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Stat Of The Day
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$1.14 Billion
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That’s how much Americans lost to "romance scams" in 2023. While the number of romance scams reported last year (64,003) is fewer than complaints about business (474,731) and government imposters (228,282), they cause the most financial heartbreak per victim. According to the FTC, the average person duped by a romance scam loses $2,000. Ouch!
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How To Help Young Adult Children Achieve Financial Independence
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Financial independence — much like any other skill someone is learning for the first time — doesn’t come all at once. Instead, it’s a "work in progress," according to a new report from the Pew Research Center that shows just 45% of young adults (age 18-34) say they’re completely financially independent from their parents. Those who aren’t financially independent frequently have costs for things like household expenses, cell phones, and streaming services covered by the ever-trustworthy "bank of mom and dad."
The good news is that of those young adults surveyed who aren’t financially independent, 75% say they’ll eventually get there. In other words, even though they may be leaning on their parents for now, they’re confident it’s just a matter of time before they spread their wings and fly. Parents are similarly optimistic, with 72% saying they think their child can, eventually, achieve financial independence.
That optimism is great — but if you’re a parent in the throes of continuing to support your adult child financially (at the same time you’re trying to pursue your own goals, like saving for retirement), you might be wondering: How do we give them a little nudge? Here are four of the best ways to cut the financial cord and help the young adults in your life find financial independence.
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This Week In Your Wallet
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Inflation cooled last month, but not as much as it was expected to. "The Labor Department said Tuesday that the Consumer Price Index (CPI), a broad measure of the price for everyday goods, including groceries, gasoline, and rent, rose 0.3% in January from the previous month," reports Gabriella Cruz-Martinez for Yahoo Finance. Compared to a year earlier, prices are 3.1% higher. Among the costs that are rising? Certain foods (frozen juices and beverages have increased 29% since last year, and 9.9% since December), auto insurance, which has skyrocketed 20.6% since last year, and household repairs."The price to repair household items increased 18.2% year over year in January, a record high," notes Cruz-Martinez. "That includes things like fixes to household appliances, pest control, and basic upkeep like gardening."
A new app promises to help people find love…using their credit score. Launched by financial platform The Neon Money Club, "Score" is strictly for people with good to excellent credit (your number needs to be above 675) and aims to get people talking about money early on in their relationship. "We need to take the conversation to areas where finance isn’t traditionally discussed," Luke Bailey, co-founder and CEO of Neon Money Club, tells TechCrunch, "Before you can educate people, you need to get their attention. With Score, we’re bringing the conversation to dating." The app is only available for a limited
time (90 days). If you try it, let us know how it goes!
Nothing sucks the productivity out of your day quite like "vampire tasks." "It’s those dull, time-sucking tasks like scheduling meetings and responding to emails that drain your energy and take time away from deep-focus work or higher-value projects," Cecily Motley, the co-founder of Harriet, an AI-powered workplace assistant tells CNBC. A recent report showed workers spend 21 hours on admin tasks per-week. One way to boost productivity, according to Motley, is to
"timebox" or pencil in time on your calendar to work on specific tasks. "That includes scheduling "admin sessions" to create more distraction-free periods for important projects — Motley recommends saving these for a time when you’re normally less productive, whether it’s when you first log on or at the end of your workday," notes CNBC.
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Your Map To 2024 Career Success With Fran Hauser
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"I always say that it’s all about people. It’s not really about your skills."
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Feeling stuck in your job? You aren’t alone A recent survey from Bankrate found people are changing jobs more frequently than ever before – 56% of the workforce looked for a new job in 2023, up from 51% in 2022. We know many of our readers have big career goals— from looking for a new role or mapping out a 5-year plan that has you climbing the career ladder.
