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Stat Of The Day
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The Treasury Department has released a preliminary list of 68 jobs that may qualify for the new “no tax on tips” deduction, as part of President Trump’s “One Big Beautiful Bill Act.” The provision allows certain workers (think bartenders, servers, hotel staff, etc.) to deduct up to $25,000 of “qualified tips” yearly from 2025 through 2028.
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This Week In Your Wallet
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Don’t be surprised if your benefits meeting this fall comes with some sticker shock. In a recent survey, employers nationwide said they’re bracing for the steepest jump in medical costs in nearly 15 years. Why? Higher drug costs and hospital bills, as well as a greater demand for care, The New York Times says. While companies will do what they can to soften the blow, workers will also most certainly feel it. “Some companies will increase the insurance premiums deducted from workers’ paychecks, while others will increase the out-of-pocket costs workers pay to see a doctor or get a prescription,” the NYT reports.
Is there anything more awkward than chasing down a friend who still owes you for dinner (or that round of margaritas)? If you’ve been stalling on how to bring it up, don’t worry. We’ve got your script. According to experts, the golden rule is to be direct (for example, “Hey, you owe me $20”). But if blunt isn’t your style, you have other options. “Ask a question about how they would like to pay you back, whether it’s Venmo, check, etc.,” suggests Sheila Heen, co-author of Difficult Conversations: How to Discuss What Matters Most. “You can also make a suggestion—for example, ‘Hey, do you want to cover dinner tonight? Because then I think we will be even.’”
🤝 Pro tip: Skip the awkwardness next time altogether with one of these handy bill-splitting apps.
Could today’s hot stock market “melt” your retirement dreams? Jason Zweig of The Wall Street Journal says “yes,” if you assume recent high returns will last or that you’ll spend less in retirement. As he writes, history shows high stock prices today often mean lower returns later and most retirees actually spend 93% - 97% of what they did while working, despite being told their bills will be significantly less during their golden years. “What if performance dwindles? Retirement savers who took high returns for granted and didn’t save enough may face a severe shortfall,” Zweig warns.
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Things That Save You Time
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Too slammed for work and the gym? One HerMoney staffer has a solution: This treadmill desk attachment that helps get her steps in while still meeting deadlines.
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Becoming more productive is as easy as 3-3-3. Here’s how the viral productivity hack works: Start with three hours of deep focus on your biggest project. Next, tackle three easy, yet urgent, tasks like returning a call or replying to an email. Finish with three routine maintenance tasks to keep life and work under control, like exercising or prepping tomorrow’s to-do list.
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When it comes to time-saving hairstyles, the claw clip is basically MVP. Check out these 20 super-easy claw clip styles you can do in under two minutes.
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Here’s the shortcut your calendar will love: renting four premium pieces from Armoire for $89/month means no more hours lost shopping, scrolling, or stressing about what to wear. Instead of hunting for outfits you’ll only wear once, you’ll have a rotating designer wardrobe at your fingertips — no last-minute store runs, no dry-cleaning errands, no closet chaos. Sign up here for up to 50% off your first month of membership + two free bonus items!
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The High Cost Of Low Trust At Work
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You’ve hit every deadline and gone above and beyond, yet that promotion still feels out of reach. According to bestselling author and workplace equity expert Minda Harts, the missing ingredient isn’t talent or effort – it’s trust. She joined the HerMoney Podcast to explain why trust is essential for career growth, recognition and long-term wealth.
Without trust, Harts says, even the strongest performers can be overlooked. And, when trust breaks down, employees often feel forced to walk away. She shared her own experience of leaving a job just before hitting tenure, sacrificing financial benefits because trust had eroded to the point that staying was no longer worth it.
Harts calls trust a workplace “currency,” and says there’s a definite cost to low trust. “That currency is important because it’s tied to our well-being and our productivity, and our livelihood essentially,” she shares.
For Harts’ tips on earning, keeping and cashing in on trust, tune into the full episode.
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Ask Jean
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I am considering using the funds in my 401(k) to purchase an indexed universal life insurance policy. What are the major pros and cons? And, where’s the best place to get information on my options?
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Let’s start by tackling what indexed universal life (IUL) insurance is. IUL is a kind of life insurance that provides a payout to your loved ones when you pass, but also builds cash value you can use while you’re alive. That cash value can grow based on the performance of a stock market index, like the S&P 500.
As Al Faber, a financial advisor with DIWY Financial Planning, explains, while IUL policies aren’t always bad products, using retirement funds to buy them is generally not the best financial move. “Cashing out a 401(k) creates immediate tax consequences and possibly penalties, and you lose the long-term compounding power of a retirement account,” he shares. “The idea of taking money out of a tax-deferred account to fund this type of strategy should be seen as a major red flag.”
If you’re considering this path, Faber stresses that you should seek a second opinion from a professional who acts as a fiduciary and does not sell life insurance. “It is also wise to compare with at least one other life insurance provider, so the evaluation is not based on the claims of a single salesperson with a financial stake in the sale,” Faber adds.
Who do IULs make sense for? Individuals who already have a genuine life insurance need, who are maxing out other forms of tax-deferred investing and who are looking at insurance as an additional layer of planning, rather than a replacement for their retirement savings. “For most people, a better approach is to keep retirement money invested in a diversified portfolio and, if insurance is needed, buy straightforward term coverage,” Faber adds. “That keeps retirement savings intact and insurance costs transparent.”
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Submit your questions to Jean here.
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More For You To ♥
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📚 Bestselling author Jennifer Weiner went from a job typing up lunch menus to literary stardom. On the latest episode of How She Does It, she shares how she made the leap – and why she warns against quitting your day job too soon.
🏡 Mortgage rates just hit their lowest point in nearly a year. Refinancing could mean more cash in your pocket. Check out your options here.
💰 Not sure where to start with finding a financial advisor? This free tool from our friends at Wealthramp will help play matchmaker and connect you with a pro who fits your vibe and your vision.
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