| Subscribe Read in Browser |
 |
| Stat Of The Day |
| $7,500 |
That’s how much Amy is on track to save thanks to FinanceFixx, HerMoney’s no-nonsense, four-week financial coaching program. "This was most definitely the kick in the pants I needed," says Amy, who worked one-on-one with a coach to change things up and make her money work harder for her.
If you’re ready to budget like a boss, crush debt and finally feel in control, our next four-week FinanceFixx program kicks off TONIGHT – and we have a few spots left. Grab one now and use code SAVENOW for 15% off the four-week program. Let’s do this! |
|
|
|
| This Week In Your Wallet |
 |
Babysitting? Please. A growing number of teens are making 5+ figures from online side hustles. New research shows approximately one student in every high school – or one in every 625 students – is considered an "ultra-high-earning" teen, raking in at least $10,000 annually from influencing, re-selling clothes or other online activities. "Around 42% of American teenagers are earning money through digital channels—with some of those as young as 12," reports Fortune. "Although some aspirational youngsters—an estimated one in every 625 pupils—are making thousands from their side hustles after school, the study found that the average teen has earned $718 in the past year online." Still, not too shabby.
If your internet provider is whacking you with extra fees for using too much data, the government wants to know. The FCC recently announced it's looking into "data caps" and charges associated with going over them, The Washington Post reports. "Consumer advocates have said for years that these data caps are an unjustified money grab. They hope the FCC is finally going to do something about it," writes Shira Ovide for the Post. The FCC has reportedly already heard from hundreds of people who have complained about the cost – and inconvenience – of exceeding data caps. To share your experience, click here.
Estate plans. They aren’t just for senior citizens anymore. According to experts, individuals as young as 18 can benefit from getting their ducks in a row. "The moment someone turns 18, parents no longer have a legal say in financial and health matters without instructions and permissions in place," writes Julia Carpenter for The Wall Street Journal. For young people looking to get a jump start, experts say to tackle these three things first: "An advanced healthcare directive, which allows your loved ones to make decisions about your medical care in the event of a life-changing illness or injury; a power of attorney, which allows others to access your financial accounts should you become incapacitated; and a simple will, clarifying how you’d like your assets to be distributed after death." |
|
|
|
| Tune Out The Noise. Focus On Your Goals. |
|
|
| An election year is a great time to pause and review your progress toward your retirement goals. Is your plan designed to help make your money last as long as you do? That is the biggest fear — by far — for women. To help make sure you’re ready for the future, schedule a complimentary Retirement Review and financial plan¹ with HerMoney’s podcast sponsor, Edelman Financial Engines. This special offer running through November 5 includes: |
| ● |
A customized roadmap for your optimal retirement, with personalized investment recommendations |
| ● |
A one-on-one conversation with a professional planner |
| ● |
An estimated retirement income summary, including Social Security benefits |
|
| Head here to schedule yours today. |
|
|
|
| Things That Make You Money |
|
|
|
|
|
| Ask Jean |
 |
| Q: |
Today’s question comes from Gretchen. She writes: My 18-year-old signed a lease for a college apartment. Each tenant gets an assigned room and bathroom and their own lease. Parents have the option to be added to the lease as guarantors. Should we do this? |
| A: |
Thanks for your question, Gretchen. Being a guarantor on a lease is essentially the same thing as being a co-signer on a loan. If something goes wrong – in this case, if the rent isn’t paid – and you’re the guarantor, you’re responsible.
Often, parents will add their names as guarantors to boost their child’s chances of being approved for a lease, as many landlords require young tenants to have guarantors. It doesn’t sound like that’s the case with your situation, though.
At this point, if you and your husband were added as guarantors, it would mainly be a benefit to the landlord, as you would be legally responsible for rent payments if your child wasn’t making them. It’s worth noting too, that if you do add yourself as a guarantor, any non-payment could potentially harm your credit score.
My take? Since the lease has already been signed, I would decline to be added as a guarantor. Instead, I would keep in close communication with your child to ensure they are managing their money responsibly and that they have a rock-solid plan for being able to pay rent. |
|
| Submit your questions to Jean here. |
|
|
|
| More For You To ♥ |
⏰ There are only a few spots left for our last pre-retirement checkup of 2024—aka your last chance for help saving $1,500 in eight weeks or less! Yes, that’s the average amount someone saves in our financial coaching and budgeting program for pre-retirees. Join us TONIGHT at 7pm ET. Reply to this email for a special, same-day discount, and grab your virtual seat here.
🏡 While we can't control if we're in the path of a natural disaster, we can lower the cost of our homeowner's insurance. Find out how on the HerMoney Podcast.* The HerMoney Podcast is made possible by Edelman Financial Engines.
👗 Fashion that keeps up with your busy calendar. Another office party? HerMoney subscribers with packed event calendars can rely on Armoire’s clothing rentals for stylish, hassle-free outfits. Rotate your wardrobe effortlessly and make a great impression at every event. Start by taking Armoire’s free Style Quiz here. HerMoney subscribers get bonus items and major savings, too.**
📅 Mark your calendars for tomorrow, October 30, at 12:30pm ET, for your top 10 retirement questions answered. Join HerMoney CEO Jean Chatzky for a live lunch and learn with Town & Country Federal Credit Union. Register for this free webinar and Q&A 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. AM3807168.
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
¹ Limit one complimentary offer per household, per 18 months. Offer ends November 5, 2024, and is only applicable to households with a minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion. |
|
