Podcasts – HerMoney https://www.hermoney.com Life is the topic. Money is the tool. Wed, 11 Dec 2019 12:26:16 -0500 en-US hourly 1 https://wordpress.org/?v=5.3 https://www.hermoney.com/wp-content/uploads/2018/09/cropped-logo-amp-32x32.png Podcasts – HerMoney https://www.hermoney.com 32 32 HerMoney Podcast Episode 191: The Negotiating Skills You Learn In A Brothel (And Other Wisdom From An Economist)  https://www.hermoney.com/earn/careers/hermoney-podcast-episode-191-the-negotiating-skills-you-learn-in-a-brothel-and-other-wisdom-from-an-economist/ Wed, 11 Dec 2019 12:24:39 +0000 https://www.hermoney.com/?p=25248 Every single customer is a new chance to negotiate and earn more. 

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What do the legal sex trade, the surfing world, gambling, and horse trading all have in common? They’re some of the unlikely places economist Allison Schrager has spent years studying risk, and we were blown away by the insight she shares with us this week on risk management and negotiating.

Allison, who is also the co-founder of risk advisory firm LifeCycle Finance Partners, gained some of her more interesting takeaways when researching her book, “An Economist Walks Into A Brothel: And Other Unexpected Places To Understand Risk.” She says she was inspired to study the economics of personal finance because she wanted to help make some of life’s most necessary economic lessons more accessible. In many cases, all people need to succeed with their finances is education, she says — even something as simple as understanding the dangers of procrastination can help people make better choices.As part of her research for the book, Allison spent time with sex workers and managers at Nevada’s bunny ranch, a legal bordello. There, she learned about the risks these women take, and how we can apply some of their negotiating skills to our daily lives. Allison surveyed the sex workers on what they charge customers, and was impressed by some of the negotiating tactics they employ — rather than having set prices for their services, these women negotiate for each individual transaction.

Allison says that these conversations eventually ended up changing her own attitude towards risk. Perhaps hearing ‘no’ is not that big of a big deal — if you don’t hear ‘no’ regularly, then you’re not asking for enough, she advises. When it comes to negotiating in other career fields, Allison advises offering a “menu” of options to your boss so there’s no confrontation, and no single demand put in front of them. She also details why your peak earning years as a sex worker are your mid-40s, why we end up taking more risk when we feel safer, and how we can all take a more sophisticated attitude to risk.

Then, in mailbag, Jean tackles a quintessential money trade-off question, advises a woman who is underpaid in her field, and guides an Australian couple residing in the U.S. on some of the best investment strategies for expats.

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HerMoney Podcast Episode 190: Why Everyone Makes Mistakes With Money (And How To Get Better!)  https://www.hermoney.com/save/budgeting/hermoney-podcast-episode-190-why-everyone-makes-mistakes-with-money-and-how-to-get-better/ Wed, 04 Dec 2019 12:40:18 +0000 https://www.hermoney.com/?p=25145 This week we’re diving into good behavior, bad behavior, and behavioral science. 

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At HerMoney, we’re always interested in hearing about the psychology of money and why we make the choices we make: Why do people continually fail to take action on things that are difficult or uncomfortable for them? Why do we all talk about earning money and spending money, but not saving it? 

These are just a few of the questions that Jeff Kreisler, author, comedian, and Editor-in-Chief of People Science, will tackle with Jean on this week’s episode. Jeff is the author of “Get Rich Cheating: The Crooked Path To Easy Street” and co-author of “Dollars and Sense: How We Misthink Money And How To Spend Smarter.” (His co-author for that one is behavioral economist Dan Ariely, who you can catch in episode 85 if you missed it!) Jeff has traveled the world to talk about sunk cost fallacy, solution aversion, and all the ways in which we allow ourselves to make poor financial decisions — despite knowing that we’re doing it. He says that while we can’t change human nature, thankfully we can build systems that will enable us to use our human nature for our own good. 

Jeff says there’s a “certain sense of shame” when you feel like you aren’t making all the right financial choices in life, but not knowing what to do with your money is an incredibly common thing — not something to be ashamed of. We all have complex emotions and uncertainty around our financial decisions, but when we face those big questions, the best thing we can do is seek advice from experts, and get on a path toward making changes in our systems and environments and how we do things. 

