When we invest finances into our lives, external pursuits, and even other people, we often fail to appreciate the extent to which we equally invest our emotions. Despite its logical, numerical facade, money is supercharged with feelings, from joy and comfort to stress and anxiety. 

In today’s money-driven society, financial well-being is just as critical as our physical, mental, and emotional states. When significant events alter these states of being for the worse, it can result in trauma. Financial trauma is certainly no exception. 

And in many ways, Gen X women are more susceptible than most to this type of severe stress. I sat down with Seattle-based money coach Mikelann Valterra to discuss what financial trauma (FT) is and how to identify and remedy it.

The Emotion-Money Connection

As a money coach, this connection is Valterra’s bread and butter. “It’s not just numbers,” she begins. “[Money] is more emotional for women than men, and that’s not a bad thing. We are emotionally wired as women—why would that stop at the door of finance?”

However, this increased sensitivity also makes women more susceptible to financial trauma. Trauma, Valterra continues, “is usually defined as a large, negative event that causes a lot of negative consequences that go into your psyche and affect you psychologically and emotionally.”

Identifying Causes Of Financial Trauma

Valterra says that there are many examples of financial trauma, but some of the most common include:

• Divorce
• Bankruptcy
• Losing money on investments
• Gen X upbringing: sandwich generation, latchkey kids
• Early or childhood exposure to severe financial stress

Additionally, Forbes defines financial trauma as “when expenses outweigh income for an extended period of time. It is not the inability to pay that creates the trauma; it is often the string of events that follow.” 

“It really builds on itself,” Valterra adds. “People say, ‘oh, but money isn’t emotional.’ You feel like you’re crazy, like, what’s wrong with me that I feel so icky and bad and stressed about money? But I would say you’re completely normal and human to feel emotional around money.”

Financial Trauma Or Regular Stress?

Of course, not everyone who experiences one of the above situations will experience financial trauma. Moreover, not all money-related stress is traumatic. “The way that you know something is traumatic is that you can’t let it go,” Valterra explains.

She offers some additional signs that you might be suffering from financial trauma (and not plain old stress):

1. It Triggers A Fight Or Flight Response

For some financially traumatized individuals, their response to money management would be to flee or freeze. “I know I should deal with this—maybe move money around, talk to a friend about borrowing, look at financing, and I don’t,” Valterra explains.

“I completely freeze, put my head in the sand, and I disappear, and more negative things happen as a result of that. That would classify as trauma because we don’t feel resilient enough to deal with something.”

2. You’re Self-Isolating

“As women, we have a huge strength in reaching out to people and talking to people. But when you find yourself isolating, that can be a sign that, emotionally, you’re feeling very traumatized,” she continues. “Hiding it, isolation, secrecy—there are so many different examples of how people handle it.”

3. You Pretend The Problems Aren’t There

Valterra says another indicator of financial trauma is an inability or unwillingness to acknowledge financial hardships. “If I pretend it doesn’t happen, I’m going to continue my spending in other areas,” she explains.

“I have this huge financial trauma happen, and yet I still pull the trigger in buying international airplane tickets. I don’t look at changing what I’m doing with my money in light of this big event. A lot of people cope with trauma by not coping with trauma.”

How Gen X Women Can Overcome FT

As a self-described “personification of Generation X,” Valterra is acutely aware of how FT can manifest in the demographic that was constantly told ‘women can have it all.’ “We are the DIY generation—the latchkey kids,” she says.

However, “the dilemma of ‘you can have it all’ is just because you can have it all doesn’t mean you should have it all. There’s this sense that A.) we should do it all, and B.) we should be able to figure it out. You’re not going out and trying to get help.”

So, how do the self-sufficient (s)heroes of the world overcome a problem as big as FT? Valterra offers this advice to her fellow Gen-Xers.

1. Start By Talking To Someone

Valterra says the first step in conquering FT is to acknowledge it. “When people come out of secrecy and start sharing [their FT], it is one of the things that dissolves it. We know this is true from talk therapy. Every time you retell it, some of the charge comes off. It gets easier and easier.”

Talking to other people about your FT can help lead you toward the grieving process, which Valterra says is necessary for overcoming these emotional events. “You’ll move through the anger, bargaining, acceptance—but as long as you’re in silence, it’s very hard to move into the grieving process.”

2. Be Kind To Yourself

“Women, more so than men, beat themselves up,” Valterra continues. “When something happens, women blame themselves. Men blame something outside of themselves.”

“It also applies to money. Talking with people helps you go, okay, you know what? It’s not all my fault. How do we get out of beating ourselves up?” Valterra suggests the third step as a good starting point.

3. Normalize The Money-Emotion Connection

Valterra says the misconception that everyone else knows what they’re doing with their finances only exacerbates the traumatic experience. “Guess what—you all think that everybody else has it figured out, and the reality is most people don’t.”

“Everybody thinks that everyone else has the secret key,” she continues. “[It’s important to normalize] that A, money is emotional, and B, there is help that’s out there. One of the downsides of Gen X is we’re not as plugged into the resources that are available. Millennials are much better at seeking out and asking for help.”

4. Aim For Elegant Simplicity

How can you start translating this guidance to your cold, hard cash? Valterra suggests aiming for elegant simplicity around money. “People have complicated their finances so much. Just because you can open a special account online doesn’t mean you should. People have so many accounts and think they should have a dedicated account for everything, and they’re overwhelmed.”

Valterra says that while these extra accounts (savings, fun, groceries, etc.) are good-intentioned, “we have no idea how much money we need to earn because we can’t figure out where our resources are going. The more accounts you have, the more financial anxiety is just free-floating.”

5. Keep Your Money Personality In Mind

Valterra ended our conversation with a final warning regarding online research (read: panic Googling). “A lot of people writing about money are of a very particular personality type. They’re the savers—the security-, numbers-minded people.”

If you don’t feel like you can relate to these articles, it’s likely because you’re part of the other half of the population that isn’t wired that way. And Valterra says that’s okay, too. Seeking out support, talking about your problems out loud, and simplifying finances are all great ways to start overcoming your financial trauma. 

With time, patience, and practice, you can get to a point where you can use your finances to bolster your overall well-being as opposed to having it be an anchor weighing you down.

It’s not unheard of for spouses to keep a secret stash of cash as a means of escape or in anticipation of a divorce. But for many, especially women, finding the means to save up or secure funding to get away from an abuser seems almost impossible.

Leaving an abusive relationship is incredibly challenging on its own, and that’s only compounded by the need to pay for transportation, housing, and other basic needs to start over.

Luckily, changes are underway to better empower and support victims of abuse. These changes are included in a set of retirement reforms referred to as Secure 2.0.

Withdrawals from retirement plans before age 59½, regardless of the reason, are allowed but not generally recommended. Early withdrawals come with a heavy tax penalty of 10%, which is enough to deter anyone. But depending on your circumstances, these changes to the tax code may waive that penalty.

Relief For Domestic Abuse Victims

In 2024, victims of domestic abuse will be able to withdraw up to $10,000 or 50% of their account balance (whichever is lower) from their retirement savings without penalty within a year of the abusive incident. The maximum withdrawal amount will be adjusted according to inflation as needed.

The legal definition of domestic abuse is “physical, psychological, sexual, emotional, or economic abuse, including efforts to control, isolate, humiliate, or intimidate the victim, or to undermine the victim’s ability to reason independently, including by means of abuse of the victim’s child or another family member living in the household.”

Although it might seem like a minor change to the tax code, this financial cushion could provide abuse victims tremendous relief—and a way out of their situations. But they’re not alone; this new legislative package also provides exemptions to the early withdrawal tax for a few other circumstances.

Terminal Illness

Per this new legislation, you won’t be penalized for withdrawing retirement funds before the age of 59½ if you have a terminal illness (a condition expected to end in death within 84 months).

Financial Emergency

Although the new legislation waives the early withdrawal penalty fee in case of “unforeseeable or immediate” financial emergencies, you are only permitted to make one withdrawal of up to $1,000 per year. Additional caveats to this exemption prevent participants from making an additional withdrawal within three years unless they pay back their initial withdrawal or make regular deposits equivalent to the amount taken out.

Natural Disasters

It will be possible for participants to withdraw up to $22,000 from their retirement accounts without penalty in the event of a federally declared natural disaster. As an alternative to making the withdrawal all in one year, savers can receive their funds as gross income over a three-year period.

Although these financial boons exist, the government still advises against withdrawing retirement funds early. Keep in mind that taking your retirement early should always be used as a last resort, as you may limit your future financial options.

Few dilemmas have ensnared the modern labor market quite like finding the right work-life balance. The widespread transition to remote work in 2020 only served to further muddy the difference between working and non-working hours. After all, how can you avoid “bringing work home” if your workplace is your home? 

While it certainly has many perks (hello, sweatpants), remote work can make it challenging to establish boundaries between familial and professional responsibilities. And according to a December 2022 study published in Personnel Psychology, these blurred boundaries are hitting dual-earner families particularly hard. 

As it turns out, there might be more perks to being a working-from-home husband than a WFH wife. If you currently identify as the latter, there’s a good chance you already know why—but it’s nice to have science to validate us now and then.

How Does WFH Affect The H?

Researchers from Ohio State University conducted two separate experiments based out of China and South Korea. The participants in the first study included 165 married dual-earner couples with at least one child, while the second study focused on 57 dual-earner couples with and without children. 

Researchers asked participants to complete two surveys each day for 14 consecutive workdays. Participants used these surveys to report their WFH status and the amount of work and family tasks they completed. 

The surveys also included emotional and mental metrics, like how much guilt the participants felt regarding their families or employers and how psychologically withdrawn they felt from either. Researchers measured the participants’ perceived family-work and work-family conflicts based on these responses.

WFH’s Effect On Intra/Interrole Conflict

Across both studies, husbands and wives were able to complete more familial tasks while working from home versus having to work in an office. However, this also resulted in greater intra- and interrole conflict, psychological withdrawal, and guilt. 

Interrole conflict occurs when an individual has multiple roles and the obligations and expectations of one role mismatch those of the other. For example, a wife working from home on the weekends might miss out on spending time with the family—this is a work-family conflict (WFC).

Intrarole conflict, on the other hand, occurs when one’s internal beliefs about the obligations of a specific role don’t align with the role’s actual responsibilities. This could look like a husband’s inability to determine which is the better way to support his family—spending more time in the office or picking up slack around the house. This would be considered a family-work conflict (FWC). 

When the office and dining room are suddenly merged into the same space, it can be difficult to delineate the lines between work and home life. Consequently, the roles of the dual-earner household become unclear, which can raise tensions.

An Unbalanced WFH Household

It’s not super surprising that participants could complete more familial tasks at home than in the office. Switching out laundry or loading the dishwasher on your lunch break is far easier when your living spaces are mere steps away from your “office.”

However, what is surprising is that when the wives in the study worked from home, husbands reported completing fewer familial tasks than when their wives were working in the office. The same could not be said for the reverse. Even when husbands were working remotely, women reported completing more familial tasks than their husbands. 

Moreover, both studies found that working wives felt more guilt about failing to accomplish housework or spending time with family when working in the office than at home. This type of emotional response from the husbands was only reported in one of the two studies.

What Does This Mean For Your Home Office?

In summary, wives in dual-income households seem to bear the brunt of familial responsibilities on top of their professional duties. Husbands appear to get the better end of this WFH deal because, either way, wives are typically taking on more household tasks and chores.

Between weaponized incompetence and statistics that say women do 1.26 more hours of household chores per day than men, this disparity is nothing we haven’t seen before. In fact, there’s a good chance many women already knew why they were getting the fuzzy end of the WFH lollipop before they even read the study. 

And, of course, this study might not reflect your reality. This study was relatively small and focused on a particular family and relationship dynamic. However, for many wives, this serves as scientific validation that 1) they’re not crazy, 2) they are overworked, and 3) something needs to change. 

Learning how to manage individual responsibilities within a household can be a challenging, ongoing process. Hopefully, your partner is one who’s willing to pick up the slack where it’s needed, but if not, family therapist Dr. Jenn Mann has some helpful advice for communicating with “man-child” husbands.

Finding the right work-life balance for you is difficult enough as it is, and your partner should be helping, not hurting, the process.

To be a comfortable member of the middle class is as integral to the American dream as a house with a white picket fence and an apple pie cooling in the window.

Since the early 1900s, the middle class has served as an attainable lifestyle goal that allowed those who were not quite destitute but not quite wealthy to thrive. 

However, according to data from the Pew Research Center, the middle class has been in a steady decline over the last five decades. As the wealth gap widens between rich and poor, those on the outskirts of the middle class either rise or fall into new tax brackets.

So what does being middle class really mean? 

That answer depends on who you ask. Let’s break down the various definitions of “middle class” and use those to explore how much money you need to make to be considered a member of the middle class in major U.S. cities.

Defining The Middle Class

The Pew Research Center defines the middle class as having an annual household income that is two-thirds to double the national median income after adjusting for household size. According to 2021 data from the U.S. Census Bureau, the country’s median income is around $70,784. 

By that definition, the American middle class currently sits between $47,189 and $141,568. But these numbers vary depending on which institution pulls the data.

For example, the Urban Institute defines the middle class as somewhere between 150 to 499% above the federal poverty line—that shakes out to $66,250 to $158,735 for a family of four. 

Moreover, some economists argue that middle-class status is more cultural than financial. This relates to a perceived sense of wealth and financial stability.

Who Is Considered Middle-Class By City

According to an analysis done by CNBC using the Pew Research Center’s definition of the middle class and data from the U.S. Census Bureau, the annual income range can vary greatly by where you live.

Metropolitan areas are notorious for being pricier than their rural counterparts, so we expected the definition of the middle class to vary by state and city. However, it’s more surprising to see just how significant those differences are. Sometimes there’s a difference of tens of thousands of dollars within the same state. 

Take northern and southern California. While middle class in the Bay Area clocks in at around $77K to $232K, middle class in southern California is far lower at $55K to $165K. Midwest metros like Chicago boast ranges from $52K to $156K, while smaller cities on the East Coast, like Washington, D.C. and Arlington, VA, range from $74K to $221K. 

Floridian cities seem to have the cheapest middle-class range, with northern and central cities ranging from $42K to $126K and southern cities closer to the Keys ranging from $43K to $128K. New England, the Bay Area, and the Pacific Northwest boast the largest gaps between lower- and upper-middle-class incomes.

Where Does Your Income Fall?

Gallup polling reveals around 38% of Americans think of themselves as middle class, and 14% consider themselves upper middle class. Before the Great Recession in 2008, around 9% more Americans classified themselves as middle class.

Since 2008, middle-class identification has decreased while working- and lower-class identifications have increased. The number of those who identify as upper-class has remained at 2%. Gallup stated that this data could indicate a widespread unfamiliarity with social class definitions. 

However, Gallup added, it could also mean that “many working Americans today don’t see their work efforts as yielding sufficient income for them to believe they have achieved middle-class status.” This perception could be skewed in either direction—those who believe they are middle class might not be, and vice versa. 

Generally speaking, many believe someone to be middle class if they’re not living paycheck to paycheck but can’t financially withstand an extended absence from work. But depending on where you live, that might not be the whole picture.

How do your paystubs compare to the rest of the country?

Almost all home sellers—around 90%—use a real estate agent, according to the National Association of Realtors. But new research looking into the major real estate markets of Minneapolis, Houston, and Charlotte found that sellers can actually get a better price when they sell their home on their own. 

Three economists for the Federal Reserve Bank of Atlanta built a huge database compiling more than 2.3 million real estate transactions between 2000 and 2019. That’s two decades of data from the pre-crazy pandemic real estate era. 

They found that owners consistently beat agents on sales price, earning 1% to 4% more than agents for similar properties (depending on the market)—and that’s not even including the owner’s savings of up to 6% by not paying a commission to the listing agent. Additionally, the buying agent’s commission (around 3%) is also typically paid from the final sales price. With home values on the rise, that all can add up quickly for a seller.

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While the researchers did note that sellers who did not use an agent typically had their homes on the market for longer and were also more likely to not complete a sale, their final conclusion was that the quickness of the agent ultimately resulted in a lower selling price.

To give an example, researchers noted that for a home sale of $286,000, assuming the seller pays a 3% commission to the buyer’s agent, a $400 flat fee to list the property on MLS (Multiple Listing Service), and earned a 4.3% premium on the home without using a selling agent, the resulting savings would be $19,740.

The Usefulness (Or Not) Of Selling Agents

In the opening of the paper, the researchers noted that despite the rise in technology that has made it easier than ever for people to buy and sell homes, agents’ commission rates haven’t declined over the years. Moreover, they noted the low barriers to entry into the field, as most agents simply need a license obtained by an exam and background check.

For the study, the three economists—Chris Cunningham and Kristopher Gerardi of the Atlanta Fed, and Lily Shen of Clemson University—focused on the performance of 16,000 individual real estate agents in the three markets earlier defined.

They figured out who were full-service realtors in each market, like ReMax and Century 21, and which companies were “flat free” brokers, who pretty much just list the property on MLS and that’s it. 

When breaking down the numbers, the researchers found that your choice of real estate agent has tremendous consequences when it comes to selling your home. The numbers are actually quite shocking. Switching from one of the worst agents in the market, a listing agent in the bottom fifth percentile, to one of the best in the 95th percentile, would increase the sales price of a home by 15% to 20%.

They also found that only the very best agents in the market could actually beat an owner who was selling their own property. As we noted, the first financial win for a seller who chooses For Sale By Owner (FSBO) instead of using an agent is the 3% to 6% commission savings. The second win is that an owner will likely get a higher price from the buyer.

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The study also found that it’s challenging to identify the “super agents” in your real estate market who can actually get you a higher price for your home than you could on your own. Seniority isn’t predictive of performance, and neither is the size of the real estate firm they work for.

According to this research, experienced listing agents actually get slightly lower prices for their clients because they are selling homes as fast as possible to get their commission and they are spreading their efforts over a large client database.

Is There Any Benefit To Using A Selling Agent?

This data seems to contradict figures provided in 2021 by the National Association of Realtors. In their November highlights report, they indicated FSBO sellers sold at a median of $260,000 in 2020 compared to the median sales price of $318,000 for agent-listed homes.

Of course, the single year of analysis in 2020 when the market was taking a drastic turn in a seller’s favor could account for this difference, as well as accounting for more than three markets in their analysis. Additionally, the median sales price still doesn’t factor in the cost of the selling agent’s commission that is paid from that figure. A 3% commission on $318,000 would be $9,540, while 6% is $19,080.

As the economists pointed out, there are highly skilled selling agents out there that truly can negotiate a higher selling point for your home that would offset the commission paid to them.

Beyond finances, a good selling agent can be a valuable resource when it comes to determining a sales price, providing market knowledge, and saving the seller time.

When it comes time to sell your home, there are many factors to consider, but you may want to take a more serious look at selling your home on your own. If you do decide to use an agent, always be sure to shop around. Reading agent reviews, looking at previous sales, and ensuring good synergy is essential to make this stressful time as easy as possible.

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After recently learning of its link to improved heart health, there’s even less reason to feel guilty about our daily coffee habit. Especially around the holidays as for many, it’s a habit to grab a quick coffee before or during a shopping trip. But it turns out this seemingly harmless ritual could be costing you a pretty penny.

Research published this year in the Journal of Marketing has linked caffeine to impulsivity, which might explain why coffee-loving shoppers have trouble controlling their spending. Here’s what you need to know about your pre-shopping Starbucks run and how it may be causing you to shell out extra cash.

The Dark Side Of A Pre-Shopping Coffee

Researchers from the University of South Florida (USF) performed three studies that looked at more than 300 shoppers in home goods and department stores in France and Spain. Half of the shoppers received a complimentary cup of caffeinated espresso, while the other half received decaf espresso or plain water. 

The researchers asked customers if they could check their receipts as they exited the stores.

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The researchers performed their experiments at different times of day and also questioned the study subjects about their moods, to make sure these factors didn’t skew results.

After factoring in all of their data, the researchers found that consumers who drank coffee containing between 25 and 200 mg of caffeine overspent by a whopping 50% and bought 30% more on average than those who drank decaf coffee or water. In addition, they found that caffeine affected the types of products shoppers opted for: The coffee drinkers were more likely to be drawn to nonessentials (e.g., candles and fragrances). 

Interestingly, a fourth arm of the study produced similar results with online shopping.

In the online experiment, half of 208 student participants received caffeinated coffee while the other half received decaf. After waiting 10 minutes for the caffeine to kick in, they asked the students to select items they’d purchase from a list of 66 products.

Much like the previous experiment, caffeinated coffee drinkers tended to buy nonessentials like massagers whereas decaffeinated coffee drinkers went for more practical items such as notebooks. 

