Jean Chatzky blog :: The Difference :: Personal finance, debt, and money advice » Books & More

Pay it Down!

Jean — Tue, 06 Oct 2009 20:03:49 +0000

Six years ago, during more pleasant financial times, I wrote Pay it Down!, the Rx for getting out of debt. It helped hundreds of thousands of readers, as well as the million people who participated in the Debt Diet on The Oprah Winfrey Show (based largely on the information in the book). But as the economy twisted and turned, some of the rules of the road did too, and this year, I decided to update that go-to guide for paying off your debt. The fact is, whether you’re trying to negotiate with your creditors, modify your mortgage, bring up your credit score or manage your student loans, you need different strategies than you needed a scant half-decade ago. And in this new version of Pay it Down! , I give them to you in straightforward, easy-to-understand terms. Follow my plan, and in three years, you’ll be credit-card free. In five years, you’ll have a safety net, so you don’t have to reach for a credit card when the furnace blows or the dog gets sick. And in ten years, you’ll have a healthy nest egg for retirement.

Even in these troubled times, you can pay down your debt with only $10 a day. You can find the money. I’ll show you how.

Debt Diet Online

Jean — Sun, 04 Oct 2009 12:03:27 +0000

My new program, Debt Diet Online, is based on the principles behind Pay it Down, the best-selling book that helped hundreds of thousands of readers pay down their debt on just $10 a day. But Debt Diet Online, developed with Dr. Jim Prochaska and his team at Pro-Change Behavior Systems, is interactive in the way a book cannot be.

Let me give you some background. Jim and his team at Pro-Change have spent years researching what I know to be true through working directly with people and their money: If you’re not ready to make a change, your new behavior is not going to stick.

So Debt Diet Online evaluates your readiness to pay down your debt, and puts you on a program that caters to you. Whether you’ve already started paying your debt down, or you have no idea how much debt you have, this program will provide activities to help you find $10 a day to put toward your goal. You’ll learn where that money will go the furthest, how to lower your interest rates, and, once your debt is gone – or if you weren’t in any debt to begin with – how to build up an emergency cash cushion so an unexpected expense doesn’t have you reaching for the credit cards.

I hope you’ll check it out and sign up today. And if you like the program, you’ll no doubt benefit from the book. Read more about Pay it Down here.

The Difference

Jean — Thu, 07 May 2009 17:24:39 +0000

My latest book, The Difference, answers one burning question: Why is it that some people seem to move relatively easily from paycheck-to-paycheck into comfort or wealth, while others get stuck or – worse – fall back?

Not to toot my own horn, but this book couldn’t have come at a better time. These days, more than ever, you need to know how to make your own luck, how to zero in on the things you’re doing everyday – right and wrong – that have an affect on your bottom line. I’ll show you how to develop your intuition so you can recognize when to take a risk, help you increase your resilience in this bad economy, and tell you why it’s important to pinpoint your passion and make it your career (believe me, the money will follow).

All of this is based on a study I did with Merrill Lynch and Harris Interactive. We talked to more than 5,000 people from all walks of life. Three percent categorized themselves as wealthy; 27 percent said they are financially comfortable; 54 percent are living paycheck-to-paycheck and 15 percent are quickly spiraling further into debt. We dug deep to uncover the factors that made The Difference.

The good news? For the bulk of the people at the top of the financial ladder, wealth has come in the last ten years. Some had a brilliant idea that satisfied a need in the market and quickly blossomed into a multimillion dollar business (ever heard of Spanx? I talked to the founder, Sara Blakely, who started the company with $5,000). Some saved steadily over the years and are now enjoying the fruits of those labors. And others took risks that paid off in a big way.

Whether you want to be in the top three percent or the top 30 percent, you can do it.

Franklin Covey’s Jean Chatzky Collection

David — Thu, 07 May 2009 17:24:19 +0000

I’m so excited to be able to tell you that I’m launching a line of products with Franklin Covey. There are tote bags, large and small, in three different springy colors (the large ones have a padded compartment for your computer), wallets to keep your plastic and cash organized (I asked them to include a mirror so you can look yourself in the face before you buy something you don’t need), and my favorite – a budget-oriented planner with all the resources you need to track your spending, hit your savings goals and minimize your debt. I hope you like them. You can see pictures of the full line after the break.

Arielle, who helps with my reporting, has been toting the (one and only) product sample of the large tote bag since October, and it’s holding up really well as you can see here.

Here’s a sampling of what else is in the line, which you can get at the Jean Chatzky Collection section on the Franklin Covey site:

The binder, which comes in three colors – brown, pink, and the one you see here – can double as a wallet, with slots for your credit cards, a zipper compartment for change (because every penny counts!) and a window for your ID.

A year’s worth of planner pages, which help you organize not only your life, but your money. You can set a budget for the week and keep track of where your cash is going. You’ll be surprised at how fast a dollar here and a dollar there adds up, I promise.

And, last but not least, a full range of wallets, all of which include the five questions you should ask yourself before a big purchase. They just might give you the strength to put that dress back on the rack.

Make Money, Not Excuses

Jean — Tue, 27 Jan 2009 03:11:04 +0000

A few years ago – after reporting on money for fifteen years – I finally cracked the code. If you want to get rich, you need only do four things:

1. Make a decent living
2. Spend less than you make
3. Invest the money you don’t spend
4. Protect the financial world you build so that a disaster doesn’t take it all away from you

Sounds easy, I know. So why, then, is it so hard, particularly for women?

Because women, more than men, make excuses. They tell themselves that they’re “just not good with money,” or that their husband “likes taking care of the finances.” They convince themselves that they deserve that new pair of shoes, or that they’re too disorganized to tackle the tower of financial paperwork on the desk.

These excuses are a pass: They allow you to believe that it’s okay to stay out of the game when it comes to money, or push off goals like saving for retirement for one more year. I understand this. In fact, I’ve said some of these things myself, believe it or not. But having a hand in your finances means, believe it or not, worrying less. You don’t have to wonder if you can afford those shoes, or if you need to push off the family vacation, because you know. You’ve seen the account balances with your very own eyes.

In this book, I take all of the excuses women make about money and turn them on their heads. I tell you how to decode the financial jargon to read your bank statements, how to save money (and where to put it) and why you – yes, you – are likely already a great investor.

The Ten Commandments of Financial Happiness

Jean — Sat, 24 Jan 2009 21:32:19 +0000

This was the first book where I used survey results to help people get a grip on their personal finances. In The Ten Commandments of Financial Happiness (which was published in hardcover as You Don’t Have to Be Rich), I analyzed the results of a unique survey in which we questioned 1,500 Americans about their financial attitudes and behaviors.

The goal was to see how much money people actually do need to guarantee a happy, comfortable life. We got down to the nitty-gritty, looking for specific behaviors that – if you really adopt them – can significantly improve a life. The results of this proprietary survey – conducted with the help of the Roper Center – were pretty remarkable.

I found that while a certain amount of money buys comfort, money can’t make you happy – at least not in the way most people believe it can. But it can make you miserable, if you’re managing it wrong.

The book explained how to “own your money” to create a happy and comfortable life. Outlining the financial habits of happy people shows how anyone can be a part of this group, no matter what they earn. Using real life examples, The Ten Commandments of Financial Happiness reaffirms that finances don’t have to be a source of stress and that living within your means can be extremely rewarding!

Talking Money

Jean — Sat, 03 Jan 2009 21:35:45 +0000

In Talking Money, I offered a detailed guide on how to get personal finances in order.

I already knew firsthand that, once minor money problems are under control, the big picture falls quickly into place.

The idea was to talk frankly and clearly about the need to take control – and offer clear and doable ways of actually getting there.

Some bits of practical advice included:

Understanding how to cut the interest you pay on credit cards, reducing the interest not only on all the cards in your wallet, but on your mortgage and home equity loan as well
Picking a stock or mutual fund to fill in a portfolio and correctly allocate your assets
Finding and saving money for your kids’ college fund
Solid tips on how to purchase your first home
And more!

This is a good book to guide you over financial hurdles, preparing you for long term goals and financial security.