Thankfully, there are some easy behavioral science “tricks and habits” that can help us get out of our own way and conquer our personal finances, Jeff says. One suggestion is to go through your credit card statement — line by line — with someone else and articulate what each expenditure is for. When you have to explain your spending to an objective third party, it forces you to dig deep into questions like, “Did I really need this?” Another strategy is to split your paycheck into two accounts to essentially “trick” yourself into thinking you have less to spend than you really do. “You’re basically hiding money from yourself,” Jeff says. No matter how small the change you make, the important thing is that you’re giving yourself mental nudges to make lifelong changes. 

Then, in Mailbag, Jean tackles questions surrounding HYSAs (high yield savings accounts) and where to find the best rates. She also advises a woman who is just dipping her toes into the waters of investing for the first time, and counsels a woman who is just starting her career at 45 after having worked as a stay at home mom for the last 20 years. And lastly, in Thrive, Jean dishes some real talk on Facebook’s new dating platform, “Facebook Dating,” and whether or not you should consider putting yourself out there on the world’s largest social network. 

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HerMoney Podcast Episode 189: Mitch Albom On Love, Loss And Giving Back  https://www.hermoney.com/connect/love/hermoney-podcast-episode-189-mitch-albom-on-love-loss-and-giving-back/ Wed, 27 Nov 2019 12:38:09 +0000 https://www.hermoney.com/?p=25060 Mitch Albom sits down with Jean Chatzky to dish on real love and the true meaning of Thanksgiving. 

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Over the last few decades, author and journalist Mitch Albom has penned some of the most influential books of our time — Tuesdays With Morrie, The Five People You Meet In Heaven, For One More Day, Have A Little Faith, and Time Keeper, just to name a few. His words have had a profound impact on millions of people worldwide, and many of them have been turned into critically acclaimed movies. This alone would be an incredible resume, but Mitch didn’t stop there — he also founded eight charities, many in the Detroit metropolitan area, where he lives with his wife Janine.

This week, Mitch sits down with Jean to talk about some of his charitable work, and the path that led him to Chika — a Haitian girl who was born three days before the devastating 2010 earthquake, and was brought to Mitch’s ‘Have Faith Haiti Mission’ in Port-Au-Prince. His relationship with Chika — and his two-year, round-the-world journey to try and find a cure for her illness — is the subject of his new book that came out this month: Finding Chika: A Little Girl, An Earthquake, And The Making Of A Family.

In this episode, Jean and Mitch discuss what led him to write his new book, and Mitch offers up his thoughts on the most precious thing you can ever give someone, as well as what we can all do with our money to make us happy. Mitch also weighs in on how we can all find our “thing,” our passion project or philanthropic endeavor that will help us make a difference in the world. Mitch also discusses how he and his wife have made the financial aspects of their relationship work seamlessly for three decades.

Then, in Mailbag, Jean and Kathryn talk saving in your 401(k) vs. paying down credit card debt, 401(k) loans, how to invest or sell stock options provided by your company, and the best ways to boost the contributions to your retirement funds. In thrive, Jean dishes on the double-digit annual gains the Dow is posting, and what long-term investors need to know.

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HerMoney Podcast Episode 188: How To Close The Gender Pay Gap Once And For All  https://www.hermoney.com/earn/salaries/hermoney-podcast-episode-188-how-to-close-the-gender-pay-gap-once-and-for-all/ Wed, 20 Nov 2019 12:59:43 +0000 https://www.hermoney.com/?p=24973 Tune in for a how-to on closing the gender pay gap for good — for women (and the men who love them!)

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What are you doing in the year 2119? That’s the year the American Association of University Women predicts that the gender pay gap will finally close, unless we take steps to bridge the gap sooner.

On average, white women earn 79 cents on the dollar compared to white men, black women make 63 cents, and Latina women make just 54 cents. Latina Equal Pay Day was recently observed on Nov. 20 to bring awareness to how this gap adds up: Latina women may lose up to $1 million over the course of their working lives, or around $26,000 annually due to the gap.

This week’s guest, Katica Roy, is here to tell us all how we can work together to speed change and get the gap closed sooner than projected. Katica is a gender economist and CEO of software company Pipeline that helps employers manage everything from the hiring process to employee reviews. As a gender economist, Katica looks at the economy through the lens of gender to see where it’s working and where it isn’t, and today she shares how we can level the playing field for ourselves and our fellow women.

