📩 The Only Cover Letter You Need

Picture it: You're applying for jobs on LinkedIn or another similar job board, and there's a field to input a cover letter. But it's optional. So, do you take the 30-minutes to 1-hour to craft a dazzling little cover letter that makes you sound like a total genius, or do you take the chance that the hiring manager might not even look at it, and skip?

Many companies have dropped their cover letter requirement in recent years, but here’s the thing: 75% of hiring decision-makers still expect to see a cover letter attached, according to a survey by Resume Lab. (Even if the job application says it’s “optional,” they’re looking to see who will go the extra mile.) But here’s the thing: The long cover letter templates of the 2000s have made their way to retirement. There’s a new kid in town: The 200-400 word impressive “professional intro” that we all need to learn how to craft. Here’s how.

The Gender Pay Gap, Revisited

The gender pay gap. It’s a deceptively simple (yet somehow controversial?!) topic that people are actually still picking fights over in 2022. According to a poll by the Global Institute of Women’s Leadership, one in five men think that reports about the gender pay gap are “fake news.” Can you tell we’re annoyed?

The truth is that the pay gap is complicated, and its root causes intersect with other big, systemic forces like race, culture, class, and education. Solving it requires us to address all of those different causes, and that’s why we’re still discovering new information about when, where, and why the wage gap happens. Just this past August, a team of reporters at the Wall Street Journal found that the gender wage gap starts at the very beginning of women’s careers. Their study tracked 1.7 million college graduates from 2,000 different universities for three years after they graduated, and they found that men who got the same degrees from the same schools earned more than their female classmates nearly 75 percent of the time. We think our host (and consummate realist) Jean Chatzky said it best: This data “makes me want to vomit.”

On this week’s HerMoney Podcast* Lauren Weber, one of the study’s authors, joins us to break down the 20-50% gaps between the median salaries of men versus women with the same degrees in a range of industries, and shares the stories of women across the country who have experienced these pay gaps firsthand. It’s an important conversation you don’t want to miss.

10 Ways to Donate (Or Sell) Your Clothes and Make Money

Let’s be honest: Who doesn’t need a little closet clean-out this month before digging those winter sweaters out of storage? And, chances are you may find you need a few new items to get you through this winter. But shopping for new clothing can really add up, plus, it’s not exactly sustainable—for your wallet or the planet. Fortunately, plenty of options exist where you can donate or send in old clothes and receive something—discounts or even cash—in return. This week we rundown a few of our favorite options for where you can score new items while also making $$. For example, when you donate a used pair of jeans to Madewell, there’s an instant $20 off a new pair waiting for you. Or, on Tradesy, you can choose the clothing you want to get rid of, then select what price you want for it. (Yes, Tradesy takes commission from each sale, but they also process and pay for return shipping if someone returns your items.) Here’s a look at the full list.

Which would you prefer:
A bi-weekly house cleaning service or $2,500 added to your savings account every year? A master’s degree or a down payment for a home?

In prior editions of our research together, we’ve dug into financial trade-offs that women across the country are making on a regular basis. We’ve learned a lot. (You’d prefer the cleaning service and downpayment, by the way.) And yet, we know we’ve barely grazed the surface, which is why our new survey tees up some tougher questions and even bigger trade-offs, to get a sense of our collective values and priorities as we close the chapter on yet another unusual year. Your responses will shape the content we create next and influence headlines outside of HerMoney (hello Forbes).

As a special thank you for taking our survey, there's the option to submit your email at the end for a chance to win some fun prizes (ahem, like Elton John concert tickets). We’ll also host a virtual HerMoney Happy Hour and Q&A with Jean Chatzky to celebrate the findings. Thank you to all of you who have participated in our research throughout the year. And thank you to our partner, the Alliance for Lifetime Income, for making this important work possible. Here’s where you can weigh in.

How Women Can Combat Holiday Spending Stress

Holiday budgets. No, they're not as fun as the decorating or the cookie-baking, but they're just as essential. Why? Because we want to spend more of the next few months focusing on the joy of the season, not stressing about the bills to come. Nearly 40% of women say they experience holiday spending stress, according to an Ellevest survey. And while we're anxious about costs, we also feel emotional pressure to "deliver" on expectations that our children or other family members may have. It’s a lot. And it might even be more challenging this year, thanks to 9% inflation.

But if there's one thing we know about spreading all that holiday cheer, it's that planning ahead is the best way to be prepared. When you know exactly what you can afford, you'll know exactly how you can spend — and, yes, even splurge on occasion! Here’s how to combat the holiday stress we’re feeling before we get there — because this year, it’s time to breathe easier, save more + find more joy wherever we can.

More For You To ❤️

Can’t get enough of us? Sign up for InvestingFixx for live sessions and get investing smart with Jean Chatzky and Karen Finerman.
Psst… Take this survey. It will pay off. Oh, did we forget to mention that by taking this survey, you have the chance to win a free year of InvestingFixx with Jean Chatzky and Karen Finerman? Yes, we said free. Click here to join the pool.
Happy pets = Happy pet owners. When it comes to our four-legged besties, we always want to make sure they are living their healthiest & happiest lives. With the help from our partners at Healthy Paws, we broke down the five habits you need to keep to keep you and your pet pal two peas in a pod.

Have a great week,

The HerMoney Team

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.

*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.