🛋️ Crushing it…from your couch

Stat Of The Day

Cash is king, especially for Gen Z. According to a new survey, Gen Z’ers are twice as likely as Baby Boomers to carry cash. "This is because 18% of Gen Zers say they frequent cash-only businesses, more than any other generation," according to the banking app Chime, which conducted the survey.

A Remote Workers Guide To Getting Ahead

From being able to throw a load of laundry in midday to working from the comfort of your couch, remote work has its perks. But is it holding you back from climbing the career ladder?

According to a recent survey from Live Data Technologies, remote workers are 31% less likely to be promoted than their in-office colleagues. If you telework, even just part-time, experts say there are things you can do to still stand out.

Nick Bloom is a Stanford Professor of Economics and remote work guru. In a recent study, Bloom and his colleagues found that remote work actually made people more productive. That’s something you’ll want to highlight if you WFH, or in a hybrid setting, he says.

On the flip side, if you’re managing a team member who works remotely, Bloom says "performance management" is key. "You've got to focus more on achievements and performance for home-based employees and less on how quickly they respond to an email," Bloom tells host Jean Chatzky on the HerMoney Podcast*. "Because that doesn't really work for either the manager or the employee." Hybrid, anyone?

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The HerMoney Podcast is made possible by Edelman Financial Engines.

Ask Jean

Today’s question comes from Heather. She writes: I’m a 22-year-old college senior with $1,000 to invest. What should I do with it?

You go, Heather! The sooner you start investing, the longer, and harder, your money will work for you, thanks to the magic of compound interest. Kudos to you for wanting to get started early.

First, I understand that you’ve earmarked this money for investing. But I’d feel a little guilty if I didn’t remind you that at some point you should put some money into an emergency fund. That’s an important box to check as you embark on your adult life.

PSA aside, opening a Roth IRA can be a great way to kick off your investing journey. Contributions are made with after-tax dollars and grow tax-free. That’s a big deal. One of the other perks of the Roth is if you get into a situation where you need money before retirement, Roth early withdrawal rules are more lenient than what’s allowed with a traditional IRA. Open one at any low-cost brokerage firm (like Fidelity, Vanguard, Schwab, etc.) or with a robo-advisor (Ellevest, Wealthfront, SoFi).

Then, you have to buy an investment (or two) to put into the account. If you go the brokerage route, I’d suggest going with a broad diversified index fund or ETF (exchange-traded fund) — like one that invests in the S&P 500 or even the Total Stock Market. Both are available from all those firms. If you go the robo route, the firm will suggest investments.

The alternative — if there’s a stock or two that you believe is going to do exceptionally well over the next few decades (young gamers, for example, were clued into Nvidia early, young fashionistas saw the resurgence of Abercrombie — both have outperformed) — you could also do that. Just understand, buying one or two stocks is much riskier than going the diversified route over time. For most individual investors, buying big, low-cost funds consistently, is going to be the surest way to wealth.

Submit your questions to Jean here.

Portfolio Plays For A Second Trump Presidency

What does a second Trump presidency mean for your portfolio? That’s the question we tackled during this week’s InvestingFixx session. In the wake of President-elect Trump’s election, stocks rallied, but where will they go from here?

Let’s take investments in the retail sector, for example. As InvestingFixx cofounder Karen Finerman explains, the sector is likely vulnerable to tariff increases (which Trump has promised) given significant import exposure and lower relative pricing power.

Some of this should be offset through minor pricing pass-through, shifting production, cost-cutting and strengthening USD. Costs will likely increase but consumers may spend more if the economy is good. The question, as this shakes out, will be: How does this impact your overall portfolio?

PS…What’s InvestingFixx, you ask? It’s HerMoney’s investing club for women. We meet twice a month to talk about the markets and dig into investments. Should you buy? Sell? HerMoney CEO Jean Chatzky and Karen Finerman break it all down and answer your questions. Join us here – your first month is FREE!

