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Stat Of The Day
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37%
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That’s the percentage of homeowners who say they will never move from their current residence (sorry, young house hunters), according to This Old House. States where people are most likely to stay put include Hawaii, where 36% of the homeowner population has lived at the same residence for at least 24 years (can ya blame
‘em?), New York (35%), Pennsylvania (35%) and West Virginia (35%). For states with the highest number of short-timers, click here.
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Help Turn Your Passion Into A Business With These Five Questions
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Like many young people fresh out of school, Launi King was driven, excited, and… broke. Early into her career, she struggled to see how she’d ever be able to turn her passion into a business.
As she writes this week for HerMoney, King’s path to entrepreneurship wasn’t a direct one. Opportunities at Warner Brothers, Disney and Mattel eventually led her to founding her own company, Creative Play. But, before King made the leap, she had to do a lot of soul-searching. She says there are five key questions that helped guide her process…and, if you’re considering going out on your own, can help guide yours too.
King says the first thing any budding entrepreneur should ask themselves is "What activities whether job-related or part of a side hustle, ignite your excitement?" By identifying those things that make us lose track of time (in a good way) we can better connect with our passion-driven purpose. For the rest of King’s "must-ask questions" click here.
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This Week In Your Wallet
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Buying or selling your next home could be less expensive (score!) if a settlement is approved that eliminates real estate brokers’ automatic commissions. Last week, the National Association of Realtors agreed to settle a series of lawsuits by shelling out over $400 million in damages and eliminating its rules on realtor commissions, which in most cases are 6%. As The New York Times reports, the settlement–which still needs federal approval–would end legal claims from sellers who said they were forced to pay excessive fees and could "trigger one of the most significant jolts in the U.S. housing market in 100 years." Americans pay $100 million in real estate commissions annually and as the NYT reports, economists say commissions could now be reduced by 30%, "driving down home prices across the board."
401(k) or ATM? For some, it’s harder to tell the difference. An unprecedented number of those with 401(k) accounts took early withdrawals for financial emergencies last year, The Wall Street Journal reports. According to internal data from Vanguard Group, 3.6% of plan participants pulled cash out last year, up from 2.8% in 2022 and a roughly 2% average from before the pandemic. "Values in these accounts have risen substantially, in part because of a strong stock market and programs that automatically funnel money from people’s paychecks into their 401(k) accounts," writes Anne Tergesen for the
WSJ. "These surging balances, however, have helped make more people comfortable dipping into their accounts when needed." Of those pulling money out for hardship-related reasons, nearly 40% said they did so to prevent a foreclosure.
Easter 2024 probably won’t be too egg-celent for your wallet. Prices of chocolate and eggs are expected to remain elevated through the holiday (the bunny comes March 31, in case you didn’t know), according to Wells Fargo. The price of eggs is expected to continue to creep upward, thanks to another year of bird flu. Chocolate costs are also predicted to climb, as the price of cocoa is hitting record highs (in fact, this year, cocoa futures are doing better than Nvidia). Luckily, there’s no shortage of swappable candy for all those chocolate bunnies (hi, Peeps). But for something other than eggs to decorate, it might be harder to find a suitable substitute. Some say potatoes fit the bill (no yolk).
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Making Music (And Profits) With Jody Gerson
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"I believe that women will not have the kind of success we want to have in business unless we support each other."
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We all love music. But Jody Gerson really loves music and has from a young age…ever since she was a little girl, hanging out at her father’s nightclub in New Jersey. "I saw the greatest entertainers of that time from Frank Sinatra to Diana Ross and the Supremes to The Temptations to Ray Charles," Gerson says.
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From those beginnings, Gerson built a standout career in a typically male-dominated industry…the music industry. On the latest How She Does It podcast, she shares with host Karen Finerman what it was like to climb the ladder and become Chairman and CEO of Universal Music Publishing Group. It didn’t come without a lot of hard work and barrier-breaking though. "Women who want to be in the music business tolerated a lot of bad behavior for many years," Gerson says." I believe that women will not have the kind of success we want to have in business unless we support each other."
For more of Gerson’s story–and to hear how she’s making the music industry more inclusive for women–listen in, here.
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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 Christine Anne. She writes: What are the steps to fire my managed advisor and move my money to an index fund or two? Do I need to do this on a day the markets are down? Any advice is appreciated.
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Hi Christine Anne, I get that this is a very daunting decision. Firing an advisor can be emotional and scary — but there’s a reason (maybe more than one) that you’ve gotten to this point. It may be a disconnect in the relationship itself, dissatisfaction with performance or fees, or just a feeling that you can do just as well (or better) on your own. The reason doesn’t actually matter.
I understand your question about wanting to do this on a day the markets are down as being interested in minimizing gains (and therefore taxes). But in general, you should not have to sell your investments in order to do this. Instead, you execute what’s called a direct transfer.
Here’s how to go about it. First, decide where you want to move your money. Open an account and ask for help on their side in executing a funds transfer. This generally involves filling out an account transfer form. From there, your new firm will take charge and help you move the money. (They do this all the time and will be eager to have the assets and therefore to help. If your old firm charges balance transfer fees, the new firm may be willing to pay them.) Next, call your current advisor and say, "I’ve decided to make a change and move my money to a different firm." Thank them for their help in the past and then say, "I hope that you’ll help me do this as seamlessly as possible." That’s it. Your old advisor will receive the paperwork and has a three-day period to deal with it. Unless they reject the transfer (they shouldn’t) your money should be moved inside of six days. From there, you can make any changes in your portfolio
that you desire. If you want to sell your current holdings and put the money in an index fund or two, you can do it all at once or over time. The latter approach will allow you to spread out your taxable gains as you have losses to pair with them.
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Submit your questions to Jean here.
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Things That Save You Money
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Facebook…it’s more than just social media for old people, as some teens affectionately call it. As The New York Times reports, more and more Gen Zers are turning to the platform to save $$$. Here are some of our favorite hacks
for Facebooking your way to a good deal:
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HerMoney reader Kari says: "I have a very active local "Buy Nothing Group" and it is not uncommon for people to post pantry or fridge cleanouts - things are always picked up by someone happy to use them. The Buy Nothing Groups are great for pretty much everything else too! I highly recommend checking to see if there is one in your area."
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Have something specific you need in mind? In addition to Marketplace, don’t forget to search groups. For example, if you’re a bride-to-be looking to cut costs by buying secondhand decor, you’d want to check out Wedding Dress And Decor Resale and Wedding Resale…two groups that boast a collective 400k members, many of whom are looking to unload barely used items for cheap!
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Join your community’s "yard sale" groups. These are places where local people can post information and photos about yard sales they plan to have in the near future.
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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. T2823971.
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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