Jan 6 Download Hour One Here

New year, new show…well kind of.  If you’re a regular listener you will definitely notice the new show open and the new voice you hear as we come back from breaks.  Sometimes it’s good to change things up.  There will be more of that in the coming days as we roll out the new Jill on Money website.  It’ll be much, much cleaner and more user-friendly.

Our first call of 2018 comes from Josh, a long-haul truck driver who’s wondering if there’s such a thing as contributing too much money to a 401k? Wait until you hear this guys story.  Next up was Carter from Prescott, Arizona who was looking for some guidance on how to invest without having a ton of liquidity. We finished up hour one by blowing through some emails.

CLICK HERE FOR LATEST SHOW ON YOUTUBE

Jan 6 Download Hour Two Here

Mom always said, ”money can’t buy happiness,” but it sure can make life easier. So it was with some skepticism that I invited this week’s guest Rachel Sherman, associate professor of sociology at the New School in New York City, on the show.

Sherman’s recent book, Uneasy Street: The Anxieties of Affluence, explores what’s going on inside the heads of the one percent.

I know, I know…who wants to hear unhappy, wealthy people whine about all their problems? Cue the sarcastic “Oh those poor things…”

But Sherman wants to know why so many wealthy people have a hard time accepting the fact that they’re financially secure. To find out what it’s really like for people living on “easy street,” Rachel conducted interviews with fifty affluent New Yorkers, including hedge fund financiers and corporate lawyers, professors and artists, and stay-at-home mothers, to examine their lifestyle choices and their understanding of privilege.

The findings were enlightening, and include the subjects wishing to be “normal,” describing their consumption as reasonable or comparing themselves to those who have more than they do, rather than those with less. They also want to see themselves as hard workers who give back and raise children with good values, and they avoid talking about money.

In the process, Rachel sheds light on how extreme inequality comes to seem ordinary and acceptable to the rest of us.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here’s how to contact us:

• Call 855-411-JILL and we’ll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio

The post #357 – Rich People are Anxious…and What That Says About Society appeared first on Jill On Money.

The year’s progress propelled the second longest bull market on record, which began in March 2009, towards a ninth anniversary.

But that’s history. Now it’s time to look ahead and to remind you that the stock market is not the economy and the economy is not the stock market. Despite the sterling performance of equities, only 54 percent of Americans report having money invested in the stock market at all (including individual stocks and stock market funds held inside or outside of retirement accounts), a share that is down from 62 percent just before the financial crisis, according to Gallup .

That makes sense because most people become investors through 401k, 403b or 457 retirement plans and the Government reports that just over half of private sector workers participate in any employer-sponsored retirement plan. Those who do contribute tend to be the higher wage earners. Among workers in the bottom half of the income scale, less than 25 percent participate in a retirement program, at all.

Considering that nearly half of us don’t give a hoot about the stock market, here are four money questions that everyone should be considering for 2018.

1) How will the economy perform? There is no better place to start measuring growth than the broad statistic called Gross Domestic Product. For frame of reference, prior to the financial crisis and since the end of World War II, GDP averaged just over 3 percent annually. Amid the turmoil of the financial crisis, the economy contracted – in 2009 by 2.8 percent! In the post-crisis years, growth bounced around between 1.5 to 3 percent and due to a slow start to 2017, it looks 2017 will show growth of about 2.3 percent overall. Most economists believe that the GOP corporate tax cut will likely add a bump in 2018 – estimates now range from 2.5 to 2.8 percent for the year ahead.

2) Will employment continue to improve? Through November, the economy has added just over 1,900,000 jobs this year, or 174,000 per month. While that monthly average is down from previous years, it was considered stronger than expected this far into the recovery. The unemployment rate stands at a seventeen year low of 4.1 percent, down 0.5 percentage point from a year ago and officials at the Federal Reserve are forecasting that it could edge below 4 percent in 2018.

