3 common money challenges Soledad O’Brien wants to help you solve

Soledad O’Brien, broadcast journalist and host of a new podcast about personal finance and relationships.

Celebrity journalist Soledad O’Brien has recently started a podcast about personal finance.
She wants to talk about how our personal lives affect the financial planning decisions we make.
Covered topics will include estate planning, paying for college, setting financial goals, and more.
Read more from Personal Finance Insider.

Soledad O’Brien wants to help with your personal economy.

Your “personal economy,” says the award-winning broadcast journalist, is what’s happening in your daily life, from family issues to work, and how those things drive you to think about their savings and investments.

To do that, O’Brien has teamed up with long-time colleague and personal finance expert Jean Chatzky to create Everyday Wealth, a weekly podcast that provides tangible and digestible personal finance content for its listeners.

Each week on the podcast, O’Brien, Chatzky and an Edelman Financial Engines wealth planner will explore issues and strategies that impact how people build, grow, protect, and preserve their wealth.

They plan to use current events and the markets as the backdrop for conversations about relationships, children, education, work, retirement, health, social security, caregiving, longevity, wealth transfer, taxes, and inflation.

“If we were just going to talk about markets and finance, that’s less interesting to me than what the life you want to lead is — and how to leverage your money to get you there,” O’Brien said.

They plan to cover topics like:

1. Estate planning with your parents

O’Brien wants others to avoid the mistakes she and her siblings made with their now-deceased parents. As their parents aged, O’Brien and her five siblings would ask their parents how they felt about their finances. 

“The response was always thumbs up, we have it — but they didn’t have it,” O’Brien said.

O’Brien admitted she and her siblings should have had more conversations with their parents’ about their finances when they were in their 70s. Instead, she and her siblings had to wrestle that kind of information from their parents when they were in their late 80s for end-of-life planning.

“Get in and have that conversation now,” O’Brien said. “While these topics can feel uncomfortable, wealth advisors have been through these conversations many times and can help facilitate a discussion.” 

2. Choosing which goals to prioritize

A common dilemma that O’Brien often hears from younger colleagues is that they don’t know whether to pay off their student loans or save for a house because of often-conflicting information on which financial goal to tackle first.

O’Brien says she thinks there are many people in their 30s and 40s who have a little money to invest but simply don’t know how, and often believe that financial planning is not something for people like them.

“That is a big misconception,” she said. “Especially when there are so many mixed messages around what to do with an end-of-year bonus or $30,000 in savings.”

3. Saving for college 

“I paid $16,000 a year to go to Harvard,” O’Brien said. “It now costs more than $70,000 a year to attend Harvard. Families need to talk about and plan for the cost of college, and how to actually save for it.”

If you have goals and a strategy, saving money is achievable, she added. However, taking the time to contact a financial professional can help, as they serve as a knowledgeable, objective-minded party in your life.

However, she added that prospective clients should “make sure whoever is helping you with financial planning understands that you have a life — and it’s not just [about] dollars and cents. Money is just a tool for what you want to accomplish in your life.”

“I hope that our show can be helpful to people who have a million dollars and are trying to figure out how to leave that to their kids or their grandkids,” O’Brien told Insider, “and to people who have $30,000 who are trying to figure out how to become an investor.”

Read the original article on Business Insider

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