🌴🧼 Want To Make Six Figures? Try A Service Job…In Palm Beach

Stat Of The Day

40%

More couples are going gray…when it comes to divorce. New numbers show that today, 40% of all divorces are considered "gray divorces" and involve those aged 50 and up. It goes without saying that a gray divorce (or any divorce for that matter) can mean major life and financial changes. That’s especially true for women. A recent survey from the Gerontological Society of America found that women experience a 45% decrease in their standard of living post-gray divorce, compared to a 21% dip for men.

Supporting Your Employees’ Financial Wellness Without Breaking The Bank

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As a business owner, you want to create an environment where your employees can truly grow and prosper — not just in terms of their career success, but also personally, making strides toward their individual financial and other goals. But how, exactly, do you make that happen?

The 2023 State of Women survey from HerMoney Media and Principal Financial Group® found that small and midsized business owners may be undervaluing the need for a strong financial wellness program. The vast majority of employees — 77% — say they feel it’s important to focus on financial health and well-being in the workplace, yet only 69% of small and midsized businesses said the same thing. Why the disconnect? Misconceptions around cost are one reason. Worries that companies have too few employees to justify a program are another. Bottom line? A financial wellness program can be effective and affordable no matter how many people you employ. Here’s how to get one started at your company.

This Week In Your Wallet

"Confusion with a side of gloom." That’s how The Wall Street Journal describes the impact of TikTok on the way Gen Z thinks about money. "TikTok is creating a disconnect between how well off young adults actually are and how they think they’re doing, according to economists and 20-somethings themselves," reports the WSJ. "That disconnect has given rise to a term financial advisers use to describe young adults’ distorted view of their financial well-being: ‘money dysmorphia.’" Despite doing well wage-wise compared to generations before them, all it takes is scrolling TikTok for some Gen Z’ers to feel a sense of "doomerism" about the economy. It’s a feeling that pushes some to pinch pennies and others to live in the moment. "You have to have a level of happiness, and being able to do the things you want and buy the things you want is part of it," 27-year-old Caitlin Sprinkle tells the WSJ.

PS, doomerism got you down? We have a solution. HerMoney CEO Jean Chatzky’s next FinanceFixx class–JUST for young adults (20s and early 30s)–kicks off June 11th. Register here and use code SUMMER20 for a discount.

Want to make six figures? Consider becoming a housekeeper in Palm Beach. "Housekeepers in Palm Beach and South Florida are cleaning up, with salaries often topping $150,000 and bidding wars between mansion owners becoming common, according to staffing companies," reports Robert Frank for CNBC. Demand for housekeepers and other related staff, like nannies and drivers, has boomed in recent years, thanks to a migration of wealthy individuals from high-tax states, like New York, to Florida. And, workers aren’t just making a six-figure salary. Many gigs also come with 401(k) plans, health care and other benefits. That said, you will need some special skills to make the cut. "Housekeepers for the wealthy need highly specific skills — from how to move quietly and unnoticed throughout the house, to how to carefully clean antiques, flatware and fine art and how to properly wash and press fine linens," notes Frank.

Did you travel during Memorial Day Weekend? If so, you may have helped set a record. The TSA says it screened nearly 3 million passengers in a single day on the Friday before MDW, a record for the agency that beat out numbers from last Thanksgiving. Experts say it’s a sign of a busy (and expensive) summer travel season to come. As the Associated Press reports, certain aspects of travel, like hotels, short-term rentals and international flights are up. If you’re planning a summer road trip though, you could be in luck. "The national average for a gallon of regular was $3.56 at midweek, down from $4.60 at this time last year, according to AAA," the AP says. "Renting a car is also cheaper than a year ago, when some popular destinations ran out of vehicles. Travel company Expedia said larger inventories let the companies rent more cars at lower prices."

Things That Save You Money

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Pay for plane Wi-Fi only to have it not work? You could get your money back. Before you travel this summer, check out this list of refunds you could be eligible for next time you fly, courtesy of USA TODAY.

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It’s here. Wedding season. AKA, the time of year when you shell out hundreds (or thousands, gulp) to attend weddings. Here are 7 hacks for saving $$$ as the invites roll in. One of our faves? Instead of buying a new dress for every wedding, swap outfits with friends.

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Before you toss your coffee grounds, check out these 10 ways to use them from Popular Science. Spoiler alert…they have the power to do everything from polishing wood furniture to exfoliating your skin.

Media, Money And Messy Women

"I wanted to create a character who blows up her life, but it’s not because of her actions. It’s because the world is generally hard and often toxic to women, and especially to mothers."

