Cheap Cell Plans, Loan Forgiveness & Quiet Quitting 🤫

August 30, 2022

Happy Tuesday, friends!

To kick things off today we’re sharing a cool lil napkin chart, illustrating one of the best kept secrets in personal finance 👇👇👇

We talk a lot about paying yourself first, saving for your future, your 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 🤜 🤛 win!


TO DO

Check out these low cost cell providers! 📱

For anyone needing a kick in the butt to switch to a lower cost cell plan, THIS IS your kick! 🦵

Here are the ones we recommend:

Coolest thing about these 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. 😅


DEBT

$300B in Student Debts = Poof! 🪄

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 can sign up to be notified here. **Also, 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 who currently 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 via this Student Aid site.

Is loan forgiveness a good or bad thing? 🤷‍♂️
Well, that’s a political hot potato everyone’s got various opinions on. Recent guest and economist Alison Schrager said “… we’re giving a big, big bailout to the highest earners who don’t need it. It’s the most inefficient policy I can think of…” So there’s that. But 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:


ESTATE PLANNING

And now on to a lighter topic… Death ☠️

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 😵🪦.

For the record — we are *not* legal, tax, or investment advisors! You might want to consult professionals before solidifying your estate plans!

A Will 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 die without a will, the State you reside in gets to decide what happens to all your stuff, including who is responsible for your kids!

A Trust 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:


ICYMI

In other news…

“Quiet Quitting” 🧑‍💻
It’s a new trend and hashtag being 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? 🤷‍♂️

Jackson Hole? 🏞
Why is everyone on Wall St. talking about Jackson Hole? —> it’s because they host an annual symposium there for central bankers and worldwide finance ministers, which happened last week. As a result, the stock market is doing weird stuff. (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!? 😉)

MoviePass 🎬
MoviePass 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 🎧
Just a reminder that Libby and Hoopla 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?


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 from Marriage Kids & Money.

Andy is an authentic, honest and humble dude who runs a blogpodcast, and a YouTube channel discussing family finances and building generational wealth.

We also interviewed Andy a while back on 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 🍻

*****

Join the club and receive our newsletter every Tuesday morning!👇

* Advertiser Disclosure: How to Money has partnered with CardRatings for our coverage of credit card products. How to Money and CardRatings may receive a commission from card issuers.
* User Generated Content Disclosure: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *