Hi there.
Big week for raising awareness on important issues. Monday was International Day of the Girl Child and Indigenous Peoples' Day. And Tuesday was National Savings Day. We rec paying yourself first in observance. Here's what else went down.
Headlines, Skimm'd
Big ups. Inflation rose faster than expected in September, driven largely by higher prices for food and rent. Retail sales also got a boost because people are spending more – even if they aren't necessarily buying more. Not great for budgets. Related: Social Security benefits are increasing almost 6% next year – the biggest jump in decades.
Quit it. The job market is staying weird: A record 4.3 million Americans left their jobs in August, while more than 10 million positions remained open. Next month, analysis of September's jobs report will show how vax mandates, school reopenings, and the end of enhanced unemployment benefits affected the labor force. PS: if you're making an exit, don't burn bridges (or your budget) on the way out.
Bitcoin's made in the USA. With China cracking down on crypto, the US has become the world's largest Bitcoin mining center. And might debut its first bitcoin futures ETF next week. (Hint: futures are agreements between traders to buy or sell an asset for a specific price later.) That news helped push the digital currency's value above $60,000 this morning. One money pro thinks it'll hit $100,000 in 2023. Another still thinks it's "worthless."
News to Wallet
What Rising Energy Prices Mean for Your Wallet
Oil prices are up more than 65% and natural gas prices have more than doubled this year. That hurts individual bank accounts and the economic recovery. Because when you're paying more for basics like transportation and utilities, there's less to spend on holiday shopping and restaurants. And consumer spending makes the economy go 'round. Here's how to protect your finances.
Make Good (Money) Choices
If you're finally feeling fall…
Remember that winter is coming. Read: time to prep your holiday budget. Especially because supply-chain disruptions and product and labor shortages promise a(nother) chaotic wonderful time of year. Think: higher costs and more empty shelves. A rule of thumb in "normal times" is to max your holiday spending at 1.5% of your income. But things aren't normal, so adjust to an amount that works for you. Not sure how to make that happen? We Skimm'd a few tips for spreading cheer without spreading yourself – or your wallet – too thin.
If you love seeing women win…
Look at their investment portfolios. Because when women invest, they tend to beat men when it comes to returns, according to one report. And more are getting into it: 67% of women, up from 44% in 2018, are investing for things other than retirement. Before you start diversifying your money goals, make sure you know how much you need to retire and that you're on track to get there by the time you want to go OOO forever.
If you want to spread the wealth...
Shop some of our fave Hispanic and Latinx-owned brands. A few buys that caught our eye: a weekly planner with a focus on self-care, a vegan and cruelty-free beauty blender for streak-free coverage, and a comfy, embroidered sweatshirt that's all about good vibes.
Asking For a Friend
Q: How should I approach making a change at my current company?
Ashley Stahl: If you see yourself being a better fit in a different role, be comfortable bringing that up and know that the company wants to retain you if you're a top performer. Ask yourself: "What is my skill that I want to harness?" and "What are some projects that would be valuable for my employer that I can take on?" Take ownership of where you want to go. Set up a meeting. Don't have a casual conversation in the hallway, or they're going to treat your career growth just as casually. Same with asking for a raise. Make it an official meeting.
Hear more from career coach Ashley Stahl on Fidelity's Modern Life podcast. Search "Modern Life" wherever you listen. Oh, and check out their site for tips and resources about big life decisions. PS: This answer has been lightly edited for length and clarity.
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