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kroger.com. Kroger, fresh for everyone. Restrictions apply, seaside

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for details. restrictions apply, see site for details. I

1:06

actually have time blocked off on my

1:09

calendar like once a month. It's an

1:11

hour. Sometimes I don't even take the

1:13

full hour where I really tune into

1:15

what's energizing me and what's draining me

1:17

in my work and

1:19

how can I figure out a way to

1:21

lean into the stuff that's energizing and

1:24

how can I let go of the stuff

1:26

that's draining. Hey

1:34

everyone, I'm Jean Chatsky. Thanks so much

1:36

for joining me today on Her Money.

1:39

So let me ask you a

1:41

question. How are you feeling specifically

1:43

about your job or your career?

1:45

Depending on what industry you're in,

1:47

you may be concerned about layoffs

1:49

or consolidation or a year that

1:52

just isn't going to be as

1:54

good as it was in the

1:56

past. A recent survey from

1:58

the folks at Bankrate. It revealed that

2:01

eighty eight percent of workers who

2:03

are worried about their job security

2:05

are planning to take action within

2:08

the next year. That includes everything

2:10

from searching for a new jobs

2:12

you asking for a raise to

2:15

thinking about, are considering relocation or

2:17

even just quitting. All together, these

2:19

workers are realizing that were in

2:22

uncertain times and are planning to

2:24

make positive career changes on their

2:27

own terms while they still can

2:29

and. the survey also found

2:31

people are changing jobs more frequently

2:33

than ever before fifty five percent

2:36

of the workforce looked for a

2:38

new job and twenty twenty three

2:40

that's up from to be one

2:42

percent in twenty twenty two we're

2:44

going to dig in some guy

2:47

that is and i know that

2:49

many of you have been goals

2:51

been career goals didn't business goals

2:53

that you are working to hit

2:55

in twenty twenty four and beyond

2:58

we are going to talk about

3:00

how you do that as well

3:02

and i'm so excited to be

3:04

doing it with friend hauser you

3:06

may remember france she was on

3:09

our show back in twenty eighteen

3:11

she is i'm beating career expert

3:13

a former fortune five hundred executive

3:15

author of the best selling book

3:17

the myth of the nice girl

3:19

as well as a companion workbook

3:22

embrace the work love your career

3:24

with has become the go to

3:26

curriculum for women's affinity groups nation

3:28

wide and before we jump into

3:30

the at the said can i

3:33

just say we love you guys

3:35

we love our her money podcast

3:37

community one of our listeners recently

3:39

wrote finance and invest in can

3:41

be daunting for us regular folks

3:44

that gene boy complex concepts down

3:46

to their essence and explains financial

3:48

matters in ways you can understand

3:50

if you're a regular listener and

3:52

you haven't left as a review

3:55

please take a second right as

3:57

a review on apple podcasts i

3:59

know It sounds silly but these

4:01

things really do make a difference and

4:04

you might hear yours on the next

4:06

episode And now let me

4:08

welcome Fran Houser back to the show. Hey

4:10

Fran. Hi, Jean. It's so nice to see

4:12

you. Oh my gosh It's so nice to

4:14

see you too. It's been it hasn't been

4:16

since 2018. We saw each other I

4:19

think was in DC actually at

4:21

a conference. Do you remember that? Yes

4:25

Was it I think it was one of the conferences for

4:27

women and it may not have been DC It may have

4:29

been a different city somewhere across the country But

4:31

I do remember sitting with you and signing

4:33

books at the same time. So nice to

4:35

see you So nice to see

4:38

you. I can't believe it's been six years since

4:40

2018 though I know

4:42

well for my listeners who are newer

4:44

or who aren't familiar with you You've

4:46

done a so many different things Tell

4:49

us a little bit about your career

4:51

path and bring us up to date

4:53

since the myth of the nice girl

4:55

Yeah, well, I've had a very long

4:58

and varied career. That's

5:01

for sure You know, I spent many

5:03

many years in corporate gene you and

5:05

I were at timing together Where

5:08

I ran digital for brands

5:10

like People magazine and in

5:12

style Entertainment Weekly Such

5:15

a fun job and you know, I was an

5:17

executive at that company I

5:19

left corporate about 12 years ago and

5:22

moved into startup investing and

5:24

I've now invested in over

5:27

35 female founded companies which

5:29

has been really amazing I've

5:32

written two books as you mentioned

5:35

and so now like this is what my professional

5:37

life looks like I first of all, I always

5:39

like to say I'm the multi-hyphenate and I feel

5:41

fortunate actually to be able to work on Projects

5:44

that really feed me and to work with

5:46

people who I really love to work with

5:49

Where I'm spending most of my time right now is

5:51

on my thought leadership platform, which is all

5:54

around Really helping women

5:56

create careers that they love while staying true

5:58

to themselves and I do that through

6:00

my books and through speaking and my

6:02

digital content. And I also have a

6:04

business called Bookbound, where I

6:06

help aspiring authors get their books out

6:09

into the world, so get them published

6:11

and help them with their

6:13

launch plans. So I've really kind of

6:15

pulled back on the startup investing as

6:17

of last year and really focusing more

6:19

on this thought leadership platform and on

6:22

Bookbound. So that's where I am today.

6:24

Well, and Bookbound, by the time

6:27

this episode launches, will be a

6:29

podcast. And our listeners who have

6:31

aspirations of publishing a book someday should

6:34

100% tune in. Yeah,

6:36

I know. I'm so excited. It's been

6:38

really fun. We're just wrapping the first

6:41

season. And it's just intimate

6:43

conversations with successful female nonfiction authors about

6:45

their publishing journeys. You know, like how

6:47

did they find their agent? How did

6:49

they get the, you know, how did

6:51

they land the deal if

6:54

they decided to go a different path,

6:56

the non-traditional path, maybe a hybrid publisher,

6:59

or self-publishing? So it's been such

7:01

an incredible learning experience for

7:03

me. And

7:05

it's just really been a lot of fun.

