A listener asks, "How can I plan for my parents' later years in life, and how can I start that conversation?" Katie and Henah reflect on conversations they've had with their own families, what to do (hint: prep a life audit!), and caveats to consider. (And, if you want us to go into this topic more in-depth, email us at moneywithkatie@morningbrew.com!)

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 week.

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Mentioned in the Episode

• 92% of Americans say it's important to discuss wishes for end-of-life care, but only 32% of had the conversation, per The Conversation Project: https://theconversationproject.org/about/
• Where to start with end-of-life planning with loved ones: https://www.vox.com/even-better/23378958/end-of-life-planning-elders-parents-grandparents-loved-ones

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When Amazon Prime dropped the LuLaRich documentary in 2021, it was one of the first times the population at large got to peek behind the curtain at one of the largest multilevel marketing companies in the world—and boy, did it take internet voyeurs by storm.

The timing of (and snark generated by) such an explosive exposé was especially interesting, given the other pyramid scheme-y thing playing out in 2022: NFTs, shitcoins, and meme stocks.

It feels like we should’ve learned our collective lesson by now—but are the get-rich-quick schemes that plague our DMs and Twitter feeds evolving faster than we are? What’s a Boss Babe to do?

Learn more about our sponsor, Vin Social: https://www.vinsocial.vip

Learn more about our sponsor, Droplette: https://droplette.io/. Use promo code MONEYWITHKATIE for 50% off.

Learn more about our sponsor, Fidelity: https://fidelity.com/stocksbytheslice

Transcripts can be found at podcast.moneywithkatie.com.

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Mentioned in the Episode

• Amanda Montell's Cultish: https://bookshop.org/a/90396/9780062993151
• LuLaRich: https://www.amazon.com/LuLaRich-Season-1/dp/B09CFXPNSX
• LuLaRich trailer: https://www.youtube.com/watch?v=mIkcrQzTr8w&ab_channel=AmazonPrimeVideoUK
• How LuLaRoe worked: https://www.youtube.com/watch?v=4411N0nAELY&ab_channel=AmazonPrimeVideoUK
• The Sam Dee on YouTube, sharing their experience as a LuLaRoe retailer: https://www.youtube.com/watch?v=u-TO2-d10S0&ab_channel=TheSamDee
• The Dream podcast: https://podcasts.apple.com/us/podcast/s1-e1-wanna-swim-in-cash/id1435743296?i=1000420324159
• The Airplane Game from the 1980s: https://apnews.com/article/7894d03521da555b7ea45e6f78323fbb
• "Blessing Loom" scam alert: https://www.bbb.org/article/news-releases/22255-bbb-scam-alert-easy-money-blessing-loom-nope-pyramid-scheme
• Benjamin M. Friedman's Religion and the Rise of Capitalism: https://bookshop.org/a/90396/9780593311097
• Protestant ethic, per the Encyclopedia Britannica: https://www.britannica.com/topic/Protestant-ethic
• James Jani on YouTube, sharing about the prosperity gospel: https://www.youtube.com/watch?v=hTfKpAWkgJY&t=771s&ab_channel=JamesJani

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Understanding credit can be tricky—but it's an invaluable part of our financial toolboxes since it affects our ability to buy a home, access loans, etc. Katie and Henah break down the history of credit, how it works, tips to keep in mind while building your credit score, and more.

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 week.

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Mentioned in the Episode

• Consumer Finance statistic on 26M Americans being credit invisible: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-finds-26-million-consumers-are-credit-invisible/
• How Your Credit is Calculated: https://www.equifax.com/personal/education/credit/score/how-is-credit-score-calculated/
• Annual Credit Report: https://www.annualcreditreport.com/index.action
• Credit Karma: https://creditkarma.com/
• How to Save for Your Child's Future: https://link.chtbl.com/u7JzWqOz

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Bill Bengen, who established the 4% safe maximum withdrawal rate (the rule on which most of financial planning relies), is a straight shooter, and his perspective on whether or not we’re currently in uncharted waters surprised me.

