The Money with Katie Show

Welcome to a new kind of #RichGirlRoundup! We're trying a new format, where my Executive Producer Henah and I will pick a burning money question and discuss our answers. These new mini-episodes will drop every Friday, and every so often, we'll put out a call for questions on Instagram (@moneywithkatie) and select a few to answer.For our first conversational RGR, we have a spicy (and very complex question): My friends and family keep asking me for money. What should I do?Katie and Henah chat through their framework for loaning out money, how to politely decline, and the cultural and familial obligations associated with money. You can also watch the full conversation over the Money with Katie YouTube: https://youtube.com/moneywithkatie—Follow Along at Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow 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

This episode was inspired by a conversation I had with two other financial talking heads about how backwards it is to strip your life of all joy in the pursuit of saving every penny: “I’m not sure what they’re optimizing their lives for,” one said, “But it obviously isn’t ‘happiness.’”Friends, I plunked down in the chair after that and wrote for three hours straight (then decided I hated the first draft and basically rewrote the entire thing)—and the result was this episode.Take a trip with me to the fictional town of Ramseyville (I’m the HOA president, in this analogy) and let’s explore the ways in which the road to hell is paved with good intentions.Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie.Transcripts can be found at podcast.moneywithkatie.com.—Mentioned in the Episode 15 Things Poor People Do That The Rich Don't: https://www.youtube.com/watch?v=nllZrOoxpzc Why I Don't Eat Out At Restaurants, Even As A Millionaire: https://www.youtube.com/watch?v=OWYG_ECNyYk How Your Daily Coffee Habit Is Costing You $1 Million: https://www.youtube.com/watch?v=z5pW7bFcVN4 Jack Raines on The Money Value of Time: https://www.youngmoney.co/p/money-value-time —Follow Along at Money with Katie: https://moneywithkatie.com/Follow 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

When we were plotting our content for the last week of the year, our executive producer Henah had the brilliant idea of revisiting some of our most powerful mic drop moments from our 52 (!) episodes of The Money with Katie Show this year. We identified 5 of the best truths to carry forward into the new year.And since our entire team produced the original episodes, we figured it’d be fun to include everyone’s perspectives on these favorite clips. Whether you’ve diligently downloaded every episode or just started listening last week, this roundup is sure to get your mind right headed into 2023.Thanks to Henah, Christie, Sebastian, and Kate for joining me for this episode.Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at podcast.moneywithkatie.com.—Mentioned in the Episode The Stock Market Now & in 2023 with Liz Young: https://podcast.moneywithkatie.com/whats-coming-in-2023-the-federal-reserve-bond-markets-and-investing-in-volatility/ The Most Dangerous Misconceptions About the 4% Safe Withdrawal Rate: https://podcast.moneywithkatie.com/the-most-dangerous-misconceptions-about-the-4-safe-withdrawal-rate/ Rent vs. Buy in 2022: https://podcast.moneywithkatie.com/the-rent-vs-buy-decision-in-2022s-interest-rate-environment-and-lofty-market/ NYT Is it Better to Rent or Buy: https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?mtrref=www.google.com&assetType=PAYWALL&mtrref=www.nytimes.com&gwh=18CCF12ECC1502F6CDD50CDCD55B6B3B&gwt=regi&assetType=REGIWALL Millennials and the American Dream Part 1: https://podcast.moneywithkatie.com/part-1-money-millennials-and-the-american-fever-dream/ Millennials and the American Dream Part 2: https://podcast.moneywithkatie.com/pt-2-millennials-money-the-bizarre-american-fever-dream-the-role-of-personal-finance-education-our-collective-expectation-hangover/ The Paradox of Riches: https://moneywithkatie.com/blog/the-paradox-of-riches-being-poor-is-expensive Financial Fear: Good or Bad: https://podcast.moneywithkatie.com/how-your-money-anxiety-might-actually-help-build-wealth/ Don't Quit Your Day Job with Cinneah El-Amin: https://podcast.moneywithkatie.com/40000-to-200000-in-5-years-dont-quit-your-day-job-with-cinneah-el-amin/ Building a Six-Figure Side Hustle: https://podcast.moneywithkatie.com/building-a-six-figure-side-hustle-monetizing-content-budgeting-with-variable-income/ To Prenup or Not to Prenup with Kim Davis: https://podcast.moneywithkatie.com/to-prenup-or-not-to-prenup-with-the-fiscal-feminist-kim-davis/ Are Rich People Better Than You with Nick Hanauer: https://podcast.moneywithkatie.com/to-prenup-or-not-to-prenup-with-the-fiscal-feminist-kim-davis/ Bootstrapping #Fail: https://podcast.moneywithkatie.com/bootstrapping-fail-why-the-american-solution-to-systemic-problems-keeps-falling-short/ Confessions of a Reformed Materialist: https://podcast.moneywithkatie.com/confessional-materialism-worthiness-and-financial-discipline/ How to Become a Millionaire in 10 Years or Less: https://podcast.moneywithkatie.com/how-to-become-a-millionaire-in-10-years-or-under-oh-and-market-timing/ —Follow Along at Money with Katie: https://moneywithkatie.com/Follow 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

