HerMoney with Jean Chatzky

Latest Episodes:

Ep 426: How Women’s Work Holds America Up Jun 05, 2024

Show notes

Here’s one thing we know — America runs on women – our paid work, our caregiving work, and our invisible work keeps the country going — and it’s taking its toll. According to the American Psychological Association’s 2023 Stress in America survey, women say they’re feeling stressed, misunderstood, and alone. The survey also found that women were more likely to say they “strongly agree” that no one understands how stressed we are and we were less likely to report that we can get over our stressors quickly.

Jessica Calarco is a sociologist who’s dedicated her life’s work to understanding how America got this way, despite being consistently ranked one of the wealthiest countries in the world. In her new book Holding It Together: How Women Became America’s Safety Net, she explains how our “DIY society” came to be and strategies for women to collectively come together to support each other in a country where caregiving falls mostly on our shoulders.

In Mailbag, we hear from a listener who is looking for advice on how to handle her emotions in the workplace. We also hear from someone who’s in the running for a position with a pension and wants to know what the pros and cons are should she accept the job.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

Chapters:

00:00:00: Introduction

00:06:52: The Role of Women in Holding Society Together

00:14:49: Current Childcare Crisis and Its Implications

00:19:11: Gender Wage Gap and Household Labor Dynamics

00:26:51: Practical Steps for Individual Women to Improve Their Situations

00:29:57: Importance of Collective Action

00:30:34: Transition to Mailbag Segment

Takeaways:

Women in America have become the safety net for families and communities, taking on the roles of caregivers and filling low-wage jobs.
The US is a DIY society where individuals are expected to solve their own problems rather than rely on the government or employers for support.
The lack of affordable childcare and the shift in employer benefits have put tremendous pressure on families, particularly women.
Marriage is not the key to financial success and can often trap women in difficult or dangerous relationships.
Solutions include advocating for affordable childcare, paid family leave, and other policies that support caregiving, as well as challenging mythical thinking and promoting collective action.

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 425: Does More Money = More Happiness? May 29, 2024

Show notes

According to the 2024 World Happiness Survey, we’re pretty unhappy as a country this year. And although there are plenty of external reasons for us to be unhappy — sky-high costs at the grocery store, mortgage rates hovering around 7%, and credit card debt soaring – we’re all about controlling what we can control and that includes prioritizing our well-being over all else (no summertime sadness here).

Stephanie Harrison, author of: “New Happy: Getting Happiness Right In a World That’s Got It Wrong,” feels that way too, so much so that she spent 10 years diving into the world of happiness research. Listen in to hear why the “Old Happy” is making us all miserable and why she believes the “New Happy” should be the framework we’re building our lives around instead.

Chapters:

00:00:00: Introduction

00:02:58: The Concept of "New Happy" vs. "Old Happy"

00:07:11: The Role of Money in Happiness

00:12:08: Social Media's Impact on Happiness

00:19:39: Tactical Solutions for Creating a Happier Life

00:23:11: Finding a Job that Aligns with Your Gifts

00:25:44: Daily Shifts to Increase Happiness

00:27:30: Mailbag Segment

Takeaways:

The Old Happy tells us we need to achieve more, be perfect, and be hyper-independent. These expectations are unrealistic and make us miserable.
The New Happy involves discovering who you are and using your gifts to help others. This leads to personal growth, fulfillment, and creating happiness for others.
Money is necessary to fulfill our needs and create experiences of well-being, but the pursuit of more and more money does not lead to proportionate increases in happiness.
To find intrinsic goals that make you happier, consider safety, community, relationships, passions and interests, and personal growth.
Daily shifts to make yourself and others happier include looking for opportunities to help, recognizing the support you receive, and paying attention to people who are doing good in the world.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting, and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

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Mailbag: We have $146,000 in student loan debt, how do we pay it down? May 24, 2024

Show notes

In this Mailbag, Jean talks to Patti and Patrick about the substantial student loan debt they’ve incurred on behalf of their daughter. They explore various ways to pay it down, including using a home equity line of credit or tapping into retirement funds. Jean gives detailed guidance on the best approach to consolidate the debt. The episode also touches on the broader financial responsibilities parents face, and the importance of open communication with children about the realities of debt.

