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Stat Of The Day
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67%
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That’s the percentage of Americans who are in debt, but still spending to earn credit card rewards. PSA: If you’re carrying a balance on your credit card, it does not–we repeat–does not make sense to keep swiping. This stat is courtesy of Bankrate, which accurately notes credit card rewards are "only worthwhile if you’re able to pay in full and avoid high-interest rates." #preach
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Get Off The Treadmill And Make Legacy Planning Happen
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What do legacy planning and a long run outside have in common? They both get you somewhere. This week on HerMoney, Marguerite Weese, an expert in legacy planning makes the case for getting off the proverbial treadmill and actually going somewhere by devising a plan for your own legacy.
As she notes, legacy planning can be a tricky topic. It forces us to confront our own morality. But, we’re all creating a legacy–whether we mean to or not. "Your personal legacy is the lasting impact of your personal values demonstrated by how you made a difference in the lives of those around you," writes Weese. "Your legacy encompasses many things, but it’s only when we think critically about our legacy that we gain a greater appreciation of purpose, fulfillment, and history."
If you’re ready to make the leap from the treadmill to the legacy planning path, she suggests starting by asking yourself: How do I spend or save money? Your behavior during life provides important clues to what you’d value happening after you’re gone. Here are five more intriguing questions to help you puzzle this out.
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This Week In Your Wallet
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Women are taking on more of the care responsibilities for elderly Americans than men…and it’s expected to have major financial consequences for them. A new report shows 59% of unpaid caregivers are female, with those age 55-and-up representing more than half of them. With a record number of people turning 65, it’s expected more women will be filling the elder
caregiver role for their loved ones…and that could continue to widen the gender pay gap. "Out of all women 55-and-older who were out of the labor force in 2023 for reasons other than retirement or disability, nearly 2 million said they had stopped working because of family obligations — about seven times the number of men who said the same," writes Alejandra O’Connell-Domenech for The Hill.
What’s "working" for retailer Abercrombie and Fitch? Listening to their customers…and especially, women in their 20s and 30s (who’d have thunk?). In the past year, the retailer–which historically catered to teens–has seen its stock price ascend nearly 400%. "The shirtless models that used to work at stores (yeah, we can still smell the perfume emanating from stores too) are long gone, as are Abercrombie’s highly sexual ad campaigns and sales staff hired on the basis of ‘body type or physical attractiveness’," writes Katie Deighton for The Wall Street Journal. Instead, the company has become laser-focused on dressing an older demographic that’s more likely to be found on a Zoom call or heading out to happy hour versus "hitting the clubs until dawn." (PS: If you want to dive into an incredibly disturbing investigation of the behavior at the top ranks of the A&F of
yore, this podcast has too many details.)
Could you be ghosted by your tax preparer? Michelle Singletary of The Washington Post says so, and warns there are five red flags that signal the person prepping your taxes could be a fraud. As Tax Day approaches (add to calendar if you haven’t…it’s April 15!), here’s another biggie to look out for: Your tax preparer asks you to sign a blank or incomplete return. "To save you a trip back to his office, a preparer may tell you it’s okay to sign a blank return, promising to fill in the necessary information," writes Singletary. "Stop. You are probably about to be scammed and may end up owing the IRS a lot of money. Always review
your return. Request a signed copy. If the return is filed electronically, get a copy and ask for proof it was submitted to the IRS."
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Things That Save You Time
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Can technology like ChatGPT really save you time? Short answer, yes. But you have to know what it’s good at doing…and what it’s not. This list from Gizmodo breaks down some of the best uses of AI–everything from picking out a birthday gift to planning a date night with your S.O. (shhh…we’ll never tell 😉)
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Spending precious minutes tossing and turning before you fall asleep at night? Some say the "Sleepy Girl Mocktail," which has gone absolutely viral on TikTok (and explains why some stores are selling out of tart cherry juice) is the key to falling asleep faster. Have you tried it? Does It work? Let us know!
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Think you don’t have time to workout? Think again. New research shows women can get the same longevity benefits as men by working out in only half the time. For men, researchers say 300 minutes of exercise per-week can help boost their longevity by 18%. For women, they only need to put in 140 minutes per-week to achieve that same benefit.
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Eliminating The Motherhood Penalty With Allison Robinson
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Let’s just admit it: Being a working mom in America is absolutely exhausting. Today, millions of women in the U.S. are struggling to pay for their children’s care, while trying to maintain their spot in the workforce. At the same time, they’re also fighting against the so-called "Motherhood Penalty," which means that mothers earn just 58 cents for every dollar paid to fathers.
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Allison Robinson found herself — like many women! — questioning whether or not it was even possible to have both a family and a career. So, she decided to do something about it. She left her job at Procter & Gamble to start "The Mom Project," which is now the leading digital marketplace for moms offering hiring, education, and retention solutions.
As Robinson tells Karen Finerman on the How She Does It podcast, it wasn’t an easy road. "It was really hard and it took me quite a while to be able to get the business to a point where finally investors would take us seriously," Robinson says. "Many really just questioned how big of a market this could be."
They soon found out though. The Mom Project became a huge success, and now connects moms and dads with opportunities at companies like Airbnb, Etsy, and Meta. It’s also launched a platform called SelfMade, which helps parents find freelance work.
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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 Allison. She writes: I’m not saving money, and I need to change that. Do you know the best phone apps for doing so?
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Hi Allison — I love this question because you’ve recognized that something has to change and, in writing, you’ve taken a big step toward doing just that. I’m going to give you three recommendations. Two are apps, one isn’t. They all take a slightly different approach to nudge you in the right direction. On the app front, I’m a fan of Oportun (which used to be called Digit). This app gets the fact that humans aren’t good savers, so it saves for you. It looks at your spending patterns and the balance in your checking account and auto-transfers into savings what it determines you can afford. (There’s overdraft protection in place, so it doesn’t allow you to overdo it.) It’s free for
the first 30 days, then costs $5 a month. I also like Qapital, which also auto-saves but does it under the guidance of initiatives you set up. For example, you can tell it to round up each purchase and add another dollar (or couple dollars or whatever). You can tell it to move money to savings each time you buy take-out or coffee. It focuses on keeping you going with visualized goals (a nudge behavioral finance experts have found to be successful). This one’s free for 30 days, then $3 a month. Finally, there’s FinanceFixx, which is a course not an app. I like it (full-disclosure) because I designed it after years of experience conducting money makeovers where I worked one-on-one with people to help them save more. Over the 8 week course, participants are saving an average $1,500 (some are saving a lot more) and then they keep on going. The program is $395, but use code WHM10 for a 10% discount that I hope you (and others who have similar goals) will take advantage of! The next session launches March 19th and we’ve also got classes focused on younger folks and pre-retirees.
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Have a question for Jean? Submit it here.
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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 –
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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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