Eyes On
The Job Market
Inflation and fears of a recession are high, but the job market is still strong — for now. Data released this week shows the unemployment rate dropped to 3.5% in September, down slightly from 3.7% the month before. But there are signs the job market is cooling off. Employers added fewer jobs in September than in August. Plus, some major companies (hi, Meta, Amazon, and Lyft) are reportedly implementing hiring freezes. Sooo it’s never a bad idea to think about your next steps.
Your move:
Be prepared. An emergency fund is there for life’s not-so-fun surprises, like being laid off. Aim to save three months’ worth of expenses, JIC.
Stay covered. Losing your job could mean losing your health insurance, too. Make sure you know what your options are in case you need them.
Make yourself indispensable. Adding skills and responsibilities to your resume could make it more difficult for your company to let you go. And boost your career in the long run.
Diversify your income. Side hustles are a great way to bring in extra cash. But passive income is the way to go if you don’t have time for another gig.
Related
Money Tip of the Week
Set your holiday gift-giving budget.
The most wonderful (and, yes, expensive) time of the year is just around the corner. Your move? Make a spending plan ASAP. A good rule of thumb: Your holiday budget should be less than 1.5% of your annual income. For example, if you make $100,000 a year, you should spend $1,500, max. Hint: Look at your bank and credit card statements from last year to see how much you spent and adjust accordingly.
Financial Goal Unlocked
The Goal: Talk about money with your partner.
A Winning Mindset: Get it all out there. Sure, it might be awkward to reveal exactly how much you spend at Sephora every month (no judgment). But not talking about your finances with your SO could lead to bigger issues down the road.
A Winning Strategy: Set up a money date night with your partner (yes, put it on your calendars). Then start the convo by…
Covering the basics. What's your salary? Your credit score? Do you have a budget? Get an idea of where you’re each coming from financially so you can plan for the future.
Acknowledging your differences. If you’re a saver and your partner’s a spender, NBD. Knowing each other’s money philosophies will help you money better together.
Talking about your money goals. Whether you want to buy a home or retire early (hey, FIRE followers), your partner needs to know your plans and be supportive. And vice versa.
Deciding how to move forward.Should you combine your finances or keep them separate? It all comes down to what works for you and your partner.
theSkimm: Facing money issues with your partner + coming up with solutions together = relationship goals. Make money date nights a recurring event on your cals so you can talk about $$$ on the reg.
And Also This…
What’s one major benefit of working from home…
Accessibility. The remote-work boom is helping many disabled people avoid the obstacles that come with in-person roles. Think: Commuting, dealing with stigmas, and navigating discomfort. Advocates hope the trend inspires companies to create more inclusive and accessible workplaces.
Who’s writing “abortion rights” in the check memo…
Sheryl Sandberg. The former chief operating officer of Meta is donating $3 million to the ACLU to protect reproductive rights. It’s one of the largest donations the org has ever received supporting abortion rights.
PS: Here’s where abortion rights are on the ballot this November.
While some are co-buying homes with friends...
Others are splitting the rent with Grandma.
What’s costing us way more than a tube of lipstick…
Asking for a Friend
Single Hispanic women have the smallest median net worth compared to other demographics. According to one analysis, Latinas have a median net worth of just $1,000 (hint: white men have a median net worth of $78,200). Our friends at Fierce by mitú introduced us to Gabriela Berrospi, the founder of Latino Wall Street, a platform that provides accessible financial education info about investing in Spanish, to chat about how to change these stats.
Q: What factors contribute to the Latina gender wealth gap?
Berrospi: Statistically, we are underpaid, underbanked, and underrepresented across industries. Fewer opportunities and exposure naturally create less income.
What’s one thing about building wealth that you wish you’d known sooner?
Start investing as soon as you can, even when you don't have much money. Because the sooner you start investing, the sooner your mindset changes to wealth creation rather than just surviving and paying the bills.
What advice do you have for balancing saving, paying down debt, and investing to build wealth?
In my personal experience, what has worked best has been to always have an emergency fund that covers my basics. Then, once I have that, start paying down debt, especially if the interest rate is high — the way I did it when I once had student loans. However, you can still invest as you save for your emergency fund and make loan payments, as you don’t have to start with much. Your goal should always be to make money work for you, even as you address other responsibilities.
Read the full interview here. Answers have been edited for clarity and length.
Midterms 2022
ICYMI, basic living expenses have gone up A LOT. And with inflation disproportionately impacting the Latinx community, money is a priority in the upcoming midterm elections. And Latinx voters have the power to make a real difference. Read up on how the Latinx vote could influence the 2022 midterms — and beyond.
Skimm’rs
Tell Us How You Really Feel: Spooky season is here. So we want to know: What’s your biggest money fear? Losing your job? Not being able to pay off your student loan debt? Tell us here.
Last week, we asked you if you’re team WFH or RTO. NGL, the results surprised us. 45% of Skimm’rs prefer WFH, 49% want a hybrid option, and only 6% of you want to RTO. And your reasons are solid…
Team WFH: “I’m able to focus more without interruptions, I’m able to get things done around my house, and I can also get work done after hours when necessary. I love having my pets as my coworkers, too. It is probably the best part about WFH. I feel like my time is my own and my work performance has never been better.” — Amanda C, Denver, CO
Team Hybrid: “I work in student services at a university and find that most of my administrative responsibilities can be handled by WFH, but the personal engagement with my students is a lot easier to achieve at the office. A hybrid WFH/RTO experience lets me have the best of both worlds. Plus, it makes my dog happier!” — Brit M, Anderson, SC
Team RTO: “It’s really the only option in my field, but I feel like I’d get nothing done at home and be constantly distracted by what I need to do around the house. Plus, I’m a people person and get my energy from being around others all day.” — Olivia M, Minneapolis, MN
Answers have been edited for length and clarity.
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