| Subscribe Read in Browser |
 |
|
|
|
|
| This Week In Your Wallet |
 |
Being a working mom is hard. Some women are building a career out of documenting it. As childcare costs remain high and the "motherhood penalty" persists, more women are turning to "family influencing" – and for some, the payoff is extraordinary, ranging from thousands to hundreds of thousands of dollars a month, and in some cases, millions a year. "I think women are drawn to influencing because it’s so difficult to be a working mother in this country," Fortesa Latifi, author of "Like, Follow, Subscribe: Influencer Kids and the Cost of a Childhood Online," tells Fast Company. "Statistically, many women return to work within weeks of having a baby and childcare costs can often outpace an entire salary. Mothers have lower salaries than women without children, on average." But the costs to influencing are real, too – the relentless pressure of being online and the thornier questions about whether kids can meaningfully consent to having their childhoods documented for public consumption. (And then there’s "Yesteryear," the dark novel about an influencer that our CEO, Jean, can’t stop thinking about. Please tell us she’s not the only one.)
America's most powerful economic force is over 50. A new report finds that Americans 50+ generate $12.5 trillion in economic activity annually — enough to rank as the world's third-largest economy, behind only the U.S. and China. By 2060, as this group grows to represent 41% of the population (up from 36% today), that number is expected to nearly double to $24 trillion. And that's just the paid stuff. Factor in caregiving and volunteering and it gets even bigger. "If we had to pay for all the time and help that older adults are giving to each other, to their kids and grandkids, to their community, it would be $1.2 trillion," says Debra Whitman, AARP's chief public policy officer.
While younger generations are divorcing less, "gray divorce" rates remain high – and the financial fallout can be devastating. "This late-stage split often upends retirement plans, forcing people to navigate expenses with halved 401(k)s and little time to shore up their savings," write Veronica Dagher and Anne Tergesen for The Wall Street Journal. "That’s all while facing the daunting task of rebuilding their lives." For Debi Petriscak, who divorced at 64 after 38 years of marriage and was profiled in the piece, one of the hardest adjustments was both financial and emotional. "Losing a lifelong sounding board was daunting," note the WSJ. "To avoid feeling like a burden to her children, she hired a financial adviser." |
|
|
|
 |
From the motherhood penalty to gray divorce, the financial odds have never exactly been stacked in women’s favor. What you’ll read about in history books hasn’t helped either.
"Historically, women were excluded from financial decision-making," explains Lacy Garcia, CEO of Willow. "While the laws have changed, the cultural residue remains. Many women were raised to save responsibly, avoid risk, and defer 'big' financial decisions to someone else."
Newsflash – it doesn’t have to stay that way. For many women, financial confidence starts with one thing: a relationship with the right financial advisor. Get matched with yours here. |
|
|
|
| Things That Save You Time |
|
|
|
|
|
| A Week In Her Wallet: Meet The 63-Year-Old Preschool Director Who Is Saving For Her "Rich Enough Old Lady" Future |
Ann has a goal. She calls it her "rich enough old lady future self," and everything – every homemade iced coffee, every no-spend day, every little savings game she plays with herself – is in service of it.
At 63, Ann directs an early childhood program in Westchester County, New York, earning over $100K a year. She’s in a long-term partnership, has kids and grandkids she sees as often as possible, and has been living alone since her 36-year marriage ended a few years ago. She’s also had one of the lowest-spending weeks in the history of our "A Week In Her Wallet" series — just $408.79 total.
"It’s probably more than I would’ve spent, believe it or not," Ann shared. "That just happened to be a week where I went out twice with friends. Highly unusual for me."
See how Ann’s week unfolded – and what Jean had to say about it – on this installment of "A Week In Her Wallet." |
|
|
|
|
| Ask Jean |
 |
| Q: |
Today’s question comes from Nicole. She writes: How do I create a budget for my daughter who is going off to college? |
| A: |
First and foremost, make it a joint project. A budget she had no hand in making is a budget she likely won’t follow. Your daughter needs to buy in from the beginning – and you need to leave room for the inevitable "college is more expensive than I thought" conversation.
My biggest piece of advice as you build the budget (again, together!) is to build in flexibility. It’s freshman year, and neither of you really know what’s coming. Locking in a hard limit, say, on groceries, before she’s ever bought her own groceries, isn’t reasonable.
That said, what you can do is set a reasonable total. Start with what you’re able to contribute annually, then layer in any savings she has and money from a part-time job if that’s in the plan. That’s your number to start with.
From there, nail down fixed expenses first (for example, rent if she’s living off campus), then tackle the variable ones – food beyond any meal plan, transportation, clothing, her phone plan. Also, it’s worth checking out her college’s website, which could have a suggested student budget to use as a starting point.
Once you have an annual figure, break it into monthly amounts. Then, if it makes sense, break it down into weeks – it’s easier to keep tabs and if your daughter notices she’s overspending, she can pivot quickly. Lastly, I would also plan to go over the budget with her on a monthly basis so she stays on track. Good luck – to both of you! |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
