Eyes On
The ROI on…
Overemployment. AKA the pandemic- and inflation-era trend that has remote workers holding down two full-time gigs without their bosses knowing. Squeezing 80 hours of work into a 40-hour week and seeing the $$$ roll in may sound like a sweet (if exhausting) deal. But is it legal?Maybe. Depends on company policy and any non-compete clause in your employment contract. But some WFH’s are getting fired for it.
Your move
Read the fine print: Look back through your contract or offer letter carefully to see what you agreed to when you were hired. Don’t violate any of those terms unless you’re prepared to be terminated.And, as always, be sure your emergency fund is GTG.
Keep your eyes on the prize: Earning all that extra $$$ might be counterproductive (see: lifestyle inflation). So make sure that you’re not derailing your financial goals with things like ordering out all the time or hiring someone to clean because you don’t have the time or energy to DIY anymore.
Upskill: Learn as much as possible from both jobs and keep your skills updated on your resume so you can secure a job with better pay.
Related Stories
Money Tip of the Week
Talk about salary with your squad.
Open up with your friends, family or even your mail carrier (okay, maybe not that last one). Women especially are socialized not to talk about money, much less ask for more of it, but the pay gap is real. Comparing salaries, especially those in your industry, will help you understand if you’re being paid your worth. It can also get you comfortable talking about money before you ask your boss for more.
Financial Goal Unlocked
The Goal: Buy a new (or used) car.
A Winning Mindset: Doing your research and understanding how the process works can help you get the keys to the car you want at a price you can afford.
A Winning Strategy:Buying a car is (spoiler) a huge financial commitment. Take it one step at a time…
Decide whether to buy or lease. Which option is right for you depends on how you’ll use your car.Example: If you don’t take lots of road trips, leasing a car could be the more budget-friendly option.
Set your budget. If you decide to buy, plan to make as big a down payment as possible to keep your monthly payments and interest rate low.
List your must-haves. Need extra seats for the kids? Want to go electric? Figure out the type of car you need before you start shopping so you won’t be distracted by other options. (Bye, upsell.)
Get pre-approved for a loan. If you’re financing, you’ll want to shop around for a loan before you hit the dealership. (Psst…The salesperson might say the dealership offers the best financing, but you’ll know better.)
Find a dealer. Or a website. If you like to haggle, work directly with a dealership or private seller.If you like to know your cost up front, buying from an online marketplace or dealer might be the better choice.
theSkimm
Buying a car, new or used, isn’t cheap. Thanks to supply chain delays and inflation, getting the wheels of your dreams costs more $$$ than ever.You can get a car at a reasonable price if you do your research before buying.
And Also This…
What you can expect to keep more of next year…
Your money. The IRS is changing income tax brackets in 2023. And increasing the standard deduction too.This means your take-home pay might be higher come January, even if it doesn’t buy as much. Thanks, inflation?
And speaking of extra change…
The quarter’s getting a new face. Anna May Wong’s to be exact. Wong was Hollywood’s first Chinese-American movie star. And now she is the first Asian-American featured on U.S. currency. Ever.
What’s streaming in our AirPods…
In This Economy, a three-part audio series from Skimm This, teaching you all about getting control of your money, even in uncertain economic times. In the first episode you’ll learn all about budgeting for inflation from Michelle Singletary, personal finance columnist for The Washington Post.
What’s getting to be too much
Pumpkin spice. Items in your favorite fall flavor cost about 14.1% more than they did in 2020. It's not just inflation. Retailers are charging more because they know we’ll probably pay up. Hold my PSL.
The Smartest Purchase I’ve Ever Made
“100% my [Eufy] robot vacuum. It’s so annoying, but when you look at what it sucks up on a daily basis, it makes it all worth it.”
— Vella Lovell, star of NBC’s Mr. Mayor.
Skimm’rs
Tell Us How You Really Feel:
It’s happening, the application for student loan forgiveness has launched. Skimm’rs, have you applied yet? If not, fill out your application here. According to the administration, it takes five minutes.
Skimm Deal of the Week: Now through October 30, take 40% off this ultra-soft blanket for all your fall curling-up-on-the-couch needs. It comes in five gorgeous neutrals, so take your pick. Shop here.
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