But fear not—there’s a little-discussed element of planning for early (as well as regular!) retirement that might be our saving grace. We’ll unpack that, too.

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Learn more about our sponsor, Fidelity: https://fidelity.com/stocksbytheslice

Transcripts can be found at podcast.moneywithkatie.com.

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Mentioned in the Episode

• The 4% Rule by Bill Bengen: https://www.retailinvestor.org/pdf/Bengen1.pdf
• Our previous episode on the 4% Rule: https://podcast.moneywithkatie.com/the-most-dangerous-misconceptions-about-the-4-safe-withdrawal-rate/

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Whether it's for tuition expenses or weekly allowances, Katie and Henah chat through short-, middle-, and long-term strategies on saving for your children's future, including the 529, Roth IRA, and UGMA/UTMA for minors.

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 week.

-

Mentioned in the Episode

• Previous RGR on Teaching Kids About Money: https://youtu.be/Y2Y-cOAKBuM
• Best Debit & Credit Cards for Kids (updated monthly): https://www.businessinsider.com/personal-finance/best-debit-card-for-kids
• The 529 (Qualified Tuition Programs): https://www.irs.gov/taxtopics/tc313
• UTMA & UGMA for Minors: https://www.nerdwallet.com/article/investing/utma-ugma

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“Luck” is where opportunity meets preparation, right? Fantastic financial outcomes are the culmination of a lot of factors coalescing in a very specific way, but we tend to only focus on one: effort.

So much American lore (and by extension, American…personal finance advice?) is constructed on the foundation of the self-made meritocracy. 

One such “statistic” that often gets touted in these conversations: Somewhere in the ballpark of 88% of US millionaires are “self-made.” But where does that figure come from? How was it determined? And where do its implications fall dangerously short?

We chat with Shannon McNamara, host of the Fluently Forward podcast, all about it.

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Learn more about our sponsor, Fidelity: https://fidelity.com/stocksbytheslice

Transcripts can be found at podcast.moneywithkatie.com.

—

Mentioned in the Episode

• The Fluently Forward podcast: https://podcasts.apple.com/mk/podcast/fluentlyforward/id1589952385
• Here's How 9 Billionaires Start Their Mornings, per Insider: https://www.businessinsider.com/billionaire-morning-routine-mornings-oprah-zuckerberg-bezos-musk-buffett-gates-2019-1
• A History of Hating the Rich for the Saturday Evening Post: https://www.saturdayeveningpost.com/2020/02/a-history-of-hating-the-rich/
• "88% of all millionaires are self-made," per US News: https://money.usnews.com/money/blogs/on-retirement/articles/7-myths-about-millionaires
• 2017 Fidelity Investments Study: https://institutional.fidelity.com/app/proxy/content?literatureURL=/9884619.PDF
• The National Study of Millionaires from Ramsey Solutions: https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research
• US Bureau of Labor Statistics on inheritances: https://www.bls.gov/osmr/research-papers/2011/pdf/ec110030.pdf
• Hailey Baldwin Bieber on the Forbes 30 Under 30: https://people.com/style/hailey-bieber-lands-cover-of-forbes-30-under-30/
• Kendall Jenner on work: https://www.refinery29.com/en-us/2018/08/207820/kendall-jenner-modeling-comments-response
• Kendall Jenner on "having to fly all over Europe:" sun.com/entertainment/6416481/kendall-jenner-kardashian-out-touch-delusional-modeling-career/">https://www.the-sun.com/entertainment/6416481/kendall-jenner-kardashian-out-touch-delusional-modeling-career/
• Elon Musk on now-deleted Forbes article on his father's emerald mine: https://web.archive.org/web/20140802011449/http://www.forbes.com/sites/jimclash/2014/07/28/elon-musk-tells-me-his-secret-of-success-hint-it-aint-about-the-money/
• 90% of millionaires are male: https://www.verdict.co.uk/90-percent-millionaires-male/
• 8 Ways Rich People View the World Differently: ways-rich-people-view-the-world-differently-than-the-average-person.html">https://www.cnbc.com/2016/10/11/8-ways-rich-people-view-the-world-differently-than-the-average-person.html

