Unlock Your Wealth: The 2025 Financial Playbook for Money-Minded Women

The dynamic duo of personal finance, Michelle Singletary and Rana Foroohar, are stepping into 2025 with a bang! Join them for some real talk as they dissect the highs and lows of the American economy, all while navigating the shifting political landscape of a new presidential administration.

Meet Our Guests

Rana Foroohar, CNN’s global economic analyst, is here. She’s a seasoned global business columnist and associate editor at the Financial Times, with a library of books to her name, including Homecoming: The Path to Prosperity in a Post-Global World.

Michelle Singletary, the personal finance columnist for the Washington Post, is back! She’s the author of several insightful books, including The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Michelle also recently launched a riveting 7-part series titled “Scammed.”

Transcript Highlights

Part I

MEGHNA CHAKRABARTI: Welcome to On Point, ringing in 2025 with energy and insights! Happy New Year, everyone! I’m Meghna Chakrabarti, and I’m excited to celebrate the New Year with our beloved money mavens, Michelle Singletary and Rana Foroohar. How are you both?

RANA FOROOHAR AND MICHELLE SINGLETARY: Happy New Year!

CHAKRABARTI: Let’s kick things off with some holiday reflections. Rana, how did you celebrate?

FOROOHAR: It was fantastic! I had lots of family over—thank goodness for staggered visits! I cooked up a storm and enjoyed a picturesque white Christmas in New York.

CHAKRABARTI: Sounds delightful! Any New Year’s resolutions?

FOROOHAR: Oh boy, where do I begin? Daily meditation to keep my sanity over the next four years! But let’s be real, I’ll settle for some Pilates.

CHAKRABARTI: A noble goal! How about you, Michelle?

SINGLETARY: My holiday was a blast! We had a huge family feast, a Secret Santa, and guess what? My daughters just bought their first home!

CHAKRABARTI: That’s amazing! What a proud moment for you!

SINGLETARY: Absolutely! They followed our advice and found a great deal, keeping their monthly payments at just 30% of their income.

CHAKRABARTI: Smart girls! Now, any resolutions for the year ahead?

SINGLETARY: I’m focusing on deepening my faith and prioritizing self-care. Saying ‘no’ is tough for me, but I’m working on it!

CHAKRABARTI: We appreciate your commitment, Michelle! I, on the other hand, had a cozy staycation filled with home-cooked meals and board games. And I’m gearing up to hike the Teton Crest Trail this summer!

FOROOHAR: Sounds like a plan!

CHAKRABARTI: Now, let’s dive into what’s on everyone’s mind—the economy. As we head into a new presidential term, we want to hear from you, our listeners. What worries do you have about the economy? We’ve received an outpouring of concerns, especially about potential changes in taxes and tariffs under President Trump.

Let’s hear from Stephanie in Urbana, Iowa.

STEPHANIE: I’m meeting with my financial advisor soon, and I’m considering pulling all my money out of the stock market.

I’m terrified of what an authoritarian regime could mean for my savings.

CHAKRABARTI: Rana, what do you think? Is this a rational move?

FOROOHAR: Honestly, it’s not outlandish to feel that way. We’re stepping into uncertain territory, and I completely understand Stephanie’s anxiety. The markets have been artificially inflated since 2008, and we’re overdue for a correction.

CHAKRABARTI: Michelle, what’s your take? Should she really cash out?

SINGLETARY: I hope she’s joking! Meeting with a financial planner shows she’s savvy. But emotions aren’t facts. If she’s under 59 and a half, pulling out could lead to penalties. The great lesson here is to stay in for the long haul, even when the market dips. History shows that jumping ship locks in losses.

FOROOHAR: Absolutely. And the last thing we want is for her to miss out on potential growth.

CHAKRABARTI: Good advice! Now, let’s shift gears to discuss how everyday Americans can prepare for the economic uncertainties ahead. Michelle, what do you recommend for those without substantial savings?

SINGLETARY: It’s all about housekeeping! People need to take control of their finances. Cut unnecessary expenses and tackle credit card debt first. If housing costs are high, think outside the box—maybe consider living with family or roommates to save money.

CHAKRABARTI: Great advice! Rana, what trends do you see nationally that reflect what Michelle just said?

FOROOHAR: We’re witnessing a shift towards multigenerational living as families come together to save costs. Interestingly, this trend supports consumer spending because younger people have more disposable income when living with family.

CHAKRABARTI: It’s good to find silver linings! Now, let’s address the underlying fears about the new administration. Many listeners are feeling uncertain about the economic landscape that could unfold. Is this concern justified?

SINGLETARY: Absolutely, but let’s not link our fears solely to the presidency. Interest rates and housing prices are issues regardless of who’s in office. And let’s not forget—many Americans have been living beyond their means. We need to prepare for a reality check.

FOROOHAR: Exactly! The geopolitical landscape is changing too. Whether it’s Trump or another leader, we must adapt to a world that’s reshaping itself economically and politically.

CHAKRABARTI: Let’s tackle a listener concern about what happens when the debt ceiling is approached. Mariah from Redwood City is curious about the implications.

MARIAH: I understand that many countries don’t have a debt ceiling. What are the risks if we don’t raise it?

FOROOHAR: If the U.S. defaults, we’d face severe consequences. Budget cuts would need to be made, and the political landscape would struggle to find consensus on what to cut. It could lead to increased uncertainty and risk.

CHAKRABARTI: Let’s turn to Howard, who wants to know about safe investments amid this uncertainty.

HOWARD: Is there a “safe” investment option for someone looking to invest a little extra cash?

SINGLETARY: The very nature of investing involves risk. While savings accounts are generally secure, inflation erodes their value. Low-cost index funds can be a great way for those with limited funds to get started. Even small, consistent investments can grow over time.

CHAKRABARTI: Excellent insights, Michelle! Maeve from Green Bay is worried about the future of Social Security under a new administration.

MAEVE: What should we expect for Social Security? Are there any realistic ways to ensure its longevity?

FOROOHAR: Reform is crucial. We should consider means testing and adjusting the age for benefits. Ensuring fairness is key, especially for different types of workers.

CHAKRABARTI: And as we wrap up, Michelle, what final thoughts do you have for our listeners as they navigate this uncertain economic landscape?

SINGLETARY: Stay proactive! Focus on your personal finances, seek education, and don’t let fear dictate your decisions. Prepare for the long game, and you’ll emerge more resilient, regardless of the economic climate.