The Long View
The Long View
Jul 1, 2020
Michelle Singletary: 'You Need Diversity'
Play • 49 min

Our guest this week is personal finance columnist and author Michelle Singletary. Singletary writes the nationally syndicated column "The Color of Money," which appears in The Washington Post, as well as in dozens of other newspapers nationwide. She's also the author of three personal finance books. The most recent was called The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Singletary is a frequent guest on TV and radio, and she was host of her own national television program, "Singletary Says," on TV One. She is a graduate of the University of Maryland at College Park. She has received the Distinguished Alumni Award from Johns Hopkins University, where she earned a master's degree in business and management.

Background

Michelle Singletary's bio and Washington Post columns 

Michelle Singletary's website 

Michelle Singletary's books

Financial Impact of Pandemic

"Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020. 

"What Coronavirus Fears Could Mean for Personal Finance," by Audie Cornish and Michelle Singletary, NPR, March 9, 2020. 

"Didn't Get Your Stimulus Payment? Here's How to Find It," by Michelle Singletary, The Washington Post, June 2, 2020. 

Get My Payment, IRS.gov. 

"IRS Stimulus Checks Are Going to Dead People, While Needy Go Without," by Michelle Singletary, The Washington Post, April 21, 2020. 

"Stimulus Prepaid Debit Card Is Causing a Lot of Confusion," by Michelle Singletary, The Washington Post, June 1, 2020. 

"No, the IRS Should Not Try to Claw Back $1.4 Billion Sent to Dead People," by Michelle Singletary, The Washington Post, June 26, 2020. 

"The IRS Just Made It Easier to Take Out a Loan or Withdraw Money From Your Retirement Account," by Michelle Singletary, The Washington Post, June 23, 2020. 

Trust Me: You Need to Start Saving Now So You Can Fly Last-Minute to Be There for Someone You Love When the Time Comes," by Michelle Singletary, The Washington Post, Nov. 9, 2019. 

"Rent, Mortgage, Car Loans, Utilities and Child Support. The Other Bills Can Wait," By Michelle Singletary, The Washington Post, April 4, 2020. 

Racial Wealth Gap

"The Racial Wealth Gap in America," by Michelle Singletary, Alanna McCargo, and Michael Neal, The Washington Post, June 18, 2020. 

"Coronavirus Could Widen Black Wealth Gap," by Michelle Singletary, The Washington Post, June 13, 2020.  

"The Black-White Economic Divide Is as Wide as It Was in 1968," by Heather Long and Andrew Van Dam, The Washington Post, June 4, 2020. 

"75 Must-Know Statistics About Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. 

"Income and Wealth Inequality in America: 1949-2016," by Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, Federal Reserve Bank of Minneapolis, June 14, 2018. 

"New Data Suggest COVID-19 is Widening Housing Disparities by Race and Income," by Solomon Greene and Alanna McCargo, Urban Institute, June 2, 2020.

Diversity in Financial Services

"Wall Street Says It Cares About Diversity. But Most Big Banks Won't Share Complete Workforce Data," by Renae Merle and Jena McGregor, The Washington Post, Dec. 6, 2019. 

"Diversity and Inclusion: Holding America's Large Banks Accountable," U.S. House Committee on Financial Services, February 2020. 

"Six Charts That Illustrate the Financial Advice Industry's Lack of Diversity," by John Kador, WealthManagement.com, July 19, 2017. 

"Three Reasons You Don't See People of Color in the Financial Services Industry—and How to Fix It," by Alessandra Malito, MarketWatch, June 23, 2020. 

Paying for College

"Community College Should Be a First Choice, Not a Last Resort," by Michelle Singletary, The Washington Post, July 16, 2019. 

"The Worst Thing You Can Do for Your College-Bound Teen Is Saddle Them With Student Debt," by Michelle Singletary, The Washington Post, Nov. 16, 2019. 

"How to Pay for College During a Pandemic," by Michelle Singletary, The Washington Post, May 16, 2020. 

Budgeting

"Here's One Way to Stop Living Paycheck to Paycheck," by Michelle Singletary, The Washington Post, Jan. 13, 2019. 

"It's Still Crucial to Budget, Even When Your Money Meets Your Needs," by Michelle Singletary, The Washington Post, June 25, 2019. 

"When Family and Friends in Your Social Network Lack Good Financial Judgment, Do You Butt In or Butt Out?" by Michelle Singletary, Deseret News, Oct. 23, 2019. 

