Mailbag, we advise a divorced listener on setting up a trust for her son. Takeaways: Why strategic inaction might be your best move during times of instability in the market. Personal signals that indicate when to take action or pause. Why we associate action with results and how that could lead us astray. It’s important to take informed actions based on thoughtful consideration. Chapters: 0:00 Intro 3:30 The Importance of Thoughtful Pauses 5:57 When To Take Action and When To Pause 7:40 Recognizing Signals of Stress 10:19 Investment Recommendations 22:55 Right Action vs. Inaction 33:56 Mailbag: Setting Up a Trust and Estate Planning Have a question for us? Write to us at [email protected]. While you’re at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here. The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an airwave media podcast.
0:06.0	Her money is proudly sponsored by Edelman Financial Engents.
0:10.0	Every day we plan and save for our futures, but are you taking into account tax strategies
0:15.3	when dealing with your investments?
0:17.5	I know, it's not something we think about often enough.
0:20.6	But you can find ways to save and invest more and better plan for your future.
0:26.0	Visit plan EFE.com slash Her Money to schedule your complimentary wealth checkup today.
0:32.0	Hey everybody, it's Jean Chatsky. complementary wealth checkup today.
0:35.0	Hey everybody, it's Jean Chatsky. Thanks so much for joining me today on her money.
0:39.0	What a week?
0:41.0	What a week?
0:42.0	What a week? We started off with a Monday for, if not the record books, then at least
0:51.0	a Monday that was enough to set a lot of nerves on edge. Since Monday
0:56.6	we have been digging our way out of that market downturn that was spurred on by a whole bunch of
1:05.0	unknowable factors, what's going on with interest rates,
1:09.6	what's going on with jobs,
1:11.6	what is likely gonna happen when the next inflation number comes out.
1:17.6	The volatility in the market was off the charts and since then we've just been on a steady climb right back up.
1:29.1	In fact, yesterday it looked like the markets were trying to recapture as many of those gains as possible.
1:40.0	And so the question that I'm sure many of you are asking yourself is, what am I supposed to do?
1:48.1	We sat down with Karen Finerman on Tuesday and dropped a special episode about what all of this volatility in the market
1:56.6	means.
	...

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