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FinanceFixx By Jean Chatkzy: FREE Sneak Peek, Limited Seats
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Did you know 74% of women don’t have a financial plan for retirement – and nearly half don’t even have emergency savings? Ouch.
Don’t be a statistic. Check out FinanceFixx, HerMoney CEO Jean Chatzky’s proven money makeover program that’s been featured on NBC’s Today Show, Oprah and PBS’ Opportunity Knocks.
🚨 We’re hosting a FREE sneak peek just for HerMoney readers on Tuesday, September 9 at 7:00 PM ET – but spots are limited. In this session, you’ll discover how our FinanceFixx programs are helping women finally feel in control of their money. These classes are for you if:
😣 You’re tired of not having a plan for your money.
❓ You’re 10 years (or less!) from retirement and not sure you’re ready.
☕ You want real, lasting change – not latte-cutting quick fixes.
🤝 You value one-on-one support from a certified financial coach – not a bot.
This sneak peek is free, but spots are limited. Click here to save your seat and learn more about our programs that have helped thousands of women reach their money goals.
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This Week In Your Wallet
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A Taylor Swift/Travis Kelce prenup? Yeah, there’s likely no Blank Space there. Freshly engaged, the power couple is already sparking speculation about their prenup – Taylor is worth an estimated $1.6 billion and Travis comes in around $90 million. “Having a prenup lets them both go into the marriage knowing their separate assets are protected and avoids messy, expensive litigation if things don’t work out,” Kara Chrobak, founding partner of Bespoke Law, tells Page Six. “For people at their level, it’s really about peace of mind and keeping things private, not about planning for divorce.” And here’s a twist – a prenup might even affect Swift’s songwriting. “Swift has monetized her personal experiences her entire career via candid song lyrics, so it’s possible that Kelce’s prenup terms could affect what she writes about if they were to
split,” reports Page Six.
At what age does it no longer make sense to buy an annuity? As Americans live longer – and worry more about outliving their savings – annuities have become a popular way to lock in steady income for retirement. But timing is everything. Experts tell CBS that if you’re under 50, an annuity probably isn’t the right move. On the flip side, most insurers stop selling them once you hit 90. “The insurance companies know the likelihood of death happening before they make a return on the policy is high,"says Leah Brandt, managing partner of AnnuityPath. That’s a pretty big age range – and if you’re in it, there are other details to consider. For example, your health and whether your basic expenses are already covered through your retirement spending plan.
🧐 Curious about annuities? Click here to learn more and check out some of our favorite protected income options.
Are you truly happy at work? Maybe you don’t hate your job, but there’s that quiet voice asking, “What should I really be doing with my life?” Bestselling author and award-winning professor Suzy Welch has spent the last 15 years helping people answer that question. She recently sat down with HerMoney to share her methodology for finding the career that fits who you really are. Welch says the first step is figuring out your values – something that becomes tricky when money is part of the equation. “Humans will act irrationally all the time when it comes to money, and they'll just do what makes the most financial sense, whether or not it's aligned with their values,” explains Welch. “And so we'll live in a house we don't want to live in. We'll take a job we don't want to stay in. We will do all sorts of things for the money.”
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Things That Save You Money
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We see you – the one sneaking a crossbody bag onto a plane. Heads up, airlines consider it a personal item, and you could be stuck at the gate until you cram it into another piece of luggage (ask a HerMoney staffer who learned the hard way). Consider yourself warned!
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Cheers! The rumours are true. Olive Garden does, in fact, offer free or 25-cent wine samples. A few of them could make the perfect pairing with a Never-Ending Pasta Bowl (and free breadsticks).
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Looking to save on glasses? Check out this tip from HerMoney Facebook group member, Kym: “I always get my prescription glasses at my doctor’s office and pay up to $400 after insurance. This year, I shopped at Costco Optical and got Burberry frames with progressive lenses for $69.99 out-of-pocket.”
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Retirees Relax, Younger Workers Plan: Breaking Down Social Security News
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If you’ve been following Social Security news lately, you’ve probably seen words like shortfall, cuts and insolvency. Not exactly confidence-inspiring headlines for retirees or anyone planning for retirement.
But do we really need to be worried? Michelle Singletary, the nationally syndicated personal finance columnist for The Washington Post, recently joined the HerMoney Podcast to answer that question and share her best advice for retirees, near-retirees, and younger generations.
One of the big headlines grabbing attention – if nothing changes, Social Security benefits could be cut anywhere from 20 to 25% by the year 2033. In light of this, Singletary predicts that over the next several years, there will likely be changes in how benefits are calculated for individuals entering the system.
“The full retirement age might be lifted as it was in the past. They might move it to 71 to 72…those are the kinds of things that could change,” says Singletary. “I’ve been telling people who are retired, don’t worry. But if you are younger, then you are going to have to plan a little differently because you’re going to either have to wait longer to get your full benefits, or you might not get as much as you would if you filed within the next couple of years.”
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Ask Jean
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Today’s question comes from Kortne. She asks: I’m trying to help my 23-year-old daughter establish credit. Any suggestions on a first credit card she should apply for?
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Getting your first credit card is a huge step towards financial independence. For people with little to no credit history, like your daughter, secured cards can be a great way to start building credit.
Essentially, the way secured credit cards work is that you put down a deposit — let’s say $500 — which then becomes your credit limit for that account. Because your limit comes directly from a deposit you put down when opening the account, there’s virtually no risk to the bank, which means almost anyone can get approved.
The only downsides are that once you deposit money into your credit account, you can’t then use it for other things — and you also can’t increase your credit limit without putting more money down. So while secured cards can be great if they’re the only credit card option your daughter qualifies for, she should plan to try to upgrade to a traditional credit card after she has established a track record of a year to 18 months of on-time payments.
Aside from secured cards, there are plenty of other options out there when it comes to regular credit cards that your daughter may be approved for. That said, as much as we wish the “ultimate beginner” credit card existed, it doesn’t. “There’s not a one-size-fits-all answer for what the best credit card is,” Matt Schulz, Chief Credit Analyst at LendingTree tells HerMoney. “It really is about what you want from the card, how you spend on the card, and how comfortable you are with managing your credit card.”
Your daughter should start by focusing on the cards available for someone with her credit score, and then start comparing everything about those cards, including interest rates, fees, any rewards offered, and other perks. And make sure she checks with your local credit union to see what’s on their menu as well — often the interest rates are lower and the fees (when there are any) are less.
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Submit your questions to Jean here.
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