How much money do you have to earn in a HCOL area to become a millionaire in 10 years or fewer?A few months ago, we released an episode about how much someone would need to earn (and spend) to go from $0 to a seven-figure net worth in a decade, and a few of our listeners from NYC and the Bay Area said, “Good try, but can you triple the spending and redo this?”I’m nothing if not accommodating, and the question brought up a whole new topic for me: Is living in high cost-of-living areas worth it? Moreover, how much do you really need to earn in, say, Manhattan to avoid slowing your financial progress? If you don’t earn that much, how far “behind” are you likely to be? We’re diving in.Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the Episode How to Become a Millionaire in 10 Years or Under: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000581637513 Cost of Living Calculator: https://www.nerdwallet.com/cost-of-living-calculator Investopedia's 10 Most Expensive Cities in the US: https://www.investopedia.com/articles/personal-finance/080916/top-10-most-expensive-cities-us.asp 2022 Cost of Living in New York City: https://www.bankrate.com/real-estate/cost-of-living/nyc/ Median Sales Price of Houses Sold in US: https://fred.stlouisfed.org/series/MSPUS New York State Income Tax Rates: https://www.nerdwallet.com/article/taxes/new-york-state-tax#:~:text=New%20York%20City%20and%20Yonkers,%2C%203.819%25%20and%203.876%25. Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes#o4yUBvQUcN What Is the True Cost of Living in New York City: https://smartasset.com/mortgage/what-is-the-cost-of-living-in-new-york-city No, The Rich Are Not All Moving to the City Now: https://grist.org/cities/no-the-rich-are-not-all-moving-to-the-city-now/ Are Houses More Expensive Today, or Way Bigger: https://moneywithkatie.com/blog/are-houses-more-expensive-or-bigger 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner —Follow Along at Money with Katie: https://moneywithkatie.com/Follow 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

I’ve onboarded to four different companies in the last five years (long story), and there’s one common throughline that knits together the experiences: The first month of HR paperwork and getting the lay of the land is stressful as hell.In this week’s episode, we’re diving into the major pieces to get right (setting up employer-sponsored retirement account contributions, the “use it or lose it” benefits at your old job, and other consequential-but-tedious administrative stuff). My guest, career coach Eliana Goldstein, is joining me to discuss how to absolutely crush the first 90 days of your new job—everything from internal networking to key conversations to fast-tracking promotions. Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the Episode How to Find a Well-Paying Career You Love: Interview with Millennial Success Coach Eliana Goldstein: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000543587593 SmartAsset Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes How to Start Investing Successfully with Just Two Funds: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000562135184 How I’m Budgeting for Healthcare in the United States in the Least Frustrating Way: https://moneywithkatie.com/blog/how-im-budgeting-for-healthcare-in-the-united-states-in-the-least-frustrating-way Eliana Goldstein’s Career Upgrade Course (discount code is MWK100 for $100 off for listeners!): https://www.elianagoldsteincoaching.com/course —Follow Along at Money with Katie: https://moneywithkatie.com/Follow 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

