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Stat Of The Day
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5.8%
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First comes the diploma, and then comes the job, right? Not so fast. According to a recent survey, employers say they plan to hire 5.8% fewer new graduates than in 2023. These days, employers are more inclined to prioritize things like experience and AI skills, as The Wall Street Journal reports. If you need a little extra help making your resume pop, we’ve got you.
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How Women Became America’s Social Safety Net
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Want to have your male partner do his fair share of things like childcare and housework? The secret could be hitting an earnings "sweet spot." According to sociologist Jessica Calarco, that’s when women and their male partners are taking home about the same salary.
When a woman earns more than her male partner though, something interesting (and unfortunate) happens. "Once women start outearning their husbands it goes the other way," says Calarco. "We start to see a resurgence of women doing more of the household labor even when they are the primary household breadwinners and men doing less because it gets at men’s egos."
Despite being consistently ranked one of the wealthiest countries in the world, America relies on women to bear the brunt of caregiving and low-wage labor — when other countries have robust social safety nets instead. On the HerMoney Podcast*, we’re digging into how we got here, and what we can do to support each other.
Listen in to hear:
🧳 Why 70% of low-wage jobs are filled by women
👶 How a lack of affordable childcare hurts families, especially women
💍 Why marriage isn't always the key to financial success
The HerMoney Podcast is made possible by Edelman Financial Engines.
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Get Your Complimentary Retirement Review and Income Guide
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Sponsored by
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When you think about retirement, do you have a 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, receive a complimentary Retirement Review and financial plan with a wealth planner from Edelman Financial Engines.¹ This special offer running through June 21 includes:
✔ A roadmap to your optimal retirement
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Plus, you’ll also get a free retirement income guide. Your guide covers potential risks, including inflation and health care costs, sources of retirement income, and five strategies to help you optimize your retirement income.
A better retirement could be a conversation away. Schedule yours today.
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This Week In Your Wallet
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Hold, please. Getting workers to take actual phone calls is becoming more challenging for employers. "Being put on the spot by a ringing phone makes some squirm, especially people under 40 who grew up texting and instant messaging with a moment to collect their thoughts," writes Callum Borchers for The Wall Street Journal. There’s even a name for the ailment. It’s called "telephonophobia" and its rise is creating big demand for services that help employees face their phone fears. For example, Mary Jane Copps is a consultant who used to charge $1,800 for full-day workshops to do just that. She’s now getting $3,000 for half-day trainings. "I’ve started getting questions in workshops that surprise me, like, ‘How do I end a phone call?’" Copps says. "Things that to many of us seem obvious are no longer obvious."
Travelers, be warned. We’re in the midst of the "summer of surcharges." "Junk fees – hidden, mandatory extras added to your final bill – have mushroomed in recent months, and travelers are crying foul," reports Christopher Elliott for USA TODAY. "The government is waging a public war against these annoying extras, but businesses still love hitting their customers with extras because fooling them into paying more is highly profitable." Some of the craziest junk fees? A "beef cost surcharge" at a steakhouse in Utah and a $30 "urban fee" charged by a LA hotel. To avoid junk fees as the summer travel season kicks into high gear, experts advise scouting out companies that are fee-free. "For example, Southwest Airlines doesn't charge passengers for checked or carry-on luggage. Most name-brand car rental companies (Avis, Enterprise, Hertz) quote all-in prices," writes Elliott.
Every year, 2 million people in the U.S. graduate with a bachelor’s degree. 1.2 million of new grads will have student debt. If you’re one of them, there are a few key things to know before your federal student loan bills start coming due. First, for most people, you won’t have to make your first payment until 6 months post graduation (if you have a federal Perkins loan, you’ll likely have 9 months). So you don’t miss your first payment, higher-ed expert Mark Kantrowitz suggests putting a reminder on your calendar for two weeks before your first payment is due. If you’re stressed out about being able to afford payments, make it a point to look into what assistance is available through the federal government. "The Biden administration recently introduced a new IDR [Income Driven Repayment] plan under which borrowers need to pay just 5% of their earnings after calculated expenses," reports
CNBC. It’s known as the SAVE plan, and you can get all the details on it, here.
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Things That Save You Time
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This week we’re talking time-saving tips with help from members of the private HerMoney Facebook group (join us here!).
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Kari says before she leaves work for the day, she takes time to write down where she is with any projects. "When I come back, I can jump right in instead of wasting half an hour trying to remember where I left off," she says. "It made a HUGE difference when I was writing my thesis in grad school and it still helps today!"
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"I always cook a big one-pot meal once a week: chili, soup, a casserole, pasta sauce, etc.," shares Ramona. "Since there’s only two of us, I freeze half. We eat it twice fresh and then twice a couple months later from the freezer." PS, here’s a great roundup of slow cooker recipes from The Takeout (including brownies…who knew?!).
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For Margaret, when it comes to to-do lists, the shorter the better. "I put less on my weekly to-do lists and consistently accomplish more than when I had longer lists. Also, if there’s anything I really don’t want to do, I tackle that thing first."
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Does More Money = More Happiness?
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"We think more money epitomizes success, achievement, and self-actualization, but it doesn’t lead to a proportionate increase in happiness."
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As Harrison explains, the old happy is the societal defintion of happiness we’ve been taught since we were little. "These messages tell us we’re not good enough as we are, that we have to achieve more and more, and that we have to do everything by ourselves," she tells Jean Chatzky on the HerMoney Podcast.
Instead of being in constant pursuit of more (and more money, specifically), Harrison challenges people to redefine their definition of happy. She says attaining the "new happy" is actually free, and involves using your gifts to help others. "When you do that, not only do you get to grow as a person and fulfill all of your potential, but you also get to offer it up to others in order to make the world a better place," she says.
Thank you to Gainbridge® for also supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity², to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.**
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Ask Jean
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Today's question comes from Emma. She writes: I’m hoping you can offer advice about when someone should get an umbrella insurance policy and which insurance companies you recommend buying a policy from. Thanks!
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Somewhere along the way, you’ve probably heard someone comment that "we live in a litigious society." That’s the argument for buying an umbrella liability policy. But first, let’s talk about what it is. Your basic property/casualty policies — homeowner’s insurance, renter’s insurance, auto insurance — all come with a certain amount of liability coverage. Typically, a standard homeowner’s policy provides $300,000, a renter’s policy provides $100,000 and auto insurance liability levels (per person and per accident) vary by state. But what if your net worth is significantly higher than that? If someone is injured on your property, sues you and wins, your personal wealth could take a hit.
An umbrella liability policy, which provides a layer of coverage that sits atop your standard policies, can provide a solution. It kicks in when your other coverages are tapped out. It can also provide insurance for liabilities that aren’t covered by your other policies — like libel, slander and false arrest. And, the nice thing about umbrella policies is that they’re pretty inexpensive. You can typically purchase around $1 million of coverage for just a few hundred dollars. Talk to the company where you already purchase home or auto insurance. This is one of the coverages that you can bundle.
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Submit your questions to Jean here.
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More For You To 💛
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🌴 Retirement stories wanted! Whether you’re crushing it on the pickleball court or parking yourself poolside, we want to hear about it. HerMoney is teaming up with the Alliance for Lifetime Income to tell the stories of retirees. Tell us about yours, here.
⏳ Today, women live an average of six years longer than men. Unfortunately for many, health issues, financial insecurity and a lack of purpose can rob women of the opportunity to enjoy their "longevity bonus years." These are steps women can take to live longer, happier and healthier lives.
⏰ Attention Gen Zers (or loved ones of them)—need $1,500? That’s how much you can save in our 8-week budgeting and financial coaching program that starts tonight! This one is exclusively for young professionals. We have a few open seats left. Use code SUMMER20 for 20% off at checkout. Questions? Just reply to this email.
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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 – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3579878.
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.
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**This is a sponsored post
¹ Limit one complimentary offer per household, per 18 months. Offer ends June 21, 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.
² Withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, there may be a 10% federal tax penalty. Withdrawals may result in a surrender charge or a market value adjustment (MVA) and excess withdrawals may result in a reduction of future payments under the guaranteed lifetime withdrawal benefit. Guaranteed Lifetime Withdrawal Benefit provided so long as your account value hasn’t gone to $0 due to excess withdrawals. Annual Percentage Yield (APY) rates are subject to change at any time, and the rate mentioned may no longer be current. Please visit Gainbridge.io for current rates, full product disclosures and disclaimer. ParityFlexTM, a multi-year guaranteed annuity, is issued by Gainbridge Life Insurance Company in Zionsville, Indiana.
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