With jobs continuing to grow and the unemployment at low levels, economists say that workers should see bigger increases in wages. Over the past couple of years, wages have increased by 2.5 to 3 percent annually – ideally, increases should average more than three percent in the year to come.

3) What’s going to happen in the housing market? The real estate market was plagued by one big problem in 2017: there were very few homes for sale, which has pushed up prices—probably by 6 percent for the year in 2017. On top of the inventory issue, there is a new worry on the horizon: The GOP tax plan will limit the deductibility of State and Local Taxes and property taxes to $10,000. Some analysts believe that the change could negatively impact high cost areas with high taxes in states like New York, New Jersey and California.

4) Will interest rates continue to drift higher? The Fed raised short-term interest rates three times in 2017 and based on their predictions at the December meeting, they expect a repeat performance in 2018. But longer-term rates, as measured by the yield of the 10-year treasury note, ended 2017 at 2.409 percent, down a touch from 2.446 percent a year ago. If growth accelerates, both the Fed and investors may push up interest rates more than currently anticipated, which would be good news savers, bad news for borrowers and potentially bad news for investors.

THE WEEK AHEAD:

Mon 1/1: MARKETS CLOSED NEW YEAR’S DAY

Tues 1/2:

9:45 PMI Manufacturing Index

Weds 1/3:

Motor Vehicle Sales

10:00 ISM manufacturing index

10:00 Construction Spening

2:00 Minutes of the December Fed meeting

Thurs 1/4:

8:15 ADP Private Sector Employment

9:45 PMI Services Index

Friday 1/5:

8:30 December Employment Report

8:30 International Trade

10:00 ISM Non-Mfg Index

10:00 Factory Orders

The post 4 Money Questions for 2018 appeared first on Jill On Money.

Let me be the first to admit that I am not a fan of budgets. In the same way that I think most crash diets lead to failure, the majority of budgets or New Year’s Resolutions fall by the wayside within months of making them, as life interrupts our best-laid intentions. Part of the reason is that we sometimes make the whole process more onerous than necessary.

Budgeting should not be an end, but the means by which we can accomplish our financial goals. Of course that fact means that you need to start by establishing those goals. If you can’t come up with your own, try these (in order):

1. Pay down consumer (credit card balances or auto loans) and student debt
2. Establish an emergency reserve fund of six to twelve months of living expenses
3. Maximize retirement savings (the 2018 limit for 401ks, 403bs and 457 plans is $18,500 or $24,500 if you’re over 50; the limit for Traditional or Roth IRAs is $5,500; $6,500 for those over age 50.)
4. Fund a 529-education fund
5. Establish a general investment account to fund anything from a second home to an accelerated path to retirement

You will notice that goal number two specifically requires an important piece of information: knowing how much you spend each month. This is where the dreaded budget enters the conversation. That said, most financial goals require that you start with how much you spend today and what portion of that spending can be redirected towards saving and investing to fund the goals.

Instead of making yourself crazy populating a bunch of categories, it’s far easier to start with what you are currently spending. With the advent of easy to use technology, this once-horrible and time-consuming activity is a snap. Apps like Mint, You Need a Budget, Level Money or even your bank’s own technology can help you with the process. Keep track for ninety days—that’s it, just three months to pour the financial foundation necessary to construct our dream house.

Once you know how much you spend on a monthly basis for ongoing needs, you will have to add some of the one-time expenses that arise throughout the year, including vacations; money for kids’ extra-curricular activities or camps; or the annual “homeowner’s surprise,” like the unanticipated appliance melt-down.

Congratulations—you have completed most of the hard work! The next step is to review where the money is going and determine how much you can redirect towards your goals. Again, technology will be your friend. Use it to create automatic drafts to avoid late payments and accelerate the pay down of loans; to establish similar drafts with your bank or brokerage firm to beef up your emergency reserve fund; and to slowly increase your contribution levels to your retirement plan with auto-escalation features available at many financial institutions.