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One reader asks when is going to "off-brand" providers worth it (i.e., switching to Mint Mobile from a legacy provider, as Katie has). Katie and Henah chat through what to look for instead, what's worth keeping "on brand" for, and their own real life examples (Louis Vuitton vs. Coach, All Clad vs. DTC cookware brands, etc.).

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 week.

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In a hyper-individualistic culture, it can feel like all the important parts of your life are at odds with one another: You may want to socialize regularly, spend time with family, save money, crush it at work, and exercise frequently, but as that one quippy girlboss coffee mug slogan reminds us: There are only 24 hours in the day (and something about Beyoncé). 

What’s an ambitious person to do, especially when the overwhelm of big goals makes you want to throw in the towel, melt into a Netflix puddle, and nap? There’s only one sustainable solution: integration.

Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie

Transcripts can be found at podcast.moneywithkatie.com.

—

Mentioned in the Episode

• New Year Annual Review: https://docs.google.com/document/d/1K2P_yL1Ah976P7MLicb55wgY2DY-39jP3Lvp810H6HQ/edit
• Nat Eliason on De-Atomization: https://blog.nateliason.com/p/de-atomization-is-the-secret-to-happiness
• Statistic on Single-Person Households in the US: https://www.statista.com/statistics/242022/number-of-single-person-households-in-the-us/

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Katie's husband Thomas has been an active-duty US Air Force JAG since 2021, and we've received many questions over the years about military benefits and finances. Here's the TL;DR on the perks of being active-duty military or a dependent based on Katie's personal experience, from accessing VA loans to basic allowances for housing.

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 week.

Learn more about our sponsor, Betterment: https://betterment.com/moneywithkatie

-

Mentioned in the Episode

• Military Benefits for Active Duty and Veterans: https://www.benefits.gov/categories/Military%3A%20Active%20Duty%20and%20Veterans
• VA Loan: https://www.va.gov/housing-assistance/home-loans/eligibility
• VA Home Loan Process Checklist (Page 9): https://www.benefits.va.gov/HOMELOANS/documents/docs/VA_Buyers_Guide.pdf
• The Reluctant Landlord: https://www.reluctantlandlord.net/
• Military Pay & Pensions: https://www.usa.gov/military-pay
• Thrift Savings Plan: https://www.dfas.mil/civilianemployees/employeebenefits/TSP/
• Basic Allowances & Military Income: https://militarypay.defense.gov/pay/
• Military Taxes & Residency: hrblock.com/tax-center/lifestyle/military/military-taxes-and-residency/
• Military Health Insurance (TRICARE): https://www.tricare.mil/
• Credit Card Benefits: https://www.americanexpress.com/us/help-support/service-members-civil-relief/

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If you think you may be affected by a potential recession or upcoming layoff, we’re running through the best tips on navigating this uncertainty—from figuring out your cash “runway” to understanding your rights as an employee.

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 week.

Learn more about our sponsor, Betterment: https://betterment.com/moneywithkatie

Learn more about our sponsor, HOKA, and shop now for the HOKA Clifton 9: https://www.hoka.com/en/us/

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Mentioned in the Episode

• Financial Steps to Take If You Fear You May Lose Your Job: https://moneywithkatie.com/blog/prepare-for-losing-job-how-to
• Severance negotiation: https://www.fastcompany.com/90723978/you-have-more-power-than-you-think-when-negotiating-a-severance-package
• Financial karma and constructive paranoia: https://podcast.moneywithkatie.com/financial-karma-and-the-fall-of-the-fintwit-bro-empire-must-see-lessons-about-constructive-paranoia/

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