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Stat Of The Day
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42%
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FOMO is costing us. A new survey finds that while 3 in 5 young adults admit social spending is sabotaging their financial goals, 42% still overspend on activities with friends. Yes, it’s hard to say “no” when the group chat says “yes” – but it can be done.
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This Week In Your Wallet
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Divorce is tough – especially if you’re a stay-at-home mom without a strong financial safety net. This week on HerMoney.com, we’re breaking down everything you need to know, from finding housing to reentering the workforce. One often overlooked step? Updating your end-of-life documents. That may mean removing your ex as a beneficiary and naming a new health care proxy, as well as a new power of attorney. “You also want to create a new will, assuming you had your ex-spouse listed in your old will,” says Stephanie Sandle, a CFP and managing director of MAI Capital Management. “That way, if something were to happen, you’ll make sure that the assets go to who you want.”
💰 Divorce is typically costly – but it doesn’t have to be. Here’s how to get a divorce with no money (and no lawyer). (And if you’re going through it now, we see you. And we are absolutely 100% HERE for you, with 15% off divorce plans and hourly divorce financial planning services.)
If you had a Capital One 360 savings account between September 2019 and June 2025, you could be in line for a piece of a $425 million settlement. Here’s the skinny – Capital One promoted its 360 Savings account as a high-interest option, then froze the rate at 0.3%. Meanwhile, its newer 360 Performance Savings account rate climbed to 4.3%. As USA Today reports, customers with the older account allegedly weren’t told they could switch to earn more. Now, in the wake of the controversy, Capital One has agreed to settle a class action lawsuit. Here’s how to see if you qualify for a share of the payout.
Worried AI is coming for your job? This deep dive says your jitters are probably unwarranted. Researchers crunched the numbers using five different measures of AI exposure and found no sign of a job apocalypse (yet). In fact, workers in the most AI-exposed roles tend to earn more, have more education and are less likely to be unemployed than those in less-exposed roles. Even within industries embracing AI, researchers found that hiring slowdowns are minor and could be due to other factors. Bottom line? For now, AI is more likely to change how we handle day-to-day tasks, rather than eliminating jobs outright. “Even if AI isn’t totally reordering the labor market today, it may yet have a different kind of big effect: reorganizing how workers spend their time,” notes the Economic Innovation Group in its analysis.
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Things That Save You Money
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Tori Dunlap On How Women Can Build Wealth, Invest Smart, And Ditch Perfectionism
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“Rather than trying to cherry-pick the hot stock, you can basically choose from hundreds, if not thousands, of different companies and have the hot stock every time,” Tori Dunlap, founder, Her First $100K
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When it comes to financial feminism, Tori Dunlap is a name that stands out. The founder of Her First $100K and host of the Financial Feminist podcast, she’s on a mission to help women not just earn more, but claim their financial power unapologetically.
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On the HerMoney Podcast, Jean Chatzky sits down with Dunlap to explore the psychology of money, the perfectionism that keeps us stuck and the myths that make investing feel scarier than it needs to be.
Dunlap’s own journey is proof that being strategic about tapping into your financial power pays off. She went from strategizing to save $100k at 25, to millionaire status at 27 and multimillions by 28, thanks to entrepreneurship and smart investing.
When it comes to investing, Dunlap is a firm believer in index funds, highlighting their low cost, diversification and resilience. “Rather than trying to cherry-pick the hot stock, you can basically choose from hundreds, if not thousands, of different companies and have the hot stock every time,” she shares. “But also, if you know stocks underperform or if a certain company goes bankrupt, that doesn’t affect you as much. Diversified investment has not lost so far.”
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Ask Jean
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Today’s question comes from Janet. She writes: I see ads for reverse mortgages on TV all the time. What are they, and how do they work?
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A reverse mortgage lets homeowners who are 62 and older borrow against their home’s equity without making monthly payments. Your home stays in your name, but the loan balance grows over time as interest and fees are added. Usually, the loan is repaid when you move out or sell the home. With a reverse mortgage, you’re still responsible for the property taxes, homeowner's insurance, and keeping the home in good condition – not to mention keeping it as your principal residence.
The most common type, a Home Equity Conversion Mortgage (HECM), can provide a lump sum, monthly payments, or a line of credit. HECMs are federally insured and allow Americans 62 and older to borrow money against the equity in their home, with no obligation to repay as long as they live there. Once the home sells, the lender is paid back in full from the proceeds. A HECM can be a useful way to access equity if you plan to stay in your home long-term and a line of credit is often the smartest structure.
That said, reverse mortgages can be expensive. Upfront costs are steep, and unfortunately, reverse mortgage fraud is a thing. Anyone considering one should weigh the costs, consequences and compare options (you can do that here) before moving forward.
Lastly, check out this piece I wrote for AARP, which highlights seven essential questions homeowners should ask before choosing a reverse mortgage.
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Submit your questions to Jean here.
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More For You To ♥
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🎙 If you’re a Sex and the City fan, you probably know Lisa Todd Wexley, played by Nicole Ari Parker in And Just Like That. But here’s the real-life twist: The character was inspired by a real woman, Crystal McCrary McGuire, and her own story is just as captivating as anything on TV. She shares it on the How She Does It podcast.
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