The Money with Katie Show

Tackling finances with your partner can be tricky: What if one of you earns substantially more? What if you have different philosophies about money? What if you're tired of the "roommate" model of splitting costs down the middle? Katie and Henah share their respective approaches on money with their partners, and what to keep in mind when combining accounts.Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every Friday.Learn more about our sponsor, Betterment: https://betterment.com/moneywithkatieLearn more about our sponsor, HOKA, and shop now for the HOKA Clifton 9: https://www.hoka.com/en/us/-Mentioned in the Episode Money with Katie blog on combining finances: https://moneywithkatie.com/blog/how-we-combined-finances-for-marriage Money with Katie blog on how to consider combining money: https://moneywithkatie.com/blog/what-to-consider-when-combining-finances-with-your-partner -Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!Instagram - https://www.instagram.com/moneywithkatieTwitter - https://twitter.com/moneywithkatieTikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement is a new concept in human history, but the way we fund retirement is even newer. After all, the 401(k) and IRA were legislated into existence less than fifty years ago. To assume a millennial or Gen Z retirement will look anything like a boomer retirement might be wishful thinking—so this week, we’re exploring what might be a better way to structure our financial (and life!) plans.Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatieTranscripts can be found at podcast.moneywithkatie.com.—Mentioned in the Episode The Money with Katie 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner The history of retirement: https://www.theatlantic.com/business/archive/2014/10/how-retirement-was-invented/381802/ 1978 legislation on the 401(k): https://www.gpo.gov/fdsys/pkg/STATUTE-92/pdf/STATUTE-92-Pg2763.pdf Nat Eliason article on Type 1 and Type 2 fun: https://blog.nateliason.com/p/de-atomization-is-the-secret-to-happiness Replacement rate for retirement income: https://www.troweprice.com/personal-investing/resources/insights/how-to-determine-amount-of-income-you-will-need-at-retirement.html Bloomberg study on retirement: https://www.bloomberg.com/news/articles/2022-05-24/most-americans-say-1-1-million-they-need-to-retire-comfortably-is-out-of-reach?srnd=wealth-savings-and-retirement The 4% rule for retirement: https://podcast.moneywithkatie.com/the-most-dangerous-misconceptions-about-the-4-safe-withdrawal-rate/ Average social security check: https://www.bankrate.com/retirement/average-monthly-social-security-check/ The earlier you start investing, the easier it will be: https://ofdollarsanddata.com/go-big-then-stop/ Study on having higher debt when earning more: https://www.washingtonpost.com/business/personal-finance/you-may-be-surprised-by-who-carries-the-most-credit-card-debt/2019/12/20/3ea084e8-20f7-11ea-86f3-3b5019d451db_story.html Study from American Advisors Group on working in retirement: https://www.forbes.com/sites/palashghosh/2021/05/06/a-third-of-seniors-seek-to-work-well-past-retirement-age-or-wont-retire-at-all-poll-finds/?sh=5bda7b916b95 Compounding interest calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator —Follow Along at Money with Katie: https://moneywithkatie.com/Watch on YouTube: https://www.youtube.com/@MoneywithKatieFollow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2Follow the Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

"What if my dream job isn't lucrative? Is it worth finding something better or is it more valuable to stick around?" Both Katie and Henah have gone through this experience, and they reflect on how they balanced a job they loved and a lower-paying salary.Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every Friday.Learn more about our sponsor, Betterment: https://betterment.com/moneywithkatieLearn more about our sponsor, HOKA, and shop now for the HOKA Clifton 9: https://www.hoka.com/en/us/-Mentioned in the EpisodeMoney with Katie blog on "What if Your Dream Job Isn't Lucrative?": https://moneywithkatie.com/blog/what-if-your-dream-job-isnt-lucrative-Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!Instagram - https://www.instagram.com/moneywithkatieTwitter - https://twitter.com/moneywithkatieTikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

Dive into the world of investment taxes with discussions on capital gains, dividends, tax loss harvesting, and more. Explore tax-sheltered accounts, capital gains tax rates, and strategies for optimizing investment portfolios with tax efficiency. Learn how to navigate the complexities of taxation in investment income for a more financially savvy approach.

