19 Burst results for "Ron Lieber"
"ron lieber" Discussed on Happier with Gretchen Rubin
"And the podcast Near jordan harbinger each to talk about their tendency and the four tenets framework and each one of them talks about how they harnessed their tendency to achieve their aims. So if you wanna watch the interviews go to gretchen rubin dot com slash four tendencies and here. Okay don't say the answers elizabeth but just tell me if you think you can guess okay see if you can guess the tendencies. Okay ron lieber said. I thought there was great honor in doing journalism that was in direct service to people. Okay so have your guest. Then carla hall said. I have a strong sense of self what i want to do what i don't want to do. Yeah okay then ra meet safety. Said i take a lot of pride in my routines. And then jordan arbiter said when you're little they don't want to hear from you but when you're a lawyer they want you to question everything okay. That's kind of giveaway. Yes so if you go. If you got a gretchen moving dot com slash for tendencies you can find out if you guessed right all right. Well i'm i'm gonna ask you later gretch. 'cause you're like you're an expert yourself That are innocent bystander. Yeah so good. Check it with really fun To do those interviews coming up. I give a gold star to our pa in puerto rico but purses break if you're looking to super charge your social skills and learn the art of conversation charisma and networking the checkout the.
"ron lieber" Discussed on Motley Fool Answers
"That isn't actually real right. And then they say oh. We overpaid you by accident. And can you please send back six hundred of the two thousand dollars right and you send back the six hundred bucks and then you find out a week later that the two thousand dollars wasn't real and then you're banks mad at you and it's essentially on you so you know that that's a that's a common common form of the scam. It's man i remember. This one just took so many different forms like maybe you were a secret shopper. And they would give you a check until you to go secret shop somewhere and then pay them and part of the secret shopping would be wiring money back to them and telling about your experience with western union I feel like small business owners sometimes. Like let's say you're a photographer and clients like well. I'm gonna pay you with this check and then can you. Then i'm going to overpay you but then can you take some of that extra money and then send it over to this other person. Who's gonna my florist for example. This one comes in so many different shapes and sizes and it's that waiting two weeks that is really going to save you a lot of grief. I think like two or even three weeks. I don't know exactly what the how long that waiting on it before you act. That's really gonna help because then you'll figure out that the check didn't just bounce. It was just fraudulent to begin with. Yeah so a a funny story from my own personal experience You know it is necessary to be vigilant. it's also possible to be too cynical while simultaneously. Not being vigilant enough. So i had to check show up About two years ago for five hundred dollars. I could not figure out who these people were. who who were listed as sort of the the payee. I did some googling around. I found an address actually not fall far from the motley fool headquarters. I wondered whether the fool was paying me for some or another pass. Podcast appearances you guys are going to send me a check for this appearance. Are you I was. I wasn't planning on it. Don't cash all right so so anyway. So i i put the check aside and i just thought to myself all right. You're a smart guy. Ron lieber Don't embarrass yourself here by like falling for checks gap And then a year later..
"ron lieber" Discussed on Motley Fool Answers
"Dollars less annually on healthcare costs after retiring of times article also cited a canadian study which found that people over the age of sixty five who were physically inactive incurred hundred and fourteen dollars. More in health care costs each year. Those are canadian dollars. So it's a little less than us dollars. What the study was two thousand and ten so i. The figures actually higher now so to wrap it all up in the words of dormant coughlin researcher who led the recent british american study quote. It's never too late to start. And that alison is what's up. Usually ron lieber joins us to talk about paying for college or.
"ron lieber" Discussed on Motley Fool Answers
"Are the most important steps in retirement planning is basically determining how much it'll cost however this could be a challenge when the price tag of one of the biggest items in your budget could be anywhere between a hundred and fifty thousand dollars and more than a million dollars lace. That is how much a sixty five year old couple couple retiring in twenty twenty one could spend on their lifetime. Retirement health care expenses according to health few services. The range is so wide because the cost will depend on all kinds of factors such as where you live even your incomes. It's medicare premiums are based on your tax return. You know your current health health status and of course any future ailments that may happen to you and to add. Insult to the cost of injury. That estimate doesn't even include the possible price tag. A term care. Actually it turns out that healthcare is unique among the retirement expenses for three reasons. I it's likely to the expense that will go up the most when you retire unless of course you go out and buy rv or something like that. Bank estimates that on average the cost of medicare premiums are almost triple the amount that employees paid for health insurance coverage when they're working people who retire before medicare eligibility at age sixty five can expect to pay more than six times what they're paying for employer provided coverage secondly most expenses actually stay flat or even declined over the course of retirement. The one big exception is healthcare healthy services estimates. That kurt retiree should expect their costs. Will rise five point nine percent a year every year for the rest of their lives and then third healthcare likely be the most unpredictable expense. You'll have in retirement. The amount you spend on things like you know housing food transportation entertainment. They'll be within somewhat narrow ranges that are at least somewhat within your control out but healthcare costs. They're gonna vary up on all kinds of things like government decisions. The healthcare industrial complex and most importantly whatever maladies afflict. You over the rest of your life.
"ron lieber" Discussed on You Need a Budget
"Dollar college savings burden sets child up pretty nicely with a nice nest egg so the ability to soften the burden of tuition by taking on debt while leaving. The child with wealth might be the best reason to consider this approach. It's so It's so counter to what you read. Where i mean it's one thing to say. Hey let's be smart and minimize the amount of debt we take in absolute terms. So of course you know shop around. I just had a good friend who was shopping around colleges for his very competitively competitive academically very competitive daughter. And we had kind of gone off of this book that i just read an enron that i'd had on the podcast and and so he sent a few well-timed well-worded emails to some colleges that were wanting to have his daughter You know enroll yes. And i think he might have knocked off. Gosh i think it was. Maybe forty grand over the life of her. You know for four years by sending an email saying hey this school offer this and they're like can you send us that offer and he did and they said oh we'll match it. I mean just like that and that was that was her top choice school and always always the sky. I want to know my son's going to uva next year. Oh i do you have a. Does your son start. In the followers. It fall of twenty two that starts in the fall. Yeah this year so it's it was. i mean. It was all from that book that i had been reading. And he's been he'd been doing the whole college shopping around thing with his daughter and i was just saying. Hey you you ought to just know you know. These colleges have all kinds of maneuvering that they can do. It's it's very market driven. At the end of the day unite if they lose a seat to a competitor that's a loss seat period. And anyway so the the the book you should peruse is is ron lieber book the how to pay for college and there's a bit about merit aid..