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

Takeaways:

When dealing with multiple student loans, consider consolidating them to secure a lower interest rate.
Before tapping into retirement funds or other long-term savings to pay down student loans, consider the tax implications and potential penalties.
Home equity lines of credit can be a viable alternative for paying down student loans, but compare interest rates and terms.

Chapters:

00:00:00: Introduction

00:02:52: Details of Student Loan Debt

00:05:18: Interest Rates and Consolidation Options

00:07:52: Home Equity and Savings

00:13:38: Financial Planning and Parental Support

00:16:08: Next Steps

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Ep 424: If Your Budget Isn't Working, Here's Why May 22, 2024

Show notes

Is your budget working? The 50/30/20 budgeting rule — one of the most popular budgeting methods that has been around for 20 years — was created by Elizabeth Warren (yes, that Elizabeth Warren) and has largely been seen as the “gold standard” of budgeting ever since. But does it work for today’s economy? There’s also reverse budgeting, which we use in our Finance Fixx program, and has helped our participants save an average of $1,500. The point is, we have options, and our goal with our money should always be to find the one that works best for us — especially when our budget isn’t working the way we need it to

This week, we’re talking about 60/20/20 budgeting with Sean Pyles, host of the Smart Money podcast. He shares why he thinks this budget is a better framework to follow, and how we can all make budgeting just a little more fun.

In Mailbag, we hear from someone who’s in the market for a car and is wondering if now may be the best time to buy an EV. We also hear from a listener who is looking for strategies to consolidate her credit card debt to lower her APR.

Chapters:

00:00 The 50-30-20 Budgeting Rule

03:19 Different Perspectives on Budgeting

08:48 Adjusting Budgeting Categories for High-Cost Areas

12:10 Cash Stuffing and the Fun Side of Budgeting

20:04 Considerations for Buying an Electric Car

24:53 Managing High-Interest Credit Card Debt

Takeaways:

Budgeting is not one-size-fits-all and should be tailored to individual circumstances and preferences.
Tracking spending can help identify areas where expenses can be reduced or optimized.
Consider alternative budgeting methods, such as budgeting backwards or using the spending and savings bucket method.
In high-cost areas, it may be necessary to adjust budgeting percentages to accommodate higher expenses.
When dealing with high-interest credit card debt, explore options like negotiating lower interest rates or considering a balance transfer or debt consolidation.
When buying an electric car, consider factors such as charging infrastructure and range anxiety.
Explore not-for-profit credit counseling agencies for assistance with managing credit card debt.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

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Ep 423: How A Coupon Influencer Found Herself In Debt May 15, 2024

Show notes

In 2010, Lauren Cobello (formerly Lauren Guetman) created an entire brand as “the coupon lady” after she shared her story of how she got her family out of $40,000 in debt by couponing and budgeting. By 2016, she was posting multiple times a day, wrote a few books about couponing and budgeting, and was filming family finance videos with her kids and her husband as main fixtures in her online universe.

But here’s the thing about creating a brand and a community around your personal story — sometimes that story falls apart. By 2017, Lauren and her husband split, leaving her to navigate life as a single mom of four….and back in debt again. For a while, she continued to post to keep her brand alive but felt completely inauthentic doing it. Listen in to hear how she reinvented her career — and the personal finance hacks she still utilizes to keep her monthly budget in check.

Chapters:

00:00:00 - Introduction

00:05:26 - Lauren's Personal Debt Experience and Recovery

00:09:41 - Therapy and Financial Healing

00:10:34 - Strategies for Managing Money and Avoiding Impulse Spending

00:16:14 - Couponing and Meal Planning

00:21:00 - Career Transition to Media and PR

00:29:12 - Mailbag

Takeaways:

Get real with yourself and take control of your finances by focusing on what can be controlled.
Meal planning and freezer cooking can save money on groceries.
Building a brand using books and media can be a powerful strategy for business growth.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting, and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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Mother’s Day Mailbag: I just went through a divorce. How do I make sure we’re financial exes as well? May 10, 2024

Show notes

In this special Mother’s Day Mailbag edition, Jean talks to mother-daughter duo Mollie and Chris about Mollie’s recent divorce. Jean addresses questions on how to make sure Mollie’s ex-husband's finances are no longer tied to hers, and we tackle how best to combine Mollie’s multiple retirement accounts.

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

Takeaways:

Closing a joint bank account and starting fresh is the best option after a divorce.
Having an ex-spouse's name on a credit card does not impact the primary cardholder's credit, but it can be removed by contacting the credit card company.
Rent payments can be reported to credit bureaus through services, which can help build credit for individuals with thin credit files.
Consolidating multiple retirement accounts into one brokerage account can make it easier to manage and monitor investments.
Converting traditional retirement accounts to Roth accounts can be beneficial for long-term growth, but it's important to consider the tax implications.
Maintaining a good credit score and making solid financial decisions are key to navigating post-divorce financial challenges.

Chapters:

00:00 Introduction

03:03 Closing Joint Bank Accounts and Removing Ex-Spouse from Credit Cards

05:04 Building Credit with Rent Payments

09:03 Consolidating Retirement Accounts for Better Management

12:52 Considering Roth Conversion for Long-Term Growth

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Ep 422: Media, Money, and Messy Women May 08, 2024

Show notes

Money touches everything in our lives. And for women, who have long been documented to earn less than men, save less than men, and invest less than men, the stereotype is often that we’re doing money “wrong.”

But it’s getting old. We know that statistically, women are better investors than men are, we fare better during times of recession, and we’re often more thoughtful about our budgets. Yet the stereotypes persist: the “girl math” trend of recent years tried to insinuate that we’re messy and unreliable with numbers, and countless female characters in pop culture (those in Fleabag, Sex and the City, and Girls, to name a few) just can’t seem to get their finances together, no matter how hard they try.

We say enough is enough. And we aren’t the only ones. Jo Piazza feels the same way — which is exactly why she flipped the script for the main character in her new novel The Sicilian Inheritance. Listen in to hear her story.

In Mailbag, we hear from a listener whose 18-year-old son is looking for the best ways to start to build credit, and we hear from a woman who is about to have her first baby and is being pressured by friends to make big (and expensive!) life changes.

Chapters:

00:00:00: Introduction

00:06:32: Portrayal of women in finance and media

00:10:03: Strategies for managing work and family life

00:21:22: Managing the impact of social media

00:25:40: Transition to mailbag segment

00:26:01: Financial advice for young adults and credit cards

00:30:20: Lifestyle changes after having a baby

Takeaways:

Women are often portrayed as messy and unreliable in finance and media, perpetuating stereotypes that can be damaging and untrue.
The influencer culture on social media can create an expectation gap between real life and the curated images and lifestyles portrayed online.
Financial influencers should be approached with caution, as not all advice and recommendations may be reliable or suitable for individual situations.
There is a need for better regulation and transparency in the influencer industry to protect consumers and ensure ethical practices.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting, and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

Please contact advertising@airwavemedia.com if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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Mailbag: Financial advice for the recently retired, plus resources for teaching your kids about money. May 03, 2024

Show notes

In this special Mailbag edition, Jean and Kathryn Tuggle, HerMoney CCO, are on the mic answering questions from our listeners. First, we hear from a recently retired listener who has all of her money in Certificate of Deposits (CDs) and is wondering what to do next. We also hear from someone who is looking for resources that can help teach her three kids about money.