Psychologists note that change requires new thinking. Instead of hyper-focusing on the budget itself, remind yourself why you are doing what you are doing—these goals are YOUR goals, what you are trying to accomplish. Don’t forget to celebrate the small wins and if you fall off the wagon, re-focus your efforts, be mindful and get back on track.

The post 2018 Financial Resolution: NO BUDGET appeared first on Jill On Money.

Dec 30 Download Hour One Here

With just days remaining in 2017, the Jill on Money holiday extravaganza continues this weekend as we rerun some of our favorite interviews from this past year.

I love math and statistics…but I am nothing compared to the brilliant Cathy O’Neil. I have been a fan girl of Cathy’s since discovering her blog, mathbabe.org and then hearing her on the Slate Money podcast. Cathy, whose New York Times bestselling book Weapons of Math Destruction is out in paperback, is the ultimate math geek, but more importantly, she is one of the most thoughtful intellectuals that I have encountered.

Cathy’s resume is impressive: a Ph.D. in math from Harvard, a postdoc at the MIT math department, a professor at Barnard College, where she published a number of research papers in arithmetic algebraic geometry and then a short-lived stint on Wall Street, before she launched her consulting firm, ORCAA.

When I heard Cathy explain complicated topics and then read the hardcover edition of the book last year, I knew we had to have her on the show. It’s such a fascinating read about how big data increases inequality and threatens democracy. From how teachers are graded to how policing strategies are developed to credit scores and health insurance…it’s going to blow your mind when you hear how algorithms (mathematical models), dictate so much of our day-to-day lives.

But what happens when these models are out of whack…opaque, unregulated and incontestable? Unfortunately, the already unlucky and struggling among us, get the short end of the stick. What can individuals do about these unproven mathematical equations? As you’ll hear Cathy explain, it starts by asking some basic questions.

CLICK HERE FOR LATEST SHOW ON YOUTUBE

Dec 30 Download Hour Two Here

How many of you rode an elevator in 2017? Or Googled something? Or use index funds in your financial lives?

I’m going to guess all of you did at least one of those things. I’m also going to guess that you probably didn’t realize that those three things are among the 50 inventions that shaped the modern economy.

That’s according to the list compiled by BBC and Financial Times journalist Tim Harford, our guest this week in hour two and author of the recent book, Fifty Inventions That Shaped the Modern Economy.

The book paints a picture of change by telling fascinating and compelling stories of the tools, people, and ideas that had far-reaching consequences for the global economy. From the plough to air conditioning, from Gillette’s disposable razor to IKEA’s Billy bookcase, Tim is able to recount each invention’s own curious, surprising, and memorable journey.

We also touched on Tim’s previous book, Messy: The Power of Disorder to Transform Our Lives, which is now out in paperback. As someone who could be described as a bit compulsive, especially when it comes to my email inbox, I loved this book because it celebrates the benefits of messiness in our lives: why it’s important, why we resist it, and why we should embrace it.

Little did I know that a bit of mess lies at the core of how we innovate, how we achieve, how we reach each other – in short, how we succeed.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here’s how to contact us:

• Call 855-411-JILL and we’ll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio

The post #356 – Algorithms, Big Data and the Modern Economy appeared first on Jill On Money.

