We talk with CBS business analyst Jill Schlesinger about smart people making dumb money moves and how to avoid these traps – if you’re smart enough.
On The BIGG Success Show , we talk with Jill Schlesinger. Jill is an Emmy-nominated and Gracie Award Winning Business Analyst for CBS News, a weekly guest on NPR’s Here and Now, and a Certified Financial Planner. She writes a weekly syndicated column, Jill on Money, and serves as the host of the nationally syndicated radio show and podcast, Jill on Money.
She joins us to talk about her new book, The Dumb Things Smart People Do with Their Money: Thirteen Ways to Right Your Financial Wrongs*. Here’s a summary of that discussion.
What’s wrong with trying to time the market?
Jill says it’s a classic mistake. Market timing requires two perfect decisions. First, you decide when to sell. Perhaps the market is at an all-time high. But how do you figure out when you’re going to get back in? It’s nearly impossible. And very few people can consistently time the market long-term.
She adds that Warren Buffett, in an annual letter a couple years ago, told his heirs to invest 90% of their inheritance in a S&P 500 index fund, put 10% in bonds, and go to sleep at night.
Jill tells us about a time when she tried to time the market. She became an instant celebrity. Then she flamed out in public. Simply click the PLAY button to hear the full story.