| Subscribe Read in Browser |
 |
| Stat Of The Day |
| $6.8 Billion |
Graduation gifting is expected to hit a record $6.8 billion this year, according to the National Retail Federation. Once again, cash is king (or should we say, valedictorian?) with 51% saying a little green goes a long way for the college or high school grads in their lives. |
|
|
|
| This Week In Your Wallet |
 |
Today is Juneteenth, a day when the nation pauses to mark the end of slavery in the United States. But while June 19, 1865, was a turning point, true freedom was quickly met with new barriers: extreme poverty and financial insecurity. More than a century later, the economic burden of slavery still remains. For example, while progress has been made, a double-digit percentage of Black households still live without access to bank accounts. As Molly Povich writes for HerMoney, experts say one of the most powerful ways to close the racial wealth gap is to start early, by helping Black children build financial independence from a young age. “This movement to get Black families saving — it’s not just about $25 in a savings account,” says Tanya Van Court, founder and CEO of Goalsetter. “It’s about changing the trajectory of the next generation of kids because we have shifted their mindset away from being the ones who fuel the American economy with the dollars they spend, to being the ones who build wealth for themselves and the community they’re a part of.”
Keep it steady. That’s the word from the Fed, which announced on Wednesday that it would leave its benchmark interest rate unchanged. “Fed policymakers said the unemployment rate currently remains low and that labor market conditions are solid,” reports NBC News. “But inflation remains somewhat elevated, they said — and is likely to worsen.” That said, the central bank indicated that it still expects two rate cuts to happen sometime during the remainder of 2025.
He says, “Let’s splurge!” She says, “Let’s not.” If you’re a saver and your partner is a spender, how can you make it work? Katie Roiphe, a columnist at The Wall Street Journal, lives this dynamic daily. Her husband is the type to pick the most expensive thing on the menu (hello, lobster). She, on the other hand, would rather cook at home. Her secret to staying sane? Separate bank accounts. “Ideally, you don’t want your spouse to feel that they live in an orphanage and you are the one forcing them to eat gruel and wear rags,” she writes. “By keeping your finances totally separate, everyone can follow their own spending habits in peace.” And sometimes, opposites can influence each other in the best ways. “One day, I notice that he is suddenly buying things on sale and scouring the internet for deals,” notes Roiphe. “I also notice that I am actually allowing myself to enjoy an insane over-the-top bouquet of flowers he bought for me.” |
|
|
|
| From Bad Bras To 6 Patents: Why One Founder Says Intellectual Property = Power |
Have you ever dreamed of inventing something…or even patenting it? While the number of women patent-holders is increasing (we currently hold just 10.9% of all U.S. patents), the gender gap in innovation remains very real.
Bree McKeen is flipping the script. She holds six patents and founded the lingerie brand Evelyn & Bobbie after years of battling shoulder pain and terrible bras. McKeen joined the HerMoney Podcast to share how she made her idea a reality and how other women can, too.
As she explains, there are two types of patents. Design patents, which protect how something looks (think Burberry plaid) and utility patents, which cover how something works (she’s got six of those).
So, do you actually need a patent for your big idea? McKeen says yes, for two big reasons. First, a patent is great for fundraising – investors love something tangible. Second, a patent can fend off copycats. “It’s helpful to be able to go to Amazon and say, ‘Hey, this is a patented product, you have to take that down,’” she explains. “It helps you protect your market share.” |
|
|
|
|
| Things That Save You Time |
| ● |
PTO running low? You can turn one day off into a “24-hour vacation.” From Vegas to Orlando, here’s how to make the most of a one-day vacay. |
| ● |
If you’re sick of your smartphone draining your time and attention, experts say turning it into a “dumbphone” might be the fix. The idea: strip it down to the basics so you’re less tempted to scroll. Start by deleting as many apps as possible. For those you can’t delete, set screen time limits (which can be adjusted in your settings) to curb your use. |
| ● |
“Time confetti” may sound festive, but it’s anything but. The term refers to the scattered minutes we lose rushing from one task to the next, which leave us feeling busy…but unproductive. The fix? Let go of the idea that you need big chunks of uninterrupted time to get things done. Instead, experts suggest embracing microproductivity to make the most of small windows of time. |
|
|
|
|
| Ask Jean |
 |
| Q: |
Today’s question comes from Addy. She writes: My partner and I each have credit cards in our names, and we are both authorized users on each other's cards, both of which have an annual fee. We’d like to switch to a cash-back credit card. Should we close our other cards or just leave them open? |
| A: |
If you’re no longer using a particular credit card, there are financial benefits to keeping it open — as long as it’s free. The biggie is that it adds capacity to your full body of credit, buoying your utilization ratio, which is a big component of your credit score. But if it’s causing you to incur unnecessary fees, as you’ve mentioned, you’re likely better off closing it. There are a couple of things you may want to consider before you do so, though.
First, how long have you had these cards? Your oldest credit accounts can be the most valuable to your credit score, because they show a long history of credit. It may not be a good idea to close your oldest credit card, especially if you have a positive payment history with it.
Next, have you closed any other cards recently? It’s better not to close several cards at once because it will drag down that aforementioned ratio, and it’s not a good look to potential creditors or lenders. Instead, gradually pay them down and then close the accounts, spacing the closures over time.
If you’ve decided that closing your cards is in your best interest, take the following steps:
1. Check your credit report. You can access a copy of your credit report online, for free, once per week at AnnualCreditReport.com. Take a look at the report to make sure there are no errors regarding the credit account you want to close.
2. Redeem outstanding rewards. You may be able to apply the rewards toward paying off the balance on the card. If not, read the fine print to see what happens to them. In some cases, you can still utilize them after the card is closed. Take the Hilton-branded credit card, for example. If you were to close it, you’d still keep your points because they’re associated with your Hilton Honors account, not the credit card itself.
3. Pay off the balance. You won’t be able to completely close the account until the balance is paid in full. If you want the account to be closed to new charges while you’re still paying it off, you can usually contact the customer service department and ask for that.
4. Contact the card issuer. Once your balance is paid in full, call the card issuer and let them know you want to close the account. You can usually find contact information on the back of the card, your monthly statement, or on the issuer’s website.
5. Follow up. After 30 to 60 days, the card issuer and the credit reporting agencies should have had time to update your records. It’s a good idea to check your credit report to make sure the account has been updated without errors. The account and its associated payment history may remain on your report for several more years, but the status should show that the account is closed.
One final note – in some cases, if the annual fee is the main reason you’re closing your card, the issuer may be willing to waive it. It doesn’t hurt to call and ask. |
|
| Submit your questions to Jean here. |
|
|
|
|
|
|
|
| We maintain a strict editorial policy and a judgment-free zone for our community. We strive to remain transparent in everything we do. Website posts and newsletters may contain advertisements, links and mentions of products from our partners. Learn more about how we make money. |
| *This is a sponsored post |
|