1. Stock Market Rally: The post-election rally continued throughout 2017. Early in the year, investors bought on the hope of potential infrastructure spending, tax cuts and a reduction of regulations across a wide swath of industries. What many had not priced in was a surge in global growth, which propelled corporate profits. The rising market was a fairly consistent and quiet one, without the usual gyrations on the up or downside.
2. Federal Reserve Policy: Two years ago, the Fed embarked on a new policy: it raised short-term interest rates. There was one 0.25 percent increase in 2015, another in 2016 and then three more in 2017. New to the Fed policy this year was the unwinding of the bonds that it had purchased during the financial crisis, recession and recovery. Despite fears that the actions would shatter the stock and bond markets, investors cheered the methodical approach that Fed Chair Janet Yellen employed.
3. Federal Reserve Personnel: As expected, President Trump did not re-nominate Janet Yellen to a second term as Fed Chief. He chose current Fed Governor Jerome Powell to lead the central bank. He also appointed Randal K. Quarles as Vice Chairman for Supervision, leaving three more openings to fill next year.
4. Regulatory: There were two areas of the Trump Administration’s regulatory rollback, which were of particular interest to consumers. The Department of Labor delayed the full implementation of the fiduciary rule, which would have required anyone who handles retirement assets or given financial advice to retirement savers, to work in their clients’ best interest and to provide disclosure of conflicts, when they exist. The Consumer Financial Protection Bureau (CFPB) remains in limbo, after the former director Richard Cordray stepped down in2017. There are currently two interim leaders of the agency: (1) current head of the Office of Management and Budget Mick Mulvaney, who was selected by President Trump to oversee the consumer watchdog until a permanent replacement could be found and (2) Leandra English, former CFPB chief of staff turned deputy director, who Cordray had appointed. The court system will determine who wins the battle.
5. Equifax: The massive data breach at credit monitoring company Equifax exposed names, Social Security numbers, birth dates, addresses and, in some cases, driver’s license and credit card numbers, from a whopping 143 million Americans. The upside? We became more familiar with the concept of a credit freeze!
6. Bitcoin Blitz: It started the year at 1,000 and charged up towards 20,000 by the end of the year, making the Bitcoin Blitz inescapable for all. As competitive crypto-currencies cropped up, so too did the analogies to the 1990’s tech boom and bust.
7. Republican Tax Plan: Love or hate the final bill, the GOP passed the most sweeping overhaul to the tax code in more than three decades. Winners include: corporations, whose top tax rate will drop from 35 to 21 percent; owners of pass-through businesses (sole proprietorships, partnerships, limited liability companies and S corporations), whose income could be taxed at a rate as low as 29.6 percent, subject to some limitations; wealthy earners, whose top tax rate would drop from 39.6 percent to 37 percent. Among the losers are many individual taxpayers, because the majority of their cuts will expire after 2025; homeowners in high-tax states, whose state, local and property tax deductions will be capped at a total of $10,000; and the remaining people who are insured through the Affordable Care Act, whose insurance premiums could rise 10 percent.

The post 7 Biggest Money Stories of 2017 appeared first on Jill On Money.

Dec 23 Download Hour One Here

Happy holidays! With Christmas and the New Year upon us, our gift to you this holiday season is our favorite interviews from 2017.

We start the show this week with Bernie Madoff, perhaps the most notorious name in the history of Wall Street.

By now we all know the story. Madoff conducted a Ponzi scheme that is considered to be the largest in U.S. history. Over the course of decades, Madoff stole billions of dollars from his clients and finally, amid the financial crisis of 2008, the crime came to a screeching halt.

How on earth was he able to pull it off for so long, when there were plenty of warning signs and whistleblowers who tried to alert regulators that something was amiss?

One of the journalists covering the scandal was Diana Henriques, then a staff reporter at The New York Times, who specialized in investigative reporting on white-collar crime, market regulation and corporate governance. Diana used her countless hours of work as the lead reporter on the story as a catalyst to write the bestselleing book, The Wizard of Lies: Bernie Madoff and the Death of Trust.

Diana had incredible access, including the first interview with an imprisoned Madoff. I was fortunate enough to interview her in 2011, just as the book was becoming a bestseller. I remember thinking at the time that the tale of Bernie Madoff was not just a financial story, but a Shakespearean tragedy.

Robert De Niro was so drawn to the character of Bernie Madoff as Henriques depicted him, that he bought the film rights to “The Wizard of Lies.” Six years later, HBO films released the movie version of “The Wizard of Lies” – it debuted this past May.

