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| How To Handle The Market Madness |
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Hold on tight. The market madness is far from over. After days of major losses, U.S. stocks saw one of their biggest one-day rallies Wednesday following President Trump’s decision to hit the pause button on some of his "reciprocal" tariffs.
Good news, yes, but the economic uncertainty is far from over. That’s why we asked Karen Finerman, co-founder of our InvestingFixx club, to join us this week for a special episode of the HerMoney Podcast. In it, she breaks down what this market chaos really means and what you should (and shouldn’t) be doing with your money right now.
While Finerman says her inclination when it comes to stocks is to "always be buying," many everyday investors might be too spooked by the volatility to do the same. As she notes though, continuing to invest doesn’t have to be an all-or-nothing approach.
"For some people who aren’t feeling quite comfortable enough, sometimes splitting the difference between buying some, and keeping some in cash is the right thing to do," says Finerman. "If it’s too scary, you don’t need to do all or none, you can do something in the middle." |
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| This Week In Your Wallet |
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No, now probably isn’t the time to panic shop. But you may want to start buying in bulk to save money as we continue on the rollercoaster ride that is the economy. Before you head to Costco, check out our roundup of the 12 best foods to buy in bulk, a list that includes things like bread, bulk protein (like chicken), and parmesan, as well as other hard cheeses. "Portion the cheese into smaller sections (or if buying shredded or grated, portion into smaller zip lock bags)," says Sara Heilman, Culinary Development Manager and Chef at EveryPlate. "Then wrap it with plastic wrap or vacuum seal, label, date it, and store it in the freezer for up to 6 months."
Tick tock. It’s getting closer to April 15, aka Tax Day. If you’ve yet to file, you still have time. And, as Ann Carrns reports for The New York Times, there are still ways to reduce your taxable income, including making IRA and HSA contributions. If you don’t think you’ll be ready to file by April 15, you can get an extension by filing Form 4868. Note, though – "an extension gives you more time to file, but it doesn’t give you extra time to pay if you owe tax," reports Carrns. "You should estimate what you owe and send a payment with your extension form. Otherwise, you may face penalties on the balance due for paying late — 0.5 percent of the tax owed for each month the bill remains unpaid, up to a total of 25 percent."
Is it time to start managing your parent’s money for them? One financial planner says there are three signs to look out for: Struggling to get tax info together, falling prey to scams and detachment from financial habits. "One of the things I often notice as people are aging is they just become less engaged in their former financial habits," Cheri Stein, a partner with Plante Moran Wealth Management, tells Business Insider. If your parent used to ask a lot of questions about their investments but no longer seem interested, or they leave financial mail unopened, those could be red flags. As Stein suggests, if your parents work with a financial advisor, you could ask if they’ve noticed any changes that could cause concern.
Are you ready for a good night’s sleep?
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| For a special sponsored Mailbag, Jean sat down with Luke Kelly, CEO of Bryte, a company at the forefront of sleep technology. Together, they tackle some of your biggest questions around sleep — including how to get more of it! |
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| Things That Save You Time |
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Not all AI bots are created equal. The Washington Post asked five of them to write tough emails. One stood out, and as the tester notes, it was better than a human. Yikes. |
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No kids, no cell phones, no multitasking—just you and your sig-o for ten minutes. Experts call it "microdating," and in a pinch, it can sub for a full-fledged date night. |
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One blowout = a week’s worth of good hair if you follow tips from this stylist, which may or may not include a "Pamela Anderson ’90s updo moment." |
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| Ask Jean |
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| Q: |
Today’s question comes from Alison. She writes: Any tips for federal workers trying to plan their finances? I’m assuming I’ll be laid off in the "reduction in force," but there aren’t always private sector equivalents and hundreds of thousands of other unemployed folks also looking for work. |
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You’re right, Alison. We are in uncharted waters. Anytime I feel uneasy about a situation (like the recent market turmoil, for example), I find that it’s incredibly helpful to focus on controlling the things you can control. So, with that, here are some actionable steps I’d suggest you take to calm your nerves and prepare for what might happen:
Beef up your emergency fund: Now might be a good time to cut back on things like online shopping or dinners out. Put that extra money away in an emergency fund that, ideally, will have enough to cover three to six months of living expenses.
Revamp your resume: If it’s been a while since you’ve applied for a job, you’ll want to know the new rules of resumes (spoiler alert, these days, they’re pared down and streamlined). You’ll also want to take a look at your LinkedIn profile and take steps now to update it so you stand out.
Enlist the help of a pro: Working with a financial professional can help you navigate what’s ahead. But, if that’s not in your budget, the CFP Board has put together resources to help federal employees. Here’s a link to a recent CFP Board webinar that highlights tips and tools for managing financial uncertainty – everything from how to avoid missteps with retirement decisions to what happens to your health insurance, life insurance, and other benefits if your position is eliminated. |
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Submit your questions to Jean here.
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