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.
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Ep 351: Diversity, Inclusion, and the Future of Tech With Ellen Pao
Ep 350: Lines Around The Block: The Most Popular Cookie For 27 Years
Bonus: Holiday Tipping 101
Bonus: Charitable Giving 101
Ep 349: From Buyer Beware to Buyer Aware
Ep 348: The Rising Cost of Healthcare & How To Manage
Ep. 347: Making (Shelf) Space for Black-Owned Businesses
Bonus Mailbag #39: Inflation & Layoffs
Ep. 346: How An NFL Linebacker Manages Money
Ep 345: Why Women Business Leaders are Good for Companies — and the World
Ep 344: Retire with Wealth, Health, and Purpose
Ep 343: How to Protect Yourself From Online Harassment
Bonus: How to Change Your Money Habits
Ep 342: The Past, Present, and Future of Investing
Ep 341: From Quiet Quitting to a Job You Love
Ep 340: What Pop Finance Gets Right and Wrong
Ep 339: The Gender Pay Gap, Revisited
Ep 338: Inside the Mind of a Good Manager
Ep 337: How to Negotiate Fearlessly
Bonus: Fine Wine on a Budget
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