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And Speaking Of Scams…
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ICYMI, in Tuesday’s newsletter, we shared that some members of the HerMoney community have received emails from someone impersonating Jean Chatzky.
Again, they’re coming from jeanjeanchatzky@gmail.com and referencing copy trading. These emails are not legitimate. If you receive one, don’t engage and delete it immediately.
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This Week In Your Wallet
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More and more pets are living like Bruiser Woods (IYKYK) – and pet wellness businesses are booming. Take the pet grooming industry, for example. As the New York Times reports, it’s expected to hit $19.5 billion this year and $46.7 billion by 2036, with some owners spending hundreds every month to keep their pets looking posh. Case in point: Ruth Zaplin of Washington, D.C., who shells out $500 to $700 every four weeks to groom her 1-year-old poodle, Jasper. "His haircuts cost more than mine," she said.
🐾💸 We’re not suggesting the full red carpet treatment for your pup. But we will recommend one easy way to protect both your pet and your wallet: pet insurance. Many policies start at about the cost of two or three lattes a month, and can save you thousands if something goes wrong.
No surprises from the Federal Reserve this week, as policymakers hit the pause button on interest rates amid sticky inflation, a labor market that’s sending mixed signals and the ongoing situation in Iran. But here’s the part that matters most for your wallet: even with all the uncertainty, rate cuts are still on the table for the relatively near future. "The closely watched 'dot plot,' which reflects individual members’ rate projections, pointed to one reduction this year and another in 2027, though the timing remains unclear," notes CNBC.
They say becoming a mom changes you…and science now proves it. A recent, large-scale study shows pregnancy shrinks grey matter (the brain’s info processing and emotional hub) by nearly 5%, which actually helps moms become more "specialized" for their new caregiving role. As the BBC reports, new parents say it can have positive ripple effects in the workplace, too. Ana Mudrinic, a new mom in London, says at times during her pregnancy she felt forgetful – for example, she’d go to send an email to her boss, and in the moment, forget her name. In the long term, becoming a mother made her more resilient in her career. "I don't get emotionally impacted by stress as I used to before, because all of a sudden, some things are not as important as they used to be," she shares.
What do two personal finance experts with 60+ years of combined experience wish they knew in their 20s? A lot. Recently, Jean Chatzky and bestselling author David Bach reflected on the lessons they’ve learned, the mistakes they’ve made and the money-saving advice they wish someone had shared decades ago. One of our favorite takeaways: Automate everything. "Anyone who read my book 20 years ago, paid themselves first automatically, and bought a home…chances are they’re a millionaire today, " Bach says. Whether it’s transferring a part of every paycheck to savings, paying down your mortgage automatically, or investing through your 401(k), the fewer decisions you have to make, the better. "You have to pay yourself first, at least one hour a day of your income," Bach says. "So the average American needs to save at least 12 and a half percent of their gross income, which hasn’t
changed."
Meet Jean + participate in a new HerMoney video series! Over the past few months, Jean has been working on a new video series about the transition into retirement. As many of you know, the math of retirement is only half the story! The other half is psychological. Even people who have saved diligently for decades often find that when retirement gets close, a whole new set of questions appears:
Is it safe to start spending?... How long will retirement really last?... How do you balance enjoying life now with protecting what you’ve built?... What does a "good" retirement plan actually look like?
We’re bringing these questions to life via video, exploring real-world retirement dilemmas many people face, and we’d love to feature YOU! We’ll need to use your first name and a photo of you, and in return you’ll get a 30-minute one-on-one session with Jean to talk through all your retirement or financial planning concerns. We’re especially interested in hearing from people over 50 who are thinking seriously about retirement — whether it’s still years away or just around the corner. If that sounds like you — or even a little bit like you — we’d love to hear from you!
If you’re interested, drop Kathryn a line ASAP at kathryn@hermoney.com. Thanks so much, and we can’t wait to hear from you!
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Things That Save You Money
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Janine Firpo Explains How Small Financial Shifts Can = Big Impact
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Imagine a world where the gender pay gap closed in 1965, childcare is free, teachers earn more than lawyers, cervical cancer was eradicated decades ago, and the U.S. ranks as the happiest country on earth.
That’s not a utopian fantasy. It’s economic modeling, a data-backed reimagining of what the world could be if women controlled half the capital and half the power. It’s also the driving force behind the Our Sheconomy, the new initiative helmed by Janine Firpo, impact investor and co-founder of Invest for Better.
On the HerMoney Podcast, Firpo talks about the Great Wealth Transfer and what women at every income level can do to put their money to work in ways that truly reflect their values.
One common myth? That impact investing means sacrificing returns. As Firpo explains, that doesn’t have to be the case – and you can make a difference by doing something as simple as moving your money to a local bank.
"[My money is] all now in local banks in my community, being used to provide capital to underserved populations," she says. "I’m getting the same kind of return on my cash. I have mobile banking just like I had before."
For practical tips on investing with impact, listen to the full episode.
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Ask Jean
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| Q: |
Today’s question comes from Ivy. She writes: What are the main differences between federal student loans and private student loans?
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College is expensive, and borrowing smart is key. When it comes to loans, federal loans should always be your first stop. Start by checking out Direct Subsidized Loans. With these, the government pays your interest while you’re in school, during a six-month grace period after graduation, and during deferment. These, however, are available only to undergraduate students with a demonstrated financial need.
Both subsidized and unsubsidized federal loans come with low fixed rates and flexible repayment options (like income-driven repayment), and protections like deferment and forbearance – features private loans generally don’t offer. The downside? Federal loans often don’t cover the full cost of college.
That’s where private loans come in. They can cover the full cost of attendance, but rates, repayment terms and fees vary widely – plus, many require a co-signer. If you’re looking at private loans as a way to fill the gap, some key factors to compare include fixed vs. variable rates, repayment length and any origination fees.
Paying for college is a bit like assembling a puzzle – you might combine savings, scholarships, grants, work-study and loans. If borrowing becomes part of your strategy, max out federal loans first, then turn to private loans to fill any remaining gaps. And always, ALWAYS shop around – you might save thousands by finding the best rate.
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Submit your questions to Jean here.
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