Mitch Albom joins Jean Chatzky to explore love, loss, and the essence of Thanksgiving.

Renowned author and journalist Mitch Albom, known for iconic works like Tuesdays With Morrie and The Five People You Meet In Heaven, has influenced countless lives through his writing and films. Beyond his books, he established eight charities in the Detroit area, where he resides with his wife, Janine.

This week, Mitch shares his charitable endeavors and his bond with Chika, a Haitian girl born just before the catastrophic 2010 earthquake. He details their journey and his quest to find a cure for her illness, chronicled in his new book, Finding Chika: A Little Girl, An Earthquake, And The Making Of A Family.

In this episode, Mitch discusses the inspiration behind his book and reflects on the most invaluable gift one can offer others. He also shares insights on discovering personal passions and the significance of financial harmony in his three-decade marriage.

In the Mailbag segment, Jean and Kathryn address questions about 401(k) savings versus credit card debt repayment, the pros and cons of 401(k) loans, and strategies for increasing retirement contributions. In Thrive, Jean highlights the Dow's impressive annual gains and essential tips for long-term investors.

Transcript

Jean Chatzky: 00:06 HerMoney is supported by Fidelity Investments. We want you to demand more from your money. Start by knowing what you own and what you owe. We'll help you take the next step at Fidelity.com/demandmore. HerMoney comes to you through PRX. Today, I'm thrilled to welcome Mitch Albom, the acclaimed author of Finding Chika. We're celebrating Thanksgiving with a conversation about giving back. Mitch, who transitioned from sports journalism to philanthropy, has founded multiple charities in the Detroit area, where he lives with his wife, Janine. His journey began through one of these charities when he met Chika, a Haitian girl brought to his Have Faith Haiti Mission after the devastating earthquake. Let's discuss giving back and the new book, which donates proceeds to the orphanage. Welcome, Mitch.

Mitch Albom: 01:57 Thanks for having me.

Jean Chatzky: 01:58 Happy Thanksgiving!

Mitch Albom: 02:00 Same to you.

Jean Chatzky: 02:03 I want to understand how you found Chika, but first, let's explore how you discovered Haiti.

Mitch Albom: 02:16 I saw the devastation on television after the earthquake in 2010. A pastor from Detroit approached me, worried about an orphanage he ran in Haiti that he couldn't contact. I felt compelled to help. I organized a trip to Haiti shortly after, and thankfully, the orphanage was intact but overwhelmed with people in need. That experience changed my life.

A few months later, I decided to take charge of the orphanage, as it lacked funding. Since then, I've welcomed 46 children and aimed to provide them with education and care. Chika entered my life a few years later, and her story is unforgettable.

Jean Chatzky: 06:15 You described her as a force.

Mitch Albom: 06:23 Chika was spirited from the moment she arrived. The selection process is heartbreaking; we can only accept a fraction of the children who need help. Chika's story began three days before the earthquake, when her home collapsed. She survived but faced unimaginable challenges. By the time she was brought to us, she was a fighter.

Jean Chatzky: 08:35 A couple of years later, her health deteriorated.

Mitch Albom: 08:41 Yes, she was diagnosed with a brain tumor.

Jean Chatzky: 08:42 You brought her to the U.S. for treatment.

Mitch Albom: 08:51 We did, hoping for a miracle.

Jean Chatzky: 09:44 What was the outcome?

Mitch Albom: 09:45 Unfortunately, the diagnosis was grim. She had DIPG, a rare brain cancer with a poor prognosis. However, we chose to fight alongside her.

Jean Chatzky: 17:54 You speak about the happiness that comes from helping others.

Mitch Albom: 18:17 Absolutely.

Jean Chatzky: 18:17 You've found your passion in philanthropy.

Mitch Albom: 18:52 Yes, and it's crucial to immerse yourself in experiences to discover what resonates.

Jean Chatzky: 22:10 Your relationship with your wife shines through your story.

Mitch Albom: 22:55 We have a unique bond. She knew me before fame, which keeps me grounded.

Jean Chatzky: 25:12 Thank you, Mitch. Your book, Finding Chika, is a heartfelt testament to love and family.

Mitch Albom: 25:20 Happy Thanksgiving!

Jean Chatzky: 25:21 We'll be right back. In the meantime, remember that we're sponsored by Fidelity Investments. What if you could demand more from your money? It starts with a financial checkup and understanding your assets and liabilities. From there, we'll help you evaluate your investment options at fidelity.com/demandmore. Kathryn Tuggle joins me now.

Kathryn Tuggle: 26:07 My heart is full from that conversation.

Jean Chatzky: 26:09 Mitch embodies grace and compassion.

Kathryn Tuggle: 26:36 He truly practices what he preaches.

Jean Chatzky: 26:45 His book presents Chika as a constant presence, urging him to write.

Kathryn Tuggle: 27:12 I appreciate how he flips the narrative from the start.

Jean Chatzky: 27:22 Knowing upfront about Chika's fate sets the tone for the journey.

Kathryn Tuggle: 27:22 It adds depth to their story.

Jean Chatzky: 29:01 It's a reminder to prioritize meaningful connections.

Kathryn Tuggle: 29:56 Absolutely. We should focus on charitable giving.

Jean Chatzky: 30:19 We have listener questions in the mailbag.

Kathryn Tuggle: 30:33 Our first question comes from Christina, who's seeking advice on managing credit card debt while saving for retirement.

Jean Chatzky: 31:05 Hi Christina. I suggest not cashing out your 401(k). Instead, consider reducing contributions to focus on paying off your credit card debt more effectively.

Kathryn Tuggle: 32:36 What about a 401(k) loan?

Jean Chatzky: 32:41 A 401(k) loan can be viable, but remember you may lose growth potential on that money.

Kathryn Tuggle: 33:37 What about Sarah's question?

Jean Chatzky: 33:50 Sarah is preparing for her company to go public and needs guidance on her stock strategy.

Kathryn Tuggle: 33:52 She's wise to consider a financial advisor.

Jean Chatzky: 34:45 A solid plan is essential, especially with a significant portion of your net worth tied to one stock.

Kathryn Tuggle: 36:49 What about Jennifer's situation?

Jean Chatzky: 39:44 Jennifer has an impressive financial profile.

Kathryn Tuggle: 39:47 What should she focus on next?

Jean Chatzky: 37:48 Jennifer should consider reallocating some of her CD funds into the market for better growth potential.

Kathryn Tuggle: 37:41 That's excellent advice.

Jean Chatzky: 39:47 Thank you, Kathryn, for these questions. In today's thrive, let's discuss the recent strong performance of the Dow. While it's exciting, remember that such results aren't the norm. Projections suggest traditional investment portfolios will yield lower returns in the coming years. Long-term investors should stay focused and avoid overreacting to market fluctuations. Thank you all for joining us today. Huge thanks to Mitch Albom for sharing his wisdom. If you enjoyed this episode, please subscribe on Apple Podcasts and leave a review. Our show is powered by PRX and our music is by Track Tribe. Next week, we'll chat with comedian Jeff Kreisler about smarter spending. Thanks for tuning in!