Listen in as Katica shares some fascinating (and infuriating) facts about how often women are underpaid, and what corporations can do to help speed change. Katica details research from her company that spanned 4,000 companies and 29 countries, showing that for every 10% increase in gender equity, there is a 1% to 2% increase in revenue to a company’s bottom line. She also talks about the sea change she’s leading to shift the conversation and get more people thinking about gender equity as an economic opportunity rather than a social issue.

Katica shares her tips for getting paid more (along with a personal story!) as well as tips on how to negotiate, and details on how the gender wage gap impacts women of color and non-binary womxn. She and Jean also discuss how women are being adversely impacted by the pink tax. “When we talk about the gender pay gap, we talk about money coming into women’s wallets, but the pink tax means more money is coming out of our wallets when we pay for everyday items,” she says, explaining how women pay an average of 7% more than men for things like razors and shampoo.

Lastly, in Mailbag, Jean tackles questions about dating and debt, what to do with old retirement accounts, and how to manage asset allocation if you’re part of the FIRE movement. In Thrive, Jean dives into the expense of campus visits and what to do with your teen to ensure you aren’t spending too much on college before you’ve even paid your first tuition bill.

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HerMoney Podcast Episode 187: How Gen-X Women Can Save For Retirement (And Everything Else!) https://www.hermoney.com/invest/financial-planning/hermoney-podcast-episode-187-how-gen-x-women-can-save-for-retirement-and-everything-else/ Wed, 13 Nov 2019 12:43:39 +0000 https://www.hermoney.com/?p=24840 It’s time Gen-X women got back on track for retirement. Here’s how.

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This week Jean sits down with Shelley Emling, Editor-In-Chief at AARP’s The Girlfriend, to talk all things Gen-X women and how they can get back on track for retirement. 

Gen-X women feel ignored by brands, and feel that most of the talk around investing and career advancement is focused on either Millennials or Boomers. Jean and Shelley tackle what Gen-X women can do to get off the sidelines and build the self-confidence they need to ask for raises and make empowered financial decisions. 

Jean also answers some of the most commonly-asked questions from readers at AARP’s TheGirlfriend, and tackles what to do (and what not to do) when you’re taking those first steps to regain control of your financial life. 

Lastly, in Mailbag, Jean dishes on the best way to manage credit cards while keeping your credit utilization rate low, and advises a woman who is considering moving money in her 401(k) and selling stocks. In Thrive, Jean talks about open enrollment and how to choose the right health insurance plan for you and your family. 

If you’re not subscribed to the podcast, you’re missing out on juicy tidbits from some of the most accomplished women in the world!

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HerMoney Podcast Episode 186: Lighting The Path To Savings and Security With The FIRE Movement  https://www.hermoney.com/invest/retirement/hermoney-podcast-episode-186-lighting-the-path-to-savings-and-security-with-the-fire-movement/ Wed, 06 Nov 2019 12:31:59 +0000 https://www.hermoney.com/?p=24770 We’re Playing With FIRE this week, with guest Scott Rieckens. 

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Are you ready to cozy up by the warm glow of the FIRE movement? The acronym stands for Financial Independence, Retire Early, and it’s a topic we love covering here at HerMoney. Over the years we’ve broken it down with some incredible guests including Jamila Souffrant, Grant Sabatier, Jonathan Mendonsa, Brad Barrett, and Vicki Robin

This week, we sit down for some one-on-one time with Scott Rieckens, author of Playing With Fire, and producer of the recent documentary by the same name. Scott walks us through his journey into the FIRE movement, and how he learned to prioritize his spending and saving goals. As an Emmy-nominated film and television producer and entrepreneur, Scott was inspired to explore the FIRE movement on the big screen when he discovered there was a lack of educational videos on the topic. 

Retiring early was a goal for Scott (as it is for many of us) but the FIRE movement goes well beyond that — it’s about taking control of your finances once and for all, and reducing the stress that can arise when we feel like we aren’t in control of our money.