If you’ve yet to see “The Wizard of Lies,” go watch it. DVR it, stream it, whatever the method, just watch it. It’s incredibly well done and stars Robert De Niro as Bernie Madoff and Michelle Pfeiffer as Ruth Madoff.

Diana is an amazing storyteller, from her dogged pursuit of the Madoff prison interview to her describing the phone call she got from Robert De Niro saying he wanted to play Madoff…just an incredible story.

CLICK HERE FOR LATEST SHOW ON YOUTUBE

Dec 23 Download Hour Two Here

Hour two features an interview with Retired Admiral William “Bill” McRaven.

If Bill’s name sounds familiar, it is likely because he was the leader that presided over the 2011 Navy SEAL raid, which resulted in the killing of Osama bin Laden in Pakistan. Bill was the man who identified the body when it was flown back to Afghanistan and told President Obama that the U.S. finally had their guy.

A few years later in 2014, the four-star admiral and 37-year Navy SEAL veteran delivered the commencement speech at his alma mater, the University of Texas at Austin (Hook ‘em Horns!). Little did McRaven know that his address, which spoke to how students could overcome challenges and change themselves, would become a viral hit with nearly 25 million views online.

In January, 2015 Bill became the Chancellor of the entire University of Texas system and was encouraged to expand his commencement speech into a book, Make Your Bed: Little Things That Can Change Your Life…And Maybe the World.

We touch on other subjects during the interview…and for the upteenth time over the past eight years, I sometimes have to pinch myself — I am so lucky to do what I do…#Gratitude.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here’s how to contact us:

• Call 855-411-JILL and we’ll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio

The post #355 – The Wizard of Lies and Make Your Bed appeared first on Jill On Money.

“A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History” by Diana Henriques. Ask some Wall Street veterans where they were on October 19, 1987 and they will regale you with some crazy stories. Black Monday was the single worst day in Wall Street history, with the Dow Jones Industrial Average plunging by more than 22 percent in one session–that’s the equivalent of the blue chip index diving by more than 5,000 points today.

Henriques notes the crash was actually seven years in the making and she also demonstrates how it was the predicate to the financial crisis of 2008. Sadly, investors, regulators, and bankers failed to heed the lessons of 1987, even as the same patterns resurfaced.

Weapons of Math Destruction by Cathy O’Neil. You don’t need to be a math nerd like me to enjoy this book. Data scientist Cathy O’Neil explains how algorithms (mathematical models) dictate much of our day-to-day lives and can increase inequality and even threaten democracy.

Big data influences everything from how teachers are graded, to the way policing strategies are developed, to the use of credit scores and even the pricing health insurance. But what happens when these models are out of whack? According to O’Neil, opaque, unregulated and uncontestable algorithms can disproportionately impact the already unlucky and struggling among us.

Fifty Inventions That Shaped the Modern Economy by Tim Harford. If you have ridden an elevator, Googled something, or used an index fund, you have interacted with one of the most important inventions of the modern economy, according to Financial Times “Undercover Economist” Tim Harford.

Harford’s book paints a picture of change by telling fascinating and compelling stories of the tools, people, and ideas that had far-reaching consequences for the global economy. From the plough to air-conditioning, from Gillette’s disposable razor to IKEA’s Billy Bookcase, each invention has its own curious, surprising, and memorable journey.

While you’re at it, check out Harford’s previous book, Messy: The Power of Disorder to Transform Our Lives, which celebrates the benefits of messiness in our lives: why it’s important, why we resist it, and why we should embrace it.  

Maker and Takers: How Wall Street Destroyed Main Street by Rana Foroohar. Financial Times columnist Rana Foroohar explores how the misguided financial practices and philosophies that nearly toppled the global financial system have infiltrated many U.S. businesses. She argues that the “financialization of America,” the trend by which finance and its way of thinking have come to reign supreme, is perpetuating Wall Street’s influence over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Foroohar makes her point with stories of both “Takers,” those stifling job creation, while lining their own pockets, and “Makers,” businesses serving the real economy.

The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google by Scott Galloway. Professor and serial entrepreneur Galloway explores how four massive companies have come to infiltrate our lives so completely that they’re almost impossible to avoid. He asks some important questions about their ascendancy: Why does the stock market forgive these tech darlings for sins that would destroy other firms? As they race to become the world’s first trillion-dollar companies, are there any competitors that can challenge them? Who are the next firms that might join the elite club?

The post Last Minute Holiday Gifts for the Financially Curious appeared first on Jill On Money.

The cuts are estimated to cost $1.46 trillion over the next ten years. That amount would add to the current $20.6 trillion of national debt.

Individual Tax brackets (7) – EXPIRES after 2025:

• Current: 10%, 15%, 25%, 28%, 33%, 35% and 39.6%
• Proposed: 10%, 12%, 22%, 24%, 32%, 35% and 37%
  • 10% (up to $9,525 for Individuals; up to $19,050 Married Filing Jointly)
  • 12% (over $9,525 to $38,700 IND; over $19,050 to $77,400 MFJ)
  • 22% (over $38,700 to $82,500 IND; over $77,400 to $165,000 MFJ)
  • 24% (over $82,500 to $157,500 IND; over $165,000 to $315,000 MFJ)
  • 32% (over $157,500 to $200,000 IND; over $315,000 to $400,000 MFJ)
  • 35% (over $200,000 to $500,000 IND; over $400,000 to $600,000 MFJ)
  • 37% (over $500,000 IND; over $600,000 MFJ) 

Corporate Tax brackets – PERMANENT:

• Current: 35%
• Proposed: 21%
• Repeals corporate Alternative Minimum Tax

Standard deduction (EXPIRES after 2025):

• $12,000 IND
• $18,000 Head of Household
• $24,000 MFJ
• Personal exemptions: Eliminated (For families with 3 or more kids, could minimize/negate tax relief they might get as a result of other provisions)

Child/Family Tax Credit (EXPIRES after 2025):

• $2,000 (up from $1K currently)
• $1,400 (even if you don’t owe taxes, you would receive a credit of up to $1,400 in the form of a tax refund)
• Non-Child Dependent Family Tax Credit (NEW) i.e. a child 17 or older, an ailing elderly parent or an adult child with a disability: $500
• BOTH phase out at $400K MFJ, $200K IND (up from 110K/75K)
• Adds new requirement – MUST provide SSN to claim credit

State and Local Income Tax (SALT), Sales tax, Property Taxes (EXPIRES after 2025):

• Can deduct up to $10,000 in a combination of all
• Unclear if the $10,000 is the same for joint and individual filers
• Can’t prepay 2018 state and local income taxes in 2017 to take advantage of final year of the unlimited deduction (prohibition doesn’t explicitly include property or sales taxes)

Mortgage Interest (EXPIRES after 2025):

• Can deduct home mortgage interest debt up to $750,000 (from $1M)
• Applies to primary and second homes
• Existing mortgages would be grandfathered in as of Dec 15, 2017—lower limit applies to NEW home loans.
• Repeals deduction for interest on home-equity loans through 2025

AMT (EXPIRES after 2025):

• Increases exemption levels to $70,300 for IND and $109,400 MFJ (up from $54,300/$84,500)
• Increases the phase-out threshold to $500K for IND and $1 million MFJ

Estate tax (EXPIRES after 2025):

• Retains top 40% rate, but doubles exemption to $11.2M for individuals
• Expires after 2025

 Long-Term Capital Gains:

• Current: Top rate of 23.8%
• Proposed: No change
• Left out of Final: FIFO rule on asset sales

 Other Deductions/Credits (EXPIRES after 2025):