So why does coffee seem to cause this impulsivity? According to Dipayan Biswas, the Frank Harvey Endowed professor of marketing at USF, it’s directly related to how caffeine affects dopamine levels in the brain.

“Caffeine, as a powerful stimulant, releases dopamine in the brain, which excites the mind and the body,” he said in a USF news release. “This leads to a higher energetic state, which in turn enhances impulsivity and decreases self-control.”

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Basically, caffeine makes you spend a latte (sorry, we had to). 

How To Avoid Caffeinated Overspending

Avoiding a caffeine pit stop is easier said than done, especially if you’re in dire need of a little energy boost before or during your shopping trip.

If you’d rather not opt out of the habit, being mindful of how caffeine can affect your shopping decisions and mentally curbing those impulses can help. Simply being aware of caffeine’s potential effects might allow you to make more responsible, well-informed choices.

But if you can manage it, rewarding yourself with a cup of coffee after shopping might be better. Eating a healthy snack before leaving the house can also help stave off any cravings. Getting enough sleep, creating a budget, and shopping with a basket instead of a cart are other ways to avoid buying anything that’s not on your list.

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Finding the perfect partner and working together on financial goals, like buying your dream home, is a goal many of us have. But when you finally meet the right person and the time comes to go house hunting and get that mortgage preapproval letter, many of us assume that both names should go on the loan application.

But according to UMB Bank’s national mortgage sales manager Matthew Locke (speaking with GoBankingRates), there are a number of scenarios where it makes more sense for someone to exclude their partner from a mortgage loan application.

Reasons Not To Take On A Joint Mortgage

While some may assume that leaving a partner off a mortgage might be indicative of a troubled relationship, that is definitely not always the case. There are four solid reasons that Locke touched on.

1. One Of You Has A History Of Bad Credit

The credit history of both applicants is factored into your mortgage interest rate. If one of you has a significant history of not making payments on time, this could lead to a much higher monthly payment due to a higher interest rate.

2. One Of You Has A Large Amount Of Debt

Your front-end and back-end debt-to-income (DTI) ratios are crucial to getting approved for a mortgage. The front-end ratio shows what percentage of your income would go toward your housing expenses (mortgage, insurance, property taxes). The back-end ratio shows how much of your income is needed to cover all of your monthly debt obligations.

Ideal front-end ratios are around 28% or less, although some lenders will approve an application with a ratio as high as 45%. On the back end, the ideal ratio is 36% or less.

If one of you is carrying a large debt load, that could make your debt-to-income ratio too high to secure a mortgage. That debt load could also put your DTI too close to the limits and trigger a higher interest rate.

3. One Of You Has A Lower Credit Score

A history of bad credit and/or a large amount of debt will likely cause a low credit score. Including a partner with a low credit score on a mortgage application is a bad idea, because the interest rate for which mortgage applicants qualify defaults to that lower score. That higher interest rate could end up costing you thousands over the life of the loan.

4. One Of You Has Little Or No Income

Excluding a partner who has little or no income from a mortgage application can also be advantageous. This strategy makes it easier to qualify for a down payment assistance program and could end up saving you some money. 

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Also, if one of the partners is self-employed, you may want to leave them off the application because self-employed individuals require more complicated documentation. Just another thing to keep in mind.

Even If You’re Not On The Mortgage, You Can Still Own The House

The thought of not being listed as a borrower on your home’s mortgage can definitely cause an emotional reaction, but it doesn’t mean you don’t own your home just as much as your partner. 

Suggest’s managing editor Kristen Philipkoski bought a house with her husband in 2021. She was self-employed at the time, and their mortgage broker recommended that only her husband be listed on the mortgage.

She’s still on the title along with him, so she owns the home regardless of who technically owes money to the bank. 

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“I did feel slighted initially, but then I realized that I kind of have the best of both worlds. I’m not responsible for the mortgage, but I still own the house,” she said.

We should note that the ability to do this varies from state to state, so it won’t always be an option.

When It’s A Good Idea To Put Both People On The Mortgage

In a perfect world, both partners would be on the mortgage. It’s the way to go if you both have high incomes and good credit.

That way you’ll likely get approved for a higher mortgage amount with a decent interest rate since your combined income and assets will be considered. It’s a more straightforward, better way to make buying your dream home a reality.

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It’s no secret that online shopping has started to become the new normal for many of us, a trend that only accelerated during the pandemic. Just about anything you could think of can be delivered to your door these days. And that privilege of extreme convenience has not only changed our shopping habits and rapidly increased online sales, but it’s also led to an increase in returns. 

In recent years, retailers have been losing millions on free returns. According to Insider, about 60% of shoppers really like ordering multiple sizes and colors of a product and then returning the ones that don’t work for them, a practice known as “bracketing.” This has created a significant expense and a “logistical nightmare” for retailers. 

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Per the National Retail Federation, shoppers sent back about $100 billion worth of merchandise purchased online in 2020. The following year, that number more than doubled, jumping to about $218 billion. Free returns might be great for the customer, but they create new costs for both shipping and labor—and retailers have to eat them. 

Needless to say, this increase in free returns is cutting into already slim profit margins. Paying for ground shipping and the labor that has to process, sort, and prepare those goods for resale is hurting the bottom lines of many businesses. According to one estimate from reverse logistics firm Optoro, it costs a company 66% of a product’s price to process a return.

This past year has been insanely challenging for retailers overall, from supply chain issues to increased labor and transportation costs, and the outlook for next year doesn’t look any better.

Some Retailers Are Starting To Charge Return Fees

While Amazon definitely has had an influence on the online shopping community thanks to its Prime memberships that offer free returns on most items, Zappos was actually the first retailer to offer the service. This changed user expectations, and many retailers felt pressured to follow suit in order to compete. Now some companies have decided that they’ve had enough and are bringing the era of free returns to an end. If you want to send something back that you’ve purchased online, chances are it’s gonna cost you. 

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CNN Business reported this September that fashion retailer H&M will be starting to test a return fee to see customer reactions. Zara skipped that testing phase and has already added a $3.95 return fee. Meanwhile, J.Crew, JCPenney, and Abercrombie & Fitch have all begun charging around $7.50 to $8.00 for returns, which has quickly become the average rate.

How To Avoid Return Fees

It makes perfect sense that retailers would want to curb the return rate and recoup some of those increased costs, so this trend of charging fees will likely become more and more common. The good news is, there are still ways to avoid those fees if you don’t want to pay them.

• VIP memberships: Some companies like DSW use a two-pronged approach to deal with the issue of returns. They charge a fee of $8.50 per return unless you’re a loyal customer. Free returns are included with their higher-tier VIP rewards program, which requires you to spend at least $200 annually.
• Visit a brick-and-mortar location: If you order an item from an online retailer but live near one of their physical locations, you can avoid fees if you return the item to the actual store instead of sending it back through the mail. The reason retailers don’t charge for in-store returns is that the process gets you back into their store, and that’s an opportunity that could lead to another sale. 
• Take the return to a designated location: Some online retailers who don’t have a brick-and-mortar store near you do have a free return option as long as you drop the item off at a designated location, like Walgreens. Alternatively, they might give you a QR code to scan so you can leave the item at your local post office.
• Happy Returns: E-commerce returns have become such an issue that companies have popped up to accommodate them. Happy Returns by PayPal is a reverse logistics company that’s placed “return bars” in high-traffic areas throughout the country that accept returns from a number of brands. Once dropped off, Happy Returns will consolidate your returned items and send them back to the retailer for you.

If you’re feeling less than enthused about the introduction of return fees, here’s something to consider. As Erin Halka, a senior director at supply chain management firm Blue Yonder, pointed out to Insider the alternative to return fees would be raising prices. So incentivizing customers to do their part in the returns process might just help keep prices down. 

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As the leaves start to change and temperatures drop, many people find themselves craving one thing: pumpkin spice. This flavor can be found in everything from coffee to candles, but it looks like the taste of fall is about to start costing people more than they bargained for. 

‘Pumpkin Spice Tax’ Reaches Double Digits For The First Time Ever

Adding pumpkin spice to your drink seems pretty basic, but one financial site is reporting the flavor will come at a price. According to MagnifyMoney, retailers slap a “pumpkin spice tax” on products that feature the sweetly spiced scent. 

This tax has been around since 2007, and it rises with the demand for pumpkin spice. This year, it’s higher than ever before, reaching double digits for the first time ever.

MagnifyMoney reports that this year’s pumpkin spice tax is 14.1%. This is 60% higher than 2020’s tax, which clocked in at 8.8%.

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The financial site has also broken down the costs per pumpkin spice-flavored product. According to them, the highest pumpkin spice-related markup is 161.1% on Trader Joe’s Pumpkin Spiced Teeny Tiny Pretzels.

These pretzels cost 50 cents per ounce. In comparison, their Honey Wheat Pretzel Sticks go for 19 cents an ounce. 

Starbucks, which popularized the flavor combination with their pumpkin spice lattes, is charging 18.3% more for the seasonal drink. MagnifyMoney found that Starbucks is charging a dollar more for pumpkin spice lattes than they are for the regular Cafe Latte. 

The Company With A Negative ‘Pumpkin Spice Tax’

If you’re looking to buy pumpkin spice-flavored products on the cheap, it looks like Target is the way to go. The store charges less than its competitors for products with the fall flavor.

For example, their Pepperidge Farm Milano pumpkin spice cookies have a tax of -14.3%. Their pumpkin spice-flavored ice cream, cereal, and oatmeal also have negative pumpkin spice taxes. 

Whole Foods is the company with the highest pumpkin spice tax across the board this year, coming in at 27.8%. For comparison, Trader Joe’s tax is 26.8%, while Target’s is -3.4%. Their spiced pumpkin pancake & waffle mix come with a tax of 129.8%. 

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The tax might be higher this year, but that’s not because of increased demand. Google Trends data shows that searches for pumpkin spice lattes have been 29% lower this year than they were in 2018.

Pumpkin spice is synonymous with fall these days, but it looks like people craving the flavor have to be willing to shell out more this year for their autumnal fix. 

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Are you planning on celebrating Thanksgiving with a traditional turkey dinner this year? If you’re like 25% of Americans who responded to a recent survey, your answer is no. With inflation impacting the cost of everything, including the main piece of any Thanksgiving meal, you may be ditching the turkey this year and opting for…pizza?

As many Americans plan their Thanksgiving meals, many are choosing to celebrate the season of gratitude without spending money. According to a recent survey from Personal Capital, one in four Americans will be skipping the traditional meal all together. But that’s not all, 88% of respondents will be cutting at least one dish to save money. That’s a lot of green bean casseroles that aren’t making it to your dinner table this year.

With the economy affecting many people’s bank accounts, 45% of people feel financially stressed by their Thanksgiving dinners. But it’s not just inflation that’s causing the strain. More than half of the respondents (53%) lost their jobs in the past year. Of course those who experienced job insecurity are also less likely to splurge on a traditional Thanksgiving meal.

Guests May Have To Foot The Bill

How are Americans reducing Turkey Day costs this year? Some are celebrating their Friendsgiving meals with pizza instead of turkey. Others are keeping their Thanksgiving dinner small, while some Americans are getting more creative. For many people, Thanksgiving dinner looks like a potluck. Friends and family are typically asked to bring a side dish, dessert, or drinks. But this year, hosts are going one step further.

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Going to a Thanksgiving dinner? You may be asked to pay for your meal! That’s right. The survey found that 42% of people are asking their guests to pitch in with some green, and we’re not talking salad or green beans here.

This year, 33% of Americans are also reducing the cost of their Thanksgiving budget from last year’s expenses. When you look at the generational breakdown, Gen X is being the most frugal. According to the survey, 40% of Gen Xers plan on spending less than $100 for their turkey day meal.

Cost-Saving Strategies To Keep In Mind

With tight budgets and the rising cost of everything from sweet potatoes to turkey, how are Americans saving on Thanksgiving dinners? There are a few strategies that people plan to use that could work. Paying attention to deals topped the survey at 38%. Other strategies include using coupons, comparing prices, shopping the pantry first, not traveling, and buying a smaller turkey. While these are strategies most of us know, they can be helpful to keep in mind during the holiday season.

Regardless of how you’re celebrating Thanksgiving this year, just be sure to keep the turkey, gravy, and mashed potatoes. Those are the top three dishes that people would never cut from their Turkey Day feast, even when on a budget, and we understand why the classics have survived.

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Navigating today’s financial landscape is challenging in several ways, and salary is a particular pain point for many people. Since most people keep their financial life private from others, with good reason, it can leave you wondering how your salary compares to that of others in today’s economic climate.

However, you may be surprised at the minimum salary that places you in the top 10% of U.S. earners. And if there’s one thing we can always use, it’s to feel better about how much we make. According to a study from the Economic Policy Institute, the top 10% of U.S. earners in 2020 made an average of $173,000.

Despite being in the same bracket, there was a marked difference between earners in the bottom half and those in the upper half of the top 10%. According to 2020 estimates, the income of those in the bottom half made roughly $133,500. 

The Widening Wage Gap

Though landing yourself a spot in the top 10% of earners might seem more achievable after reading those numbers, it’s important to note that it’s still a lofty goal for many, depending on one’s field and location. A staggering disparity exists between the ultra-wealthy (those earning in the top 5%) and those earning an average salary of $40,000.

According to this data, there is a 3.25x salary difference between an average salary earner and someone on the cusp of a salary in the top 10%. When you consider those in the top 5%, that becomes nearly a 6x difference in pay.

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According to the EPI study, the pay gap between the top 10% and the other 90% is only continuing to increase. An analysis from the Pew Research Center revealed that a three-person household—two earners and one dependent—would have to make a combined $172,000 or more (when adjusted for inflation) to qualify as upper-class.

The middle-class bracket is defined as earning between two-thirds to double the median cost of living, which was around $70,784 in 2021, and the lower class consists of anyone earning below that bracket.

Another interesting thing to note is how each class builds its net worth. Those in the upper class grow their wealth through investments and financial assets, while those in the middle class grow their wealth through the appreciation of their homes. There are fewer options for lower-class earners to increase their financial stability. 

An examination of the top 5% salary year-over-year revealed how quickly the top 1% are pulling away from the rest of the pack. According to the EPI study, the top 5% earned $343,000 in 2020, compared to $324,000 the year before. In 2020, the average income of someone in the top 1% was $824,000.

Top Earners’ Salaries Vary Widely By State

Where you live also plays an important role in the wage discussion. Your salary may put you near the top in one state, but that same salary may place you much lower down in another state due to the local cost of living, state income taxes, etc. As an example, according to SmartAsset, Connecticut’s top 1% earn $896,490, while the top 1% in Kentucky earn $412,836. 

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The key takeaway here is to not get too hung up on national salary percentages and whether or not you qualify as a top earner. Instead, it’s more important to focus on your individual financial situation and challenges, especially considering the current inflation spike. Despite the notion that money isn’t the only thing that matters, it certainly plays a pivotal role in how we live our lives.

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Jennifer Chatman, a tenured professor at UC Berkeley’s Haas School of Business, noticed something weird happening with her student after she turned 40. Despite feeling like she was at the top of her teaching career with more expertise than ever, her student class evaluations were getting worse.

“If anything, my teaching was getting even better, but students were harder on me,” she told Mirage News.

When she brought it up to her middle-aged female colleagues, they described the same experiences—but her male colleagues did not.

Intrigued, she wanted to gather more than just anecdotal evidence, so she designed a three-part study, which was published in the journal Organizational Behavior and Human Decision Processes in November 2022.

Empirical Evidence Of A Niceness Bias

Chatman and her co-authors concluded that both men and women are perceived as capable as they age. But women are seen as “less warm” when they get older, resulting in them being judged more harshly in the workplace.

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How did she come to this conclusion? In her first study, participants were given headshots of hypothetical supervisors at a tech company and given identical information about each one. Then, they were asked to rate “Steve” and “Sue”  on various adjectives like “forceful” and “gentle” in middle age, compared to when they were younger.

Both were rated higher on characteristics of “agency” as they aged, but Sue was rated lower on characteristics related to “warmth.”

“It’s just stunning,” Chatman told Mirage News. “These stereotypes are so hard-wired and deeply entrenched that they come out even when absolutely identical information is provided about a man and a woman.”

For Chatman’s second study her team asked 500 executives in leadership roles to have their real-life colleagues perform an assessment that measured different attributes, including assertiveness and agreeableness

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The results showed that women’s warmth was perceived consistently as they aged, but men were considered to be warmer as they got older. These results were less dramatic, but they could put women at a disadvantage when directly compared to men in their same age group.

The third study analyzed a large dataset of university professor evaluations over time. While the male professors’ evaluations remained consistent, evaluations of female professors peaked in their 30s then quickly declined, bottoming out at around age 47.

Surprisingly, after that, the evaluations became more favorable again, and by their early 60s, their reviews were similar to their male colleagues. That seems to indicate that midlife, in particular, is a time when women experience discrimination.

What Does This Mean For Working Women?

The research shows that even as a woman gains experience and capability on the job, a lack of perceived “niceness” can hold her back. Clearly, the solution is not for women to try to be nicer in midlife.

Rather, the authors concluded that awareness and education about these stereotypes could help remove some of the boundaries that prevent women from reaching their full professional potential.

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Due to the current market, the difficulty of becoming a homeowner has become a popular headline. While demand outweighing supply was a feature of much of 2020 and 2021, the rising interest rates recently are boxing out potential buyers.

That said, buying and selling homes is a part of life, and whether you are looking to buy your first home or change your current living situation, finding the right home ultimately comes down to budget and income. A popular standard since the 1980s has been the “30% Rule” which simply states that no more than 30% of your gross income should be spent on housing costs.

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In a recent analysis by GOBankingRates, the financial service broke out the minimum salary needed in every state in order to afford the “average” home. For this report, GOBankingRates followed the 30% Rule, found the average home price in 2021 using Zillow, and factored the mortgage cost by assuming a 30-year fixed loan with a 20% down payment and interest rate of 6.29%. The full methodology is available at the end of their report. Here’s what they found:

Alabama: $64,222

• Average home value: $201,656
• Monthly mortgage payment: $1,059.68

Alaska: $102,513

• Average home value: $332,437
• Monthly mortgage payment: $1,915.91

Arizona: $98,929

• Average home value: $441,026
• Monthly mortgage payment: $2,402.08

Arkansas: $60,151

• Average home value: $174,123
• Monthly mortgage payment: $949.82

California: $153,805

• Average home value: $785,652
• Monthly mortgage payment: $4,344.58

Colorado: $114,889

• Average home value: $490,848
• Monthly mortgage payment: $3,145.02

Connecticut: $102,703

• Average home value: $372,658
• Monthly mortgage payment: $2,380.62

Delaware: $88,663

• Average home value: $347,728
• Monthly mortgage payment: $1,891.03

Florida: $95,717

• Average home value: $397,367
• Monthly mortgage payment: $2,250.38

Georgia: $79,932

• Average home value: $308,459
• Monthly mortgage payment: $1,749.44

Hawaii: $181,266

• Average home value: $1,012,084
• Monthly mortgage payment: $5,267.80

Idaho: $101,664

• Average home value: $468,187
• Monthly mortgage payment: $2,569.52

Illinois: $82,274

• Average home value: $262,698
• Monthly mortgage payment: $1,730.71

Indiana: $68,527

• Average home value: $216,473
• Monthly mortgage payment: $1,216.92

Iowa: $68,353

• Average home value: $190,046
• Monthly mortgage payment: $1,166.55

Kansas: $69,582

• Average home value: $203,630
• Monthly mortgage payment: $1,224.47

Kentucky: $66,147

• Average home value: $194,198
• Monthly mortgage payment: $1,086.84

Louisiana: $66,987

• Average home value: $210,980
• Monthly mortgage payment: $1,133.29

Maine: $94,248

• Average home value: $351,259
• Monthly mortgage payment: $2,088.79

Maryland: $98,650

• Average home value: $407,849
• Monthly mortgage payment: $2,360.73

Massachusetts: $131,904

• Average home value: $593,274
• Monthly mortgage payment: $3,468.61

Michigan: $73,093

• Average home value: $228,841
• Monthly mortgage payment: $1,381.80

Minnesota: $88,607

• Average home value: $332,282
• Monthly mortgage payment: $1,934.40

Mississippi: $60,159

• Average home value: $162,815
• Monthly mortgage payment: $890.85

Missouri: $69,528

• Average home value: $225,808
• Monthly mortgage payment: $1,297.62

Montana: $98,610

• Average home value: $436,375
• Monthly mortgage payment: $2,427.65

Nebraska: $74,544

• Average home value: $235,764
• Monthly mortgage payment: $1,468.79

Nevada: $103,420

• Average home value: $466,756
• Monthly mortgage payment: $2,526.66

New Hampshire: $115,167

• Average home value: $440,717
• Monthly mortgage payment: $2,874.16

New Jersey: $118,727

• Average home value: $467,759
• Monthly mortgage payment: $3,144.07

New Mexico: $77,936

• Average home value: $288,250
• Monthly mortgage payment: $1,567.57

New York: $97,524

• Average home value: $367,223
• Monthly mortgage payment: $2,214.32

North Carolina: $82,239

• Average home value: $310,569
• Monthly mortgage payment: $1,738.12

North Dakota: $79,735

• Average home value: $277,872
• Monthly mortgage payment: $1,578.28

Ohio: $70,941

• Average home value: $208,655
• Monthly mortgage payment: $1,296.42

Oklahoma: $62,647

• Average home value: $177,979
• Monthly mortgage payment: $1,003.49

Oregon: $117,544

• Average home value: $519,395
• Monthly mortgage payment: $2,963.10

Pennsylvania: $81,125

• Average home value: $262,698
• Monthly mortgage payment: $1,612.50

Rhode Island: $108,176

• Average home value: $432,324
• Monthly mortgage payment: $2,632.09

South Carolina: $77,599

• Average home value: $283,988
• Monthly mortgage payment: $1,530.19

South Dakota: $79,878

• Average home value: $287,137
• Monthly mortgage payment: $1,693.12

Tennessee: $75,930

• Average home value: $289,085
• Monthly mortgage payment: $1,581.75

Texas: $84,601

• Average home value: $303,546
• Monthly mortgage payment: $1,906.24

Utah: $114,938

• Average home value: $570,266
• Monthly mortgage payment: $3,086.99

Vermont: $101,295

• Average home value: $352,648
• Monthly mortgage payment: $2,261.62

Virginia: $91,220

• Average home value: $372,792
• Monthly mortgage payment: $2,104.99

Washington: $128,641

• Average home value: $619,223
• Monthly mortgage payment: $3,496.48

West Virginia: $59,660

• Average home value: $136,981
• Monthly mortgage payment: $738.09

Wisconsin: $80,943

• Average home value: $260,805
• Monthly mortgage payment: $1,622.62

Wyoming: $80,082

• Average home value: $315,824
• Monthly mortgage payment: $1,696.47

Given the mean salary in the U.S. is around $54,000 per year according to the Bureau of Labor Statistics, these are some alarming numbers. For single-person households, even in the cheapest state of Arkansas, the minimum salary needed for an average home exceeds the median wages of American workers.