7:07

So I'm excited for it to be out

7:09

in the world. As an author myself, I

7:11

can't wait to listen and see what sort

7:13

of lessons are there to be just

7:16

soaked right up. So very,

7:18

very exciting. Congratulations on that.

7:21

Thank you. So since you

7:23

and I have talked COVID,

7:25

right? I mean, COVID existed.

7:27

It still exists. We live

7:29

in this world that's kind

7:32

of sort of remote, hybrid.

7:35

You have to come back to the office. Where

7:37

are we right now in the scheme

7:40

of how we are being

7:42

asked to work? Yeah, it's still

7:44

a little bit all over the place. I think

7:47

there is definitely, I would say,

7:49

more hybrid than there was even

7:52

a year ago where companies really

7:54

do want to see their employees

7:56

physically at work, even if it's

7:59

not fiber. days a week, some

8:01

portion of the week. And

8:03

that's been a huge adjustment for people, especially

8:05

I talk with, and

8:08

I work with a lot of moms and it's been a

8:10

huge change for them, right? Because they

8:13

went from being able to work completely

8:15

remotely and have all that flexibility. They

8:17

gave up their caregivers and now it's,

8:19

Oh, okay, wait a second. Like I

8:21

have to find a caregiver again. I

8:23

have to figure out like what this

8:26

is going to look like. So it's

8:28

been a big adjustment for people. And

8:30

what's interesting is the other kind of

8:32

big, I don't even want to say

8:35

trend, but the big thing that I'm

8:37

hearing from senior HR

8:39

leaders at these big

8:41

companies where I go in and do these

8:44

talks, this is the consistent thing

8:46

that I'm hearing is that for people that

8:48

are in the earlier parts of their careers,

8:50

say like the first 10 years of their

8:52

careers, there's more of an

8:54

expectation from these people

8:56

that their manager is going to

8:58

figure out their career for them.

9:00

That's interesting. Which is like really

9:02

interesting. And it's like something I

9:04

can't tell you how many companies

9:06

have said to me. Can

9:09

you, when you come in and you do

9:11

your talk, can you cover this idea of

9:13

like owning your career and really

9:16

having agency over your career and

9:18

like what that looks like and

9:21

not relying on other people to

9:23

figure it out for you. And

9:25

it literally came up twice last week in prep

9:27

calls that I had. So I'm

9:30

not sure if that's COVID related or

9:32

related to other stuff going on in

9:34

our culture, but that's a

9:36

really interesting kind of theme that I've been

9:39

seeing. I'm wondering if it's, and

9:41

I'd love you to sort of explain

9:43

a little bit more of what that

9:45

means when you ask your manager to

9:48

chart your career. I'm

9:50

wondering if it's related at

9:52

all to helicopter parenting, right?

9:54

If this is the generation

9:56

where their parents charted their

9:58

course and now. they're looking

10:00

to the next person with seniority

10:03

or power to essentially step into

10:05

that role. Yeah, you know what?

10:07

I think it's a really great

10:09

point and from a technology perspective,

10:12

right, because of these phones where

10:14

even as a parent I have

10:16

two kids in middle school and the

10:18

fact that I have 24-7 access to their grades

10:22

is so bad. I

10:25

don't think it's a good thing, right? And

10:27

I really have to hold myself back from

10:29

checking all the time because they need to

10:31

be the ones that are checking, they need

10:34

to be the ones that are staying on

10:36

top of their grades. And you know there's

10:38

all these great books that have been written

10:40

about even when kids then go to college

10:42

and their parents are still involved, right?

10:45

Julie Lythcott Haynes wrote a

10:47

great book about this. She was the

10:49

Dean of Freshman at Stanford University and

10:52

she said she couldn't believe how

10:54

many parents were reaching out to

10:56

her because their kids have access,

10:59

24-7 access, to their parents

11:01

through these phones, right, where they're constantly

11:03

texting them. And right, so you're right,

11:05

is this the next, is this the

11:07

next stage? Now like you're in your

11:09

career and you've always had somebody there

11:11

kind of guiding you and making

11:13

sure that you don't fall. So what is

11:16

your advice to these,

11:18

I assume they're fairly entry-level,

11:20

younger people first decade of

11:22

their career. What are you

11:24

saying to them about taking agency and

11:27

how do you get the

11:29

confidence to decide that the

11:31

move that you think you want

11:33

to make for yourself is really

11:35

the right move then you can

11:38

in fact take that step? Yeah,

11:40

I think a lot of it

11:42

is about proactively creating

11:45

your own opportunities and I just

11:48

think about those moments in my career

11:50

where, I mean I'll give you an

11:52

example, like back when I was at

11:54

MoviPhone, this was so long ago, right?

