Sallie’s Opinion

The Money Mistake Worth Talking About

What is one of the biggest mistakes you can make with your money?

“Hmm,” you may be saying. “There’s plenty of bad money advice out there to choose from.” (That’s the truth.)

“OK,” you may say. “I’ve got it: Is the biggest mistake trying to trade in and out of the stock market? Or, worse, trying to trade in and out of Bitcoin?”

Yes, that’s a mistake. It’s a loser’s game. Always has been, almost definitely always will be. But we’re thinking of something that could cost you more.

“Oh, I know,” you may say. “Is it spending more on a credit card so that you can put extra money into your savings account?”

Yes, that’s a mistake as well, even though some personal finance “experts” advise it. That’s because you’d be borrowing money at an average interest rate of 16% and earning close to nothing on your savings. That can really cost you.

But there’s a potentially even bigger money mistake. One that lots of us have been socialized to make.

Find out what it is here.

CO-FOUNDER & CEO

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By the numbers

A new report shows the impact of the average gender wage gap in weekly paychecks — and when those earnings peak. (No weekly data was given for non-binary people or by race / ethnicity, btw.)

The median weekly income of US men by age group as of the second quarter of 2020:

•	16 to 19 years old: $518
•	20 to 24: $662
•	25 to 34: $963
•	35 to 44: $1,239
•	45 to 54: $1,271 (the peak)
•	55 to 64: $1,220
•	65 and older: $1,034

The weekly numbers for women:

•	16 to 19 years old: $481
•	20 to 24: $610
•	25 to 34: $867
•	35 to 44: $1,011 (the peak — a decade earlier)
•	45 to 54: $1,005
•	55 to 64: $972
•	65 and older: $998

Another new report shows that the gender pay gap of about 80 cents to the dollar becomes a retirement wealth gap in exactly the same proportion.

“I have often said I would remain a member of the Court as long as I can do the job full steam. I remain fully able to do that.”

– Supreme Court Justice Ruth Bader Ginsburg, who just finished a full-steam term while undergoing treatment for a recurrence of cancer

What we’ve been reading

•	A new report by the TIME’S UP Foundation finds that systemic sexism and racism are at the root of “a vicious cycle of power and resource imbalances” that is holding women back — and it’s getting worse during the pandemic.
•	Sauvignon blanc is the wine of the pandemic, apparently — sales have jumped 38% since March. Some interesting sauv blancs by women winemakers and wineries: Ceja Vineyards, Domaine Curry, Hall Wines, McBride Sisters (including She Can — don’t sleep on canned wine), Proud Pour, and Tohu.
•	The temporary $600 weekly federal unemployment benefit is set to run out this week, if Congress doesn’t act. Here’s a rundown of what’s stalled — and what’s at stake for women+.
•	ICYMI, Sallie showed up on “Mad Money” last week to talk about the “she-cession,” racial justice, and the gender wealth gap.

Do more for your money and career.

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What The Elle - The Money Mistake Worth Talking About

The Money Mistake Worth Talking About

By the numbers

“I have often said I would remain a member of the Court as long as I can do the job full steam. I remain fully able to do that.”

What we’ve been reading

Do more for your money and career.

This week’s newsletter was brought to you with the moxie of Susan Orlean promoting her work in the middle of an epic Twitter journey. Forward it to your friends who know that all press is good press.

Older messages

Raising Elle About Unpaid Labor

How to Pick Your Retirement Account

Staying Invested Through the WTF

Who You Gonna Call (With Money Questions)?

How We Can Fight the Gender Wealth Gap

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