More often than not, home buyers also have expenses that are not included in monthly living expenses. As such, when crunching numbers, you need to include extra expenses such as student loan debt or other monthly expenditures that are not included in the data. Additionally, housing costs are more than just a mortgage: taxes, home repairs, and insurance should all factor in if you’re shooting for the 30% Rule.

That said, there are financing options available that can allow those on the lower end of the earning scale the ability to purchase a home. Talking to a financial expert and looking at your unique budgeting needs is always the first step in prepping for any major purchase.

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For some in the service industry, tipping is not only an appreciated gesture but a necessary component of their income. While many in the U.S. would prefer to forgo tipping altogether and have an employee’s salary baked into the cost of the product or service, it doesn’t appear that will be happening anytime soon. In fact, it seems even more businesses these days are prompting for tips.

Take for example a recent thread on Reddit where the poster indicated they were prompted for a tip at their latest vet visit.

“We have a great vet and they have helped us through many dog issues. They were already a more expensive choice but we found everything great about them. Recently we noticed a tip function on what seems like service-only items on the card reader,” the post read. “What’s the general consensus on this? I don’t want to be cheap but the bills are already very high.”

The poster followed up that when they asked the staff, it was indicated the tips were used for staff events and get-togethers, which sounds a lot like “team happy hour” to us.

It seems that as businesses upgrade their old-school cash registers to a new point of sale (POS) system, the process of asking for tips is all too easy. But should you tip everyone all the time?

How POS Systems Are Impacting Tipping Culture

You’ve likely been in a similar situation. You pay for your service or item and then the screen is swiveled your way and you have to make a choice of whether or not to tip. Automatically built into the system, employees no longer have to rely on a tip jar for situations where a tip might be a nice gesture but isn’t built into their salaries.

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While it can be easy to ignore those little glass jars with “TIPS” scribbled on the front, the electronic prompt is right in our faces. Whether out of guilt, ignorance, or feeling pressured, many of us probably just quickly tap a button to add a tip.

What’s more, many businesses seem to set the lowest tipping option at 20%, which used to be the standard for excellent service. Now, seeing a prompt for 25% or even 30% of the bill is not uncommon. Sure, you can always enter a custom tip, but many of us don’t want to fuss with the math in our heads and just pick a suggested option.

But just because the prompt is there doesn’t mean we have to tip.

Feeling Guilty More Often? Us Too

The pressure to tip in a situation we weren’t originally planning to is real. While we all know the standard when it comes to restaurants or bars, it seems the rules about when and how much to tip are becoming more complicated in general. Matters like staffing issues and inflation only add to the mess.

When a person’s wage is tied to tips, definitely don’t skip out. While not an exhaustive list, waitstaff, housekeeping, tattoo artists, bellhops, hair stylists, nail techs, and makeup artists are all on the to-tip list. And while you might tip 15-20% for some of these services, other services like housekeeping staff might only expect between two to five dollars a day.

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But what about other pet care services? While you shouldn’t tip your vet, other services like pet grooming, dog walking, or pet sitting might be more appropriate to tip if you’re happy with the service provided.

During the holidays it can be nice to tip or give a small gift to establishments that you frequent. Many businesses are so appreciative when regulars bring in a small gift for the employees to enjoy. Also, if you’re just extremely happy with the service or product, it can be a nice gesture regardless of the time of year.

Overall, we’re in the camp of tipping for the services that are necessary and not tipping where it’s not appropriate. I mean, will we tell our bestie, parents, and siblings about our amazing vet? Absolutely. We might even leave a stunning review on their website. But, as much as we love them, tipping them isn’t on our to-do list.

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The job market in recent years has been unlike anything we’ve seen in the past. The response to the pandemic changed how we work and where we work, and the ongoing effects are showing up in the data.

According to Zippia, 37% of the U.S. labor force changed or lost their job in 2020, the average tenure with a single employer is just 4.1 years, and 65% of American workers are actively searching for a new full-time job right now.

Clearly our generation doesn’t stick with one employer for life and retire with a pension the way our parents and grandparents might have.

If you have changed jobs multiple times over the course of your career, that probably means you have retirement savings with more than one bank or investment firm. But if you have multiple 401(k)s and IRAs scattered throughout your employment history, there’s a surprising reason you should be consolidating—you could be leaving money behind.

According to the Government Accountability Office—which analyzed data between 2004 and 2013—approximately 25 million Americans left behind money in a 401(k) account after leaving a job. That equates to roughly 37% of all workers actively saving in an investment plan through their workplace, according to figures from the labor department.

More and more employers are automatically enrolling their workers in 401(k) plans. Some may not even realize they’ve been enrolled. This increases the likelihood of employees forgetting about a retirement account when they change jobs.

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If you don’t leave updated contact information with your former employer, you probably aren’t going to receive any updates or information about that retirement plan or your account. What’s more, current law allows businesses to move old accounts with a balance under $5,000 out of their plan, making it even easier to lose track of your money.

“From a consumer perspective, the default should be 100% of the time to move your money [when changing jobs],” Spencer Williams, president and CEO of Retirement Clearinghouse, told CNBC.

The Benefits Of Consolidating Accounts

There are numerous benefits to consolidating your retirement accounts, but here are a few of the most notable.

1. It’s Easier To Keep Track Of Your Money

Attempting to keep track of multiple accounts attached to a variety of former employers is a waste of time and effort. When you consolidate everything into one account, it’s easier to track your progress toward your savings and investment goals and manage your options. Having one statement, one account number, and one password is optimal for not allowing anything to slip through the cracks.

2. Fewer Fees

Retirement plans usually incur investment, custodial, and administrative charges. Therefore, fewer accounts should mean fewer fees—which could mean much better growth for your money.

Some fees are even based on the amount of assets you hold. If you combine your accounts, that total balance might meet minimum asset thresholds, which could qualify you for a fee reduction

3. It Makes Things Simpler For Your Beneficiaries

Retirement accounts are often left behind when you die, and having multiple accounts could make things difficult for your loved ones who administer your estate. Consolidating accounts should make it easier to coordinate payments for your heirs, without the hassle of tracking down multiple statements and contacting multiple custodians.

4. Reduce The Risk Of Missing Required Minimum Distributions

The IRS requires you to take a minimum distribution from your retirement accounts—known as an RMD—when you turn 72. If you don’t, there is a heavy penalty equal to 50% of the amount you don’t withdraw. Having multiple accounts makes for multiple RMDs and increases the risk of making a costly mistake.

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The Potential Cons Of Consolidating Accounts

Consolidating retirement accounts might not be the best option for everyone. It may limit your investment options and your flexibility. Rolling your money over to another investment could also incur fees.

Cutting down to just one account might not be the right move for your investment goals, either. Depending on the amount and frequency of your contributions, it might be best to have at least one 401(k) and one IRA.

The Best Thing To Do For Your Retirement

Finances are intensely personal, as we all have different needs and goals. The best thing to do when planning for your retirement is to make a monthly budget and talk with your family/partner. It’s also a good idea to consult a professional so you can be informed of your different investment options and receive guidance when weighing your choices.

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Rising costs due to inflation have affected all of our lives, most notably when it comes to our weekly grocery bill.

The reasons for increasing costs at the grocery store are numerous and complicated. Rising fertilizer costs are causing some farmers to increase their crop prices. Consumer demand, workplace conditions, the pandemic, and food shortages have all contributed to the soaring prices at the grocery.

According to the USDA, 2021 grocery store food prices had increased 3.5% from 2020, which was 75% above average from the 20-year average inflation rate. In fact, food inflation prices from 2017 to 2021 are only slower than increases in housing and transportation.

The current data for 2022 looks even worse. According to the U.S. Bureau of Labor Statistics, food prices are up 10.8% for the year ended April 2022, the largest 12-month increase since November 1980.

You probably don’t need official studies to know your dollar is not going as far during your weekly grocery run. But you may be curious how your spending compares to the national average.

Average Monthly U.S. Grocery Bill

The personal finance company SoFi recently provided a breakdown of the average monthly grocery bill for single, two-person, and four-person households.

Of course, there are a number of factors that influence these numbers, such as age, gender, and region. For example, the most expensive city for groceries was listed as Honolulu, Hawaii, while Manchester, New Hampshire averaged the least expensive.

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SoFi also noted that men and younger people tend to have higher average bills. Additionally, the age of children in the household can have a big impact on the monthly total. For children under 12, an additional $143-$357 may be added to the monthly bill. For teenagers, the estimate ranges from $233-$344 additional per child.

As noted above, the average gets more complex based on the age of those in the household. For the figure tied to a four-person household, the estimate is based on two adults (ages 20-50) and two children (one 6-8, one 9-11).

Additionally, these figures only look at prices for meals prepared at home and snacks and don’t include meals eaten out. Depending on the person or family, it’s not surprising that in 2020, Americans spent an average of 8.6% of their income on food according to the USDA.

If you’re worried about your monthly grocery bill, things like making a clear budget and consulting with a financial specialist can ensure you keep your spending manageable. There are other more creative ways to save as well.

Ways To Save On Your Grocery Bill

Most people know not to go shopping on an empty stomach, that’s obviously a rookie move. But figuring out creative ways to save on your grocery bill will help you in the long run.

1. Make More Frequent Trips

If you live close to a grocery store or there’s one on the way home from work, you could make more frequent trips to the store. Instead of stocking up on perishable items that might go bad before you consume them, just grab what you need for the next few days.

2. Keep Your Kitchen Organized

Finding a kitchen organization method that works for you, your family, and your lifestyle is another way to keep money in your account. Having effective organization techniques can ensure that you don’t overbuy or double up on food that you already have. A functional kitchen will also ensure that your food is visible and used before the expiration date.

3. Make Sure You’re Storing Food Correctly

For perishable foods, how you store these items can be the difference between them ending up on your table or in the trash. Remove berries from their plastic containers and store them in mason jars instead. Only keep butter you plan to use in the next day or two on the counter and the rest in the fridge. Invest in a herb saver or produce savers to keep items fresher, longer.

4. Get Creative With Leftovers

Have a bunch of leftover celery you bought for that one recipe? Turn it into a creamy celery bisque! Made too many deviled eggs for that dinner party? Smash it up into a quick egg salad and serve on crusty bread. A little creativity (and help from a quick internet search) can also ensure you aren’t throwing your hard-earned money away.

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According to the Federal Reserve, the average retirement savings of a person aged 45-54 is roughly $250,000. For someone between 55 and 64, it’s closer to $400,000. How does your bank account line up with these numbers?

If the answer is “not great,” there’s still time to start racking up major retirement savings, especially if you’re in a two-income household. One strategy recommended by financial planners is to live off of a single income and devote the entirety of the other to savings and investments.

It might sound like a nightmare to pair down your lifestyle to bare bones, but after speaking to several experts, it’s actually a pretty feasible plan. From CPAs to financial planners to debt relief lawyers, the consensus is clear.

Not only is paring two-income households down to one a highly effective way to boost retirement savings—particularly in midlife and beyond—it’s also surprisingly possible. Here’s how to get started.

1. Plan And Delegate

“The basic idea is that, even in a dual-income household, you can live on one income while keeping the other to pay off your high-interest credit cards, build an emergency fund, invest it, or keep it as savings,” explained Lyle Solomon, a finance attorney in Auburn, California. “Keep the higher income to cover all the expenses for your living, and keep aside the lower paycheck for your financial goal.”

Consider which income you and your partner will use for living expenses and savings. This will give you a more accurate baseline for the following steps.

2. Consider Your Likeliest Hurdles

Jason Ramage, a financial advisor in Cincinnati, Ohio, stressed the importance of anticipating hurdles based on your income level. “For higher earners, the main roadblock will be lifestyle. That’s not just spouses and partners—expectations for gifts to family and how you spend time with friends may need to be communicated.”

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3. Start Splitting It Up

Once you’ve assessed where each income will go (and the obstacles you might face as a result), you can start divvying up funds. “A good starting point is looking into the 50/30/20 rule,” said Julien Brault, CEO of Hardbacon, a Canadian finance management app.

“Take the one income, allocate 50% to basic needs, 20% to savings and debt repayment, and 30% to pleasure. Now, this may seem like a really tight budget at first, especially if there are other dependents, such as children. However, a couple will have some wiggle room with the 20% because they already have 100% of the additional income going into savings.”

The graph above illustrates how Brault advises couples to split their finances according to the 50/30/20 rule.

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4. Keep It Transparent

Brault also suggests keeping the reserved income as transparent and accessible as possible. They recommend both partners have access to the accounts “so that it’s not one person spending all their money, while the other accumulates a chunky bank account. Life can be unpredictable, and this arrangement should remain fair for both parties.”

“Consider the second saved income as an agreed-upon amount to save amongst one shared separate account,” Brault continues. “Then, divide the 50/30/20 spending among the personal accounts. For example, if one person pays the bills, the other buys groceries and gifts. This will help avoid strife and keep everyone happy in the long run.”

5. Ease Into It Slowly (And Stick To It)

Nearly every financial expert I spoke to emphasized the importance of easing into this lifestyle shift slowly. “A cold-turkey approach when it comes to finances will never work effectively,” warns Paul Sundin, CPA. “Start the process slowly, and have a plan in place.”

“Staying committed can be challenging,” adds Solomon. “It’s natural to feel burdened when you suddenly switch to living with one income. To make this more bearable, I recommend following it for a minimum of six to eight months, even when you want to give up. By the end, when they see the result, it becomes more of a habit and interest.”

6. Remind Yourself Of The Benefits

Switching from two incomes to one is a tough sell and a difficult process. Whether you need extra convincing or are experiencing some one-income woes, it’s important to continually remind yourself of this lifestyle’s benefits.

“Added flexibility, starting to feel financially free long before you reach any target savings number, possibly opening doors to a move, career change, or starting a business that felt too risky when you were spending both incomes,” are a few of the perks of this approach, Ramage said.

Saving for retirement can seem daunting, but there are ways to make it easier. Paring down to one income is a significant adjustment and, for some, not financially feasible. But if you can try to pinch pennies, hunker down, and live on one income, you might be surprised how fast the savings pile up.

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Less than 50 years ago, women weren’t allowed to open a line of credit without a husband or male co-signer. The traditional expectation of a woman getting married, homemaking, and having children might seem antiquated—but it’s not that old. 

Still, an increasing number of women are choosing a single, child-free life. These women have focused on their careers, friendships, and personal growth, and their priorities fly in the face of outdated, misogynistic stereotypes. 

And as it turns out, these women are thriving. A 2019 report from the St. Louis Federal Reserve Bank showed the median wealth for single men and women—both with children and without—and the results were surprising.

While single men without children have a median family wealth of $57,000, single women without children’s media family wealth is $65,000, according to the Reserve’s research.

Childless women have greater earning power, more disposable income, and are happier than ever. So it’s unsurprising that a 2021 Pew Research Center study found that 44% of Americans aged 18-49 likely or definitely won’t have children.

The more wealth families have, the more secure they are in terms of housing, food, and overall financial well-being. So these numbers are exciting for single women without kids. But the results are tempered by what the study found about women with children.

How Children Affect Women’s Wealth

Gender inequality is nothing new in this country, but the disparity between single mothers and fathers is staggering. While single men with children have an average wealth of $59,000, a single mom’s average median wealth is $7,000. 

No, that’s not a typo, and we didn’t forget a number. A single mother’s average wealth is less than 11% of a single, childless woman’s and 12% of a single father’s. For minorities, it’s even worse—single white mothers had around $46,000 in median wealth in 2019. Meanwhile, Black and Hispanic/Latina mothers had about $4,000. 

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Considering all this data, there appears to be little to no professional penalty for men with children. But when it comes to single moms, there is a noticeable motherhood penalty that disproportionately affects marginalized communities. 

“Motherhood penalty” refers to the professional and financial setbacks experienced by women who have children. This can range from something as severe as getting fired to something as passive as being passed over for raises and promotions.

Julie Kashen, director for women’s economic justice at the Century Foundation, told Bloomberg that the motherhood penalty shakes out to around 15% of a woman’s annual income for each child under the age of five.

A Woman’s Right To Choose Shouldn’t Affect Her Wealth

The motherhood penalty is a double-edged sword. It’s also far more pervasive and complex than a simple “men vs. women” argument. While the gender pay gap is very real, the stark difference between women’s wealth with and without children is even greater. 

This all but strips many women of the right to have both children and a career—or, at the very least, financial stability. The Brookings Institution estimates that the cost of raising a child through 17 is around $300,000. So, with a median wealth of $7,000, how can a single mother ever get ahead? 

On the other hand, this alleviates pressure from the women who opt not to have kids. Society has long-judged women who remain single and/or childless. Indeed, motherhood has its fair share of guilt, but the guilt of not having kids is a heavy burden, too. The Reserve’s report shows that childless women aren’t just surviving—they’re flourishing. 

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Considering just how recently women earned the right to professional and financial autonomy, it’s emboldening to see single, childless women outpacing their male counterparts. Hopefully, society can move toward closing the gap for those with children as well.

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If you’re currently in the job market, what’s the lowest pay you’re willing to accept for a new job? It’s a question that Federal Reserve Bank of New York researchers ask workers in their Survey of Consumer Expectations three times every year. They’re studying the so-called “reservation wage,” and the data has changed significantly over time.

The latest numbers show the overall average wage workers will accept has increased since the pandemic. From July 2021 to July 2022, the reservation wage rose from $68,954 to $72,873.

But looking at the responses from men versus women reveals a large divide. For men, the reservation wage increased to $86,259, while for women the number decreased significantly to $59,543.

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Women Expect Lower Salaries Than Men—Or Do They?

We’ve heard all of our lives about the “gender pay gap“—the most recent numbers showing that women earn 82 cents to every dollar earned by men. But when you adjust for industry, job type, hours worked, and experience, the numbers even out, and women actually make 99 cents for every dollar earned by men.

Reservation wages follow a similar pattern.

“Women educated in mathematics, IT, and physics are found to report higher reservation wages than other women and there is no difference in pay expectations between them and men,” according to research by Ewa Cukrowska-Torzewska, an Economic Sciences professor at the University of Warsaw.

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In other words, women study and enter into careers that generally pay lower salaries, which, in part, causes a reservation wage gap. But, when women opt for STEM fields, that gap disappears. 