What the pandemic has revealed about the real value of college
"We've got a moment. We're in crisis. Can we do better. Ron lieber is asking that very question in his new book. The price you pay for college is the author of the new york times personal finance column your money ron for years and years and years. We weren't thinking about the price of college the value of college. Is it worth it. Well i think you have to start by asking yourself what college is right. what is college for. I wasn't sure what the answer to. That question was so i asked you know scores of families and i heard the same things over and over again colleges for getting an education for having your mind grown in your mind blown. It is for kinship. It is for finding the people who will carry you through life. It is for getting a credential whether it's the gold plated one that will open doors or just the degree that will allow you to grasp hold of the middle class and hopefully stay there and so in order to answer. The question of whether college is worth it. You need to find it for your individual family that we as a nation can dictate for any given individual but then how did we get to this place right. My dad worked in the summer and put himself through school and had a tiny bit of debt. After how did college get this expensive. There are so many more things pulling on our household incomes than there used to be. We are entirely responsible in most instances for our own retirement. We're paying more and more out of our own pockets for healthcare. Many people are paying off their own student. Loan debt well into their forties or fifties right so people don't have the same kind of disposable income as they might have earlier states have reduced their subsidies towards higher education which means the price of the state schools has gone up and the private institutions. They've gotten more and more expensive so the middle class. There is being squeezed. This whole idea of i want to go to a liberal arts college and better myself and in the world is will be. My voice. teacher is kind of an antiquated thought. Sure i'd like to enrich myself but not if it's going to put me in hundreds of thousands of dollars worth of debt. I remember when i was a senior in college. I went to lehigh and lee. Could absolutely help you on the career services front. If you wanted to go work in an accounting firm or be an engineer i wanted to work in investment banking so i drove to new york city with my mother and i stuck into the career services office at columbia university and i borrowed these giant binders. That had every piece of information that you needed for every bank every financial institution so you could apply for the summer internships. Now i went to the photocopy machine to start and you needed to have a school. I d to use the photocopier. I got caught. And i got kicked out the reason i bring this up. We send these kids to college but the best jobs are directly linked to only a few schools. So do we need to start looking at. Here's a college. What is the job. My child is going to get on the other side because otherwise they will be sitting here in hundreds of thousands of dollars with a debt. Yes to all of that first of all. That is the most bad ass career services story that i have ever heard your description of this as quote unquote best jobs right. I mean it is true that the best jobs in investment banking very narrow feel from certain institutions. Right unless you beat down the door but are those. The best jobs in america are the best jobs for anyone. Goldman sachs's is hiring. All these people in salt lake city now do not come from columbia and harvard and stanford mit. So then we have to ask ourselves well. These are iconic jobs in in certain social classes but are they really the best jobs out there for any given twenty two year old. I don't think so. Before the pandemic we knew there was a skills gap in the united states. We were at full employment yet. We had millions of americans who are not making enough money to support themselves. We had people who had jobs but good enough jobs. But you hear people making that argument saying you cannot afford to support yourself and your family working in a fast food restaurant but that job was never intended for someone who has a family to support. Is there an opportunity to actually create a real jobs program. A skills retraining program so it's not just about raising minimum wage. It's about retraining. People to qualify themselves for better higher paying jobs yes and that infrastructure already exists we can use the community college infrastructure to provide that skills training but we also have a shortage of qualified instructors to teach some of these skills. Why because the skills are so in demand that the people who would be doing the instructing are making five times as much money being actual practitioners. If you're a master plumber. You're not going to spend twenty hours a week teaching at a community college even though it would be a service to the community if you are a welder with twenty five years of experience right same thing is true. So how are we going to create the budget that allows for more people to be pushed through rigorous training programs. And so we need to do more I think from a state perspective and from a federal perspective not just provides the money but also to ensure equity and access to these programs
"ron lieber" Discussed on WGN Radio
"The NASDAQ up just shy of 132 points. Current temperatures. 33 at O'Hare 34 midway 32 at the lakefront 34 Waukegan. I'm Steve Roxton on Chicago's very own 7 20, WGN. Gotta money question for Terry Savage. 312981 72 100 will get to your calls and questions coming up. Just wanna say thank you to Terry Savage coming on the show today. Hey, Terry, how are you? I am on this. It's fun. It is fun. You know, you're you're part of Ah, Parent serious program tonight, And these things have been really great. The subjects that they're coming up with one tonight is the price you pay for. Colleges want to get this out there. We can put it up on the WGN radio website, of course, but it's tonight. Seven o'clock, You go to Glenbard GPS that or for the link, it's free and it's virtual. So I mean, wow, free. Great advice from Terry Savage. I'm in Yeah, I'm interviewing Ron Lieber, whose books just debuted today at Number four on the New York Times best seller list. It is called the Price You pay for college if you have a high school student, preferably a freshman or sophomore You absolutely have to read this book. I mean, you know, people make big decisions about their home. But if you have one or two or three kids going to college, you're talking about spending more money than you probably spent on your home. And it's been a blind item. You know which school will give me more? How? What's the real class? What's financial aid? Today. We're dealing with a student debt problem that Are bigger than our national credit card problem. $1.7 trillion in student loans, burying people. And if Ron had written this book 15 years ago if he could have We would have saved so much heartache. And why is that? What is that? We should have known. What should we have known or what could if we knew something, then that we know now what would you do Different Here's the thing. Think about health care costs meant If something's wrong, you go to the doctor assuming of insurance now and then this whole thing about what insurance did you have came up, But you would. You knew that insurance would cover it. So you never Knew that if you walk into you know, Rush Hospital or Northwestern Memorial or whatever. Some people there who were having heart surgery. Have insurance that pays the full tab. No, Some people are on Medicaid. And there's huge discounts for that, And some people are part of group insurance policies that have negotiated lower prices with hospitals and doctors, for example. But since we don't pay when we have health insurance We don't know about the underlying distribution of what stuff clock. And, frankly, unless you call your friend and they know I had my hip replaced here are my knee replaced there. You don't really know There's no way to grade actually the outcomes. Of any process in health care. Well with college. It was the same way except It wasn't insurance paying for it. It was parents. And Rahm Lever has managed Appeal back. What is happening now is your kids apply for college next year or the year after to see Not only the facts, the stuff I write about about financial aid, and it's true costs in the forms, you have to fill out this factual stuff. Let's talk about what's the real value of college. Which may be different for your family or another family. Maybe it's prestige. Maybe it's cost. Maybe it's It can be a number of things that make people Willing to pay more for college. But the question is, Do you get what you paid for? And could you have paid less? Nobody goes out and buys a car at list price. I mean, I'm not a car person, but I know that the stickers right pressure. Gonna pay well, doesn't disappoint there, too. There's an excellent point there, too. I just remember the time I was going to college early nineties, I everyone was. You're supposed to go to college. That's what everyone was supposed to aspire to go to college. It was a sort of like the unwritten rule, and people looked at you other parents would look at you and say Oh, you're not going to come. I mean, like it was one of those things and you're right. It's something to examine. When you look at this year cost of it, and you look at what the payoff is relative to it. My concern here is Terry that the cost of a college education is getting So high and so big and you're looking at a whole generation that's just saddled with all this death. You're seeing people who are low income who are choosing not to go to college or in that middle income. Where they you know, sort of don't qualify for help. Just deciding. You know what I might benefit from college, But I just won't even go for it because I don't want to deal with all of that. Those student loans for our countries as the nation. I mean, in general. Overall, we really do need an educated workforce. But there are a lot of moving pieces in this whole decision. All right. I'm gonna start at the tail end because just because, two weeks ago I put up a column in terry savage dot com. Talking about the incredible Soon loan debt problem where we have people in their forties and fifties and some even approaching retirement and some in retirement. Who I have not paid off their student loan. No simple part about that is they never understood Number one what the cost of interest would be and number two here something that surprises so many people. When you take out a student loan if you took it out 12 or 15 years ago, the interest rate was 8% interest rate stays the same for the life of your student loan federal student loan. And private student loans are equally high, and they don't re finance very easily. So the fact is that what if you took out a mortgage 15 years ago, and you had a 9% right by now You've.
