💰The easiest money you'll ever make

From the easiest money you'll ever make to a so-called early retirement dream destination, we're diving into all the ways you can make, save, and invest your money better. This newsletter is packed with practical knowledge and easy hacks to elevate your money game to get you started on paving the way to a healthier financial future!

- Milan

IN THE KNOW

The Easiest Money You’ll Ever Make 

In an exciting turn of events, a Las Vegas casino distributed $1.6 million in prizes over its final week before permanently closing its doors. According to Nevada law, The Mirage, a staple on the Vegas Strip for over three decades, had to hand out unclaimed progressive jackpots from both slot machines and games before it shut down on July 17.

From July 9 to July 16, The Mirage gave away guaranteed cash prizes daily, starting with $200,000 in slot winnings each day from Tuesday through Thursday. The prize pool then jumped to $250,000 on Friday and Saturday, and finally, $100,000 on the closing day. This totaled $1.2 million in slot machine prizes, plus an additional $400,000 from table game jackpots. After opening in 1989, The Mirage is now set to be transformed into a new Hard Rock Hotel & Casino, expected to open in 2027. This may sound like easy money but if you’re looking for a way to make money just as easily, except long term and consistently, you need to put your money in a high yield savings account. It will give you so much more interest than a traditional savings account, racking up those $$ through the power of compounding. Here are our top recommendations!

 Costco or Cost-more? 

Costco is upping its membership fees for the first time in seven years, but don’t worry—your favorite $1.50 hot dog isn’t going anywhere. Starting September 1, the annual fee for a standard membership will go up by $5, bringing it to $65 in the US and Canada. If you’re an Executive member, you’ll see a $10 hike to $130, but there's a silver lining: you can now earn up to $1,250 in rewards annually instead of the current $1,000 limit. This change will impact about 52 million memberships, with more than half being Executive members.

Membership fees are a big moneymaker for Costco, bringing in $4.6 billion last year—a solid 8% jump from 2022. The increase helps Costco keep its prices low, despite the fee bump. They’re also cracking down on membership sharing, similar to what streaming services are doing. Don’t forget to reflect all these changes in your monthly budget planner and if you’re still not using one, here are all the reasons why you should start today.

“Retiring” Early 

Looking to retire early but short on savings? Taco Bell has a quirky solution for you—welcome to The Cantinas, a place where "everyone can live like a retiree." This new venture promises a "luxurious experience" with activities inspired by senior living, such as early morning tee times, afternoon aerobics, and pickleball matches, all for adults 21 and older.

Exclusive access to The Cantinas is available only to Taco Bell Rewards Members, who can choose between two membership options. The Weekend Membership, priced at $150, includes overnight accommodations for the ticket holder and a guest, along with full access to amenities, recreation, dining, and entertainment. The Day Pass, at $50 per day, grants entry from 10 a.m. to 8 p.m. Saturday and 8 a.m. to 8 p.m. Sunday. Memberships are first-come, first-served and available for purchase starting July 16 at 9 a.m. via the Taco Bell app. The Cantinas will open its doors in San Diego on August 17 and 18.

While this may sound like fun, your retirement fund is no joke. It’s important to start as early as possible. If you’re not sure how answer a few questions here and get your very own customized money plan to help you along your financial journey.

MONEY MYTH OF THE DAY

“You Have To Sacrifice Your Lifestyle To Save Money”

One common money myth is the idea that you must sacrifice your lifestyle to save money. Many believe that saving necessitates giving up all the pleasures and comforts they enjoy, leading to a dreary, minimalist life. However, this couldn't be further from the truth. Smart saving is about making conscious choices and finding a balance that allows you to enjoy life while still securing your financial future.

Instead of drastic cutbacks, start with small, manageable changes. For instance, brewing your coffee at home instead of hitting a café daily can save you hundreds over the year. Consider reviewing your subscriptions and canceling those you rarely use. Also, plan your meals and shop with a list to avoid impulse buys. Embrace the habit of setting aside a specific percentage of your income for savings before any spending—automating this process makes it even easier. By making these adjustments, you can maintain your lifestyle and steadily grow your savings.

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