💰Your car is snitching on you

We all love the smell of money in the morning and that’s why we’ve packed this issue full of the best money tips that will help you save and earn easily. From the correlation between your data and your money; to an Amazon sale open to non-members; to updates on the cheapening housing market, we’re bringing you business and money news that are bound to line your pockets and brighten your mood. If you use the tools hand-picked for you in this email, you’ll be building your wealth in no time 

- Milan

IN THE KNOW

Your Car Is Snitching On You 

If your insurance premium has been on the rise and you have no idea why, we might have a clue. As per a New York Times article, it’s because your car manufacturer is snitching on you. Here’s the gist.

As of late, car makers like GM, Honda, and Ford have been collecting and selling your data - think speeding, phone usage, and hard braking - to data brokers like LexisNexis who then create a risk score “for insurers to use as one factor of many to create more personalized insurance coverage”. The data collection is made possible by internet-enabled vehicles that allow access to services like navigation, roadside assistance, and other car apps. While some of these apps allow customers to opt-in for data collection, most have caught customers unaware, which has raised concern.

In the modern day, data is money, and if you’re not careful, your data can cost so much more than that. Whilst the authorities figure it out, ramp up your online security, and if you’re looking for ways to bring down your insurance premium again, boosting your credit score could help. Find the best way to boost your score at milansingh.co/smartcredit

Amazon’s “Big Spring Sale” 

Amazon’s very first Big Spring Sale started yesterday and the good news is that you don’t have to be a Prime Member to reap all the benefits. Anyone can save some $$ on tech, beauty, Spring fashion, fitness products, outdoor furniture, Amazon-branded devices, and other “warm weather essentials” so check it out while it lasts until the 25th of this month.

If you happen to be a Prime Member, you’re privy to exclusive offers and discounts so it might not be a bad time to sign up for a membership too. The e-commerce platform has a variety of discounts on offer and will be rolling out even more as the sale continues. 

For more ways you can earn, save, and invest your money, take our 3-minute quiz and get your very own customized step-by-step money plan bound to build your financial prowess. Get started at milansingh.co/money-quiz

Cheaper Homes Loading 

Big news in the real estate world! The National Association of Realtors (NAR) is making major changes to its policies on agent commissions. This move comes after lawsuits claimed that NAR rules inflated costs for home sellers. Under the settlement, NAR will pay $418 million to compensate sellers across the U.S. They're also ditching the requirement for brokers to offer upfront compensation to buyer's agents, potentially shaking up the traditional commission-sharing structure.

For years, sellers had little choice but to pay hefty commissions if they wanted their homes listed on popular platforms. This settlement could lead to lower fees, with agents now facing more pressure to stay competitive. If these changes stick, it could mean significant savings for sellers and potentially lower home costs overall. Exciting times are ahead in the world of real estate! 

If you’re looking for more ways to save money on your next home purchase, a good credit score can save you thousands of dollars in interest. Boost your credit score easily at milansingh.co/smartcredit

MONEY MYTH OF THE DAY

“You Have To Be Frugal To Achieve Financial Success”

The idea that you have to be frugal to achieve financial success is a common money myth. While being mindful of your spending is essential, it's not the only path to prosperity. Financial success is about more than just pinching pennies; it's about making smart financial decisions that align with your goals.

Instead of focusing solely on cutting costs, consider increasing your income potential through investing, entrepreneurship, or advancing your career. By strategically allocating your resources and focusing on growing your wealth, you can achieve financial success without sacrificing your lifestyle. Remember, it's not about being frugal; it's about being intentional with your money and making choices that lead to long-term financial security. 

An easy way to increase your income is by putting your savings in a High Yield Savings Account. This account has a much higher interest rate than regular savings accounts, no fees, and no minimums so there’s literally no downside. Get my top recommendations at milansingh.co/banks. Keep hustling, keep investing, and keep striving for your financial goals 

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