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| This Week In Your Wallet |
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Living longer is great. But paying for it? That’s the hard part. The New York Times asked real people how they’re financially planning for a longer life, and the answers range from "spend it all and let the last check bounce" to "scrimp and save until the very end." The smartest strategy? It’s likely somewhere in the middle, experts say. "While I may want my last check to bounce after I have helped my kids — it doesn’t mean I neglect everything else. We need to be more comprehensive planners," Martha Deevey, associate director and senior research scholar at the Stanford Center for Longevity, says.
If you’ve been following the "three-hour mom" debate, this one is for you. Parenting coach and mom of three, Rachael Fritz, attended the Chicago premiere of "The Devil Wears Prada 2" – and left thinking less about fashion and more about what we’re actually giving up in pursuit of success. Her takeaway: It’s not about the hours you log momming…it’s the quality of them. "How our children feel in our presence is what shapes them. Are they wanted? Do they feel seen? Are they understood? Can they rest in our presence as they are?" writes Fritz, "I’ll always be more interested in those answers than any number of hours clocked in."
You’ve heard the horror stories about inheritances being stuck in limbo – but this one takes the cake. Dr. Ed Lyon, a pioneering urologist at the University of Chicago, wanted his $1.7 million retirement account split among his 36 grandchildren. Seven years after his death, not a penny has been distributed – all because of a beneficiary paperwork issue that’s now landed the family in court. "The case turns on a narrow interpretation of the law, but showcases a big problem in the world of estate planning," The Wall Street Journal reports. "People often fail to realize what’s required to update the beneficiaries for their accounts. What seems like a mundane to-do item while the account holder is alive later becomes a major headache for would-be heirs." |
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| Planned Parenthood’s CEO On Playing The Long Game |
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| When Alexis McGill Johnson agreed to serve as interim CEO of Planned Parenthood in 2019, her exact words were, "I’ll get you through 2020." What followed was a pandemic and the Dobbs decision overturning Roe v. Wade. Six years later, she’s still in the role – and still showing up for the fight. |
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| Things That Save You Money |
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Want to pay down debt fast? These 18 strategies range from practical (picking up substitute teaching shifts) to full-on unhinged (convincing friends to hand over their stuff for free, then flipping it on Marketplace). |
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Petite Plume – the rarely-discounted PJs worn by everyone from the Royal Family to Gwenyth Paltrow – is having a sample sale. We’re talking 70% off select styles. Go! |
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The average pet owner spends $4,000 per year on their dog or cat, with vet costs (up 43% over the past 5 years) accounting for a big chunk of that budget. Here’s one smart way to help manage costs. |
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| Ask Jean |
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| Q: |
Should we buy a house that would make us house poor for the next two years? We need more space and have found the perfect home. We could make it happen by cutting back, but two kids in daycare costing $4,000 a month would make it hard for the next two years. |
| A: |
When most of your money is tied up in your home, everything else gets squeezed – retirement savings, emergency funds, even just the ability to breathe a little between paychecks. Right now, with mortgage rates still elevated and everyday costs unpredictable, that squeeze can feel even tighter. Layer in $4,000 a month for daycare, and you’re looking at two years of very little financial flexibility, which IMO, is a long time to live on the edge.
If it were me? I’d pass – not forever, just for now. The one exception: if you’re truly buying this home at a meaningful discount and it’s a clear long-term financial win. But "we love it" and "it’s a good deal" are not the same thing, so it’s important to be honest with yourselves.
One thing you could do in the meantime is test-drive the payment. For the next 4 to 6 months, stash what your full housing cost would be (mortgage, taxes, insurance, maintenance) into a high-yield savings account. If that feels doable, you’ll have your answer and a nice chunk of savings to show for it (which could be put toward your next "perfect house").
And one last word of advice – don’t count on that $4,000 magically reappearing when daycare ends. Speaking from experience, much of it just gets rerouted to things like after-school care, activities, summer camps, etc. Plan accordingly! |
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| Submit your questions to Jean here. |
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