HerMoney with Jean Chatzky

Latest Episodes:

Do you need a college degree anymore? Jul 19, 2024

Show notes

For years, we’ve been told that we need a college degree to get anywhere in life and that a college education is the most important thing for our careers. But lately, young people have been asking themselves: do you really need a college degree anymore?

Hannah Maruyama, one of those would-be college students, decided not to take that path. Now she’s making $100,000 a year working in AI and teaching other young people how to discover their passions without a degree. Her experience led her to found Degree Free, a community that helps people find good jobs without a college degree.

She shares the steps to take to decide if a college degree is the right path for you.

Chapters:

0:00 The Rising Cost of College and Alternative Paths

9:42 Applying for Jobs Without Meeting Qualifications

15:16 Deciding If College Is the Right Path

24:36 Career Paths Without College

27:43 Finding Apprenticeship Programs

33:30 Learning High-Value Skills

Takeaways:

The cost of college has become astronomical, leading many to consider alternative pathways to success.
There are various pathways to a successful career, including getting a job, on-the-job training, earning a license or certification, building a business, and learning a skill.
It is important to consider financial needs and personal interests when choosing a career path.
Critical thinking skills are valuable and can be developed outside of a college setting.
Parents should have open and honest conversations with their children about the necessity of college and explore alternative options.

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The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

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Ep 432: Your 2024 Mid-Year Economic Check-In Jul 17, 2024

Show notes

We are just past the halfway point of 2024, and things aren’t feeling great economy-wise, despite the US economy reaching “superstar status,” according to a recent article in the Atlantic.

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 day-to-day lives.

Chapters:

0:00 Intro

4:08 The Disconnect Between Economic Data and Consumer Sentiment

9:10 Personal Economic Experiences

13:37 American Personal Savings Rate

21:26 Economic Impact of Upcoming Presidential Election

27:00 Mailbag Segment

31:25 Evaluating Credit Card Benefits

34:14 Managing Savings for Major Goals

Takeaways:

Despite the US economy's strong performance, many Americans have a negative perception of the economy — that’s what we call the “vibecession,” influenced by alarmist media headlines and the vague language used by the Federal Reserve.
Buying a house is challenging due to high mortgage rates and elevated home prices, with the housing market facing long-standing issues that will take time to resolve.
The stock market's all-time high does not necessarily reflect the financial well-being of consumers, as it is driven by a few companies and does not capture the experiences of all Americans.
Financial education and savings incentives are crucial to address the low savings rate among Americans and promote a healthier personal economy.
The upcoming presidential election could have significant economic implications, with different policy approaches potentially impacting tariffs, student loan debt relief, and other areas.
Adopting an adventure mindset and promoting innovation can help address economic challenges and lead to solutions to the housing crisis, rising healthcare costs, and climate change.

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Map Out A Long-Term Strategy For Your Career Jul 12, 2024

Show notes

Have you ever stopped for a second and thought about all of the things you do at work in a week? There are some tasks most of us need to do to be successful at our jobs. But do you also find yourself doing other tasks like administrative work, planning and setting up for parties, or training new employees? And have these responsibilities started to take over your work days?

If so, you’re not alone. These types of tasks are called “non-promotable tasks” and women volunteer for them far more often than men.

Dorie Clark’s new book, The Long Game: How To Be A Long-Term Thinker In A Short-Term World delves into how the little tasks we do day to day at work may be harming our long-term career strategy.

Chapters:

00:00: Introduction

02:57: Busyness as an Anesthetic

07:42: Defining Long-Term and Short-Term Thinking

14:56: The Importance of Saying No

18:32: Optimizing for Interesting

25:56: Career Waves and Making Smart Choices

28:51: Conclusion

Takeaways:

Non-promotable tasks, such as administrative work and planning office parties, can take up valuable time and prevent you from focusing on tasks that align with your long-term career goals.
It is important to recognize and address overworking as a coping mechanism.
Long-term thinking involves considering the big picture and making choices that optimize for interesting and meaningful work.
Saying no can be challenging, but it is important to set boundaries and prioritize tasks that align with personal and professional goals.
Asking important questions, such as the total cost and physical/emotional impact of a task, can help evaluate requests and make informed decisions.
Navigating different phases of a career involves transitioning between learning, sharing, connecting, and reaping phases, and being willing to disrupt oneself to avoid stagnation.

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Ep 431: Navigating Financial Advice As A Black Woman Jul 10, 2024

Show notes

According to the Institute for Women’s Policy Research, while white women earn 82 cents for every dollar earned by a white man, Black women earn just 64 cents. Dasha Kennedy says that for Black women specifically, there are a myriad of reasons for that.

Dasha Kennedy is the founder of the Broke Black Girl, where she shares her personal journey of overcoming financial struggles and specific advice for Black women. Dasha is also a Financial Wellness Board member with National Debt Relief. This Black Women’s Equal Pay Day, she joins us to talk about how she’s pushing back against the gender wage gap and her favorite ways to save money in 2024.