11:56

Oh my god, Mr. MoviPhone, so long

11:58

ago, but you know, we launched the

12:01

website, moviephone.com, and I

12:04

remember having a conversation with someone on

12:06

my team where we realized that there

12:08

was this huge revenue opportunity that was

12:10

just like, we were just leading money

12:12

on the table. And we went

12:14

to my boss and we said, you know, we want

12:17

to do something about this. And he

12:19

said, go do it. Like the two of

12:21

you just focus on this one thing and

12:23

see what you can do. And

12:26

25% of our revenue the following year ended

12:28

up coming in through this one channel. And

12:31

it's like it's those moments of really

12:33

being intentional and understanding

12:35

what's going on in the world and

12:38

how does that impact your business? And

12:40

is there a way to capitalize on

12:42

it? And not just like sitting back

12:44

and waiting for things to come

12:46

to you, but like really being

12:48

proactive, being ambitious, raising

12:50

your hand. If there's high profile projects

12:53

going on all around you, and you're

12:55

not on one of those project teams,

12:57

raising your hand to be on one

12:59

of those teams, because you

13:01

want your work to be visible. You

13:03

want to be top of mind for

13:05

people, right? Yeah, for promotions for. So

13:07

I think so much of the gene

13:10

is like just getting out of this

13:12

autopilot mode and being really

13:14

intentional and being really

13:16

proactive. And I

13:18

think tactically speaking, like what this has

13:20

looked like for me over the years

13:23

is I actually have

13:25

time blocked off on my calendar, like

13:27

once a month, it's an hour, sometimes

13:29

I don't even take the full hour,

13:31

where I really like tune into what's

13:33

energizing me and what's draining me in

13:35

my work. And how

13:37

can I figure out a way to lean

13:39

into the stuff that's energizing? And how

13:42

can I let go of the stuff that's

13:44

draining? And when you do that, like

13:46

when you take that kind of action,

13:48

it creates space to really

13:51

help you unlock new opportunities.

13:53

So it's that it's doing that reflection,

13:55

it's getting out of that autopilot mode

13:57

and doing that reflection. done

14:00

that exercise but I am doing it

14:02

if not today then later this week

14:04

because I need this. I'm

14:06

thinking about I know the things that are draining me

14:08

and if I could get rid of them, which I

14:10

think I probably can or at least get rid of

14:12

them to some degree, it's a huge possibility.

14:16

It is and put them on your to-don't

14:18

list. I always have a to-don't list and

14:21

what's really so amazing about having

14:23

things on a to-don't list, I'll

14:25

give you an example. Right

14:28

now I'm not taking on any new board

14:30

roles and I have

14:33

to tell you it makes it really easy when

14:35

someone reaches out to me and asks me to

14:37

consider a board seat because my

14:39

response is just I decided to not

14:41

take on any new board roles this

14:43

year. The way that

14:45

the person receives it then is that it's

14:47

nothing personal. It's a strategic decision that I

14:50

made. It's like making decisions

14:52

around the projects, the initiatives that you're

14:54

just, it's no for now. I could

14:56

always revisit it in three months, six

14:58

months a year but these are

15:00

the things that I'm not going to do right now. The

15:03

other things that can go on your to-don't

15:05

list are behaviors that no longer serve you.

15:09

Things like, I'll tell you for me, the stuff that

15:11

I've struggled with throughout my whole career,

15:14

people pleasing, over-preparing, even lately

15:16

I've been noticing the last

15:18

couple of months I've been

15:20

complaining more and it's so

15:22

draining and complaining about silly

15:24

little things. And I don't know,

15:26

I'm like why am I doing that? It's

15:29

just so silly but it's like being aware of

15:31

it and nipping it in

15:33

the bud. It's like just

15:35

really, it's that hyper-awareness. Talk

15:37

to me about over-preparing because

15:39

I think over-preparing is such

15:42

a female trait. I

15:44

am 100% guilty of this. I

15:46

spent four hours this weekend Writing

15:49

a speech that I've essentially given many,

15:51

many, many times. You know, I mean

15:53

I was taking different pieces. I needed

15:55

an extra 10 minutes but could I

15:57

have probably gotten up there and wing

15:59

it? Oh yes yeah it is definitely

16:01

a male female thing. I see it

16:03

my whole entire career and there is

16:05

a known that you'll really appreciate us

16:07

when we were at times and I

16:09

had just come back from my first

16:11

maternity leave and I had an idea

16:13

for a new product and just to

16:15

talk about to socialize the idea with

16:17

my boss. I spend forty hours putting

16:19

a powerpoint act together to go in

16:21

and have a preseason and I I

16:23

watched a male colleague of mine who

16:25

I adore and Luz literally. I swear

16:27

to you I watched him to knock

16:29

on her door, go and sit down

16:32

and have a ten minute conversation with

16:34

her. She had it's like three soundbites

16:36

in his head because he had his

16:38

own thing that he wants. talk to

16:40

her about Ray and week. That's the

16:42

difference Right there. it's I was. It's

16:44

formally pitching. I wasn't asking for money

16:46

of isn't going to the Cfl would

16:48

ask for money. I was just socializing

16:50

and idea why am I putting a

16:52

powerpoint that together He now. It's like

16:54

stating that like the perfect example where

16:56

you know there's so many times where

16:58

you could have spent an. Hour probably

17:00

instead of for yeah. Now I

17:02

could have spent two hours instead

17:04

of forty. And mean, so it's

17:06

it's is really having a mindset that's

17:09

more like good enough is a

17:11

good enough and I'm working on

17:13

that either. Working on that for

17:15

years, but I'm like really really focusing

17:17

on that I put over the

17:19

weekend. I had a proposal that

17:21

I needed to together and they

17:23

ask for a rough sketch. As

17:25

a proposal and the old me would

17:28

have been like know it has to

17:30

be perfect they said rough sketch like

17:32

you know what this is gonna be

17:34

a rough sketch it's gonna be bullet

17:37

points. Yeah it's getting new ranges of

17:39

opportunities known. saying it's like let it

17:41

be more the conversation I just I

17:44

in the process of that working on

17:46

nipping at a new book and I

17:48

had a meeting last week with my

17:50

age and ten with some other people

17:53

on the team and I had put

17:55

together. not a full proposal but

17:57

some thoughts right and i actually

17:59

just sent it out saying this

18:01

is something for you to react to. Beautiful.