The concepts around FIRE are simple, Scott tells Jean — and you don’t have to be an investing expert (or even the biggest fan of the FIRE movement) to get something out of the basic lessons. “Whether it’s the absolute best way to go or not isn’t really the point,” he says. “To me, it was just a matter of, ‘Okay, now I have the framework on how to get started.’” Scott cites Mr. Money Mustache, and Vicki Robin as major influences on his journey, along with the book, The Simple Path to Wealth by JL Collins

Scott tells Jean that he was led to explore the FIRE movement when he began to feel like he was squandering the money he was earning. “We were working so hard for our money, but we weren’t letting our money work hard for us,” he says. “We have a responsibility to our money, and I didn’t feel like I was doing my part with my daily Starbucks, or buying the latest ‘new shiny object.’ I knew these things weren’t the path to happiness, but I didn’t know any other way.” 

When they first joined the FIRE movement, Scott says he and his wife were out to see how far they could push their savings rate. Then, they decided to see what was “uncomfortable,” and that took them to the next level. “All of a sudden we realized we could live off one income, we could invest, and we had an emergency fund saved,” he says. 

In Mailbag, Jean advises a woman on credit card usage and selection, and answers a question about taking a job you’re overqualified for in order to get your foot in the door at a good company. Jean also advises a woman who’s between jobs on health insurance options, including COBRA and short-term health plans that can be purchased from the marketplace. Lastly, in Thrive, Jean dishes on why people aren’t checking their credit score as often as they were in years past, and why that could be a big mistake. 

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HerMoney Podcast Episode 185: Finding Life’s True Riches With Rabbi Steve Leder  https://www.hermoney.com/connect/family/hermoney-podcast-episode-185-finding-lifes-true-riches-with-rabbi-steve-leder/ Wed, 30 Oct 2019 10:52:22 +0000 https://www.hermoney.com/?p=24692 How can we live authentic (and still rich) lives in the Instagram, instant-gratification world we live in now? 

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Tune into any reality show these days (“Extreme Makeovers,” “Cribs,” “The Biggest Loser,” the list goes on) and it probably won’t be long before a certain message filters into your consciousness: If you change your outer life, it will change your inner life. But that’s a lie. What we have is not who we are, no matter how hard pop culture may drill that message into our heads. That’s just a bit of the wonderful insight shared on this week’s episode by Rabbi Steve Leder, senior Rabbi of Wilshire Temple in Los Angeles. Leder is the author of several critically acclaimed books, including “More Money Than God: Living A Rich Life Without Losing Your Soul,” and “More Beautiful Than Before: How Suffering Transforms Us.” 

Listen in as he shares why he became a Rabbi, and how the synagogue became the place where he could pursue his passion for creative, cultural, intellectual and spiritual matters. He also discusses his early work on a congressional campaign and why he decided not to pursue politics. “I realized that I cared more about the values expressed in the bible than I did about the values being expressed in political warfare, so I made the decision at 20 years old to go to Rabbinical school, and I never looked back,” he says. 

As a Rabbi, Leder says that over the years, he’s seen many people who have a disconnect between their set of professed values and their lived values — and that’s a recipe for trouble. When we have this disconnect, it can present many problems in our lives, and pose a challenge for how we raise our children. As a father, Leder knows all too well the challenges of raising kids who truly know the value of a dollar, and understand the difference between wants and needs. He and Jean share some real talk on how to raise healthy, well-grounded and decent humans in the Instagram, instant-gratification reality we live in. In today’s world, we can press a single button and have just about anything we want delivered right to the doorstep. So how do we break the cycle of shopping for sport? “For kids, you have to engage,” Leder says. 

In his most recent book, “More Beautiful Than Before: How Suffering Transforms Us,” Leder opens up about his difficult recovery from a car accident and severe back injury that changed his perspective on suffering. “I realized coming out the other end of it, that I knew very little to nothing about real pain, and this book was an apology, and an attempt to set the record straight about pain and what we can learn from it,” he says. 

Lastly, in Mailbag, Jean advises a woman who recently found herself as the primary breadwinner following her husband’s retirement, and tackles a question about the rules for exactly how much you need to have saved heading into retirement. In Thrive, Jean dishes on wedding insurance, and whether or not it’s something the happy couple should really be investing in. 