Have a question for us? Write in at mailbag@hermoney.com.

Chapters:

00:00: Introduction

07:45: Creating Broke Black Girl

11:06: Spending Intentionally

16:22: Pay Yourself First vs. Prioritize Savings

17:57: Collecting Experiences Over Things

19:52: Debt Strategies

22:22: Renting vs. Buying

27:07: Mailbag Segment

29:01: Understanding Mutual Fund Fees

36:25: Credit Score Variability

Takeaways:

The gender pay gap is a persistent issue, and Black women face an even larger gap compared to white women.
Black women need specially tailored financial advice due to their unique experiences as the intersection of race and gender.
Strategies for overcoming debt include spending intentionally, setting spending limits, and prioritizing savings.
Collecting experiences can be more fulfilling than collecting material possessions.
Taking small steps and breaking down financial goals into manageable increments can lead to long-term progress.

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Ep 430: Is AI Coming For Your Job? Jul 03, 2024

Show notes

The promise and the peril of AI in the workplace seem to be all anyone can talk about these days and the biggest question on all of our minds is — will AI take my job?

According to Fortune 500 Human Resource Officers, the answer is yes, AI could be coming for your job. Gallup found that seventy-two percent of Fortune 500 leaders foresee AI replacing jobs in their organization in the next three years. So how do we get ahead of this?

Our guest today, Hilke Schellman, author of The Algorithm: How AI Decides Who Gets Hired, Monitored, Promoted, and Fired, and Why We Need to Fight Back Now shares her ideas.

In Mailbag, we read a listener response to a previous mailbag on the pros and cons of pensions in Europe. We also hear from someone who’s wondering if it would be better to take money out of a long-term care insurance policy and invest it in the stock market.

Chapters:

00:00: Introduction

05:30: Understanding AI

09:22: Challenges for New Graduates

15:06: Making Your Resume Machine Readable

24:54: Preparing for AI-Based Interviews

28:48: Using AI Tools to Your Advantage

29:21: Transition to Mailbag Segment

33:46: Listener Advice on European Pensions

38:20: Long-Term Care Insurance

Takeaways:

AI is predicted to replace jobs, with women's jobs being more affected.
AI tools are used in job interviews and can analyze facial expressions, speech patterns, and keywords to assess candidates.
Job seekers can improve their chances by making their resumes machine-readable, using tools like JobScan, and reaching out to recruiters directly.
Employees should be aware that their online activities and communications at work can be monitored by AI tools.
Dabbling with AI tools and staying up to date with AI technology can make individuals more employable.

Have a question for us? We'd love to hear from you! Write in or send us a voicenote at mailbag@hermoney.com.

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Mailbag: Should I put less into retirement to pay for necessary home renovations? Jun 28, 2024

Show notes

In this Mailbag, Jean talks to Alyce about how to pay for home renovations for her special needs daughter and whether it's reasonable to adjust her retirement savings. She and her husband have a home equity line of credit (HELOC) and are concerned about the high interest rate. They also discuss whether they should consider a TSP loan or reduce retirement contributions to pay off the HELOC.

Have a question for us? Write in at mailbag@hermoney.com.

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Takeaways:

Consider using a TSP loan or reducing retirement contributions to pay off high-interest debt.
Consult with a financial advisor who specializes in special needs planning.
Set up a special needs trust and consider other estate planning options for a child with disabilities.
Take advantage of employer-matching contributions for retirement savings.
Evaluate the performance and usefulness of random investment accounts and consider selling them for immediate needs.

Chapters:

00:00: Introduction

01:44: Alyce's Family and Home Renovation Needs

07:28: Comparing Mortgage and HELOC Rates

11:04: Retirement Savings Overview

18:38: Considering a TSP Loan

21:48: Selling Stock and Brokerage Account

23:33: Final Advice

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Ep 429: The Messy Truth Behind Building A Multi-Million Dollar Business Jun 26, 2024

Show notes

When we talk about the question of whether women can have it “all,” successful careers, thriving marriages, and families, the messy truth is often, no, at least not all at the same time.

Alli Webb, founder of Drybar found that out the hard way when her business blew up seemingly overnight. She shares what fame, attention, and obsession with building a brand cost her and how she found herself again in the wake of the fallout.

In Mailbag, a listener asks if using roadside assistance too many times in a year can cause an increase in her car insurance. Another listener has a question about whether or not she should stay in her marital home post-divorce or sell it and build up her savings for retirement.

