Passover starts at sundown tonight. Like many Jewish households, my spouse and I have been busy doing our holiday spring cleaning, and it’s got me thinking: Should I be spring cleaning our finances? I don’t just mean shredding old statements. I want to review our insurance coverage and simplify our financial lives — roll old 401(k)s together, update pertinent info across accounts, try a 50/30/20 budget worksheet, and revisit our autopay subscriptions. I’m looking forward to wiping away the proverbial dust in my digital life.
— AJ Cohen, Money Editor, Brooklyn, NY
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How the news affects your finances.
Why the Caitlin Clark salary debate hits so close to home
Caitlin Clark isn’t like most of us: She’s a record-breaking basketball star who scored the most all-time career points in NCAA D1 history. So, when the gender pay gap came for her last week, like it does for so many others, people took notice. While Clark’s $338,000 4-year contract as a first-round draft pick for the WNBA’s Indiana Fever is nothing to scoff at, it’s about 5% of what a last-picked rookie NBA player will make in just one year. (The math wasn’t mathing for these kids either.) The disparity struck a cord (even President Biden weighed in), especially among those who’ve experienced unequal pay themselves — and there are many. Currently, women are paid an average of 16% less than men across industries. Some people argue that Clark is set to narrow that gap with “side hustles,” such as endorsement gigs (an eight-figure Nike contract seems imminent), but others say that dismisses the systemic issue. It’s more than just the numbers, but also an ongoing narrative that women have to accept less — even when they bring just as much, if not more, to the table than their male counterparts.
Want change? Keep watching women’s basketball — viewership helps drive upcoming media rights negotiations, which are likely to have a windfall effect on players’ salaries. Then, use these tips to take back some control of your own career and compensation.
Lose the “lucky to be here” mentality. Most women have never asked for a raise and will often accept much lower starting salaries compared to men. This script can help ease uncomfortable compensation convos.
Do some homework. Get a sense of what similar roles are being paid across your industry. Glassdoor is great; talking with colleagues is even better. This can give you leverage and concrete figures, which may help make the $$$ request feel less personal.
Keep track of work wins. From client feedback to data that showcases growth or improvements, get in the habit of maintaining a list of achievements. Share them during performance reviews or job interviews to remind everyone (including yourself) what you’re worth.
for the group chat
The money stories everyone’s talking about.
First there were HENRYs (High Earners, Not Rich Yet). But, add inflation and job uncertainty … and now there’s a growing number of ALICEs.
Yes, rent prices are skyrocketing. But buying a home is still 38% more expensive.
Organizing your important papers? Here are the 10 documents you should never shred. Like, ever.
Having work friends is more important to your career than you might think. Learn to leverage those relationships and still maintain boundaries.
Use this formula to calculate what you actually need to retire. Spoiler: It’s not millions.
5-minute money tip
One act of financial self-care you can do in five minutes.
Use TikTok to help lower your bills.
You probably know you can negotiate service provider bills over the phone — but what exactly do you say to the rep? Believe it or not, TikTok has some easy-to-follow scripts that may actually work. Just search hashtags such as #internetbill, #wifi or the name of your provider. Hint: Read the comments, for even more unique “it worked for me” strategies. Who said that scrolling never pays off?
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