money·8 min read

Skimm Money: Inflation, The Gender Pay Gap, and Hiring a Pro to Help Manage Your Finances

A woman charging an electric car
Design: theSkimm | Photo: iStock
Aug 12, 2022

There’s never a bad time to support Black women-owned businesses. But seeing as August is National Black Business Month, now is the perfect time. Plus, Black women only receive a fraction of venture capital funding, despite being among the fastest-growing group of entrepreneurs. Here are 18 Black women-owned brands to shop this month and all year long. 

Headlines, Skimm'd

News to Wallet

Today, the House will vote on the Inflation Reduction Act, a bill aimed at reducing inflation and making progress on some of President Biden’s key initiatives. Like addressing climate change and reducing healthcare costs. Here are a few ways the bill could impact your bank account. (If the House passes it and President Joe Biden signs it, that is.) 

  • Funding for climate change initiatives could lower your energy bill. An analysis by Resources for the Future estimates that the Inflation Reduction act could reduce the typical American household’s energy bill by up to $220 per year over the next decade. 

  • Tax credits for electric vehicles could make your next car more affordable. The Biden admin is basically saying, ‘This is your sign to consider buying an electric vehicle.’ Because they might pay you up to $7,500 to purchase one. 

  • Tax credits for home improvements could mean saving on upgrades. The bill offers up to $8,000 to homeowners who install a new heat pump, up to $1,750 for a heat pump water heater, and up to $840 for more energy-efficient appliances.

  • Expanded healthcare subsidies could make your insurance cheaper. Healthcare subsidies set to expire at the end of this year could be extended through 2025. The White House says that could save Americans who get coverage through the marketplace (hi, self-employed people) about $800 per year. 

We Skimm’d what you need to know about the Inflation Reduction Act and how it could impact your wallet.

Asking for a Friend

Design: theSkimm | Photo: Getty Images

ICYMI, President Biden signed the CHIPS and Science Act into law on Tuesday. The TLDR? It provides funding to boost semiconductor chip manufacturing in the US and the education needed to train Americans to make them. Skimm Money spoke with US Secretary of Commerce Gina Raimondo about what this means for the economy and individual Americans.

This interview has been edited for length and clarity.

theSkimm: Tell us your view on how the CHIPS Act is going to affect the economy.

Secretary Raimondo: We need to make more chips in America. Right now, we make too few, and we buy them all from countries, mainly in Asia. By incentivizing more chip factories in the United States, we’ll be creating literally hundreds of thousands of jobs. And that alone will provide great economic opportunity for Americans. 

Are there any economic impacts of the act that you think are being overlooked? 

We plan to invest in a lot of job training and apprenticeship initiatives. As I said, we'll be creating hundreds of thousands of jobs. That means we have to find people and train them for these jobs. Right now, we don't have enough engineers or technicians to do these jobs. And I am very, very, very committed to making sure that this is a huge opportunity for women, people of color, and people who live in rural America and inner-city America who traditionally have been left out of these jobs and making sure that we find them, we train them, and we get them good jobs.

Read the full interview here.

Make Good (Money) Choices

Design: theSkimm | Photo: iStock

If you want to hire a personal trainer for your money…

Know your pros. From CFPs to CPAs, there are plenty of money experts out there ready to help you reach your goals. But before you hire one, get familiar with the different certifications and titles so you can find the right pro for your needs. Example: A certified financial planner (CFP) can help you manage your investments and plan for retirement while a certified public accountant (CPA) can help you navigate tax season and maximize your deductions. Who you gonna call?

Save Your Seat: SkimmU Career

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Moving up at a company can feel like a second full-time job. So we’re here to make it easier. On Thursday, August 18 at either 8:00am ET or 11:00am ET (yep, two options to work best with your sched), join us for SkimmU Special Edition: Career. Career and leadership expert Kimberly Brown will teach our course and interactive workshop on how to network and level up in your career. RSVP.

Crypto, Decoded

Design: theSkimm | Photo: Getty Images

Another day, another hack. Or so it seems in the crypto world. One way to protect your digital assets? A hardware wallet, aka a ‘cold wallet.’ A physical device that stores the private key that unlocks all your crypto holdings. Hint: It kinda looks like a thumb drive. And it’s safer than storing all your crypto online in a software wallet, aka a ‘hot wallet,’ where hackers can more easily steal your key. Earlier this month, hackers stole over $5 million in digital coins from software wallets. But hardware wallets were noticeably unaffected. They’re not completely foolproof, but it’s not a bad idea to keep some of your crypto extra safe offline. You know, JIC.

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