The takeaway, Cukrowska-Torzewska writes, is that we need “a higher presence of women in STEM fields as a way of achieving greater gender equality in the labor markets.”

The Pandemic Effect

The lowered reservation wage for women might also be exaggerated because non-working women are often excluded from studies.

It’s well documented that women left the workforce in droves when the pandemic began. And even though the “shecession” shows signs of recovering, women still stay home with children more than men.

And with the pandemic as a backdrop, women might actually have a higher reservation wage because they value time away from work more than ever, and are therefore less likely to take a lower wage.

Why Are Reservation Wages Important?

Ultimately, reservation wages have real-world consequences in the form of actual wages. A German study found that the gender wage gap disappears when controlling for reservation wages.

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The older we get, the scarier career change becomes. But if you’re unhappy with your current job, waiting out retirement could be even more frightening.

Luckily, plenty of women have lived through a midlife job change and lived to tell the tale.

The Reddit group AskWomenOver50 featured a thread about finding employment in midlife. The original poster was worried about making a big change, and plenty of other women job seekers over 50 could relate.

“Have any of you found a new job after 50?”, she asked. “If so, how long did it take? Did you find a better job or a worse one? I am not happy with where I am and I’d like to switch jobs. I have heard a lot of horror stories about job searches taking a long time for women over 50.”

She went on to explain that she has a chronic illness and worried that her current employer would ask her to return to the office after working from home during the pandemic. She also noted she was a former teacher and published writer who was currently doing clerical work.

“Is it better to suck it up and put in the time until retirement, or is change possible?” she wondered.

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Women who had been in her shoes responded with surprising optimism, saying that while ageism is an issue in the workplace, she shouldn’t underestimate her skills.

“I was told ‘ageism is real’ and that ‘at 53 finding a job will be really hard,'” one person commented. “Well, my current company gave me one interview, didn’t accept me for the position I applied for, but actually created a position for me that was more in line with my skill set. I was out of work for three weeks. Don’t underestimate your experience. You have a lot to offer. I do agree that you should probably stay put with your current job until you find something better, but look with confidence. You’ll find something. Good luck!”

Another shared that a midlife job seeker may need to be patient and/or flexible. She wrote that it took her a little over a year to find something comparable to the job she was laid off from at the age of 55. But she made it happen by revamping her resume—including omitting her university graduation dates so she “wouldn’t look like a total dinosaur on paper.”

“Bottom line, definitely look for something better if you’re unhappy with your current job because you have a while to go before retiring and life is too short to suck it up if you don’t have to,” the commenter wrote.

Workplace Ageism Is Real

The job-hunting landscape has certainly improved for older women of all ages in the past few decades. CNBC reported in July that many companies are “increasingly looking to attract mature workers.”

Plus the labor market is tight, with two open jobs for every worker in the U.S., and employers are struggling to recruit and retain talent. Research suggests that older workers are more likely to be engaged, look forward to work, and connect with their employers. They are also less likely to consider quitting. 

“I’m 65 and I just found a new job,” another Reddit commenter wrote. “… Employers know we have a better work ethic than most millennials.”

But despite the optimism, the reality is that ageism is alive and well in the U.S. AARP found that workplace age discrimination is currently higher than it’s been since 2003. A 2020 survey found that 78% of workers said they had seen or experienced ageism—a significant jump from 61% in 2018.

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Finding Non-Discriminatory Employers

To identify an age-friendly employer, check out the AARP Employer Pledge program—which is a list of more than 1,000 companies that have signed a public pledge to level the playing field in the job market for older workers.

To be eligible for this list, which includes Microsoft, Marriott International, Humana, and McDonald’s, a company can’t have any discrimination lawsuits within the past five years, and they must agree to recruit across all age groups and consider applications equally. AARP also has a jobs board, and they certify companies who are considered “best in class” for workers 50+. 

When job hunting in your 50s and beyond, watch for language that specifically states there is no age discrimination, or visit the company’s website and research the culture. If you see terms like “digital native” in a job description—or there is a cap on the required years of experience—those are red flags. 

Also, check to see if older workers are featured on the company website or in promotional materials. If everyone appears to be in their 20s and 30s, that could be a sign that they’re more interested in young employees. And if a job application asks how old you are, when you graduated, or tries to gauge your age in any other way, keep searching.

Now 55, the original Reddit poster updated the thread in June, saying she decided to stick with her current job.

“We are still working from home and have been told this will be indefinite,” she wrote. “… right now things are ok. I am taking care of some personal issues and paying bills.”

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You’ve likely heard the term ‘glass ceiling,’ but do you know where it came from? More specifically, who?

Marilyn Loden was an activist and author who was credited with inventing the phrase now commonly used to describe gender disparities within the workplace. 44 years after Loden first noted the streaky smudges across this invisible barrier, women and minority groups are still pounding on those stubborn panes. After a decades-long career of fighting for gender equality, Loden passed away last month (August 6, 2022) after a battle with lung cancer. 

Though she first coined the term in the 1970s, Loden would later tell the Washington Post in 2018 that she thought the phenomenon would have been over in her lifetime. But years later, we still have a long way to go.

The Spontaneous ‘Glass Ceiling’ Discovery

While working in AT&T’s HR department in 1978, Loden appeared on a panel at the Women’s Action Alliance Conference in New York City. Gloria Steinem, Brenda Feigen Fasteau, and Dorothy Pitman-Hughes founded the Women’s Action Alliance (WAA) in 1971. The feminist organization was active until 1997.

The panel at this particular conference discussed women’s roles in their career stagnation, which Loden struggled to sit through silently. So, she didn’t. Off the cuff, Loden argued that “the ‘invisible glass ceiling,’ the barriers to advancement that were cultural, not personal, were doing the bulk of the damage,” Loden wrote in a 2017 BBC article. 

Loden would later expand on these thoughts in her 1985 book, Feminine Leadership, or How to Succeed in Business Without Being One of the Boys. The book encouraged women to draw on their strengths rather than changing themselves to fit into a male-centric landscape.

As Loden continued her career in gender advocacy, she continued to pen books promoting diversity in the workplace. In 1990, she published Workforce America!: Managing Employee Diversity as a Vital Resource, which outlined how to recognize and rectify problems that inhibit the full participation of a diverse workforce.

Then, in August 1995, Loden releasedImplementing Diversity, which dove further into how, exactly, to implement these organizational tactics. Major corporations, including Citibank, NASA, Proctor & Gamble, and Shell Oil, hired Loden to help diversify and train their workforce with the techniques outlined in her books. 

In addition to her partnerships with major corporations, Loden worked with US Navy to increase gender equality in its policies and practice. Her efforts increased leader accountability for sexual harassment and lifted the ban prohibiting women sailors from submarine service. The US Navy awarded Loden the civilian Superior Service Medal in 2016 for her work.

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We’ve Made Some Progress (But Not Enough)

Loden’s legacy made it to Capitol Hill in 1991 when Congress created the Glass Ceiling Commission. The commission studied the “barriers of attitudinal or organizational bias that prevent qualified individuals from advancing upward in their organization into management-level positions.” 

These studies took place from 1991 to 1996 and included racial disparities in the labor market. Nearly 30 years later, the improvements are marginal at best. Women CEOS in America reported that “while the numbers for women in leadership are moving in the right direction, 8.2% in the Fortune 500 up from 6.6% in 2019, progress is still too slow and not reflective of the nation.”

According to the Pew Research Center, women earned 84% of what men earned in 2020. “Based on this estimate,” the center wrote, “it would take an extra 42 days of work for women to earn what men did in 2020.” The gender pay gap amounting to over a month of extra work is shocking—but it’s nothing compared to the racial pay gap. 

Women CEOs included in their study, “women of color hold just one percent overall of [Fortune 500 leadership] positions.” The US Bureau of Labor Statistics also found that in 2020, the typical full-time Black worker earned 20% less than a typical full-time white worker. 

Specifically, the Bureau found that the median earnings for Black men in 2019 amounted to only 56 cents for every dollar earned by white men. That’s a wider pay gap than in 1970, a mere six years after the passing of the Civil Rights Act of 1964.

What Loden’s Past Insight Reveals About Today

Loden’s obituary wrote that she “was saddened to know [the glass ceiling] would outlive her,” similar to the sentiments she echoed in her 2018 interview with the Washington Post.” Indeed, the fight against the glass ceiling was nowhere near finished that year—or in the years following it. 

The divide between genders and races only deepened in Loden’s final years as the COVID-19 pandemic worsened these disparities further. Still, Loden didn’t let this stop her. Even in her final months, she worked with employees of her hometown hospital, St. Helena Hospital, to help them form a union. 

While the glass ceiling might not have been shattered completely in Loden’s lifetime, she did some serious damage to its finish. It’s our turn to take up Loden’s cause—and metaphorical hammer—and start smashing away at this invisible barrier ourselves. 

Loden told the Post, “I’m hoping if [the glass ceiling] outlives me, it will become an antiquated phrase. People will say, ‘there was a time when there was a glass ceiling.’” And with enough perseverance and determination, hopefully, we can reach that point of antiquity sooner rather than later.

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Do you feel appropriately compensated at your job? If not, you’re not alone. An overwhelming majority of the American workforce feels underpaid. Paired with external factors like inflation, the average worker feels the pinch now more than ever. 

The US inflation rate hit 9.1% in August 2022, and the Consumer Price Index shows a hike across all costs of living, from energy to groceries and everything in between. Despite this, wages remain largely unchanged. 

Americans have to pay more without getting paid more, which poses an important question: Can you use inflation to negotiate a raise? We reached out to financial experts to see what they had to say.

Can I Use Inflation As Leverage At Work?

The overwhelming consensus of the financial experts we spoke to was yes, you can—but there are some caveats. Generally speaking, “in the professional ranks, asking for a cost of living (COL) adjustment has not been standard workplace behavior, explains Joe Mullings, chairman and CEO of Mullings Group. 

“With that said, the standard has gone out the door since February of 2020,” he continues. The COVID-19 pandemic sparked a wildfire of rent hikes, supply chain issues, and job shake-ups. Kathryn Snapka, finance head and founding partner at Snapka Law Firm, says you can use this to your advantage. 

“Workers now have more negotiating power as the labor market experiences record-high churn and new hires. Many Americans are quite concerned about inflation. Many businesses are focusing on retention in order to prevent employees from quitting.”

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Great, So I Could—Now, How Can I?

Despite this negotiating power, most of us find asking for a raise to be at least a little awkward. Employ’s 2022 Job Seeker Report found that while 67% of workers feel they deserve higher compensation, only 29% are comfortable negotiating pay raises. That discrepancy reveals a large pool of unhappy employees. 

So, how does one get out of this cycle of burnout and resentment without quitting altogether? These financial experts have a few ideas.

1. Crunch The Numbers Yourself

Bringing data to the table considerably strengthens salary negotiations. First, “arm yourself with knowledge about your industry,” says Gareth Hoyle, managing director at Marketing Signals. “You can research the average salary of your particular job title across different job sites such as Glassdoor and LinkedIn.”

When doing so, be sure to adjust the filters to factor in bits such as location, company size, and years of experience.

Make sure you also bring in the numbers on inflation. “Consult the Consumer Price Index to figure out the inflation rate from the past year,” advises Alex Williams, certified financial planner and CEO of FindThisBest. “Take that number in decimal form, add one, and multiply the sum by your existing salary to understand how much of a pay raise you deserve.”

2. Don’t Be Afraid To Brag

“The focus of your negotiations should be on your accomplishments, even while inflation is a topic of conversation,” Snapka says. “The value you give to the firm is something you should always emphasize.”

Snapka suggests saying something like, “I’d love to explore what else I can do in this capacity, but my current income is not keeping up with the levels of inflation. As a result of the X% increase in my living expenses, I would want to see my pay increase in line with this trend so that I may keep developing and achieving new objectives with our company.”

“This is your time to shine,” Hoyle adds. “You will want to provide evidence of all that you’ve accomplished since your time at the company. Here is where you take your boss through the goals you’ve made along with examples of what you’ve done to accomplish them so far.”

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3. Practice And Preparation Makes Perfect

Asking for a raise can be nerve-wracking, and there’s no shame in a little practice. “Making a script is beneficial,” Snapka says. “Not reading it word-for-word is the objective. Instead, you should focus on memorizing the important ideas.”

“The discussion might easily veer off topic due to its emotive nature. Knowing and practicing your words will help you control your emotions,” she continues. “You’ll feel as though you’ve already had the chat by the time you arrive at the actual meeting, which will boost your confidence a lot. It may be the most effective negotiation tactic that people ignore.”

4. Consider Other Perks Besides Pay

Part of planning for your negotiation involves coming up with specific numbers—multiple numbers, if possible—and potential solutions outside of money. “Have specific numbers in your head that would be your ‘stretch’ goal, your ‘I’ll take it!’ number, and your ‘ok, it’s a start’ increase,” says Amy Feind Reeves, career coach and author.

Also, you might consider “accepting something other than increased pay as a reward for your performance,” Reeves continues. “Such as work-from-home privileges or extra vacation days. Your manager’s hands could be tied when it comes to the budget.”

5. Keep It Positive

“Approaching your boss with a collaborative mindset is preferable to giving an ultimatum like, ‘pay me 15% more or I’m leaving.’ Be respectful and etiquette-compliant,” Snapka advises. “Recall that individuals, not businesses, engage in negotiations.”

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“Your employer and you are speaking. Having your boss speak up for you is your main objective,” Snapka continues. “Understand the rationale behind your boss’ use of internal political resources to increase your pay. Don’t forget that the business is not after you. Your ultimate objective is the same.”

Similarly, “don’t compare yourself to others in the organization, at competitors, or elsewhere in the field,” Reeves adds. “Base your arguments on your own merits. And don’t bring other issues into the discussion (e.g. outside disputes, disgruntlement, slights) as they are all a distraction from the issue at hand.”

6. Most Importantly, Ask

Unfortunately (and probably, fortunately, too), employers can’t read your mind. If you want a pay raise, then you’ll have to ask for one. Most employers won’t go out of their way to pay you more if they feel they don’t have to.

Williams suggests sending an e-mail along these lines to get the ball rolling: “Can we find a day to discuss my current salary? After an abundance of research and analyzing how inflation has impacted my cost of living, I believe an increase in salary is in order. I enjoy this role and see myself long-term at this company. So, finding a solution is important for me. What days and times would work best for you?”

With a little planning and a bit of courage, you could join the lucky few of the American workforce who feel fairly compensated for their work.

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Gen Z has only been in the labor force for a few short years, but they’ve already made major waves. The oldest among them have just hit 25, and are still relatively new to full-time work. Yet many are pushing for the end of the 40-hour work week and putting an emphasis on mental health over their jobs—and they are extremely vocal about it on social media.

Now, a new labor trend is starting to emerge among Gen Z—quiet quitting. This might sound strange at first, and seem like it’s just Gen Z being lazy. But upon closer inspection, is it really? Could this young generation lead the way toward healthier work-life boundaries?

What, Exactly, Is Quiet Quitting?

Quiet quitting is a work trend that’s taken over TikTok, with videos about the topic racking up millions of views in recent weeks. No, people aren’t stealthily submitting their two weeks’ notice like the name suggests. Instead, this term is what Gen Z is using to describe the simple act of doing their job. 

Quiet quitting is setting clear work-life boundaries to reduce your stress. You only do the job that you are paid to do. You don’t bend over backward for your boss, and you don’t go above and beyond. 

“You’re not outright quitting your job, but you’re quitting the idea of going above and beyond,” explains TikTok user @zkchillin. “You’re still performing your duties, but you’re no longer subscribing to the hustle-culture mentality that work has to be your life; the reality is it’s not, and your worth as a person is not defined by your labor.” 

TikTok videos with the hashtag #quietquitting give examples of this practice, like closing your computer the moment the clock strikes five o’clock and heading out the door. Another example is not doing the jobs of two to three people or refusing a work request because it’s not in your contract.

Why Are More People Starting To Quiet Quit?

Gen Z is talking about quiet quitting the most on social media, but the attitude is not exclusive to the younger generation. A spring 2022 Gallup poll found that American workers of all ages were in an “engagement slump” when it came to their work. 

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“Engaged employees are involved in and enthusiastic about their work and workplace,” the polling data explains. “Actively disengaged employees are disgruntled and disloyal because most of their workplace needs are unmet.”

The percentage of American workers now engaged at work is just 32 percent compared to 36 percent two years ago. And this is the case among Gen Z, older millennials, Gen X, and baby boomers.

The poll also found that those who worked in the office or on-site at their job had the lowest engagement levels, 29 percent. While remote workers and employees with hybrid schedules had higher levels of engagement, 37 percent. 

All of this data means that Americans’ attitudes towards their jobs and the workplace are changing, and it’s happening quickly. More than half of unemployed US workers are not looking for a new job. Many workers are choosing not to return to pre-pandemic jobs, while some are requesting to work from home. 

What’s more, since the mid-1990s, the average retirement age has risen for both men and women. This means people are working later into their 60s and beyond. So, it’s especially important to have a proper work/life balance.

What Are The Potential Downfalls?

There is absolutely nothing wrong with knowing your worth at work. And there is definitely no need to bend over backward for an employer that doesn’t value your contribution—especially if you’re not properly compensated. Always going above and beyond at the expense of time with your family, engaging in your favorite hobbies, and your mental health is no way to live your life. 

Doing your job the way it’s supposed to be done with a healthy boundary between work and family/leisure time—which, again, is just simply “working” and doing your job properly—is great for work/life balance. And, it’s an idea that is obviously resonating.

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But, phoning it in and always doing the bare minimum could result in shooting yourself in the foot when it comes to overall career goals and happiness at work. Supervisors could perceive it as a sign you’re already checked out and looking for a new job or are not going to be able to handle the responsibilities associated with a promotion.

There’s also the possibility that quiet quitting could lead to quiet firing. 

“A lot of talk about ‘quiet quitting’ but very little talk about ‘quiet firing,’ which is when you don’t give someone a raise in 5 years even though they keep doing everything you ask them to,” Randy Miller, a software developer, tweeted in a reply to a tweet about quiet quitting.

Are You Ready To Quiet Quit?

Simply doing the job you are paid to do—and not living the hustle culture 24/7—can be a great career/life strategy. Goals don’t have to always be about making the most money and working your way up the corporate hierarchy. But, always doing the minimum might not work for everyone.

If you are disengaged from your job, consider talking with your supervisors so you can plan a better path for yourself in the company. Or, actually quit your job and find something more satisfying. 

Quiet quitting can only be defined as “being lazy” if you let it. 

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In the early 2000s, Mikey Taylor was a professional skateboarder. Brands sponsored him, but he was at the beginning of his career and not making much money. So he decided to take what money he had and invest, particularly in real estate.

He continued to invest, started a few businesses, and is now president of Commune Capital, a private equity real estate investment firm. His educational platform and podcast, Avni Intelligence, help entrepreneurs become more knowledgeable about startups, business plans, and the financial aspects of running a successful business.

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Taylor posts to TikTok regularly and his reels cover everything from the biggest money mistakes to how to retire by 40. But you’re already approaching or past that age and your savings aren’t where you’d like them to be, he has three tips on how you can catch up, and one big don’t.

1. Bump Your Savings Percentages

His first tip is to save more. Many people put between five and eight percent of their paycheck into savings; he recommends upping that to ten or 15 percent.

2. Work For A Few More Years 

He also recommends eschewing retirement for a few years. It may sound like a bummer if you dream of diving into your hobbies full-time at 62. But if you work longer, you can increase your savings and enjoy your golden years to the fullest.

3. Create A Side Hustle 

Lastly, creating a side hustle while you still work your day job could increase your income. This might mean diving into a passion you’ve always wanted to pursue, or picking up something easy to do from home. Walk dogs on the weekend, snag some customer service hours, or start an Etsy store selling the jewelry you’ve been making as a hobby. You never know, your side hustle might even turn into a later-in-life career change!

4. Don’t Take On More Risk

A big risk with the small chance of a windfall payoff is not the move here. Investments like gold, commodities, and cryptocurrency a retirement plan do not make. At this time in your life, you want more predictability, not less.

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While TikTok is certainly chock-full of entertaining, albeit sometimes strange videos, there are also a number of content creators using the platform to drop some seriously helpful advice.

One financial advisor has taken center stage in this turbulent economy after revealing the top 10 things he never does when it comes to wealth.

Russell Maltes has been a Certified Financial Planner and an investment advisor representative for 19 years. He also provides financial literacy tips through his TikTok videos, including this two-part series listing the ten things he would never do.

Don’t:

1. Use debit cards for online purchases.
2. Buy a car for the next 6-12 months.
3. Pay credit card interest—don’t live beyond your means.
4. Miss out on your employer’s 401K match (it’s free money!).
5. Borrow money to buy depreciating assets (like cars and vacations).

