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Plus: How to stop money regrets before they start.
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What SVB's Collapse Means For You
You want to see a concert. Or you’ve been saving up for a relaxing week at the beach. Or maybe you just need milk. In all three cases, you could be stuck paying an extra fee on top of the face value of the event ticket, vacation rental, or – depending on where you get groceries – the milk. Call them junk fees, sludge, or simply a pain in the you-know-what. They include “resort fees” at hotels, airline seat selection upcharges, ‘inconvenience’ fees for events, and basically anything that’s not already baked into the price that offers little or no added value. Here are 10 of the sneakiest fees you need to watch out for, and possibly ask to have taken off your bill.

Behind the Bank Collapses + Moving Forward

By now, you’ve probably heard about the failure of Silicon Valley Bank and Signature Bank. If you haven’t quite wrapped your head around it all yet, we’ve got two incredible explainers from Karen Finerman this week — she details how Silicon Valley bank was forced to sell treasuries at a loss in order to pay an ever-increasing number of depositors who needed their money, and how the FDIC and Treasury changed the game when they announced that they’d insure deposits at both banks, regardless of size. (The “officially” FDIC insured amount is only up to $250,000 per account holder, but even customers who had millions of dollars in these banks got all their money back.) But does this mean the government will always back all deposits? Nope. As HerMoney’s CEO Jean Chatzky said on Tuesday: If you have more than $250,000 with a single institution, no matter how large that bank is, it’s time to consider moving it somewhere else. The good news is: These days, you don’t need to look far to earn more than 4% on your money.

And if you’re looking for more economic + investing insights like these, we’d love for you to consider joining Karen and Jean at HerMoney’s investment club for women, InvestingFixx. Sign up for your 30-day free trial, and see how your investing confidence grows :)

Avoiding Life’s Biggest Financial Regrets

Have you ever wondered how you’d look back on your life when you’re near the end of it? Will you be happy with the choices you’ve made with your career, relationships, and money? Is there anything you might regret? Those are heavy questions, we know, and it can feel impossible to have all the answers. But what if you could somehow know your biggest regrets now and change your personal and financial life for the better?

On this week’s HerMoney podcast,* Jean sits down with Dr. Jordan Grumet, a hospice physician who heard from people at the end of their lives about their biggest regrets. He’s taken that knowledge about life, money, and happiness to write: “Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life.” Listen in here for his best guidance on living a life without regret.

Time to Flip Your Emergency Fund?

Lately, we’ve been watching as The Federal Reserve Bank wages an ongoing fight against inflation. And although jobless claims jumped slightly last week, most were in New York and California, and likely weren’t enough to prevent further Fed rate hikes. (Chairman Jerome Powell recently said rates need to go higher than anticipated since the economy has remained so strong. The markets, of course, didn’t like that one bit.) So, what do higher rates mean long-term to me and you? Greg McBride, chief financial analyst for the personal finance website Bankrate.com shared key insights on where to stash your emergency funds, among other tactical moves to make right now.

How to Prepare for Pet Expenses

As far as investments go, pets are pretty great — cuddles, constant companionship, and unconditional love are all solid returns. But even though their company is free, there is a cost to giving your animal the best care possible. In just the first year of life, you can expect to spend around $1,675 for a dog and $1,101 for a cat for food, toys, vet visits, pet insurance, and more. In this Bonus Mailbag episode of the HerMoney podcast*, we brought in a pet expert to help answer your questions. Rob Jackson is the founder and “Chief Pet Protector” at Healthy Paws, a pet insurance plan (and HerMoney partner!) that has more than 550,000 pet parents on board.

Rob and Jean tackle your questions about how to determine a pet’s temperament before you adopt, whether you should set aside savings in advance for unexpected treatments, how pet insurance works for older animals, and more. Catch their episode here.
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  • Can’t get enough of us? Whether you’re looking for career advice, money management tips, or are simply curious about the intricate world of finance, The HerMoney with Jean Chatzky Podcast* has you covered. New episodes drop every Wednesday, and you can catch up on our past, motivational and glass-ceiling breaking episodes here.


Have a great week!

The HerMoney team


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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. AM2211988.

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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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