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 302: Get Hired In 2022 (And Earn More!)
Ep 301: Think Machiavellian And Win Your Career
Ep 300: This One's For You!
Bonus Mailbag #34: A Better Financial New Year
Ep 299: Turn Your Clutter Into Cash
Bonus Mailbag #33: Investing For All Your Goals
Ep 298: Doing Well + Doing Good
Ep 297: Single Women And Money
Ep 296: The 90 Day Reset You Need For 2022
Ep 295: Buying Your First Investment Property
Ep 294: How To Get Organized For 2022
Ep 293: Inequality, Climate Change + The Jobs Of Tomorrow
Ep 292: Healing From Racial Trauma In The Workplace
Ep 291: Caregivers Are Overwhelmed. Here’s How To Start Healing
Ep 290: Building Your Business During Tough Times
Bonus Mailbag #32: Financial Advisor 101
Ep 289: Student Loan Strategies
Ep 288: Investing For Short-Term And Long-Term Goals
Bonus Mailbag #31: Saving For College
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