💰 Are you a DINK?

Four days in, how are your “New Year, New Me” resolutions going? I hope you’re staying consistent and disciplined, even if it’s just for a little while longer. Remember, small everyday actions can snowball into big results that will help you achieve your goals, so get on up and chase those dreams 

This week, we’ve got some juicy news for you about the federal minimum wage, an update on when to ignore #tipflation, and a brand new tool we’ve put together that will help you easily build your credit. All this and more, while we supercharge your money throughout 2024!

- Milan

IN THE KNOW

Minimum Wage Is Getting A Raise 

Minimum wage workers across 25 U.S. states get a pay bump this year, congratulations!

While the federal minimum wage was last increased in 2009 and remains at an appalling $7.25 per hour, individual states have started boosting pay, leading to higher consumer spending, increased economic growth, and more empowered communities. In fact, six states including California, Connecticut, Maryland, New Jersey, New York, and Washington will now be paying workers more than twice as much as the federal minimum.

For 22 states, the pay hikes have already come into effect but Nevada and Oregon's raises will kick in on July 1, and Florida’s will increase by September 30th, giving millions of Americans a better shot at financial stability.

If you’re a minimum wage worker struggling to get ahead of your finances, the first step to stability is tracking your expenses and budgeting your month. There are countless tools you can use to do this like my free budget planner at milansingh.co/budget-planner

Yes To Tips, No To Tipflation 

Speaking of, because of the ghastly state of minimum wage across the country, many workers rely on tips to make ends meet. And while tipping for good service is necessary, America seems to have twisted the narrative to make tipping mandatory, regardless of the time, effort, or quality of the service. Ergo, tipflation.

So, should you tip at the end of your sit-down dinner? For sure. But must you tip for your takeaway coffee or at the convenience store counter? Hard pass from us. Here are the 5 instances etiquette experts say there’s no need to tip, even if prompted for one:

1. Skilled professionals including doctors, lawyers, plumbers, or electricians who don’t usually expect tips or may mistake it for a bribe
2. Counter workers like baristas or cashiers who we interact with too briefly to even consider if their service is good or not
3. Events and open bars where the host has most likely already taken care of payments and tips but a heads up: a couple of dollars could definitely get you a little more attention
4. Double tipping because tipping your nail tech and the cashier or paying a service fee and a tip just don’t add up
5. Rude service that doesn’t deserve a tip, unless it wasn’t their fault to begin with

Now remember, these instances are all generalizations and there are countless exceptions to the rule depending on the type of service, the frequency of your visits, and everything else. Bottom line - don’t feel pressured into overtipping but also remember to be kind and supportive, everyone’s going through a tough time.

What are some other instances you feel a tip isn't necessary? Tell us all about it by replying to this email!

Are You A DINK? 

There’s a new money trend on the rise: households that choose to be DINKs or Double Income, No Kids. While nearly 50% of unmarried Americans want to get married in the future, only 28% are opting to have children (on purpose, that is), claiming personal finance and housing prices as reasons.

Financial experts have weighed in on the trend: DINKs have got it right. Speaking on the matter, Shannon McLay, founder of The Financial Gym says, “It’s one of those things if you see the math of it all, it might make you decide to not have children”. Opting out of parenthood cuts down on bills - like childcare and additional groceries - and still helps couples enjoy the benefits of combining their finances. 

If you’re a DINK, use the extra cash to secure your financial future, and invest it in the stock market. Start with ETFs that give you a diversified portfolio and low risk. To learn more about investing, check out my Beginner’s Guide To The Stock Market.

MONEY MYTH OF THE DAY

"Fixing Your Credit Is Difficult"

Your credit score is the cornerstone of your financial journey. With a good score, you can save thousands of dollars on lower interest rates, better insurance policies, and much more. If you have a bad score in the 400s, 500s, or 600s, making big purchases like a house or car may be tough. But fixing your credit is not impossible.

Get yourself a good credit builder like our handy Hack Your Credit platform that helps you scan your credit report, find any negative accounts on it, and prepare a strategy to help get them removed permanently. Curious to learn more? Check it out at milansingh.co/hack-your-credit

VIDEOS YOU MAY HAVE MISSED THIS WEEK

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

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