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HerMoney Podcast Episode 184: Building Your Personal Brand With Marketing Guru Seth Godin https://www.hermoney.com/earn/careers/hermoney-podcast-184-building-brand-seth-godin/ Wed, 23 Oct 2019 12:46:50 +0000 https://www.hermoney.com/?p=24573 How good are you at keeping your word? Your answer has everything to do with the strength of your personal brand.

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On this week’s episode of the HerMoney podcast, we’re going deep! We’re diving right in for some introspection, and we’re going to flip the script a little bit by asking you a question:  Are you the kind of person who always follows through? Someone who always — or almost always — keeps their promises?

If you’re feeling guilty already, don’t, because this week’s guest, Seth Godin, has some motivation for all of us that’s going to change the way we think about our word and our personal brand. Seth is the author of an incredible 19 books, including the worldwide best-sellers “Linchpin,” “The Dip” and “This Is Marketing.” He’s the founder of workshops including the ALT-MBA, and ‘The Marketing Seminar,’ which more than 10,000 people have taken, and if that weren’t enough, he’s also an entrepreneur and in 2018 was inducted into the Marketing Hall Of Fame.

Seth says that the strength of your personal brand — and perhaps even your entire career — hinges on a single question: Do you do what you say you’re going to do? Seth says that you tell people who you are every day, at every interaction, without even realizing it. Because your personal brand all comes down to what people expect when they engage with you — and in that way, your brand is nothing but a promise … a promise you’d be wise to keep!

Listen in as Seth tells us all what good marketing looks like, how spam is “in the eye of the beholder” and how we should never (ever) spend money to make short-term pain go away. He also dishes on how our “lizard brains” (the parts of us that still make us wild animals) are influencing our decisions day to day, and how we can tame these parts of ourselves and tune into what’s in our best interest.

In Mailbag, Jean tackles the question of where to invest money once you’ve maxed out your 401(k) and addresses the best way for someone in their early 50s to save for retirement. She also advises a woman who rents out part of her home, is considering getting liability insurance and is looking into refinancing her home loan.

Lastly, in Thrive, Jean takes on the fact that some private colleges are — shockingly — lowering tuition, but there’s more to this story than meets the eye. As these institutions lower their sticker price, they’re taking away scholarships and other discounts. The big takeaway? Always look at the net price of what you’re paying for college before you commit. 

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HerMoney Podcast Episode 183: On The Couch With Financial Therapist Amanda Clayman  https://www.hermoney.com/invest/financial-planning/hermoney-podcast-episode-183-on-the-couch-with-financial-therapist-amanda-clayman/ Wed, 16 Oct 2019 11:45:33 +0000 https://www.hermoney.com/?p=24503 That’s just a bit of the wisdom shared by this week’s HerMoney podcast guest, financial therapist and Prudential financial wellness advocate Amanda Clayman. In her role, Amanda guides her clients on how they can positively change their overall approach to their finances, and adjust their thinking in areas that may be holding them back.  Over […]

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That’s just a bit of the wisdom shared by this week’s HerMoney podcast guest, financial therapist and Prudential financial wellness advocate Amanda Clayman. In her role, Amanda guides her clients on how they can positively change their overall approach to their finances, and adjust their thinking in areas that may be holding them back. 

Over the last decade, the concept of financial therapy has become more mainstream, as more people have sought to discover why and how our thoughts and feelings may shape our financial choices

Amanda says she was led to her profession after seeing “how money was so misunderstood, and how much suffering we really take on in our lives because of this misunderstanding.” Facing her own financial struggles has better enabled her to guide her clients: “I was in a pattern where I would just shut my eyes and spend,” she says, describing some of the money habits she had to re-learn. 

“I had been engaging with money only as a form of self punishment,” she says, discussing a time when she erroneously believed she had to strip away all the small joys and comforts from her life in order to pay off debt. After some self-discovery, she was able to make the mindset shift from thinking of budgeting as a constraint that forced her to say “no,” to a tool that has allowed her to say “yes” to the things she wants most in life. 

At the end of the day, Amanda says she tries to impart to all her clients that money is a tool that should be used consciously — a tool that allows us to take care of ourselves and the things and people we care most about, both today and in the future. She describes why her approach to money is based on holistic health and wellness, and tells us what many of her clients have in common. (Hint: No one shows up to financial therapy because they want to check in and brag about how well they’re doing with their money!) In many cases, people seek her guidance because of a conflict in their family, or a desire to finally put a stop to a recurring problem. Amanda starts each session by helping her clients to establish a framework for where money is or isn’t working in their lives, and then digs into where and why money may be causing them anxiety. 