Today's rental market is a bit...complicated to navigate. Will apartment prices go up or down? How can we find options in our budget Henah and Katie chat through 10 tips for renters today, from the best times of year to look to the most valuable apps and alerts to set up.Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie).New episodes every Friday. Watch their full conversations here: https://www.youtube.com/playlist?list=PLHvvquEbj_eVTRet6cw2ZzhDux3lybWS8Learn more about our sponsor, Betterment: https://betterment.com/moneywithkatieLearn more about our sponsor, HOKA, and shop now for the HOKA Clifton 9: https://www.hoka.com/en/us/-Transcripts can be found at podcast.moneywithkatie.com.Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!Instagram - https://www.instagram.com/moneywithkatieTwitter - https://twitter.com/moneywithkatieTikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

The number of young adults living at home crested at 52% in July 2020, the highest number ever recorded (the former high was around 48%, following the Great Depression—yes, the 1930s).Understandably, this figure rocked the internet—and spawned a deluge of articles in the years since hypothesizing about the why and how. And while things have since “normalized” back to a level of around 47%, that figure is still—historically—high, and deserves a closer look.Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatieLearn more about our sponsor, Fidelity: https://fidelity.com/stocksbythesliceLearn more about our sponsor, Droplette: https://droplette.io/ and use promo code MONEYWITHKATIE for 50% offTranscripts can be found at podcast.moneywithkatie.com.—Mentioned in the Episode USA Today fact check: https://www.usatoday.com/story/news/factcheck/2021/12/23/fact-check-47-american-young-adults-live-their-parents/8672598002/ Pew Research Center data: https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-of-young-adults-in-the-u-s-live-with-their-parents-for-the-first-time-since-the-great-depression/ft_2020-09-04_livingwithparents_02/ Yahoo! Finance article: https://finance.yahoo.com/news/nearly-half-young-adults-us-073044507.html Fortune article: https://fortune.com/2022/12/13/gen-z-young-millennials-way-afford-luxury-handbags-watches-living-mom-dad-morgan-stanley/ Millennial American Dream Pt 1: https://youtu.be/51S_SpHpPDk Millennial American Dream Pt. 2: https://youtu.be/VbIQHrSAmsQ Median home values: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger SHEcession & childcare: https://podcast.moneywithkatie.com/bonus-the-shecession-childcare-and-modern-motherhood-in-the-us/ Healthcare costs: https://moneywithkatie.com/blog/category/healthcare —Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!Instagram - https://www.instagram.com/moneywithkatieTwitter - https://twitter.com/moneywithkatieTikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

We often hear about side hustles as a "necessary" thing, but are they really? Katie and Henah chat through how to pick a side hustle based on your needs, skill set, and ambitions, while sharing their own experiences along the way.Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions.Watch their full conversations here: https://www.youtube.com/playlist?list=PLHvvquEbj_eVTRet6cw2ZzhDux3lybWS8New episodes every Friday. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie) and select a few to answer.Transcripts can be found at podcast.moneywithkatie.com.-Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!Instagram - https://www.instagram.com/moneywithkatieTwitter - https://twitter.com/moneywithkatieTikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the trickiest things about investing in retirement accounts is that by the time you know how much you could’ve contributed for a tax break, it’s too late (e.g., you can only make 401(k) contributions through Dec. 31).But there are a few accounts in the tax-advantaged investing world that allow contributions right up until the tax deadline, making them incredible options for last-minute savings.After all, I prefer deductions that come from investing over deductions for spending: Why would I spend $100 to save $32 when I could invest (read: keep) $100 to save $32?Reminder: I’m not a licensed tax professional. Please consult your CPA and do your own research before making big money moves.Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatieTranscripts can be found at podcast.moneywithkatie.com.—Mentioned in the Episode The Traditional IRA: https://www.irs.gov/retirement-plans/ira-deduction-limits 3 Ways to Lower Your Tax Bill & Navigate Rollover IRA Forms: https://moneywithkatie.com/blog/3-ways-to-lower-tax-bill-rollover-ira-forms 2022 & 2023 IRA deduction limits: https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work The Roth IRA: https://www.irs.gov/retirement-plans/roth-iras Roth IRA Income Limitations: https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2022 The Backdoor Roth IRA: https://www.youtube.com/watch?v=QTODFAUIBhY&ab_channel=MoneywithKatie The Money with Katie Show on building a diversified portfolio: https://youtu.be/qTkVMGi3dFg SEP IRA Contribution Limits: https://www.irs.gov/retirement-plans/plan-participant-employee/sep-contribution-limits-including-grandfathered-sarseps Self-employment tax: https://www.ssa.gov/pubs/EN-05-10022.pdf Solo 401(k) deadline: https://www.mysolo401k.net/solo-401k-faq-when-is-the-deadline-to-open-a-solo-401k-for-2022-and-make-2022-401k-contributions High-Deductible Health Plans (HDHP): https://www.irs.gov/publications/p969 HSA Contribution Limits for 2022: https://www.fidelity.com/learning-center/smart-money/hsa-contribution-limits Saving on FICA tax via the HSA: https://www.voya.com/voya-insights/importance-educating-employers-hsa-program-fica-savings —Follow Along at Money with Katie: https://moneywithkatie.com/Watch on YouTube: https://www.youtube.com/@MoneywithKatieFollow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2Follow the Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

