Why CBS' Jill Schlesinger took a salary cut- for a decade!

That's me trying to keep my cool being interviewed by Jill!

That's me trying to keep my cool being interviewed by Jill!

Who: Jill Schlesinger

Where: New York City

Job: CBS News Senior Business Analyst, host, Jill on Money, Better Off Podcast, CFP

"You're in!" It was the call I'd been hoping for. Jill Schlesinger gave me the good news herself. I was going to be a guest on her radio show "Jill on Money".  The nationally syndicated show is a big one, and I was beside myself with excitement. Jill is at the top of her profession because in addition to being the real deal, CFP and all, Jill doesn't pull any punches.  I loved our interview. But make no mistake. She called me out more than once. And she even got me talking about my very first job, my educational and career regrets and why I was adamant that entrepreneur Ivanka Trump remain in my book "How to Be a Financial Grownup" despite the controversy surrounding her father, President-elect Donald Trump. 

Jill's Financial Grownup Moment:

My Financial Grownup moment came early in my career. I was an options trader on the floor of the commodities exchange. I was trading derivatives: gold, silver and copper options and I made a whole bunch of money in one month and it was really great! Sort of. My dad was in my apartment soon after and he was looking at my profit and loss statement and he say hey- you had a great month! And I said, yeah, it was all right. And he said honey if you can’t get excited about making money that is about all there is to trading. And he was a trader himself and it was very good advice. I think that he gave me permission to choose  a very different path and figure out what got me more emotionally connected to what I was doing. Unfortunately that month was not just the best month I ever saw but it was more money than I made in a year for about 10 years. But it did get me on the path of becoming a Certified Financial Planner and working with real people and helping them achieve their goals, and that is a satisfying career!

Jill's Lesson to Share:

My lesson to share is kind of two fold. If you do have the opportunity to choose a different path and not have to make a decision for money it is great to do that. However, if you need the money- do not quit your job! So I had actually saved a boatload of money from my first bunch of years as a trader and I could move out of New York City and find a different career and make a new start and figure out my financial way without having to worry about making money for the near term. Most people don’t have that and I think too many people walk away from lucrative careers without figuring out what their next steps are going to be. And not only can that be financially devastating, it can also be emotionally devastating. So my tip would be walk away if you can but do not walk away if you are not sure.