|
Subscribe
Read in Browser
|
|
|
Stat Of The Day
|
|
74%
|
As the saying goes, TikTok made me buy it. 74% of people say they’ve made an unnecessary purchase via social media according to a new survey from WalletHub. (For this writer, it was a viral crawling crab which is a baby toy and not as gross as it sounds.) Is it any surprise that 2 out of 3 of those surveyed say they think social media causes them to overspend?
|
|
|
|
|
Are Handwritten Thank You Notes The Key To Getting Ahead?
|
Once college graduates have left campus for good, many are focused on starting salaries and negotiation tactics as they work to land their first jobs. But are they thinking about it all wrong?
This week on HerMoney.com we’re talking about all the little things you might not have thought about that can help you get ahead in your career. One of them? Busting out the good old pen and paper. "In the age of e-mail and text, you should follow every interview with a handwritten thank you note," writes Jennifer Palmer for HerMoney. PS, personalized stationery can make a great graduation gift. Just sayin’.
For more on what you should have in your post-college job hunt toolkit, click here.
|
|
|
|
|
Things That Save You Time
|
|
|
|
|
|
|
This Week In Your Wallet
|
|
Worried your vacation will be ruined by bad weather? There’s a guarantee for that. More companies are now offering "weather guarantees" to travelers concerned Mother Nature won’t cooperate with their plans. "For many trips, the weather is the make-or-break for the experience," Nick Cavanaugh, founder and CEO of Sensible Weather tells The Washington Post. In many cases, attractions, hotels and cruise lines will offer guarantees. A growing number of companies, like Sensible Weather, offer additional coverage. Here’s an example: "In Utah, the cost was $3 to protect a one-night, $122 hotel stay in August with the promise that one hour of rain would result in reimbursement. The customer got $122 back after rain fell for an hour," reports The Post.
Buying a house is a big commitment. Buying a house with friends? That’s another level entirely. But, as TIME reports, amid a tough housing market, it’s becoming increasingly common. "A recent survey from JW Surety Bonds found some 15% of Americans have gone in on a home with someone other than a romantic partner," writes Simmone Shah, who notes there’s even an upcoming House Hunters episode dedicated to the homebuying style. Before you jump into co-ownership though, there’s a lot to consider. "Andy Sirkin, a lawyer who specializes in real estate co-ownership, says that he encourages co-buyers to draft up an operating agreement that breaks down what the agreement will look like from start to finish—including an exit strategy, property management, and default," writes Shah.
Psst…here’s the scoop on an important tax break that most couples don’t know about. It’s called the "spousal IRA" and as The Wall Street Journal reports, it can help set you up for a more secure retirement. "Spousal individual retirement accounts allow a working spouse to contribute to a non-working or low-earning spouse’s retirement savings," reports the WSJ. "They can be set up as a traditional IRA or Roth IRA, which allow couples to save for retirement on a tax-deferred or tax-free basis, respectively." Financial professionals say there’s a psychological benefit, too. "Often, it helps the non-working or low-earning spouse to feel good about the value they bring to the household, and be more involved in the retirement-savings process," says Katherine Tierney, a certified financial planner and senior retirement strategist at Edward Jones.
|
|
|
|
|
Ask Jean
|
|
| Q: |
Today's question comes from Pesha. She writes: I just closed on a co-op apartment and will be selling my house. I was planning to get a realtor. Already though, two people have approached me about buying the house before a realtor is involved. I’m looking for advice on whether to sell it myself or go with a realtor.
|
| A: |
Let’s start with a quick overview of how real estate commissions work. As a seller, you would secure an agent to sell your home and agree to a commission that represents a portion of the listing price. In most cases, it’s 5-6% with half going to the seller’s agent and half going to the buyer’s agent.
As you may have heard though, a recent federal lawsuit and subsequent settlement is changing the commission game. As Bankrate reports, the commission structure overhaul will improve transparency for buyers and sellers, and is expected to make negotiations surrounding commissions more likely.
The shakeup doesn’t mean commissions are going away though, so if you do work with an agent, you’ll still be paying something. Let’s say for example you sell your home for $300,000 and the commission is 6%. That’s $18,000, with $9,000 going to your agent and $9,000 to the buyer’s agent. Even though sellers typically build commission costs into their listing price, I think we can all agree it would be nice to pocket that extra cash instead.
If you do go the route of selling your home sans realtor, there are things you should be aware of. First, from knowing how to price your home and marketing to potential buyers to coordinating showings and negotiating offers it can be a lot of work. In your case, it sounds like you may not have to deal with all that. But perhaps most complicated for first-time FSBO’ers (that’s For Sale By Owner), are the legal nuances of selling your home on your own. If you do go this route, I would advise enlisting the services of a real estate attorney and title insurance company to ensure everything is above board. Good luck!
|
|
|
Submit your questions to Jean here.
|
|
|
|
|
Do You Know "How To Be Old?"
|
|
Together with
|
|
|
How does one go from a nearly 50-year career in social welfare to becoming an Instagram influencer and fashion model landing deals with designers like Valentino?
Even more unusual…how does one do all of that in their 60s? You’ll have to ask Lyn Slater who checked all of those boxes and then went on to give it all up in search of a more authentic life. In her new book, "How to Be Old: Lessons in Living Boldly from the Accidental Icon," Slater chronicles how she went from being a retired professor to social media stardom and highlights for readers the life lessons she learned along the way.
Much of what Slater learned surrounds the topic of money. One of the big lessons? It’s never too early to start planning for retirement. Recently, Slater says she’s been advising younger women to make Pinterest boards for their golden years, just as they would if planning a home renovation. "What do you want to see? What do you want to do? Start preparing for it, and that means financially," she says.
For more of Slater’s insights, check out the latest episode of "Your Money Map," sponsored by the Alliance for Lifetime Income and hosted by HerMoney CEO Jean Chatzky.
PS, we’re always looking for amazing retirement stories to tell! Do you have one? Let us know about it here.
|
|
|
|
|
More For You To ♥
|
💫 Ambition…let’s talk about it for women. We’ve been told it’s not a dirty word. We’ve been told we should strive for higher and higher-paying roles. Jennifer Romolini thought that reaching the top would fulfill her. Instead, she lost her voice, her job, and everything fell apart. Here’s how ambition can go too far. The HerMoney Podcast* is made possible by Edelman Financial Engines.
💛 Thank you to Gainbridge® for also supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuityÂą, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.**
|
|
|
|
|
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.
|
*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.
|
**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.
|
|
