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 334: Ambition Is Not a Dirty Word
Ep 333: Data-Proven Ways to Build Wealth
Bonus Mailbag #38: Entrepreneurship 101
Ep 332: Walking the Salary Transparent Street
Ep 331: Investing During A Recession
Ep 330: Generational Wisdom from Madam CJ
Bonus Mailbag #37: Navigating Your Financial Plan During a Recession
Ep 329: A First-Generation American On Finding Success
Ep 328: Your Big Money Bet
Ep 327: Having Multiple Income Streams
Ep 326: Higher Returns, Lower Risk
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Ep 325: The Market, The Economy, and a Recession
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