NGPF Podcast: Tim Talks to Greg McBride of Bankrate.com

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Jan 07, 2018
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Podcasts, Savings, Index Funds, Career

If you are an avid reader of personal finance news, chances are that you have come across Greg McBride's name on multiple occasions. As Senior VP at Bankrate.com, Greg has been quoted in thousands of articles over the years which makes sense given his ability to simplify complex financial concepts while providing pithy and insightful advice. He is often explaining the findings derived from Bankrate.com's numerous research studies. Their research on checking accounts, pay raises and credit card usage has appeared in the NGPF Blog and also as a source for many of our Questions of the Day. Listen carefully to Greg's message and you might find yourself heeding his advice and saving more from your next paycheck. Enjoy!

Details:

  • 0:00–0:55 Introduction
  • 0:56–2:11 Simplifying the nitty gritty financial details for consumers
  • 2:12–4:16 Greg explains his passion for personal finance
  • 4:17–9:53 His advice for consumers in regards to checking accounts: don’t wait, act now!
  • 9:54–12:01 It's a dog-eat-dog world where “financial institutions get aggressive with competitors”
  • 12:02–15:00 Sorry, there’s no such thing as blanket immunity from overdraft fees
  • 15:01–16:35 Positive push towards index investing
  • 16:36–18:32 Deep diving into behavioral finance
  • 18:33–22:11 Successful saving is all about habit & the element of goals
  • 22:12–24:39 Greg’s emphasis on personal finance: save, save, save
  • 24:40–24:58 Best thing bought for under $10
  • 24:59–25:27 Advice: Always have discipline and an exit strategy
  • 25:28–25:48 Favorite sites for finance updates
  • 25:49–26:16 Favorite book, a classic among money savvy people
  • 26:17–27:08 Conclusion

Background info:

Notable quotes: 

  • “[Financial advising] is not just a vocation, it’s my lifelong passion.”
  • “When you build a portfolio based on index funds, then you’re less likely to be hopping in and out of things… because you’re not chasing the needle in the haystack, you’ve bought the whole haystack!”
  • My own personal crusade is savings… getting people to save money, have money tucked away for a rainy day, for unplanned expenses, but also save and invest for the more long-term goals like retirement.”
  • “If you’ve got that habit [of saving money] established… you’re only one paycheck away from starting to replenish that savings.”

About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

Danielle Bautista

Danielle is a native of Southern California and a recent graduate from the University of Maine, where she braved the frigid winters—a feat in and of itself—and earned her Bachelor's degree in International Affairs. She has a passion for working with non-profit organizations and serving populations in underprivileged communities. When Danielle isn't writing NGPF blog posts, spearheading various outreach projects, or managing contests and flash surveys, you can find her doing some sort of outdoor activity, learning a new hobby, or cracking what she thinks are witty puns!