📈 The Market, The Economy, and a Recession

If you’ve been watching — and we know you have — it hasn’t been a good feeling to watch as markets worldwide tumbled over the last few weeks, and more economists join the chorus that we may soon find ourselves in a recession. Let’s recap: The S&P 500 has declined more than 21% since January, the Fed announced the largest interest rate hike in 28 years, and we’re now all paying around $5 a gallon for gas. (And HerMoney’s Editor-in-Chief just spotted a bottle of Ketchup in New York City for $13. Ahem.) But what does all this mean? And other than “take a breath,” what can we actually do? On this week’s HerMoney Podcast*, we sit down with Jeff Sommer, who writes the “Strategies,” column for the New York Times, to discuss what we can actually control right now, and what nervous investors should be doing. How can we stay calm and make decisions that won't hurt us in the long run? How can we prepare for another recession if it's coming, and how can we manage inflation? If you have questions, it’s an episode you don’t want to miss.

Women’s Rights are Economic Rights

No matter where you stand — in your politics, religion, beliefs — there can be no doubt that the right to abortion is an economic issue. Restricting access will not just harm the financial lives of women who aren’t able to access these services, but also their families, employers, and the overall economy of the United States. At HerMoney.com, we stand with the 63% of women who believe abortion should be legal in all/most cases, and the 67% who disapprove of Friday’s Supreme Court ruling. We believe that having control over one’s own body is a basic human right. We are demoralized, outraged and ready to fight. We will use our money, our voices and our votes to support causes and candidates that align with us, and we urge you to do the same. This week, we decided to take a look at the economic impact of this decision, by the numbers, because women’s rights are economic rights. Please take a look at our list, and drop us a line if there’s anything you’d like us to include.

In light of recent events, we’ve kept our survey on risk open for a little longer. Yes, there’s the chance to win Elton John tickets, but it’s also an opportunity to weigh in on how you’re feeling. We’ll use the results to shape our content in the months to come. If you have a few minutes, here’s where to take it.

Rage-Quitting Your Job

“Rage-quitting” — leaving a job in a stressful moment without crafting an exit strategy, giving notice, or getting another job first — isn’t common. But that doesn’t mean it doesn’t happen. 15% of people contemplate rage-quitting, yet only 4% actually go through with it. But we never want to be part of the group that reaches such a breaking point that we set all the bridges ablaze. So, no, you don’t have to love your job, but you certainly don’t have to hate it. Before you find yourself stuck in a job you despise, here are some proactive steps you can take to find the right role from the start.

Gardening On The Cheap

With grocery store prices these days enough to trigger a full-on anxiety attack right in the middle of the grocery store, many of us may be turning to a familiar pastime in order to save money and spend a little more time outside this summer. Yes, we’re talking about gardening. This week, Kofi Thomas—who recently discussed his popular Brooklyn-based “Good Life Garden” on the Ellen show, tells the HerMoney family just how easy it is to grow greens at an affordable price. Kofi, a self-taught expert on all things green and flourishing — and how to make it all work in a tiny space — walks us through how gardening in our own backyard (or a few pots in the windowsill) can be just what we needed to alleviate some financial stress. And let’s face it, it feels really good to get outside.

Balancing Different Spending Styles While On Vacation

The vast majority of people — 70% — intend to drop more dollars on traveling this year than in the past five years combined, and considering prices for hotel rooms are up by as much as 27.6%, we’re on track to spend more whether we like it or not. So, how can we manage? And what should we do if we’re going on vacation with a friend whose spending style (and earning level) varies greatly from ours? We still want to spend precious time with our BFFs, but we also don’t want to have a giant fight over the cost of a shrimp cocktail while we’re trying to relax poolside. Recently, HerMoney’s Brittany VanDerBill went to Las Vegas with an old friend, and she reports on their unique spending styles before and during the trip and how they worked it out to be fun for all parties involved.

Last-Minute Grad Gifts

Yes, we’re in the throes of summer, but college classes are just around the corner for the graduate you know and love. A last-minute and thoughtful send-off gift may be just what they need to start their college days off on the right foot. After all, this year’s graduates deserve a gold medal for completing an academic milestone in the midst of all the challenges that COVID presented. And we need to treat them. That’s why we’ve made the gift-hunt easy for you with this run-down of the best. Of note, our favorite new book How to Money tops the list as a perfect financial resource for someone just beginning to spread their wings into the financial world.

When markets are volatile, it’s natural to want a second opinion on your financial planning strategy. That’s why, for a limited time, our partner Edelman Financial Engines, is offering HerMoney community members complimentary financial plans.

Their team of experts model more than 38,000 securities each month to stress test portfolios through thousands of different scenarios—like the volatility the market is experiencing right now.

Call (833) 304-PLAN or visit PlanEFE.com/HerMoney to receive a complimentary financial plan to help you feel more confident and ready for your next move.**

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.

** Limit one complimentary offer per household, per 18 months. Offer ends July 31, 2022, and is only applicable to households with minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion