HerMoney with Jean Chatzky

In this Mailbag, Jean talks to Cecilia, a 58-year-old listener, about asset allocation and portfolio management as she approaches retirement. She has a defined benefit pension and government benefits, but also wants to draw down on her portfolio for the first few years of retirement. 

They explore the need to adjust asset allocation, the role of fixed income in your portfolio, and the importance of building a cash cushion for the initial years of retirement. 

Have a question for us or want to jump on a call with Jean? Write in at [email protected].

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

Takeaways:

Chapters:

0:00 Introduction

2:11 Asset Allocation and Retirement Planning

5:13 Cash Cushion for the Initial Years of Retirement

8:02 Consulting with a Financial Advisor

11:00 Mortgage Payoff Strategies in Retirement

12:57 Individual Bonds vs. Bond Funds

15:00 Conclusion

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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When we think about our financial fears, one tops the list: Running out of money before we run out of time. According to the Center for Retirement Research at Boston College, half of all US households are at risk of not having enough income to maintain their standards of living in retirement.

The bottom line is that Americans have a problem and we know it. The good news is that we have the ability to fix this problem in our own individual lives, with tools we already have access to today. They’re called annuities, and more people are interested in, and buying annuities, than in years past.  

Minji Ro, Chief Strategy Officer at Gainbridge, and Jason Fichtner, Chief Economist at the Bipartisan Policy Center join us to talk about what annuities are, why economists like them, and the advantages of considering them as part of your retirement portfolio.

Chapters:

0:00 Intro

4:04 Defining Annuities: What They Are 

12:06 The Shift in Retirement Income Strategies Over Time

14:01 The Three Major Types of Annuities: Fixed annuities, Fixed Indexed Annuities, and Variable Annuities

21:23 Transitioning Mindset: From Saving and Accumulating To Spending And Securing Protected Income 

24:28 Annuities and Managing Longevity Risks As Women

30:00 Transition to Mailbag Segment

33:23 Retirement For Highly Compensated Employees

41:34 When To Get A Second Opinion From A Financial Planner

Takeaways:

Have a question for us? Write to us at [email protected]. 

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

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.

Thank you to Gainbridge® for supporting the HerMoney podcast. Gainbridge® created ParityFlex™, a multi-year guaranteed annuity, to offer women security and flexibility at a time when they need it the most—retirement. Learn more about ParityFlex™ here.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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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:

Have a question for us? Write to us at [email protected]. 

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

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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:

Have a question for us? Write in at [email protected]. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

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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:

Have a question for us? Write in at [email protected]. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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 [email protected].

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:

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

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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:

Have a question for us? We'd love to hear from you! Write in or send us a voicenote at [email protected].

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

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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 [email protected].

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

Takeaways:

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

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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:

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

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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:

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!

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.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices