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Yahoo
2 days ago
- Business
- Yahoo
Here are the facts on 5 damaging Social Security myths that can ruin your retirement
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. The ins and outs of Social Security benefits can seem as complicated as they are crucial to Americans' financial comfort — or even survival — in retirement. Personal finance experts like Suze Orman will tell you that your comfort in retirement hinges on what you can put away out of your paycheck using tools like a 401(k) or an IRA. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how She put it plainly in an interview with Moneywise when she talked about the plight of the Social Security program and the dangers of not saving and investing for retirement. 'How are you going to pay for those exact same bills later on in life, when you no longer have a paycheck coming in?' For many, the answer is their eventual Social Security benefits, a program you pay into out of those paychecks. But common misconceptions about those benefits can lead to significant, long-term financial hurdles that can tarnish your golden years. You can maximize your benefits and gain more security in retirement if you sidestep these five common Social Security myths. 1. Social Security benefits are not taxed Don't assume you'll get to keep all of your Social Security check. In all likelihood, you'll pay taxes based on your "combined income," which the SSA defines as 50% of your Social Security benefit, plus any other earned income. Suze Orman warns that 40% of Social Security beneficiaries pay taxes on their benefits, so there's a good chance you'll get hit with what she calls the "tax torpedo". If your combined income on your federal tax return is: between $25,000 and $34,000 as an individual or between $32,000 and $44,000 if you file jointly with your spouse, you can expect to pay taxes on 50% of your benefits. more than $34,000 as an individual and $44,000 for joint filers, you could pay taxes on up to 85% of your benefits. People who are married and file separately may also have to pay taxes on Social Security, regardless of income level. Sounds complicated? Consulting a financial advisor can help you maximize your social security benefits as well as ease your tax burden. With you can find the best advisor for your needs — both in terms of what they can offer your finances, and what they'll charge to work for you. is a free service that helps you find a financial advisor who can co-create a plan to reach your financial goals. By matching you with a curated list of the best options for you from their database of thousands, you get a pre-screened financial advisor you can trust. You can then set up a free, no obligation consultation to see if they're the right fit for you. 2. There's no way to calculate how much you qualify for It's true you can't predict your exact Social Security benefit far in advance. That's because the amount depends on variables that can change leading up to retirement, including your income, new government rules and the program's status and fund reserves at the time you start collecting. For instance, the average monthly benefit for retired individuals amounted to $1,978.77 in Jan. 2025. 3. Your Social Security benefit is set in stone You probably have more control over your social Security benefit than you think — even if you're retired already. Here are a few ways you could increase the amount you're eligible to receive: Retire later: You can start drawing retirement benefits between age 62 and 70 and the longer you wait, the higher your benefit will be. Increase your pre-retirement income: Your benefit is based on 35 of your highest-earning years. So if you increase your income before retiring, your SS benefit can increase too. Check your records: Your benefit amount could be reduced if the SSA has incorrect records of your income. If you find an error in your Social Security statement, request a correction at or call 1-800-772-1213. Look into family benefits: Check to see if you qualify for additional benefits based on a family member's work, including benefits earned by a former spouse. Read more: Rich, young Americans are ditching the stormy stock market — 4. Social Security will replace your paycheck Even though experts like Suze Orman and Dave Ramsey constantly tell their viewers otherwise, many people believe Social Security alone will sustain them in retirement — but the benefit is only meant to supplement it. This is why starting the process of planning for retirement with investments and savings as early as you can is so important if you hope to keep up your lifestyle. You may not know that you can invest your retirement savings in commodities through your IRA, and that many investors are attracted by gold's stability as an investment relative to the stock market. For example, while the market crashed in 2008, gold prices rose, cushioning the portfolios of investors who were savvy enough to diversify. One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold. Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties. To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases. To keep as much money in your retirement savings as possible, even after you begin drawing on your nest egg, consider using an investment app like Wealthfront. With Wealthfront's automated investing platform, the power of compound interest works for you. Their sophisticated "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time. Start investing for the long term with globally diversified portfolios or go for a higher yield than a traditional savings account with an automated bond portfolio. Open your account today and receive a $50 bonus to jumpstart your investment journey. Whether you're saving for retirement, a home, or building generational wealth, Wealthfront's low-cost, automated investment strategy can help you achieve your financial goals. 5. You can collect your dead spouse's benefits and your own at the same time Don't count on receiving a double payment if your spouse passes before you. If you're entitled to both a retirement benefit and the survivors benefit, you'll receive only one — the larger — of the two amounts. If the surviving spouse is at full retirement age or older, they can receive 100% of the deceased's benefit amount. If they're between 60 and full retirement age, they'll get between 71.5% and 99%. To offset any social security income losses when your spouse passes, consider purchasing life insurance. By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you're gone. Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities. Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years. To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Suze Orman Says If You're Worried About Job Loss, There's 1 Smart Thing You Should Do
Having faith in the security of your job is getting tougher as news of mass layoffs fills our feeds and, in worst-case scenarios, displaces us or our loved ones from their careers. So far in 2025, we've seen mass layoffs announced at Microsoft, Alaska Air, Walmart, NASA — and the list goes on. Even the job sites where we go to get back on our feet after we're laid off are in peril; both Indeed and Glassdoor are laying off hundreds of employees this summer. Find Out: Read Next: Few jobs are 100% safe in times of economic turmoil and unthinkable breakthroughs in technology (artificial intelligence is driving some of these layoffs). So, it's hardly paranoid to be worried about job loss. What can you do to ease your mind? Aside from being financially responsible and having a year's worth of living expenses parked in a high-yield savings account (HYSA), you need to be proactive about your career. In a recent blog post on her website, financial guru Suze Orman talked about what is needed to make yourself stand out from the crowd. Get Certified Orman encouraged anyone who is at all concerned about job security (and honestly, that should be most employees right now) to remain valuable as an employee, and to do so by enrolling in a certificate program. 'Certificates are targeted courses of study that focus on specific skills, in just about every field, from technology and data science to bookkeeping, digital marketing and medical coding,' Orman wrote. Learn More: Certificates Help in 2 Key Ways Having a certificate benefits you in two ways. It can help you get a new job or pull off a pivot in a totally different role/career. It can get you a raise at your current job. So, you don't need to lose your job for a certificate to matter. Either way, it's a very valuable asset. And it doesn't matter how old you are or where you are in your career. Getting a Certificate Can Be a Flexible, Fairly Quick and Inexpensive Process Unlike a traditional college degree, you can get a certificate in as little as a few months. And, you can get one online, even while you're working a full-time job (though nobody is saying that juggling both, along with any family obligations, will be easy). Certificate programs are usually pretty affordable, at least when compared to the cost of college. 'The cost can be $1,000 to $5,000 or more, depending on the certificate,' Orman wrote. Your Employer May Help Pay For a Certificate 'If your employer offers an education benefit, check with HR to see if it covers certificates, and what specific certificates it will help pay for,' Orman wrote. Here's Where To Begin Curious about embarking on a certificate program. Great! Orman recommended checking out the following places to get started. A nearby community college An online education site such as Coursera or EdX A certification might not guarantee job security, but it always helps to be more valuable. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 How Far $750K Plus Social Security Goes in Retirement in Every US Region The New Retirement Problem Boomers Are Facing This article originally appeared on Suze Orman Says If You're Worried About Job Loss, There's 1 Smart Thing You Should Do
Yahoo
5 days ago
- Business
- Yahoo