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

Takeaways:

A financial advisor can help you understand your current investments and make your money last in retirement
Work with a fee-only financial advisor who is not paid by commissions for selling specific investments
Teaching kids about money involves teaching them about investing and managing the money they have.
Setting up a system like an electronic allowance can help kids learn how to budget and make choices with their limited resources.
Kids should learn the value of money, how to budget, and how to save

Chapters:

00:00 Introduction

04:50 The Benefits of Daily Money Managers

06:52 Financial Advisor Recommendations

09:17 Teaching Kids About Personal Finances

12:08 Opportunities for Kids to Earn and Manage Money

13:21 Teaching Kids About Credit and Investing

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Ep 421: Redefining Success In the Winner-Take-All Economy May 01, 2024

Show notes

Eleven years ago, Sheryl Sandberg’s “Lean In” hit the shelves and became an instant hit. Her feminist manifesto encouraged women to stop holding themselves back from working to reach positions of power and instead lean on other women’s experiences to help them. Now, many women are pushing back on the “lean in” approach that placed so much responsibility on individual women rather than the societal and economic structures around them. They’re also questioning if they really want to have it all in the first place.

In her new book: “Fair Shake: Women And The Fight To Build A Just Economy,” Naomi Cahn and her coauthors explore why our “winner takes all” economy is the root cause of women’s continued economic inequality rather than our individual actions. She also talks solutions, starting with making deeper connections in our communities and reaching out to them for support when we need it.

In Mailbag, we hear from a listener who’s feeling burned out in the healthcare field but knows her coworkers are already short-staffed and doesn't want to leave them in a bind, and Jean’s daughter Julia answers a listener's question on where to find friends that are as career-oriented as she is.

Chapters:

00:00:00 - Introduction

00:03:12 - Interview with Naomi Khan

00:07:51 - Winner Take All Economy

00:10:18 - Intersection of Feminist Theory and Workplace Progress

00:14:43 - The Triple Bind Women Face in the Workplace

00:17:47 - Strategies for Women to Navigate Career Challenges

00:28:08 - Solutions to Combat the Winner-Take-All Economy

00:33:17 - Mailbag Segment Begins

Takeaways:

The gender wage gap remains a persistent issue, with women earning an average of 82% of what men earn.
The winner-take-all economy, characterized by income inequality and a focus on individual financial success, holds women back in the workplace.
Feminist theory is essential in addressing gender equity and dismantling the structures that perpetuate inequality.
Systemic changes, such as increasing transparency, strengthening laws, and investing in individuals and communities, are necessary to build a just economy.

More money news when you need it! Get the latest and greatest updates on all things investing, budgeting and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!

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Mailbag: The best place to keep summer job money, plus how to keep an emergency fund. Apr 26, 2024

Show notes

In this special Mailbag edition, we hear from a listener whose daughter is getting her first summer job. She’s wondering if it’s best to put the money in a high-interest savings account, or a Roth IRA. We also hear from someone who subscribes to the FIRE movement (Financial Independence, Retire Early) and is so focused on saving that she’s not able to keep money in an emergency account for true emergencies.

In our news of the week, some steps you can take if you’ve been waiting weeks (or months) for your tax refund and why eating out may be your biggest budget-killer.

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 opening a Roth IRA for a teenager with earned income to take advantage of potential higher growth.
A homegrown 401k can be a way to provide access to money for immediate needs while still saving for the future.
Separate your money into different accounts with barriers to prevent easy access.
Set up a separate account for vacations to pre-fund trips and avoid using credit cards.
Loosen your grip on your financial goals and allow yourself to enjoy life today.

Chapters:

00:00:00 - News of the Week

00:03:08 - Benefits of Opening a Roth IRA for Your Kid

00:11:08 - Advice on Managing a High-Yield Savings Account

00:11:45 - FIRE Movement and Emergency Funds

00:18:12 - Setting Up Separate Savings Accounts for Different Goals

00:21:04 - Balancing Financial Independence with Living for Today

00:25:07 - Final Thoughts

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