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Fran Hauser, author of "Embrace The Work, Love Your Career," says that even if you’re feeling restless, it’s best to stick it out in your current role while you start putting out feelers. "It’s all about relationships," Hauser shared with Jean Chatzky on the HerMoney Podcast*. "It’s about reaching out to people, letting them know that you’re
thinking about your next chapter, and asking them to introduce you to other people who might be helpful. I always say that it’s all about people. It’s not really about your skills."
Hauser also says if you’re thinking about looking for a new role but aren’t quite there yet, start interacting on social media with other people in your field, whether that be someone from a company you’re interested in working for or someone whose work you simply admire. This is helpful because when you’re ready to reach out to them for a connection or a coffee, it won’t feel transactional.
If you’re looking to land a new job, get a promotion, or layoff-proof your career in 2024, it’s a can’t-miss episode!
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| The HerMoney Podcast is made possible by Edelman Financial Engines.
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Ask Jean
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Today's question comes from Naiomi. She writes: In 2024, I'm on a mission to slash my credit card debt. I've got two cards with balances: one's at 40% and the other's at 30% utilization. Luckily, I've earned a good chunk from my side gig, and I plan to use it to tackle this debt. Now, I'm wondering if I should split the payments between both cards or focus on paying off the 30% card first. Any tips on the best way to go about it? Appreciate any advice!
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First of all, this is great, Naiomi! A new report from the New York Fed out the first week in February showed that credit card delinquencies were up by 50% in 2023. Making a plan to tackle your credit card debt is one way to ensure that you don’t fall into that trap. I actually wouldn’t base my payments on the utilization levels as the primary factor. I’d look first at the interest rate. If one of these cards is charging you more in interest than the other, that’s the one you want to focus on paying down first.
If the playing field is level, then I’d focus on the one with the higher utilization first. We know that for purposes of your credit score having a utilization below 30% is good. Getting it closer to 10% is better. So, let’s get out of that 40% trouble zone, first by paying down (then off) that card. Then move to the next.
Long-term your goal is to stop revolving altogether. If you do have heavy charging months in the years that follow, try to split up the costs so that utilization stays below 30% on whatever cards you’re using.
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Submit your questions to Jean here.
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Things That Save You Money
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Skyrocketing childcare costs draining your budget? Consider a "childcare swap," where two or more families take turns caring for each other’s children on a set schedule. Get all the tips for setting up your own childcare swap, here.
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When it comes to saving on groceries, Aldi is clutch. That’s according to the ladies of the private HerMoney Facebook group. Keri says these items are her go-tos: "Aldi cinnamon toast. Tastes like heaven. Good chicken nuggets for the kiddos. And their knockoff Samoas. Yummy!"
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Frontier Airlines' "GoWild! All-You-Can-Fly" pass is back for the summer 2024 travel season. For $399, you can get unlimited flights from May 1-September 30. Have you tried the GoWild! Pass? Was it worth it? Let us know!
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Get Your Free Tax Report
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Sponsored by
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When it comes to building long-term wealth, your taxes matter—really matter. If you haven't accounted for your taxes as you consider your investment strategy, then this opportunity is for you. Between now and Friday February 23rd, schedule a meeting with an Edelman Financial Engines wealth planner, provide an electronic copy of your most recent Form 1040, and you’ll get a Tax Report created just for you. Your report includes:
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A plain-English breakdown of your tax return
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Click here to get started. Remember, this offer ends Friday, February 23rd, so don’t miss out.¹
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We maintain a strict editorial policy and a judgment-free zone for our community. We strive to remain transparent in everything we do. Website posts and newsletters may contain advertisements, links and mentions of products from our partners. Learn more about how we make money.
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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines –
Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3339251.
HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.
¹Limit one complimentary offer per household, per 18 months. Offer ends Feb. 23, 2024, and is only applicable to households with a minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion.
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**This is a sponsored post
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BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates (together "BlackRock"). The information provided in this communication is solely for educational purposes and should not be construed as advice or an investment recommendation. Any opinions expressed do not necessarily represent the views of BlackRock. BlackRock is not affiliated with HerMoney.
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