Worried About Job Insecurity? Suze Orman Recommends Making This Smart Career Move Right Now
If you're starting to worry about your job security, you're in good company. Suze Orman says even people who have been successful in their careers may start to question how secure their future really is — especially as they get older. In a recent blog post, Orman wrote, "There can be a gnawing worry that your skills may not be as up to date as younger workers in your field, or in your own office." Add in headlines about a potential recession, shifts in global trade policy, and the rise of artificial intelligence, and it's easy to see why so many workers are rethinking how to stay relevant in the workforce. Don't Miss: 7,000+ investors have joined Timeplast's mission to eliminate microplastics—now it's your turn to $100k+ in investable assets? – no cost, no obligation. Orman's Suggestion: Invest in a Certificate Program Rather than panic, Orman recommends a proactive — and practical — move: earn a certificate. These programs focus on teaching specific, job-ready skills in fields like bookkeeping, digital marketing, medical coding, or data analysis. Many take just a few months to complete and are often available online or through community colleges. "Having a certificate might help you get a pay boost where you currently work, or it can make you eligible for new jobs that pay more, or just interest you more," Orman explains. Another perk? Many certificate programs are designed for working adults, so you can keep your current job while you build your skills. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — What Employers Really Think About Certificates You don't have to take Orman's word for it. According to a study by the Society for Human Resource Management, employers are increasingly valuing certificates over traditional degrees. The study found that 90% of HR professionals, 87% of executives, and 81% of supervisors believe certified individuals bring more value to the workplace. In some cases, hiring managers view a candidate with a certificate — and no college degree — as just as qualified, or even more qualified, than someone with a degree but no certification. AI Is Accelerating the Need for New Skills If you're wondering why this matters now, a big reason is artificial intelligence. An ADP Research survey found that 31% of workers are afraid AI could replace their jobs. While no one can predict exactly how AI will affect every industry, staying current with in-demand skills is one of the best ways to protect your career. Certifications show that you're willing to learn and adapt — two qualities that employers increasingly look for as technology to Get Started If you're not sure where to begin, Orman shares that a local community college is a great starting point. She also recommends exploring online platforms like Coursera and EdX, which offer a wide range of certificate programs in partnership with well-known universities. If you're an AARP member, you can check out their career-focused education resources tailored to older workers. At the end of the day, investing in yourself may be the best way to face job uncertainty with confidence. Read Next: Many are using retirement income calculators to check if they're on pace — Image: Imagn Images UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Worried About Job Insecurity? Suze Orman Recommends Making This Smart Career Move Right Now originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Refinery29
5 days ago
- Business
- Refinery29
A Week In Denver On A $164,000 Household Income
Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We're asking real people how they spend their hard-earned money during a seven-day period — and we're tracking every last dollar. Today: an editor who has a $164,000 household income and who spends some of her money this week on an oscillating fan from an estate sale she unexpectedly attended. If you'd like to submit your own Money Diary, you can do so via our online form. We pay $150 for each published diary. Apologies but we're not able to reply to every email. Occupation: Editor Industry: Hospitality Age: 38 Location: Denver Salary: $44,000 Joint Income & Financial Setup: $164,000 — but my partner W. and I don't share finances. We have one credit card that we put purchases on that we agree to split, and then we pay that credit card through an account that we only add enough money to in order to pay off the credit card. Assets: Savings/checking (cash): $23,000; brokerage investment account: $37,000; HSA: $46,000; rollover IRAs: $27,000; Roth IRA: $120,000; SEP IRA: $25,000. Debt: $0 Paycheck Amount (once a month): ~$3,000 Pronouns: She/her Monthly Expenses Housing Costs: $174. W. handles the mortgage; I pay them 10% of the mortgage each month so they can pay a bit more than the required monthly payment, and then I buy our groceries and take care of all utilities. Loan Payments: $0 Internet: $50 Car Insurance: $33 (split with W.). Electricity & Gas: ~$101 Water, Recycling, Trash: ~$70 Spotify: $12.94 Streaming Services: Family members share their streaming subscriptions to Apple+, Disney+, etc. Health Insurance: Comes out of W.'s paycheck. Phone: $16 (annually). Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it? Absolutely. I went to a pretty nerdy high school, so it felt like the one and only option was to go to college. I went to a four-year state university and graduated a semester early. I received a small scholarship, my grandmother paid for my first semester, and then my parents paid for the rest and I was responsible for paying rent and living expenses by working a job while attending school. Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances? I don't remember talking too much about money growing up, but I do remember how cool I thought it was when my mom got into the stock market. She bought some shares of Coca-Cola and started watching the financial channel. It was fun to watch her get so excited about this newfound hobby of hers. At some point in my early 20s, my mom gave me a Suze Orman book, which was a great initial stepping stone towards making smart financial decisions. What was your first job and why did you get it? My first job was working in one of the food halls my freshman year of university. I was responsible for cleaning tables and sweeping as well as swiping students' IDs at the entrance. The money earned in this job went towards my tuition. Did you worry about money growing up? A little bit. One thing I remember is glaring at my younger sister when she would order something expensive on a restaurant menu. I think it's because I got a feeling that my parents sometimes spent more than they should have shopping, eating out, and getting fancy food like chocolate croissants from a local bakery every Sunday. I was a little worried about money growing up, because although I felt we were okay financially for the most part, sometimes it felt like we were spending too much. Do you worry about money now? I don't worry exactly, because I'm in a pretty good position and I'm a good saver. However, I wish I made more and had better benefits from work. At what age did you become financially responsible for yourself and do you have a financial safety net? It was a gradual process of taking on more expenses, but in college I started handling my rent and living expenses myself through an hourly job working at a breakfast restaurant. I stayed on my mom's insurance until the age of 26 and did return home after college for about six months before moving in with my current partner. Do you or have you ever received passive or inherited income? If yes, please explain. I have not, but I have always been generously supported by my parents whenever I needed help. For example, in addition to handling my college tuition, they also purchased my first car and my first couple of laptops for me when I was in college. 7 a.m. — I wake up on the couch instead of in bed because my dog had a bad tummy last night, so it was easier to sleep near the back door to let him out occasionally to eat grass. I make some coffee and check emails for a while. My partner, W., makes me a BBQ pulled pork sandwich with leftovers and homemade pickled red onions for breakfast. 8 a.m. — I log into work from home. I work part time and only go into the office about once a week. This morning involves emails, one meeting, and writing. 10 a.m. — I take a break to finish up some personal tasks and have a banana for a snack. I invest some recently transferred money in my brokerage account into a small-cap ETF. I check my compost pile outside and add some snipped up banana peels and cilantro stems. Then I let my dog gnaw on the spent pork butt bone from the weekend and catch up on some reading, enjoying the nice spring day on the patio. 11 a.m. — Back to work through early afternoon. I have toast and roasted red pepper hummus, raisins, a granola bar, and a sparkling hop water for lunch. I get pretty peckish when writing. 3 p.m. — I pop in a library movie that's due back — The Room Next Door. It's pensive and quiet and puts me into a lull of a sleepy afternoon. I help W. make another batch of spicy pico de gallo salsa by destemming cilantro for them. Nice to have a fresh batch for snacking. Then I take my dog out for his daily walk while listening to a podcast episode about how skyrocketing rents across the country, coupled with stagnant wage growth, are creating a homeless epidemic. Cheery stuff. 6 p.m. — W. and I bike to the library to pick up some holds and stop by a Free Little Library on the way home that's supposed to have some free native wildflower seeds. They're out, so we'll have to find the next closest location for this giveaway. 