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 031: Jamie Catherwood, host Rick Ferri
Jamie Catherwood is a financial historian and the publisher of the website Investor Amnesia. He received a history degree from King’s College London in 2017 before joining O’Shaughnessy Asset Management, a quantitative investment firm based out of Stamford, Connecticut. Jamie quickly built his reputation as an expert on the history of money and finance after starting a popular weekly blog that links current market activity and investor behavior to similar events and investor behaviors throughout the centuries. Jamie shared numerous interesting anecdotes in this podcast and draws clear parallels to the current environment This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free website at Bogleheads.org, and the wiki site is Bogleheads® wiki. Since 2000, the Bogleheads' have held national conferences in major cities around the country. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added on a regular basis. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.
57 min
WashingtonWise Investor
WashingtonWise Investor
Charles Schwab
Global Issues May Loom Large for Investors
While it feels like domestic priorities have been in the spotlight for months, global concerns can’t be dismissed. Jeff Kleintop, Schwab’s chief global investment strategist, joins host Mike Townsend to discuss international activity with implications for U.S. markets. From U.S.-China relations to the outlook for President Biden’s relationship with allies across Europe to prospects for emerging markets in 2021, Jeff helps shine a light on where the potential opportunities are for investors. Mike also shares his thoughts on the progress and timing of the latest economic stimulus bill, Washington’s new focus on the recent retail trading frenzy led by GameStop, Janet Yellen’s comments on tax increases in the administration’s next big bill, and the growing chatter about a possible delay in the April 15 tax deadline. _WashingtonWise Investor_ is an original podcast from Charles Schwab. For more on the series, visit Schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. Important Disclosures Investors should consider carefully information contained in the prospectus or, if available, the summary prospectus, including investment objectives, risks, charges, and expenses. Please read it carefully before investing. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Investing involves risk including loss of principal. Indexes are unmanaged, do not incur management fees, costs and expenses and cannot be invested in directly. For more information on indexes please see www.schwab.com/indexdefinitions. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks. (0221-186S)
27 min
Sound Investing
Sound Investing
Paul Merriman
The Ultimate Buy and Hold Strategy: 2021 Update
Paul Merriman discusses the 2021 updated Ultimate Buy and Hold Strategy, designed to show why the 10 equity asset classes should be part of a diversified portfolio. This new study uses an expanded base of returns so that all 10 equity asset classes are reflected in the 1970 to 2020 period. While the expansion of returns makes the returns more dependable, the results are virtually the same as with the previously limited data base. Every year since 2012, The Merriman Financial Education Foundation updates this UB&H Strategy as among its most important work. The 2021 study makes reference to two tables that listeners will want to review. They are the Worldwide Equity Portfolio Tables 50% US/50% Int’l and the Worldwide Equity Portfolio Tables 70% US/30% Int’l. This podcast is part of the educational offerings from The Merriman Financial Education Foundation, a registered 501(c)3.  If you found value in this podcast, here are five ways to support the podcast and our foundation: 1)     Leave a podcast review on your player of choice. 2)    Sign up for our biweekly newsletter at PaulMerriman.com 3)    Use our M1 Finance affiliate link to set up a brokerage account and use our portfolio suggestions. If you fund your account with a minimum of $1,000, our foundation will receive a one-time fee at no cost to you, which helps support our financial education projects.. 4)    Buy our latest book, We’re Talking Millions! 12 Simple Ways To Supercharge Your Retirement available at Amazon and other online outlets. 5)  Consider making a tax-deductible donation to the Foundation to support our mission to provide financial education to investors.  Thank you!
46 min
Money For the Rest of Us
Money For the Rest of Us
J. David Stein
What Is Tail Risk and Are You Taking Too Much Of It?
When should you protect against rare, but extreme events? When should you self-insure? Under what circumstance should you sell tail risk protection to others? Topics covered include: * How tail events differ from tail risk * Why volatility is not the best measure of risk for individuals * What does it cost to protect against large stock market losses * Why younger investors can take more risk due to their human capital * How does the profit wheel options strategy work * How the catastrophic power outage in Texas exemplifies tail risk * Why individuals need to build more reserves because the economic system is too efficient and vulnerable to breakdowns Thanks to SmartAsset and Babbel for sponsoring the episode. Use code DAVID for Babbel to get three months free. For more information on this episode click here. Show Notes Average Weather in San Antonio Texas, United States—Weather Spark Update on the CBOE BuyWrite and PutWrite Option Indexes, October 2018—Asset Consulting Group The Texas Freeze: Why the Power Grid Failed Katherine Blunt and Russell Gold—The Wall Street Journal His Lights Stayed on During Texas’ Storm. Now He Owes $16,752 by Giulia McDonnell Nieto del Rio, Nicholas Bogel-Burroughs, and Ivan Penn—The New York Times When More Is Not Better: Overcoming America’s Obsession with Economic Efficiency by Roger L. Martin Related Episodes 250: Investing Rule One—Avoid Ruin 283: Why You Should Care About Carry Trades 321: How to Analyze Complex Investments 323: The Economy Is Not A Machine
27 min
Financial Decoder
Financial Decoder
Charles Schwab
Are You Rationalizing an Investing Mistake?
If you save money and invest it consistently, your path toward meeting your goals may seem simple. But most investors quickly discover that there are hurdles in the way—including our own brains. There are many cognitive and emotional biases that can trap us, and investors sometimes rationalize falling prey to these biases in familiar ways. In this episode, Mark is joined by Brad Bartick, branch manager of the downtown Denver Schwab branch, and financial consultant Joanna Heckman to discuss four different biases that investors have faced recently and what they sound like in action. Subscribe to _Financial Decoder_ for free on Apple Podcasts or wherever you listen. _Financial Decoder_ is an original podcast from Charles Schwab. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. Important Disclosures: Investors should consider carefully information contained in the prospectus or, if available, the summary prospectus, including investment objectives, risks, charges, and expenses. Please read it carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk including loss of principal. Indexes are unmanaged, do not incur management fees, costs and expenses and cannot be invested in directly. For more information on indexes please see www.schwab.com/indexdefinitions. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB.Important Disclosures: The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk including loss of principal. Indexes are unmanaged, do not incur management fees, costs and expenses and cannot be invested in directly. For more information on indexes please see www.schwab.com/indexdefinitions. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Diversification strategies do not ensure a profit and do not protect against losses in declining markets. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0221-1EPK)
29 min
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