One Financial Planner On Common Money Mishaps She's Seen — And How To Avoid Them

The recent stock market volatility has made it an even trickier time for people to manage their money.

CBS News business analyst Jill Schlesinger has advice on how to avoid some of the pitfalls, based on a wide range of mistakes she’s seen in her experience as a certified financial planner and host of the radio show “Jill on Money.”

Here & Now‘s Jeremy Hobson talks with Schlesinger (@jillonmoney) about her new book, “The Dumb Things Smart People Do with Their Money: Thirteen Ways to Right Your Financial Wrongs.”

Here are a few of Schlesinger’s tips for making savvier financial moves:

Don’t Invest In Something You Can’t Understand

“I mean frankly, if you can’t understand it easily within a five-minute description, or someone says, ‘Please read this 180-page prospectus, you will understand more,’ then you can avoid it,” Schlesinger says, “and you can always listen to the butterfly in your belly, or get a second opinion and really be cautious. Because this is an industry that is wonderful in terms of giving people opportunities, but [there is] also the dark side where you have some unscrupulous folks who are selling stuff just to sell it, not because it’s best for you.”

When’s The Right Time To Talk To A Financial Adviser?

“I would say that there are a lot of people who seek financial advice when really, they don’t need it,” Schlesinger says. “You know what your big three goals really need to be, which is: I’ve got to pay off that consumer debt, I’ve got to pay down those student loans, I’ve got to have my emergency reserve fund and I’ve got to start using some sort of retirement plan. If you don’t have those three things, there’s no reason to go to a financial planner. You can buy insurance