Liz Claman

Biography:

Liz Claman is the anchor of Fox Business’ “The Claman Countdown.” She’s also been the host of CNBC’s “Morning Call” and co-anchor of “Market Watch.” Currently, she also hosts the podcast “Everyone Talks to Liz Claman.”

Known for being a keen interviewer, Claman has interviewed some of the finance world’s most influential people, including Warren Buffett, Bill Gates and Steve Forbes.

Why She’s a Top Money Expert:

Claman is one of the highest-rated female hosts in the world of business and has interviewed many of the top names in the business during her decades-long career.

Q&A:

What’s the best money advice you’ve received from someone you’ve interviewed?

The very first time I flew to Omaha to interview Warren Buffett he looked me straight in the eye and said, “Investing is easy. It’s the discipline that’s hard.” 

The discipline he was talking about involved targeting good quality companies, first- or second-best-in-class, and buying them at a discounted price. In simpler terms, it’s “buy great companies going through bad times.” It’s unlikely that a business that has legions of fans and customers of the product or service, and is No. 1 or No. 2 ranked would go under, but you only buy them when others are selling. That way, you don’t overpay. 

Sticking to those rules though? That’s the part where you see most people break down. They’ll buy when all their friends are diving in, when the stock is moving higher. And that’s where you find yourself overpaying and your portfolio underwhelmed.

What’s a common money misconception you’d like to dispel?

That you need a professional to invest for you. In this day and age, brokerages offer not just commission-free trades, but websites jam-packed with education on how to invest and resources for expert advice. 

To that end, I did once ask Warren Buffett the one book he’d recommend for newbies who want to start investing their money. He immediately said, “‘Where Are the Customers’ Yachts?: Or A Good Hard Look at Wall Street’ by Fred Schwed.”

Easy to understand, it’s a very funny but insightful look at the “lunacy at the heart” of the investment business. 

What should parents do to set their kids up for financial success?

Start them early on saving! Whether it’s their allowance or a Christmas or Hanukkah check the grandparents give them, teach them right away to snip off a corner of it to put in an interest-bearing account. Then, bimonthly, have them check it to see how it’s growing.

Kids will go immediately for instant gratification when they’re given a bit of cash. That goes for the summer job or post-graduate work paychecks.  

Teach them to stop, pause and save. It’s a lesson that will serve them well. They just need to get in the habit.