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| This Week In Your Wallet |
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Retiring early isn’t always the dream we think it is. That was the case for Lauren, a disciple of the FIRE movement who hit her number – $1 million – and left a demanding career in tech at age 35. Four years later and in an interview with The Cut, she says she’s thinking about going back to work – but not because of the money. Because she’s bored, ambitious and above all else, lonely. "I’m motivated by a couple of things, but probably the biggest is that it’s surprisingly lonely to be retired in your 30s," she tells The Cut. "I probably overestimated my ability to enjoy retirement alone." The takeaway? FIRE math accounts for expenses, but rarely accounts for purpose. All retirees – early and otherwise – should remember to build their "what will I do all day?" plan as carefully as their savings strategy.
The sandwich generation just got younger. The average age Americans get "sandwiched" – or in other words, start caring for both kids and aging parents at once – has dropped to 34, younger than the historically typical age of 40s or 50s, as USA Today reports. Why? People are having kids later in life. "So you have young kids who need you and aging parents who need you, landing in the exact same years, instead of spread out the way it might've been for previous generations," says Jill McNamara of Care.com.
And speaking of care costs, here’s a great way to save thousands: a childcare swap. When Kelly Burch moved states with a toddler and couldn't find affordable care, she found a solution in her Facebook inbox – a mom she got to know through a local playground offered to watch her child one day a week and in return, she would take her daughter the following day. "For the next year and a half, we swapped kids, eventually each taking the girls two days a week, which gave us each 16 hours of free childcare weekly," Burch says. "It was life-changing." Ready to try a childcare swap yourself? Here are tips for setting one up. |
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| Things That Save You Time |
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| The Brand Tax Is Real – And You’re Paying It |
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Ever stood in an aisle staring down two versions of the same blender – one $189, one $489 – with no idea which one's actually better? On the HerMoney Podcast, Jean sat down with Tanya Christian, Senior Home and Appliance Writer at Consumer Reports, to bust the biggest shopping myth out there: that price equals quality.
"We have this idea that the more money we spend, the better the product," Christian says. "And what we found in our testing is that a lot of times that's just not the case. You can have something that's exponentially more money, and a lot of times that's just associated with brand. So you save a lot of money by not just assuming that because it's a certain brand and it's a certain price, that it's a better, more quality product."
Morale of the story? Before your next big purchase, check Consumer Reports or a comparable independent test before assuming the pricier option wins.
Listen to the full episode for more advice, including exactly when to shop sales – and when to wait it out. |
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| Ask Jean |
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| Q: |
Today’s question comes from Nicole. She writes: "My daughter is getting her first off-campus apartment this year. Should she get renters’ insurance?" |
| A: |
Yes – and it's one of the easiest "yeses" in personal finance. Even if her lease doesn't require it (though a lot of landlords now do), renters' insurance is cheap and useful enough that skipping it rarely makes sense. Roughly 55% of renters nationwide already carry it.
Here's what renters’ insurance will buy her:
It will replace her stuff: Furniture, laptop, clothes – if there's a fire, theft, or similar covered loss, renters’ insurance will generally replace it.
Liability coverage: If a friend gets hurt in her apartment, or she accidentally damages someone else's property, this has her back.
A place to stay if disaster strikes: If the apartment becomes unlivable after a covered disaster, insurance can cover temporary housing and meals while she gets back on her feet.
There are a few caveats to know about. For example, standard policies typically exclude floods and earthquakes. Additionally, if she has a pet, some policies have restrictions around certain dog breeds.
While there are many benefits to her having renters’ insurance, the best part is the price tag. Solid coverage runs about $20 a month. For that little, it’s hard to argue against. |
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