Amanda also offers up her thoughts on the automation of our finances — sometimes “set it and forget it” can separate us too much from our money. “I fully embrace and appreciate automation, but it takes us away from being conscious,” she says. In other words, automation is a place that we want to get to, but there needs to be a period where we are highly engaged with our money before we can allow ourselves to disengage. 

In her role as a financial therapist, Amanda has guided hundreds of couples on their path to understanding one another’s differing money styles, and has helped them “excavate under the surface” so they can start solving the real problems. (As opposed to just arguing about who is “right”… No one is, but often we so desperately want our partner to validate our point of view that it results in conflict!) 

Lastly, Amanda shares her thoughts on why money is such a sensitive and powerful thing, and offers her tips for the best things we can all do to feel positive and confident about our finances on a daily basis. She leaves us with some powerful philosophy to mull over as we look to make more empowered money decisions: “Don’t live so in service of the future that you miss out on the joys of today. And similarly, don’t be so focused on today that you aren’t taking the necessary steps to have safety in the future.” 

Then, in Mailbag, Jean and Kathryn talk about the pros and cons of closing credit cards you no longer use, what to do if you worry you’ll have too much money saved for college, and the myriad options for how child-free individuals can leave a legacy behind. And in Thrive, Jean gets serious about elder abuse — who’s at risk, how to prevent it, and what to do if you suspect it. 

SUBSCRIBE: We’re changing our relationship with money—one woman at a time. Subscribe to HerMoney today!

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HerMoney Podcast Episode 182: Having ‘Enough’ With Vicki Robin, Author Of ‘Your Money Or Your Life’ https://www.hermoney.com/borrow/credit-scores/hermoney-podcast-episode-182-having-enough-with-vicki-robin-author-of-your-money-or-your-life/ Wed, 09 Oct 2019 11:50:38 +0000 https://www.hermoney.com/?p=24438 Are you caught on the treadmill of consumerism?

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Every day, we’re confronted by messages from advertisements and society telling us that we need a new car, new clothes, a new phone — new everything. Without even realizing it, it’s easy to fall into a thought process that goes a little something like this: If I consume more, I’ll be happier. But that’s just not true. 

This week’s guest, Vicki Robin, co-author of the seminal book “Your Money Or Your Life,” challenged a whole generation of people to think critically about what they were really working toward financially, and how they could live authentically in a consumer-driven world.  

Vicki and her late partner and co-author Joe Dominguez are largely credited with sowing the seeds of the FIRE movement (Financial Independence, Retire Early) as it is known today. Vicki says the reason the FIRE movement has been such an awakening for so many people is because it’s given them a steering wheel with which to take control of their financial lives — which they can use to steer themselves away from debt and other money struggles. For so many people, it feels like an awakening, she says, “like someone just sent me a life ring in a vast sea, and I’m being reeled in.” 

Vicki speaks some hard and necessary truths about the concept of “enough,” and how we can fully embrace what’s “enough” for us. She reminds us that you have to want something else more than you want stuff, and tells us that for every purchase, you need to ask yourself: Is this making me happy? Is this thing really worth the number of working hours I’m going to invest in it? 

Unfortunately, nothing in society today is inspiring us to think critically about how much we’re spending — every day, we are encouraged to consume. Oftentimes, the only way out of the spending cycle is introspection, and making a conscious effort to think about the future in the present. For example, asking yourself: In five years’ time, what would I like to be doing with my life? or, What are ten things I’d like to do before I die? 

While on the topic of consumerism, Vicki also talks about environmental impact — people who reduce their overall consumption also reduce their carbon footprint. In this way, she says, living authentically means living without excess. 

Then, in Mailbag, Jean and Kathryn talk about how to build credit scores and credit history for young people, how to save for retirement if your employer doesn’t offer a 401(k), and what to do with a balance remaining in a 529 college savings account. Lastly, in Thrive, Jean talks about balance transfers on credit cards, and whether one might be right for you.

Want to learn from some of the world’s most successful women? Subscribe to the #HerMoneyPodcast so you don’t miss a beat!

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