Also Don’t:

His Advice Received Mixed Reactions

It stands to reason that financial advisors, by definition, are pretty good at managing money. Still, TikTokers are nothing if not opinionated, and his followers had an array of differing responses.

Many items on the list received positive feedback. While it may seem like young people have no choice but to take out loans for college, Maltes received resounding support for his recommendation to take on as little debt as possible or consider taking up a trade instead.

One user noted: “To #8 I think vocation, trade & blue collar jobs are severely underrated and passed up on too much these days.” The financial advisor confirmed the sentiment, “I know several ‘Blue Collar’ guys earning $100k+. You are absolutely right.”

When it came to paying credit card interest, commenters were less agreeable. “You don’t use credit cards? What if your roof needs replacing or your AC goes out? Or you have big medical bills that you have to pay?” one user said. To which he replied, “Part of having a good financial plan is having an emergency fund for the unexpected. When something bad happens like what you’re talking about, I don’t want to compound the problem by paying interest on those unexpected expenses.

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A point about PMI (private mortgage insurance) was also well received and seemed insightful to many home buyers and homeowners. “Wait wait wait. I can just call my lender and ask for PMI to be removed if I have enough equity?? Tell me more!” one user commented in disbelief. Maltes was delighted to oblige, saying, “In some instances yes based on equity. It can’t hurt to ask.”

Other commenters highlighted pain points about having enough cash to buy a car outright. One user even said Maltes could operate according to his own rules because he’s rich. He then quickly clarified: “Trust me, I’m not rich. Please watch my video paying cash is a worthy goal. I pay cash because I don’t buy fancy things.”

One comment was so challenging and spicy that it got a video reply. “Stupid advice really. Like most people can buy vehicles [with] cash. You’re only talking to people with hundreds of thousands of dollars in their checking account.”

Maltes laments our consumerist society. People showing off their fancy purchases on social media is not real life, he says, but a highlights reel. That “keeping up with the Joneses” mind frame will keep you in debt when you could be building wealth.

It’s tough to digest this advice when you feel you can’t make ends meet—especially if you’re already breaking some of these 10 tips. But it’s important to evaluate your budget, see where you can chip away at debt or other financial burdens, and start paying in cash more often, even if it seems impossible now.

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Think of your annual budget. What comes to mind? You likely went through the neverending Rolodex of essentials: mortgage, utilities, groceries, insurance, student loans, kids’ expenses, etc., etc. You might also budget for savings and emergency funds if it’s within your means. 

But when’s the last time you included “joy” in your monthly budget plans? I’m not talking about a spare hundred or two to go shopping for someone else. I mean pure, unfiltered, all-for-you joy. Sound frivolous? According to the experts, it’s actually crucial. 

From financial coaches to mental health counselors, the consensus is clear. Budgeting for joy in midlife and beyond is absolutely essential—here’s why.

1. It Normalizes Feeling Good

“We grew up with that ‘women are expected to do it all mentality,’” says Jen Lawrence, certified master life coach and financial analyst. Most of us were so busy juggling parenting, working, and volunteering that we had little time, money, or energy to do what we loved.”

“Women in their 50s and beyond often feel financially and energetically squeezed as they balance the complex needs of their young adult children and elderly parents,” she continues. “Marriages and jobs may not bring you the same joy they once did. If you do not build joy into your life, you can go for days, weeks, or months without doing anything that you love.”

“Midlife and beyond is a chance to make joy a part of our lives. Happy people are healthy people, and budgeting for joy is as important for our health as budgeting for healthy food, medical appointments, and gym memberships. By including things that make us happy in our budgets, we are normalizing the importance of feeling good.”

2. It Builds Much-Needed Resiliency

Budgeting for joy also helps us during times that feel decidedly not good. Rachel Cavallaro, licensed psychologist, explains that this is because joy is a building block for resilience. “As we get older, we will experience more losses related to death and transitions.”

“This can create feelings of loneliness and sadness, which are not helpful for mental well-being. In fact, this is how many people go on to develop depression or anxiety. Creating positive emotional experiences related to joy can enhance mental well-being and reduce stress.”

“Working to reduce symptoms related to anxiety and depression can make life feel as though you are just getting by,” Cavallaro continues. “On the other hand, by creating rewarding and meaningful experiences, you can go from surviving to thriving.”

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3. It Reminds Us To Value Ourselves And Others

While budgeting for personal joy might seem selfish at first, it’s actually incredibly thoughtful of others. “Joy is contagious, and it will be shared,” says Robin Shear, public speaker and joy coach. “Whenever we have joy in our buckets, we have something to give from, making the prioritization of joy a very giving thing.”

Moreover, it pushes back against the societal devaluation of older women. “Older women have a lot to offer, but they often struggle with the idea that they are worth less than their younger counterparts,” Monica Miner, mental health counselor, explains.

“Many older women feel undervalued because society doesn’t see them as capable of doing what a younger woman can do,” Miner continues. Of course, this is inherently false, and including joy in your budget reaffirms that fact.

4. It Keeps Things Interesting (And You Healthy)

Finally, budgeting for joy keeps life fun. It can be all too easy to fall into a routine of “work, chores, errands, mindless scrolling or streaming, and repeat.” While it might be relatively productive, it’s also monotonous—and not very conducive to maintaining mental and physical health in and after midlife.

“Participating in fun activities, as well as learning something new, can help you to feel better physically and mentally. Ongoing learning helps to improve memory and offset dementia,” Cavallaro explains.

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Finding Your Version Of Joy

Examples of joy-inducing physical investments include yoga, tai chi, or dance classes. Taking an art class, learning a new language, traveling, learning to play an instrument, and participating in immersive learning experiences are all viable options, too.

But really, the best way to budget for joy is to figure out what causes you to feel the warmest and fuzziest on the inside. Shear poses a few prompts to determine what makes joy bubble up in your heart.

“Is it relationships with people she cares about? Budgeting a few dollars to take a loved one out for ice cream and great conversation is a fantastic money move.” Additionally, “does she find joy in the way movement makes her feel? Does she find joy in generosity? It’s a fun idea to have a giving fund ready and waiting to dip into when ideas bubble up.”

No matter what joy looks like for you, it’s imperative that you include it in your budget. It might not be as tangible as the electric bill, but it’s what will keep your inner light on—and that’s arguably the most important.

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Life seems to be one giant cycle of thinking you know best, then realizing years later that you most definitely did not. We are constantly learning and evolving, whether in love, friendship, careers, or money. 

Midlife is a time when the mistakes of our past become painfully clear. Time feels limited, and we want to avoid wasting any of it by making the wrong decisions—especially when it comes to money.

One way of doing that is by learning from other women’s hard-earned wisdom and experiences. And we can reciprocate by sharing our experiences so other women can avoid our mistakes. 

Reddit’s Ask A Woman Over 40 community recently shared advice they picked up along the way. Specifically, they discussed financial wisdom that didn’t sink in until after their 40th birthdays.

1. Visualize Your Goals (Like, Really)

Entering midlife can feel uncomfortably murky, and it’s difficult to push forward without feeling like you have a firm handle on the future. So, one woman suggests creating a physical vision board.

“Add your goals (health, wellness, travel, study, career, love, lifestyle, etc.) on top. [Then, add] every step to reach them from top to bottom. Keep the visual closer to you, and follow every step.” Moreover, don’t forget to “take time off for yourself. Do self-care by doing things that give you joy.”

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2. Put A Cap On Your Generosity

Generosity is an admirable virtue. But it can also be dangerous if you don’t know when to slow down your spending. As tempting as it might be to shower those closest to you with gifts—especially if gift-giving is your love language—be sure to do so mindfully.

“As a 43-year-old who is in a bit of a financial fix because I gave away more money than I could truly afford in the past few years, ‘love within your means’ strikes a chord with me,” one woman wrote.

“I strive to practice. I still give or spend a lot of money on other people. Birthdays, invitations, donations, etc., but not as much as I used to. People who love you will understand that a free get-together for an outdoor game is as good as an ‘epic’ bar or party night,” another added.

3. Use This Shift To Your Advantage

Entering midlife is a transition, but it’s not an inherently negative change. One commenter suggested asking yourself some of the questions below to make sure the second half of your life will be productive and joyful.

“Do you want to move somewhere new? Do you want to start over with your career? What if you got a work visa and moved to a different country? What kind of things would you want to accomplish?” one woman suggested.

“I think focusing on what YOU want and doing things for self-care and self-love will benefit you in such a difficult chapter in your life and help you push through to the other side. Even though life is changing, it doesn’t have to mean it’s negative. This is the part where you can really have fun and go for things that sound exciting for you.”

“You’re old enough that you’ve learned from some mistakes,” the writer continues, “but young enough to know what you want in life and have time to make that happen.”

4. Even If You Can’t Travel, Find Adventure

Additionally, as one Redditor pointed out, you don’t need to fly across an ocean to get the most out of life. “At the risk of sounding like an ‘eat, pray, love’ cliché, traveling is pretty awesome,” the woman writes.

“But if you don’t have the means to do a lot of that, just try to do something different sometimes. I spent far too much time going to the same restaurants and clubs and, in general, doing the same things.”

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5. Ask For Help

Finally, one woman added that the best thing she did in her mid-thirties was to visit a financial planner who specialized in helping women.

“It was like the most practical, eye-opening, and motivating advice I’ve ever gotten. It was not just about money but about determining your goals, values, and setting up a truly practical plan to help me attain those goals.”

“The person I worked with did not charge very much,” she continues. “She had found herself in both a professional and personal crisis after divorcing in her late 40s, early 50s, and worked with a planner, and ultimately, wound up completely switching careers to become a planner herself to help young and older women alike.”

The midlife transition and beyond can be intimidating, especially when it comes to finances. But with the lessons you’ve already picked up along the way—and the support of women who have done the same—it can also be an exhilarating, joyful, and profitable time of life.  

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From the mid-’60s to now, Gen X has arguably witnessed more significant societal transformations than any other generation. Modern life today is almost indistinguishable from the lives many remember from childhood. 

And while this can be positive or negative, depending on where you shift your focus, there’s one area where this change is decidedly good: Money. Because, as it turns out, your Gen X childhood just might be making your financial life miserable. 

Financial coach Mikelann Valterra sat down with The Mean Show to discuss how growing up in the ‘70s and ‘80s is still disaffecting us today.

Old School Ideas About Money

Financial wellness is by no means a cut-and-dry topic. From lifestyle to mental health and everything in between, a lot can affect—and disaffect—your bank accounts. But Valterra suggests that a large part of these struggles are rooted in antiquated ideas about money, both in regards to gender and etiquette.

Valterra explains that while researching middle-aged women’s relationship to money, she found that, “if you had a brother, it is far more likely that your parents would have talked with him about money. There was this assumption that, of course, boys need to learn how to handle money. Boys were not only given more opportunities than girls around earning money but also, there was just more conversation.” 

Moreover, “regardless of the gender piece, a lot of families have this belief [that it’s] wrong to talk about money,” Valterra continues. “At some point, every kid will say to their parents, ‘how much money do you make?’ That’s the moment where it’s really interesting how a family will respond to something like that.”

“A lot of families will say, ‘we don’t talk about that,’ and just shut the whole conversation down. There’s this belief that many of us inherit from early childhood that says you don’t talk about money. And if you do, things happen, and people get mad. There’s conflict around money.”

Moving Into A New Money Mindset

“Here we are as these awesome adult women, and it’s hard for us to talk about money with our partners. Or our friends,” Valterra says. This discomfort manifests in everyday situations—paying for the check after a group meal, planning vacations, or managing budgets. 

Luckily, these stigmas and genderizations of finances are starting to faze out, and Valterra contributes this important transition to the simple act of talking about it. Throughout the rest of her interview, Valterra explains that the key to diminishing anxiety around money is to face it head-on. 

While it might seem counterintuitive at first, this discomfort is a good sign. As our society breaks down the taboo around money, it can become a normal part of daily conversation—not a scary subject reserved for serious occasions. 

Moreover, as we start to unlearn the misogynistic genderization of money, we can become more in control of our financial well-being. As the host of The Mean Show states at the beginning of the interview, “turning 50 doesn’t mean it’s time to fade into the background; it means we know what we’re doing, and we’re not afraid to do it.”

Taking Control Over Your Finances (And Happiness)

Releasing the preconceived notions about money you learned in childhood is no small task, but it isn’t impossible. There are several ways to regain control over your finances, including seeking help from a financial coach like Valterra. 

And since most of us cohabitate with a partner, relative, or other close loved one, it’s also essential to identify your financial roles in the relationship. An honest assessment of everyone’s spending habits can help determine a more successful dynamic balance. 

Another way to keep the finance talk free-flowing is to have regular monthly dates with your partner. These scheduled times for discussing money can help clear up miscommunications, streamline your budget, and better prepare for the future. 

Finally, it’s important to remember that these things take time. Even the best-intentioned budgets can sometimes fail. That’s not an excuse to stop trying; it’s just an opportunity to try another course of action. 

While your Gen X upbringings might have brought about some not-so-savory habits and beliefs, those same upbringings equipped us with the perseverance, flexibility, and wit to change for the better.

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The average retirement age in the US varies by state. But, by and large, the typical retirement age range falls somewhere between 60-70. Usually, men retire a little later than women.

The country’s current state of affairs hasn’t made anything easier, particularly saving money. According to the Pew Research Center in 2020, a third of Americans had to dip into savings or retirement funds to pay bills. It’s even worse for low-income families.

If you’re panicking, take a deep breath. I mean, I’m panicking too, but we can all start taking steps to ensure our financial future. 

Average Retirement Savings By Age

According to a survey from the Federal Reserve, the average amount of retirement savings varies widely depending on your age. Looking at consumer finances from 1989 to 2019, here was the average breakout of retirement savings by age group:

• < 35: $30,170
• 35-44: $131,950
• 45-54: $254,720
• 55-64: $408,420
• 65-74: $426,070

In terms of savings goals, it is recommended by the personal finance company SoFi that you should have equal to the amount of your current salary saved by the time you are 30. At 40, it’s recommended to have three times your annual salary in savings. 50-year-olds should have six times their salary, and at 60, the recommendation is to have eight times your annual salary. By 67, experts recommend savings ten times your annual salary.

What If I’m ‘Behind’ Or Have No Savings At All?

Despite the recommended savings, Americans typically don’t have that much saved, if anything. In fact, a report released in 2019 by the U.S. Government Accountability Office outlined that 48% of Americans over 55 didn’t have anything saved for retirement. The data for younger Americans doesn’t look any more promising.

There’s a difference when it comes to gender and retirement savings, too. “In terms of gender, on average women have about $23,000 in retirement savings; men have $76,000. Fewer than 50% of women say that saving for retirement is a priority for them, as opposed to 62% of men,” according to research from SoFi.

It’s important to note that women typically make less than men in the workplace. Plus, some women leave the workforce to care for children and spend less time contributing to their personal retirement funds, which further can put them behind.

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While it might seem like you’re falling behind in the savings game, it’s very common to have less than the recommended amount saved. It’s also common to feel stressed about catching up.

What Women In Their 40’s And 50’s Should Focus On When Saving For Retirement

Being in midlife presents unique benefits and challenges when it comes to finances. According to the U.S. Bureau of Labor Statistics, workers earn the most between the ages of 34 and 54. If you started saving later in life or weren’t able to save much when you were younger, taking advantage of increased earnings in midlife to contribute to retirement savings could be a strategy for some.

For mothers in their 40’s or 50’s, the daunting costs of your child’s college education can be a tempting reason to cut back or lapse completely on retirement savings. On top of that, if you have parents that are now requiring more help or medical assistance, the instict to put your family first can become overwhelming. While every situation is unique, the first step should be seeking the advice of a financial planner. They can assist with creating or reviewing estate plans, as well as formulating strategies to tackle all your specific saving and spending needs.

For those getting closer to retirement themselves, it can be all too easy to assume the strategies you set up earlier in life is still serving your future goals and current situation. While checking in frequently with a financial planner to ensure your strategies are on track is always a good idea, it never hurts to take a look at what lifestyle or savings changes can be made to get you where you would like to be.

If you’re over 50, the IRS allows catch-up contributions to 401ks and IRAs. According to a study from the Center for Retirement Research, once parents are empty-nesters, retirement savings rarely increase. While you very well may be supporting a child outside the home, it could be a good strategy to reroute those extra funds spent on the kids to your retirement. Speaking of, if your children have moved out, now might be the time to downsize your home or move to an area without a heavy focus on a good school district. A good retirement strategy should focus both on boosting savings and controlling costs.

At the end of the day, feelings of “it’s too late” or “where would I start now” are very common, but it shouldn’t prevent a retirement savings strategy altogether. Having conversations about finances, even if they may be stressful, are all too important. If married or in a long-term relationship, speak with your spouse frequently. If you have children or parents that need assistance, speak to them and those family members involved to formulate a plan. And regardless of your circumstances, seek out a professional who can give you guidance on budgeting and savings.

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Mikelann Valterra is a financial psychologist and author who helps women transform their relationship with money to create a life they love.

My biggest takeaway from this conversation was that the more you know about your spending, the less you will have to think about money. If you get clear on exactly where your money is going, and then decide what is most important to you, you can create a life where you get everything you need. At the same time, you won’t waste money on things you don’t care about, and you’ll think about money less.

What a blessing that would be, right?

She combines emotional intelligence with practical money strategies help her clients feel in control of the money, while escaping financial stress and anxiety.

We talk about how to get control of your money, the importance of having a passion that brings you joy (hers is Argentine tango), why opposite money personalities tend to partner up, and so much more.

Links:
Mikelann Valterra

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Inflation is doing a number on the economy, and there is no end in sight. We are just now starting to feel the after-effects of business shutdowns, a disrupted supply chain, and an unprecedented increase in the money supply.

The numbers are already quite shocking, and they will continue to rise without a change to modern monetary policy.

But we don’t have to look at economic data to know that the price of everything is rapidly going up. That reality manifests itself in our lives every single day.

The thing is, there’s another type of “inflation” that is occurring in the marketplace to combat rising manufacturing costs. And it’s stealthily affecting your monthly budget, too. It’s called “shrinkflation,” and it’s happening everywhere you look.

What Is Shrinkflation?

Shrinkflation is a tactic that businesses can use to avoid raising their prices during times of high inflation. Essentially, the term describes the shrinking of package sizes and quantities without lowering prices. The word is a combination of the words shrink and inflation, and it was coined for its current use by British economist Pippa Malmgren just seven years ago.

The latest example of shrinkflation comes from Kleenex, which recently reduced the number of tissues in a small box from 65 to 60, while keeping the same price point. But it is far from the first company to adopt this tactic. In fact, shrinkflation is nothing new.

“Shrinking the size of goods is exactly what happened in the 1970s just before inflation proper set in,” Malmgren wrote in her 2015 book, Signals: The Breakdown of the Social Contract and the Rise of Geopolitics.

In times of high inflation, prices aren’t just going up for consumers. Costs are also rising for businesses. As everything becomes more expensive—ingredients, packaging, labor, transportation—companies have to figure out how to handle those rising costs.

Smaller Containers, Same Price

If you’ve bought a familiar product in recent years and had the feeling that something was a little off about it, it’s possible you noticed shrinkflation without even realizing it.

“It comes in waves. We happen to be in a tidal wave at the moment because of inflation,” Edgar Dworsky—a consumer advocate and former Massachusetts assistant attorney general who has been documenting shrinkflation on his ConsumerWorld website for years—told the Associated Press.

Chobani Flips yogurts have shrunk from 5.3 ounces to 4.5 ounces. Family-size packages of Keebler cookies used to be 17.2 ounces, now they are 14.6 ounces.

RELATED: Stop With The Crazy Hacks–This Produce Saver Actually Works And Has Saved Me Hundreds

Proctor and Gamble, the makers of Charmin, decided to make their cardboard tubes larger while making the rolls of toilet paper smaller. Meanwhile, Cottonelle’s Ultra Clean Care toilet paper is down to 312 sheets from 340.

Nabisco changed their family-size box of Wheat Thins from 16 ounces to 14 ounces. A 50-pound bag of Kibbles ‘N Bits dog food is now 45 pounds. Pantene conditioner used to come in a 12-ounce bottle, now it’s 10.4 ounces.

But wait, there’s more! Walmart Great Value brand paper towels went from 168 sheets per roll to 120. Frito Lay shrunk bags of Doritos from 9.75 ounces to 9.25 ounces, and Party Size Fritos Scoops went from 18 ounces to 15.5 ounces.

Hefty’s megapack went from 90 bags to 80 bags. Folgers coffee downsized its 51-ounce container to 43.5 ounces, but they say it still makes 400 cups because of “lighter-weight beans.”