Chapters:

0:00: Introduction

03:13 Drybar: From Mobile Business to Brick-and-Mortar

08:14 The Rapid Growth of Drybar and the Cost of Success

21:55 Success and How It Impacted Alli’s Relationships

27:19 Deciding to Let Go of Drybar

31:26 Finding Validation from Within

31:32: Transition to Mailbag

34:58: Listener Question: Auto Insurance and Roadside Assistance

37:29: Listener Question: Mortgage vs. Savings Post-Divorce

Takeaways:

Figuring out your greatest passions can lead to a successful business idea.
Scaling a business quickly can be both exciting and overwhelming.
Finding balance between work and personal life is crucial for happiness and well-being, especially as an entrepreneur.
Excellent customer service and creating a welcoming environment are key to building a loyal customer base.
Success in business can sometimes lead to problems in personal relationships, and it's important to recognize and address these issues.
Learning to look inward and understand oneself is crucial for personal growth.
Having a community of like-minded entrepreneurs can provide support, guidance, and solutions to common challenges.
Going through difficult times can lead to self-discovery and personal growth, ultimately leading to a happier and more fulfilling life.

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Do Money Manifestations Do Anything? Jun 21, 2024

Show notes

We’re told to use money affirmations like “I am rich” and “I am always discovering new sources of income” to increase our abundance. We’re even told that we can manifest our way to a completely new life using the power of positive feelings and good vibes. But do money manifestations really work?

Amanda Montell had the same question. In her new book, The Age of Magical OverThinking: Notes on Modern Irrationality, she digs into our obsession with manifestations, nostalgia, confirmation bias, and what it all has to do with our modern existence. (Hint: It’s a lot more than you might think.)

Chapters:

00:00: Introduction

04:55: Cognitive Biases and Their Impact

07:44: Cognitive Biases in Financial Decision-Making

13:22: Money Manifestations and Magical Thinking

21:27: Spending on Self-Healing and New Age Practice

26:32: Shine Theory and Female Competition

Takeaways:

Cognitive biases are mental magic tricks that we play on ourselves to make sense of the world, but they can clash with the information age and lead to irrationality.
Positive thinking and optimism have benefits, but applying absolutist ideology or capitalism to ideas of manifestation can be harmful.
Women are more likely to spend money on self-healing practices due to marketing and societal conditioning, but balancing optimism and skepticism is crucial.
Overconfidence is a bias that affects both men and women, manifesting in different contexts.
Shine theory, the idea that another person's success does not diminish your own can help combat jealousy and foster connections.

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Ep 428: Top 10 Investing Myths, Busted Jun 19, 2024

Show notes

It’s no secret that women’s wealth is growing (hello, Great Wealth Transfer) and that we’re investing in the stock market in larger numbers than ever before. A 2023 study by Fidelity found that 60 percent of women are invested in the stock market, up from just 44 percent in 2018. Michele Cagan, author of Stock Market 101, wants to see that number get even higher.

Cagan has spent her career as a CPA and financial mentor working with clients to demystify investing because she knows that getting started can be intimidating, anxiety-inducing, and confusing. She joins us to bust the top 10 myths she hears from people when they get started investing.

In Mailbag, we hear from a listener who’s feeling unhappy in her corporate job and is wondering if her family is financially stable enough for her to be able to transition back to freelancing.

Chapters:

00:00 - Introduction

04:05: The Top 10 Myths and Facts About Investing

24:05 - Transition to Mailbag

29:52 - Jean's Advice on Job Satisfaction vs. Financial Stability

Takeaways:

Women's wealth is growing, and they are investing in the stock market in larger numbers than ever before.
Investing knowledge is crucial for women across generations to start and stay invested.
Women tend to be more risk-averse and consider their financial choices in a broader context, making them better investors.
Investing with goals in mind is essential, and socially responsible investing can align with personal values while still generating returns.
Understanding financial analysis and doing thorough research is important before making investment decisions.

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Ep 427: When Ambition Goes Too Far Jun 12, 2024

Show notes

Ambition…let’s talk about it. We’ve been told it’s not a dirty word, that it’s ok (actually more than ok) for women to be ambitious. We’ve been told we should strive for C-suite positions, the corner office, and to continue reaching for higher and higher paying roles.

For Jennifer Romolini, these messages were working, yet reaching the top did not fulfill her in the way that she thought it would. In her new book Ambition Monster, she chronicles how being overly ambitious and reaching the top made her so burnt out that she ended up literally losing her voice and her job. Listen in to hear about why being forced to rebuild was the best thing that ever happened to her.

In Mailbag, we hear from a listener who’s weighing the pros and cons of paying off a credit card every fourteen days to build credit. We also hear from a couple who is wondering the next best step after maxing out a high-yield savings account while saving up for a house.

Chapters:

00:00:00: Introduction

00:06:44: Jennifer's Belief in Work as Salvation

00:11:17: The Problem with Overworking

00:19:16: Finding New Balance and Living Your Values

00:24:11: Recognizing Workaholism and Ambition Issues

00:26:55: Mailbag

Takeaways:

The definition of ambition may be outdated and prioritize men, leading to challenges for women in the workplace.
Workaholism and burnout can have significant physical, emotional, and financial consequences.
Finding balance and fulfillment in work and life requires setting boundaries, making tough decisions, and prioritizing self-care.
The pursuit of a meaningful life involves redefining success, living by one's values, and seeking internal gratification.
Recognizing the signs of work addiction and imbalance is crucial for personal well-being and growth.

Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

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