Mailbag: The best place to keep summer job money, plus how to keep an emergency fund.

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 26 April 2024

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

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: Consider opening a Roth IRA for a teenager with earned income to take advantage of potential higher growth. A homegrown 401k can be a way to provide access to money for immediate needs while still saving for the future. Separate your money into different accounts with barriers to prevent easy access. Set up a separate account for vacations to pre-fund trips and avoid using credit cards. Loosen your grip on your financial goals and allow yourself to enjoy life today. 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 [email protected] 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

Transcript

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0:00.0	You're listening to an airwave media podcast.
0:06.0	Her money is proudly sponsored by Edelman Financial Engines.
0:10.0	When life gives us a financial windfall, first comes gratitude.
0:14.4	Then comes financial planning, because being empowered with our money is everything.
0:20.6	To learn more, visit plan EFE.com slash Her Money and schedule your complimentary wealth checkup
0:26.6	today.
0:28.6	This episode is brought to you by Oracle.
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0:49.0	Do more and spend less like Uber, the Premier League and Oracle Red Bull Racing.
0:54.0	Take a free test drive at Oracle.com slash Spotify.
0:58.0	Hey everyone, thanks for joining me today on Her Money. Today we are bringing you a special
1:06.6	mailbag featuring, well, you featuring our listeners, actually getting to meet some of you on Riverside, which is... our What I love about these, unlike our regular mailbags, is that you get to be there to ask all of your follow-up questions.
1:27.6	If this sounds like something you'd like to do, if you've got a question for me and you want to have a conversation just let us know when
1:35.0	you send your questions into mailbag at hermoney.com but before we jump into that mailbag a
1:41.9	little bit of financial news.
1:44.9	If you've been waiting weeks for your tax refund and you're starting to get just a little
1:50.1	bit impatient, you might want to cool your jets because some people are
1:55.1	waiting years yes years here's the deal while on average it takes about 21 days to receive a tax refund.
2:05.6	It can, in some cases, take many times more than that.
2:10.6	It can take years to get the money that you're owed. Why does this happen? than that
	...

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