• Maintains tax breaks for charitable contributions and retirement savings plans
• Keeps deduction for student loan interest
• Doesn’t tax graduate students on tuition waivers
• Keeps adoption tax credit
• Keeps Earned income tax credit
• Keeps credit of up to $7,500 for electric vehicles
• Eliminates deductions for alimony (for agreements signed after 2018), moving expenses, tax preparation fees and personal casualty losses.
• Keeps deduction for teacher expenses
• Expands use of 529 college savings plans to include private school tuition for elementary and high school students
• Eliminates deductibility of losses from fires, floods or other events (unless covered by specific federal disaster declarations

Medical/Health:

• Repeals individual mandate (as of 2019), which required all taxpayers to buy health insurance or pay a penalty
• Retains deduction for high out-of-pocket medical expenses, but lowers the threshold for 2017 and 2018 to 7.5 percent of AGI (from 10%). Rate returns to 10 percent in 2019 

Principal Residence Gain exclusion:

• Retains exclusion from long-term capital gains from the sale of a principal residence of up to $250K for single and $500K for MFJ
• NO CHANGE to ownership requirement (2 out of previous 5 years)

Pass-through entities:

• Current: Pass-through businesses (sole proprietorships, partnerships, limited liability companies and S corporations) pay taxes based on individual income tax rates and brackets
• PROPOSED: Business owners get a 20% deduction for the first $315,000 of pass-through income, capped at either 50% of wages or 25% of wages plus 2.5% of capital assets, whichever is greater.
• Phases out for some businesses starting at $315K of income (MFJ)/$157,400 IND
• Applies to businesses that ARE NOT in professional service industries (Engineers and architects were specifically carved out)
• Allows tax break based on capital investment

MARKETS: It was another winning week for stock investors, pushing up indexes to new highs (again). The S&P 500 and the Dow closed higher for the fourth week in a row, while the NASDAQ saw its first weekly gain out of three.

• DJIA: 24,651, up 1.3% on week, up 24.7% YTD
• S&P 500: 2675, up 0.9% on week, up 19.5% YTD
• NASDAQ: 6936, up 1.4% on week, up 29.9% YTD
• Russell 2000: 1537, up 0.6% on week, up 12.8% YTD
• 10-Year Treasury yield: 2.35%, from 2.37%
• AAA Nat’l avg. for gallon of reg. gas: $2.43 (from $2.47 week ago, $2.24 year ago)

THE WEEK AHEAD:

Mon 12/18:

10:00 Housing Market Index

Tues 12/19:

8:30 Housing Starts

Weds 12/20:

10:00 Existing Home Sales

Thurs 12/21:

8:30 Q3 GDP – 3^rd estimate (Previous: 3.3%)

8:30 Corporate Profits

Friday 12/22:

8:30 Durable Goods Orders

8:30 Personal Income and Spending

10:00 New Home Sales

10:00 Consumer Sentiment

The post What’s in the Final GOP Tax Bill appeared first on Jill On Money.

Dec 16 Download Hour One Here

This is our last “real” show of the year as the next couple weeks we’ll be re-airing some of our favorite interviews of 2017.  But before we do that, it’s time to talk to you guys, the listeners, as you dial in with your personal finance questions.  First up this week is Ashley from Florida who feels she is over-diversified.  Is there such a thing? Next was David in Virginia with some questions about his retirement allocation.  The final call of the hour was from Scott in D.C. who’s weighing the pros and cons of using a robo-advisor.

CLICK HERE FOR LATEST SHOW ON YOUTUBE

Dec 16 Download Hour Two Here

Do you have to be an “entrepreneur,” replete with a big, fat business plan in hand, to make a little extra cash on the side?

What if I told you that in 27 days you can come up with an idea, implement it, and potentially start making some extra income on the side?

That is what you call a Side Hustle, which also happens to be the title of the latest book from Chris Guillebeau, this week’s guest on the show.

While the thought of quitting your day job to pursue a business of your own may be intoxicating and even escapist, it may also be a bit unrealistic. Most of us can’t just up and quit a job that delivers a regular paycheck and benefits, to boot.

