Happy morning, happy people! 😎

A quick poem to start the day…

It rises,
a glorious sun,
if one can sit quite long enough,
Seeing it, one feels… now I have everything,
everything I could
ever want.
~ Hafiz

*****

Just a quick reminder: The trick to having it all —> is realizing that you already do!

If you’re feeling overwhelmed this week, go sit in the sun for a few hours. Try some solar therapy. It might just change your perspective a little.

OK, now let’s chat about money stuff 👇👇👇

TO DO

DIY Pumpkin Keg 👻

Here’s a cheap and impressive idea for your halloween pot luck next week…

Step 1: Grab a pumpkin and cut a hole in the top. Dig out the insides like you usually would as if you were carving it.

Step 2: Pick up a cheap spigot or cooler faucet, and install it at the base of the pumpkin. (pro tip: you’ll want to position the spigot exactly low enough for all the liquid inside to drain but not too low so that the pumpkin can’t sit upright by itself on the table)

Step 3: Pour in your fave beverage (may we suggest a delicious seasonal pumpkin ale!) and voilá!

Step 4: Take pics and tag us on Insta so we can see your marvelous creations.

SAVING MONEY

The Power of Delaying Expenses Just a Bit

A few weeks ago we talked about reducing pet costs, and one of those ways was to simply delay getting a pet for a few years…

Instead of spending $125/m (starting right now), someone could save and invest that amount for a few years... They could still get a pet (and eventually pay that $125/m later), but by living pet-less for just a few more years they’d have a small savings pile that would grow and compound over time.

Here’s what that savings might look like after 50 years of compounding…👇

Delaying the things you want NOW (by just a few years) can have a massive financial impact LATER.

A few other delayed gratification scenarios:

• Instead of buying a car at age 18, live carless for another 5 years and save that cash! 🚘

• Instead of upgrading your iPhone every 18 months, treat your phone nicely and upgrade on a 3-year timeline. 📲

• Instead of getting fancy haircuts every month, try every other month. Small trims at home can help make that possible. 💇‍♀️

• Delay moving out, upgrading your apartment, or buying a home for a few more years. 🏡

• Hold off on expensive hobbies and big ticket toys by performing necessary ongoing maintenance. 🏍️

• Delay luxury subscriptions like wine clubs, fancy gyms, food delivery, or even house-cleaning services.

We’re not saying everyone should deprive themselves of the finer things in life until they’ve saved enough money... But practicing delayed gratification in a few key areas can have huge effects on your finances later in life.

So the next time you’re about to pull the trigger on a big purchase or an ongoing expense, think about this:

Is there a downside in waiting a few years? How does that downside compare to the long term upside if you do wait?

Related stuff:

• 💻 James Clear: Delayed Gratification and How to Exercise It

TOGETHER WITH CARDRATINGS**

Limited Time DOUBLE Cash Back! 🤑

Chase just upped the ante!… They are now offering a Cash Back MATCH for all the cash back you earned at the end of your first year with Chase Freedom Unlimited® card.

So that means the standard 1.5% cash back is now 3%, and 5% on travel is now 10% cash back for the first year spending. Better yet, there’s no limit on the cash back, standard multipliers still apply, and no annual fee.

As with any CC offer, read all the terms thoroughly and always follow best credit card practices. If you’re looking for a new everyday spending card, the Chase Freedom Unlimited® is a great option right now!

_{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.}

CAREER

Switching Jobs for Higher Pay 👩‍💻

Today’s chart comes from ADP’s Pay Insights report for September 2023.

It compares increases in pay for people who stay in the same job vs. people who switch jobs. 👇👇👇

As you an see, there’s a narrowing gap... But right now you can still get a bigger salary bump by switching jobs vs. staying put!

Is changing jobs easy right now?
Things have definitely cooled since last year, but economists are saying the current job market is “near-perfect” and workers can find jobs relatively easily. Here’s the latest nerdy BLS report if you want to dig into graphs and numbers.

Sweet! So there are millions of jobs out there and I can expect a 9% raise just by switching companies!?
Not so fast… Some industries are expanding quicker than others. The top growth sectors right now are in leisure/hospitality, wholesale/retail trade, and professional/business services. Also keep in mind the pay raise chart above is based on the median, so you may see a bigger or smaller amount depending on where you work and your personal experience!

How long does it take to switch jobs?
Most career sites say it’s a 3-6 month process to search for, apply, interview and land a new job. Even in hot job markets the application process can take a while. So if you’re looking to switch companies, get started ASAP!

Maybe I should brush up my resume…
Yes, do it! And here are 23 resume tips from Harvard to get you started! Also it wouldn’t hurt to read this skills-first report from LinkedIn to understand changes in hiring practices. If you’re looking to switch careers completely, LinkedIn also has a career explorer tool that matches your skill set across different job roles.

Can’t I just stay where I am and get a raise?
That’s definitely possible! We actually just wrote a whole guide on how to negotiate a raise at work (you gotta ask for it, cause most companies don’t hand out raises for nothing). Also remember there’s more to your “whole package” than just salary. Employers are getting more creative on benefits, and sometimes they add more value to your life than just money. Think outside the box to create the best package for your lifestyle.

More Resources:

• 👩‍💻 HTM Blog: Earning More vs. Spending Less (sometimes cutting expenses is more impactful and easier than getting a raise!)

• 💻 Stay Remote: 20 Big Companies Hiring Remote and Hybrid Workers

• 🎧 HTM Ep#403: Ditching work you hate & landing a job you love

ICYMI

Things people are talking about…

IRA Match 💸
Personal finance company SoFi just announced it will offer a 1% match to IRA contributions until Dec 31st this year! Whilst this is a cool sounding benefit (could earn $65 for maxing out $6,500 IRA in contributions) it’s also important to read the fine print — eg. there’s a 2 year vesting period!

Nest Egg 💰
Via CNBC, here’s how much you need to retire comfortably in each US state (includes a comfort buffer)… As interesting as these number are, remember the only numbers you should be concerned about are those of your own situation. 😉

BNPL 🤦‍♂️
Just a reminder to avoid Buy Now Pay Later programs for holiday shopping this year (actually every year!). They’re a slippery slope that causes most folks to spend more than they otherwise would. Instead, make a holiday spending plan now so you can avoid any debt troubles when the holidays are over.

Candy Budget 🎃
Here are all the scary halloween spending stats that are predicted for this year. Pet costumes is always the one that fascinates me the most — Americans spend about $700 million a year dressing up their pets for the night.

Screen Time 📲
Check out these really interesting stats from Gallup around teens and the time they spend on social media each day (4.8 hours average). The survey also notes personality traits and parental restrictions play a key role in how much teens spend on phones.

FRIENDS OF HTM

Kumiko Love — aka “The Budget Mom” 💸

Living a life of abundance is about doing the things that matter to you most. And budgeting properly and staying in control of your finances is a springboard into that lifestyle!

That’s what The Budget Mom is all about helping people realize and build for themselves. Financial stability AND living a fulfilling life.

Check out her website, YouTube channel, and Insta. We also interviewed Kumiko back on episode 457 if you missed it.

That’s it for now... Have a great day ahead and don’t forget to enjoy a little sun therapy this week!! 😎

Best friends out 🍻