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| This Week In Your Wallet |
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In a blockbuster decision, the Supreme Court ruled Friday that President Trump’s tariffs are illegal. "The majority found that it is unconstitutional for the president to unilaterally set and change tariffs because taxation power clearly belongs to Congress," The Associated Press reports, noting that the decision is expected to have ripple effects on economies worldwide. But the story’s not over. Trump is doubling down, announcing over the weekend that he would be rolling out a 15% temporary global tariff on U.S. imports from all countries. It’s limited to 150 days, and to remain in effect, would need approval from Congress.
If you’re considered middle class, feel like you’re constantly playing catch-up – and wondering why – you’re far from alone. A recent piece in The Wall Street Journal points to what’s being dubbed "The Great Decompression," a time when incomes are rising across the board, but climbing much faster for higher earners. You can spot it everywhere: in your feed, your neighborhood and especially in the numbers. The gap between median family income and the 80th-percentile income (often seen as the gateway to upper-middle-class status) continues to widen. "The 80th percentile, more than the 90th or the 99th, shows something important: The broad class of educated everyday professionals significantly outpacing the median are setting a standard that median-income families can’t keep up with," reports the WSJ.
New decade, new budget. If you’re in your 40s or 50s and still using the spending plan from your 30s…it’s time for budget 2.0. By your 40s, retirement should move to center stage. Ideally, you’ve been contributing to your 401(k) – or a similar plan – and an IRA since your 20s, and are tracking toward key savings benchmarks. "If you are comfortable with where your 401(k) is, then you can also consider putting some portion of your savings toward generating passive income for your future," says Snigdha Kumar, a personal finance expert. "Buying something like a rental property might be a good idea to ensure you have diversified channels of getting future income." If you’re not quite where you want to be, don’t panic. It’s never too late to save for retirement, but try to sock away as much as you can so compound interest has time to work its magic.
🛟 Need help sticking to your budget? Our friends at Quicken Simplifi are offering a special deal for HerMoney readers – just $2.99 a month. Quicken Simplifi delivers real-time updates on your spending (aka a look at whether you’re staying on track or going over), forecasts, and always-on guidance so you can see what’s available to spend today and tomorrow. |
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| Ready for financial guidance that actually fits your life? We thought so! That’s why HerMoney is proud to partner with Willow — a wealth accelerator built by women, for women — to help you move forward with confidence, whether you’re learning the basics, investing for the future, or finally ready to work with an advisor. Because your money journey isn’t one-size-fits-all, and Willow’s personalized approach connects you with education, tools, and vetted financial professionals who truly get it. Start where you are. Grow with confidence. Take Willow’s free assessment and explore your options here. |
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| Things That Save You Time |
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| Kristin Lemkau On Leadership, Loss And Making $1 Trillion Look Easy |
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| "I knew the passwords to nothing. I had not been inside Costco. I hadn’t paid a bill in 17 years," Kristin Lemkau, CEO, J.P. Morgan Wealth Management |
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| "I will know I’m failing before you will, and I will tell you." That’s the promise Kristin Lemkau made when she left her CMO role at JPMorgan Chase to lead J.P. Morgan Wealth Management in 2019. "I knew I was going to kill it, and I did," she tells Karen Finerman on How She Does It. |
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Lemkau delivered. Under her leadership, assets surged from $500 billion to more than $1 trillion, and the advisor force grew from 3,600 to over 6,000 — with a new goal of $2 trillion by 2030.
The move wasn’t originally in her career plan. But after being asked by her bosses, including Jamie Dimon and Mary Erdoes, to help revive the unit, she realized she wanted the job.
In 2022, Lemkau faced a personal earthquake when her husband died and she became a single mom to their teens, ages 15 and 13. Her grief was compounded by the fact that her husband had been a stay-at-home dad who ran the household. "I knew the passwords to nothing. I had not been inside Costco. I hadn’t paid a bill in 17 years," Lemkau recalls.
She stepped away for two months, crediting strong support from her firm. Now, with one child in college and the other newly driving, Lemkau runs her days with precision – balancing the demands of leadership and showing up for the moments that matter most at home.
"People know, don’t waste my time or God help you, because if I need to get home for my kids’ basketball game or volleyball game, and they come to me with something frivolous…," she says, shaking her head no. |
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| Ask Jean |
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| Q: |
Today’s question comes from Thelma. She writes: For years now, I’ve been putting coins into a jar. I haven’t needed the money and now have several jars full of change. My daughter wants me to take them to the machine at our credit union and put the money into a savings account. I’ve hesitated to do that because I know there could possibly be some coins in the collection worth more than their face value. What do you suggest I do? I’m 93 years old and have trouble even seeing the dates on the coins anymore. |
| A: |
You’re right to be a little cautious here, Thelma. Matt Chancey, a CFP and author of "Tax Alpha Solutions," recalls a client who dumped buckets of change into a grocery store coin machine, only to later realize some of the coins were rare and potentially worth over $100,000. "They didn't know and didn't do the research before converting them to cash," says Chancey.
Your coins may not reach that level of rarity, but the story highlights why a little investigation is worth it. Chancey suggests sitting down with someone you trust to sort through the coins, using reference charts for valuable coins to review them by year and metal type. Here’s a good place to start.
Set aside any that may be valuable and either keep them or take them to a reputable coin dealer. The rest – the everyday coins – can safely be cashed in at your credit union. This way, you don’t risk losing something rare, but you still get your savings boost. |
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| Submit your questions to Jean here. |
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