Jean Chatzky
What Everyone Needs in the Face of a Great Challenge
Our friend and happiness expert Shawn Achor once shared that if you view a mountain by yourself, your brain will perceive it to be 10 to 20 percent steeper than if you view it while standing next to a friend who is going to climb it with you.
Well, friends, we’re standing next to you (from six feet away, of course) as you view what might feel like a mountain of new challenges. Think of us as the friendly crew that’s helping find the best guides, tips, and inspiration to help you succeed.
That’s why this month we launched these new resources and initiatives:
- A new “Working from Home” Resource Center
- A new roundup of virtual offerings from Conference for Women speakers
- A new audio series featuring timely tips from our archives, called Best Breakouts
- A new Celebration of Women’s Stories of Hope and Inspiration, presented by Target and the Conferences for Women
- A new conversation with Jean Chatzky, the financial editor of NBC’s Today show, about navigating economic downturns
We’ve also increased the frequency of our newsletter to keep you informed and connected to this vital community of women supporting women. If you know a friend or colleague who could benefit from joining us, please share this newsletter with them. New readers, sign up here.
Two final notes:
- Young women from underserved communities who are prospective college students need our help now. Please consider giving to our partner, ScholarMatch.
- The 2020 Conference will go on, and registration will begin in June. Read our statement.
Two Important Personal Qualities for Navigating Economic Downturns
Jean Chatzky, the financial editor for NBC’s TODAY, once conducted a large study, in partnership with Merrill Lynch and Harris Interactive, to identify what separated people who were successful—in a wide range of financial situations—from those who were not.
As you might have guessed, saving and having a financial plan was part of the answer. But so was being optimistic and resilient, Chatzky said in a recent conversation.
And, those are the skills we need now—and can cultivate now, she said.
“You can become a more optimistic person if you want to be. One way is to keep track of good things on a daily basis. Keep a gratitude journal or a happiness journey. You have to show yourself that good things do happen, even in bad times.”
As for resilience: “That boils down to control what you can and let go of the rest. You can’t control what others do. You can control what we do.” Likewise, you may not be able to entirely control your income but you can focus on controlling your expenses.
Keeping Perspective Also Helps
“If you have long-term time horizon and are not going to use your money [in the stock market] for the next five, 10, or more years, then take a deep breath and try not to obsess about the financial news,” said Chatzky who has been a financial writer since 1986 and witnessed at least four down-turns before.
“Continue to put money into your 401K and have confidence that based on history we will come back from this. American companies are good at what they do and will figure out how to come back.”
If you need money in the short term, think about where you can get it where it is going to cost you the least in terms of interest, taxes or penalties. That may mean tapping an emergency fund or home equity loan if those are options for you. Taking a hard look at your budget to eliminate unnecessary costs is also, of course, always a good move.
And, while it’s true that the markets don’t like uncertainty, and nobody knows how long this downturn will last, Chatzky sees another side to the story.
“The story I am telling myself is that when I watch Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, “I am confident he is a smart man and people like him will figure this out. Figuring it out in my mind means getting a handle on the health crisis.”
“We have to get a handle on the health crisis to get a handle on economic crisis. And, I believe that even though we don’t know a lot about what’s happening in terms of how long this is going to last and overall economic impact, we are seeing proposals coming from Washington and actions being taken. Day by day, it seems to me that we are moving in the right direction to get this under control.”
In short, Chatzky said: “If you are optimistic about the future of this country, and I am still optimistic, you have to tell yourself that we will eventually get to the right answers and get on back course.”
To learn more, visit Jean Chatzky’s Her Money, a new digital media company focused on improving the relationships women have with money.
ENCORE | Your Money: A Pathway to a Richer Life | 2019 Session
What do we want from our money? Some of us look for independence and security, while others desire more choices and a better way of life. But all of us want to experience less stress around money. So, now that women have more money—and power—than ever before, how can we start making our money work for us? In this session, Today Show financial editor and best-selling author Jean Chatzky will share what she’s learned about living a financially robust life. She will also present her three-part plan for understanding your life in relationship to your finances. Expect to walk away armed with tactical solutions for getting paid what you deserve, making your money last, leaving a legacy—and, most importantly, feeling joyful while doing it.
Your Money: A Pathway to a Richer Life | 2019 Session
What do we want from our money? Some of us look for independence and security, while others desire more choices and a better way of life. But all of us want to experience less stress around money. So, now that women have more money—and power—than ever before, how can we start making our money work for us? In this session, Today Show financial editor and best-selling author Jean Chatzky will share what she’s learned about living a financially robust life. She will also present her three-part plan for understanding your life in relationship to your finances. Expect to walk away armed with tactical solutions for getting paid what you deserve, making your money last, leaving a legacy—and, most importantly, feeling joyful while doing it.