🔑💻 Your teen’s secret to an 8% richer future

Stat Of The Day

One high school computer science class could boost your teen’s future paycheck by 8%, no matter what career path they pursue, according to a new study. Even better, girls can see a 14% jump in earnings with just one class.

Find Your Purpose At Work (And Still Pay The Bills)

Are you truly happy at work? Maybe you don’t hate your job, but there’s that quiet voice asking, "What should I really be doing with my life?"

Bestselling author and award-winning professor Suzy Welch has spent the last 15 years helping people answer that question. In her new book, "Becoming You: The Proven Method for Crafting Your Authentic Life and Career," Welch shares how to uncover your ideal path – one that aligns with your values, strengths, and passions. On the latest HerMoney Podcast, she’s letting us in on her methodology for finding the career (and life) that fits who you really are.

According to Welch, the first step is figuring out your values. Sounds simple, right? As she explains, it’s trickier than it seems – especially when money gets involved. "Humans will act irrationally all the time when it comes to money, and they'll just do what makes the most financial sense, whether or not it's aligned with their values," explains Welch. "And so we'll live in a house we don't want to live in. We'll take a job we don't want to stay in. We will do all sorts of things for the money."

The good news? You can align your values and budget so that your life feels more like you. Listen in to hear how.

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This Week In Your Wallet

Are you earning more than you’re worth? You might be – and you’re not alone. A new survey reveals that two-thirds of U.S. workers believe their pay matches or exceeds the current value of their skills. "It’s not that they are failing to live up to the deals they signed," the Wall Street Journal reports. "It’s that wages have fallen in tech and other industries while the expansion of pay transparency laws makes it hard to ignore this truth." For those who feel like they’re living on borrowed time (or, in this case, paychecks), it can be hard not to get anxious. "People’s level of panic depends on how they viewed massive raises in the first place," notes the WSJ. "Some say they knew all along that their offers were inflated by a once-in-a-generation hiring frenzy. Figuring a correction was coming, they’ve been conservative with their personal finances."

Millions of Americans are seeing their credit scores plunge now that student loan payments have resumed. For many, the financial fallout is devastating. As The Washington Post reports, those whose credit scores have been affected by missed payments are now struggling to get approved for car loans, secure housing, and even land jobs. "This is the beginning of something big, and we need to be paying attention," warns Dominik Mjartan, chief executive of American Pride Bank in Macon, Georgia. "There’s a very high cost to having a low credit score in America. Your cost of living goes up — your cellphone bill, your utilities, your insurance payments, everything. And that trickles down through the economy."

📝 PS, for the 411 on all things student loans, check out this recent episode of the HerMoney Podcast, where expert Jillian Berman breaks down what the end of the student loan pause means and how to get your payments back on track.

Is it possible to manifest more money? Experts say an "abundance mantra," or a simple, positive phrase about your goals, might actually help grow your wealth. Clinical psychologist Dr. Sarah Schewitz explains that our unconscious mind learns through repetition, so creating a mantra in the present tense signals to your brain that your goal is already a reality. "The more you affirm something as already having happened, the more your unconscious mind believes that is the truth," explains Schewitz. "Our unconscious mind is what guides most of our behavior and holds our beliefs about what is possible for us. In order to change limiting beliefs, you need to consistently reinforce a new belief to ingrain it into your unconscious mind." Ready to get started? Check out this cheat sheet of powerful abundance mantras.

All Things Asset Allocation

Is the 60/40 portfolio still considered safe? Should I buy gold? How should today’s political and economic realities shape my investing strategy?

These are just a few of the questions that came up during this week’s InvestingFixx session, where the focus was asset allocation. That’s your mix of stocks, bonds and cash and how you balance them depending on your goals, risk tolerance and time horizon.

But does asset allocation actually work? According to HerMoney CEO and InvestingFixx cofounder Jean Chatzky, absolutely. "A seminal 1986 study said your asset allocation is responsible for determining about 90% of the variability in your portfolio," Jean shared. "That was later revised to about 80%. But, there is no disputing that the percentage of your wealth you decide to put into each category is a huge factor."

Jean also pointed out that things like fees, which investments you pick and when you buy or sell play a role, too. But, if you’re looking for a simple, effective way to build a portfolio, getting your asset allocation right is a good place to start.

Things That Save You Money

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Think of it as something between a guided tour and a DIY adventure. Shaka Guide is an app that narrates tours of popular attractions across the U.S. – all from your phone. One HerMoney staffer used it on Maui’s famous Road to Hana. It cost around $20, compared to $200 for an in-person tour.

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Free furniture? Yes, please, but hold the termites. If you’re curb shopping, here’s how to spot what’s worth snagging and what you should skip. For starters, steer clear of anything that’s upholstered – it could come with hitchhiking bedbugs. Yuck.

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Just when you thought libraries couldn’t get any cooler, enter the "Fix it Fair." These free community events connect people with broken items to skilled volunteers who can bring them back to life. For instance, as Upworthy shared, one attendee at an event in Tennessee got their generator fixed for nothing more than a handshake.

Ask Jean

Today’s question comes from Sarah. She writes: My husband and I purchased our first home. I have so many thoughts swirling around my head about things we need to do. Where should we start?

First off, congrats! Buying a home (especially in this market) is a major win. Once you’ve popped the champagne and put out the welcome mat, it’s time to roll up your sleeves. Homeownership comes with a to-do list (or several).

One of the most common surprises for first-time buyers is just how much it actually costs to own a home. A recent survey from Bankrate shows the average annual cost of owning and maintaining a single-family home in the U.S. is over $18,000. That includes everything from property taxes to repairs and maintenance. So, job one: revisit your budget. See where you can cut back and start setting aside money every month for those expenses.

What else? The amazing women of the HerMoney Facebook group have been there…and they’ve got tips:

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"It’s kind of old-fashioned, but I would start a binder with all your house-related items – everything from the sale-related documents to receipts for any major repairs you have to make," says Ann. "Having all this will help you later when you sell because you’ll be able to correctly calculate your basis and you’ll have a good record of your home’s maintenance."

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"My real estate agent reminded me to scan the QR code on all our new appliances to register them with the manufacturer to extend the warranty," shares Melissa.

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Teamwork makes the dream work, says Susie. "My husband and I use the Reminders app. We have folders for projects, errands, reminders, and other tasks. We have a meeting every weekend where we establish priorities for the week, goals and discuss our finances…staying on budget is super important!"

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"Check your homeowner's insurance and make sure it covers what you think it does," suggests Joyce.

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"Breathe…and then divide what truly NEEDS doing from what you think you WANT to do," says Jadranka. "Clean everything, paint if it really needs painting and then wait a bit. Live in it for a while and see how you will actually use it before making any changes."

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"Ask your neighbors if there is anything you should know," suggests Kimberly. (Pro tip: this is a great one for before you buy, too.)

Submit your questions to Jean here.

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