"ron lieber" Discussed on Biz Talk Radio
"Ron Lieber is the author of the opposite. Spoiled and be your money columnist for The New York Times. Two of his books, by the way, have been New York Times bestsellers, and he's a three time winner. The Gerald Loeb Award business journalism's highest honor. And it is so nice to have you with us because This book. Is critical. The price you pay for college. An entirely in entirely new roadmap for the biggest financial decision your family will ever make. And Ron Sending your teenager to a flagship state University for four years off on campus living cost more than 100 grand in many parts of the country. And meanwhile We know that many private schools Will triple that triple that if not more, absolutely, the retail prices have gone to the moon and the one of the things that I'm trying to make clear to. My readers is, you know, First of all, explain how it was that this happened and you know what is and is not responsible. You know, the fact of the matter is that These institutions are mostly made up of people, well trained people, professors and administrators, and they're not the cheapest people to employ. But the other thing I want to make sure that people know that, you know, give them some grief. Hope here is that you know, roughly 90% of Undergraduates do not pay the full price. They get a variety of discounts and part of what I want. My readers know is how to get him. And there are lots of grants. The Pell Grant was one that's been around for eons and so many different, wonderful grants out there and programs. Uh, Shit. What's going to kill me in on what's happening with covert and Because the learning is still happening, and I know that there were some Some students that were really not thrilled about paying full tuition for remote learning. Yeah, So there's a couple ways to think about this. Right? First of all that, you know, we should go back to the to the spring. What? What happened in March? Everybody was sent home within the space of days and cut thrust into the zoom rooms. And basically what happened was that you know, if you believe that you go to college for three reasons, if you go to college for the education For the kinship right? The friendship the mentor chip, the people and for the credential. Once everybody was sent home and march to those three things were gone right? The education was nowhere near what it wants Woz. People certainly weren't getting hang around their friends. Their measures. The only thing they were getting was the credential, the progress towards degree. So it's no big surprise that when the school's refused to do a partial tuition refund that you know somebody got in their heads to sue, but The thing that was most note worth into me with it. Even with the public health threat hanging over everybody in the fall, All of these students flocked back, and we're willing to do so at the same prices is a paid before, even though it was clear that was going to be a really compromised experience to me that gets to the Unceasing demand for the residential undergraduate experience. Yeah, I think so going to be right. But the thing is a bubble that's gonna burst or something. People want to go and they kept going this fall. Absolutely. And we actually had Lot of students from BU that were Um They were caught because they Because of all of this Kobe they started to use the hotels that were not used, and they thought that would be a native, innovative way to accommodate more of the students and because of the You can't all live together. Now you have to live individually, and so they started using the rooms at hotels locally. And unfortunately A couple of the students were caught partying, or they claimed they had people in the rooms and And they were expelled and thrown out and like, you know, $30,000 not going to be refunded to them, and that was a big mess, too. Indeed, and you know, I I get why there was controversy. You know. On one hand, the school's made it clear that they were deeply serious about their safety protocols on the other. Carrington family growing relatively Lidiya administration. And put it couldn't believe that it was one strike and you're out. But you know the school wanted to send a message and that message reverberated around the country because you know for a day or two and higher execution so you could not avoid Reading about that handful of students that were expelled. Yeah, Yeah, Parker. They take out their pie. I heard they didn't get their money back. Possible, quick, Gregor. You moving around for Way lost some of your idea. Right. Sorry, Rob. Ron, are you moving around? No, I'm not moving. I'm looking. I'm standing right here by the window. Okay. All right. Thank you. Sorry I lost you for a bit there. Okay. Should we try that again? Yes. All right. I'm gonna be mute out 543. And so I heard that a lot of those students did get their money back, though the bottom line was that they negotiated and everybody was back on page and you know, and of course, that protocol was just for the safety. Issue for all of the all of the students. Okay, so now this year On what's the value? What is a value for kids? And are they did they take The semester off for for Ah, this year. Are they going back or they're going to wait. Till till fall of 2021. What's the deal? Well, Spencer of a mixed bag in terms of the way that people have responded to this, you know, it is apparent myself, and it's somebody who writes about value for a living. It's hard for me to imagine pain $75,000 or even a you know a discounted rate. Northeasterner be you right now For this very compromised semester or year. I just don't think the value is there. But there's plenty of people who a Just want to keep making progress towards the degree and be can't really imagine what else they might do with themselves, given that the world itself is compromised, so you know they're lacking. Imagination or the initiative or or just the options where they live. To find something else to do. That would be better. But, you know, to my mind this version of residential undergraduate education that exists right now, amid the pandemic is not something that's worth paying for. I have to agree. I'm thinking about this and thinking about Be, um I I'm concerned. In general. About what? I just I just start. I just our ah, a quote or something that That said, Um How scary is it going to be in a few years when ah, all of 2020.
"ron lieber" Discussed on Bloomberg Radio New York
"At Bloomberg Quick Take This is a Bloomberg business Last month World Headquarters. I'm Charlie Pellet. We begin with a developing story a toss that is a French Iittie outsourcing companies said to be planning to walk away from talks. Bye, D x e technology that headline from the Bloomberg Professional Service After the Bell we heard from Rambus shares. Lower sales missed estimates shares down by 6% serious logic down more than 7% after ours after its fourth quarter, gross margin forecast fell short of the average analysts estimate at the midpoint. Stocks had their biggest rally in about 10. Weeks of several strategists at the recent explosion of Speculative buying will not derail the bull market in equities s and P up 59 points. That was a game today of 1.6% that all up 229 up by a body 10th of 1% as stank up 332 up by 2.5% tendered on 4 30 seconds 10 Year Yield. One point owes 7% gold up 7/10 of 1% 18 60 the ounce. Silver Today. Silver Futures up by 8.6% the eye shares Silver E t F a Bite 7.1%, West Texas Any media crewed up 2.4% 53 45 a barrel? I'm Charlie Pellet. That is a Bloomberg business Flash. All right. Thank you, Charlie Paella. Let's get back to our guest, Ron Lieber. He's the your money columnist for The New York Times, and he's also the author of the Price You Pay for college and entirely new roadmap for the biggest financial decision. Your family will ever make. I'm still having trouble. Ron getting my head around the question why college tuition has grown so much more quickly than inflation. Especially over the last 30 years. Sure. Well, let's start with the state institutions that what's going on there is the subsidies from the state legislatures have fallen in the last big recession, You know eight or 9 20,010. They just cut this to the to the bone and the easy thing for the state universities to do to make up. The difference is, you know, raise the prices to the people who live in the state and also to try and attract where people from out of state and charge them even more with the president's. It's a little bit different and what they said to me over and over again when I was in You know the office of the president demanding the same information that you're demanding for me? They said Look, what do you want to speak to you like 65 to 70% of our costs are Professors, administrators and staff and, you know if you believe the Wall Street Journal editorial page we we've got an administrative bloat problem here because of all of the regulations, But the regulations come from the legislators that we all vote for about box and we have parents. What are kids taken care of? We do want our kids with mental health issues and disabilities be able to access these institutions. We want our daughters on the ice hockey, you know, in the ice hockey right the same way that the guys are. And to keep track of all of this stuff and and make sure that all students are well served equally served. Does require trained people and they are not cheap. Wow. Okay. Well, isn't there? A lot of reading today wasn't it's not because they need to model on You know that most of these institutions are not growing that much geographically. So you know, the lawn on Lee cost so much now things like lazy rivers and climbing walls. He's become sort of like totems and boogie Man. Um, you know for people who think college spending is out of control But this is the manner in which our kids have become accustomed. Right? I mean, many high schools have climbing walls now, and we're the ones who take kids on vacations to places have lazy rivers. And really, there's only a couple 1000 lazy rivers in all of higher education. So you know it makes for a nice headline and a funny talking point. But these are not the reasons why I college costs a lot of money, but I want to go back to what you say, because I do think that there is a belief in this society in many ways that the higher something caused the better it is, and we definitely apply it to education. So what's your Woods. Your advice to parents? Who? You know, I just went through this with my daughter, you know, And the thing is Doesn't feel like that. There's many cheap schools in expensive schools out there anymore. But what's your advice as someone goes through this process with their with their students? Well, I'd start by ignoring the list price altogether. The retail price you've got to determine if your family is going to have any financial need is defined by the financial aid office. You've got to determine if the schools that you're interested in doing discounting on the basis of what they refer to his merit, which may have something to do with the grades in the s A T score, but a lot of other things. You know in your kid's portfolio, and look at what you know the average next crisis right on down, so that may not blow your mind quite as much. But it is true that there are plenty of people out there, making choices between $300,000 schools and $100,000 school's over four years. And there, Scott asked basic questions about what college is for, right? Is your kid there for the education because they want to get into it. No Top five Marine biology PhD program. Are they there Because they want to be in line at why Combinator Kleiner Perkins at the age of 24 for start up money if that's your goal. You may need a $300,000 school, but, you know, it just depends on the kid and what they intend to do with themselves while they're there. Um, you know, it sounds like the system. He's a little broken run. Do you think? I mean, do we need to change this? This is a This is a lot of money. To here's the thing right? You know my role at the New York Times and what I consider to be my role advice. It's just to help people work within the system as it exists and beat it. When necessarily, But I'm all for breaking it. Uh, the problem is, um, you know, I have no beef with people who think this is all ridiculous, right? Um, there's so much complexity built.
