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| Taking Care Of Your Mental Health Doesn’t Have To Be Expensive |
May is Mental Health Awareness Month, a time to chip away at stigma and point people toward resources that can genuinely help.
For a lot of us, cost is the thing standing in the way. "Most people think that therapy is an expensive indulgence, when the truth is that many affordable options are available," Dr. Supatra Tovar, a clinical psychologist, registered dietitian and fitness expert, tells HerMoney.
And she’s right – there are more paths to cost-effective, high-quality help than you might expect. Here are 12 budget-friendly tips, tools and resources to explore during Mental Health Awareness Month and year-round. |
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| This Week In Your Wallet |
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Introducing the $295k daughter tax. If you’re a millennial or Gen X woman with aging parents, you’re probably already feeling this – and the numbers are grim. Adult daughters are absorbing a disproportionate share of the national caregiving crisis, often while raising kids and holding down jobs. Many are at their breaking point and it’s coming at a high cost. "When the load becomes too much to handle, their jobs and earnings often take a hit," reports Business Insider. "Paid hours get surrendered; promotions get missed. Many leave the workforce entirely. These missed opportunities add up." How much does it add up to, exactly? $295,000 in lost wages and retirement savings over a lifetime, according to one recent estimate.
The credit score glow-up is real. The number of Americans with super-prime credit scores (generally a FICO score of 720+) has grown by 15 million over six years, and young people are driving the surge. "Many of the people entering into this category are Gen Z consumers who grew up with greater awareness of their credit scores and the financial decisions that can lift them," reports The Wall Street Journal. "Monitoring and improving credit scores has become something of a national obsession." The flip side? credit card debt has hit a record $1.3 trillion and more people are falling behind on payments — a reminder that the economy is increasingly splitting in two.
🚨 PS, if you’re carrying more than $10k in credit card debt, these debt relief organizations are worth a look.
Want to live longer? Getting an annuity might be the answer. A new paper from the National Bureau of Economic Research finds that people who purchase annuities are about 3% less likely to die over the next decade than those managing withdrawals on their own. It’s a modest number, but could point to a real connection between financial security and well-being. "Many people fear running out of money more than they fear death," says Angie Welsh, founder and president of My Annuity Agents. "The financial stress that comes with the unknown has real negative impacts on both physical and mental well-being." Want to understand how annuities work? Start here. Then, explore the top-rated options here. |
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| Things That Save You Money |
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| One Editor + One Hunch = Anne Hathaway On The Cover Of PEOPLE |
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| Ask Jean |
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| Q: |
Today’s question comes from Nataly. She writes: I’d like to understand how to invest in a money market fund. Can you help? |
| A: |
Money market funds are a type of investment designed to be a safe, stable place to keep your money while earning some interest. They’re not the same as money market accounts you might see at a bank, though they serve a similar purpose.
Instead of (or in addition to) putting your money in stocks, these funds invest in short-term, lower-risk assets such as Treasury bills and commercial paper. Your money isn’t protected by FDIC insurance the way it would be in a bank money market account, but these funds are closely overseen by the SEC.
When investing in money market funds, one thing to pay attention to is the interest rate, or yield, that a fund is currently offering (right now, they’re generally in the 3-4% neighborhood). These rates fluctuate with the market, so they’re not guaranteed. If you’re in a higher tax bracket, it may be worth looking at tax-exempt money market funds. They often pay a lower rate, but because you won’t owe taxes on the earnings, you could end up keeping more of your return.
Also, keep an eye on fees. Every fund charges a small annual fee, called an expense ratio, to cover its operating costs. The lower the better. Many good funds charge under 0.10% per year, so if you see a fund charging around 0.50%, know that it’s on the expensive side.
Getting started is pretty straightforward. If you already have a brokerage account – through a company like Fidelity, Schwab, or Vanguard – just log in, search for money market funds and buy in. If you don’t have an account yet, you’ll need to open one first, which typically takes just a few minutes online. |
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| Submit your questions to Jean here. |
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