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| This Week In Your Wallet |
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The new American Dream? Passive income – but watch for scams. Since our nation’s founding, the American Dream has evolved. Today’s version: making money while you sleep. As The Wall Street Journal reports, a growing number of Americans are chasing passive income streams, fueled by job dissatisfaction and AI-powered tools that make it easier than ever to start something on the side. Take Greg Keough, a mechanical engineer who designed an oversized lint roller, listed it on Amazon and now pulls in up to $115,000 a year – all while spending fewer than two hours a month on the project. For him, more freedom to do what he wants with his time is just as valuable as the cash he’s bringing in. "That is the ultimate power," says Keough. Of course, though, where there’s a dream…there’s a scammer waiting to sell it. Here’s what to watch out for.
Half of America is staying put this summer. A new poll finds that 45% of Americans won’t be taking a summer vacation this year. And while that number isn’t all that unusual, what’s driving it is. As Sherwood News reports, more Americans highlighted money as a key factor this year, with 49% saying cost was the main driver behind their decision. "Given the knock-on financial effects of the US-Iran war within the travel industry, and the different ways that businesses like major airlines have passed on those soaring expenses to consumers, it’s hardly surprising that cost is top of mind for those not jetting off this summer," Sherwood notes.
And for those who ARE packing their bags, it’s coming at a price. Two-thirds of travelers said they’re making at least one "sacrifice" to afford their dream trip – skipping restaurants, nights out, shopping, even gym memberships. In the case of Katie Nguyen, an avid traveler in the midst of planning a wedding, it’s meant scrutinizing every purchase – from a new shower curtain to fancy nuptials, which have been cut from the budget so she and her husband-to-be can afford a trip to Vietnam. "It's like, does it make sense to spend that money there and trying to identify the things that give us the most bang for our buck and really add value and impact to our life," Nguyen tells USA TODAY. "I think it's just how we want to allocate money as prices continue to go up." |
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Whether it’s affording a bucket list trip or working toward another big money goal, like retirement, the right help can get you there faster.
But that’s the hard part – finding the "right" person. For far too long, the financial industry has been geared toward men, with women merely an afterthought.
Enter Willow, the company that’s flipping the script and connecting women with vetted fiduciary advisors who actually "get" them and can help with everything from building wealth to mapping out a financial plan. Click here to take Willow’s free, short quiz to find your perfect match. |
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| Things That Save You Money |
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| The Two Things That Will Make You Indispensable – No Matter What AI Does |
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For white-collar workers, the AI headlines are hard to ignore. Microsoft AI's CEO recently predicted that accounting, legal, marketing, and project management roles could be fully automated within 18 months. Google DeepMind's CEO says we're standing in "the foothills of the singularity." On college campuses, students are booing commencement speakers who so much as mention it.
Both the fear – and the opportunities – are real. But where do you look for them?
That's the question Pulitzer Prize-winning journalist Jodi Kantor set out to answer in her new book, How to Start: Discovering Your Life's Work. It started as a commencement address at Columbia, where students asked her something she couldn't shake: How, in this environment, are we supposed to find our life's work?
As Kantor told us on the HerMoney Podcast, her answer applies as much to a woman in her 50s reinventing herself as it does to a 22-year-old walking across a graduation stage. It comes down to two things: craft and need.
"The really happy and successful people are practicing a craft," Kantor says. "They know how to do something that other people don't." Craft is expertise, authority, a skill honed to the point of mastery, whether that's surgery or flower arranging, teaching or recipe writing. And here's the key: "Any of us who are employees can be fired. But your craft is yours forever."
The second piece is identifying a need – your own honest read on what the world will require over the course of your working life. Kantor wants careers to feel less like lonely paddles against the current and more like rivers rushing behind you. When your work is something people genuinely need, she says, you'll be both more successful and more fulfilled.
And for anyone who's worried about being replaced? "Anybody who's worked for five minutes knows that human beings are needed in the workplace," she says. "We need fresh blood, renewal, ideas. The question is: what need are you going to yoke yourself to?" |
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| Ask Jean |
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| Q: |
Today’s question comes from Kat. She writes: "How do I figure out how much money I need to set aside for retirement?" |
| A: |
There’s no one-size-fits-all answer – but the fact you’re asking puts you ahead of the many people who don’t think about this until it’s almost too late.
A good starting point? Aim to have 10 times your annual salary saved by age 67. That number shifts depending on what age you want to retire, how much you expect to spend, and how long you can reasonably expect to live given your family health history.
You’ll also want to factor in other income sources. For example, here are tools that can help you estimate your Social Security benefit and understand the financial impact of when you claim. And, an online retirement calculator, like this one, can help you put all the pieces together.
That said, retirement planning has a lot of moving parts – and if you want to take things to the next level, we can help. Our FinanceFixx Pre-Retirement Checkup is designed specifically for women who are about 10 years out from retirement. Over six weeks, in a small group setting, you'll work with a certified financial coach to get clear on your spending, tackle debt (if you have any), and build a personalized plan that makes your retirement decisions feel less overwhelming.
The next session kicks off July 28th – and it will fill up. Save your spot here. |
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| Submit your questions to Jean here. |
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