HerMoney with Jean Chatzky Jean Chatzky Her Money

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

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 advertising@airwavemedia.com 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:

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.


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 advertising@airwavemedia.com 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:

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.


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 advertising@airwavemedia.com 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

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.


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 advertising@airwavemedia.com 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

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!
We love hearing from you! Send us your questions at mailbag@hermoney.com.

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 advertising@airwavemedia.com 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

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