Calming Financial Nerves with Jill on Money

Last week was a crazy week for the stock market - CBS News Business Analyst and host of Jill on Money Jill Schlesinger joins us to discuss how to stay calm in these uncertain times. 

Episode Transcript

Speaker 1 (00:00):
We have been warned not to try to time the
market by people like Jill Slessinger, But boy, your panic
protection plan the week before certainly came right on time.
This is West Michigan's Morning News Steve Kelly. That is
Brett Pikita, Ladies and Gentlemen, Jill Slessinger's CBS News business
analyst and host of Jill on Money. Happy Saint Patrick's Day?

Speaker 2 (00:20):
Oh yeah, I forgot to wish you a happy Saint
Patrick's Day when we were just talking before we got
on the air. I apologize for that. You know, I
feel bad because I think I'm a little bit of
a broken record sometimes about this. Like you know when
you say, don't panic whatever. So now I've decided it's
okay if you feel that panic, because you're a human being.

(00:42):
Of course you're going to feel that. You know, it's
anxiety provoking. But sometimes what I like to do is
I like to look to the past and then that
makes me feel a little bit better, like, Okay, we
can get through this. And you know, over the last
fifteen years, of course two thousand and eight nine, not
with Stan if you go starting in twenty ten, there
have only been two years where the stock market. The

(01:05):
S and P five hundred has closed down over the
past fifteen years, so it's just twenty eighteen and twenty
twenty two, so that's it those two years, so it's
probably going to be okay. You know, it generally gets better,
and I'm sorry that if it's it's a drag. It's
just a drag to go through it because it feels
very anxiety provoking and you want to do something, but

(01:28):
I implore you not to.

Speaker 1 (01:30):
So I mentioned this last week. I used to go
spend some time with my in laws down there in Savannah,
primarily in their community. Folks were retired, and the guys
that were having a good day weren't checking the stocks
every day, right The dudes that were having a bad
day came to tee off mad Listen, you can't do that.

Speaker 2 (01:50):
Stuff right now. Now stop checking. You know. It's very
interesting when you talk to people who have done all
the research in the world, and I've had some great
people who've been able to kind of hold our hands
through this collectively. One of these guys said to me,
my best advice to people is to tune out the noise.
Like you hear this and one way to tune out

(02:12):
the noise is to stop checking your account. Look, you're
if you are a long term investor, you guys are
sitting out there saying, I'm worried. I'm worried. I'm worried.
But you're thirty, forty, fifty, even sixty years old. Then
your money has to last you for twenty thirty forty years.
Your long term investors, you're not going to do anything
because you've already heard over and over that nobody can

(02:34):
time the market. Nobody can, and you also have heard
us say over and over, try to control the things
you can control. So if you are feeling out of sorts,
I would not be looking at my four oh one K,
but I might be looking at other areas of my
financial life that I could actually do something positive. Maybe
that means, hey, you know what I'm going to do.

(02:54):
I'm going to look at all these streaming services. Do
I watch any of these? Do I watch some of these?
Do I do I start doing something proactive to make
you feel better. Hey, have you attracked your money for
the last ninety days. You don't know how much money
you're spending. That's a very good exercise. That's something you
can do proactively to put yourself and your family and
your household on the right track. Oh, can I give

(03:15):
you one more thing to do? Here's something fun. You've
put off doing those estate planning documents forever. Why don't
you get that done instead of looking at your four
oh one K every day?

Speaker 1 (03:25):
I like it great.

Speaker 2 (03:27):
It's a little tough love for Aunt Jilsey.

Speaker 1 (03:29):
Sure, Jill thirty thirty seconds. Does the Fed do anything
this week?

Speaker 2 (03:33):
Definitely not, absolutely not. They're not going to do a thing.
I mean unless there's something wildly crazy that it happens
between now and Wednesday. But no, they've already told us
they're not. So no change in rates. You're stuck where
we are. Just remember if you if you need Aunt
Jill to hold your hand, I can be a dream
maker or a dream crusher at the same time. Go

(03:53):
to Jill on money dot com and click the contact
us button. We would love to have you on the
air with.

Speaker 1 (03:58):
Us Jill ost Lessenger today.

Speaker 2 (04:00):
Yes, thank you coming to Thanksgiving and Jill and Jill's coming.

Speaker 1 (04:04):
Thank you for your time this morning with.

Speaker 2 (04:06):
Her American made bourbon. Thank you