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Stat Of The Day
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$5 Million
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The price of the American Dream just went up…way up. A new report pegs it at about $5 million. That covers all the big milestones – a wedding, kids, retirement and more – and it’s a sharp jump from last year’s $4.4 million estimate.
We can’t make all your dreams come true, but we can help with one of the biggest – retirement. The report says the average person thinks it’ll take $1.6 million to retire comfortably. Not sure what your number is? Or whether you’re on track to reach it?
The next session of our Pre-Retirement FinanceFixx program kicks off tonight. Over six weeks, you’ll work with a certified financial coach to find out where you stand and how to reach your retirement goals. There are a handful of spots left and this is your last chance to grab one at a discount. Use code SAVENOW at checkout before they’re gone!
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Why “Having It All” Is The Wrong Goal
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Running on empty, juggling work, home and relationships – and always coming up short? Been there, done that, got the t-shirt. But let’s be real: perfection in even ONE area is impossible…let alone all three.
Enter Dr. Corinne Low, Wharton economist and author of “Having It All: What Data Tells Us About Women’s Lives and Getting the Most Out of Yours.” She joined the HerMoney Podcast to bust the work-life balance myth and share tips to reclaim our time, energy and identity.
One of the biggest lies we’re told? Your goal should be to have the best career possible. Dr. Low flips the script. “My goal in life is to maximize my utility,” she shares. “Deep joy, meaning, and value over the course of my life…my job is just a tool for me to do that. My job is a tool that turns my time into money.”
We all know the money mantra “pay yourself first.” Dr. Low says we should do the same with our time. “Find the uses of your time that give you the most utility, the things that you value most deeply,” she says. “Literally block them out on your calendar the way that you would a meeting with your boss or an immovable obligation. Put that on your calendar first and let other things fill in around that.”
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This Week In Your Wallet
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Could a shared bank account be the secret to stronger friendships? Some say yes. As CNBC reports, friends are pooling cash in joint accounts to cover girls’ trips, nights out and other adventures. The trend is going viral on TikTok as a way to bond with your besties, but personal finance pro Tori Dunlap warns that with shared accounts, things can go south fast. “Everyone on the account typically has equal access, which means one person could withdraw funds without permission,” she says. “If someone loses their job, goes through a breakup, or just changes their mind, it can get messy quickly.”
50+? There’s a big retirement rule change ahead. Beginning next year, high earners (making over $145k) will no longer be able to make pre-tax catch-up contributions to their 401(k)s. Instead, as The Wall Street Journal reports, you’ll pay taxes up front – meaning an $11,250 catch-up could cost you nearly $4,000 in lost deductions. And, if your plan doesn’t offer a Roth 401(k)? No catch-up contributions at all…ouch.
Pet parent? It’s time to paws (see what we did there?) and consider insurance. A new survey shows pet costs – vet bills, grooming, the works – are up 42% since 2019. For many owners (HerMoney CEO Jean Chatzky included!), insurance can make furry friends more affordable. This week, we’re breaking down the basics – how much you can save, what plans cover and how to pick the right one. “If you can pay for the yearly visits and the vaccinations, but you think if my pet gets cancer, I can’t do a $3,000 vet bill, then that is the type of coverage you are looking for,” says Melissa Gutierrez, SVP and General Manager of Pets Best.
🐾 Most insurers offer a variety of plans — you’ll just need to do your homework and compare each one. Here’s our roundup of some of the best options.
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Things That Save You Money
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Pulling the plug pays off – literally. This writer says unplugging idle appliances shaved over $100 off her electric bill in a year. That’s free money for a night out, or to start your investing journey.
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Consider this your reminder to check in on elderly loved ones – and their subscriptions. One HerMoney reader, Julie, discovered her aunt was paying for three (!) Amazon Prime accounts. “Amazon helped me cancel them and from now on, I order anything she needs,” says Julie. “She’s happy with the solution…it also gives her a reason to call me and chat!”
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Kitchen sink sandwiches are trending as a way to save money on food. Use up odds and ends in your fridge (slice of cheese, that last pickle in the jar, the last few spoonfuls of mayo – you name it) and start stacking your masterpiece.
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Ask Jean
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We can’t make much more than the minimum payment on our credit cards. What’s the best way to consolidate our credit card debt so we’re only making one credit card payment?
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| A: |
What you’re looking for is a balance transfer credit card. Here’s the deal – you open a new card with a 0% intro APR on balance transfers (usually 12–21 months), roll your existing balances onto it, and boom—you’re down to one monthly payment.
Before you start shopping for a card, there are a few things to keep in mind:
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You’ll need good to excellent credit to qualify.
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Most cards charge a fee of 3–5% of the transferred balance. So, make sure that you will save significantly more than that over the time the card is in its teaser period.
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The 0% promo rate usually applies only to the transferred balance, not new purchases.
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Some cards tack on retroactive interest if you don’t pay off your transfer before the promo ends.
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When the intro period’s up, the regular APR can be steep.
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Bottom line? Balance transfer cards can save you serious money—but only if you stick to the rules. Plus, balance transfer cards really only work if you avoid adding new charges and commit yourself to paying as much as possible during the promo window.
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Submit your questions to Jean here.
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