Tillamook decreased the size of its ice-cream cartons from 56 ounces to 48 ounces. General Mills shrunk its “family size” boxes of cereal from 19.3 ounces to 18.1 ounces, while Post cut theirs down from 20.5 ounces to 19.5 ounces.

Gatorade claimed they redesigned their 32-ounce bottle to be “more aerodynamic” and “easier to grab.” But at the same price, the new design holds only 28 ounces.

Here’s What You Can Do

In an economy with high inflation, it feels like there’s no way for consumers to combat shrinkflation. And the truth is, that feeling is right.

While the Fed tries to come up with new ways to handle inflation without causing more economic damage, prices will continue to go up and companies are going to do everything they can to handle those rising costs. Oftentimes, that will mean shrinking packaging and quantities.

The best thing you can do as a consumer is to be aware of what’s going on and go into your shopping trips well-prepared. Use a grocery price comparison app like Basket when doing your grocery shopping and meal planning.

Change your shopping habits to a more generic brand. Buy in bulk when possible. Buy whole foods instead of pre-packaged products. And pay attention to product labels and the unit price of what you’re buying.

As Utpal Dholakia—professor of marketing at Rice University—explained to Forbes, brands don’t usually shrink all of their items at once. You can still get a good deal if you buy a variation of the product that wasn’t downsized.

You can also try to be more aware of single-use products, and switch to reusable when possible. Making some items at home, like homemade protein bars or investing in a SodaStream if you love sparkling water, can also help with the bottom line.

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Erin Hupp has been creating beautiful ceramics for more than 20 years. But it wasn’t until she was knee-deep in a successful career in law that she made ceramics her main gig.

Erin and I bonded at an event to celebrate her work at San Francisco restaurant Hilda and Jesse. As a lawyer, she worked with foster children, and having been a foster parent myself, we had a lot to talk about both at the restaurant and while we recorded the podcast!

After earning her law degree, the San Francisco-based artist practiced land-use and child-welfare law. But the call of her art was always making lots of noise at the back of her mind, and after giving birth to her third child, she decided to make an enormous change: she would pursue her art, but not just as a hobby—as a full time business.

Her focused approach—she marks every ceramics-related task on the family calendar—has paid off.

Erin is now a professional artist known for her texturally-rich tableware. She partners with restaurants and interior designers to create site-specific pieces, all by hand on her potter’s wheel. You’ll find her work at restaurants including Hilda and Jesse, Californios, Nightbird, Sorrel and Pasta Bar.

Listen to our conversation to find out how she made the seemingly unlikely transition from lawyer to potter a very successful one.

Links: 

Erin Hupp Ceramics

Erin on Instagram

Advokids

Californios

Hilda and Jesse

Windy Chien

Blink by Malcolm Gladwell

Noz Nozawa

Erin Hupp + Hilda and Jesse article at Forbes

The Upgrade by Louann Brizendine

The Female Brain by Louann Brizendine

Video and audio editing by Sofija Jovanov.

Erika Kullberg is back to share another one of her helpful money-saving tips. The money-savvy lawyer has blown up on social media with her clever videos featuring the tagline “she reads the small print so you don’t have to.”

From investing advice to details on how to save while traveling, including her video we detailed about what airlines don’t want you to know, Kullberg has numerous helpful tips.

The latest video to catch our eye was titled “What FedEx doesn’t want you to know,” and of course, we HAD to know.

FedEx’s Money-Back Guarantee

So, what are the juicy deets?

According to the video, if a package you send using FedEx is late, you are entitled to a refund or a credit. As Kullberg points out, according to FedEx terms, even if a package is 60 seconds late, the money-back guarantee still applies.

Whether you’re shipping your mom a present for mother’s day or getting important documents sent for a business venture, shipping times matter! This is especially true if you’re paying extra to ensure your package arrives on time.

To get a better idea of FedEx’s money-back guarantee, we took a closer look at their guidelines.

The Stipulations To Receive A Refund Or Credit

According to FedEx, shippers are entitled to request a refund or credit if a package missed the published or quoted delivery time, even by 60 seconds, for US and International Express orders. Note that this applies to Express orders, which are aimed at faster delivery times. Another key phrase here is “may request,” which means it is on the shipper to reach out to receive their refund or credit.

The money-back guarantee also applies to other shipping types as well, but the 60 seconds bit isn’t applicable in all situations. For example, FedEx Ground shipments can request a credit only, and that only applies if the package was not delivered on the standard scheduled delivery day.

Beyond the shipping type, other factors including holidays and account status can impact the money-back guarantee. As such, it’s a good idea to inquire with an employee or check out FedEx’s website for full details.

It’s also important to note that this guarantee only applies to the party shipping a package, not the one receiving. Although, if you are waiting for a package from a friend that is late, giving them a heads up is a lovely gesture!

So, give your girl Erika Kullberg a follow to find out all the secrets for saving money, making money, and getting as much out of a system that tries to hide things in the fine print.

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Working in fast food is not an easy gig—no matter what position you hold in the restaurant. For many of us, a fast-food job is an entry point into the workplace as a teenager. It’s an opportunity to learn job skills while earning your first paycheck.

For others, fast food restaurants offer good opportunities for advancement. You can work your way up through a company and earn six figures by running multiple locations–at least, that’s the way it used to be.

As many states and companies are raising their minimum wage, combined with the pandemic causing a seismic shift in the job market, fast-food jobs are starting to look a lot different.

Now, fast food restaurants are offering starting wages as high as $15 per hour or more, according to Indeed. But there are still significant labor shortages. At least, that’s what those in ownership and management are saying.

Bosses Vs. Workers

A Twitter post from a Florida-based Jimmy John’s recently went viral because it featured two signs on the door of a shuttered location. In the image, the note from the location’s owners read:

“This location is temporarily closed due to labor shortage. We are in the process of restaffing to return to normal operations and would like to apologize for the inconvenience. Thank you for your patience.”

The second sign came from a former employee, who wanted to share their two cents about why this particular Jimmy John’s was closed.

“There IS no labor shortage!! The owners of this establishment treated their employees like dogs, never once helping us out—they don’t even live in Florida. All employees (including management) were students and did a great job keeping the store running with no help from owners. The past few months of crappy business have been the result of lazy, careless ownership.”

Support For Workers

With the great resignation starting in the summer of 2021, fast-food restaurants have been struggling to remain fully staffed. Despite the fact that most fast-food workers are making way more cash than ever before.

For many fast-food chains, this is speeding up the transition to fully-automated locations with touch screen/app/online ordering. Which significantly reduces the number of jobs at each location.

On social media, the support for the worker side of the argument is incredibly vocal. One commenter wrote, “shoutout to all the workers refusing to take s****y treatment, not to mention lies, from the bosses and owners.”

No matter which side of the issue you fall on, the one positive is that these unhappy workers were able to quit and find employment elsewhere. Hopefully, they landed somewhere with better conditions and pay structure.

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Today’s episode features Nina Lorez Collins, chief creative officer for Revel, an events and community platform for women over 40. She’s also the founder of The Woolfer, which Revel acquired earlier this year.

In 2015 she started a closed Facebook group called What Would Virginia Woolf Do?, which eventually became The Woolfer. That led to a book with the same name, plus the subtitle: As I Attempt to Age Without Apology.

As we discuss in the podcast, the idea of aging without apology resonates for me because as I  get older, I feel like I should be sorry for getting old—like I’m letting people down somehow.

But things are changing: Revel was founded (with VC funding)  by two women in their thirties who saw the value in women in our 40s and 50s.

Nina is a graduate of Barnard college and has a master’s degree from Columbia narrative medicine. She has a long professional background in book publishing both as a literary scout and an agent. She serves as a trustee of the Brooklyn Public Library, and board member of the publishing house Spiegel and Grau.

Nina also manages the literary estate of her late mother, the filmmaker and writer Kathleen Collins.

Links:

Kathleen Collins

Nina Lorez Collins

Nina Lorez Collins on Instagram

Revel

Revel on Instagram

The Woolfer on Facebook

What Would Virginia Woolf Do? And Other Questions I Ask Myself As I Try To Age Without Apology

Womaness

Kindra

No. 6
Beklina

Weight Watchers

The Fuck It Diet

Tabu

It’s been announced that January 24th is the official start of the tax filing season. This means it’s that time of year again to buy some pricey tax software and prepare your return on your own, hire a tax prep pro, or take advantage of the Free File Program from the IRS.

If you are one of the many American taxpayers who use the IRS Free File Program, though, the tax prep process will look a bit different in 2022. TurboTax—which has been criticized in the past for some questionable tactics—has exited the IRS Free File Program.

TurboTax is the second big brand name in the tax world to end its participation in the Free File Program in just two years, as H&R Block dropped out in October 2020. The news of TurboTax’s decision was actually released last summer. But since most people’s minds weren’t on taxes at that time, many taxpayers are learning about this surprising news now.

“Intuit has elected not to renew its participation in the IRS Free File Program and will no longer be offering IRS Free File Program delivered by TurboTax,” the website claimed.

What Is The IRS Free File Program?

The IRS Free File Program is a tax prep and filing option that gives eligible taxpayers access to brand name software programs–without the costly fees.

If you qualify, you can skip out on paying $50 or more for tax software to prepare your return. Instead, you get access to online software for free that prompts you with key tax questions, calculates the bill or the refund, and allows you to file your return electronically.

According to the IRS instructions, if your adjusted gross income was $73,000 or less in 2021 then you can use free software to prepare and electronically file your tax return. If you make more than $73,000, you still have the option of using free file forms.

According to USA Today, approximately 70 percent of American taxpayers qualify for at least some of the services offered by the IRS Free File Program. But, just a tiny fraction of those who qualify actually use the program.

IRS data showed that just 4.2 million taxpayers used one of their free online partner products that were available via the Free File Program in 2020. 4.2 million is a low number considering that year the IRS processed more than 150 million individual electronically filed returns.

Why Is Participation In The Free File Program So Low?

It’s been two decades since the IRS began partnering up with tax software companies for the Free File Program. In the special deal, the IRS agreed that it would not compete with these companies by offering up its own tax prep software. In exchange, the participating companies offered free tax return software to a percentage of the American tax-paying population.

Participation in the program has always been relatively low, though. Intuit’s TurboTax, H&R Block, and other partners of the Free File Program have faced criticism thanks to a 2019 ProPublica investigation.

This investigation detailed how TurboTax was limiting the reach of the program because they were making it difficult to find online. Instead, these companies were directing users to products that weren’t free. What’s more, the report revealed how Intuit added code to TurboTax’s Free File Program landing page that actually hid it from Google and other search engines.

In response to the ProPublica report, the IRS announced changes to the program. One of those changes was tax prep firms agreeing to no longer exclude “Free File” landing pages from internet searches.

How To File Your Taxes For Free

The IRS recommended that taxpayers use the term “IRS Free File Program delivered by (software provider)” when searching for the Free File Program. Or you can simply click here to access the IRS Free File Program and their fillable forms.

If you’ve used IRS Free File in the past, you will receive an email this tax season from the company you used. This email is required for returning customers and includes a link that will direct customers back to their official IRS Free File services.

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As the old idiom goes, nothing is certain but death and taxes. But what about death taxes? Can those be avoided? Taxes are part of daily life in America—from sales tax to gasoline tax to the FICA tax. There’s also income taxes, property taxes, sin taxes… the list goes on and on. When you add it all up, Americans spend an average of 29.2 percent of their income in taxes each year, according to Debt.org.

Even though you are already giving the government more than 29 cents of every dollar you earn during your lifetime, your heirs might end up getting taxed again when you die.

Depending on what state you live in, your heirs or your estate can get hit with a death tax bill—either an inheritance or an estate tax. Or vice versa, you can get hit with a death tax bill if you receive assets from a family member or friend’s will.

What Are Inheritance And Estate Taxes?

Inheritance and estate taxes are related to wealth transfer after death. They are essentially the same thing, the only difference is who pays the bill.

According to Investopedia, an inheritance tax is imposed on someone who receives assets from the estate of a deceased person. However, an estate tax is levied on the actual estate before assets are distributed.

These taxes have a reputation of being the last twist of the taxman’s knife, since they are imposed on your assets or heirs after you die.

Inheritance and estate taxes—aka “death taxes”—have been legislated in a number of states across the country. At the federal level, there is only an estate tax. But that won’t be an issue for 99.9 percent of us.

The federal estate tax exempts the first $11.7 million in assets for an individual and $23.4 million for a married couple. It doesn’t kick in until after those levels, and the federal estate tax can have a rate as high as 40 percent. The idea behind the federal estate tax was to prevent tax-free wealth in perpetuity among America’s wealthiest families.

Instead of dealing with the IRS, the inheritance and estate taxes that non-multimillionaires encounter are at the state level. Each state has different rules. And, depending on the size of the inheritance, each beneficiary could possibly have a different tax bill to take care of.

This is because inheritance tax rates also depend on the beneficiary’s relationship to the deceased, not just the state they are in. In each state, there are certain types of relationships that are exempt for an inheritance tax.

These States Don’t Collect Death Taxes

There are 32 states that do not collect any sort of death-related taxes. If you and your beneficiaries live in any one of these states, there are no inheritance or estate taxes imposed on wealth transfer. They include:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Kansas, Louisiana, Michigan, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.

However, if you live in one of these states and you inherit a home, business, or bank account that is located in a death-taxed state, an inheritance or estate tax might still apply.

The State Details

Currently, 16 states and Washington, D.C. have either estate or inheritance taxes. Only five have inheritance taxes—New Jersey, Nebraska, Iowa, Kentucky, and Pennsylvania. But that number will fall to four by 2025 because Iowa is eliminating its inheritance tax.

Twelve states have an estate tax: Washington, Oregon, Minnesota, Illinois, New York, Maine, Vermont, Rhode Island, Massachusetts, Connecticut, Hawaii, and the District of Columbia. Maryland is the only state that has both an estate tax and an inheritance tax.

The two states that have the lowest threshold for estate taxes are Massachusetts and Oregon. They impose taxes on all estates worth $1 million or more.

The highest estate tax rate in the country is in Washington at 20 percent. However, it’s only applied to the portion of an estate’s value greater than $11,193,000.

Organization Is Key

When you know that you will be receiving an inheritance—or if you are planning for your retirement and don’t want your kids getting hit with a massive tax bill—organization is key. Wealth transfers can be a huge blessing. But if they aren’t planned for properly, they can end up leaving a huge tax burden.

Holding an intergenerational family meeting with an estate planner and legal advisor—when everyone is healthy and in good spirits—is a smart move. They can explain to everyone what the implications are for the wealth transfer in each state where an asset is held. Then, you and your family can plan accordingly.

Trying to discuss financial matters while in mourning isn’t wise. And this kind of topic requires research, planning, and consultation with professionals.

Planning For Death Taxes

Including a strategy for death taxes as you build your wealth and plan for retirement is a good idea. Options like establishing a trust, donating to charity, and gifting assets can help you and/or your family avoid probate court and minimize disputes.

There is no one-size-fits-all approach when it comes to planning for your retirement and a wealth transfer. However, putting together a plan for your assets to end up with the most important people and causes in your life—instead of with the taxman—is a smart financial move. Especially if you and your beneficiaries live in a death tax state.

We’re almost two years into the pandemic’s new “normal.” Once rare occurrences are now routine. We conduct most of our business at home–from work to leisure to shopping. As a result, the need for delivery drivers and at-home service providers has skyrocketed.

But the pandemic didn’t just change our way of life. It also altered how we keep things running. 

Under these new circumstances, tipping culture has also changed. This may come as a surprise to some, but in a post-pandemic world, tipping isn’t just for bartenders and hairstylists anymore.

Adjusting To The New Normal

Despite early fears, COVID-19 has not deterred us from spending money. In fact, June 2021 marked the ninth consecutive month of US retail growth. Additionally, e-commerce sales have grown a whopping 95 percent since June 2019. 

However, this surge isn’t good news for some industries. The delivery industry, which was already stretched thin, is especially feeling the brunt of this sales spike.

As we enter the second year of the pandemic, it would appear that this new normal is here to stay. And with that new normal comes a new tipping culture.

The New Normal Tipping Culture

Even before the pandemic, the US had a strong tipping culture. We were already used to tipping servers, bartenders, hairstylists, nail techs, and other special service providers. In fact, the US tips more than any other country. So, it’s unsurprising that we carried this tradition over into the pandemic. Except this time around, there seemed to be even less rhyme or reason. 

As Toni Dupree, professional etiquette coach, told Reader’s Digest, “we were just tipping based on emotion. That may or may not have had anything to do with the actual service.” 

Indeed, the early days of the pandemic were emotional. The restaurant industry saw a slight rise in tips when we first started calling essential employees “heroes.” But pandemic fatigue quickly set in, further muddying the waters. Suddenly, our usual tipping culture was confusing and hard to navigate. 

Do we tip normally, or are we still under special circumstances? Do these new services require tips? Who shouldn’t I tip?

From Deliveries To Dog Grooming

According to etiquette professional Lisa Grotts, there’s a lot to catch up on. Grotts told Reader’s Digest that “the rules about whom, how, when, and how much you should tip have changed.” 

Tipping waiters and bartenders has always been good etiquette. But now, it’s also appropriate to tip food delivery drivers, personal grocers, and yes, even on take-out orders. 

For hospitality workers like valets, door hops, and housekeepers, Grotts suggested a $5-10 tip. Reader’s Digest also recommended tipping delivery drivers based on the frequency and size of the deliveries.

Tipping hair stylists, nail techs, and tattoo artists is also typical. In a post-pandemic world, this norm also extends to personal trainers, handypersons, and house cleaners. 

However, not everyone requires a tip. You don’t need to tip teachers, doctors, or lawyers. Nor do you need to tip government workers, who wouldn’t be able to accept anyway. 

Independent contractors often set their own prices. So, a tip isn’t entirely necessary. Still, tipping is an excellent way to express your gratitude if you feel the service was excellent.

To Tip Or Not To Tip?

These new tipping norms can seem overwhelming for the over 37 million people living below the poverty line. People who’re living paycheck to paycheck often don’t have the cash to spare. 

As a former waiter myself, I do find merit in the old adage, “if you can’t afford to tip, you can’t afford to eat out.” But in reality, it’s a bit more complicated than that. 

Not all of the services included in the new tipping culture are superfluous, like a trip to the bar. People in quarantine need personal grocers. Appliance and home repairs are necessary expenses. 

If the person obtaining these services can’t afford an extra tip, does that make them unworthy of the service? In a word: no.

Whose Responsibility Is It?

The responsibility of fair compensation shouldn’t be on the consumer alone. For most services that accept tips, the corporations who employ the workers also need to be accountable. They need to provide their workers with a living wage.

“One of my favorite quotes, by George Eliot, says, ‘what do we live for if not to make the world less difficult for each other?’” Dupree said. “Tipping well is one way to make things a little easier for someone else.”

Because we won’t win the fight against tipping culture by just not tipping. That only hurts the worker, not the cause. 

When the COVID lockdowns started nearly two years ago, we were forced to find new ways to work and be productive from home. With offices and other public workspaces quickly shuttered in an unprecedented way, the way we communicated with colleagues and clients immediately changed.

The transition to remote work meant no in-person meetings or brainstorming sessions, no water cooler conversations, no client lunches, no office banter, and no after-work happy hours. For many of us, a regular day at the office was replaced with zoom calls in front of a laptop and working while wearing sweatpants.

At first, remote work may have felt like a much-welcomed opportunity. A bit of a stay-cation, if you will. But for many, the isolation at home, the lack of structure and organization, and the absence of co-workers wasn’t a positive change.

Recapturing That Feeling Of Working In-Person

Working in an office and collaborating with a group of people—with breaks to socialize–can be a catalyst for productivity. That human connection can feed creativity. So when COVID took that away, Los Angeles video director and visual effects artist Cache Bunny came up with a solution.

At first, she started streaming her editing work on Twitch. But streaming for five to eight hours each day was unsustainable. She quickly jumped to Zoom, started a call, and turned it into a never-ending coworking and social community.

The Never-Ending Zoom Call

In the spring of 2020, Cache Bunny started a call on Zoom titled Edit.Party—free for anyone to join—with the idea of it being a “virtual WeWork” spot. The goal was to provide the social element of an office to remote workers who spend most of their day alone, staring at a screen.

“I realized I don’t want to be showing my work necessarily. I don’t want to be talking at all. I really just want to be alongside people while they’re also focused,” Cache Bunny told Insider. “So then that’s where I kind of came up with the idea for the format.”

She said that within an hour of posting, people from all over the world started to join. It was immediately clear to her that everyone on the call was “cool and had similar creative goals.”

Members can log on at any time day or night, and feel less alone while they work because someone is always online.