18:03

And even if I had done the entire

18:05

thing the upshot would have been the same.

18:08

They would have said we need a little

18:10

time to react. So yep and the other

18:12

thing I noticed too because I'm also working

18:14

on a book proposal is send

18:16

like pieces at a time. There's

18:18

this like perfectionism that I have to fight this

18:21

like urge of like I just want the whole

18:23

thing done and I want it to look

18:25

beautiful and for it to be cohesive and

18:27

just want to send the whole thing in.

18:29

And I literally I'm doing the same thing

18:31

with my agent where it's just section by

18:33

section and even if I'm like 80% of

18:35

the way there on the section I would

18:37

rather send it in because she's gonna give

18:39

me feedback. Yeah right. Work-life

18:42

balance is another thing

18:44

that I think we're still hearing an

18:46

awful lot about. There was a survey

18:48

last year came from the Muse. Work-life

18:51

balance it said is so critical that

18:53

more than half of people said there

18:55

is no amount of pay increase that

18:57

would persuade them to sacrifice it. So

19:00

this is a notion that I hear from

19:02

I hear it from my kids. So my

19:05

kids are a little bit older than yours

19:07

specifically not so much from my daughter who

19:09

our listeners know because she does our mailbag

19:11

segment with me. But from

19:13

my son who is almost

19:16

30 and works a

19:18

job where he's remote a couple

19:20

of days a week and in

19:22

the office a couple of days

19:24

a week and he said if

19:26

the job said to him you

19:28

have to be in every day

19:30

he would not do that job.

19:33

Where do you think that work-life

19:35

balance fits into the equation and

19:37

specifically into the financial equation, the

19:39

ambition equation, the success equation? Yeah

19:41

look I think it's people just they don't

19:44

want to sacrifice that balance. I just think

19:46

about going back to like parts of

19:48

my career where I remember even just

19:50

asking to work from home like one

19:52

day a week and it was like

19:54

a hard and fast no because I

19:56

was a senior executive and the

19:59

precedent that it would and write all of

20:01

that. And it's interesting, I

20:03

ended up leaving. That's why I left corporate

20:05

because I needed, I wanted to create a

20:08

more flexible professional life for myself because I

20:10

wanted to see my kids. And that was

20:12

really important to me, right? And I feel

20:14

a lot of people are in that same

20:17

boat. They're not willing to give up

20:19

that time with their family, with their friends,

20:21

traveling, doing whatever it is that fills them

20:23

up as a human being. They don't wanna

20:26

give that up. So I

20:28

totally get that. I do think that companies

20:30

because of COVID are so much more flexible

20:32

than they used to be. Could you imagine

20:34

somebody now saying you can't work from home

20:37

one day a week? No, but I hear

20:39

what you said. I was

20:41

so fortunate early in my career when

20:43

I had my first child. I was

20:46

not at timing yet. I was at

20:48

Smart Money, which was Hearst and Dow

20:50

Jones. And my boss, who's

20:52

now the CEO of the Hearst Corporation,

20:54

basically said, I have decided that I

20:56

am going to be a good place

20:58

for working moms. How many days a

21:00

week do you want to work from

21:02

home? Amazing. And I was able to

21:04

do that my entire career. Now, the

21:06

flip side of that was that it

21:08

was really clear that I was gonna

21:10

be a writer and not

21:12

be an editor because writers could

21:14

be independent and editors, not so

21:17

much. And that was the track

21:19

that I followed for years, for

21:21

decades. So it's not that

21:23

there weren't choices to be made, but

21:26

at least I had the choices. Yeah,

21:28

I know, which is amazing. I mean,

21:30

look, I think so much of it

21:32

comes down to creating

21:35

value for the organization. As

21:37

long as you can show

21:39

that you will create a ton of

21:41

value for the company, that actually

21:43

you'll probably create more value in

21:46

a hybrid role or in a remote or

21:48

whatever it is that you're asking, and

21:50

you demonstrate that, then any manager is

21:52

gonna be like, okay, great, right? I

21:54

think that the challenge is when the

21:56

value's not there. The value's there,

21:59

great. And

22:01

then obviously the financial piece of it

22:03

is commensurate with that, right? But yeah,

22:05

I always go back to are

22:08

you creating value for the company that

22:10

you work for? What does that look

22:12

like? And I'm always encouraging people to

22:14

really think about what are the company's

22:17

bigger priorities and is are you working

22:19

on at least one project that is

22:21

like deeply aligned with

22:23

those priorities? I think that's really

22:25

critical like when you look at your calendar and you

22:27

look at your to-do list and you look at where

22:30

your time is Going because again it

22:32

goes back to like being visible even

22:34

if you're not there You're still visible

22:36

because you're working on a project that

22:38

the executive team really cares about So

22:41

I think that's that's another piece to

22:43

just kind of think about I started

22:45

the show talking about the huge number

22:47

of people That are looking for new

22:49

opportunities I want to come back and

22:51

talk about some advice for them But

22:53

before we do that, I also want

22:55

to tell everybody that the her money podcast is

22:58

now whoo-hoo We are on YouTube. So

23:00

don't forget to subscribe to our channel.

23:02

It's at her money You'll get notified

23:04

about all the new episodes. You can

23:06

let us know what you think about

23:08

those episodes in the comments We like

23:10

comments. So thank you for that. We

23:13

are going to take a quick break

23:17

Her money is proudly sponsored by Edelman

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checkup today We're

23:53

back with Fran Houser author

23:56

of embrace the work love

23:58

your career We

24:00

we started fran with this notion that

24:02

fifty six percent of people said they

24:05

were looking for new jobs. In Twenty

24:07

Twenty Three, Learn into the New Year.

24:09

Many people may be refreshed saying that

24:12

job search if you're if you're diving

24:14

into it with a server at this

24:16

point would he say to people who

24:19

are ready. To make a change? How.

24:21

Do you have you know that center? we've had

24:23

a you know if he said state your current

24:25

company and look for a new opportunity Worst the

24:28

best place. To start these days. Yeah.

24:30

Well the first thing I would recommend

24:32

that the you do is if you're

24:35

in a place where you're just a

24:37

happy like you're not, you're not feeling

24:39

fulfilled. But the environment is not toxic

24:41

like if the is, it's a toxic

24:44

environment. My advice so is lucky to

24:46

get out of there as quickly as

24:48

possible. Rights. But it's It's not a

24:51

toxic environment and it's is your feeling

24:53

a little bored years. If you're getting

24:55

that it's I encourage people to stay

24:58

in the job while you're looking for.

25:00

Your next thing and I want to

25:02

be clear about that because I can

25:04

tell you like how many times people

25:07

such a hamster the quit and for

25:09

the clear to them in look for

25:11

the it's cyclical see environment is that

25:13

toxic Just stay while you do your

25:15

outreach while you're because it's all about

25:17

relationships right as far, reaching out people,

25:19

letting them know that you're thinking about

25:21

your next chapter, asking for their advice

25:23

there and pilot asking them to introduce

25:25

you to other people. Who might be

25:27

helpful in? It's all about people. I only

25:30

say that it's all about people. It's not

25:32

about your skills. really as much

25:34

it's just about like reaching out

25:36

to people in your world's that

25:38

can be helpful in one way

25:41

or another i often find that

25:43

people think it's an emphasis and

25:45

to network gets an imposition to

25:47

ask were not as comfortable on

25:49

the telephone as least to be

25:51

many of us emails tend to

25:54

go into the void if he

25:56

did leave a voicemail nobody checked

25:58

said i mean How do

26:00

you encourage people to get comfortable with

26:02

this as somebody who I know gets

26:04

asked for advice all the time? I

26:06

have to tell you that this is

26:08

the biggest thing that I would say

26:10

is, especially for younger people, don't

26:13

wait until you need the person to

26:15

engage. Don't wait until you

26:18

need the person to engage with them. And

26:20

here's the thing. I love, I have

26:23

a lot of younger people in my life

26:26

and they're the ones that are very

26:28

engaged with me, even on social media.

26:31

They might share something that I post.

26:33

They'll comment. They'll, you know, they'll reach out every once

26:36

in a while and say, Fran, I'm like working on

26:38

your book. I love it so much.

26:40

I just recommended it to a few other people. Like

26:42

those are the people that have this consistency in my

26:44

life and they're engaging with me. So

26:46

when it's time for them to think about their

26:48

next chapter and they reach out

26:50

to me, it's a no brainer for me

26:52

to help them. It does feel

26:54

a little bit, I don't even

26:56

know what the right word is to use, but

26:59

I don't love it when people like just reach

27:01

out, like out of the blue, you know, and,

27:04

and ask for help just because I

27:06

feel like it just feels very transactional

27:08

like to me. So I think

27:10

my biggest advice to people is don't wait until you

27:12

need the help. Think about the people that are in

27:14

your life. They're in your network. Are

27:16

there very easy ways that you can engage

27:19

with them and be helpful to them

27:21

so that when it's time for them

27:23

to be helpful to you, like they'll

27:25

do it wholeheartedly and not just because

27:27

they feel like they have to because

27:30

you're a family friend or because you're

27:32

right. So that's like my

27:34

biggest thing is like, don't wait until

27:36

you need it. You know, like it's

27:38

like it's that relationship building, right? Yeah,

27:40

it is. And it's also, I think

27:43

this personal brand building that kind of

27:45

has to go on throughout

27:47

the stages of our career. I mean,

27:50

you're really interesting. As you said,

27:52

you're a multi hyphenate. You've done

27:54

a lot of very different things,

27:56

but your ethos is present in

27:59

all of. them for

28:01

people who are trying to cultivate

28:04

their own brand. What

28:07

are the pieces? I mean, it's not as simple

28:09

as putting up a website where people can find

28:11

your work or maybe adding to your LinkedIn. It's

28:13

more than that. Yeah. And look, I think it

28:15

really starts with like, what do you want to

28:17

be known for? Like, what do

28:19

you want your brand to be? Because

28:22

it could be a softer thing. Like for me,

28:24

like I think

28:26

right now my brand is really

28:28

around my nice girl, leading with

28:30

kindness and strength and loving

28:32

your career and doing that while staying true

28:35

to yourself. But there have been other times

28:37

in my career where when I was at

28:39

Coca-Cola very early on in my career, my

28:42

personal brand, you'll really relate to this gene,

28:44

was all about being able to take complex

28:48

information and simplify it

28:50

and make it really digestible because I

28:52

worked in financial reporting. And

28:55

that's what I became known for literally like

28:57

I got this promotion and I asked, why

28:59

did I get this promotion? My boss said,

29:01

it's because you can do that. You can

29:03

take really complicated stuff and simplify it. And

29:06

that was my brand and that was more of a

29:08

heart skill, right? But it's like, it starts with kind

29:10

of what do you want to be known for? What

29:12

do you think your, what is your zone of genius? What

29:14

are you really, really good at?

29:17

Like, what's your superpower? And if you don't

29:19

know, ask people like, even ask your friends

29:21

and colleagues to describe you in a few

29:24

words, what would they say? How would they

29:26

describe you? And I just

29:28

think it's really important in all of the content

29:30

that you create, whether it's a

29:32

website, whether it's social media, that

29:35

ethos is there. It's consistent.

29:37

You have that, like you have that through line.

29:40

And I do think with social media,

29:42

and maybe I'm wrong on this, by

29:44

the way, because I'm not a digital

29:47

native. I do my best, but I

29:49

think it's important that your personal life

29:51

on social is reflective of the way

29:53

that you want to be seen in

29:55

the work world. I don't think that

29:57

people can separate them anymore. No, you.

30:00

can. Absolutely. 1000%. Because you know

30:02

that HR departments are looking,

30:06

they're looking at social media before

30:08

they send your application along.

30:11

So yes, being very thoughtful about what

30:13

you're posting, I think that's a huge

30:15

part of it. And it's a big

30:17

transition for people when they go like

30:19

from high school to college, you know,

30:21

and from college out. Yeah. And that's

30:24

college out. So yeah, I

30:26

think that's, that's a huge part of it. What

30:28

are you looking forward to in 2024? Oh, gosh,

30:31

well, one of the things that I I've

30:34

really loved since I left corporate is the

30:36

fact that I can just like plant all

30:38

these seeds and just see which are the

30:40

ones that take off and then like really

30:42

kind of like lean into those but I

30:45

love the idea that I can try a

30:47

bunch of different things and see it sounds

30:49

good. We call it throwing spaghetti against the

30:51

wall but same same notion you see what

30:53

sticks you see what takes off you see

30:55

what you enjoy. It's important. Where can we

30:58

find more of you? Where should we look

31:00

for the podcast? Yeah,

31:02

so franhauser.com and

31:04

then also bookboundco.com,

31:06

which is where all the podcast information will

31:08

be. We are tuning in franhauser. Thank

31:10

you so much. Happy New Year. Thanks, Jean.

31:12

Happy New Year. Before

31:16

we dive into our mailbag

31:18

a quick word from our sponsors.

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Have you ever wished that you had

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32:23

guys, it's Jean. I want to tell

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you about another podcast I think you'll

32:28

love because I love it, Freakonomics

32:31

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32:33

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32:37

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AI has a sense of

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32:54

you are curious like me and just

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looking to better understand the world around

32:58

you, you will find it on Freakonomics

33:01

Radio. Listen wherever you get

33:04

your podcasts. And

33:07

we are back for our

33:09

mailbag with my daughter Julia

33:11

Chatsky. Good morning Julia. Good

33:13

morning bright and early over here.

33:15

It is bright and early but

33:18

that's a good thing. It's not

33:20

even so bright honestly. No, kind

33:22

of muggy out. We're having a

33:24

little gray stretch but it's spitting

33:26

outside so I can't run outside this

33:29

morning. I have to run on the

33:31

treadmill which numbs me out. But

33:33

Julia's been sending me a whole

33:35

stream of selfies with Julia with

33:38

a red face. They're sweaty selfies.

33:40

Well they, you are going to,

33:42

where are you going? You going

33:44

to Orange Theory or are you

33:46

going to SoulCycle? You're exercising more.

33:48

I'm going to Orange Theory. Do

33:50

you like it? I

33:52

don't like it but I'm doing

33:54

it. Alright do you like

33:57

the feeling of having done it?

33:59

Yes. I don't like waking up for it. I

34:02

don't like the thought of it, but

34:04

I feel good after. And I feel

34:06

sore after. I feel

34:08

sore today. I went

34:10

to the gym yesterday and we did

34:13

a lot of squats. Just like a lot of sets of squats. And

34:18

so today my, I guess the official

34:20

term is glutes. My glutes are

34:22

a little bit sore. This is why you are 26 and

34:24

I am almost 60. This

34:27

is just the difference. Can

34:29

you believe my mom was 60? You're almost 60

34:32

or so old. Thank you. Let's

34:34

take a question before I get mad and hang

34:36

up. Our first question today

34:38

comes from Maggie. She

34:41

writes, Hi, Jean and team. I'm

34:43

a big fan of your podcast. So

34:45

thank you. I keep hearing about how

34:47

I should move my savings into a

34:49

high yield savings account where

34:51

I can achieve higher APY of up

34:54

to 4% to 5%. Can

34:57

you explain how these high yield

34:59

savings accounts work and how banks

35:01

are able to provide these returns?

35:04

Are they reinvesting or lending money

35:06

in those accounts someplace else? Or

35:09

is the benefit of having your account

35:11

with them and potentially other products worth

35:14

providing that back? What

35:16

determines the percentages offered? Competition

35:18

with other banks? And

35:20

finally, is the rate updated

35:23

annually or at a certain

35:25

frequency? Thanks, Maggie.

35:28

Love this question, Maggie, because it

35:30

is beyond me why anybody would

35:32

have money in a plain vanilla

35:35

savings account these days. When

35:38

you could earn 12 times that

35:40

amount by putting your money in a high

35:42

yield savings account. And just to

35:44

sort of put this in perspective, if

35:46

you put money into a plain vanilla

35:48

savings account, the average interest rate you're

35:51

going to earn is 0.3%. But

35:55

like Maggie said, if you put it into a

35:57

high yield savings account, you could earn a total

35:59

of $1.5 million. could earn 12 times that,

36:01

4 or 5%. So

36:03

what's the difference? The difference

36:06

is how these accounts work.

