Women own less, save less, carry more debt, and are less financially literate than men. That changes now.
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We asked you to vote on a question you’d like answered. The winner was:
How can I get “financially naked” with my partner?
FEATURED EXPERT:
Erin Lowry
Author of “Broke Millennial,” “Broke Millennial Takes On Investing,” “Broke Millennial Talks Money,” and “Broke Millennial Workbook”
There are two steps to getting financially naked with your partner. The first is picking up on context clues. Pay attention to the kind of lifestyle your partner says they want. Look at the kind of gifts that you're getting each other or who pays for the dates. This gives you a lot of context clues without having to ask direct questions. Then, eventually, you and your partner need to have a full-frontal financial meeting. This is where you actually share absolutely everything: salaries, debt amounts, the types of debt that you have, the credit score and credit reports that you have, what your financial goals are, the lifestyle that you want to be living, etc. Sometimes people get really overwhelmed by that, but you don’t have to do full-frontal financial nudity until the relationship gets serious. If you’re talking about moving in together or if this is somebody you think you could marry, that’s when you want to achieve full-frontal financial nudity.
This interview has been edited and condensed for clarity. You can read an extended version here.
money win
An inside look at how women are building wealth.
“This year, I’ve committed to improving my confidence and advancing in my career. As a first step, I enrolled in therapy through BetterHelp. Since English is my second language, I have also decided to take online English lessons to improve my professional and conversational vocabulary.”
— Oneirys R (MA). For career success, confidence is key. Cheers to leveling up our mental health, our career, and our confidence at the same time.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
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econ 101
Defining the economic concepts that matter for your money.
GDP
Aka gross domestic product. Which is the total value of all products and services provided in a country within a specific time frame, like a quarter. It’s used to track the overall health of the economy. Basically, the Apple Watch of the US economy.
Yesterday, the Commerce Dept said the US’s GDP grew at a 4.9% annual rate last quarter — the biggest gain since 2021. “The economy is strong,” Joelle Gamble, a deputy director of the White House National Economic Council, told Skimm Money. “The numbers we saw today, it means that consumers are still in a strong position.”
The boost is thanks in part to a strong labor market and slowing inflation. More encouraging signs from the report: A boom in manufacturing, strong consumer spending, and a drop in core PCE inflation, aka personal consumption expenditures (think: cars and housing), which fell to its lowest level in almost three years.
investment piece
The items celebs and influencers think are worth the big bucks.
It seems like content creator and fashionable It girl Liv Perez is always working. When she’s not interviewing cultural icons on her podcast “Friend of a Friend,” she’s sharing fashion tips on “Today,” posting stylish looks to IG, or styling clients. To keep her inspired, she recently dropped $$$ to design a workspace that works as hard as she does. Below, she explains how the investment is more than just about aesthetics.
Tell us about a recent investment purchase.
I moved into a new home last year and was determined to create a space that was uniquely mine and could service all areas of my work: a room to podcast and host guests, a space to shoot content and share my style ideas, and a closet for all my job materials. It was definitely one of the biggest investments in myself — from podcast equipment to aesthetically pleasing cabinetry to shoot content in front of — but it has become my creative hub where 99% of my output is dreamed up and executed.
How much did you spend on it?
$5,000. I worked with CABN Studio to create custom cabinets and got vintage furniture from Chairish to give the space a lived-in and cozy feel.
Why do you consider it a good investment?
Today on the internet, it's crucial for a creator like me to have something that feels unique to me and welcomes my viewers into my content. I love knowing that when viewers scroll through their feeds and see my background, they know exactly what they're looking at and are immediately transported into our world. Not only has it become a place of creativity and solace for me amid a crazy work day, but it's also become the background for everything I do and a branding moment for my business. For any creators reading this, find those moments that feel unique to you and lean into them, because they further expand your brand story and bring people into your world.
Answers are edited and condensed for clarity.
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