On average, around 50 people are part of the call at any given time. And, it NEVER ends. The continuous call has been going on for 20 months and counting, and there’s no sign of it ending anytime soon.

How It Works

When you enter Edit.Party, it will look like any other Zoom call. In grid mode, you’ll be able to see the faces of everyone who has joined along with their names and social handles—but they aren’t from a specific company. The call hosts users from 72 countries around the globe.

People from a variety of professional backgrounds—musicians, coders, analysts, video editors, writers—are working while on the call and everyone has their mics silenced. To minimize distractions, a mix of EDM, Lo-Fi, and indie tracks play in the background.

If you want to communicate with others on the call, you simply join the ongoing chat located on the sidebar. That chat box is filled with people sharing different things about themselves and their work.

“It felt so nice to be able to come into a 24/7 open space full of amazing creators and just have people to edit with or hang out,” video content creator Jacob Rodier told Insider. “We even had a meetup recently where I met some of them in real life.”

The Edit.Party Culture

The call has evolved over the past few months and developed its own workplace culture. There are things like “Focused Sprint” sessions, where users can completely mute their computers to concentrate on a project for a specific amount of time.

Users claim that exercises like these help to hold themselves accountable for the time they were spending on work. And, at the same time, have the support of others who were doing the same thing.

Throughout the workday, users on the call will see others doing everything from eating lunch to wrangling their pets to chatting with roommates. But mostly, everyone is there to do their work.

“I have all my friends with me and they’re also being productive,” Cache Bunny said. “So it just sort of turns something that was once the least social activity in the world into this fully social activity.”

If you are easily distracted while working—or don’t like the idea of a webcam capturing the inside of your home for hours every day—Edit.Party might not be the remote work option for you.

But if you are still stuck working at home by yourself and have a desire to interact with “co-workers”, Edit.Party might just be the stimulating work experience you’ve been looking for. And, you can still wear sweatpants.

A recent TikTok video has fueled the long-running debate over tipping, which is quite the hot topic in our current economy. Who should be paying a server’s wages—the employer or the customer? And, if you can’t afford to tip a “proper” amount, should you go out to eat in the first place? The opinions are strong—and they are extremely mixed.

The Great Applebee’s Debate

In a TikTok video, an Applebee’s employee at the Staten Island, NY location showed off a credit card receipt left by a customer. It shows the server was given a tip of $6.55 on a $73.45 dinner bill, for a grand total of $80. On the receipt, the customer wrote, “You was great holidays are just rough right now.”

The tip amount was noticeably less than the “gratuity examples” of 18 percent ($12.14) and 20 percent ($13.49). In the caption, the user asked for thoughts about this tip amount.

It’s An American Thing

Tipping your server is a common practice that’s become expected in America, unlike other countries across the globe. Restaurant waiters and waitresses are legally recognized as “tipped employees,” which means they will receive what’s called a “server’s wage” from their employer.

This amount is usually just a small percentage of a state’s minimum wage. In my state, the server’s wage is $2.13 per hour. It’s been that way since I started waiting tables back in the mid ’90s.

If a server doesn’t earn enough tips to at least get to their state’s hourly minimum wage during the scheduled workweek, then the employer is responsible for paying the difference. That means all servers make at least minimum wage no matter what. But, there’s also the opportunity to make well above that rate.

In my serving experience, those Wednesday lunch shifts when I took home $20 bucks were forgotten during the Saturday dinner shifts when I took home $200.

Who Should Pay?

In the TikTok video’s comment section, opinions on tipping came pouring in. The two most popular were, of course, polar opposites. One side claimed tipping should be “banned” and that employers should be required to pay servers more.

“Ban tipping. Force the restaurants to pay servers living wages,” one user wrote. Another added, “Tips shouldn’t even be a thing. Waiters should be paid like other jobs and tipping should be banned like in other countries.”

The other side argued that servers know the compensation structure of their job and should find another job if they aren’t happy.

“Tips aren’t mandatory. They left a note. Be understanding. You chose this line of work. Roll with the ups and downs with waitressing. That’s life,” one user argued. Another added, “Tips are voluntary, not mandatory. People know the job they sign up for doesn’t guarantee tips. What a sense of entitlement.”

One server chimed in and wrote, “As a server, I love what I do. Sometimes you’ll get a bad tip. It happens, then someone else comes in and double tips and makes up for it.”

The pro-tipping side also argued that if you can’t afford to pay for service, then you shouldn’t be eating out.

Should servers have to depend on tips to make a living? Or, should employers be required to pay a higher fixed wage? For now, it’s up to their customers to give them a pay bump for performance.

American work culture has been a hot ticket topic lately. According to a survey conducted by HR Drive in 2021, nearly half of US workers were earning less money than they thought they deserved. Moreover, benefit packages and work expectations can widely vary from employer to employer.

The pandemic appeared to put a lot into perspective for many, leading to headline after headline of employers struggling to find desperately needed help. While some businesses are trying incentives such as hiring bonuses, others have turned to a more inventive approach.

This senior manager, who shared their proposal on Reddit’s Antiwork thread, attests their new approach has been highly effective, despite raising a lot of eyebrows.

Less Is More

“During COVID, our revenue skyrocketed as we were all able to work from home in a high demand industry,” the manager wrote. “My boss, the business owner, asked for my input in how we reward the team.”

The manager’s boss suggested a team activity or Christmas bonus as potential rewards. I speak for all introverts when I say a “team activity” sounds more like a punishment than a perk. And a Christmas bonus? Well, I’d spend that by December 31st. 

Luckily for this small firm’s employees, their manager agreed. The manager began questioning “why we spend so much of our life working just to get by.”

“So, I put together a proposal,” the manager continued. “Let’s work less and give everyone more space in their personal life.” 

The company’s boss accepted the proposal four months before the manager shared their story on Reddit. “All I can say is, wow,” they wrote. “What a difference it’s made to the team happiness—with no decline in revenue.” 

Optional Mondays? Yes, Please

The manager outlined their proposal in three parts. The first reward was a permanent pay increase of 10% to all staff.

Additionally, each employee got an extra five days off per year. “I come from a country where four weeks is standard,” the manager added. “So, this increased to five weeks total.” 

Finally—and perhaps the best perk yet—the firm made Monday an optional workday. “Finish all your work from last week? Great, don’t come in,” the manager continued.

“The week officially begins on Tuesday, and that’s when we meet together. Feeling a little behind? Your Monday is for you to catch up from home. And you don’t have to meet or work with anyone else.”

A Cure For Turnover

The manager explains that before this proposal, the small firm wasn’t doing too hot. With less than 30 staff members, the firm was more of a start-up than an established company.

“This company had a terrible turnover,” the manager said. But after implementing the new perks, employees were happier. They stuck around and worked hard. It was an obvious win for the employees, but the boss gained something, too. 

“I believe this experience taught [the boss to have] respect for your workers,” they wrote. “[They] allowed me to pitch an idea to spend money on the team.” 

By doing so, the firm could “save stress and potential money loss in the future.” 

Of the thousands of commenters on this now-viral post, many found this well overdue.

Reddit Responds

“Hopefully, this is the outcome of this ongoing labor revolution,” one user commented about the manager’s proposal. 

“The companies that realize they need to pay a fair wage and treat employees like human beings will thrive. And the rest will be slowly choked out of the market by lack of labor,” they continued. 

Others added that this is a no-brainer. “We’re only alive for a limited time. And if we are lucky, we’ll spend a third of our waking hours in the prime of our life at work.”

“Companies will literally save money in the long run if they just pay a little more to keep people happy,” another user commented. “It doesn’t even have to come from the profits. Just take that pizza party money, and put it to better use.” 

It sounds like at least one small firm has finally turned hip to this way of thinking. Now, it’s time to start pushing for this to be the new norm—not the exception.

Before the COVID-19 pandemic, working from home was reserved for the sick, elite, or self-employed. Fast forward to 2021 and WFH has become the new norm. And with new norms come new hacks for making our work lives easier. One TikTok user shared her hack for keeping pestering supervisors off her back while working from home. 

While some fellow WFH-ers were appreciative of the trick, others were concerned that it was even necessary. As one user commented, “say you live in America without saying you live in America.”

Going To The Bathroom Free From Paranoia

One reoccurring theme with employers quickly setting up WFH policies concerns tracking how productive employees really are from the privacy of their own homes. While some take extreme measures like installing surveillance software, others simply rely on that ‘active’ status indicating someone is online. Yet the latter can present its own unique set of issues, one for which TikTok user Leah Ova has developed a solution to address.

“If you carry your laptop around with you because you’re so paranoid that [in] the 30 minutes you spend away from your desk, your computer will go to ‘away,’ and you will be fired because no one will think you’re doing any work, I have something to recommend,” Ova said. 

She then pans the camera down to reveal a small, sleek gadget she called a “mouse-mover.” Her Apple mouse sits on top of the gadget, swerving left to right. 

“It’s called a mouse mover, and it moves your mouse while you’re away,” Ova explained. “So, you can go to the bathroom free from paranoia. Yes, I need help.” But other users quickly pointed out it isn’t help she needs—it’s something else entirely.

The American Workplace Experience

Most users didn’t think Ova needed help. Rather, they thought she needed a new job, therapy, boundaries, or all three. 

“What kind of company are you working for to be afraid [of being] fired because of 30 minutes?” One TikTok user commented. “If people are micromanaging you like that, then you need a new job,” another user added. 

However, hundreds appreciated the advice and said that they planned on buying a mouse mover, too. Hundreds more offered DIY alternatives to a new gadget. 

Some WFH hacks included technical tricks, like Caffeine, or adjusting your computer’s sleep settings. Other tricks were more creative. “The nail polish bottle on the shift key has worked wonders for me,” one user wrote. 

The online response to Ova proves that while this is a common issue, that doesn’t make it any less troubling. “Tell me you have no labor laws without telling me you have no labor laws,” one user commented. Another added, “is America ok?”

WFH Rights Are Slim To None

Unfortunately, the answer is no, America isn’t okay. When it comes to monitoring, American workers have little to no say in the matter. As the Washington Post reported in August 2021, employers are more equipped than ever to spy on their workers. 

Among other things, US employers can access how often you type, your webcam, which sites you visit, and your emails. What was once a novelty is now the norm. 

When the pandemic first began, “30 percent of large employers adopted employee-tracking software for the first time,” chief of HR for Gartner, Brian Kropp, told the Washington Post. “Now, 60 percent use it in general.” 

Common software includes Teramind, Hubstaff, ActivTrak, TimeCamp, and Interguard. There are minor differences between software, but some of the most common capabilities are also the most concerning. 

For example, Teramind can collect data from your computer’s microphone and speakers. This includes ambient noise from your home office and whoever is at home with you.

That same software can browse employee emails for profanity or other red flags. It can also search social media for negative posts and track visits to job search sites. 

If you’re wondering about employee privacy rights, don’t worry—there aren’t many. “In general, you have very, very, very light protections, if any, for employee privacy,” Emory Roane, privacy counsel at Privacy Rights Clearinghouse, explained to the Washington Post. 

So, what can you do if you don’t want to be monitored? Quit. “You can say no to the job,” Roane said. “But you probably can’t say no to that [data] collection.”

Another Way To Burn Out

To the business execs using these strategies, their monitoring is justified. When the pandemic forced businesses to go remote, many worried about a drop in productivity. 

This drop, however, was more of a hypothetical fear than a harsh reality. In fact, Mercer surveyed nearly 800 employers in August 2020. The survey found that 94 percent of employers said productivity remained the same or improved since WFH began. 

Productivity might not have dropped, but morale certainly has. Forbes reported in December that employer monitoring only intensifies feelings of isolation in remote workers. 

Moreover, an ExpressVPN study found that 56% of remote workers felt stress and anxiety due to constant monitoring. 41% spent their entire workday wondering if their employer was watching them. 

Unsurprisingly, this doesn’t create a very pleasant work environment. America is already experiencing a wave of worker dissatisfaction in the form of The Great Resignation. Monitoring will only make the problem worse before it gets better. 

Motivated and happy employees don’t require constant watching to do their work. Only overworked, underpaid, and mistreated ones do. And we’re going to need a little bit more than a mouse-mover to solve that problem.

As the holidays draw near, many people are feeling a strain on their wallets. Extra spending on gifts, decor, travel, and more can drain finances in the blink of an eye. But even factoring holiday spending out of the equation, creating and more importantly, sticking to a budget year round is no easy task.

While there are many tips and tricks out there to successfully keeping daily spend in check, sometimes it’s just as helpful to take a step back and look at where the process might not be as strong.

Turning to the experts, a professional financial planner shared the top reasons why his clients fail to keep their budgets. Spoiler: you’re likely guilty of a little of all three.

Budgeting Is Demanding

Malik S. Lee, financial expert and founder of Felton & Peel Wealth Management, recently spoke to Business Insider about budgeting.

“One of the most important parts of maintaining financial wellness is controlling your budget,” Lee began. “Although it may sound simple, maintaining a budget is not an easy task—physically or psychologically.” 

Physically, money can be at times be scarce and life doesn’t always stick to your budget. Between unplanned expenses, like a costly car repair, to rising costs, this can make the the situation all the more difficult.

Psychologically, saving money is difficult for similar reasons. Mental health is closely linked to how we spend our money. Avoiding that fact can set us up for failure and, surprise, worse mental health.

Lee’s job is to help others manage their finances. Throughout his career, he’s seen three common budgetary pitfalls. Luckily, he’s also found solutions to all of them.

Problem 1: Out Of Control Discretionary Spending

Investopedia defines discretionary expenses as costs a household can survive without. Also called non-essential spending, this category includes eating out, entertainment, vacation, gifts, and hobbies.

These expenses are often relatively small. Consequently, it can be easy to overlook just how much we spend on them each month. 

For example, a $6 cup of coffee on the way to work sounds okay. But at the end of the month, those daily trips to Starbucks could set you back $120 or more.

Solution 1: 50-30-20 Rule

Lee suggests using the 50-30-20 rule to get a handle on non-essential spending. With this rule, 50% of your net income goes toward essential costs. This includes utilities, housing, and groceries.

The next 30% of your net income can then go toward discretionary spending. The remaining 20% is reserved for savings, like emergency funds, 401k contributions, and 529 plans.

Lee also recommends constructing your budget in a way that starts with savings first, then housing, then transportation.

“By employing this top-down approach, you ensure that you pay yourself first and then attack two of the largest budget categories,” he explained.

Problem 2: The ‘Lifestyle Creep’

Accountant Thomas C. Corley defined lifestyle creep as increasing your standard of living to match your increased income. 

In a lifestyle creep, your monthly expenses increase at the same rate as your income. As a result, you notice no difference in the amount you can save—only the amount you spend. 

Lifestyle creeps can look like buying a new house or car with a pay raise. Or, it could be as simple as increasing the number of times you go out to eat per month.

Solution 2: Conduct Budgetary Reviews Bi-Annually

It’s called a lifestyle creep, not a lifestyle sprint. As such, the only way to see if your monthly habits have changed is to review your spending over a large period.

“By conducting reviews of your budget at least bi-annually, you can ensure that you are paying optimal prices, monitor inflation, and temper any temptation,” Lee suggested. 

“While I am a firm believer in enjoying the fruits of your labor, I will caution you to do so in moderation,” he warned. This brings us to our final, most common budgetary failure.

Problem 3: Too Much Impulse Spending

A recent survey found that the average American will make 12 impulse purchases a year. However, I think this data is likely on the conservative side. 

Many people succumb to impulse purchases not in spite of their financial situation but because of it. “Impulse spending offers a sweet hit of dopamine,” Lee explained, “which might soothe [financial] stress.”

This makes people living paycheck to paycheck especially prone to impulse buys. Add in the stress of a global pandemic and generally poor mental health, and it’s no wonder that Americans are turning to retail therapy.

Solution 3: Waiting Periods, Financial Apps, And Staying Offline

Lee offered several solutions to this tricky issue. Waiting periods for non-essential buys, anywhere from 48 hours to a week, can help save money in the long run. 

Financial apps like Mint and You Need A Budget are also useful for reminding yourself of short- and long-term goals. Keeping track of where your money should (and shouldn’t) go can ward off strong impulses to spend.

Finally, Lee recommends avoiding online shopping. It’s convenient but dangerous. Sure, you can buy things with the click of a button. You can also drain your bank account in the same way.

Buying non-essentials at a brick-and-mortar store can keep you more in tune with how much money you’re spending. 

And when you know how much you spend, you can get a better grip on how much you save.

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The holiday season inspires many of us to help others. We shovel driveways, bake cookies, and give to charity. But despite our best efforts, our good deeds might not go as far as we thought. 

Unfortunately, not all charities are created equal. Some charities leave a lot to be desired and don’t do as much good in the community as they claim. Some may even pocket your money for themselves, instead of passing it on to the cause they claim to support. To help your festive funds go further, we’ve collected some of the best and worst charities to donate to this holiday season. 

How To Tell If A Charity Is Good Or Bad

In a perfect world, charities would donate funds to the programs they claim to serve. However, a perfect world this is not. Luckily, there are several ways to grade a charity’s reliability. 

One such resource is CharityWatch, a nonprofit charity watchdog service. CharityWatch grades efficiency, accountability, and governance. The more reliable the charity, the better the grade. Another reliable resource is Charity Navigator, a nonprofit organization that strives to provide donors with all the necessary information when deciding where to donate.

“Charities that are A-rated generally spend at least 75 percent or more on their programs,” Stephanie Kalivas told Consumer Reports. “So, more of your money goes to the causes you want to support.” 

Where else would that money go? That depends. Some charities funnel money back into administrative and fundraising costs. Others are straight-up scams. 

Now we know where to find the facts. So, let’s see what they say.

Worst: Aid For Starving Children

At the risk of sounding like the biggest Scrooge of all time, let’s start with the Aid for Starving Children. Saving starving children around Christmas? There’s no nobler cause, right?

Er, wrong—this CA-based organization received a D rating by CharityWatch. The AFSC meets neither governance nor transparency benchmarks. Not to mention, only 44% of the funds it raises go toward starving children. 

And since the AFSC doesn’t provide financial records, there’s also no way of knowing how much of that extra 56% is going toward the top execs.

Best: Boys & Girls Club of America

Rather than filling the bellies of wealthy CEOs, opt for an organization like the Boys & Girls Club of America. The Boys & Girls Club is a top-rated organization on CharityWatch.

82% of the funds raised by the club go directly toward serving youth of all backgrounds. And that’s with massive operational overhead. There are currently over 4,300 clubs nationwide that serve nearly four million children.

Worst: Noah’s Lost Ark

Few things tug on the heartstrings quite like animals in need. (I’m looking at you, ASPCA commercials.) So, when the opportunity arises to help our four-legged friends, many of us are eager to do so. 

Organizations like Noah’s Lost Ark rely on that fact. Yet, only 51.3% of funds raised go toward the animals, according to Charity Navigator. The other 43.8% goes toward future fundraising. But to give credit where it’s due, only 4.9% is spent on administrative costs. 

Best: American Humane

If you’re a sucker for the Sarah McLachlan commercials, then you’ll be pleased to know the ASPCA received a 3-star rating from Charity Navigator. But if you want your dollar to go a bit further, try American Humane instead. 

American Humane is the country’s first national humane organization. Founded in 1877, it has a long history of improving the lives of domestic, exotic, and farm animals worldwide. 

American Humane received a 90.9 out of 100 rating (four stars) from Charity Navigator. Of the $21 million raised last year, 83.3% of that went directly toward the animals.

Worst: Disabled Veterans National Foundation

On the heels of Veterans Day, many of us feel extra inclined to serve those who have served their country. And while many reliable organizations do just that, the Disabled Veterans National Foundation is not one of them. 

The DVNF received a whopping F rating from Charity Watch and a zero-star rating from Charity Navigator. Considering only 4% of funds raised go toward veterans, this is certainly unsurprising. Meanwhile, its CEO is sitting pretty on a six-figure salary. Thank you, next.

Best: Gary Sinise Foundation

One of the best military-focused charities was started by a man who never actually served himself, though you might recognize him as Forrest Gump’s Lieutenant Dan. 

Gary Sinise started the Gary Sinise Foundation in 2011. It has since earned a 98.23/100, four-star rating from Charity Navigator. 89% of funds raised go toward honoring veterans, first responders, their families, and those in need.

Worst: Salvation Army

Last up on our “worst” list is none other than the Salvation Army. Its trademark red kettles and bell ringers are practically synonymous with the Christmas season. But to one community, in particular, the Salvation Army’s mission is anything but charitable. 

The SA is a religious organization, exempting it from tax data and, in turn, watchdog ratings. However, it doesn’t take a CPA to find the SA’s long history of LGBTQ discrimination disturbing. 