36:08

High-yield savings accounts tend to

36:10

be at internet banks, at

36:12

FinTechs, sometimes they're at credit

36:14

unions which tend to be

36:16

a little bit, if not

36:18

a lot, more aggressive on

36:20

the interest rates that they're

36:22

paying to savers. But

36:24

because they're not your

36:26

traditional savings account, you

36:29

may be limited, for example, on

36:31

the number of withdrawals that

36:33

you can make per month. You

36:37

may also have

36:39

to transfer your money back

36:41

to a brick and mortar

36:43

bank, which you can do

36:45

online very easily before you

36:47

can pull it out using

36:49

an ATM card. There are

36:51

often no ATM cards associated

36:53

with these accounts. But

36:56

they are as safe as

36:58

traditional bank accounts. They come

37:00

with the same FDIC protection,

37:02

which means that if you

37:04

have up to $250,000 per depositor, that

37:10

money is guaranteed. There's no

37:12

way that you're going to

37:14

lose it. And that,

37:17

in my mind, makes these a complete

37:19

no-brainer. Now you asked how they make

37:21

money. They make money the same way

37:23

that banks make money on traditional savings

37:25

accounts. The banks don't hold on to

37:27

the money. They lend the money. And

37:29

so just think about it this way.

37:31

If a bank is paying you 4.5%,

37:36

and they go ahead and they turn around

37:38

and they loan that money to somebody who

37:40

has a car loan at 6 or 7%

37:42

or a mortgage at 5.5 to 6%, they

37:47

make a decent amount on that spread. They make

37:49

one to 1.5%. Now

37:52

they do that a whole

37:54

bunch of times. That's how

37:56

banks make money. And you're

37:58

right, banks are doing. and

38:00

credit unions are doing this for

38:02

competitive reasons. They want more deposits

38:05

so they can lend more money,

38:07

so they can make more loans,

38:09

and the cycle just continues. As

38:12

far as the last part of

38:14

your question, how often does the

38:17

interest rate get adjusted? It's not

38:19

on a set schedule. It really

38:21

follows the interest rate hikes and

38:23

the interest rate reductions that

38:26

come down from the Federal Reserve

38:28

Open Market Committee. So when short-term

38:30

interest rates go up, as they

38:33

have recently, we start to

38:35

see these rates go up

38:37

consistently. Every time the Fed

38:39

raises rates, these banks will

38:41

raise rates to stay competitive.

38:43

What we're expecting later in 2024 is

38:46

that these rates will start to go down. The Fed

38:48

is going to start to lower rates. Your rate

38:51

on your high-yield savings account will

38:53

start to come down. At

38:55

that point, when it looks like we're going

38:57

to start to see interest rates go

38:59

down, if you know that you're not going to

39:02

need this money for a year or two years,

39:06

that's the time to actually think about locking it

39:08

up in a CD so that you can capture

39:10

this 4.5% to 5% return for longer. But

39:14

for right now, love my high-yield

39:16

savings account and think it's a

39:18

really good idea for you. Mom,

39:21

is it a pain having to move money

39:23

back to your regular bank? It's

39:25

actually not a pain at all. I

39:27

do it all the time. I keep

39:29

money in a high-yield savings

39:31

account. I've been making contributions to a

39:34

specific high-yield savings account for the renovations

39:36

that we're doing on the house. At

39:39

the beach and every time the contractor asks

39:41

me for a payment, since I don't

39:43

have the ability to write checks on

39:45

my high-yield savings account, I just transfer

39:47

that money back to my brick and

39:50

mortar bank, and I send it out.

39:53

Generally, they say it could

39:55

take you a day or two to get the

39:57

money every time I've made a

39:59

transfer recently. I've had the money within an

40:01

hour. So I don't think it's much of

40:03

a pain at all. Sounds

40:06

good. We have another one. Our

40:08

next question comes from Laura. She writes,

40:11

Hi, Jean, I love listening to your

40:13

podcast and I value your advice. I've

40:15

recently been laid off job elimination from

40:17

a job that I was doing for

40:20

almost 10 years. Though I was frustrated

40:22

with the job and looking for something else, the

40:24

layoff came as a surprise. It's the

40:26

first time in 25 years that I haven't

40:28

had a job. I find myself 40 years

40:30

old trying to figure out what I want to do

40:33

with my life. I want to take a break and find

40:35

a career that I can love for the next 25 years.

40:38

So I'm thinking about switching careers. I want a

40:40

career that I can use to give back and

40:42

maybe do some good work in this world. I've

40:44

been thinking about becoming a financial coach.

40:47

I've always loved personal finance and I've

40:49

been privileged to have a good understanding

40:51

from an early age. I

40:53

would love to help people, particularly women,

40:55

find joy in their finances. Are there

40:57

any courses or paths you would recommend

40:59

that I could use to explore this?

41:01

How does one become a coach? Are

41:04

there programs or affiliations or licenses that

41:06

I need? I don't think I want

41:08

to be a full financial advisor. I

41:10

don't care to recommend products or invest

41:12

for others. I want to teach people

41:14

about money habits, budgeting, and behavioral

41:16

economics. Things they can use

41:19

in their everyday lives to make their

41:21

own decisions. This sounds a bit like,

41:23

how can I get your job? And

41:25

maybe it is on a smaller scale.

41:27

Thanks, Laura. Laura, I certainly

41:29

don't mind being asked how you can

41:31

get my job. I've been asked that

41:33

question many, many, many times and I

41:36

just find it flattering because I really

41:38

like what I am able to do.

41:40

I can also relate to your story.

41:42

I got laid off at 40. I

41:45

got fired from Money Magazine in a

41:47

round of cost cutting and reductions. And

41:49

it was a pretty shitty

41:52

year all around. My father died.

