|
Subscribe
Read in Browser
|
|
|
Stat Of The Day
|
|
40%
|
That’s the percentage of pet owners who would take a pay cut to be able to stay home and work alongside Fido, according to a recent survey. Pet parents say on average, they think about their pet 13 times throughout the workday. We get it, separation anxiety is ruff.
|
|
|
|
|
The Mental Blocks Standing In The Way Of Our Money Goals
|
Yeah, we know. You want to save more. But the truth is that saving money is hard, and many — if not most — of us struggle with it. A recent survey from NerdWallet shows that only 45% of Americans would be able to cover a $1,000 emergency expense without turning to a credit card or loan. In other words, we need to figure out how to start saving more, ASAP.
Some factors are in your control and some are unfortunately, not. According to numbers from Bankrate, 63% of adults say that, in 2024, inflation is the main roadblock on the path to putting more money away. For others, it can be a simple case of not earning enough — and that’s especially true for those just starting in their careers (and earning very little) or people who have recently experienced a job loss (who are just trying to stay afloat).
Other times though, there’s more to our inability to save than meets the eye. We might have mental blocks we aren’t even aware of that are pushing us to spend, or holding us back from saving as much as we could. If you’re ready to try to remove these roadblocks once and for all, we’ve got the answers here.
|
|
|
|
|
This Week In Your Wallet
|
|
It’s been 30 years since food ate up as much of your budget as it does today. Today, consumers are spending 11.3% of their disposable income on food, roughly the same as they were about three decades ago. As The Wall Street Journal reports, higher prices are being driven by increased labor costs, as well as certain foods and ingredients–like beef, sugar, cocoa, and french fries–becoming more expensive. To cope, consumers, like those profiled in the WSJ piece, are making tough decisions and getting creative. "When Anna Zabinski and her husband eat out these days…they ask themselves
whether a side of macaroni and cheese is worth the extra $1.99, and often go for refills instead of ordering more expensive large-size drinks," Jesse Newman and Heather Haddon report. "Zabinski, a professor from Normal, Ill., said they’ll sometimes split a $20 steak and side dish at Texas Roadhouse or a large sandwich from Jimmy John’s."
American Airlines is the latest airline to hike its checked bag fees, following in the footsteps of Alaska Airlines and JetBlue. But, the higher cost might be a positive for certain travelers. If you can travel light, you might be able to now get cheaper airfare than in the past, explains Sally French for NerdWallet. "It’s all part of the ongoing trend of unbundling airfare, as seen with the proliferation of basic economy fares," she writes. "While fees are indeed on the rise, airfares have seen a significant decrease not just in recent months, but over many years. Average fares for flights from the U.S. in January 2024 fell 6% compared with
January 2023." Traveling without checked luggage can be a challenge, but it’s also a great way to save. The HerMoney team knows the trick to get away with *just* a personal item lies in having the right bag. We recommend this one from American Tourister. It fits nicely under the seat
and holds more than a weekend’s worth of necessities. Bon Voyage!
If you’re a parent at wit's end trying to fill out the new FAFSA form, here’s a bit of good news. The old FAFSA, also known as Free Application for Federal Student Aid, asked about "untaxed income" and "money received, or paid on your behalf." This was code for financial gifts from grandparents or other family members, which ultimately impacted the amount of aid you received. This year though, thanks to a new law simplifying the FAFSA, those questions are gone. "That means that at most schools, help from a grandparent will no longer count against you," writes Ron Lieber for The New York Times. "In other words, what experts once
referred to as the grandparent ‘trap’ has now become the ‘grandparent loophole.’" It’s unclear how many families will benefit from the change, but Lieber says for those who do, an increase of several thousand per year in aid is possible.
|
|
|
|
|
Things That Make You Money
|
| ● |
Ready for an out-of-this-world opportunity? NASA is paying people to spend a year in a "Mars Simulator." Applicants need to be between the ages of 30-35, and OK with things like confined spaces, limited contact with friends and family, and being with the same three people for a year. (Considerable STEM experience is also a pre-req.) If that sounds like a good time to you, the deadline to apply is April 2nd.
|
| ● |
When it comes to making extra $$$, a lot of HerMoney readers are big fans of the freelancing site UpWork. "I freelance through UpWork as a biostatistician, but there are all different types of jobs on the site," says Olivia. "It’s nice because you can set your own rate, take the jobs you want, and not the jobs you
don't."
|
| ● |
ICYMI, there’s a rare total solar eclipse happening on April 8th. If you live in what’s called the "path of totality" you can make big money renting out your home on Airbnb or Vrbo. As Thrillist reports, bookings along the path of totality have eclipsed (pun intended) last year’s rates, jumping nearly 300%.
|
|
|
|
|
|
Pinky Cole Hopes You Fail
|
|
|
|
"I hope that job doesn’t work for you, because there’s a better opportunity or entrepreneurship waiting for you on the other side."
|
|
|
|
|
|
As founder and CEO of the vegan food empire Slutty Vegan, Pinky Cole knows exactly what it means to hit rock bottom and come back stronger than ever. For example, although Cole has always followed a vegan diet when she started her first restaurant, "Pinky’s Jamaican American Restaurant," she served meat. As she tells Karen Finerman on the How She Does It Podcast, although it quickly became a hot spot, it just wasn’t her.
|
|
|
A sudden grease fire in the restaurant caused it to burn down, and it was a total loss — not just for the business, but also for Pinky’s livelihood. She lost her car, her apartment, and her relationship — but that didn’t deter her spirit. She slowly rebuilt her life and her finances with a job producing a reality show. "I got the chance to build back up my money," Cole says. "I got myself out of the eviction, I started running five miles a day, and reading every day. People thought that I was crazy, but I was preparing for something… I just didn’t know it was going to look like Slutty Vegan." Fast forward to today, and Cole’s vegan food empire, Slutty Vegan, is now worth $100
million, has eight locations and counting, and is backed by one of the greatest restaurateurs and businessmen in the United States, Danny Meyer.
If a setback in life has you down, don’t miss Cole’s advice for turning failure into a life-changing opportunity.
|
|
| How She Does It is proudly supported by iShares.
|
|
|
|
|
Ask Jean
|
|
| Q: |
Today's question comes from Cathy. She writes: What's your experience/opinion on using a virtual fiduciary advisor? While I would prefer to meet in person, I am having trouble finding someone who suits us in our area.
|
| A: |
I used to think it was extremely important to be able to have a face-to-face meeting with the person managing your money. Then COVID hit, many of us started working remotely and the world changed. Today, I don’t take quite as hard a line. I also know that — depending on the type of financial advisor you’re looking for (particularly if you’re looking for an unusual fee model like someone who charges by monthly subscription) — the person you want may not exist in your town or even in your county.
But, Cathy, this is clearly important to you — and I think that’s a very valid way to feel. So, I’d suggest two things. First, cast a wider net in terms of reach. If you were willing to drive 10 - 20 miles to meet with an advisor, expand that reach to 50 - 100. I say this because that would give you the comfort of being able to, fairly easily, have one in-person meeting per year with the rest on Zoom or some other virtual platform. Second, have an initial virtual call to narrow your shortlist. But try to meet the one or two people you are strongly considering face-to-face before you sign on the dotted line. It’s fine to ask if they’re willing to come to you or to drive/travel to meet you halfway. You’re looking for a long-term relationship just as advisors are looking for longtime clients. It’s worth putting in a little extra effort on both of your parts.
|
|
|
Submit your questions to Jean here.
|
|
|
|
|
|
|
|
|
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.
|
*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. AM3339251.
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.
|
|
**This is a sponsored post
|
|
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.
|
|
