Happy Tuesday all!

It’s officially March (crazy, right?). It’s easy to get caught up in the day-to-day mayhem, but it’s important to make sure you’re taking care of yourself as well.

Here’s 5 ways to slow things down if you find you need a little reset during the day. 🧘‍♂️

CARS

Since When Did Cars Cost This Much? 🚗

If you haven’t shopped for a car in a few years, brace yourself. The sticker shock is real.

The average new vehicle now costs around $50,000 — roughly 30% higher than in 2019. Even after discounts and incentives, buyers are still walking out the door close to that number. And to make those prices work, average monthly payments have climbed above $800. About 1 in 5 new car loans now tops $1,000 per month.

What’s Driving the Price Surge?

A few big shifts are happening:

• 🚙 SUVs have taken over. About 8 out of 10 vehicles sold today are SUVs or light trucks. Smaller, cheaper sedans have gone the way of the dodo bird.

• 😢 Entry-level cars are disappearing. The last sub-$20,000 model (the Nissan Versa) recently stopped production.

• 💰 Loan terms are stretching longer. The average auto loan now runs nearly 69 months, and 7-year loans are becoming far too common.

• 📈 Delinquencies are rising. More borrowers are falling behind, especially those with lower credit scores.

Basically: cars cost more, loans last longer, and the margin for error is thinner.

Here’s the kicker: used cars aren’t cheap either. The average used vehicle now runs about $25,000. But for most of us, a car is a necessity. So what’s the solution?

How to Stay Smart (and Sane) About Your Next Car

• 💵 Pay in cash when you can. If you’re able to save more, you instantly avoid:

  • Interest payments.

  • Long-term debt.

• 🏦 Avoid long-term loans. Seven-year car loans may lower your monthly payment, but they:

  • Keep you in debt longer.

  • Increase total interest paid.

•  🚗 Keep your current car longer. The most affordable car is often the one you already own. Routine maintenance like oil changes, tire rotations, and brake services is dramatically cheaper than upgrading your ride.

• 🎁 Separate what you need from what you want. Yes, new SUVs are “nice.” Heated seats feel great this time of year. Giant touchscreens are attractive. But “nice” can cost you tens of thousands of dollars.

• ✍️ Shop with a total budget. Dealers love to talk about monthly payments. We care about:

  • Total cost of ownership.

  • Interest rate (or avoiding debt altogether).

  • Minimizing loan length.

  • Fuel and maintenance costs.

Cars are good at getting you to a destination. Just make sure they’re not preventing you from going where you really want to be.

REAL ESTATE

More Than a Mortgage 🏠

Buying a home is still one of the biggest financial milestones in America. And here’s the good news: more than half of homeowners say they have no post-buying regrets. Satisfaction is actually at a three-year high.

But, owning a home is a lot more than just making a mortgage payment. About 1 in 3 homeowners say unexpected repairs have impacted their financial stability. Don’t forget about the boring (but routine and necessary) homeowner expenses!

• 🔧 Maintenance: HVAC servicing. Roof repairs. Gutters. Water heaters. Landscaping. Air filters. Dryer vent cleaning. Small things become big things when ignored.

• 💡 Utilities: Heating, cooling, water, trash, and internet. Utility bill swings are one of the top financial stressors across every generation of homeowners.

• 🛡 Insurance: Standard policies don’t cover everything. Flooding, water backup, and earthquakes could all be extra costs you need to insure or prepare for, depending on where you live.

• 💸 Property Taxes and HOA Fees: These can rise over time. Your mortgage might be fixed, but these factors can drive up your payments.

Homeownership can help you build wealth and stability. But it works best when you’re financially prepared for the endeavor.

Consider:

• Do I have an emergency fund specifically for home repairs?

• Can I handle a $5,000 surprise without panic?

• Am I budgeting at least 1–2% of the home’s value annually for maintenance?

• Am I ready for the increased time commitment?

If the answer is “not yet,” that’s not failure. That’s financial maturity.

A home isn’t just a mortgage. It requires time, money, and attention. But when you plan for the not-so-fun stuff, homeownership can feel less like a financial surprise and more like the stability builder it’s meant to be. 🏠

TOGETHER WITH CIT BANK*

Make the Most of Your Money 💰

Still settling for your big bank’s tiny rates? It might be time for an upgrade.

With CIT Bank’s Platinum Savings Account, you can earn 3.75% APY on balances over $5,000 — a smarter spot for your emergency fund or short-term savings goals.

Your money should be working as hard as you do. Switching is simple, and making the move now could mean hundreds, even thousands, more in interest over time.

LABOR FORCE

Is AI Making College Worthless? 🎓

With AI writing emails, analyzing data, and even generating code, it’s fair to ask: If machines can do “knowledge work,” is college still worth the investment?

Interestingly, even some of the biggest names in artificial intelligence say yes.

One of the pioneers of modern AI research, Yoshua Bengio, said he wants his four-year-old grandson to attend college. And not just to land a job.

Because education isn’t only about job training, it’s about learning how to think.

While AI is incredibly powerful, it doesn’t:

• Form values.

• Build character.

• Understand human complexity.

College develops critical thinking, communication skills, and the ability to evaluate information — which will likely matter more, not less, in an AI-driven world. When information is infinite, judgment becomes priceless.

And yes, skills matter. Adaptability matters. Learning how to use AI tools matters. But when we look at the bigger picture, a four-year degree still correlates with:

• Higher lifetime earnings (on average).

• Lower unemployment rates.

• Greater career flexibility.

College may not guarantee a high-dollar job. But it often expands your options, and in a world changing this quickly, options are powerful.

What About Blue-Collar Jobs?

Many blue-collar and skilled trade roles remain comparatively insulated from automation, and they’re becoming increasingly popular as the labor market shifts. These jobs rely on hands-on problem-solving, physical ability, and real-time decision-making in unpredictable environments — areas where machines still struggle to compete.

Why They’re Less Vulnerable:

• 🎯 Manual Precision: Tasks like installing wiring, repairing pipes, or replacing engine parts require fine motor skills and adaptability.

• 🛠️ On-Site Improvisation: Every home, building, or job site presents unique challenges that can’t be fully scripted or automated.

• 🧐 Human Judgment: Safety assessments, troubleshooting, and customer interaction demand experience and situational awareness.

Examples of Roles Less Likely to Be Replaced:

• Electricians

• Plumbers

• HVAC technicians

• Auto mechanics

• Roofers

• Welders

• Construction equipment operators

• Nursing assistants and other hands-on health aides

In many industries, technology may enhance efficiency, but the physical execution of complex tasks still depends on skilled human workers.

For many young workers weighing student debt, job stability, and long-term prospects, the trades are increasingly being seen as a strategic choice in an automated age.

The biggest thing to remember is that the world is changing, whether we like it or not. We should still encourage our kids, grandkids, or other young people in our lives to follow the path that best suits their interests, strengths, and financial goals.

Increased uncertainty is another reason to keep the costs of college to a minimum. It’s easy to be discouraged about the shifts, but planning for success is still the best option!

ICYMI!

Your Weekly Update…

Millions for Ice 🧊
Richard Boccato built Hundredweight Ice from a basement side project into a multimillion-dollar company, transforming massive blocks of filtered water into high-end, hand-cut ice for top restaurants — harvesting more than 3 million pounds a year.

The Cost of Betting 🎰
As platforms like Kalshi and Polymarket surge in popularity, two young men lost thousands chasing event-based bets with few built-in safeguards. Like we said last week — betting is always a risk and often a go-broke-quick plan!

Relief in the Mail 📬
Borrowers affected by a 2024 enforcement settlement between the Consumer Financial Protection Bureau and Navient have begun receiving checks from a $100 million compensation fund. The payments offer cash restitution, but do not reduce remaining student loan balances.

As things become more expensive and the world continues to change, remember to take care of yourself. 🤝

Best friends out! 🍻