41:54

I got divorced. I got laid

41:56

off and I turned 40 and

41:58

I was really not. looking

42:00

forward to turning 40 because of

42:03

all of the other stuff that was

42:05

spinning around in my life. I'm

42:07

about to turn 60, actually,

42:10

and I couldn't think I was an idiot to

42:12

be apprehensive about turning 40

42:15

because 40 turned out to be pretty okay, but

42:17

that's besides the point. I

42:19

love the direction that you're thinking about

42:21

going, and there is a designation that

42:24

I prefer. It's

42:26

the ASC, which

42:28

is an accredited financial

42:30

counselor. You get it

42:33

from the AFCPE. You can

42:35

go to their website at

42:37

afcpe.org. That's the

42:39

Association for Financial Counseling

42:42

and Planning Education. And

42:45

it's a process. I mean, it's

42:47

essentially a three-year process to get

42:50

their certification. They require a lot

42:52

of hours of work

42:54

and rigorous study and testing.

42:58

But I got to tell you, when we

43:00

go out to hire coaches for our

43:03

Finance Fix Program, I look

43:05

for ASCs. I

43:07

have worked with them a lot in

43:09

the past, and I know that they

43:12

know what they're talking about. So

43:14

that's where I would send you.

43:16

And I would just say, because

43:18

this is a process, that I'd

43:21

encourage you not to sit on

43:23

the sidelines while you study

43:25

and plot your course to the

43:27

next move. Try to get a

43:30

job in some sort of an

43:32

ancillary field where maybe

43:34

you can pick up people

43:37

who are likely to

43:39

be clients or colleagues once you

43:41

hit the next phase of your life.

43:44

Good luck with all of that. Please let us

43:46

know how it goes. And once you get your

43:48

ASC, if you want to be a financial coach

43:50

for us, I hope that you'll reach out

43:52

and you'll send me your resume. And if you've

43:55

got any other money-related questions, we'd love to hear

43:57

from you. You can send them our way by emailing mailbag. at

44:00

hermoney.com or leave us a comment

44:02

on our YouTube page at

44:05

Her Money on YouTube. Jules,

44:07

thanks so much. Thanks so much for having me. And

44:10

now we're going to take a quick break. We

44:14

all know how important it is to keep your

44:16

eye on the money and not just your own.

44:18

To follow trends, track financial situations,

44:21

follow gains and losses, check

44:23

out the Yahoo Finance podcast.

44:26

Every day we'll give you a quick overview of the latest

44:28

market and financial news that you need to

44:30

know. You'll be able to hear about the

44:32

biggest headlines in the business world in three

44:34

minutes or less right after markets close. It's

44:36

perfect to listen to while you make another

44:39

cup of coffee or work out a new

44:41

budget. Check it out, Mom. Listen

44:43

to Yahoo Finance wherever you get your

44:45

podcasts. That's Yahoo Finance

44:47

wherever you get your podcasts. We

44:53

are back with your Money Tip of

44:55

the Week. From Netflix

44:57

to Stitch Fix, subscriptions are

44:59

probably costing you more than

45:01

you realize. According to a

45:03

recent study, the average American

45:05

spends $219 per month on

45:08

subscription services and that's more

45:10

than two and a half

45:12

times what they thought they

45:14

were paying. If you

45:16

suspect that I perhaps might

45:18

be talking about you, the way to

45:20

nip this problem in the bud is

45:23

to set aside a chunk of

45:25

time, 15, 20 minutes and go

45:27

back through your credit card

45:30

and your bank statements. Because subscriptions

45:32

happen on the regular, you should

45:34

be able to, by looking at

45:36

two months worth of statements, pick

45:39

up pretty much all of them.

45:41

When you get to anything that's

45:44

a subscription, ask yourself, is this

45:46

something I'm actually using or

45:48

is this something I just don't

45:50

need as often? Give you an example.

45:52

My husband and I subscribe to, this

45:54

is going to sound a little bit

45:56

crazy, but we live in an apartment

45:59

building. We subscribe. to a

46:01

subscription to Fresh Patch. Fresh

46:03

Patch is actually a patch

46:06

of real grass. It's sod.

46:08

It comes every few weeks

46:10

or every month and

46:13

when you don't feel like taking

46:15

the dog out late at night

46:17

or early in the morning, he

46:19

can actually do his business on

46:21

this patch but you can't keep

46:23

it forever. So we were getting

46:25

Fresh Patch every three weeks. I

46:27

did a subscription audit just this

46:29

past weekend and decided I

46:31

actually don't need it that often

46:33

and I pushed it back so

46:35

that now I'm only getting it

46:37

every four to five weeks. You

46:39

get how this works? Saving a

46:41

little money over the course of

46:43

an entire year. If you

46:46

need more help figuring out where your

46:48

money is going every month and how

46:50

much you need to save to meet

46:52

your 2024 goals, join us for the

46:55

next session of Finance Fix. We've got

46:57

two upcoming sessions we are really excited

46:59

about. One is a

47:01

pre-retirement checkup. The other focused on

47:04

young adults. Sign up

47:06

at financefix.com. Thanks so

47:08

much for joining me today on Her Money

47:10

and thanks to Fran Hauser for sharing how

47:12

we can land a career that we love

47:14

in 2024. If you

47:17

like what you hear, I hope you'll subscribe to

47:19

our show at Apple Podcasts. Please leave us a review.

47:21

We love hearing what you think

47:23

and by the way, so do the rest of

47:25

our listeners. Have you heard? Our

47:28

show is now on YouTube. If you

47:30

subscribe, like, and hit the notification

47:32

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like to thank our sponsor, Edelman

47:38

Financial Engines. Her Money is produced

47:41

by Hayley Pascolitis. The show is

47:43

mixed and mastered by CD and

47:45

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47:56

party style conversations with today's

47:58

most talented... and powerful

48:01

male leaders. This

48:03

podcast is also part of the

48:05

Airways Media Podcast Network. You

48:07

can find us and other shows like us at

48:09

airwaysmedia.com. Thanks for joining us

48:11

and we'll talk soon. you