In this special Mailbag edition, Jean and Kathryn Tuggle, HerMoney CCO, are on the mic answering questions from our listeners. First, we hear from a recently retired listener who has all of her money in Certificate of Deposits (CDs) and is wondering what to do next. We also hear from someone who is looking for resources that can help teach her three kids about money. 

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Takeaways:

• A financial advisor can help you understand your current investments and make your money last in retirement 
• Work with a fee-only financial advisor who is not paid by commissions for selling specific investments
• Teaching kids about money involves teaching them about investing and managing the money they have.
• Setting up a system like an electronic allowance can help kids learn how to budget and make choices with their limited resources.
• Kids should learn the value of money, how to budget, and how to save

Chapters:

00:00 Introduction

04:50 The Benefits of Daily Money Managers

06:52 Financial Advisor Recommendations 

09:17 Teaching Kids About Personal Finances

12:08 Opportunities for Kids to Earn and Manage Money

13:21 Teaching Kids About Credit and Investing

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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Eleven years ago, Sheryl Sandberg’s “Lean In” hit the shelves and became an instant hit. Her feminist manifesto encouraged women to stop holding themselves back from working to reach positions of power and instead lean on other women’s experiences to help them. Now, many women are pushing back on the “lean in” approach that placed so much responsibility on individual women rather than the societal and economic structures around them. They’re also questioning if they really want to have it all in the first place. 

In her new book: “Fair Shake: Women And The Fight To Build A Just Economy,” Naomi Cahn and her coauthors explore why our “winner takes all” economy is the root cause of women’s continued economic inequality rather than our individual actions. She also talks solutions, starting with making deeper connections in our communities and reaching out to them for support when we need it. 

In Mailbag, we hear from a listener who’s feeling burned out in the healthcare field but knows her coworkers are already short-staffed and doesn't want to leave them in a bind, and Jean’s daughter Julia answers a listener's question on where to find friends that are as career-oriented as she is.

Chapters:

00:00:00 - Introduction

00:03:12 - Interview with Naomi Khan

00:07:51 - Winner Take All Economy

00:10:18 - Intersection of Feminist Theory and Workplace Progress

00:14:43 - The Triple Bind Women Face in the Workplace

00:17:47 - Strategies for Women to Navigate Career Challenges

00:28:08 - Solutions to Combat the Winner-Take-All Economy

00:33:17 - Mailbag Segment Begins

Takeaways: 

• The gender wage gap remains a persistent issue, with women earning an average of 82% of what men earn.
• The winner-take-all economy, characterized by income inequality and a focus on individual financial success, holds women back in the workplace.
• Feminist theory is essential in addressing gender equity and dismantling the structures that perpetuate inequality.
• Systemic changes, such as increasing transparency, strengthening laws, and investing in individuals and communities, are necessary to build a just economy.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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In this special Mailbag edition, we hear from a listener whose daughter is getting her first summer job. She’s wondering if it’s best to put the money in a high-interest savings account, or a Roth IRA. We also hear from someone who subscribes to the FIRE movement (Financial Independence, Retire Early) and is so focused on saving that she’s not able to keep money in an emergency account for true emergencies. 

In our news of the week, some steps you can take if you’ve been waiting weeks (or months) for your tax refund and why eating out may be your biggest budget-killer. 

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Takeaways:

• Consider opening a Roth IRA for a teenager with earned income to take advantage of potential higher growth.
• A homegrown 401k can be a way to provide access to money for immediate needs while still saving for the future.
• Separate your money into different accounts with barriers to prevent easy access.
• Set up a separate account for vacations to pre-fund trips and avoid using credit cards.
• Loosen your grip on your financial goals and allow yourself to enjoy life today.

Chapters:

00:00:00 - News of the Week

00:03:08 - Benefits of Opening a Roth IRA for Your Kid

00:11:08 - Advice on Managing a High-Yield Savings Account

00:11:45 - FIRE Movement and Emergency Funds

00:18:12 - Setting Up Separate Savings Accounts for Different Goals

00:21:04 - Balancing Financial Independence with Living for Today

00:25:07 - Final Thoughts

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Lately, have you been more intentional about the time you spend working? What about putting more effort into finding financial freedom? These are two hot-button topics with Millennials these days, particularly with regard to the time we spend working — specifically, the four-day workweek. 

About a month ago, Bernie Sanders proposed legislation that could make this the new reality for all of us. But Holly Trantham and her company, The Financial Diet, were ahead of the curve when they implemented a four-day workweek three years ago. Trantham joins us to talk about why they’ve never looked back, and how we can all realize a definition of financial freedom that works for us. 

In Mailbag, we hear from a listener who can’t seem to get past the first round of job interviews, and we dig into the finances of egg freezing. In our news of the week, we discuss why the Fed is flip-flopping on cutting interest rates this year, what the heck the Bitcoin “halving” means, and why starting a business may lead (counterintuitively) to less stress. 

Takeaways:

• Implementing a four-day workweek can lead to happier workers, lower turnover, and greater efficiency.
• Financial success should be measured by factors like financial stability, security, and the ability to live the life you want, rather than traditional markers like homeownership.
• The happiness threshold, or the idea that once you make a certain amount of money, your happiness plateaus is not a one-size-fits-all concept.
• Focusing on your future self and setting financial goals can provide motivation and a sense of security.
• Community and relationships play a significant role in personal finance and can contribute to overall happiness and well-being.

Chapters:

00:00:00 Introduction and Financial News Update

05:05 The Four-Day Work Week

08:09 Redefining Financial Success

27:58 Focusing on Your Future Self

35:25 The Importance of Community in Personal Finance

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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A recent essay in the Wall Street Journal made the case that women are both happier — but also overall but sadder — in our daily lives than men are. Why? We’re juggling countless competing priorities on our never-ending to-do lists, including managing our jobs, wrangling our kids' schedules, and keeping up with everything at home. 

Betsey Stevenson, economist and professor at the University of Michigan, has conducted groundbreaking research in this field. She joins us to talk about why women’s happiness has been on the decline since the 1970s — despite so many great strides for women’s equality since then. And while we have her, we also do a mini-economic check-in for 2024. What’s really going on in America’s economy right now? 

Use the code "PODCAST" TO GET $100 OFF OF OUR FINANCEFIXX PROGRAM: https://hermoney.com/shop/product/financefixx-finance-coaching-program-by-jean-chatzky/

Takeaways:

• Women's happiness has been declining despite progress in women's equality.
• Women constantly make trade-offs and face challenges in balancing multiple responsibilities.
• Income is correlated with life satisfaction but not necessarily day-to-day happiness.
• Women should prioritize mental health and well-being to improve life satisfaction.
• Men also face their own crisis in a changing economy.
• The economy is experiencing unexpected trends, such as low unemployment and higher inflation.

Chapters:

00:00:00 - Introduction and News Update

00:04:39 - Interview with Betsy Stevenson Begins

00:09:22 - Discussion on Women's Happiness and Economics

00:13:31 - Exploring Day-to-Day Happiness vs. Life Satisfaction

00:19:37 - Income, Well-being, and Gender Roles

00:27:32 - Economic Trends and the Role of Men and Women

00:34:48 - Current Economic Conditions and Future Outlook

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Navigating money issues with your family is hard. Navigating money issues with your family is even harder when you’re a first-generation American. First-generation children of immigrants face unique cultural and emotional barriers and often find themselves at the intersection of building a financial life for themselves and supporting their parents financially. 

Gigi Gonzalez found herself facing this dilemma when she got serious about her finances and realized the information she was reading didn’t align with her lived experience or her values. So, she started posting about it on TikTok. Eventually, she quit her job in finance to become a full-time content creator. She offers her best advice on what to do when your personal finance goals clash with your family's money expectations. 

In Mailbag, we talk about the best investment options for a young kid, and a listener who doesn’t have much saved for retirement is wondering if she should take out a loan to pay her mortgage. In our news of the week, we cover the new magic number for retirement, the best time to sell your house this year, and what to do if you still owe the IRS money.

Use the code "PODCAST" TO GET $100 OFF OF OUR FINANCEFIXX PROGRAM: https://hermoney.com/shop/product/financefixx-finance-coaching-program-by-jean-chatzky/

Takeaways:

• TikTok can be a powerful platform for spreading financial literacy and building a personal brand.
• First-generation Americans face unique challenges in wealth building due to cultural expectations and a lack of financial education.
• Setting money boundaries with family can be challenging but necessary for financial well-being.
• It is important to find a balance between paying off debt and investing.

Chapters:

00:00:00 - Introduction and Financial News Update

00:06:07 - Gigi's Financial Education Journey

00:09:04 - Transition from Finance Job to Content Creator

00:11:43 - Challenges as a First-Generation American

00:15:24 - Setting Financial Boundaries with Family

00:23:55 - Improving Financial Habits in Marriage

00:26:01 - Investing While in Debt

00:27:49 - Mailbag Segment

00:29:59 - Listener Question on Investing for Child's Future

00:33:54 - Listener Question on Managing Finances Pre-Retirement

Buy Cultura and Cash: https://www.thefirstgenmentor.com/my-book

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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Think, for a second, about all of the things you do before you head to the gym or go out for a run. Do you wear special running shoes? How do you tie them? Do you give yourself a pep talk on days when you’re just not feeling it? Is there a certain playlist you always listen to? 

Dr. Mike Norton, author of: “The Ritual Effect: From Habit to Ritual, Harness The Surprising Power of Everyday Actions,” says while working out at a certain time of day may be a habit, all of these little things we do to get ready are rituals, and paying more attention to them can transform our lives (financially or otherwise).

Takeaways:

• The connection between rituals and financial habits.
• The difference between a ritual and a habit, with rituals adding emotion and meaning to actions.
• How to avoid taking ritualistic behavior too far.
• Insights on how rituals can help high performers manage stress.
• How to introduce rituals into the workplace without seeming forced or silly.

Chapters:

00:00:00: Introduction and News Segment

00:05:43: Interview with Michael Norton Begins

00:07:38: Connection Between Financial Habits and Rituals

00:10:16: The Emotional Aspect of Rituals vs. Habits

00:12:13: Defining Rituals and Their Impact

00:13:45: When Rituals Become Excessive

00:18:06: Rituals of High Performers

00:19:54: Using Rituals to Prepare for Stressful Situations

00:22:41: Workplace Rituals and Meaningful Work

00:25:24: Where to Take the Ritual Quiz and Find More Information

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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Money touches everything in our lives — including our health. And women know there’s one topic that has long been ignored in American society, to the detriment of millions of women: menopause. 

It’s a big deal. By 2030, 1 billion women worldwide will have entered (or will be about to enter) menopause and on average, medical costs for menopausal women ages 45 to 54 are 47% higher than they are for women of the same age who don’t exhibit menopause symptoms. Dr. Lisa Mosconi discusses her new book: “The Menopause Brain,” and explains how the transition impacts our brains and our lives. 

In Mailbag, HerMoney Editor-in-Chief Kathryn Tuggle is back to answer some down-to-the-wire tax time questions: A listener asks how she should prioritize paying the IRS vs. a credit card bill, and we hear from someone who’s having trouble getting a W2 for her daughter’s summer job. In our news of the week, why we still feel so bad about the economy and how stars mentioning a brand can move the needle on Wall Street. 

Takeaways:

• Menopause is a neuroendocrine transition state that impacts the brain as much as it does the ovaries.
• Neurological symptoms during menopause, such as hot flashes and memory lapses, are a result of the brain's response to hormonal changes.
• Finding the right healthcare provider who is knowledgeable about menopause is crucial for receiving appropriate care.
• Workplaces should implement changes to support women going through menopause, such as flexible schedules and a culture of understanding and inclusiveness.
• Menopause can be a time of personal growth and new beginnings, and women should prioritize self-care and mental well-being during this stage of life.

Chapters:

00:00:00: Introduction and News of the Week

00:06:24: What is Menopause, Really?

00:08:25: Neurological Symptoms of Menopause

00:13:50: The Reshaping and Rewiring of the Brain During Menopause

00:18:36: Life Contentment and Menopause

00:20:22: Financial Costs of Menopause

00:25:57: Navigating Menopause in the Workplace

00:28:36: Second Adulthood and "Menno-Start"

00:31:31: Mailbag Segment Begins

00:35:15: Discussion on Tax Debt vs. Credit Card Debt

00:39:12: Filing Taxes Without a W-2 and Roth IRA Concerns

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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How much of your money do you spend on the clothes in your closet? Now what about your time? In other words, how much time do you spend staring into the abyss of your wardrobe? One study says that over the course of her lifetime, a woman will spend a full year in front of her closet from age 16 to 60, just deciding what to wear. And this doesn’t include all of the other time we’re supposed to spend making our closets more manageable and our wardrobes more streamlined. 

