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Stat Of The Day
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0.1%
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Little number, big deal. That’s how much U.S. consumer prices dropped in the month of June, marking the first decrease in monthly living expenses since 2020. Here’s where you’ll feel it most.
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The Economy’s Mid-Year Report Card Is In…Here’s What It Means For You
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We are just past the halfway point of 2024, and things aren’t feeling great economy-wise, despite the U.S. economy reaching "superstar status," as one reporter for The Atlantic put it.
By virtually every benchmark, our economy is exceeding growth expectations. We’re also doing better than we thought we would be pre-pandemic, both in terms of GDP and the number of jobs out there. So why does it still feel so hard to buy a house right now? Why are our grocery bills still astronomical? Why does everything still feel so expensive?
Kyla Scanlon coined the term "vibecession" to explain this feeling. In her new book, In This Economy? How Money & Markets Really Work, she breaks down why what’s really going on in our economy feels at odds with what we’re experiencing in our daily lives.
"Our brains are biased toward negative information," explains Scanlon on the HerMoney Podcast*. "Sentiment in media headlines has trended negatively and that means sentiment in the general population would trend negative as well." On the other hand, Scanlon acknowledges that there are real reasons why people are feeling bad.
What does Scanlon predict will happen with the economy in the coming months? And why does she think an "adventure mindset" is key to solving some of our country’s biggest issues? Listen in to find out.
📣 If you love the show, please consider leaving us a review on your favorite podcast player. Even better, reply to this email with a screenshot of your review and you’ll be eligible to win a copy of Kyla’s book! 📕
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| The HerMoney Podcast is made possible by Edelman Financial Engines.¹
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This Week In Your Wallet
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Readers are swooning over romance novels, and their popularity is causing an uptick in new bookstores, which are primarily owned by women. "Women make up the majority of the readers who have sent romance sales soaring — from 18 million print copies sold in 2020 to more than 39 million in 2023," reports The New York Times. Since 2022, the country went from having just two romance-dedicated bookstores to over 20, with more on the way as entrepreneurs realize that romance novels are more than just chick-lit. "Many people who work in publishing and at independent bookstores felt like romance wasn’t worth their time," said Leah Koch, co-owner of The Ripped Bodice, the country’s first-ever romance novel bookstore. "I’m like, you could have been making money, but that’s fine, I’ll make the money."
72% of people aged 16 to 26 say they consider payment requests of $5 or less to be "rude," according to a recent survey. PayPal, Venmo and other bill-splitting apps have made it easier for friends to divvy up costs for everything from a dinner out to concert tickets. Convenient, yes–but the requests can be awkward, too, especially when they come as a surprise or are for small amounts. "People often avoid uncomfortable financial topics to sidestep feelings of shame," writes Dalvin Brown for The Wall Street Journal. "So rather than discussing costs openly, people defer to digital requests—even though that can backfire when the recipient is blindsided." The key to avoiding a digital divide? Be upfront and prompt if you’re the one requesting cash, say the experts.
Fixer-uppers are an estimated 29% cheaper than move-in ready homes…but would you regret buying one? According to a new report from Clever Real Estate, 27% of Gen Z homeowners who bought a fixer-upper say they wish they hadn’t. "A lot of them are first-time buyers; they don’t really know the true costs of homeownership and how these renovations and repairs can really be a lot," said Jaime Dunaway-Seale of Clever Real Estate. If you’re looking to save by going the fixer-upper route, experts say doing your homework before you sign on the dotted line is key. "Ask thorough questions to the home seller or real estate agent about the property, such as when the house was built," reports CNBC. "If you get as far as the home-inspection process, line up a home inspector who can help you compile the issues with the house."
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Things That Save You Money
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Look closely…what are the differences between the two pieces of furniture above? The one on the left is from Pottery Barn and will cost you $989. The one on the right is just $299 from Sam’s Club and still in stock! One HerMoney staffer just purchased two for her living room, saving herself nearly $1,400. It’s worth noting, too, that both come fully assembled.
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If the idea of sitting on a new couch with a glass of red wine is enough to kick your anxiety into high gear, these slipcovers will protect your investment and give you peace of mind. (Or, you can do what a friend of our CEO Jean’s does — and only serve white wine to company.) Cheers!
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The home décor brand Mackenzie-Childs is known for its signature black and white check print…and its high prices. Starting today, though, you can shop their popular annual "Barn Sale," where over 2,000 items will be 60% off.
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Ask Jean
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Today's question comes from Jennifer. She writes: After resisting for a while, I now deposit my paycheck into a joint account I share with my husband. Now that all of our money is in the same bucket, I want to be sure we’re spending wisely and that my input matters. How can I do that?
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Communication, communication, communication. I can’t stress the importance of this enough. As you and your spouse navigate this new money journey together, make it a point to have weekly or monthly meetings to talk about your finances. (You don’t have to call them "money dates" — I kind of hate that, TBH.) These should be opportunities for you to talk about expenses, upcoming bills and both your long-term and short-term financial goals.
If you don’t have one yet, your first "meeting" should focus on building a household budget. Your budget should account for both incomes and build in some discretionary spending for each of you. You should also make sure you have an established emergency fund that you can tap into in the event of an unforeseen expense.
Transparency is another big factor that will help ensure the joining of your finances goes smoothly. Each of you should have full access to all accounts and financial information. A big part of transparency involves tracking spending. You’ll need to find a method of doing so that works for you and your spouse. There are apps out there that can help, and many couples opt for the old standby, a spreadsheet.
You mention making sure your input matters. Regular communication and transparency will help with this, but remember, it goes both ways. You and your spouse should be able to have your voices heard when it comes to financial decisions, and just as importantly, you both need to be willing to compromise. Good luck!
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Submit your questions to Jean here.
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Small Caps Are Making A Move
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How much should you have in your portfolio and what should you buy? Find out next Monday, July 22, in our next investing club meeting with Jean Chatzky and Karen Finerman. Many of you have expressed interest in joining. Here’s what you need to know:
📈 Your first month is free. If you’d like to attend Monday’s session and explore our educational resources, then go for it. You can get started here.
📓 The next 100 people who sign up—and officially join the club after their one-month trials—will be eligible for the InvestingFixx notebook that is designed to go hand-in-hand with your club sessions and curriculum.
🧠 Upon sign-up, you’ll immediately have access to the club’s member portal, including its full suite of educational materials, our past recordings and your exclusive investing newsletter.
✅ You’ll be eligible to vote on this week’s stock picks. The club portfolio is currently outperforming the S&P 500 (see image above)—and that’s because of our savvy members.
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Let’s Talk Retirement, Shall We?
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Did you know that women are more likely to outlive their retirement savings than men are? That’s why having a consistent income—a paycheck for life in addition to Social Security—can be a real game-changer. It’s why Gainbridge® created ParityFlex™, a multi-year guaranteed annuity² that caters to women’s unique retirement needs. Learn more 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. AM3625086.
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 Limit one complimentary offer per household, per 18 months. Offer ends July 31, 2024, and is only applicable to households with a minimum investable assets of $250,000. Offer criteria may be waived at Edelman Financial Engines’ discretion.
² 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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