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| Ask Jean |
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| Q: |
Today’s question comes from Kym. She writes: I bought some gold bars back in June for $2,700 an ounce. Gold prices have gone up significantly since. To calculate my net worth, should I use the current market price or my purchase price? |
| A: |
Gold is definitely having a moment, recently hitting record highs. To put it in perspective, here’s a chart comparing gold’s performance over recent years compared to the S&P 500. Spoiler alert – it’s easy to see why investors are flocking to it.
For net worth calculations, you’re always going to use the current market value of your assets, whether that’s your home, vehicle, accounts, collectibles, gold bars, etc. "The purchase price is irrelevant," says Jonathan Swanburg, a CFP with TSA Wealth Management. "The same would be true if gold were to drop back down to $1,000 per ounce tomorrow. The purchase price is only important in that it determines the potential tax liability on a sale."
Lastly, for those who are still considering getting in on the gold rush, there are several ways to invest aside from buying gold bars – including gold IRAs, which offer similar tax benefits to a traditional IRA. |
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| 🥁 Introducing…The HerMoney Podcast Patreon! |
| ICYMI, we just announced a brand-new subscriber-only space where you can get closer to the HerMoney Podcast – and to Jean and the team – than ever before. Think bonus episodes, ad-free listening and more. Join us here! |
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| This Week In Your Wallet |
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Planning a pricey vacation? Don’t let your dream trip turn into a financial nightmare. While many skip it, The Wall Street Journal reports that travel insurance can save your investment and cover sky-high medical bills when traveling overseas. But picking a policy can be both time-consuming and confusing. One mistake people make? Assuming the coverage that comes with your credit card is enough. If you plan to rely on it, make sure you do your homework. "Call the card company about coverage limits, focusing on your specific concerns," writes Dawn Gilbertson for the WSJ. "Ask about covered expenses for travel delays and lost baggage or medical coverage, to see if they match your priorities."
🌴 Ready to shift into vacay mode? Check out HerMoney’s top travel insurance picks here.
Even though the government is still in shutdown mode, the IRS is wide awake. If you filed for a federal tax extension, your payment is due tomorrow – October 15. And that’s not the only deadline to be aware of. As Kiplinger reports, there are six hitting all at once. One biggie? Fixing any excess IRA contributions. "Since the IRS will tax you 6% on the excess in your account, you’ll want to have withdrawn the excess funds before the Oct. 15 deadline," Kiplinger warns.
Have you ever forgotten to pay a bill and watched your credit score tumble? Unfortunately, sometimes, it can take years to recover from a simple slip-up. The good news is you can bounce back with a few smart moves. One trick? Pay your credit card bill mid-cycle, about a week before it’s due. That way, the balance reported to credit bureaus is lower, since they usually capture what you owe at the end of your billing cycle, not after your payment posts.
💳 When hacks aren’t enough, credit repair services might be able to help. After 200+ hours of research on nearly a dozen credit repair companies, we’re sharing six of the best. If you’re struggling with your payments — and/or have fallen behind — this is something to consider. |
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| Things That Save You Time |
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Not all drive-thrus are created equal. Taco Bell has just claimed the title for fastest in the country. The slowest? Chick-fil-A…though they did take the crown for being friendliest. |
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Spending time searching for the best high-yield savings account? We’ve got you covered. Here are seven of the best, with some offering over 4% APY. |
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Meet your new personal assistant…ChatGPT Plus. One of the bot’s best new features is that it can quit subscriptions for you. Yes, you’ll pay $20 a month for the upgraded ChatGPT subscription, but it just might pay for itself…saving you hours of clicks, calls and frustration. |
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| Building An Empire Around Laughter |
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| "My whole life, people have been saying you’re funny. But if you are an Indian person, what do you do with that? That means nothing to us," Zarna Garg |
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| "My whole life, people have been saying you’re funny," recalled Zarna Garg. "But if you are an Indian person, what do you do with that? That means nothing to us. For instance, if you are good at math, you become an accountant. What do you do with funny?" |
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Lucky for audiences, Zarna figured it out – and today, she’s one of comedy’s hottest acts. On the latest episode of How She Does It, Zarna and her daughter Zoya sit down with Karen Finerman to talk about Zarna’s rise in comedy and their plans to build a business around her hilarious persona.
From immigrating to the U.S. from Mumbai to landing two streaming specials, a NY Times best-selling memoir, a podcast and more, Zarna’s journey is one you have to hear about.
One of the most rewarding parts, though? Working as a mother-daughter duo. Zoya first helped manage the memoir pre-sale during her senior year at Stanford and now works full-time as co-founder of ZG Productions.
Together, the pair believes they’re on track to build a multi-billion dollar business – and they’re up to the challenge. "This is the most riveting phase of my life," says Zarna. "I think the world is in such a scary spot right now that if you can wake up and add to the positivity and joy and the productivity of it, there’s just no bigger goal in my eyes." |
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