One reader asks: When is the cost of college worth it, given the high costs of tuition? Katie and Henah reflect on their own journeys, how the costs have ballooned over time, and other higher education options to consider.Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions.Watch their full conversations here: https://www.youtube.com/playlist?list=PLHvvquEbj_eVTRet6cw2ZzhDux3lybWS8New episodes every Friday. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie) and select a few to answer.Transcripts can be found at podcast.moneywithkatie.com.-Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!Instagram - https://www.instagram.com/moneywithkatieTwitter - https://twitter.com/moneywithkatieTikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s a bit of a trope that the millennial generation has had a rough go of it, economically. After experiencing the Great Financial Crisis during their formative years, attending higher education during a massive debt-fueled student loan bubble, and entering adulthood while home prices were juiced higher and higher, the majority of millennials are now “behind pace,” financially speaking.In 2015, Pew Research conducted an interesting survey: It found that 89% of Americans considered themselves middle class. The survey then attempted to break down what middle class wealth actually looks like, landing on a median net worth of around $125,000 in today’s dollars. I was curious how many millennials had surpassed that threshold, and as it turns out, the answer is…not many.This episode was inspired by headlines about the impending “Great Wealth Transfer,” often positioned as a solution to millennials’ money woes. But will it be? Let’s dig in.Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatieTranscripts can be found at podcast.moneywithkatie.com.—Mentioned in the Episode Fervent Finance satirical tweet: https://twitter.com/ferventfinance/status/1605581737651683330 Organization for Economic Cooperation and Development (OECD): https://data.oecd.org/inequality/income-inequality.htm 2019 Federal Reserve Survey of Consumer Finances: https://www.federalreserve.gov/econres/scfindex.htm 2015 Pew Research Study on the American Middle Class: https://www.pewresearch.org/social-trends/2015/12/09/the-american-middle-class-is-losing-ground/ Are Rich People Better Than You? Why Everything We Think We Know About Good Economics Might be Backward, With Nick Hanauer: https://podcast.moneywithkatie.com/are-rich-people-better-than-you-why-everything-we-think-we-know-about-good-economics-might-be-backward-with-nick-hanauer/ Bridget Casey's "There Is No Such Thing as a Millennial Middle Class": https://www.theglobeandmail.com/investing/personal-finance/young-money/article-there-is-no-such-thing-as-a-millennial-middle-class/ The Federal Reserve Analysis on intergenerational wealth: https://www.federalreserve.gov/econres/notes/feds-notes/how-does-intergenerational-wealth-transmission-affect-wealth-concentration-20180601.html Will ‘the Great Wealth Transfer’ Trigger a Millennial Civil War?: https://nymag.com/intelligencer/2021/07/will-the-great-wealth-transfer-spark-a-millennial-civil-war.html Visuali Capitalist chart on upward mobility: https://www.visualcapitalist.com/the-decline-of-upward-mobility-in-one-chart/ Coldwell Banker Luxury Report: https://blog.coldwellbankerluxury.com/wp-content/uploads/2019/10/CBGL-Millennial-Report_SEP19_FINAL-4a.1-1-1.pdf Not All Millennials | Generational Wealth and the New Inequality: https://www.thedriftmag.com/not-all-millennials/ —Follow Along at Money with Katie: https://moneywithkatie.com/Watch on YouTube: https://www.youtube.com/@MoneywithKatieFollow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2Follow the Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices