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Stat Of The Day
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$18.2 Billion
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BNPL much? Holiday shoppers did, using ‘Buy Now, Pay Later’ platforms (like Afterpay, Klarna and PayPal) to make a record $18.2 billion in purchases. That’s $1.6 billion more than the season before, according to new numbers from Adobe Analytics.
Holiday cheer doesn’t pay for itself…and after all the BNPL shopping, the bills come knocking. FinanceFixx can help you find the money to get rid of debt and save more, putting you on a better road for all of 2025. Sign up here, our next 4-week session kicks off February 5th!
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How To Retire Early Without Hating Your Life
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Can you imagine retiring at age 32? That’s what Shang Saavedra, author of Wealth Is A Mindset: Change Your Mind, Change Your Money, did using what’s called the FIRE method. It stands for Financial Independence Retire Early, and the concept is simple: Live below your means and invest as much as possible, as early as possible so that compound interest can work its magic. Then, as the name suggests, set yourself up to retire early.
For Saavedra, who recently joined the HerMoney Podcast, the journey to an early retirement started with a mindset shift. For example, she looked at what brought her joy—a list that included going out to eat with friends, often at expensive restaurants. Then, she challenged herself to find that same joy while still keeping her spending in check.
"It started with eating out because I was a foodie…but I realized what I truly sought after was companionship, and not so much the eating out part," says Saavedra. "I realized I could have companionship with my friends by having a dessert, a walk around the park, or a bagel breakfast. And once that unlock started, I started applying that same line of thinking to every other part of my life."
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Things That Save You Time
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You don’t need a degree in IT to separate real online product reviews from fake ones. Just use this list of tips for finding trustworthy recommendations, including skipping over any review that’s "sponsored."
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Cleanliness is not just next to godliness. It’s also the key to productivity, according to experts. Here are five surfaces to clean, ASAP to boost yours.
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For parents, there ain’t no struggle like the getting ready in the AM struggle. Make it easier with this clothing organizer, which has separate slots for each day of the week. We can’t guarantee it will eliminate all arguments, but it could help.
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Our InvestingFixx Portfolio = A Work Of Art
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Pretty, isn’t it? That’s a chart showing how our portfolio for InvestingFixx, HerMoney’s investing club for women, has performed recently compared to the S&P 500.
Even with a market that has been doing well, our InvestingFixx portfolio continues to do a little bit better. And, it’s thanks to the savvy ladies of InvestingFixx who continue to join Karen Finerman and Jean Chatzky twice per month to learn how to make investment decisions, ask their questions about the markets and ultimately, decide on their stock picks for our model portfolio.
Whether you’re a seasoned investor or a stock market newbie, we’d love to have you join us. Our next session is February 3. Grab your spot here, your first month is free.
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This Week In Your Wallet
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Homebuyers, Wall Street says your sticker stock is justified. "The stock market is pricing portfolios of American homes at a hefty discount to what houses are changing hands for in the open market," reports The Wall Street Journal, which points to recent stats that show homes could be overvalued by anywhere from 10% to 35%. It’s not all bad news, though. "If a large and persistent gap opens up between the property values implied by publicly traded stocks and private markets, it can mean that a correction is on the way," notes the WSJ. In other words, hang in there, house hunters.
Parents, rejoice. College tuition has gotten more affordable at a number of schools across the country. According to College Board, the average student enrolled in-state public university this year will pay $11,610 – that’s down 4% from a decade ago. And that’s just part of the good news. "The real savings come in what the average student actually pays after getting grants and financial aid," the AP reports. "That’s down 40% over the decade, from $4,140 to $2,480 annually." On the private school front, tuition is continuing to rise, but at a slower rate than years past.
The benefits of working out are many – with studies even showing it can give you a financial boost. But how do you find motivation to get your fitness on when it’s a literal tundra outside? HerMoney has the tips you need to stay active all winter long. For example, if you’re a fan of outdoor workouts, a few small purchases can help you achieve the same results indoors. "Simple, inexpensive gear including a dumbbell set, a mat, sliders, a Swiss ball, and a jump rope all can be used to get a great workout," says Melanie McNeal, certified physical therapist at Baylor College of Medicine. If you’re craving cardio, search Facebook Marketplace for a stationary bike or treadmill. One HerMoney staffer recently snagged this $1,000+ Sole treadmill for just $300.
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Ask Jean
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Today’s question comes from Jaime. She writes: I have a full-time job with benefits, but I also have a small family business from which I don’t currently take any income. One family member works for that business, and I would like to set up an HSA and SEP IRA for him. Is that something I can do? If I set up a SEP, do I have to contribute to one for myself as well?
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Short answer: Yes, both are doable. You just have to meet certain eligibility requirements.
Let’s start with the health savings account (HSA). To set your employee up with one, they need to be enrolled in a high deductible health plan and not have any other medical coverage. "Any individual who is covered only by an HDHP is eligible to open and fund an HSA," notes Crystal Cox, Senior Vice President at Wealthspire Advisors. "As the employer, you could certainly set one up for the individual as well."
Now, on to the SEP IRA. SEP stands for Simplified Employee Pension. A SEP IRA is a retirement account for business owners and the self-employed. With the SEP IRA, a business owner contributes directly to a traditional IRA for each employee, including themselves, in most cases. As with other IRAs, certain eligibility requirements must be met, and contribution limits cannot be exceeded.
Whether or not you have to contribute to the SEP IRA for yourself depends on the structure of your business. "Assuming the business is an S-Corp or a C-Corp, if you are not taking income from the business, even as an owner, you would technically not meet the eligibility requirements [for the SEP IRA] and therefore could be excluded from the requirement to make a contribution for yourself," she notes. Cox says if the business is an LLC, you would likely need to make a contribution for yourself, assuming you are a member of the LLC.
There are ways, other than the SEP IRA, for you to help your employee start saving for retirement. One of them, Cox notes, is the SIMPLE IRA. SIMPLE stands for Savings Incentive Match Plan for Employees. With the SIMPLE, employers are generally required to contribute to each worker’s savings via either a match or a fixed percentage of an employee’s salary.
As Cox cautions, the process of setting up a retirement plan for employees can be complex. "This does get a little complicated and I would definitely encourage this reader to speak with a retirement plan professional," she suggests.
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Submit your questions to Jean here.
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