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Stat Of The Day
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$29.64
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That’s how much the average American household spends on streaming services per month. For most homes, that equals more than four subscriptions, nearly twice as many as five years earlier, reports The Wall Street Journal. The cost can be even greater for those who subscribe to watch one series (Love Is Blind, anyone?) and then forget to cancel. #oops P.S. This is just a fraction of what households spend on subscriptions overall.
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Is Going Out To Lunch More The Key To Career Success?
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Early in her career, Pam Habner was a self-proclaimed workaholic. One day, her mentor took her aside to give her some candid advice. She shared that although Habner’s hard work was being recognized, to be truly successful, she needed to let go of delivering 150% and go out to lunch more.
As Habner writes for HerMoney, the convo was a major wake-up call. She was viewing work through a prism that was too narrow–it’s more than just the deliverables. Instead, she was missing the opportunity to build and nurture relationships with her colleagues.
For Habner, it was a turning point. Since then, she’s been intentional in seeking the right mentors and sponsors, and it’s made a world of difference. Establishing these relationships is easier said than done though. Here are five pieces of advice for those looking to give their career a boost, starting with the important difference between a mentor and a sponsor…and how both of these types of bonds can level up your career.
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This Week In Your Wallet
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Need proof that playing the long game with your investments works? Look no further than 2023. After the S&P 500 ended last year on a high note, the number of Fidelity 401(k) plans with a balance of $1 million or more increased 20% from the third quarter, CNBC reports. Year over year, the number of 401(k) millionaires climbed nearly 12%. "These are the poster children of staying the course and taking a long-term approach," Mike Shamrell, Fidelity’s vice president of thought leadership tells CNBC. While Fidelity says more than one-third of retirement savers upped their retirement savings contributions, "the
percentage of workers who took a loan from their 401(k), including for hardship reasons, ticked up to 8.9%, from 7.8% at the end of 2022."
More states to workers with no retirement plans: "We got you." This year, Maine became the eighth state to automatically enroll workers in retirement savings accounts (typically a Roth IRA). Similar plans are pending in seven other states. According to one analysis, in total, the state initiatives have enrolled more than 800,000 workers who have collectively saved over $1 billion since 2017, reports Daniel de Visé for USA Today. While the plans have their critics, advocates say in participating states, they’re helping people who typically wouldn’t save early on for retirement get ahead on funding their
golden years. "Researchers who studied the Illinois program found that participants tend to be part-time workers, primarily female, younger, and unmarried, with high-school educations, working jobs that pay by the hour," writes de Visé.
If you’re a Gen Zer thinking about bunking with Mom and Dad to save a little cash amid the tough housing market, you might want to think twice. While it can help keep expenses down, there are other costs to consider. As Eve Upton-Clark writes for Business Insider, research shows those who have moved back in with their parents report higher levels of depressive symptoms. Plus, with more than half of 18 to 24-year-olds in the U.S. now living with their parents, it has spawned a new life stage called "emerging adulthood." "Your 20s used to be the time where you committed to marriage or raising young children," says
Jeffrey Jensen Arnett, a psychology professor at Clark University who coined the term. "Now those responsibilities don't come for most people until almost a decade later." As they say, there’s no free rent.
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Things That Save You Money: Spring Break Edition
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Planning a last-minute Spring Break getaway? Here are some of the best tips to help you save from the members of our private HerMoney Facebook group:
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"We're empty nesters now but when our children started to speak 😂 and the 'I'm hungryyyy' came out we started using VRBO instead of hotels," shares Jadranka. Having a kitchen = big savings on breakfast, lunch and snacks even if you do go out for dinner.
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When her family heads out to dinner on vacay, Julie saves $$$ by splitting: "We share 2 meals between the 3 of us because portions are always SO big."
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Jen says, "If you’re heading to see the Mouse (c’mon you know what mouse I’m talking about), buy Disney gift cards ahead of time at a discount at BJ’s, Sam’s Club, and Target (where you must pay with a Target Red Card to get the discount)." Or, you could always see if you have any old Disney tickets lying around, like this guy who used an $8 ticket from nearly 50 years ago to get in the theme park.
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How Karen Finerman Does It
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"We can’t wait for the fear of failure to subside, we have to move forward as if it isn’t there."
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We’re flipping the script! HerMoney CEO Jean Chatzky sits down to ask all the questions of Karen Finerman, the indomitable host of the How She Does It podcast and co-host of InvestingFixx, our investing club for women.
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Between her role as CEO of Metropolitan Capital Advisors, being a panelist on CNBC’s Fast Money, serving as a Wharton board member, and being a mom to two sets of twins, she truly does it ALL. And on this episode, you’ll hear how.
Finerman says she knew the path she wanted to take from a young age and was just 15 when she decided a career in finance was for her. It led her to Wall Street, a place where she has long been a champion for women. But, when she was contemplating taking the job as a panelist on CNBC’s Fast Money, she recalls being afraid of what people might say, because no "serious" hedge fund manager would ever be on TV — the more clandestine they were the better! And what if she failed? What would people think?
She ultimately accepted the offer a week later because, as she says, "We can’t wait for the fear of failure to subside, we have to move forward as if it isn’t there." By always choosing new and unexpected opportunities, Finerman has helped pave the way for other women on Wall Street who have big dreams and aren’t afraid to chase them.
Listen this week (and every week!) to the How She Does It podcast to hear more about Finerman’s incredible career, how she worked full-time while raising her kids, and her best advice for getting invested — and staying invested — as a woman.
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| How She Does It is proudly supported by iShares.
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Ask Jean
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Today's question comes from Colleen. She writes: I recently moved states and bought a house here. One thing led to another and now I have about $10k in credit card debt. I am 67 and retired, my monthly income covers my expenses. I do have around $10k in savings, but Social Security is working hard to get me to pay an overpayment (calculation error on their part) of $6,300. I also have a traditional Roth. Is there a reason, other than taxes, to not take the $10k out of the IRA?
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Thanks for an interesting and timely question. We just ran a podcast with economist Larry Kotlikoff and financial expert Terry Savage. They’re out with a new book filled with Social Security clawback stories like yours.
Unfortunately, the Social Security Administration’s playbook seems to be 1) ask nicely for the money 2) ask several more times 3) if they haven’t been repaid start docking your Social Security payments until they’ve been made what they consider whole.
So…in answer to your question, the reason not to take the $10,000 out of savings and use it to repay your credit card debt is that if Social Security starts docking your pay, and an open credit card is the only method you have to pay for emergencies, there are some things you likely won’t be able to charge. I’d take $3,000 - $4,000 and pay down the credit card debt. Then, I’d take a clear-eyed look at those monthly expenses to see where you could cut back to free up some cash to pay off the credit card. Alternatively, you could look to pick up some part-time work to do the same thing. Finally, once the credit card debt is cleared, keep saving. You need to have an emergency stash that’s unencumbered from retirement shackles and taxes because, as we all eventually learn, emergencies happen.
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You've got questions, Jean's got answers. Submit your money ❓ here!
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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.
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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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