How to Hire a Financial Planner You Trust
Ryan Ermey: Amid current economic chaos you may be considering financial advice, but who should you hire? How much should you pay them? And how do you know they're on the up and up? I sit down with CFP Board CEO Kevin Keller to get answers to these questions and more in our main segment. On today's show Sandy geeks out over a nationwide coin shortage and I delve deep into the ins and outs of inflation. That's all ahead on this episode of Your Money's Worth. Stick around.
- Episode Length: 00:37:00
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Ryan Ermey: Welcome to Your Money's Worth. I'm Kiplinger's associate editor Ryan Ermey, joined by senior editor Sandy Block. Sandy, we are talking about a pet topic of yours today. You must be excited.
Sandy Block: I love this story, and I had witnessed this story happening because, as I've mentioned before, I've been going back and forth on the road quite a bit for family issues. I stop at Dunkin Donuts often, because I need to caff up, and every time I stop at a Dunkin Donuts or gas station or anything, there's a sign saying, "Please use exact change." It's everywhere. If you get out at all, you'll see this.
Sandy Block: If you talk to the banking people they'll say, "It is not a shortage. It is a coin disruption." But the fact of the matter is, the retailers do not have enough. They can't make change. It's because people are not spending cash. It's a pandemic thing. First, it was toilet paper. Then it was yeast, Clorox wipes, now it's quarters and dimes and nickels. People are not making cash purchases. They're buying things online or when they do go out, they're using credit or debit cards because they feel like that's safer.
Ryan Ermey: I mean, yeah. Who wants to deal with dollars and cents that everyone has had their grubby hands on?
Sandy Block: Right. And so there's several things going on. One is that some retailers are rounding up. If you go to Kroger's and you make a cash purchase, they'll round up the amount and add the excess to a store loyalty card, if you have one or donate it to charity. Now, the U.S. mint actually put out a press release calling on Americans to spend that change, to empty their sock drawers, and couches and be a Patriot. Be a good American and get your quarters and dimes out and spend them and get that money back in circulation.
: So, I'm working on a story about this. As I said, I'm kind of really into it, and I have a few suggestions. One is it used to be if you walked into your bank with a pile of change they would look at you like, "Please leave." But now they want that change, so lots of banks and community banks and credit unions are more than happy to roll up your change. One Wisconsin bank even offered $5 for every $100 in coins.
