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:
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.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Ep 399: Uncertainty And Your Investments With Maggie Jackson
Bonus: How Investing Is The Key To Unlocking Women’s Power With Gargi Pal Chaudhuri
Ep 398: The Last Girlboss with Marisa Meltzer
Ep 397: The New Value Prop Of Financial Wellness Programs
Ep 396: Shaping Your Authentic Self With Dr. Sara Kuburic
Ep 395: Low Waste Cooking Hacks With Sohla El-Waylly
Ep 394: Speak Confidently In Any Room With Matt Abrahams
Ep 393: Bring Your Whole Self To Work With Maeve DuVally
Ep 392: The Hidden Power of Weak Language with Alison Fragale
Ep 391: From Broke to Millionaire with Chloe Elise
Ep 390: Is "Quiet Thriving" the new "Quiet Quitting?" With Erica Keswin
Bonus: Girl Math with Danica McKellar
Ep 389: What “Fake News” Really Looks Like, with Dan Ariely
Ep 388: How to Overcome Perfectionist Tendencies with Elise Loehnen
Bonus Mailbag #46: What A Possible Recession Means For Your Portfolio With Gargi Pal Chaudhuri
Ep 387: How Your Generation Affects Your Financial Decisions with Jean Twenge
Ep 386: The Joy of A Secret-Free Life with Letty Cottin Pogrebin
Ep 385: What Is “Enough”? with Manisha Thakor
Ep 384: The Cost of Beauty Culture with Elise Hu
Bonus Mailbag #45: All Of Your Student Loans Questions Answered With Tara Siegel Bernard
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
So Money with Farnoosh Torabi
Everyone’s Talkin’ Money
The Payoff
The Mental Wealth Show with Rich Jones
Jill on Money with Jill Schlesinger