Good Morning Money Nerds! ☀️😎

As we go about the hustle and bustle of our busy lives, it’s easy to stop noticing what’s around us. We might walk right by a beautiful mural without even a glance, or walk from our door to our car without taking the time to even look up! ⬆️

When we get busy, the same things can happen with our finances. We don’t pay attention to the small purchases. A $15 lunch here and a $20 subscription charge might seem insignificant, but they can add up to major amounts over time. 

So if you’re trying to get your money game together, before you start researching complicated investing strategies or planning for F.I.R.E., practice just noticing your spending habits. You could learn a few things about yourself that will help you as you start to navigate your personal finance journey. 

Just some food for thought this Tuesday morning. Let’s get into the good stuff! 💰

TO DO

Actually Make Your Returns 📦

After a busy summer and back-to-school season, you likely have a couple of online shopping returns piling up around your house.

Between working, vacations, and social plans, it’s easy to forget about those unused purchases and end up stuck with them. In fact, 44% of shoppers report that they’ve missed the return window for something they meant to send back. 

Before those 30-day return windows start to fly by, set aside an hour to go and make those returns. You’ll enjoy less clutter and get to keep more of your hard-earned cash!

INSURANCE

The Life Insurance Need Gap 🛟

Sometimes, the hardest conversations to have are the ones that are the most important. No one wants to talk about the end of life, but preparing for it is a pivotal part of financial planning. 

Life insurance is an important financial product for anyone with people who depend on their income to survive! And yet, there’s a staggering number of people who acknowledge they need it that go either underinsured or uninsured altogether. In fact, 30% of adults with needs are uninsured, and 11% remain underinsured. That means nearly half of all folks who need life insurance are walking around without enough of it! But why?

Perhaps the largest contributing factor to this life insurance need gap is the perceived cost of life insurance. In fact, 52% of underinsured folks cited this as the main reason they chose to go without it. However, this is a major misconception, as life insurance can actually be quite affordable! 

Despite highly priced whole and universal life insurance policies being advertised, the best type of life insurance to buy is the cheapest. Term life insurance lasts for a specified window of time, and should you slip into the icy grips of the grim reaper during your term, your death benefit will be paid out to your beneficiary.

Because it only lasts for a period of 10, 20, or 30 years, term life insurance is the cheapest. For a healthy 30-year-old, it can cost only $25-30 per month for $500,000 of coverage for a period of 20 years. That’s cheaper than some streaming services! 

But what about when the term runs out? 

Well, the idea behind term life insurance is that as you earn more and grow your wealth, you’ll eventually be able to self-insure. That retirement nest egg can double as life insurance once your money grows. And, as your children grow older and are able to support themselves, your need for life insurance decreases. 

The hard truth - If you’re walking around under or uninsured, you’re leaving your family and loved ones at risk of financially struggling should you pass unexpectedly. Don’t let complicated life insurance products confuse or intimidate you. Term life insurance is cheap, easy to understand, and can provide you with greater peace of mind knowing that your loved ones would be able to get by without you. ❤️

More Life Insurance Resources: 

• How to Buy Life Insurance - A Step-by-Step Guide 

• Should You Buy Life Insurance For Your Kids?

• What is Life Insurance Laddering?  

TOGETHER WITH CIT**

Break Up With Your Bank ✌️

It’s no secret that your traditional bank isn’t good enough for you. Between useless fees, stagnant interest rates, and crappy customer service, it’s time you broke up with your bank.

CIT Bank knows that you deserve better. That’s why they offer 4.00% APY on balances of over $5,000 in their platinum savings account, with no monthly service fees. Plus, their mobile app makes account management a total breeze.

So, if you’d like to start earning over 10x the national average on your savings, check out CIT Bank!

ICYMI

The Buzz 🐝

iPhone Fiends 📱
A recent survey from WalletHub found that 1 in 4 folks are willing to go into debt for a new iPhone! 😱 On the bright side, more consumers are putting off upgrading their tech due to tariffs and inflation. Before you finance a fancy new phone, use this simple calculator to reveal just how much that payment plan will cost you.

New Homes Are Cheaper? 🤔
Over the last 5 years, the housing market has gained more than $20 trillion in value. That’s an increase of 57%! But one of the weirdest new housing trends that has emerged is that newer homes currently cost less on average than older homes!

Potato Chip Podcast 🎧
If you want to go down a rabbit hole about how potato chips are made, this oldie but goodie EconTalk episode is well worth listening to. Not only will you learn about how the sausage (well, Doritos) gets made, you’ll also get a lesson on free markets and corporate marketing, too!

“Job Hugging” 🤗
The Wall Street Journal examines why unhappy workers are staying at their jobs instead of jumping ship. Gone are the good old days of snagging a major raise by job hopping, and workers fear abandoning their jobs without new employment in place.

A little reminder for the next 24 hours…

Choose today to have a good day. Don’t let anything get in the way of that goal! 💪

That’s all we’ve got today!

Best friends out 🍻