MoneyTrack is the award-winning public television series that provides financial and investor education to inform the public about responsible ways to maximize their wealth, to protect consumers from fraud and scams, and to inspire individuals to play an active role in maintaining their financial health.
Every week, co-hosts Pam Krueger and Jack Gallagher talk with real people who are living examples of what works and what doesn't when it comes to managing (and maximizing) your wealth.
Combined with sage advice from top financial experts, such as Warren Buffett, John Bogle and well-known commentator Ben Stein, the MoneyTrack series offers unbiased, non-commercial education to give you the tools you need to take control of your financial future.
Stay tuned! The fourth season of MoneyTrack launches in Fall 2012 on PBS stations nationwide.
When she says "crisis" ... That shit is funny every time. Never even heard of it while it supposedly was going on, yet every media hype beast says crisis all the time for dramatic effect.
I’m 65 and I actually like my job. I don’t fear losing it but I also try to excel and minimize errors. I plan on f-t work until 70 then getting a p-t job
No expert here, just my experience. I finally used a two-track system. One was looking for a job in the traditional manner. (always amazed at the poor results). The other was talking to anyone who would listen looking to "help them" as a contractor, business partner, helper, or whatever works. The latter was much more productive. I ran a classified ad in a busy area and that got me eight years of work along with an ok pension. I am now back as a small business owner and enjoying every day. Discrimination in the marketplace is real and active.
I retired at 62 years old. I got so tired of hearing that a company/s wanted to hire me, and nothing would happen. Of course, when I did retire, a few HR recruiters contacted me with job offers. I said, if you had contacted me a week ago I would have taken the job. When HR Recruiters snooze, they lose. All the best to everyone.
Life does not stop at 62, that’s why we keep going. I once had a Federal Government HR person say to me - behind a closed door - ‘Don’t you think it’s too late for you?’ I moved professions, took a contractor’s status to get my foot in the door - 17 years later and still a co tractor. Grateful for the work, will hold on instead of going back to 1st love, film production. Thank you for this talk. Peer-to-peer support, definitely.
Hang in there. Nothing wrong with being a contractor. When I was 48 years old, I became unemployed for 2 years. Went on numerous interviews, however, nothing worked out. By the grace of God, when working a 2 day temp assignment, I met a defense contractor. She gave me a contact name and phone number, and the rest is history. I became a defense contractor, at 50 years old, and was a defense contractor for 20 years. It suited me, and the money was good.
I am very similar to Ben. In the tech world, 63 now and if I lost my job that I've only had for a year, I would be homeless. Companies want to hire 25-year olds, not someone in their 60's. Especiallly in tech!
Im getting my CDL A lisence this month and going with swift over the road with a trainer. My goal is to become a solo driver to see the 🇺🇸. Im 63 years old so dont let your age stop you frombeing able to work.
That lady in the top right hand corner said "62 years is not old by a long shot". Ummmmm, Who the hell is she kidding? 😂😂😂 There's a reason why people retire around the age 65.
A great guy Jack Bogle. But what is not discussed is how stock prices are pushed up, in particular often tech stocks. So you can buy an index fund and every month you are buying Apple, NVIDIA, Microsoft, etc. And so is every other investor. Unless these corporations issue more stock and employ the extra capital the excessive demand will push up the price of the stock. Why ? Because sellers who don’t want to sell will only sell at an ever higher price over time. Then after 10 years of this the P/E ratio doubles or more driven by speculation. And then as Jack says the prices are not supported by earnings so we get a decade of low returns or a crash. Personally I think the crash is engineered by Wall Street to take profits and sell to private investors who take the losses. Then institutional investors buy at the bottom. Warren Buffett is waiting for such an opportunity now with his cash pile. But I don’t see how this changes if everyone keeps buying the same stock every month. The speculative gains are inevitable. And encouraged by money managers who are paid bonuses on the back of the gain. So I would say keep 50% at least in bonds or cash and 75% if the stock market Schiller P/E ratio is over 30 or even over 25. Then rebalance to 25% bonds or cash and 75% stocks when the crash comes. When the PE rises too high again, rebalance to 25% stocks.