"ron lieber" Discussed on Bloomberg Radio New York
"To this conversation for a while. We're going to catch up 18 years. Exactly. I have so many questions. I get ready, Tolo pay for college. For my daughter, Ron Lieber. Is Theo your money columnist over the New York Times? He's got a new book out called the Price You Pay for college. So we've got lots of questions for him. Yeah, And how much is it gonna cost for my two year old to go to college is gonna be like a million dollars. Get ready, babe. Hurt. I'm hurting. I'm sweating right now. All right, let's get another check on your top business stories once again over to Charlie Parker much. Here's what's going on Seriously. Logic shares down 7% after ours. Fourth quarter Gross margin forecast fell short of the average analysts estimate of the midpoint. Rambus had its fourth quarter loss widen sales missed estimates shares now lower by roughly 3% on Wall Street. It was enough Monday stocks at their biggest rally in about 10 weeks, several strategists saying The recent explosion of speculative buying won't derail the bull market inequities among some of those names. For example, Gamestop plunging 30.7% today, AMC Entertainment, eking out a gain of 3/10 of 1%. Last for those high flying chatroom Stocks modem. Aha! John is director of U. S investment at Al Leon San. She was interviewed this morning on Bloomberg television and radio telling us she's wondering about the endgame really over time. How does this end just Gamestop or names? He come back down to its fundamental value? Which, if you look at average price targets by analysts, Gamestop a 13 50 a M C it to 50. Were, you know, we get some sort of regulation in the interest of our market forces going to dominate. And then finally, you know, something we've been thinking about as an industry and its financial services firm. Are we going to need a new set of analysts that just kind of go through and comb through? Message Board, Social Media S and P 500 Index Up 59 again Today of 1.6% the Dow Up 229 of eight tens. NASDAQ Up 332 Up by 2.5% Tender Now down 3 30 seconds 10 Year Yield one point owes 7% gold up 8/10 of 1% 18 61 Hired by $14 the ounce silver Today's silver Futures up 8.6% SLV that is the I share. Silver Trust et f up today by 7.1% West Texas INTERMEDIATE Crude up 2.4% 53 46 a barrel alphabets. Google has signed a six year deal with four that will bring Android technology. The automakers, cars and cloud services to its factory floor in a triumph for the Internet giant over rival Microsoft. Shares of Alphabet up today by 3.6% Alphabet reports earnings tomorrow. Ford Up 2.9% Microsoft Up 3.3% A manse, The Bloomberg Business Flash. All right, Charlie. Thank you so much so student loan debt. Check it out. Everyone. We've talked about this before sitting at nearly 1.7 trillion as a parent who has spent the last year going through College application process with my high school senior. I've been really looking forward to talking with our next gift s O. I know kind of what my money will get for me on my daughter. More importantly, Ron Lieber is three. Your money columnist of The New York Times He writes about personal finance for the Times before that, at the Wall Street Journal, my alma mater. His new book is the price You Pay for college, an entirely new roadmap. For the biggest financial decision your family will ever make. Run Joins us on the phone from Brooklyn. Bron. Great to have you here with Tim and myself. Welcome. Welcome. So tell us about this book. What you set out to do what you wanted to find out and kind of peel back the layers of this process. Sure this is a book that was born of a problem in my in box. Each spring, I was hearing from otherwise sophisticated people, successful ones who run organizations in New York City that you've probably heard of who felt like they'd been run over by a freight train when they got to the end of this and realized They had no idea how the levers of discounting we're being pulled not just for people with demonstrated financial need, but for affluent people who were getting discount offers anyway, and they just had no idea and this one on spring after spring. And I finally realized Wow, I not only need to explain this to people, but we also need a better set of questions her parents who are trying to figure out Whether you know Princeton's $200,000 better than Rutgers or Mount Holyoke $2000 better than you mask. We just needed a better set of questions, and we needed answers from the schools and the data that they do not like to give up. Run. I didn't graduate from college that long ago, but it's like my alma mater is like almost twice as expensive as itwas When I graduated back in what 2006? How does this happen? Well, they're a couple things going on here. Right? There are list price is right. Retail prices, the rack rate like the price tag you see on the back of the hotel room door, And then there's the price that everybody is pain right? And so on the whole something like 89% of all undergraduates nationwide gets some kind of a discount. It's either through need based aid. Or the so called merit aid that comes regardless of your ability to need, you know, to pay and may in fact, have nothing to do with your grades, and that's a key scores of very little s O. You know, it gets complicated, but the farther you go up the food chain to the most selective Public's in private, the more likely it is that people are paying full price. And if some of these institutions of many years 60 65% of the families of painful process So what? What seems so crazy to Miran is? Why don't we just mark the price like it should be because I feel like we're on this crazy like Hamster trail like you know, and it's just schools have to raise a lot of money for their endowment, and people have to donate a lot of money for it, and I feel like the cost of the school has just gone on it like there's just this weird thing that's going on. Why don't we just set the price as it is? What You know what we're getting, and maybe it would make it more affordable that you wouldn't need to have so much need based aid go out. Yeah, You know, I wish it was simpler right? But we're generally talking about two different kinds of schools. Right. We're talking about public one's private ones. And then the private ones that sells gets subdivided because there are you know, private, super selective schools that do have endowments that throw off a fair amount of income each year. But then there's a whole mess of private colleges and universities that are extremely tuition driven. And they don't have endowments to throw off enough money to support the institutions. And so there's a transfer going on, You know, higher income, higher place tag people. Said. You guys in the lower price. Take people, right. So you know you ask about this notion of tuition reset, right? Why don't they just lower the price? If everybody's getting a discount anyway, so that would pose to problems. First of all there is this. Fury in the higher education marketplace known as the Chivas Regal effect that's based on a legend. That may not even be true that at one point in the past, Chivas Regal tripled its price and quadrupled its sales overnight. And so these schools feel like if they lower their list price is that people will think less of them and then just about every school, though not all of them. There are a few people who still pay full price, particularly international families, or just, you know, people domestically who are just like thanking their lucky Stars that their kids got their act together, and they're happy to write a check of any size, right? Who's that revenue? You lose that incremental revenue If you lower the list price? Listen, hang hold onto that thought wrong. We have to do some news, but we'll come back and continue this conversation. I feel like everybody's just stopped in their places because we all want to understand this because it just doesn't always make sense. We'll come back with Ron Lieber and talking about his new book, the Price You Pay for college. In the meantime. Back to Nancy Lines for the check on world the National News. Hey, Nance. Hey, Carol, officials say in January, the U. S recorded more than 95,500 Covad related deaths. That's the worst monthly total..
