In this Speaker Series episode, Greg McBride, Chief Financial Analyst for bankrate.com, joins the podcast. Greg is an advocate for financial literacy and education and has made it his life work to help bring resources and financial tools to young people.
Greg talks about his favorite Bankrate: Guiding you through life's financial journey tools, tips for opening your first credit card, maintaining a good credit score and the importance of saving.
Nervous about credit, debt, and how to get started? This episode is for you!
Did you know? You will also see Greg’s name on the back cover of Gene’s award winning book, The Missing Semester. First published in 2013, and updated in 2020, Greg provided an editorial review for the book.
Learn more at https://www.bankrate.com
Timestamps:
0:39 – Intro
1:57 – “What is one thing you would want our student audience to take away from our convo today?”
2:49 – Building good habits
4:37 – Educators, pause and discuss with your classroom
5:07 – “Greg, how did you get on the path to financial literacy?”
8:28 – Greg’s favorite Bankrate.com tool
https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/
9:54 – Greg & Gene discuss the interest rate environment
11:31 – Student question: How are variable rates affected by inflation/interest rates increasing?
13:00 – Bankrate’s tools on consolidating student loans
https://www.bankrate.com/loans/
16:25 – “Student loan debt is Good debt in moderation”
18:36 – Everyone needs an emergency fund
19:35 – The pandemic has accelerated trends that were already underway in our society
20:32 – two thirds of student debt is graduate debt
22:06 – “Does Greg have any advice for opening my first credit card?”
https://www.bankrate.com/finance/credit-cards/
27:09 – When can I use a credit card and how do I determine which small purchases to use it on?”
29:19 – Nervous of being turned down for a credit card/Student card discussion
33:16 – Greg’s advice for a student with $6k in credit card debt
37:31 – How to get a lower rate on a credit card
https://www.bankrate.com/finance/credit-cards/
38:37 – How does a college student get a credit score?
41:27 – Forming good money habits now
43:50 – When is the right time to open a credit card for you?
44:59 – What’s the balance between debt and savings?
49:09 – Greg talks about Money Makeover Series
52:37 - End
Members of the Troutwood team are fact checking and asking questions behind the scenes in every episode.
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Troutwood provides investment and financial content that helps to remove the fear of finance and replace it with knowledge and confidence. Retirement in America is changing from employer directed to employee directed. Our objective is to help prepare individuals for this change. To help people learn to invest with understanding. This channel allows us to share our passion for personal finance, the stock market, financial literacy, education, investing, and financial planning.
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