Ben was right about the "filters" a job hunter has to go through in today's job market. The internet has made it too easy for anyone and his momma to apply for a job from anywhere in the world. One used to have only a few people competing with them for the same gig or none, now anybody can just sit at a computer form anywhere, usa and apply. Best to just get your own brand going if you're older.
Thank you for sharing, Ben. My story mirrors yours in many ways. After years of supporting edge technologies, I found myself unemployed shortly after taking time off for my mother's funeral. At 6 months now, this discussion brings to mind the play Death of a Salesman. The tragedy dear to my late father, a salesman. Awareness is not enough to overcome the paradigm of Ageism. Aging workers need transparency to confront such behavior. A legitimate path of recourse against the preadjusts preventing capable workers from access to the financial security of a job. Good luck on your journey in the pursuit of happiness.
I need to speak with someone. The social security extorted my account for 40K after I attempted to pay for my own rehab when rehab refused to assist me in getting back into my career after a brutal violent crime. Their administrator took me in a room alone and wouldn't allow me to speak and said I would never get another check if I didn't sign their extortion papers. Then when I was getting in my car to leave Federal Police slammed me down on the pavement and dragged me over in front of the administrator and held me on the cement for nearly one hour. The administrator lied and said I threatened her with bodily harm when I slammed the door to leave. Then the administrator failed to show up in front of the judge and charges were dropped but they kept lying saying I threatened the woman with bodily harm which was a total lie of extortion. I am 71 and have worked assisting the Lincoln Boyhood National Memorial for over 30 years and am in the world news. I have never threatened anyone or been in any trouble my entire life for violence of any kind. It was a total lie and criminal action against my account to extort money with lies and violence. Then this Christmas they took my entire check and send me a letter filled with lies about my character. They used the lie to block me from going to any social security office and the lied to me over and over again and asked me to come into their office. When I finally went in to speak with them they said I had to leave and would not assist me. They continue to perpetuate a lie about my character without allowing me to represent myself. They sent my advocate home and would not allow me to have representation for my disability of PTSD. Instead they used the illness to punish me and paint me as a liar to extort my account. I have not been able to stop them from lying about my good character to violently extort my money. I am 71 now. This has been happening since 2008?
I'm 68 and like the one guy I've got extensive experience in IT (24 years). Unfortunately, age discrimination in hiring and firing is rampant. It's the last "acceptable" prejudice. Even companies that pride themselves on "diversity" freely practice it.
Ageism is ugly since older workers often can do what others can't unless they pull out a phone and I've seen those that can't do simple math without one. The ignorance is shocking about the world before they were in it and they spend more hours scrolling than actually working instead. What AI is about to do to those who think their immune due to being younger will be seismic at a level not seen for decades. When Computers took over Billing-Accounting-Banking which once employed millions all but went extinct as a sector in the economy. Seniors are increasingly seeking work at what they can still physically do than mentally but its coming for these speaking and reaching out is a bandaid. Many only have their homes as an asset of last resort not a portfolio and are selling just to keep afloat hoping not to outlive their money or health. Self worth doesn't mean much when basics are unaffordable and prices are out of control especially for those that were Blue Collar now seniors. Those that follow us may be worse off since its predicted they'll own nothing outright in their lives but pay endlessly never owning the roof their under now...
Please because they cut me off. No check during the pandemic. Regarding overpayment. I just happened to see an story on 60 Minutes regarding social security overpayment last year.
Peer support and job opportunity referral connections is so helpful navigating through unemployment. Stigma can erase past achievements. I am grateful for the actionable tips provided to help those facing unemployment navigate through financial challenges.
Let me be the first to comment from the other side of the world (Philippines). This was a wonderful podcast. I am 51 turning 52 in a couple of months. I've been out of full time work since Sept 2023. I see myself in Ben. Worked in the tech industry for about two decades much of it in customer support. Pretty much the same thing is happening here. Ageism is real.
I hired a lawyer to conduct my dealing with the social security dept. I've only spoken with them one time after they contacted me. The whole process took approximately 18 months which cost me the lawyer fee. The upside was that I did get an agreeable outcome and the lawyer only got paid after the case closed and was paid directly, with a total disclosure.
