💰Who's Up For Some Rent Control?

This week, we’re bringing you hacks, busting myths, and getting you up to speed on all the insights of the financial world. Read on to find out why you shouldn’t take that second loan, why you should continue using a credit card even though interest rates are at an all-time high, and how you can get richer if you keep talking about money, money, money. 

We also answer all questions and queries that you have about the latest money trends so don’t be afraid to drop us an email and fire away. Here’s to supercharging your money, one step at a time!

- Milan

IN THE STOCKS

• S&P 500 4,289.13 (0.70%)
• NASDAQ 14,891.50 (1.48%)
• Dow Jones 33,744.00 (-0.42%)

*Stock data as of closing on September 29th.

MILAN’S HACK OF THE DAY

Book Your Cheapest Air Ticket Today

Economists have found that the best time to book your holiday flight is right about now. Confirm your bookings before the second week of October and you can get it for the lowest possible price, because of the high supply in the market right now. 

After mid-October, prices are expected to climb higher and higher as the holiday season approaches. Since this year flew by in a matter of weeks, Christmas is bound to creep up on us sooner than expected so don’t tell us we didn’t warn you.

If you’re not sure where to holiday this year yet, here’s how you can pick the cheapest destinations.

THE MONEY BREAKDOWN

“Loan Churning”

If someone is offering you a new loan to pay off an old one, don’t fall for it. This predatory lending method is called Loan Churning and traps people in an endless cycle of refinancing. 

If you can’t pay off one loan, you definitely can’t pay off two. You may think your lender is trying to help but a lot of the time they’re actually increasing the amount of money you owe them so they can profit off your interest and fees.

IN THE KNOW

To Degree or Not to Degree 🎓

For as long as we can remember, we’ve been told that a successful career is built upon a college education and that being a graduate is going to guarantee higher pay. This may have been true for our parents but as the world evolves, we’re finding that a degree doesn’t really live up to all its promises. 

40 years ago, college graduates were entering the workforce at an average pay of $23,278. When adjusted for inflation, this translates to an average of $68,342 in today’s pay scales. Recent research shows that college graduates in 2023 make roughly $7,254 less than that, meaning that after adjusting for inflation, Gen Z and Millennials are making 10% less money than their parents in the 80s.

While you may argue that this is only natural, add this reduction in pay to booming student debt, and rising costs of living, and it’s no wonder that almost half of all young adults have moved back in with their parents. That’s one strong argument for Team Dropouts but what do you think? To Degree or Not to Degree? Hit reply on this email and let us know.

It’s Way Too Expensive to Use Your Card 🚫

Credit card rates hit an all-time high in the last week of September with Forbes reporting that average interest hit 28.05%. This comes hot on the heels of increased borrowing rates as Americans face one of the most expensive eras to be alive in.

But lucky for you, you’re on the path to Hack Your Money and we have just the solution to remedy this problem. Keep using your credit card for all purchases, big or small. But remember to cap your spending to an amount lower than your monthly income. If you don’t carry forward a balance to the next month, you don’t have to pay interest, but you’ll still be able to build your credit in preparation for any big investments you have coming up. 

So, yes to borrowing and building credit, but we’ll pass on the APY. That’s how you can eat the cake and have it too. Learn tips like this and so much more in my Top 15 Hacks at milansingh.co/hacks

Can Rent Control Be the Answer? 🏡

Though rent has begun to stabilize, still not being able to afford rent is really taking a toll on people. In 2019, almost half of America’s renters were forced to spend more than 30% of their income on housing - a big no-no for personal finances. Throw in a pandemic and a looming recession and in 2023, things have turned for the worse.

The rule of thumb is that an average citizen is supposed to budget less than 30% of their income on rent unless they want to go hungry by the end of the month. And with the rising costs of living, no wonder borrowing rates are at an all-time high. 

As a solution to this, states across the country are contemplating rent control and quickly garnering support nationwide. This isn’t the first time rent control has been federally mandated. Post World War II, the government imposed rent control laws on almost 80% of housing to regain control of a severe economic downturn. 2023 might be inching closer to a World War II-esque recession but will we ever know the relief of rent control? Only time will tell.

How to Hedge Yourself Against Economic Uncertainty 💯

Running a finance newsletter is tough only because every piece of news we want to share with you sounds like the world is ending. But as much as we want you to know the financial world around you a little bit better, we also want to give you the tools to get ahead of your money, despite external factors. 

We recently read about the top 3 things rich Americans do to protect themselves from the negative repercussions of an economic downturn and thought it would be a handy little guide as we dive into a brand-new month. Here’s your new mantra:

1. Be prepared for ups and downs: Make long-term plans instead of letting the economy steer your financial well-being. Be prepared for anything and put in place sustainable income streams through a diversified portfolio including stocks and bonds.
2. Get help: A good majority of rich Americans work with a financial advisor because life just gets much easier. You have someone to guide you through your financial journey and help you make the most of your money. After all, if you’re winning, they’re winning.
3. Commitment and discipline: Making a financial plan isn’t enough unless you stick to it. Discipline yourself enough to save, invest, and manage your money so you can reach your financial dreams.

And if we do say so ourselves, you can get ahead of your money in just a few weeks by taking our Hack Your Money Course that’s releasing soon. Put your name on the waitlist at milansingh.co/hack-your-money-waitlist 

MONEY MYTH OF THE DAY

It’s Rude to Talk About Money

To truly understand something, we must first talk about it, share our experiences with it, and learn from other people’s expertise. Talking about money is no different.  

The only way to make more money is by talking about it with people who understand the subject completely. Expand your network, learn new money methods, and you’ll find that you can 10x your money in no time. Start by visiting finance events, conferences, and talk shows that you can easily find online. Consume more content to help you become more familiar with the subject like this handy dandy Hack Your Money newsletter (good job!).

VIDEOS YOU MAY HAVE MISSED THIS WEEK

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