Statistically, women are better investors than men, we fare better during recessions and we’re oftentimes more thoughtful about our budgets. Yet, culture would have us believe otherwise (look no further than the "girl math" trend, or shows like Sex and the City and Girls, where women just can’t seem to get their finances together, no matter how hard they try).

We say enough is enough. And we aren’t the only ones. Bestselling author and award-winning journalist Jo Piazza feels the same way — which is exactly why she flipped the script for the main character in her new novel The Sicilian Inheritance. Rather than ask what is wrong with the female protagonist, Piazza set out to center the book around the question of, in her words, "what did the world do to her to make her a mess?" "I wanted to create a character who blows up her life, but it’s not because of her actions. It’s because the world is generally hard and often toxic to women, and especially to mothers," Piazza tells Jean Chatzky on the HerMoney Podcast*.

Part of the book’s inspiration came from watching how little her mother knew about her family’s finances. "My mom had no idea what was in any of the bank accounts, and bills often didn’t get paid. When my dad passed away, he had taken out a second mortgage on our house without telling her, and left her with nothing," Piazza says.

For more on how Piazza is rewriting the harmful ‘messy woman’ trope, and diving into the problems with societal pressures, listen in here.

Listen Now

The HerMoney Podcast is made possible by Edelman Financial Engines.

Ask Jean

Today’s question comes from Judy. She writes: I’m selling/buying a house and my late husband did the insurance arrangements. I know everyone has gone way higher, but what’s the easiest way to comparison shop?

Hi Judy — You’re right about that. Homeowners insurance premiums went up about 10% to 12% in 2023 alone. You can blame weather-related disasters for that. There were 28 of them in 2023 with losses of over $1 billion each. That’s a far cry from the period from 1980 to 2022 when there were an average of nine disasters annually.

So, comparison shopping is the order of the day. And there are a couple of ways to go about it. You can contact insurance companies directly and get a quote for the policies you need. Or, you can find an independent broker who can help you shop around. Or both. I say independent broker because they represent not just one insurer but will help you survey the marketplace and find the best rates. Calling and getting a quote from an insurer yourself is about a 15-to-30-minute endeavor. And you should probably get quotes from at least 3 companies. While you’re at it, you should ask about benefits for bundling your home and auto insurance (which can be significant), discounts if you’re retired and home more as well as driving less than you used to, and if you have safety features (like an alarm system) point that out as well. This process is more time-consuming than difficult. Once you’ve gone through it a single time, shopping around every year or two will be a no-brainer. But it’s definitely something you should put on your calendar. Continuing to shop typically means continuing to save.

Submit your questions to Jean here.

More For You To ♥

📣 Let’s address a crucial topic—and one of our hot-button issues here at HerMoney–women outliving their retirement savings. It’s a huge problem, but it’s one ParityFlex™, the multi-year guaranteed annuity¹ available from Gainbridge®, is designed to fix. Learn more here.**

🏀 What’s it really like to own a basketball team? Listen to the How She Does It Podcast to hear how NY Liberty owner Clara Wu Tsai is changing the game.

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*The HerMoney podcast is proudly sponsored by Edelman Financial Engines. Unlock your wealth potential with our sophisticated wealth planning. Continue your journey at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM3421374.

HerMoney is not a client, agent, representative or affiliate of EFE.Edelman Financial Engines ("EFE") is a sponsor of the "HerMoney with Jean Chatzky Podcast," created by HerMoney Media. Inc. ("HerMoney") and provides cash compensation to HerMoney Media. HerMoney receives a sponsorship fee from Edelman Financial Engines depending on the number of podcast downloads, as measured by the end of the calendar year. The sponsorship fee is paid on a quarterly basis each year. In turn, HerMoney also provides promotional deliverables regarding EFE on the HerMoney podcast, newsletter, and social media channels. Due to this sponsorship arrangement, HerMoney has an incentive to endorse EFE and its services.

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¹ Withdrawals are taxed as ordinary income and, if taken prior to age 59 1/2, there may be a 10% federal tax penalty. Withdrawals may result in a surrender charge or a market value adjustment (MVA) and excess withdrawals may result in a reduction of future payments under the guaranteed lifetime withdrawal benefit. Guaranteed Lifetime Withdrawal Benefit provided so long as your account value hasn’t gone to $0 due to excess withdrawals. Annual Percentage Yield (APY) rates are subject to change at any time, and the rate mentioned may no longer be current. Please visit Gainbridge.io for current rates, full product disclosures and disclaimer. ParityFlexTM, a multi-year guaranteed annuity, is issued by Gainbridge Life Insurance Company in Zionsville, Indiana.