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| The Conversations About Money Women Weren’t Raised to Have – And Why We Need to Start Having Them Now |
Some books entertain us. Others hold up a mirror. Belle Burden's Strangers does the latter – and it's sparked so many conversations because readers see themselves in it. Not necessarily the same circumstances, but the quiet compromises, the conversations that never happened, and the financial decisions that slowly became someone else’s responsibility.
As Lacy Garcia, CEO of Willow, writes, financial dependence rarely happens all at once. It’s a hundred small decisions made over years. One partner takes the lead on finances; the other's relieved to have one less thing to worry about. Then life gets busy – careers, kids, aging parents – and financial decisions start happening around you instead of with you.
As Garcia explains, taking control of your finances – and really, your future – involves five key conversations. The first is with yourself and starts with the question, "Do I understand my complete financial picture?"
"That means knowing where your accounts are held, understanding how assets are titled, having access to important documents, reviewing beneficiaries, and feeling comfortable asking questions," explains Garcia. "You don’t have to be the financial expert in your household. But you do deserve to have a seat at the table." |
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| This Week In Your Wallet |
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Paying off your mortgage early feels like a financial victory lap. But as The Washington Post reports, many people doing it right now probably shouldn’t. New data from Rocket Mortgage found that people with ultralow rates from 2020 - 2021 are actually more likely to pay off their loans early than people with today's higher rates – even though the math often doesn't favor them. "A person who could hope for a 5% return on money they invest in the stock market, but chooses to put that money toward paying off their 3% mortgage instead, is losing out on 2% of the value," the Post explains. Part of the problem? Many don't feel confident investing, so if they have extra money, they default to paying down their mortgage instead.
💡 The fix: before you send extra money to your lender, do the math on what that cash could earn you elsewhere. And if "I don’t know how to start investing" is the real roadblock, we’ve got you.
Want to be more successful? The key could be asking for help. As Dr. Angela Duckworth, a professor of psychology at the University of Pennsylvania, writes for The New York Times, research shows that a willingness to lean on others is crucial to achievement, regardless of age. For children, knowing when to ask for help is critical to learning. In adulthood, as Duckworth explains, seeking support is an effective strategy for regulating emotions, and having a support network reliably predicts overall mental health. "Being a successful self-starter doesn’t mean pulling yourself up by your bootstraps," she writes. "It’s raising your hand and asking a teacher to explain, once again, a concept you still don’t understand. It’s calling up a former boss for advice. It’s announcing to your team that you’re stuck on an important problem and need their collective brain to solve it."
For many women, healthcare costs in retirement are a major blind spot – but five habits can lower both your risk and your bills. One of the biggest: learning to be a good patient. "Being a good patient is also being a self-advocate," says Dr. Stacey Rosen, senior vice president of Women's Health at Northwell Health. "Come to your visit prepared, with a pad and paper. Ask your doctor if you can record the conversation if you're concerned you will miss or forget something. Sometimes people walk into a doctor's office and take their clothes off, put on a gown, and forget they're adults." If you have trouble hearing, or don’t focus well in a doctor’s office, bring somebody with you. Put a close confidant on speaker. Or write out your likely questions beforehand. And if a doctor doesn’t explain something in a way you understand, don’t be afraid to ask again. "An empowered patient is a better patient. And empowering yourself is free," adds Rosen. |
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| Things That Save You Money |
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| Ask Jean |
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| Q: |
Today’s question comes from Justine. She writes: "If you have renters insurance and your water heater leaks, causing a flood, it sounds like renters insurance won’t cover the loss of your personal belongings or another place to stay while repairs are made. Is that accurate?" |
| A: |
If you rent and your belongings are damaged by flooding, whether or not your renters insurance can help depends on how the flood was caused.
Standard renters insurance does not cover flood damage from a natural disaster. On the flip side, if your space was flooded due to what those in the industry call "sudden, accidental" events – like a water heater leak or burst pipe – your policy likely would cover damage to your belongings.
One caveat to keep in mind: If you fail to report a lingering issue in your rented space that turns into a much bigger problem and then causes a flood, renters insurance may not have your back. Tenant negligence is a common reason for denied claims, so if you notice something that needs attention, report it to your landlord ASAP.
As for a place to stay, many renters insurance policies also include "additional living expenses" coverage, which can pay for a hotel or temporary housing if a covered event makes your home uninhabitable while repairs happen. Check your policy to see if this is included, and what the limit is. |
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