💰Get paid to go “car light”

Happy 4th of July everyone! We hope we’re catching you before the celebrations have begun because as important as it is to crack open a cold one today, all this talk of independence makes us even more eager to pursue financial independence. We’re making that as easy as your ABCs so read on for all the ways you can supercharge your money today!

- Milan

IN THE KNOW

Get Paid To Go “Car Light”

Are you tired of traffic and the rising costs of car ownership? Uber might have an interesting opportunity for you. They have just launched the "One Less Car" trial, inviting 175 people from the US and Canada to forgo their cars for five weeks. In return, participants will receive $1,000 in cash and transportation credits, which can be used for Uber rides, bike and scooter shares. For the cash-equivalent stipends, participants will need to submit receipts for their travel expenses, whether they're using carshare services or public transportation.

This initiative aims to showcase the financial and environmental benefits of reducing car dependence. If you live in cities like Los Angeles, Chicago, Washington DC, and others, you can sign up for this trial, scheduled to run from July 22nd to August 25th.

The purpose behind Uber's trial is to bring attention to the high expenses associated with owning a car and to promote a more sustainable, car-light lifestyle. Inspired by a similar experiment in Australia, the trial will explore how participants adjust to using alternative modes of transportation like walking, biking, and public transit. Participants will receive $500 in Uber Cash, $200 for car rentals or carshares, and $300 for other transit options. To qualify, you must be 18 or older, have a driver's license, regularly use your vehicle, and be willing to document your experience. This trial could lead to more sustainable living habits, even if going completely car-free isn't feasible for everyone.

Not Everyone Wants Student Loan Forgiveness

A federal judge has temporarily halted a key part of President Joe Biden's student debt relief plan, specifically blocking additional loan forgiveness under the SAVE income-driven repayment plan. This decision came after several states sued, arguing that the Biden administration exceeded its authority. The judge's order stops any further loan forgiveness under the SAVE plan until the case is decided. The Biden administration's broader debt relief efforts have faced legal challenges since the Supreme Court rejected an earlier plan to cancel up to $20,000 in federal student debt for about 43 million borrowers.

States involved in the lawsuit, such as Missouri and Kansas, argue that the loan forgiveness plan is unconstitutional and unfair to taxpayers. They claim that the President cannot unilaterally cancel student loans without Congress's approval. While the judge allowed other aspects of the SAVE plan to continue, such as lowering monthly payments and limiting interest accrual, he sided with the states on the forgiveness issue. If you’re looking for ways to save more and reduce your debt permanently, check out our favorite resource here.

No Income Tax, More Problems?

The idea of ditching income taxes can be appealing, and the nine states that offer this benefit often attract a lot of interest. While keeping more of your paycheck sounds great, the reality is more complex. These states typically offset the lost income tax revenue by increasing other costs, which can rise quickly. Higher housing costs, utilities, and substantial property taxes are common in these no-income-tax states. Additionally, sales taxes can add up on everyday purchases, making the overall financial picture less rosy than it might initially appear.

The states with no income taxes—Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming—often see significant increases in property values due to high demand and limited supply. For instance, Wyoming saw an 82% increase in home prices over the past five years, while New Hampshire, South Dakota, and Tennessee experienced jumps of 76.5%, 65%, and 52.7%, respectively. Even states with slower price growth like Texas, Washington, and Florida still face rising costs in areas like home insurance, driven by climate-related risks. So, while moving to a no-income-tax state might save you on income tax, it’s crucial to consider the overall cost of living and potential financial trade-offs. For all the ways you can earn, save, and multiply your money, click here.

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