7 p.m. — I shower while listening to a podcast that my suburb puts on about local events and history. Afterwards, I make myself a bowl of leftover brown rice with hot sauce and Parmesan. I dive into my new library books (Let's All Keep Chickens!: The Down-to-Earth Guide to Natural Practices for Healthier Birds and a Happier World by Dalia Monterroso, The Witch of the Forest's Guide to Earth Magick by Lindsay Squire, The Hidden Life of Trees: A Graphic Adaptation by Peter Wohlleben, Fred Bernard, and Benjamin Flao, and lastly, Finance for the People: Getting a Grip on Your Finances by Paco de Leon) while W. watches The Curse on TV. Daily Total: $0 Day Two: Thursday 8:30 a.m. — I wake up way late, which feels like it's going to throw off my whole day. I also have a slight headache and a tense neck. I think I was clenching my teeth all night and having intense dreams. This happens occasionally, unfortunately. W. has made scrambled eggs for breakfast. I make some coffee and slowly wake up. I read Finance for the People with my coffee and it's hard to put down to get a little work in. 11 a.m. — I bike to the dentist to get an old filling replaced. $59.30 11:30 a.m. — After the dentist, I go to the grocery store and get two tubs of yogurt, a fresh-made organic green chile corn chowder soup and a tortellini Tuscan soup, sweet tea for W., 20 cocktail shrimp with tartar sauce, hamburger buns, two loaves of cinnamon raisin bread, a half gallon of organic soy milk, two onions, four avocados, and two salad kits. $33.29 2 p.m. — When I get home I make the blueberry feta salad kit and add arugula to it to make it bigger. W. cooked some more brown rice while I was gone, so I have some with melted Parmesan and hot sauce. Then I fit in some work and make some calls — one to make a vet appointment for my dog and another to talk to my mom about our upcoming trip to Scotland! I've never been and am very excited about it. Then I feed my dog and have some Biscoff cookies while I look up some trip ideas. 6 p.m. — I take my dog for a walk. We spend some time out on the patio when we get back to enjoy the last light of the day. W. makes me a BBQ pork sandwich. Then I squeeze in a bit more work, since this day was not a productive one. To finish up the day, I continue reading Finance for the People with a blue raspberry pop seltzer until 10 p.m., when I head to bed. Daily Total: $92.59 Day Three: Friday 7 a.m. — Wake up, make coffee, and check personal emails as well as my pay stub. Today is payday! Then I get to work with a short stack of buttered cinnamon raisin toast. Emails, editing, writing. 10 a.m. — Start a load of laundry and then get back to work. My lower back is really achy today. I hope it's because of my period, which has been a rough one this week. Bloating, fatigue, and achiness. I've had sciatica before that got cured with acupuncture, but I really hope it's not that again. I also do 'doo duty' — picking up my dog's number twos in the backyard before I mow the front and back. It's always quite the workout and I come in for several breaks to avoid getting overheated. 1 p.m. — W. and I split the Tuscan tortellini soup. It's really good. I get back to work with a seltzer and a couple Biscoff cookies. When I finish around 4 p.m., a thunderstorm starts rolling in, so I enjoy the rumbles with a book on the patio and a snack of chips and hummus. 6 p.m. — W. and I ride bikes to the neighborhood brewery. We split a pretzel and order a couple of beers. We don't stay for a second round because the live music is super loud and we're next to a very animated guy speaking very loudly about politics. (The total is $21.37 and we use our joint credit card, so I pay half.) $10.69 7 p.m. — The dog and I go for a walk. It's the perfect time for it — fresh from rain and the sun is setting, casting everything in an orange glow. You can hear kids playing everywhere, and the purple irises are in full bloom. 8 p.m. — W. made a Caesar salad and guacamole while I was gone. We eat the guac with chips and talk about different articles in the most recent issue of our local newspaper. We are such adults, aren't we? 9 p.m. — Time for a quick shower. Then I read while W. watches random stuff on TV. We stay up late watching the beginning of Eternal Sunshine of the Spotless Mind and then go to bed around midnight. Daily Total: $10.69 Day Four: Saturday 9:30 a.m. — W. and I head out on bikes to a volunteer appreciation party held by our city in a park alongside the major creek that runs through our suburb. It's an amazing event! We each get a free baseball cap and stickers along with two food/drink tickets each. We split an iced six-shot espresso drink and three breakfast burritos. We're stuffed and so grateful for the awesome suburb we live in. 11 a.m. — We leave the park and stop by Walmart on the way home. I drop an old pair of glasses off at their vision care center for recycling. W. spends ~$30 for some oil and a new oil filter for an oil change for our car. They like doing their own oil changes with their dad. 12 p.m. — We arrive home and string up our hops. We have some hop plants in the backyard that come back every summer. They need to be 'strung up' so they have something to climb up. We do some weeding while we're out there, trying to get rid of the bindweed that is always a losing battle, but if we can eliminate it from going to seed as much as possible, I consider that a win. It's hot out, so we eventually head in to escape the midday sun. 3 p.m. — A friend sends me a link to a Spotify playlist — it's a mashup of her and my songs. I decide it's time to get a premium subscription again, so I sign up anew (covered in monthly expenses). I need to convince W. to get a subscription with me, so we can do the Duo subscription eventually. 