Trans activist and writer Zinnia Jones wrote a HuffPost piece in 2013 that stated, “Supporting the [SA] this season means assisting an aggressively anti-gay church in furthering its goals of discrimination.”

Suddenly, those scarlet buckets outside of Walmart seem a lot less festive.

Best: Housing Works Inc.

Like the Salvation Army, Housing Works serves the community with a chain of thrift stores, among other endeavors. The NYC-based nonprofit focuses on fighting AIDS and homelessness. 

Unlike the Salvation Army, Housing Works is a non-religious entity and boasts an impressive 100/100 Charity Navigator score. 89.7% of funds raised go toward finding stable housing, health care, job training, legal aid, and more to queer and trans people in need. 

Benjamin Franklin once said that nothing is certain in this world except death and taxes. For the past 35 years, Americans could add one more certainty to the list–every item at the Dollar Tree has a $1 price point.

But in the inflationary world we’re living in, Dollar Tree can no longer keep its one-dollar promise. The retail chain has announced that for the first time in more than three decades, they are officially raising their price point to $1.25.

Dollar Tree Has Been Testing New Price Points And Concepts

According to Retail Dive, Dollar Tree started testing higher price points at their legacy stores this past fall. They also started expanding their Dollar Tree Plus concept, which offers various products at three different price points—$1, $3, and $5.

The price increase didn’t scare customers away, though. With prices skyrocketing on everything from gasoline to aluminum cans, shoppers have been seeking out the value offered at the discount retailer.

In an interview with Retail Dive, CEO Michael Witynski said that the company had a strong finish to the third quarter, with sales increasing 3.9% from last year to $6.4 billion. But at the same time, cost pressures in this inflationary environment led to a staggering 33% drop in the company’s operating income.

‘The Time Is Right’

In their earnings release statement, Dollar Tree said that the time is right for this historic shift in the company’s pricing strategy. With increased freight and supply chain costs–and a higher cost of goods sold–they said now is the time to raise prices from $1 to $1.25.

“For 35 years, Dollar Tree has managed through inflationary periods to maintain the everything-for-one-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts for three decades,” the earnings release revealed.

“However, as detailed in its September announcement, the Company believes this is the appropriate time to shift away from the constraints of the $1.00 price point in order to continue offering extreme value to customers.”

No Going Back

For anyone who thinks this price increase could be temporary due to current market conditions, the company says that’s not the case.

Even though they are facing up to $200 million in extra freight costs amid the global supply chain bottleneck, Dollar Tree claimed their price increase is not a reaction to short-term market conditions. This change is permanent.

Dollar Tree also pointed out that the price increase will allow them to introduce new products and sizes, which will provide families with more of their daily essentials.

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PayPal has some big news for Amazon shoppers. Starting next year, users of their Venmo payments app will be able to make purchases on the e-commerce giant’s website and mobile app.

The new alliance between the two digital giants was revealed during PayPal’s recent quarterly earnings report. As RetailDive points out, this is a big win for Venmo in an “increasingly competitive payments market.”

The Details Are Coming

PayPal Chief Executive Dan Schulman told Wall Street analysts during the earnings conference call that his company’s new alliance with Amazon will have both short and long-term benefits. Considering the e-commerce giant’s hold on the U.S. market, Schulman said that PayPal “couldn’t be more pleased to be able to team with Amazon.”

Schulman believes the partnership will increase “the addressable market for Pay with Venmo,” which will be one of Venmo’s “key revenue drivers” going forward.

“I think about the journey that Venmo has been on—this obviously is a punctuation point for sure,” Schulman said.

The details about the agreement are still being worked out. Which means, an official launch date has yet to be determined. But, we do know that Amazon will start accepting Venmo sometime in 2022.

PayPal Was Linked To eBay For Nearly Two Decades

At the dawn of the e-commerce era back in 2002, eBay acquired PayPal for $1.5 billion. Over the next decade plus, the two sites worked hand-in-hand, with more than 70 percent of all eBay auctions accepting PayPal payments. And, approximately 25 percent of closed auction listings transacted via PayPal.

In 2015, they split into two separate companies while honoring the existing agreement that kept PayPal as eBay’s primary payments processor. However, the two companies announced in 2018 that they would not renew their agreement, and it has now expired.

Schulman said that PayPal’s agreement with eBay was holding back their growth potential, and they are excited to move on.

“This is obviously a very significant moment in our Venmo monetization efforts and marks the beginning of an exciting journey with Amazon, now that we are no longer constrained by the contractual obligations of the eBay operating agreement,” he said.

PayPal Is Now A Payment Option At Walmart And GoFundMe

In addition to their partnership with Amazon, PayPal has also scored a big win with Walmart and GoFundMe. Walmart now offers the PayPal payment option for both its marketplace and grocery, and GoFundMe now accepts donations via the PayPal app.

PayPal has also added their QR codes to thousands of gas stations across the country thanks to a new deal with oil companies Valero and Phillips 66.

Why pay more when you can pay less? Especially during the holidays when you’re making a list and checking it twice. Whether it’s supply chain issues, mile-long lines, or crowded stores, high prices don’t have to impact your holiday shopping! Getting familiar with price matching, a useful tool when shopping, may be worthwhile. 

Price-savvy consumers may already be familiar with this shopping hack, but we think everyone should be aware of it. So, what is price matching and how does it work? If you’re unfamiliar, it’s basically a policy where some chain retailers match competitors’ lower prices. Furthermore, some retailers match prices featured on their own websites. 

Taking advantage of price matching is a great way to save money during the holiday shopping season. However, it’s important to note, that not all stores offer the same policy. Depending on your favorite stores’ price matching, it may be worth checking how they compare to other retailers’, and if it is worthwhile to shop around.

In order to maximize your chances of saving money, here are a few general tips about price matching that everyone should know before they begin their price-saving journey. 

Money Saving Price Matching Tips And Stratergies

Saving a few dollars on batteries may seem like a win, but the real prize lies in what you can save when you begin price matching on items like electronics or home décor. But, before you reach for your wallet and buy that new Samsung Frame TV or that dreamy arched full-length mirror, it’s always best to find the best deal first. 

Yet, loyalty is what matters for some, and the potential savings from going to another store may not be worth the trouble. So, if cruising down the aisles of Target will forever and always be your jam, then so be it. Nonetheless, if they don’t have the lowest price on the hottest toy of this year, Magic Mixies, but they price match, be sure to read their policy and go to their customer service with proof of the lower price.

Furthermore, many stores with online merchandise price match their merchandise in-stores as well. In this case, price matching can save you money and shipping time (and shipping cost), owing to ongoing shortages and anticipated shipping delays. Additionally, customers can inquire if a store price is better than an online price, depending on the policy on price matching. 

Holding onto receipts has certainly proven to be worthwhile. Consider the many apps that offer incentives to shoppers for uploading pictures of their shopping trips. As a result of this, shoppers can earn points, coupons, and cashback after submitting their receipts. 

Saving your receipts to earn money isn’t limited to these money-saving apps. Take a closer look at that receipt before you throw it away. You may be able to save even more with price matching. In some cases, you may be eligible to get a refund if the price of an item drops as per the store’s price matching policy. 

With these general tips and strategies in mind, let’s then find out which mass merchants have price-matching programs, so you can start saving money right away. 

Target

While Target stores offer a price match policy, it states that it will only honor a price match for items from a qualifying store’s online deals, other online competitors, or a local competitor’s print ad.

Target’s price match policy reads, “We’ll match the price if you buy a qualifying item at Target then find the identical item for less at Target.com, select online competitors, or in Target’s or competitor’s local print ad. Price matches may be requested at the time of purchase or within 14 days after purchase.”

Walmart

Despite Walmart’s replacement of the “Always Low Prices” message, it’s still helping its customers “Save Money. Live Better”, especially with its price match policy. In line with Walmart’s policy, Walmart stores will only match prices found on their website with identical items purchased in-store. Walmart also notes that, in order for the price match to be applied, the item must be currently in stock. 

Amazon

Due to the likelihood that everyone and their uncle will buy more than one gift from Amazon this holiday season, it’s unfortunate that Amazon does not offer price matching. There are however a number of well-known stores that will match Amazon’s low prices. 

Regardless, as we mentioned earlier in our tips and strategies section, every price match policy is different, so it’s best to review them individually for more details. For instance, many companies will only offer price matching on products sold and fulfilled by Amazon.com, opposed to third parties. Here is a list of brick-and-mortar stores that will match Amazon stores.

• JCPenny
• Target
• Lowe’s
• Dick’s Sporting Goods
• Best Buy
• Bed Bath & Beyond
• Nordstrom
• Fry’s Electronics
• Advance Auto Parts

Best Buy

Best Buy may be the best place to send Santa this year if a smart TV is on your Christmas list. Despite the fact that Best Buy doesn’t offer price matching for refurbished products, clearance items, and open-box items, it makes up for this in other areas. 

Best Buy’s price match policy reports that “At the time of sale, we price match all local retail competitors (including their online prices), and we price match products shipped from and sold by these major online retailers: Amazon.com, Crutchfield.com, Dell.com, HP.com and TigerDirect.com.” 

As well as offering online and app prices at in-store prices, Best Buy also reflects in-store prices on online and app purchases. Additionally, Best Buy also encourages customers to request a refund in difference if an item’s price drops during the return and exchange period.

Home Depot

Take advantage of Home Depot’s price match policy to put more cash in your pocket this holiday season for home improvements. The low price guarantee at Home Depot is valid for both in-store and online purchases.

In their policy, Home Depot stipulates that for online purchases, price match items must be available from competitors to ship to the customer’s location. Furthermore, Home Depot will also include the price of the item(s) plus shipping costs. 

Home Depot’s “pre-purchase” policy states, “If you find a current lower price on an identical, in-stock item from any other retailer, we will match the price. Just bring the ad, printout or photo with you to the register for validation.”

So skip the sky-high prices and long lines this holiday by studying up on your favorite store’s price matching policy.

When job quality goes down, picket signs go up. Our country has a long history of labor strikes stretching back to the 1800s. Over 200 years later, the strikes have continued. 

Now, as we near the end of 2021, we’re witnessing yet another historical shift. On the heels of a global pandemic, the working class is rallying together to fight the corporate elite. 

It’s worked before. But will it work again?

The Great Resignation

In April 2021 alone, four million Americans quit their jobs. The following month, Texas A&M professor Dr. Anthony Klotz coined the term “the Great Resignation.” 

And as the year continued, that resignation kept getting greater and greater. By August, total non-farm quits reached 2.9 percent—an all-time high. 

Harvard Business Review found that mid-career employees, between 30 and 45 percent, were most likely to quit their job. Moreover, resignation rates were the highest among the tech, healthcare, and hospitality industries. 

Normally, workers quitting in large numbers signals a healthy economy. It indicates a thriving job market with ample options for workers. However, if the last two years have taught us anything, it’s that we’re not in normal times. 

It’s no coincidence that this mass exodus took place immediately after the COVID-19 pandemic.

A Toppling Workload

Before the pandemic, the labor market was a simmering pressure cooker. Rampant wage, gender, and race inequality bubbled just below the surface. The COVID-19 pandemic upped the temperature by a couple of degrees. And that’s all it took to turn a slow simmer into a violent boil, bubbling over the sides of our metaphorical melting pot. 

One of the most pressing issues is wage discrepancy. Hundreds of thousands of workers rely on minimum wage jobs to survive. But as the cost of living increases, the minimum wage has stayed the same. Now, the minimum wage is no longer considered a “living wage.” 

When adjusted for inflation, the minimum wage in 2020 was 33% lower than in 1970. This year, it’s even lower. Additionally, benefits like PTO and health insurance are unavailable to over half of the labor market. 

Then, there’s the issue of how to work. The rise of remote work caused a “Great Reshuffling,” in which workers had more time to reassess their priorities and preferences. 

Unsurprisingly, many workers preferred the freedom of working from home. Others require it, thanks to skyrocketing childcare costs. 

But the labor market isn’t made of worker bees alone. The higher-ups are feeling it, too.

The View From Behind The Desk

Employers have also had their fair share of woes. “No one wants to work” became a rallying war cry of the corporate elite as the Great Resignation started. And now, employers claim that applicants keep ghosting them. 

“I’m in the medical field, and this has been happening to us for the past year,” one employer told Slate reporter Alison Green. “Being ghosted for interviews, people not responding. We’ve even hired people who didn’t show up on the first day or return for the second. It’s unreal.” 

Fast food restaurants, gas stations, and other non-medical businesses are also experiencing staff shortages. “Short-staffed” notices have gone viral. Businesses are cutting hours. 

Indeed, no matter which side you’re on, there’s a problem in the labor market. Still, only one side has the greater leverage. 

“What’s unique about this moment,” Joseph McCartin told NPR, “is there is a labor shortage that many employers are complaining about. But it’s a labor shortage that is largely worker-driven.”

“Workers have been withdrawing from the labor market in dissatisfaction with the jobs they currently have,” McCartin continues. 

So, what are workers doing with their newfound leverage? What they’ve always done, of course: they strike.

The Result: Striketober

October 2021 ushered in “Striketober,” one of the largest increases of organized labor in the 21st century. In October alone, more than 100,000 workers participated in or prepared for national labor strikes. 

The last time America saw such a widespread strike, Ronald Reagan was president. During the PATCO strike of 1981, nearly 13,000 air-traffic controllers went on strike. Reagan fired over 11,000 of them. Thus, a fear of striking washed over the country. 

Now, under a pro-union administration, Striketober seems like the next logical step. “Workers have just come through a pandemic. The economy is just beginning to improve,” McCartin told NPR. 

“Usually, after a big crisis and when things begin to improve, workers can become more militant,” he continues. McCartin says similar strike surges happened after both World Wars and the Great Depression.

The month of October saw strikes among employees of Nabisco, Kellogg’s, John Deere, and McDonald’s, to name a few. Healthcare, higher education, and tech institutions also had workers on strike. 

But all this striking begs the question: will it work?

Strikes Beget Strikes

McCartin seems to think so, and he’s not alone. “Strikes tend to breed strikes,” he told NPR. “If workers see that strikes are being effective, then they’re more likely to use the strike weapon.” 

“Strikes can be contagious for unions and workers,” Kate Bronfenbrenner told NBC News. “Workers are looking at each other and getting inspired.” 

That inspiration doesn’t seem to be going anywhere, either. Experts predict labor strikes will continue well into 2022’s midterm elections. 

Most importantly, we’ve seen successful labor strikes before. It’s not unfathomable to think we will see similar labor shifts in the 21st century. In fact, it’s happening before our very eyes right now.

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Internet scammers have been an issue ever since the World Wide Web came into our lives back in the ’90s and they continue to get more and more creative with their techniques.

Amid what’s been dubbed “the great resignation“—a trend that saw more Americans quit their job in August 2021 than any other month in recorded history—internet scammers are posting thousands of fake job ads to steal personal info.

The Scam

According to ProPublica, ads for job postings are popping up on sites like LinkedIn, Indeed, and Facebook that promise well-paying jobs. But only if the applicant provides their social security number and a copy of their driver’s license, front and back, to “initiate” the interview process.

“These fraudsters, they’re like a virus. They continue to mutate,” said Haywood Talcove, chief executive of the government division of LexisNexis Risk Solutions, a contractor that helps state and federal agencies combat identity theft.

How It Happens

An example of the scam comes from Alexandra Mateus Vásquez, who thought she was applying for a graphic designer job with Steak ‘n Shake in December 2020 via an ad on Indeed. When contacted by who she thought was a company representative (through a Gmail account), Vásquez participated in an email interview questionnaire, which she thought was odd.

However, she continued the process and answered the questions. A few hours later she received an email offering her the position at $30 an hour. The email also asked her to share her address and phone number so they could send her a formal offer.

When that offer letter arrived, it asked for her social security number. Vásquez provided that info before she was invited to a background check via online chat with who she thought was a hiring manager.

Vásquez provided copies of her personal records and documents to verify her identity, including her state ID and green card. They also asked for a credit card number, which caused her to hesitate. That’s when she got a call from Id.me, an identity verification vendor that multiple states use to guard their unemployment insurance programs.

As it turns out, the scammer was using Vásquez’s personal info to file a fraudulent unemployment insurance claim in her name. This, says fraud experts, is the new twist to the scam.

What To Look For

These fraudulent job postings are appearing on sites all over the internet–no matter how big or small. One common posting is for an airport shuttle driver, offering $2,000 per week for a 35 hour work week.

Job seekers should also be aware that fraudsters are recreating company hiring websites that are almost impossible to distinguish from the real thing. The only difference is that the phony site will ask applicants to upload copies of their social security card and driver’s license along with their resume.

Pay Attention

According to Blake Hall, chief executive of ID.me, the company is doing its best to inform users when their identities are being used to apply for unemployment insurance benefits. But ultimately, it’s up to users to look for the scam.

“We will do as much as we can to make it clear that they’ve been scammed,” he said, “but ultimately protecting somebody from themself is a really tall order.”

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Inflation has arrived in more ways than one. For example, cringe-worthy gas prices may make you rethink last year’s pickup truck purchase. However, it’s not the only thing affecting the value of cash in your wallet. The Federal Reserve’s preferred inflation gauge hit 4.4% in September. That’s a 30-year high, well above the U.S. central bank’s preferred target of 2%.

While consumers are certainly aware that prices are going up as a result of classic inflation, there are some other types of inflation that could make things worse. “Skimpflation,” coined by NPR’s Greg Rolsalsky, could cause inflation to be worse than government statistics state. Moreover, Rolsalsky claims that many argue that the government does not properly account for such inflation in official statistics.

How The Quality Of Goods And Services Affect Inflation

For several years, former Senior Economist for the U.S. Congress Alan Cole believed the annual inflation percentages put out by the government were not as grim thanks to broad increases in the quality of goods and services. In other words, high-quality services counteract the inflation rate. Cole compares it to when you needed to go purchase a single record or CD for quite a bit of money. Now, you have access to almost all music ever published for very low rates.

On a recent trip to Vermont, Cole realized something about the current state of inflation. While staying at a hotel with a continental breakfast, Cole experienced skimpflation when he woke up for breakfast. Instead of a broad mix of items to choose from, Alan stated that it was a “sad and pitiful” breakfast. He noted that it consisted of a “plastic-wrapped, mass-produced pastry, prepackaged Raisin Bran, and lukewarm milk.” Maid services were also reduced.

What Is Skimpflation?

As of late, inflation has been pretty easy to spot. Classic inflation is when a product’s price rises, as in the case of gasoline and groceries that have steadily risen over the last few months. Labor shortages and supply chain problems are widely blamed for the skyrocketing costs and mounting delays. Nevertheless, the economy is turning to a sneakier type of inflation to stay afloat.

NPR’s Greg Rolsalsky is proposing a new term for this phenomenon: skimpflation. Rolsalsky explains that skimpflation is “when, instead of simply raising prices, companies skimp on the goods and services they provide.” While the price for these services may have stayed the same, their quality is rapidly declining compared to what it used to be.

Skimpflation Is Lurking Everywhere

Amid the surging costs of pandemic-related expenses, businesses are scrambling to stay afloat. In the midst of the pandemic recovery, skimpflation may be the solution for companies that are struggling to find workers or cannot afford to recruit. 

There are several examples of this. In some cases, it is caused by keeping shareholders happy. Disney has recently been called out for skimping on the services it provides while charging guests the same amount of money at the gate. During the pandemic, Disney removed the tram system that transported visitors from the parking lots. The trams will remain idle “for the foreseeable future,” and guests will be forced to walk almost a mile to enter the park. Disney also canned the once-free Fast Pass system, replacing it with a pay-to-ride pass. While doing so, the day ticket price didn’t drop.

Small businesses have also suffered through the pandemic, often struggling to keep their doors open. In many cases their only solution may be giving consumers less for their money.

Have You Experienced Skimpflation?

You may have experienced the nasty side effects of skimpflation already. Have you seen longer shipping times, longer lines at the grocery store, or extended hold times with customer service? All of these could be related to skimpflation if employers don’t have the capital to pay what potential employees are demanding.

Whatever the underlying issue, be shoring up profit numbers or the inability to pay, companies are choosing to cut back on the quality of their services.

So what does all of this mean? Instead of like before, where the quality of services counteracted inflation, the declining quality of services are now amplifying inflation’s cumbersome effects on our wallets. The current state of things sees increasing costs as well as lower quality services.

At the end of the day, skimpflation may be here to stay for the time being. In the meantime, it may be a good idea to adjust your budgets accordingly for the added cost of goods as well as the reduced quality of services. Whether it’s inflation itself or other factors such as skimpflation, Cole reminds us “We’re getting less for our money, and that’s fundamentally what inflation is all about.”

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