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.
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Takeaways:
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
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.
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Ep 287: How To Retire Happy
Bonus Mailbag #30: Your IRA Questions, Answered
Ep 285: Facing Financial Abuse
Ep 284: An Insider’s Guide To Cars: Buying & Selling
Ep 283: The Self Love, Self Worth Connection
Ep 282: Finding Success Without Losing Yourself
Bonus Mailbag #29: What To Wear: Tailoring, Thrifting and Work Attire
Ep 281: The Truth About Couples And Money
Ep 280: Taking Risks and Making Choices
Bonus Mailbag #28: Paying For College + Retirement
Ep 279: Becoming A Boundary Boss: You Can Say No
Ep 278: We're Lonely. Let's Fight It With Friendship.
Ep 277: Earn Your First $100K
Bonus Mailbag #27: Mortgages, Rental Income And Recasting A Loan
Ep 276: Feeling Stuck? How To Figure Out What You Want To Do
Ep 275: #SoberCurious? This Show Is For You
Ep 274: How To Get Hired Now
Ep 273: Help! I Have Nothing To Wear
Ep 272: How The Best Investors Do It
Ep 271: Budgeting Without Tears
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