6 p.m. — W. requests I cut their hair. They've had me cut their hair forever and I don't mind, but I feel like you can probably tell. I run the Roomba on the kitchen floor when we finish and make a stack of cinnamon raisin toast for myself. 7 p.m. — Time for the doggo's walk. We go down to the valley-like park near the house. I'm afraid mosquitoes will be bad since there's some stagnant water in the culvert, but it's fine. He gets a lot of good sniffs in as I enjoy having Spotify once again! 8 p.m. — I shower and then hide some tiny treats around the living room for the pooch's favorite game, Find It. It's fun to watch him get so excited and problem-solve. The rest of the night is spent reading and listening to music. Day Five: Sunday 7 a.m. — Wake up, feed the doggo, and make some coffee. I take some time to go through my neglected personal inbox and do some reading. I also put our portable battery outside to charge up with a portable solar panel. I mostly use it to charge my old phone that depletes its battery quickly. 10 a.m. — Bike to an estate sale in our neighborhood that a friend is going to. She's starting a furniture refinishing and reselling hustle and picks up lots of stuff — an old trunk, embroidered chairs, a giant hanging mirror, and some vintage coffee carafes. I find an oscillating fan we can use in the living room, so we don't have to move the one we already have around from room to room during the hottest days. We bike back home and meet our friend there, since she's delivering our fan to us. We have some cold seltzers and she tells us all about her new reselling venture. She leaves us with some of her favorite corn tortillas, which is perfect because we were going to stop by the store to get some for a family visit planned for later in the day. $6.50 12 p.m. — W., the doggo, and I drive to my family's house 45 minutes away. We take a random assortment of beers, tortillas, and salsa. W. helps grill up some beef for tacos on the deck. We have cake for dessert and then hang out for a bit talking about house issues and future trips we're planning. My parents always pack up a really nice to-go bag of leftovers and other foods for us, which I'm always so happy to take home. We stop for gas on the way back home and use the joint credit card to get $29.30 worth of gas, so my half is $14.65. $14.65 6 p.m. — I take the doggo out for a walk after a storm passes through. Then I read a graphic novel for a while while listening to music. My tummy feels a little weird so I eat some leftover Spanish rice. 8 p.m. — I retire to the den for the evening to watch Nathan For You with W. We have some hazelnut and coconut chocolates before heading to bed around 10 p.m. Daily Total: $21.15 Day Six: Monday 6:30 a.m. — Get up and have some coffee, per usual. I do some reading and organize my to-do list for the week, then I log into work. I break later in the morning to invest some cash I just put into my brokerage account. I put it into a mid-cap index ETF. W. breaks out the cocktail shrimp and we split it for a quick breakfast together. 11 a.m. — Late morning, I have some coconut chocolates and Doritos. Probably not best to start the week off with junk, but they're tasty and I'm feeling oddly energized. My family has a road trip coming up to a national park in Colorado. I take more time than I realize reviewing the map and plotting out a rough initial itinerary to share with the family. I love planning trips — finding random places to visit along the way and getting to know an unfamiliar area. I reluctantly get back to work afterwards. 4 p.m. — Wrap up work and go lay on the couch for a bit. I have a serious case of late-afternoon sleepies. Maybe it's all the house jazz I played during my last few hours of work. I go feed the pooch his dinner, give him a vitamin, and accompany him outside with a plan to read and fall asleep in the hammock. But the neighbor doing yardwork inspires me to get up and pull some more bindweed flowers to keep it from its absolute takeover of our backyard. 7 p.m. — W. and I take the dog for a walk. When we get home, I brush his teeth and give him a rawhide chew, which he proudly parades around the living room for a while. 8 p.m. — I give W. a foot massage as we watch TV until we head to bed. Daily Total: $0 Day Seven: Tuesday 7 a.m. — Wake up and get the bike packed up to ride to the bus station to go to work for my in-office day. It's a cloudy morning, with rain having fallen overnight. The ride is misty and I promptly get quite wet but make it in one piece and catch up on news items during the bus ride in. 8 a.m. — Stop at the CapitalOne Café for coffee. With it being so rainy and dreary, I go for a mocha instead of my usual latte. It tastes like exactly what I need. Half off with my CapitalOne credit card, but still $5 with tip. Walk to the office and start work. $5 1 p.m. — I head to a nearby bar with a couple of coworkers to discuss some new developments. I end up ordering two beers, which I soon realize is probably one too many for work hours. But oh well, it was good to hash everything out with colleagues. $20.66 3 p.m. — After heading back to the office to retrieve my things, I head to a nearby restaurant for a falafel wrap. $14 4 p.m. — I catch the bus back to the station, from which I bike to a brewery to meet up with W. and their brother for a beer fest volunteer orientation. We get one free beer on the house and our volunteer T-shirts for this coming weekend. 7 p.m. — W. and I bike home. So glad to be home after a very long, wet day. I put some water on the stove immediately to make a heaping portion of pasta with truffle tomato sauce. Then head to bed. Daily Total: $39.66 The Breakdown Conclusion 'I think I did pretty well. I usually record all my purchases, so that part wasn't new, but the action is always helpful for keeping spending in check. I think I'll keep to my usual routine of taking a packed lunch to work once a week to avoid takeout, which is just so much more expensive than 'brown-bagging it'.' Money Diaries are meant to reflect an individual's experience and do not necessarily reflect Refinery29's point of view. Refinery29 in no way encourages illegal activity or harmful behavior. The first step to getting your financial life in order is tracking what you spend — to try on your own, check out our guide to managing your money every day. For more Money Diaries, click here. Do you have a Money Diary you'd like to share? Submit it with us here. here or email us here.
Yahoo
21-07-2025
- Business
- Yahoo
Suze Orman: How To Get Your ‘Emotional Money Score' and Why It Matters
Most people obsess over their credit scores and bank balances, but renowned financial expert Suze Orman believes there's a more critical number that could determine your financial future: Your Emotional Money Score. Explore More: Try This: On a recent episode of her 'Women & Money' podcast, Orman introduced listeners to this self-assessment tool that helps people measure how much their emotions are influencing their financial choices. This groundbreaking concept shifts the focus from traditional financial metrics to the psychological drivers behind your money decisions. The Problem with Emotional Money Management Orman has long emphasized that fear, shame and anger are internal obstacles that can sabotage financial success. These feelings can prompt impulsive decisions, like spending money you don't have or avoiding bills out of anxiety. 'Money alone isn't the key to true financial freedom… It's your mindset, your emotions, and your willingness to face the truth,' Orman reminds her listeners. The reality is that most financial mistakes aren't about math — they're about emotions. Whether it's panic-selling during market downturns, overspending to feel better or avoiding financial discussions entirely, our emotional responses to money often work against our best interests. Be Aware: How the Emotional Money Score Works Orman's assessment features 20 questions covering common financial situations like facing unexpected expenses, setting goals or discussing money with loved ones. Each question offers four choices (A, B, C, or D) with different point values, creating a score ranging from 0 to 60. The scoring system places you in one of four emotional categories: 50-60: Emotionally Empowered: You make decisions based on facts and long-term goals. 30-49: Emotionally Aware: You're developing awareness but emotions still influence decisions. 15-29: Emotionally Reactive: Choices are often influenced by feelings, with patterns of overspending or avoidance. 0-14: Emotionally Overwhelmed: You may feel paralyzed by fear or uncertainty around money. Why Your Score Matters More Than Your Credit Score Unlike your credit score, which reflects past financial behavior, your Emotional Money Score reveals the underlying psychological patterns that will drive your future financial decisions. It predicts financial behavior, reveals hidden obstacles, and unlike some financial metrics, it's immediately changeable. Take the Assessment To discover your Emotional Money Score, you can take Orman's complete 20-question assessment on her podcast or website. The assessment is designed to help you identify emotional patterns that may be impacting your financial decisions. Understanding your score is just the first step. Orman urges people to use their results as a wake-up call, practicing awareness before making financial decisions and addressing the root causes of their money emotions. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard The 5 Car Brands Named the Least Reliable of 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on Suze Orman: How To Get Your 'Emotional Money Score' and Why It Matters
