Happy Tuesday, friends!
To kick things off todayĀ we’re sharingĀ a cool lil napkin chart,Ā illustrating one of the best kept secrets in personal finance ššš
We talk a lot about payingĀ yourselfĀ first,Ā saving forĀ yourĀ future,Ā yourĀ needs, etc…
But just something to keep in mind this week: Spending a few bucks every now and then to keep your neighbor happy and enjoying life —> also keeps YOU happy and enjoying life.
Win š¤ š¤ win!
TO DO
Check out these low cost cell providers! š±
For anyone needing a kick in the butt to switch to a lower cost cell plan, THIS IS your kick! š¦µ
Here are the ones we recommend:
- Best for coverage:Ā Visible (backed by Verizon network). Unlimited plans starting at $30 per month — booyah!
- Best value:Ā Mint Mobile (backed by T-Mobile Network). The $15/monthĀ plan crushes for most folks since we’re on wifi most of the time!
- Best for families looking looking at unlimited data:Ā GoogleFIĀ (uses multiple networks)Ā $80/month for 4 lines of limited use. (and their pricier plan is fantastic for international travel)
- Absolute cheapest possible:Ā Tello (via T-Mobile)Ā at $6/month, andĀ Boost (AT&T network)Ā at $10/month. Great for “micro-users” who don’t use the phone much!
Coolest thing about theseĀ virtual providers… they have no contracts. So if you switch to one and don’t like it, you can return back to your ridiculously expensive incumbent carrier, no harm no foul. š
DEBT
$300B in Student Debts = Poof! šŖ
For those of you living under rock, this happened last week:
How many borrowers does this help?
An estimated ~43 million borrowers will qualify for debt forgiveness, with about ~20 million people having their entire debt wiped out (balances under 10k or 20k for Pell)
How do I apply for loan forgiveness?
They’re still working that part out. It’ll be announced in the coming weeks — and you canĀ sign up to be notified here. **Also,Ā watch out for scammers!!! The gov will never ask you to pay up front for loan forgiveness**
If I already paid off my student loans, can I get a refund?
Sorry, this forgiveness is for people whoĀ currentlyĀ hold student debt. **HOWEVER**… If you made any voluntary payments since March 2020 (when payment pause began) you can request a refund for those payments. Contact your loan servicer to request that- find who that is viaĀ this Student Aid site.
Is loan forgiveness a good or bad thing? š¤·āāļø
Well, that’s a political hot potato everyone’s got various opinions on.Ā Recent guestĀ and economistĀ Alison Schrager saidĀ “…Ā weāre giving a big, big bailout to the highest earners who donāt need it. Itās the most inefficient policy I can think of…” So there’s that. ButĀ right now let’s just hope the forgiveness will do what it’s designed to do: help working class folks in crippling debt get out faster, so they can start pursuing other financial goals.
More Resources:
- StudentAid.gov Announcement: CoversĀ more Q&A and helpful stuff
- White House Fact Sheet: More explanation and interesting borrower stats
- What You Need To Know: Great article by New York Times. **this link requires a NYT subscription to read, but wanted to include it anyway cause we think it’s one of the best resources out there rn**
ESTATE PLANNING
And now on to a lighter topic… Death ā ļø
We’ve touched on estate planning a couple times recently, which has sparked some questions about wills, trusts and organizing your affairs should a vending machine unexpectedly fall on your head šµšŖ¦.
For the record — we are *not* legal, tax, or investment advisors! You might want to consult professionalsĀ before solidifying your estate plans!
A WillĀ covers the main stuff for most people. It tells the court how you want your affairs to be handled, who you want your assets to go to, and who you want to manage the whole process.
If you dieĀ withoutĀ a will, the State you reside in gets to decide what happens to all your stuff, including who is responsible for your kids!
A TrustĀ is a fancy way to control assets privately, which can happen while you’re alive and/or after you die. Trusts have a more complex legal structure, so they are more expensive to set up and maintain. They also usually require transfers of assets into the name of a trust to become effective.
More resources & estate planning tools:
- š» FREE Will creators:Ā FreeWillĀ ā this is the one we have both used.Ā Fabric WillsĀ ā another well reviewed option.
- š Letter to spouse:Ā Dear wife, here’s how to FIRE if I die earlyĀ (simply listing all your assets and where they are can help your survivors majorly)
- š Podcast Episode 42:Ā Aren’t Wills For Old People?
ICYMI
In other newsā¦
“Quiet Quitting” š§āš»
It’s a new trend and hashtag beingĀ thrown around on TikTok. Means putting in the absolute minimum effort required to get your basic duties done at work, and nothing more. It started as a rebellion against hustle culture, but it appears some peeps might be taking it too far? š¤·āāļø
Jackson Hole? š
Why is everyone on Wall St. talking about Jackson Hole?Ā —> it’s because they host anĀ annual symposiumĀ there forĀ central bankers and worldwide finance ministers, which happened last week. As a result, the stock market is doing weird stuff.Ā (But there’s no need to freak out, because YOU buy and hold long term index funds and don’t pay attention to daily ups and downs, RIGHT!? š)
MoviePass š¬
MoviePassĀ is coming back!!! They’re re-launching a subscription service which allows you visit physical movie theaters for a flat monthly fee. Launch date is planned for Sep 5th Labor Day, starting in select theaters/markets but planning to expand rapidly across the US. Woohoo!
Free AudioBooks š§
Just a reminder thatĀ LibbyĀ andĀ HooplaĀ are both free apps that connect to your public library account and let you digitally borrow e-books, audio books, magazines and even TV shows. Libraries are funded by your tax dollars, so you might as well use their services, ey?
New Blog Post
Here are someĀ good things to do with your tax refund, or even an unexpected inheritance!
FRIENDS OF HTM
Andy Hill — “Marriage, Kids & Money”
Quick shout out to another awesome resource in the personal finance space you might like: Andy Hill fromĀ Marriage Kids & Money.
Andy is an authentic, honest and humble dude who runs aĀ blog,Ā podcast, and aĀ YouTubeĀ channelĀ discussing family finances and building generational wealth.
We also interviewed Andy a while back onĀ Podcast Ep #102: Avoiding Money Fights. Worth checking out if you’re struggling to get on the same financial page with your significant other.
That’s all for now! Cheers to great week ahead, being the best YOU that you can be.
Best friends out š»
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