It was only a matter of time before The Money with Katie Show tackled the Goopification of wellness (even “wellness” seems like a term that’s been co-opted in the last decade). In the US, this industry is worth $212 billion—and growing 11% annually. People be spendin’ some money.What if commercialized self-care is really just a millennial pink Band-aid for the problems endemic to our hyperspeed lives? Are we trapped in a cycle of deadlines and bath bombs and existential dread? (Just me?)This week’s episode explores the commodified self-care industrial complex and how it’s awfully reminiscent of other industries marketed specifically toward women, but with the purported benefit of being ~good for you~. Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the Episode High-maintenance spending habits: https://moneywithkatie.com/blog/high-maintenance-is-expensive-how-i-went-from-a-320mo-girly-budget-to-a-negligible-one That Girl: Wellness Shouldn't Be Work: https://www.youtube.com/watch?v=0hVlxNGPvDo Wellness industry analysis: https://www.statista.com/outlook/dmo/ecommerce/beauty-health-personal-household-care/personal-care/worldwide Aisha Harris's A History of Self-Care: http://www.slate.com/articles/arts/culturebox/2017/04/the_history_of_self_care.html Global Wellness Economy: https://www.hospitalitynet.org/news/4108643.html Millennials and the American Dream: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000578662240 What is the American Dream Now?: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000579420509 Bootstrapping #Fail: Why the American "Solution" to Systemic Problems Keeps Falling Short: https://podcasts.apple.com/us/podcast/the-money-with-katie-show/id1589146097?i=1000582372410 Statistic on adult anxiety disorders in the US: https://www.nami.org/About-Mental-Illness/Mental-Health-Conditions/Anxiety-Disorders Chelsea Fagan's 7 Common Self-Care Tips That Actually Make You More Stressed: https://www.youtube.com/watch?v=CfkM6pM6HvI U.S. News & World Report survey on financial anxiety in Americans: https://money.usnews.com/credit-cards/articles/two-thirds-of-americans-experiencing-financial-anxiety#:~:text=Survey%3A%20More%20Than%2067%25%20Are,Anxiety%20%7C%20Credit%20Cards%20%7C%20U.S.%20News Research on poverty & the developing brain: https://dana.org/article/poverty-and-the-developing-brain/#:~:text=Children%20growing%20up%20in%20poverty,adaptive%20behavior%20patterns%2C%20and%20learning. Financial Independence Tracker: https://moneywithkatie.com/new-2023-wealth-planner —Follow Along at Money with Katie: https://moneywithkatie.com/Follow 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

Finally defeated your high-interest debt and got your cash flow under control? This week’s episode is for you, baby! If the 401(k) vs. IRA vs. HSA vs. everything else conundrum has you frozen with indecision, look no further than this week’s podcast episode for a framework that’ll help clarify these types of decisions so you can move forward with confidence in the new year. Even if you feel like you’ve got a relatively good grip on your investment strategy, this refresher may help you consider things in a new (and more lucrative!) way.Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the Episode The Traditional 401(k) vs. Roth 401(k) Debate: https://moneywithkatie.com/blog/the-final-traditional-vs-roth-debate-traditional-wins Roth IRA Conversion Ladder Discussed in Episode 36: https://www.podpage.com/money-with-katie-show/deep-dive-set-yourself-up-to-pay-no-penalties-or-taxes-in-early-retirement/ The Math Behind Early Retirement: https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/ Research on the Human Psychology Behind Loss Aversion: https://www.verywellmind.com/negative-bias-4589618 2021-2022 Roth IRA Contribution Limits: https://www.schwab.com/ira/roth-ira/contribution-limits#:~:text=If%20you%20file%20taxes%20as,214%2C000%20for%20the%20tax%20year Demographic Survey on HSAs: https://www.benefitspro.com/2021/08/20/hsas-in-the-usa-5-states-where-theyre-used-the-most-5-the-least/?slreturn=20221029084558#:~:text=As%20of%20December%2031%2C%202020,the%20end%20of%20the%20year. —Follow Along at Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow 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

I have been—by all accounts—incredibly fortunate in my career thus far, but there are a few distinct takeaways I notice when I reflect on the last five years.Since I went to a public state university and studied communications (not exactly a field with investment banking-level compensation), I figured I’d be a median earner forever.Discovering the art of the side hustle (and freelancing, contract work, and online businesses) sent me down a meandering path of trial and error that I’m recounting on the show today. When I started working, I earned $12/hour, which transitioned later to a full-time salary of $52,000. By 2021, as a 26-year-old with no advanced degree, my total cobbled-together income encroached on $400,000.Looking back on it, I realize: The rules are fake. You don’t need to study finance or medicine at Harvard to make good money (though to be fair, I’m sure those things make it a lot easier). Regardless, it’s my hope that something in this episode will spark something useful for you.Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the Episode Money with Katie's 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner Study on students who graduate from college without any debt: https://www.aplu.org/our-work/5-archived-projects/college-costs-tuition-and-financial-aid/publicuvalues/publicuvalues-resources/student-debt-by-the-numbers.pdf Building a Six-Figure Side Hustle episode: https://www.podpage.com/money-with-katie-show/building-a-six-figure-side-hustle-monetizing-content-budgeting-with-variable-income/ The Role of Luck in Financial Outcomes: https://moneywithkatie.com/blog/how-a-traffic-stop-changed-my-life-luck-randomness —Follow Along at Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow 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