Navigating the Maze of Paying for College
"My colleague ron lieber joins us now. He is a personal finance columnist for the times and his latest book is called the price you pay for college an entirely new roadmap for the biggest financial decision. Your family will ever make ron. Thanks for being here. Thank you for having me. i you know. I had trouble reading that that subtitle. Because i am. I am one of those families This biggest financial decision that i will ever make. This is a big subject. Well i mean why not call it what it is right. I mean looms incredibly large not just because the list prices are so high but also because of the emotional component of the decision right. These are our children that we've invested a lot in both financially and emotionally and we're about to send them off into the world and the enormity is not to be underestimated especially emotionally but is the enormity we sort of put on the idea of college. Are we misplacing our priorities. When we think that college sort of equated with our children's future. I think it depends on who you are. And how much privilege coming to the table with me. And you're a new york times columnist and you went to a selective school and you are reasonably well networked. There's pretty good chance that your kid is going to be okay no matter what and no matter how you define okay whether it's income or friendship or connections or happiness in the world but if you're starting from someplace else right if you are from a low income background if you are a person of color. The school can make a sizable both difference in your trajectory. So it does depend on who you are. But i also understand why families who are more privileged than average get all caught up in the frenzy because it literally surrounds us in our communities in the media and certainly in the high schools you bring up an interesting point too about what the intended not just where you come from but what your purpose is what your intention is with regard to college. I mean some people see college as primarily a financial decision means to getting a job or career or even just getting by others see college and perhaps this is the the person of privilege viewpoint. As just a fundamental part of being an educated human being other people see it as a way to compensate for what they think was a shoddy secondary school education. Just kind of becoming reasonably well educated and then others of course it is like a fun way to spend four years should the way that you view college and its purpose influence how you view that investment yes and you hit each of the big three so i spent years asking people. What is Because you have to find that for yourself before you can go shopping for it and so there really are three components right people shop for an education right. They want their kids minds. Grown and minds blow number two. They go shopping for kinship. Right you're trying to find your people the people who will come to your wedding the people who will carry your casket the people who will hire you and also your mentors. The grown-ups who will influence you. And then the last part is the credential and people think about that in a couple different ways some people come to college because they are looking for you know the the basic degree that will allow them to grab hold of the middle class and hang on for dear life right so maybe they're coming from a low income background. They want to become a teacher. They want to become an account. They want to become a nurse. Know relatively recession proof jobs and then there are people who are reaching for the sort of gold nameplates. They want doors open to them. That might not be otherwise. And if they're already from a privileged background they're already part of a fancy alumni network. They don't want their children to you know downgrade in access or privileges and so they strive for it all right for people who are not conversant in the three numbers five to nine busily worrying about this. Let's just give a sense of. What does college costs. What is the cost in america of an average public school education and an average private school education right now well from the perspective of parents. We often use rice with cost rates that there's the net price or i'm sorry. There's a list price right so the list price at the most expensive private colleges and universities right now is over three hundred thousand dollars for four years and that's after taxes by the way right does that include like food and textbook. That's everything all in. Yeah at a flagship state universities. You may pay more than one hundred thousand dollars for four years. And that's if you can get through in four years and plenty of people cannot but the net price is something different. What's going on behind the scenes. Now is that there is not just the financial aid system of old where discounts were based. On what you earned what you had right so called need basting. There's also an entirely new parallel track of financial aid known as merit aid where people are given discounts for all sorts of reasons. Maybe because you're a good student or a good leader or maybe it's because the institution is in a market segment where just no longer has much pricing power. Maybe because everybody around it is discounting her because parents who have the ability to pay are no longer willing to pay for that particular institution so it's kind of unpredictable.
"ron lieber" Discussed on KQED Radio
"The new book called The Price You Pay for College, which contains more of this family's story, He says the homework isn't over at this stage. You want to know exactly what the rules are, where this incredibly generous award could be taken away from you. So you know, maybe if your grade point average falls below a certain point, will they allow you to take a year off? If you want to are you kept from studying abroad? Are you forced to study abroad and Then you know there may be an opportunity to ask for a little more right. Laura's daughter is happy at the school, she was excited to choose Tulane University in New Orleans. I think you should take their preferences into account as best as you can, but it is also your job is the grown up to explain ahead of time just how much decision making authority you are willing to see. And if you're lying to the child is we have $20,000 to spend and we're willing to borrow $10,000 more and no more, Then you have to be prepared for them to do anything they want with that budget if they manage to sort of win this extreme sport of merit aid acquisition Extreme sport. Indeed, Laura more, Dante, paroled acknowledges, and Ron Lieber concurs that getting a full merit scholarship and an elite school is harder than getting into one of the Ivys. There's more from Ron, including how to find hints about which colleges might be inclined to give big merit scholarships to the best students and marketplace dot.
"ron lieber" Discussed on WGN Radio
"To get notified when there is an appointment available so that the county public Health Department of them helped them get to the Sight of their vaccination when they need this in an effort to boost rates of vaccinations in the hard hit black and Latino neighborhoods, where Lightfoot says she plans to increase the number of doses for mostly South and West side communities, while partnering with local groups on a census style sort of outreach plan. Now it's a city government and with trusted local leaders. We have been laser focused on these disparities. Since the early days of the pandemic, we have gone door to door passed up, pp worked to educate and connect people to local health care providers tried to bust through miss so that we could address concerns with fax in the truth, and we have and will continue to bring testing to those neighborhoods most in need. And still, Despite all of these efforts, we have too many neighborhoods, a zip codes plagued by high case rates and soaring positivity rates. Now we have not been discouraged. Said. We have been determined. Determined to save lives. And as we enter this next phase of the pandemic response as we open up the vaccine to more Chicagoans, I am here as your mayor to speak another hard truth and implore you to take steps in our direction so that we can continue to save lives. We've been hearing about different regions moving out of tear. Three mitigation or tear to mitigation. But the mayor had some grim vaccination numbers today for the public vaccines came to our city six weeks ago. Since that time, nearly 108,000 Chicagoans have received their first vaccine does, but based on an analysis done by cph on Lee, approximately 17% Those people are Latin X and worse on Lee about 15% are black. Our city is two thirds people of color. And yet we are falling woefully behind in a number of people of color who been vaccinated to date? Those are numbers that simply cannot stand. Based on a recent survey by CPH, those that are the sickest meaning those who have the most severe underlying conditions who need the vaccine. The most. You are the most. Reluctant. Now we're sharing this data because we believe in transparency and we're sharing this data because we want everyone out there who was scared who is reluctant or just needs more information. For those of you are, hasn't it? We're here to tell you the vaccine is safe, and we want you to take it because it is safe and because it will save your life, So she's speaking there to the reluctance of people to go forward and get the vaccination. But how about the roll out on the other side? The supply side, she was asked if she thinks it's been too slow. I don't You know, I have to say when I was listening to you Ask that question. I kind of feel like the conversation of my wife and I have with their 12 year old all the time. I can't account for what's going on in other states. All I can account for what's going on here. What I know is we started preparing for vaccine district distribution. At the end of the summer, We started building out the infrastructure thinking through what to sequencing was going to be what we we need to do to make sure that we reached out to health care workers and the places that we're gonna be most challenging for us. So our issue isn't the process by which we're getting it. Our issue is we need more vaccine. If we get more vaccine will be able to accommodate everyone that wants it. And finally today, the mayor was asked if she would be open to teachers working from home remotely while their students are in the classroom. Well, I don't think that works, and that's certainly not the optimum situation. Look, we've had a lot of very productive conversations with the folks to see to you. They were bargaining literally every day over the weekend, all last week, every day. We're gonna continue to be at the table until we get a job done and get it and get the remaining issues resolved. Look, the reality is that in the course of this pandemic, there never been any easy choices. They just haven't been. There's no easy choices now, and I think in partnership with the CTU Come together in good faith. I have every confidence whatsoever that we would get something done. That obviously protects their members but but also gives families the options if it's right for them to be able to send their Children back to in person learning Yeah, we're we're in a critical point in, um our fight against this, uh, this virus. We're going to prioritize a number of different people. Teachers included, and I'm particularly those I want to give a shout out to Those that have been doing working a day cares all across the city since March, have been out there supporting Children and supporting families. We want to make sure that those folks are prioritized, but I'm confident we'll get something done at the bargaining table. Mayor Mayor life We're talking about the negotiations with the CTU, which will continue for Other couple of days later in the program, we gonna talk to Dr Judith Alan. She's the chief operating officer for communities in schools and what they do. Is they mentor with more than 60,000, Chicago public school students to sort of watch out for them. See that they're getting their meals. See that they're doing okay. When it comes to Life at home or mental health or keeping up with school work. They've got not just mentors, but tutors as well. We will talk with her about the mental health impact that students are dealing with is they stay home and try to learn just a few minutes ago. In fact, it's still going on the Chicago Teachers union holding a news conference and they like what they heard from President Biden earlier today, Biden said he thinks students to go back to school only if the facilities Are clean and safe. To what extent? Do you think that President Biden is taking sides for you and against Mayor Lightfoot? I think that's a bad read the president. The United States of America is not taking sides. 100 in the United States of America is prioritizing the safety of every stakeholder in every city and every state in this country. You know, the language of taking sides of victory of laws of competition are grossly misplaced. And, quite frankly, um, it doesn't have a place in this discussion. The Chicago Teachers union, responding to comments earlier from President Biden, Okay, So did you pay too much for college or your kid's college? Ron Lieber will be here from The New York Times after the news to tell you why. 32 degrees at 5 30. Good afternoon. I'm Kim Gordon. More cases of the UK Corona virus Variant reported in Illinois. Two Black Hawks players place.
