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Stat Of The Day
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$71.22
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Fire up the grill and open your wallet. A Fourth of July barbecue will cost more this year than ever before. As the American Farm Bureau Federation notes, the average cost of a cookout for 10 people is $71.22, up 5% from 2023 and 30% from five years ago (ouch!). For cost-cutting tips (and our favorite recipes) scroll on.
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6 Questions To Ask Before You Buy A Stock
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Want to know whether a stock is a good buy? There are 6 key questions you should ask before you invest. That’s according to Karen Finerman, co-founder of InvestingFixx, HerMoney’s online investing club for women.
At the top of Finerman’s 6-question list is "Is the business growing?" Let’s use Nvidia as an example, a company that designs graphics processing units and other tech. It’s also a major player in the AI space and one that our investment club for women voted to add to our portfolio back in 2022. Nvidia — then, like now — was growing at an impressive pace that has continued to surprise the market quarter by quarter. But what other questions should you be asking? Click here to find out.
PS, if you really want to up your investing game, we’re hosting a FREE virtual InvestingFixx session on July 8th! Click here to RSVP. Our limited space is filling up fast, so be quick!
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This Week In Your Wallet
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$1,000 (or more) for Taylor Swift tickets? NBD. That’s the mentality of many Americans, who are spending freely on travel and entertainment, despite rampant "funflation" — in other words, the increasing (sometimes shocking) cost of attending live events. A recent survey from Bankrate shows consumers are increasingly willing to take on debt to have a little fun. "27% of those surveyed said they would go into debt to travel this year, while 14% would dip into the red to dine out and another 13% would lean on credit to go to the theater, see a live sporting event or attend a concert — including the European leg of Taylor Swift’s Eras Tour," CNBC reports.
Swiping plastic to pay big bills (like home insurance, tuition, rent and others) can help you build points, but can cost you if you aren’t careful. "Credit-card rewards are funded with the fees merchants pay to be on the network, and by interest charges accrued by those who carry a balance each month," explains The Wall Street Journal. "In the case of rent or tuition, the fees are usually passed on to the cardholders. Since these can run as high as 3.5%, using a standard 2% cash-back card or most travel cards is often a losing proposition." One of the exceptions is paying a big bill to hit a spending requirement for a sign-up bonus. "If you spend a certain chunk of money in the first few months after getting a credit card, you can earn enough for an entire vacation. That is where being able to pay a big bill like the rent comes in handy," notes the WSJ.
What’s holding you back from talking money with your partner? For many, it’s fear that it will lead to an argument, according to a new report. "They [couples] anticipate conflict, so they’re choosing not to have these conversations at all," says Emily Garbinsky, an associate professor at Cornell University and one of the study’s authors tells The New York Times. For those who get anxious about talking finances, the report highlights ways to overcome your fears, starting with changing the way you look at money issues. "Encouraging people to view financial conflict as "solvable" rather than "perpetual" — that is, based on fundamental differences in their approaches to managing money — makes them more likely to talk to their partner about finance, researchers found."
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The Messy Truth Behind Building A Million-Dollar Business
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When we talk about the question of whether women can have it "all," successful careers, thriving marriages, and families, the messy truth is often, no…at least not all at the same time.
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Alli Webb, founder of Drybar found that out the hard way when her business blew up seemingly overnight. "We raised a bunch of money and we brought in a professional CEO, so I was able to take a little bit of a step back," Webb says. "Because of that, I realized that the business was my life, I wasn’t happy, and my marriage was struggling and really in trouble."
Listen in to the HerMoney Podcast*, where Webb shares what fame, attention, and obsession with building a brand cost her and how she found herself again in the wake of the fallout.
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| The HerMoney Podcast is made possible by Edelman Financial Engines.
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Things That Save You Money
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Looking to save $$$ on your Independence Day BBQ? We’ve got you covered.
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"We always have everyone BYOB and we have ice and water bottles for the forgetful," says HerMoney reader Elizabeth. "Paper products all come from the Dollar Tree, including leftover containers (a must!) and wipes."
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A salad with watermelon, feta and fresh mint? We’re here for it. And what feeds more people than a whole watermelon at a summer price? Angela says this recipe from Wegman’s gets high marks from her family. We can’t wait to try it!
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Cowboy Caviar is HerMoney team member Sarah’s go-to in the summer. "It comes together quickly and I typically can get all the ingredients for around $10 at Aldi, chips included. I recommend their Big Dippers!," she says.
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Swap your cans for liters. The price of a 12 oz can of soda is up 4.8% over the past year, as CNBC reports. A 2-liter of soda, however, is down 6.5%.
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Ask Jean
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Today's question comes from Wendy. She writes: Our daughter just got her license and she will only need a car for a year before heading to college. Once she goes, the vehicle will sit in our driveway for a year, since our son is too young to drive. Is there a way to purchase/rent/something a car for a short amount of time? What is our best option?
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Thanks for your question, Wendy. Having a new driver in the house is exciting…not to mention a little nerve-wracking and costly (but mainly exciting!). With your situation, you have a few options, some of which I think are better than others:
Short-term lease: Many car dealerships offer short-term leases that can range from 12-24 months. Personally, I’m not crazy about putting a freshly minted driver behind the wheel of a new vehicle, but you might think otherwise. The upside to this is that you’ll have a warranty, and likely little to no maintenance issues.
Long-term rental: Certain rental car companies offer these, which can run anywhere from several months to a year. This will be more expensive than leasing, but you’ll have a bit more flexibility and likely save on insurance costs. In the realm of long-term rentals are car subscription services, which have gained a bit of popularity in recent years. For your purposes though I don’t think one would be cost effective.
A certified pre-owned lease: This, I think is one of your better options. Some dealerships offer these types of leases, which are typically shorter than those for new vehicles and offer many of the same benefits (like warranty coverage).
Buying a used car: Another one of the better options, IMO. If you can find a used car at a reasonable price that holds its value, you can resell it once your daughter heads off to college without a significant loss (so long as there aren’t any repairs needed).
Car-sharing: ICYMI, we’re in a "sharing economy." Platforms like Turo allow people to rent out their personal vehicles, much like someone would rent out their home via Airbnb or Vrbo. It’s probably a long shot, but you could potentially find someone offering a long-term rental on Turo. If you go this route, make sure to read the fine print and that the terms of the rental are agreeable.
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Submit your questions to Jean here.
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More For You To ♥
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💛 Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlexâ„¢, a multi-year guaranteed annuity¹, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlexâ„¢ here.**
🤖 Should you use AI to manage your money? From helping to plan out a vacation to virtual assistants like Siri and Alexa, the uses for AI are many. But what about using it for financial planning? Here’s what you need to know.**
📈 Learn how to invest with Jean Chatzky and Karen Finerman. Next Monday’s virtual investing club session is open for 300 interested women to try. RSVP here.
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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.
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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. AM3579878.
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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**This is a sponsored post
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.
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