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Jill on Money with Jill Schlesinger

Invested with Charles Schwab

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.61.9K Ratings

🗓️ 31 October 2019

⏱️ 27 minutes

🧾️ Download transcript

Summary

This week we have a financial icon in-studio as Charles Schwab pays us a visit. Yes, that Charles Schwab, the founder of The Charles Schwab Corporation.

In his just released personal memoir, Invested: Changing Forever the Way Americans Invest, Schwab describes his passion to have Main Street participate in the growing economy as investors and owners, not only earners. Schwab opens up about the challenges he faced while starting his fledgling company in the 1970s. 

A year into his grand experiment in discounted stock trading, he carried a six-figure debt and a pocketful of personal loans. As it turned out, customers flocked to Schwab, leaving his small team scrambling with scarce resources and no road map to manage the company’s growth.

He recounts the company’s game-changing sale to Bank of America, and how, in the end, the merger almost doomed his organization. We learn about the clever and timely leveraged buyout he crafted to regain independence.

A remarkable story of a company succeeding by challenging norms and conventions through decades of change, Invested also offers unique insights and lifelong principles for readers, the values that Schwab has lived and worked by that have made him one of the most successful entrepreneurs of our time. Today, his company is one of the leading financial services firms in the world. 

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, it's Jill Schlesinger. On this episode of Jill on Money, we've got words of

0:08.0

investing wisdom. You don't go in investing with the thought that it's going to be

0:12.2

always an update.'s going to be always an up day.

0:14.2

There has to be many down days too along the way.

0:16.5

That's what markets do.

0:18.3

You just have to have that pure and simple understanding markets are going to fluctuate.

0:24.0

Welcome to the Jill On Money Podcast.

0:26.0

We are presented by Marcus by Goldman Sachs.

0:29.0

When you have an opportunity to bring an iconic human being into a studio, you just say yes. It doesn't matter whether

0:37.4

you have a jet-lagged, crazy sleep-deprived presence, you still say yes yes and that's what I did. I said yes to

0:46.8

Chuck Schwab. Yes, that one. Charles Schwab investments, you know, he came into the studio, told us about his career, and in

0:56.3

between the story about his life, we learned a lot about the financial services industry. Here's our interview with Chuck Schwab.

1:05.0

You're listening to Jill on Money with Jill Schlesinger.

1:09.0

We are delighted to have a special guest in studio, Chuck Schwab is the founder former CEO you have some

1:15.5

sort of emeritus title now at Charles Schwab no I'm a chairman I'm executive

1:20.3

chairman that is a good role to have it your own company.

1:23.8

They tell me I have a fantastic CEO who does all the heavy lifting and I just come

1:29.2

and show up for the board meetings. Oh that's great. You've written a new book, it's called Invested.

1:34.4

It's the story of your business life.

1:36.6

So let me start with a question that we start with every guest.

1:40.3

That is, what is the best financial or career decision you've ever made?

1:45.0

Well I think of course starting the company having early passion about thinking that investors

...

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