"ron lieber" Discussed on WGN Radio
"You shoveled tonight, it'll be the lighter variety of snow. If you wait until tomorrow morning, it's going to be the heavier stuff. But if you're one of those people who it's not easy to move, you know 4567 inch, then maybe hit it tonight and hit it tomorrow morning and you'll kind of half and half it. Okay, so I want to talk to about lake erosion, too. Beach erosion that we're talking about waves. I think I saw 8 to 12 ft. Er, how big were the way it's gonna be potentially up to 12 ft, Because we have those winds blowing off the lake. So again, this is a multifaceted storm because we're talking about wind gusts of 30 years. 35 MPH, um it, of course that is going to create some furious waves along the lake. So there we go. We're looking at the 123 punch if you will. So Dimitrius should correct me if I'm wrong, but I was driving in planning to talk about beach erosion. And I swear the winds will the winds were blowing from the west. Have they shifted? No, they They were generally coming in from the north. For much of the day. It could have been where you were, You know, I don't know. I don't know my directions. But those two building where you driving to work or where you drive Denver to work. But wait. So then, Okay, so the winds are coming from the north. He's sort of blowing toward the Southwest. But the storm also is coming from the source. Southwest was right. That's correct. So how does that work? We're on the top side of the center of circulation. It's a low pressure system that's south of us. So the air blows counterclockwise around low pressure system. So if you imagine a clock that's going the wrong way, boy, this is getting tough here. If you imagine a clock that's going counterclockwise. We, the storm Center or that you know where the two hands meet is south of us, actually where we would be. No, by the one. You've got to run and go be on TV. So thank you for squeezing us, and I appreciate it. Thank you. Appreciate always a place. All right. You're listening to Chicago's afternoon news here on 7 20, W G and Ron Lieber will be here later in the program. I don't know if you read him is the New York's money column. But He's written a lot about how to talk with your kids about money, and he's got a new book, coming out, called the Price You Pay for college. Think it's officially released tomorrow, But I always blame the fancy cafeterias and the climbing walls and things like that. Ron Lieber says. That's not necessarily the case. That's not what you should be looking at. Sarah Walker will be here. Did you see the story about the woman who lived for 3.5 years above a church in was in it was on West Division. I think it was anyway. She was trying to avoid forced deportation for 3.5 years. She didn't leave this apartment above the church she left on Saturday because she believes the vitamin well. The Biden administration has put a moratorium on Forced deportations at least four times. So she's back with her family in Romeoville. One of the people whose help facilitator stay is Sarah Walker, and we will talk to her. Ah, little bit later in the program right now, let's get a look at the weather and traffic. Here's Mary. And as we just went over the snowy conditions continue for tonight. Very windy with a low of 30 up to Ford. Eight inches of snow expected tomorrow snow Ends by the afternoon with a high of 32 of the Edens is fine right now, but the up on side of the Kennedy starting to pick up to the airport, 24 42 coming in about 34 from the Edens. Eisenhower. Al Found delays 24 minutes out to Mannheim. The Stevenson not bad 28 to the tri state Dan Ryan Celso in pretty good shape, along with the Bishop Ford 57 still have this overturned semi, though North bound Tri state.
"ron lieber" Discussed on KOMO
"And we're here every week to help you by the way, I wanted one last pitch for all this. If you're a reader, and you want to know more about how this industry really works today because it doesn't always work the way, you think it does go to the New York Times or read the piece type in Jordan Goodman. You'll see don's quote there. You'll. It's important information to know about the information, you're getting from people that you may trust and probably shouldn't be trusting. That's one of my favorite right of financial. Ron Ron Lieber is awesome. Great guy, truly great guy. Let's go back to the phones we lost Coletta. We're going to go to Alison Steph. Alice. Hi alice. Hello, halo. Go ahead. Hi. You know for bond fund is guard total bond index. That cover everything. I mean is it good enough for everything or what is literally the total bond market except for junk bonds. What about the short term bond index, and then that one the inflation protected, so what is the what kind of money are is this like a deferred type of account in an IRA or is this just an irregular taxable? It would be IRA. Okay. So. Sira roth. I mean, Roth should in hopefully, not have very much in bonds anyway, because Roth grows tax free. We want the most growth, but if you're going to do it to try to give you some balance. Yes, could go short term. But frankly, you could have the vanguard total bond with about two thirds of the bond portion. And then about a third in the tips treasury inflation protected securities that will give you some inflation protection gives you a little shot at interest rates probably yielding today. I don't know. Don might be might be three or something a little higher than anchor total bond right now thirty day. SEC yield is three. Yeah. Okay. So you give a little bit of the and then you get to protection from inflation. I think that's a reasonable strategy and the vanguard total bond index fund is high quality it's made up of high quality corporate and government bonds covering the universe. It has in its portfolio. Get this week. We have I'm gonna check the latest number because it's it's. In the thousand four thousand. Lot of bond. Oh. I think it's a good solution. I think it's a great solution. I really do. I mean, you you you get a low sixty percent government. So, you know, higher percentage of very safe bonds. You get a little yield from throwing in a few of those corporates. And as Don said, it's today, it's yielding three which I think is very reasonable. I think last I looked I think it was about twelve or thirteen thousand ball that many. Okay. I didn't know that. It's. Right now. Yes, ma'am, short term bond index should that be like instead of a money market or does that have any role? If I could a money market. Yeah. It it. This is a great debate the dawn, and I have from time to time because yes, I like the vanguard short-term investment grade bond fund, it hold securities issued by major fairly successful corporations that are paying a little bit of money to have you by their vanguard by their bonds. I I think it's a very fine fund. You get at a very low cost, and it probably over time makes you more than the market. But. We lost a little money in two thousand and eight. That's the issue you run into otherwise it's fine for a short term parking place as long as you don't expect to never see a tiny loss. You will at times see small losses. Eight five five nine three five talks to the number and Coletta's back. Welcome. Hi. Can you hear me? We can hear you fine. How can we help you? Right. Thank you for taking my call. I'm much. I'm going to retire in about two years. My husband is retired. So I've been we've both been adding to our our Dan guard. And it's a twenty twenty retirement. So we've got about seventy three thousand in there. Yeah. I and I also have a state which pretty soon in a year or two year to help. I have to start taking our MD's out of it. So I'm just wondering what's the best thing to do? Also with the I will be getting a retroactive check once I retire. And that would be taxed on. I can't roll it into anything. What would be the best thing to do with that expecting about thirty thousand? Well, I'm I'm a little lost on the active users. Yeah. What what is that money? Well, it's being between two requirements to which is a school district, which is a state, so they put them together. And if I'm in the highest paying job for five years, don't get a retroactive on this Thurs, which was my lower paying, and you don't believe it to be a like a a retirement account. It's not a qualified plan. Just is just hey. Right. They just give it to you. And then I have to pay the taxes on it. We'll be the best thing for me to do that. And then also at the twenty twenty retirement fund a good way to go its in a managed with vanguard. The the the the target date fund. Yeah. I would prefer instead of the twenty twenty the vanguard balanced index which would be very similar to the twenty. But it would be. Yeah. It's a it's a quip. Literally. A that wouldn't be twenty fund is fine. We don't recommend the target date funds a lot because they make a gigantic assumption that everybody of a certain age is of the same mind. And we do not believe that because well, we don't believe in. We know that we know for a fact that there are seventy year old who like having eighty percent of their money in the stock market. And we know we're back that there are forty year old to only wanna have thirty percent in stocks. So that's why we don't think there's an all purpose answer. And that's why when someone asks us the question, what should I do what I should do is really personal. And by the way in the state deferred comp plan. You can get some very fine mutual funds at a very low cost pretty well. Diversified is at plan. We've looked at before. And there may be a way to think you can forget think there's a value fund. There may be some things you can own their to tweak up your portfolio a little bit instead of just being in the twenty twenty but again is four. At four one four one one dot com. I believe it is. Four one one dot com. You can get some ideas on how to allocate that for now. Yeah. Now about the other money the thirty thousand so how soon until you use that money. I just saved it it for cash. You know, I'm planning to save in the next two years. Probably have you know, at least forty thousand cash and then adding. Just to kind of have for emergency money. Funny money play money. Do whatever you want money. All well, then it's gonna let Tom answer that one because what he just said to us if it's within five years, I wouldn't have it in stocks because stocks can go down for that period of time. I would use the vanguard short term investment grade bond fund. What's ticker, Don? I don't know because I don't like it as much I know. Short short-term bond index fund. It's been a very good fun for a long time. Don's going to get the. I want to say VFAT ex, but I could be I think that's right. But I get a lot of tickers in my head. Investment grade. Bond fund is v f s t act. Yes, I was. That's it tonight. If I talked to my manager at vanguard and told them I was in. Yeah. Okay. And how long is short term would I keep it in there. Well, no, you keep it in as long as you want the bonds in the portfolio mature on average in about three years. Volatility.
