💰Daylight Spendings

It’s true when they say time means money - the unseen repercussions of it on our finances spread far and wide. We delve into this concept in detail this week ‘cause love it or hate it, Daylight Savings Time happens on the clock, twice a year, every year. Unless we want to opt out of it which is entirely possible and currently under heavy debate.

Whether we have more time or less time, you can count on us for a constant supply of tips and hacks to make the most of your money so be sure to use each and every one of them. Here’s to supercharging your money, one step at a time 

- Milan

IN THE KNOW

More Like Daylight Spendings 

Clocks sprang forward this week in the twice-annual tradition observed by over 70 countries. Daylight Saving Time (DST) may seem like a small adjustment twice a year, but its economic costs can add up; experts suggest it costs the U.S. $430 million yearly.  

First off, there's the disruption to productivity. Studies show that the Monday after "springing forward" sees an increase in workplace accidents and a decrease in productivity as people adjust to the time change. This temporary lag can affect businesses' bottom lines as employees struggle to adapt to the new schedule. 

There's also the intangible cost of disrupted sleep patterns and circadian rhythms, leading to potential health issues like fatigue and decreased cognitive function. In essence, while daylight saving time may offer some perceived benefits, its economic costs, both tangible and intangible, warrant a closer examination of its necessity in today's society. 

Regardless of DST, here’s how you can make more money on your savings: a High Yield Savings Account. It’s the exact same as a regular savings account except you make 10x the national average in interest and it’s so much better for your financial well-being. Learn all about my top recommendations at milansingh.co/banks

Costco’s Success In Precious Metals 

Last year, Costco sold $100 million in gold bars, and riding off this fame, the wholesaler has now started selling silver. The 1-ounce Canada Maple Leaf Silver Coins are sold in 25 tubes and are priced at $679.99. The coins are made of 99.99% pure silver and though members can only buy a maximum of five tubes of silver coins, which are non-refundable, the coins have already sold out online.

The purchases aren’t an investment per se: silver can serve as a hedge against inflation and economic uncertainty, similar to gold, but silver prices can be volatile, and its value may fluctuate based on many factors. So why are these silver coins selling out so fast? Costco’s brilliant marketing strategy that has been working for years. The store frequently stocks unique, limited-edition items that customers want, love, and keep coming back for. 

But Costco isn’t the only one who knows how to make money. If you’re looking to explore and streamline your personal finance journey, our personalized money plan gives you a step-by-step guide to getting ahead of your money. Get yours by taking our quiz at milansingh.co/money-quiz

Those Prices Are Bananas 

Did you know that a pound of bananas hasn’t cost over 80 cents in the U.S. since 2004? This is compared to oranges which are currently $1.55 for a pound, grapefruits which are $1.71, and lemons which are $2.08.

The tasty, nutritious, and versatile fruit is slowly becoming everyone’s favorite, maintaining its budget-friendly nature as food prices soar. Favorable growing conditions, low labor costs, efficient shipping and distribution, free trade agreements, and massive plantations have saved bananas from inflation, proving that when all else fails, bananas will remain. How do you like to eat your bananas? Send us your favorite tips and recipes by replying to this email!

MONEY MYTH OF THE DAY

“All Debt Is Equal”

Let's bust a big myth in the world of finance – the idea that all debt is created equal. Spoiler alert: it's not. While debt might carry a negative connotation, not all debt is inherently bad. There's a difference between "good" debt, like a mortgage or student loans, which can potentially increase your net worth or future earning potential, and "bad" debt, like high-interest credit card debt, which can drain your finances and hinder your financial progress.

Understanding this distinction is key to mastering your financial journey. Good debt can be a tool for building wealth, while bad debt can be a roadblock to financial freedom. By prioritizing paying off high-interest debt and leveraging low-interest debt wisely, you can navigate the debt landscape with confidence and work towards achieving your financial goals.

If you’re looking to figure out your debt and improve your credit score, I have just the things for you. Learn all about it at milansingh.co/smartcredit

VIDEOS YOU MAY HAVE MISSED THIS WEEK 

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