editor's note
It’s Friday. I’m heading into the weekend super motivated. Because if someone can make over $400,000 a year by selling candles on Etsy, the sky’s the limit. Though, my money goals are less sales-centric and more focused on investing and upping my savings. Because, apparently, as a millennial, I need a totally new retirement road map. Plus, as the mom of a teenager who’ll be wanting a car soon, I’ll need some cushion in my budget to cover those high insurance rates.
— Dae Cason / Money Writer / Columbia, SC
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When should I choose a CD vs. a high-yield savings account?
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Shannah Game
Certified financial planner and host of the podcast “Everyone’s Talkin’ Money”
Certificates of deposit (CDs) are great. Except your money is locked up for a period of time, and there are surrender fees if you need to access your money. If you're looking at a CD, it would be only in a situation where you’re fairly certain you don’t need to touch that money. If you do, you’ll lose all the benefits of investing in a CD vs. a high-yield savings account. I always say, keep a large percentage of your savings in a high-yield savings account, and maybe allocate 25% or less to put in a CD. But right now, with rates so close between a CD and a high-yield savings account, I think you’d need to have a pretty compelling reason to choose the CD.
This interview has been edited and condensed for clarity. You can read an extended version here.
money win
An inside look at how women are building wealth.
“My partner and I just set up a biweekly payment schedule for our mortgage payments. This way, we make one whole additional monthly mortgage payment throughout the year, which saves us money on interest and builds up our equity faster for whenever we sell down the road.”
— Victoria C (RI). Our fave way to pay off debt quicker? Adding a little more money to each payment. See also: The avalanche method.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
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How to win at work, according to successful women.
They say dress for the job you want. But why not invent the job you want, with the wardrobe to match? More than a decade ago, Sarah LaFleur, a cofounder of the fashion brand M.M.LaFleur, was working in private equity. She felt burnt out on the job and was frustrated by the frumpy — and $$$ — professional clothing options. So she took a leap and founded a fashion line focused on what she and her peers would actually wear to work. Today, LaFleur balances running the brand with spending time with her family (she has three kids). How does she juggle it all? By dreaming big and always making time for a stress-relieving bath.
Advice for what to do when you…
Want to ask for a raise…
If you’re more junior in your career, your best bet is to benchmark. Generally, most employers want to pay you fairly and competitively, so data that backs up your argument will help you. Something you can say: “I researched the average salary for X position in Y location, and I believe $X is in the appropriate range.” If you're more senior in your career, the most compelling argument is a business case for why you should make more. You can say something like: “I believe I can bring in $X in additional revenue for the business, and my goal is to earn Y% of that,” or “I believe I can help the business exceed its goal by X%, and I would like to earn Y% of that.”
Are assigned a project you’re afraid you can’t do…
First, ask for a mentor. Say, “I’d love to take this on, but I also want to be transparent that I’ve never done something like this. Is there someone else, either in the organization or outside of it, that you think I could reach out to for advice?” Also, overcommunicate. Say things like, “I will send you daily or weekly updates on my progress to make sure I'm on the right path. If you have any feedback for me, please let me know.”
Get a big opportunity that would mean being at home less…
Only you know the right answer to this question. I’ve got three small kids, so even two nights away feels like a lot right now. But in my 20s, I actively sought out opportunities to be in new places. I was on the road every week as a management consultant, and then as a private equity associate. I also took an opportunity to work for a nonprofit in South Africa for a year, and that was one of the best experiences of my life.
Want to unwind after a stressful day…
I take a bath. I grew up in Japan, where it’s almost sacrilegious not to take a daily bath. Japanese bath salts are amazing and very affordable. You can find them in your nearest Japanese supermarket, or even H Mart!
Fail...
Get used to it. As the Japanese saying goes, “You [fall] seven times, and [get] up eight times.” The most successful people I know have had the biggest, most public failures.
This interview has been edited and condensed for clarity. You can read an extended version here.
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