"ron lieber" Discussed on KOMO
"That actually spells talk making it even easier to be a part of the show eight five five talk. What are the? Doc. What are the new girl scout varieties this year? Speaking of cookies, I have no idea. I am trying so hard. Into the grocery store in a long time because I can't get out of my street. You can too. You gotta work. I don't know. I'm kidding. But. Are you gonna tell you my new favorite? I don't. I don't think it's a new one this year. We we have a friend who is the they they what do they call her disheartened governor, all the general she's in charge of this this district CEO of this district of the girl scouts and she gained by brought a box of these. And I don't remember what they're called. But they're these big shortbread cookies. That are dipped in chalk all why know what they're called. They're called good. Call me anything you like, but pretty much them. They call them. That would actually be a very clever name, just good. Yeah. And that by the way, one of those good ones blows away the ten thousand steps I'll take today. So won't matter at that point. That's what I'm trying to do is eat that junk. So we to thank kooky lady. By the way, I'm going to a foundation fundraiser tonight, they'll be bad food. Now, I'll get to wear your nice suit, which I know will you look so doing you know, what I don't think I own a suit that fits, I think the last suit. I bought was like you code orange code on it retirement. I have a sport. Very nice. Yeah. Even Dan Sahlin said you look nice that day. And and you know, please, Dan soul in that. Yes. Tall order stuff. All right. I want you know, I wanna talk about something that really has been a matter of fact, it was in the Ron Lieber article. Apparently the floor is yours, sir. Sequoia about know about all these alternative kind of investing Jordan Goodman was pushing. Loans payday loan alternative lending, cast cat bonds, all the stuff you gotta own because you can't make enough and stocks and bonds, but the thing is Thomas there are some highly reputable investment advice firms, including one we know really well in the Seattle area one at Saint Louis. Yeah. That are pushing a hard hard, these alternative mutual funds as a necessary component of a portfolio, and I have looked at these. You know, I know I'm not as well educated. As a lot of these guys will you don't spend as much time on it either. I don't either. But I I've looked at them over and over and over again these catastrophe bond. What are they called? What's the name of the reinsurance reinsurance funds? Basically they own catastrophe bonds bonds that backup insurance companies in case a hurricane. Cain blows everything get paid off. Now, you gotta go to the cat. And then they have alternative lending fund, right, which are subprime Car Loans. I think crappy Car Loans and direct consumer loan. Yeah. At a high interest rate out of very high injury getting a piece, and they also have a lot of the a lot of other really wacky. Long short things, and there's all these alternative funds. And I I'm really having a difficult time finding any that have consistently done. Well, I don't think they have a long enough track record for one number two is as we pointed out in the program. They're expensive. That's the painting. Yeah, you're paying a lot to be in that type. So and the rap that we get in the industry when we bad mouth. These is that you guys your your your your advice is old school, by the way, it's not old school. I'm here to tell you. It's actually from the school that burned down before they built the old spill. So that is not accurate to call us old school any lawns. Bad afternoons. Keep a coming unless you call. By cookie store is good and bad. Now, you might want to pick up the phone. Yeah. And and that's the big one of the one of the basic tenets of what we believe is that of all of the components of all of the factors that go into determining how to invest one of the.
"ron lieber" Discussed on KOMO
"Great. Talking real money. The real thing real live money in real life money advice that is actually designed specifically to be in your best interests. We don't sell you stuff on the show. Yes. We might sell you tickets to a class. But that's really, basically, we don't sell you stuff off the show. That's true too. We don't tell you what we do. We sell a blueprint. That's true. Okay. I stank right. That is a sales thing. That's true. That's true. Okay. And I guess we sell financial advice, and like Ron Lieber in the New York Times article said, you know, it's just important that everybody disclose they're compensated at all whereas compensated, I am compensated by the firm of which I am a partner. Vestry you're gonna say I thought you were going to say well just compensated compensated. Well, anyway. Get compensated. Well, for mindset. So anyway, the show really is about you not about us. You know enough about us. But you need to make it about us by calling and asking a question you get a free book. What wait does that make it about us? Them about you. I met I misspoke and you misunderstood. Yes. Okay. Okay. It's one or the other either you miss folk or I misunderstood combination. It's an alternative universe in Seattle. This weekend. Tom still have snow in his backyard. Forged the snow. My backyard that will tomorrow by my reckoning be four weeks of snow on the ground. That literally has never happened. That's never happened. Hardly called snow. It's like these ice particle things. My poor old dog was out there and slides around. And it's just a horror. It's awful dogs thirteen like like life that easy. Anyway, he's gotta go out in that store. Bank, buddy. Buddy, buddy. It's okay. Baby. Baby. Eight five five nine three five talk. That's our phone number eight five five nine three five eight to five five give us a call. We'll answer your questions about well about who you should trust. We'll try to help you find somebody you can trust. And if you work with somebody you want to ask us about them. We'll give you the straits. Getting tap tap bitch nap. And so I mean in part of the whole thing, frankly is. We're seeing we're we're this. We're hearing more about this that people invested in something last year in lost money, but still had to pay a lot of taxes just talked to a woman about this yesterday. Who's in actively managed mutual has actively managed mutual fund is buying and selling stocks and inside that fund often because a lot of money you've been pouring out of actively managed funds. They've had to sell things to create cash when they sell they have capital gains. Right. And they don't care about dividends or anything. They don't care about taxes. It's not about that. It's about making money, but they didn't make money for the most part in two thousand eighteen. You see that's where people get very confused. I know because they're thinking they wait what funds did badly. I mean my. You know? Don't do well west year, and why do I have to pay taxes on all these capital gains? It's because the market didn't do. Well, exactly. Because if you're in an actively managed mutual fund, you are already at a disadvantage because actively managed mutual funds are generally owned by people who are trying to beat the market, there is out of them, etc. Right. And therefore if it's not beating then I'm going somewhere else. Indeed. And that's what's happened the last decade or so, right? Lot of moneys flowed out of actively managed funds into what we would call passive structured or index mutual funds. But still some people inactive funds are just moving from one kind of active fund to another because they ask they ask the question. You got it a lot last year. I got it some use far more clients than I do the question that we got a lot last year was Margaret's going down. What do I do with my money now? Right. Exactly. So stockbroker who in the commission sales business is far more likely to say, oh, Joe. Yeah. You know, it's it could be it could be a little dicey from here on. Why don't we just sell that? And we'll go to a bond fund or go to cash for a while. And wait for this market to settle down. Yeah. Back to normal when it's about ready to go back up. We'll get back in by the way, the people that did that in late December. And they're waiting to settle down. There waiting for the settled down. You realize one hundred percent equity portfolios made thirteen percent year to date. That's how top this business is because in December. It looked like. And we end was near. Now annualise that we'll no that's too much. January February we're through annualized that out. That's about seventy percent. Take my percent return. Lock that in. Now. That's guaranteed. Totally safe. Correct..