This Week In Your Wallet

Banking on an inheritance from your boomer parents? Don’t count on it. While 38% of Gen Z and 31% of millennials expect to receive an inheritance, only 22% of boomers say they have plans to leave one, according to a new study from Northwestern Mutual. "A lot of older people are basically saying ‘I’ve done my due,’" Melissa Cox, a certified financial planner in Dallas tells USA Today. "They had to work their tuchus off for what they have. I’ve heard people basically saying, ‘I don’t want your financial plan to be my death.’"

The Fed has made rate cuts, but mortgage rates remain high. House hunters are wondering – what gives? "A combination of better-than-expected growth and uncertainty about the impact of President-elect Donald Trump’s economic proposals, especially on inflation and the deficit, are combining to keep rates elevated," NBC News reports. It’s not all bad news, though. "A glimmer of hope for potential buyers can be found in the trend of slowly increasing housing supply, which has also helped cool the rapid home-price growth seen in the early part of the pandemic era," reports NBC.

Want to super-size your 401(k)? Here’s your chance. Beginning in 2025, workers between the ages of 60 and 63 can make what’s known as a "super catch-up contribution" of up to $11,250, according to the IRS. "People who turn those ages sometime during the year will be able to put up to $34,750 into their workplace retirement plans," reports The Wall Street Journal. "That is about 14% more than in 2024 and marks the biggest change to 401(k) contribution rules in two decades."

My Fellow Online Shoppers, This Message Is For You

Kelly from HerMoney here. Back in May, the Wall Street Journal reported that people working from home are shopping while they work, maintaining record-levels of online spending while they’re at it. Way to call me out.

I love clothes and I love to shop online, but here’s my reality: the majority of my work for HerMoney is remote—and behind the scenes—which means I’ve spent hundreds of dollars on clothes that don’t get worn enough to justify purchasing them in the first place. Enter: renting.

Renting clothes offers the satisfaction of shopping with a set budget. If, like me, you like to have a new look for every IRL moment, then renting can be your budget’s best friend. Not to mention, it’s a fabulous way to try before you buy. You’re able to experiment with looks and trends before fully committing to them. I’ve been using Armoire over the past few months and have successfully bought less and saved more money on clothes, all while satisfying my urge to browse and shop.

Thanks to Armoire, HerMoney subscribers can, too. Get up to 50% off your first month with this link or use the code hermoney at checkout. With the holidays coming up, it’s the perfect time to take advantage of an offer like this.

Things That Save You Time

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Attention, people pleasers. The New York Times has rounded up expert tips for boundary setting. One of them? Frame your "no" as keeping a promise to yourself. "When you say something like, ‘I promised myself that I’m not going to overcommit this week,’ people may not understand your reasons, but they will tend to respect your decision," writes Jancee Dunn.

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HerMoney reader Kasia saves time with a laundry room that does double duty. "I have a big laundry room and use it as a family closet. I keep all our everyday clothes there. Clothes that aren’t in season or too fancy for everyday wear go in our bedroom closets. It reduces mess in my kids' bedrooms and I don’t waste time lugging heavy hampers and distributing clothes."

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If you’re responsible for Thanksgiving dessert, skip the homemade pie crust. Here are 7 of the best frozen ones, courtesy of Food and Wine. Easy as (pumpkin) pie.

More For You To ♥

💙 Over 53 million Americans now provide unpaid care for loved ones. And, while necessary, it’s hurting their ability to save for the future, and causing what many refer to as a "caregiving crisis." On this episode of "Your Money Map," Elissa Strauss, author of "When You Care: The Unexpected Magic of Caring for Others," sits down with HerMoney CEO Jean Chatzky to talk about how caregivers can find purpose in their work and how our country can better support and value caregivers through everything from policy reforms to workplace flexibility. Learn more here.

💸 Know where every dollar is going in four weeks. Jean Chatzky’s proven methodology for spending less, saving more and gaining more control over your money is now available in a new 4-week program. Work 1:1 with a financial coach and a group of like-minded women here.

🍂 Style that adapts to every stage of life. Embrace your evolving style needs with Armoire’s flexible clothing options. From maternity to menopause, find pieces that fit your journey. Get up to 50% off your first month plus two free bonus items here.**

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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. AM3807168.

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