💰A house for $1

From reducing credit card fees to ways you can score a better insurance premium, this week’s newsletter is full of juicy nuggets to chew on. Learn about the risks of investing in the stock market, how to save on a diamond, and where to get your hands on a house for $1. All this and more while we supercharge your money, one step at a time 

- Milan

IN THE KNOW

Putting A Cap On Credit Card Fees 

A legal battle ongoing since 2005 has finally reached its peak and the results are making a lot of people very happy! The case between U.S. merchants and major credit card companies Visa Inc. and Mastercard Inc. has finally concluded that the companies are to cut credit card fees, potentially saving merchants at least $30 billion over the next five years.

These fees, also known as interchange, are typically set at 2% of the total purchase and have been an issue for merchants across the nation for years. Last year, these fees totaled $100 billion, making up a large portion of the company’s profits at the expense of consumers and merchants alike. 

As part of the settlement, Visa and Mastercard are set to reduce credit card swipe fees by at least 4 basis points for at least three years - a huge win for merchants, the benefits of which will be enjoyed by consumers like you! Catch more details about the revisions here and learn of all the ways you can earn, save, and invest your money better at milansingh.co/money-quiz

Climate Change And Insurance Claims 

State Farm, California's largest insurer, is discontinuing coverage for 72,000 houses and apartments in the state due to rising costs and increased risks of catastrophes like wildfires. The decision affects 30,000 houses and 42,000 apartments and is attributed to factors such as inflation, reinsurance costs, and outdated insurance regulations. State Farm emphasized the necessity of these actions to maintain adequate claims-paying capacity and comply with financial solvency laws.

This move comes amid a broader overhaul of home insurance regulations in California, aimed at stabilizing the market and ensuring coverage in fire-risk areas. The California Department of Insurance will scrutinize State Farm's decision, emphasizing the regulator's role in holding insurance companies accountable. While State Farm stated that the cancellations represent just over 2% of its California policies, details regarding the locations and criteria for discontinuation remain unclear.

Though this news comes as a shock to many, there’s one way you can work towards getting a better policy at a cheaper premium. A good credit score will work wonders on your insurance so increase your score today at milansingh.co/smartcredit

Would You Buy A House For $1? 

Baltimore's initiative to sell boarded-up houses for $1 aims to revitalize neighborhoods plagued by crime and neglect. Mayor Brandon Scott's program will offer over 200 city-owned vacant properties to residents who commit to repairing and living in them. This echoes Baltimore's historic "dollar house" program from the 1970s, which sought to rejuvenate communities through homeowner investment, similar to efforts in Newark, New Jersey.

The program prioritizes individual buyers over developers, who face a $3,000 fee per home. Home repair grants of $50,000 are available, but recipients must secure pre-approval for a construction loan. Concerns persist about developers acquiring properties and driving up prices, potentially displacing low-income residents. While this initiative targets a fraction of Baltimore's 15,000 abandoned properties, it signals a step towards addressing longstanding urban blight.

Would you buy a house for $1? Hit reply to this email and weigh in on the debate!

MONEY MYTH OF THE DAY

“It's Too Risky To Invest In The Stock Market”

Let's tackle a common money myth head-on – the idea that investing in the stock market is too risky. While it's true that investing involves some level of risk, avoiding the stock market altogether can also be risky in the long run. Historically, the stock market has delivered strong returns over time, outpacing inflation and other traditional savings accounts. Plus, with proper diversification and a long-term investment strategy, you can mitigate some of the risks associated with market fluctuations.

Instead of shying away from the stock market out of fear, consider it as a valuable tool for building wealth over time. By educating yourself, diversifying your investments, and staying disciplined during market ups and downs, you can harness the potential of the stock market to achieve your financial goals. Remember, with risk comes opportunity, and investing wisely can lead to significant rewards in the future. Start investing with our Beginner’s Guide To The Stock Market which tells you everything you need to know!

VIDEOS YOU MAY HAVE MISSED THIS WEEK

Here are the top videos you loved the most this week. Which one was your favorite?