One of the biggest thieves is Adult Protective Services. They have too much power. Even the police fear them. Guardian Care Inc. is another predatory entity.
Very informative and I'm thankful for the discussion here, but I have to make a little side comment on observing that Ms. Krueger on top of all redeeming qualities has great legs!! 😊
Hello: How does the formulary work for getting into a CRC community. I have found that I qualify for the for Profit communities and not for the Non for profit communities due to my age, 67, and they say come back in a couple of years.
I was impressed by Bruce McClary from the National Foundation for Credit Counseling speaking about debt management for older adults. The alarming statistics on bankruptcy among this demographic is quite a wake-up call. What stood out to me was the advice on how to negotiate with creditors and the warning against deceptive debt settlement scams. A standout "listen!"
I can only find one MILDLY disagree with one thing he said at about 11 minutes in: The "croupiers"( investment companies fees) take a disproportionate share of investors gains. Actally..their fees are "SMALL POTATOS", compared to the ULTIMATE "croupier"...the I...R...S!!!! Their take, is absolutely OBSCENE!
Thank you for bringing this horrible aspect of Social Security into the spotlight. This program was created to help Americans who worked hard and contributed into their government held "retirement benefit". Because of our inept members of Congress are afraid to take a little bit of heat from some of the people who might vote them out of office, the same hard working people are being punished for a poorly run government program. I did not see the links you mentioned in this video. Are they only listed in the book?
I recently contacted PNC Bank, President/CEO Bill Demchak Office concerning an online PNC Bank SCAM/FRAUD in the amount of $700,000. PNC Bank response was: 1.) I was responsible for the SCAM/FRAUD 2.) PNC Bank refused to apologize for the SCAM/FRAUD 3.) PNC Bank refused to acknowledge that someone at the bank knew intimately about my checking and savings accounts and stole my money 4.) PNC Bank refused to acknowledge that an Audit of irregular activity occurred 5.) PNC did not conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) of my accounts 6.) PNC approved the International Wires sent to Chinese Criminals and Gangs, possible Terrorism (This is a Federal Offense). 7.) PNC Bank closed both my checking and savings accounts due to Suspicious Activity. This is also Financial Elder Abuse since I am over 65 yrs. old. (This is a Federal Offense). PNC Bank is denying that this is Elder Abuse. What really hurts is I was a Valued and Model Customer for almost 10 yrs.at PNC Bank and now the bank is treating me like a Criminal. My Credit Score is ruined and I am a FRAUD victim by SSA, IRS, Medicare, Social Security and the Credit Reporting Agencies. Financial institutions that suspect an older adult (65 and older) is the victim of financial fraud must make a report to local law enforcement. In addition, state law now offers extra protections to combat financial exploitation of adults with disabilities and adults 65 and older. Under the law, customers of financial institutions (i.e., banks) can submit a list of persons to be contacted if the institution suspects that the customer is a victim or target of financial exploitation. The institution is also required to report the suspected exploitation to local law enforcement. If the suspected victim is an adult with a disability, the financial institution is required to report to the contact list, local law enforcement, and the county Department of Social Services.
The late Ronald Read was a janitor and gas station attendant. He used DRIP investing and stayed in the Stock Market for 22-23 years. Mr. Earl and the late Ronald Read are a perfect example of King Solomon's Proverb: "Wealth is built over time."
Must be humble and willing to listen and take advice. I introduced to Mr. Earl to a group of men from New Season Worship Center, Lauderhill, Florida, but they really were interested in following the strategy, or doing anything worthwhile.. I do not waste my time with "stupid people" who have too much foolish pride to learn from a humble man like Mr. Earl.
Taxation should be efficient and equitable. How much professional "rent seeking" activites society is paying to navigate the tax laws? Flat tax with generous basic exemptions that could be increased during banner years with high tax revenue, a defacto rebate, will eliminate plenty of the overhead in tax collection.
The ONLY point of disagreement I would have with this LEGEND, is the notion of holding equities "forever". I prefer to adhere to the William Bernstein advice on equities ownership: "Once you've won the game..STOP PLAYING". He also advises, "Once you no longer have to take stock market risk..DON'T"! Obviously, "winning the game" will mean different things to different people.
