Money Girl

1034. Watching the young adults in your life navigate their first "real" job is an exciting milestone—but it can also be stressful if you notice them carrying credit card debt or skipping out on savings. Laura answers a heartfelt question on this topic with five non-judgmental strategies to guide a young person toward financial success without sounding overbearing.

Key takeaways

To help a young adult improve their personal finances, trade lectures for personal storytelling, like sharing your money blunders.
Ensure a first-time Gen Z earner understands that paying only the minimum on high-interest debt is a trap that escalates the cost of original purchases.
Frame credit cards as sophisticated financial tools with excellent benefits that need to be handled carefully, such as with automated payments to avoid interest.
Investing when you’re young allows you to build wealth for less out-of-pocket than waiting until you earn more.
Not maximizing an employer’s retirement match is like turning down a salary raise for no extra work.
Ask open-ended questions about a young adult’s lifestyle goals, workplace benefits, and day-to-day spending shocks rather than telling them how to budget.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.

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1033. Host Laura Adams sits down with family law attorney Cari Rincker to unpack the crucial intersection of love, law, and your wallet. Cari reveals why every couple already has a prenuptial agreement (whether they signed one or not) and discusses legal differences between states for divorce. You’ll learn how to protect your assets, open the lines of communication, and build a secure financial future together.

Key Takeaways
Why your state’s default divorce laws may not be the prenuptial agreement you want in force if you break up.
Start the prenup process at least three months before your wedding to ensure ample time for financial disclosures and any tough conversations.
In states with equitable division (like Illinois and New York), assets are divided in divorce based on factors the courts use to determine what’s “fair.”
In community property states (like California and Arizona), there is a more straightforward split of assets and liabilities than in equitable states.
The laws of the state where you actually file for the dissolution of the marriage are what will apply, not where you got married.
Be sure you have access to your household’s financial records, including tax returns, bank statements, and online account logins.
To save on the steep emotional and financial costs of a divorce or asset negotiation, couples should avoid fighting over minor details and instead focus their energy on their highest-priority issues.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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1032. Do you have extra side hustle income that’s pushing you into a higher tax bracket? In this episode, Laura answers a listener’s question about whether new self-employment earnings mean it's time to switch from a Roth to a traditional 401(k) or IRA. You’ll learn how to use retirement contributions to lower your taxable income today, the fundamental tax differences between these accounts, and how to choose the best strategy for your small business income.

Key takeaways

Traditional retirement accounts allow tax-deductible contributions, but withdrawals in retirement are fully taxed.
Roth retirement accounts don’t have an upfront tax benefit, but allow your investment growth and future retirement withdrawals to be entirely tax-free.
Choosing between a traditional and Roth account depends on guessing about your future tax rate, but could also be a preference for having taxable or tax-free income in retirement.
If you believe your tax rate is lower today than it will be in retirement, choose a Roth. If your income increases so that your current tax rate is higher today than you expect in the future, choose a traditional retirement account.
Using a hybrid approach and splitting retirement investments between traditional and Roth in the same year can be wise.
When you have self-employment income, you qualify for small business plans, such as a solo 401(k) or a SEP-IRA.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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1031. Are you curious about hiring a wedding or event planner? Amanda Savory from Amanda Savory Events (ASE), a premier agency in New York City, joins Laura to discuss tips for working with a planner, ways to cut costs, and how to have an unforgettable wedding day.

Find Amanda Savory on Instagram @amandasavoryevents.

Key Takeaways
A wedding planner should help you clarify your top priority, such as food, music, or location, and create a realistic budget to achieve it.
Taxes and gratuities are a couple of expenses that are easy to forget, but that an event planner should automatically incorporate into a budget.
A destination wedding could save money, but the number of attendees is likely the primary factor that affects the cost.
Modern weddings can mean splitting the cost between the couple and their families in any way that makes them comfortable.
Working with a wedding planner is an investment; however, their experience can save time, prevent mistakes, and help you spend your budget efficiently.
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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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1030. If you have federal student loans or plan to use them to finance higher education, you must understand significant upcoming changes to the program. Find out the benefits and downsides of new legislation and how it could affect your finances if you’re a current or future student loan borrower.

Key takeaways
Due to the One Big Beautiful Bill, massive changes to federal student loans will roll out on July 1, 2026, including annual and lifetime borrowing limits
The SAVE repayment plan is shutting down, and those currently enrolled must choose a new repayment plan within 90 days of notification from their lender.
Borrowers who miss the SAVE deadline will be automatically enrolled in standard repayment, which could spike their monthly payments.
Federal student loan repayment plans will be cancelled or phased out and replaced by the new Repayment Assistance Plan (RAP), which launches on July 1, 2026.
RAP sets payments at 1% to 10% of your adjusted gross income, waives any unpaid monthly interest, matches up to $50 per month toward your principal balance, and extends loan forgiveness to 30 years.
If you want to shorten your loan forgiveness, enrolling in a legacy repayment plan may be a better option to discuss with your loan servicer.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
Hosted on Acast. See acast.com/privacy for more information.