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This Week In Your Wallet
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Pop goes the AI bubble? While there’s been plenty of hand-wringing about whether the hype has gone too far, experts say it’s not time to panic…yet. AI has reshaped everything from the workplace to Wall Street, powering record stock market highs as companies ride the wave. JPMorgan Chase CEO Jamie Dimon likens it to the early internet – complete with its own bubble, but also massive, long-term payoff. Not every venture survived, but the winners (think Google) went on to redefine tech itself. "You can't look at AI as a bubble, though some of these things may be in the bubble. In total, it'll probably pay off," Dimon said.
🧐 Have questions about AI – or any investing topic? Join InvestingFixx, our women’s investing club, and get them answered. Our next meetup is Monday, October 27 and you can join us for FREE!
It’s the tale of two economies. As the New York Times reports, the spending gap is widening, with new data showing the top 10% of U.S. households now account for nearly half of all spending – the highest share since the 1980s. Meanwhile, consumer sentiment among high earners has risen, but slipped for everyone else. "Wealthier Americans, buoyed by a stock market that keeps setting records, have continued to spend freely," writes the NYT. "Lower-income households — stung by persistent inflation and navigating a labor market that is losing momentum — are pulling back."
And for those feeling the squeeze, a personal loan might offer some breathing room. But before you sign on the dotted line, make sure you can answer four key questions – starting with this one: Is my credit score good enough? "If your credit score isn’t in top-notch shape, consider holding off on applying for a loan for a few months while you work to increase your score," writes Rod Ebrahimi for HerMoney. "Even a small bump could make a huge difference in whether you’re able to get a loan or not, and most importantly, qualify for a lower interest rate."
💰 We’ve rounded up some of the best personal loan options – including Credible, which offers a quick 2-minute application and an A+ rating from the Better Business Bureau.
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Things That Save You Money
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No tricks, just money-saving treats. Here are some of our favorite Halloween hacks from the HerMoney community.
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"I actually do not cut costs for Halloween," says Rachel. "It’s my favorite holiday and I create a sinking fund every year. That way, I can spend without any guilt."
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"We’ve been buying a bag of candy a week since the beginning of September, when our local grocery store started having them on sale," says Marylee. "Spending $4/5 a week is better than buying a whole bunch of bags at one time."
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"On Halloween, I’m hiding in the back room with the lights off!" shares Lori.
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"Check out your local thrift store," suggests Judy. "Mine has a section dedicated to Halloween decor and costumes. I just got one, new with tags, for $5 – it retailed for $40."
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"We’re supplementing our candy with other goodies, like these stickers from Amazon," says HerMoney staffer Sarah. "They’re a heck of a lot cheaper."
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Renée Elise Goldsberry On Family, Fame, And Hamilton
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After years of fertility struggles, Renée Elise Goldsberry finally felt her life was perfect. Her son Benjamin was born, her daughter Brielle came home through adoption and she thought her story was complete. Then came a call about a little project called "The Hamilton Mixtape." She turned it down until her agent convinced her to listen to the demo. "The ground shook," she says. "Everything was going to be different."
That moment changed everything. Goldsberry went on to star as Angelica Schuyler in "Hamilton." As the play became a global phenomenon, she juggled stardom and motherhood, often filming it all on her phone. Those clips are now part of a new documentary, "Satisfied."
On the latest episode of How She Does It, Goldsberry shares how she made it all work – early mornings with her kids after late nights onstage, a career that continues to evolve and one of the keys to her success, a supportive partner.
She recalls telling her husband, "You could either be supporting me for the rest of your life. Literally, every day you come home from work, I’m sitting in the same place on the couch… talking about writing a song in my head. Or, you could be Mr. Goldsberry holding my purse on the red carpet."
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Ask Jean
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Today’s question comes from Jill. She writes: "We’ve had a bar of silver for 40 years. I would like to sell it, but I don’t know how. Do we sell it at a bank?"
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Even though gold and silver prices fell this week, both are still up significantly this year.
If it still makes sense for you to sell, one of the best spots to do so is with a reputable coin dealer. "If it is a bar from a well-known mint with a serial number on it, it would be much easier to sell close to the spot price of silver," explains George Gagliardi, a CFP and founder of Coromandel Wealth Strategies. Bars without serial numbers are trickier because an assay – a test to determine purity and authenticity – may be needed.
When choosing a dealer, one of the most important factors to consider is transparency. "I have a very good coin dealer in town who is open about discussing his buy and sell prices and readily discloses his margin," adds Gagliardi. "That's the sort of establishment you want to look for."
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Submit your questions to Jean here.
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