Kim France says it’s time to ditch ALL the rules, and start organizing our closets with more intention. She explains how we can prioritize the fashion rules that work for us, so we can stop staring into a full closet feeling like we have nothing to wear. 

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Takeaways:

• Learn how to curate a wardrobe that resonates with who you are, not just what's in vogue.
• Discover why Kim challenges the conventional wisdom of wardrobe purging.
• Comfort is king in Kim's fashion rulebook. She shares how prioritizing comfort can lead to a more authentic and enjoyable dressing experience, and why it's okay to let go of those "excitement pieces" that don't feel right anymore.

Chapters:

00:00:00: News you can use

00:06:33: Kim France's Entry into Fashion and Philosophy on Getting Dressed

00:08:12: The Evolution of Kim's Fashion Philosophy

00:09:23: Evaluating Worthwhile Clothing Investments

00:14:05: The Process and Goal of Editing Your Closet

00:22:31: The Importance of Comfort in Fashion Choices

00:24:03: Kim France's Future Ambitions and Lifestyle Goals

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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Have you ever gotten a message on Facebook that looks something like this? “HEY GIRL, I HAVEN’T SEEN YOU IN A WHILE, YOU LOOK AMAAAAZING. DO YOU WANT TO LOOK EVEN BETTER AT YOUR NEXT EVENT? BUY MY MASCARA AND I’LL THROW IN A FREE GIFT. BUT HURRY, SALE ENDS AT MIDNIGHT.” Yeah…those messages. 

While it may be easy to brush these off, roll our eyes, and hit delete, a surprising number of women in America are caught up in these businesses, known as multi-level marketing schemes, or MLMs. In today's episode, Jean talks to Jane Marie, author of Selling the Dream: The Billion Dollar Industry Bankrupting Americans about why MLMs target women specifically, the signs to look out for to know if you’re being targeted by one, and what to do next if you’ve already lost money.

In Mailbag, a listener asks how to find the best low-cost brokerage account, and we do the math on whether ‘becoming a millionaire by retirement’ is feasible for everyone. In our news of the week, we talk about Donald Trump’s new stock, the end of swipe fees on Visa and Mastercard, and the passing of behavioral economist Daniel Kahneman.

Takeaways:

• MLMs often target women, offering them the opportunity to work on their own schedule and make money from home. However, the vast majority of participants in MLMs make little to no money and end up losing money.
• The Federal Trade Commission (FTC) is responsible for regulating MLMs, but their resources are limited, and MLMs often fly under their radar. It is important for individuals to report their negative experiences with MLMs to the FTC.
• MLMs continue to evolve and adapt, with new schemes constantly emerging. It is crucial for individuals to be vigilant and skeptical of any business opportunity that involves recruiting others and promises easy money.

Chapters:

00:00:00: Introduction to the podcast and the topic of MLMs 

00:10:03: Introduction of guest Jane Marie 

00:15:23: The nature of MLMs today

00:18:49: The appeal of MLMs to individuals 

00:21:17: The cycle of investment and loss in MLMs 

00:23:59: The reality of income in MLMs 

00:25:49: Why MLMs target women 

00:30:51: The role of the FTC in regulating MLMs 

00:32:51: Current trends and "flavors of the month" in MLMs 

00:34:37: Jane Marie's hopes for the impact of her book "Selling the Dream"

00:37:13: Mailbag 

Join us! Snag all the latest episodes, savvy budgeting tips, investing advice and even giveaways via the HerMoney Newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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In this special Mailbag edition, listener Anya seeks advice on a real estate investment dilemma. She and her partner have invested in pre-construction property, but the property value has fallen, leaving them with a significant shortfall. We also hear from Christa, who recently got a new job and a big raise (go Christa)! She’s wondering how to best invest the extra money she’s getting every paycheck.

In our news of the week, the consequences of paying over the manufacturer’s suggested retail price (MSRP) for a car and why the price growth of the housing market has stabilized to pre-COVID levels. 

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices