👩🏻‍💻🏝️ Would you live at an all-inclusive to avoid high rent costs?

Stat Of The Day

$1M

Tonight marks the first debate of the campaign season between President Joe Biden and former President Donald Trump. As political junkies and everyday Americans tune in to CNN to watch, advertisers are paying big bucks to take advantage of a captive audience. As Semafor reports, ad packages for the debate start at a whopping $1 million.

How to Cope in The "Age of Magical Overthinking"

Got cognitive biases? We all do, and you might not even realize it. The term describes what happens when our brains use our own set of experiences, likes, and dislikes to simplify information in a way that makes sense to us. Because these pieces of data are not based purely on fact but how we have processed those facts, it tends to be biased.

In her new book, The Age of Magical Overthinking, journalist Amanda Montell digs into 11 common cognitive biases. One of them? The illusory truth effect, where we mistake something as true just because we’ve heard it multiple times. As Montell explains, this cognitive bias, and others, are at the root of so much of the "contemporary delulu we are experiencing."

"Our cognitive biases–these mental magic tricks we now play on ourselves unconsciously in order to make sense of the world enough to survive–are now clashing with the information age to create a new and very specific breed of illusion," explains Montell.

But is this new "breed of illusion" always a bad thing? Can we lean into them to make our lives better? And how do our cognitive biases impact the decisions we make about our money? Listen to the HerMoney Podcast* to hear what Montell has to say about these questions and others.

Listen Now

The HerMoney Podcast is made possible by Edelman Financial Engines.

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This Week In Your Wallet

Could living at an all-inclusive resort be the answer to combating sky-high rent costs? Seattle resident Ben Keenan set out to answer that question, mapping out his monthly expenses ($4,100 for rent, food and utilities), and then identifying an all-inclusive in Mexico where he could book a month’s stay for less. He packed his bags and headed south, chronicling the experience on TikTok. At the end of the month, Keenan ended up spending $4,900 total, just $800 more than what he pays in Seattle…but pointed out a few caveats, as The Hill reports. "For one, he claimed to have booked the trip at the last minute and said there would have been better deals at other resorts if he had planned ahead," notes The Hill. "He also emphasized the extra bonuses that come with staying at an all-inclusive resort: room service, a housekeeper, a pool and events."

Do you know what helps your credit score? How about what hurts it? "Paying off a car loan or missing a $500 card payment won’t raise or ding everyone’s credit score equally because your score is based on an opaque formula of factors, such as your payment history and total debt," reports The WSJ. In a time where so many people are struggling with credit card debt, uncertainty over what will help–or hurt–your credit score the most is akin to playing whack-a-mole. For example, what’s worse, missing your car loan payment, or your credit card payment? "It’s like that scene in so many movies where you’ve got a bomb ticking away with different colored wires," says Bruce McClary, of the National Foundation for Credit Counseling. To up your know-how about protecting your credit score, take this quiz. (FYI: It’s not as easy as you think.)

Surge pricing could be coming to a grocery store near you. This month, Walmart became the latest retailer to announce it will be making a switch to electronic shelf labels, which allow employees to change prices every 10 seconds if so desired. "If it’s hot outside, we can raise the price of water and ice cream. If there's something that’s close to the expiration date, we can lower the price — that’s the good news," grocery industry analyst Phil Lempert tells NPR. However, experts say there are other drivers behind the trend, including boosting worker efficiency and consistency between online and in-store prices. "The bottom line, at least when I talk to retailers, is the calculation of the amount of labor that they’re going to save by incorporating this," says Santiago Gallino, a professor at the University of Pennsylvania's Wharton School. "I think that smaller chains can also see the potential benefit of it."

Things That Save You Time

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Hate ironing? Here are ways you can do it better–and faster–from The Washington Post. One of our favorites? Have a spray bottle of water close by and keep the mist coming. Odds are your iron alone isn’t producing enough steam to lock in the work you’re doing.

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Finding love takes time. Lots of it…which can be tricky for those of us with busy schedules. Enter speed dating, which is making a big comeback. Eventbrite says in recent years, there’s been a 63% increase in the number of speed dating events listed with their platform.

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Want to remember something for good? Grab your pen and paper (or stylus and iPad if that’s more your speed). A new study shows that "whenever handwriting movements are included as a learning strategy, more of the brain gets stimulated, resulting in the formation of more complex neural network connectivity."

Ask Jean

Today's question comes from Linnea. She writes: What is your best advice for finding a truly honest financial advisor post-retirement?

According to a recent survey, only 35% of people currently work with a financial professional. Of those who are not working with one, but considering doing it in the future, 27% say it's for reasons related to retirement planning.

So, how do you find one. There are a lot of great associations with "zip code locators" that can help connect you with a financial professional nearby. (I’m looking at you NAPFA.org, XYPlanningNetwork.com, PlannerSearch.org. You can also connect with an Edelman Financial Engines planner via HerMoney here.) But, I’ve found one of the best places to start is with your own network and particularly, your former colleagues. The reason? They have a financial life that’s probably somewhat similar to yours.

Once you have a few recommendations, make appointments to go and sit down with these individuals. Note, this should cost you nothing. Once you’re there, ask a series of questions to evaluate how this person works. How do they get paid? What’s their background? How long have they been in the business? Your goal here should be to see how their style would mesh with you and your financial goals.

As you meet with advisors, beware of this red flag: An advisor that talks more than they listen. This person should want to hear about your financial life and goals. If they’re spending most of your time together trying to sell you something, they aren’t listening. Good luck!

Submit your questions to Jean here.

More For You To ♥

📈 Try our investing club for free! For our July 8th session, we’re opening up our ladies-only investing club to the next 300 people who RSVP. RSVP here, and feel free to send this to your bestie, sister, mom—all of the important women in your life.

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👗 Retire or rewire? How does one go from a nearly 50-year career in social welfare to becoming an Instagram influencer and fashion model — landing deals with big-name designers like Valentino, no less? Even more unusual…how does one do that in their 60s? Meet Lyn Slater.**

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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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¹ Limit one complimentary offer per household, per 18 months. Offer ends June 30, 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.