Each week, we ask a personal finance or business expert for their money pro tips. This week we talked to Jill Schlesinger, certified financial planner, CBS News Business Analyst, Host of “Jill on Money” and author of “The Dumb Things Smart People Do With Their Money."
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Last thing you resisted buying: A new winter coat.
How did you resist it? By reminding myself that my current coat is in great condition and that the coat in question would likely see a massive mark-down in 60 days.
Last thing you splurged on: Peloton bike.
Why’d you OK the splurge? My partner and I did the simple math: We ditched two gym memberships, which we hardly used. The savings more than covered the cost of the new bicycle.
What’s your current money goal? To keep working as long as I can. The simple act of working can help me reach pretty much any financial goal that I set. While I’m a fan of the FIRE Movement (“Financial Independence Retire Early”), I focus on the FI part, rather than the RE part.
How you’re working toward it: By adding new projects to my work life. One of my favorite responses when I’m asked to do something outside of my comfort zone is “Sure, why not?”
Money thing you’re most proud of: I have successfully transitioned two times in my career: First, from a commodities trader to an investment adviser in the 1990s and second, from an investment adviser to a full-time media professional in 2009.
A money regret: None. Even bad trades have been huge learning experiences for me.
Smartest money decision you made: Betting on myself.
Best financial advice you ever got: From my father, a trader on the floor of the American Stock Exchange: “Don’t put your career in someone else’s hands. Take control of it — and stay in control of it.”
Biggest financial mistake you see people make: Focusing too much on investing and not enough on other areas of their financial lives. It’s a lot harder to fix an estate planning or insurance mistake than getting out of a rotten investment.
Hardest part of starting a business: Juggling all of the roles that you are forced to play.
Most rewarding part of starting a business: Selling it.
Image: Nastia Kobzarenko