Author Visit with Jill Schlesinger: "The Dumb Things Smart People Do With Their Money"

CBS News analyst, financial planner, author and SHS Alumni Jill Schlesinger will visit Scarsdale on Tuesday April 9, to share insights from her new book, “The Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs” in an evening hosted by the Scarsdale Adult School.

After decades working as a Wall Street trader, investment adviser, and money expert for CBS, Jill Schlesinger reveals thirteen costly mistakes you’re probably making right now with your money without even knowing it. Drawing on heartfelt personal stories (yes, money experts screw up, too), Schlesinger argues that it’s not lack of smarts that causes even the brightest, most accomplished people among us to behave like financial dumb-asses, but simple emotional blind spots. So if you’ve made well-intentioned mistakes like saving for college for your kids before you’ve saved for your own retirement, or taken on too much risk when you invest, you’ve come to the right place.

Schlesinger will explain how to pinpoint your monetary blind spots and take control of your finances responsibly. Among other common mistakes, blowing thousands of dollars on overpriced financial products or failing to draft a will are just a few of the costly errors Schlesinger will address. By breaking bad habits and following Schlesinger’s pragmatic and accessible rules for managing your money, you can learn to save tens, even hundreds, of thousands of dollars, not to mention avoid countless sleepless nights.

Sign up on the Scarsdale Adult School website to see Schlesinger in person on Tuesday night April 9 at 7 pm at Scarsdale High School.

We asked Schlesinger a few questions about herself and her observations of investment decision-making and here is what she shared:

How did growing up in Scarsdale and receiving a Scarsdale education impact your views on money and your choice of a career?

My career choice had to do with my father, who was a trader on the floor of the American Stock Exchange...when I was growing up in Scarsdale, most parents were doctors, lawyers and investment bankers...very few worked as traders and far fewer were on trading floors. My Scarsdale education taught me how to think critically and more importantly, was a great preparation for my college years at Brown.

In your new book, “The Dumb Things Smart People Do With Their Money” you list some common mistakes people make - can you share one of these with our readers - and tell us why their choice is dumb and what they should do instead?

Dumb thing #3 is "You make money more important than it is" and it is one of my favorites because it gets to the essence of the book: we often do these dumb things because of our emotions. While I want people to pay attention to their money and to respect, I don't want it to control your decision-making. Some of the warning signs of this dumb thing include: keeping secrets from your spouse; losing sleep; comparing yourself to others; ruminating and moving financial goal posts.

Are women prone to making more missteps with their personal finances than men?

If so, what do they commonly do wrong and why? A number of surveys have shown that women tend to be better at managing money than men, so it is curious that some women take themselves out of the financial management process.

How has the current political climate impacted personal investing and financial planning?

The new tax law greatly impacted the current state of planning.

Sign up on the Scarsdale Adult School website to see Schlesinger live on Tuesday April 9, 2019