But what if you could quickly and easily create an additional stream of income without giving up the security of a full-time job? Enter Chris and the Side Hustle.

As someone who has launched more than a dozen side hustles over his career, Chris is more than qualified to help you select, launch and refine your new side hustle.

Some of the things you’ll learn include:

• Brainstorm, borrow, and steal to build an arsenal of great side hustle ideas (day 3)
• Apply “Tinder for Side Hustle” logic to pick the best idea at any time (day 6)
• Learn, gather, or create everything you need to launch; then set up a real life way to get paid (days 13-14)
• Start raking in the money by channeling your inner Girl Scout (day 18)
• Master the art of deals, discounts, and special offers (day 21)
• Raise your game: improve, expand, or make more money off your hustle (days 24-26)

I think the most important takeaway from this interview is realizing that you don’t need entrepreneurial experience to launch a profitable side hustle. Nor do you need to spend/waste money on an MBA or other graduate degree, or know how to code, or be an expert marketer.

If you liked what you heard from Chris, and want some more tips and inspiring real-life success stories, I highly recommend his Side Hustle School podcast.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here’s how to contact us:

• Call 855-411-JILL and we’ll schedule time to get you on the show LIVE 

• Send an email: askjill@jillonmoney.com 

• Tweet us: @jillonmoney and @MTalercio

The post #354 – Side Hustle with Chris Guillebeau appeared first on Jill On Money.

That said, even with another bump up, interest rates would still be at historically low levels. Ten years ago (December 11, 2007) on the eve of the Great Recession, the Fed had begun to decrease rates to 4.25 percent (they had been as high as 5.25 percent in June 2006). It then took the central bank a year (until December 16, 2008) to move the fed funds rate from 4.25 percent to the emergency range of zero to 1.25 percent, a level that held constant for seven years.

In the transcript from that December 2008 meeting, Fed officials understood that the institution had become more important than ever. Then-Chairman Bernanke framed the crisis that the country faced: “As you know, we are at a historic juncture—both for the U.S. economy and for the Federal Reserve. The financial and economic crisis is severe despite extraordinary efforts not only by the Federal Reserve but also by other policymakers here and around the world.”

Nine years later, the Fed is attempting to manage another transition, from Chair Janet Yellen to Jerome Powell. In what will be her last press conference, Yellen will describe how the Fed will continue to raise rates and unwind the bonds that it owns against a backdrop of low core inflation.

The November jobs report was just another data point to support the Fed’s rationale for a rate increase: the economy added 228,000 gain non-farm payrolls and the unemployment rate remained at a 17 year low of 4.1 percent. Despite the strength of the result, wage growth remains muted. Average hourly earnings grew by just 2.5 percent from a year ago.

MARKETS:

• DJIA: 24,329, up 0.4% on week, up 23.1% YTD
• S&P 500: 2651, up 0.4% on week, up 18.4% YTD
• NASDAQ: 6840, down 0.1% on week, up 27.1% YTD
• Russell 2000: 1537, down 1% on week, up 12.1% YTD
• 10-Year Treasury yield: 2.37%, from 2.34%
• AAA Nat’l avg. for gallon of reg. gas: $2.47 (from $2.48 week ago, $2.20 year ago)

THE WEEK AHEAD:

Mon 12/11:

10:00 Job Openings and Labor Turnover Survey (JOLTS)

Tues 12/12:

Fed begins two-day FOMC meeting

6:00 NFIB Small Business Optimism Index

8:30 Producer Price Index

Weds 12/13:

8:30 Consumer Price Index

2:00 FOMC Decision/Economic projections

2:30 Janet Yellen Press Conference

Thurs 12/14:

8:30 Retail Sales

8:30 Import Export Prices

Friday 12/15:

9:15 Industrial Production

The post Fed to Raise Rates for Janet’s Swan Song appeared first on Jill On Money.