"ron lieber" Discussed on KOMO
"In the KOMO turns on, KOMO news. Your real life and real future. Thomas, Don talking. This is really important stuff. And one of the things you really can't do is take investing lightly. I think a lot of people take it too lightly that they don't properly vet the the folks with whom they work. They don't ask the right questions. That's why we're talking today a little bit about how do you determine who you can trust? This is after an article in the New York Times that we worked with Ron Lieber on to talk about Jordan Goodman, who was all over the radio telling people to invest in really really really bad deals almost universally bad deals. Really dangerous stuff. He would put he he really was remember the old Bob Newhart show where guess Larry. Dumped listen, this is Darryl is my other brother, Darryl will do anything for a buck. He was the do anything for a buck guy. Sadly, and I mean part of it is the fact that the profession he got into. Shrunk. I mean, the the idea that people articles right or talking about this on the air and getting paid to do. So is really really really small. I mean, and there's so much advice out there that is basically pay to play kind of advice now, that's the problem. Well, and that's the that's what's so interesting. About all of this is that the people who are now giving the advice in publications on the radio are often people who are not the best at what they do. But they're they can write a big Jack. Yeah, that's true in Forbes magazine. A lot of them. Now, they have a they have a paid contributor network. Where you can contribute to their network, and you sort of it's an advertiser advertise like market watch. How the same thing online. I don't know if they're doing advert to'real stuff yet. I'd have to look I'd have to look at you. If they if they're not I I'm Bob bet you they're considering it because it is the future of financial fake financial journalism boy talking about fake news. Indeed. That's your fake news. Anyway, you we had mentioned you mentioned if you didn't give him the phone number for one thing. Oh, I gave them a phone number eight five five nine three five talk. Eight five five nine three five eight thousand five five call with a question. We'll give you a really great investing book of some kind. It's a grab bag of books. We were talking about who you can trust. And one of the things you mentioned is ask them how they are paid. Ask them how they are paid. But here's the question. I always I've done this to some of these guys I've confronted than I said how you paid. Oh, you don't pay me. The company pays. They lie. They just. Ooh. That. I mean, you're asking me what if they light the answer is is it. Right. I don't know. How you how do you fix that? I don't know. And I guess I'm asking that of the audience to all you listening. How what do you do your guy that really nice guy dealing with what if they lied or it's generally not a live person? But it's a little bit of it's gray. I didn't quite give you the whole truth here. That's the Jason isn't that a lie by. Yeah. That is that is, but they're going to say you didn't ask about that. So I didn't I didn't share that information. You hear that a lot? But I'm telling you if somebody says that you're not paying them for the financial advice. That's the conversation should end. Right. Exactly. That's what I was going to get to in. Nobody's doing this very I know you walk away. Now, I will not do it. I will say I do have a lot of conversations with people where I helped them not just on the show where I don't charge them. And I send them on their way to do something that does happen. Oh, yeah. We don't have any clients that we tell oh. By the way, you get this free that doesn't we charge people because we have to pay don's lavish salary to my lavish salary on their floor. Drive. My my Nissan Nissan Altima obese on. You know, it's not an INFINITI. No cerebal. So. Lose though, that should conclude the conversation. Honestly, I really I agree. I absolutely agree with you. If they do not say, and here's the thing. They should really these are some specific questions that need to be asked of any advisor. How do you get paid and how much do you get paid? Well, you've got to too because sometimes people will say things. But if you make them put it in writing and sign it, they might be a little more. They might be tempted to be more honest that environment. Jen back in back in the old days back in the eighties before I recovered from being a stockbroker and the railroad across the country that I gotta to tell you. I'm not a recovering stockbroker. I am fully recovered are Matt evil industry feel better. But the the one that I was there when they invented the b and c shares I was in the industry when those were invented they used to just have loaded mutual fund, you paid a commission to get in five vanguard vanguard over the ten years from seventy four to eighty four was really starting to hurt the brokerage industry. So they invented these twelve v one fee shares which article B-shares or see shares, and that means, and what we were told we were told to tell them to tell our clients that we now had no. No load funds. There's no way. Wait. We were told to tell them that what we were told specifically to never put it in writing to only hand them a perspective and say here's perspectives for the no load funds. We have they were no load funds. What they did is. They just kind of neglected to tell us to say the word front. And that's one of the issues that much of the industry still has today. You can go to a brokerage firm that selling American funds, and you may hear your your broker, and they always funny. This quick story. There's a guy I know here in my hometown. He's at the Morgan Stanley office. Debbie, really likes the guy. I don't trust him as far as throw him. And I was walking down the street. I was with somebody else in and Debbie goes, high high whatever your name is. I don't wanna say his name because he might listen to the podcast, and I go. Oh, that's that's our town stockbroker. And he and he glares at me. No stockbroker. Yeah. You'd like to think, you're not you. What is what is how does he they call themselves? Financial is. Yeah. Okay. No, no. Because no one wants to be. Stockdale's proves that. You're just hawking stocks then. Yeah. That doesn't work. That's good point right now. I'm so funny. I've a financial adviser. I'm not a stockbroker. So you're not always going fast friends with them. Then I take it. No. Okay. No, no, no, no, no. I have a problem with the fact that he lies. I do. I just have a real problem with it. I'm just laughing. I just think it's funny that that's going on in your household. That's all. So I know the oh you want another story. This is a great one. And I have a minute have before we go to. We're we had a yard sale. Okay. I'm in Florida. It's eighty five degrees here. Yes. Yeah. Some woman came by and was talking to Debbie, and you know, Debbie, didn't you went to retire? Meet no, Debbie, very friend. Indeed. She is and Debbie I don't know how it came up. But Debbie mentioned that I was part of a registered investment advisory firm. And this woman goes oh RIA to. Yes, Debbie goes. Well, what's your what's your firm? And the woman was trying to hire Debbie just trying to hire w to work for for. And I'm going to Deb, do you know any thing about her? She goes really, really really nice. She was really and she claims that she she said I told her what vestry charges which is nine tenths five half a percent. But anyway, he goes, wow. She goes, that's really inexpensive. We're much higher than that. But we provide a lot of services, and I look up and she's one of these flipping dual registered. Apple course, she is selling by the way, she has an insurance agency. So she's selling annuity. Yeah. She's selling mutual funds that are actively managed and.
"ron lieber" Discussed on KOMO
"Radio a really great. You're talking real money. Welcome. Once again to the only show you should ever listen to about money because I wish I I honestly wish I could recommend some other show. But I can't I cannot think of a single one. And I've listened to a lot of financial talk shows, Paul Mary most. No, I meant shows radio broadcasts. Yeah broadcast. Yeah. Podcast Paul's got a great podcast, Paul Merriman. Yeah. Think of any other. Rams against terrible investing advice on the Eisenhower. Nixon thing. Yeah. Vice president just give me a couple of days to think about something. He's done. Wow. You are old. Yeah. I am. You are really old. Remember, I was not at that news conference, by the way, just for the good thing. Okay. It just reminded. Yeah. No. I'd have to think about your Bob Brinker. He gives market timing advise, Rick edleman, what about the gal who is on CBS. Jill Schlesinger Jill Schlesinger. She doesn't give a lot of investing advice more personal finance. But that would kind of quote, I liked you. I liked Joel that. Like Jean chat ski, but hers is again podcast, personal finance. She's not on broadcast. I don't think. Jordan goodman. Oh, jordan. Jordan. I don't know what to say because when Ron Lieber calls, anyway, I just that's like six hundred minutes showing up at your. Got a good sign. Hi, this is Ron Lieber at the New York Times or whoa, Ron how are you? Love your work on that list. And he goes, can you tell me a little about Jordan Goodman? And I went a little I can tell y'all Lodden gosh, I'm Jordan. I don't know what to say Ron told me that Jordan has multiple lawsuits against him around the country for millions and millions of dollars..