It turns out Americans have been asking the wrong question: It's not, “What’s the difference between the ‘haves’ and the ‘have nots,’” but rather…“How did those in the 0.1% end up having it all?” To paraphrase my guest, entrepreneur and venture capitalist Nick Hanauer (https://nickhanauer.com/), “How do [rich people like me] manage to grab an ever-increasing piece of the pie? Is it because rich people are smarter than we were 30 years ago? Is it that we’re working harder than we once did? Are we taller? Better-looking? Sadly, no. It all comes down to one thing: economics.”My thesis? Capitalism is the economic system that creates wealth, and good economic policy is what ensures that all that wealth doesn’t accrue to a very small group of people.Learn more about our sponsor, Vin Social: http://vinsocialvip.com/.Transcripts can be found at https://www.podpage.com/money-with-katie-show/.—Mentioned in the Episode Nick Hanaeur's TED Talk "The Dirty Secret of Capitalism": https://www.youtube.com/watch?v=th3KE_H27bs Jacob Hacker & Paul Pierson's The Winner-Take-All Economy: How Washington Made the Rich Richer and Turned Its Back on the Middle Class: https://politicalscience.yale.edu/publications/winner-take-all-politics-how-washington-made-rich-richer-and-turned-its-back-middle Jared Bernstein & Karen Kornbluh's paper “Running Faster to Stay in Place: The Growth of Family Work Hours and Incomes": https://www.upi.com/Business_News/2004/07/20/Workers-put-in-more-hours-just-to-keep-up/79691090369058/ Reaganomics, FDR, & deregulation: https://origins.osu.edu/history-news/time-end-deregulation?language_content_entity=en "Reaganomics Killed America's Middle Class" from Salon: https://www.salon.com/2014/04/19/reaganomics_killed_americas_middle_class_partner/ Marginal tax rates in 2022: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets CEO pay 300x the average worker: https://aflcio.org/paywatch Reagan quotes via the Reagan Foundation: https://www.reaganfoundation.org/ronald-reagan/reagan-quotes-speeches "The Myth of the Welfare Queen" from The New Republic: https://newrepublic.com/article/154404/myth-welfare-queen The Commodity Futures Modernization Act & the 2008 financial crisis: https://scholarship.law.cornell.edu/facpub/723/ The 2000-2001 California electricity crisis: https://www.ppic.org/wp-content/uploads/content/pubs/report/R_103CWR.pdf "Voodoo economics": https://www.investopedia.com/terms/v/voodooeconomics.asp US GDP & tax revenue in the 1980s: https://fred.stlouisfed.org/series/GDP Wealth inequality & GDP growth from OECD: https://www.oecd.org/newsroom/inequality-hurts-economic-growth.htm Federal debt under Reagan: https://mises.org/library/sad-legacy-ronald-reagan-0 Revolve's Gestalt University: https://podcasts.apple.com/us/podcast/resolves-gestalt-university/id1463123745?i=1000510150469 RAND Corporation on wealth transfers: https://www.rand.org/pubs/working_papers/WRA516-1.html "The Prosperity Gospel, Explained" from Vox: https://www.vox.com/identities/2017/9/1/15951874/prosperity-gospel-explained-why-joel-osteen-believes-prayer-can-make-you-rich-trump "Amazon Denies Workers Pee in Bottles. Here Are the Pee Bottles" from Vice: https://www.vice.com/en/article/k7amyn/amazon-denies-workers-pee-in-bottles-here-are-the-pee-bottles Nick Hanauer in The New Republic, "Biden's Plan to Tax Rich People Like Me is the Best Way to Grow the Economy": https://newrepublic.com/article/163852/tax-rich-people-grow-economy —Follow Along at Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow 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

Learn how to navigate the US healthcare marketplace and avoid expensive open enrollment mistakes. The speaker interviews Sarah Khan, a healthcare executive and patient advocate, who provides valuable insights. They discuss understanding health insurance terms, the complexities of private healthcare options, and the pros and cons of different insurance plans. They also explore the tax advantages of a Health Savings Account (HSA) and offer advice on increasing 401k contributions during market losses.