Money moves from this week's headlines
Interest rates are falling on even the most generous savings accounts. Blame the Fed.
The gist → In anticipation of an upcoming Fed rate cut, high-yield bank rates are dropping — Marcus down to 2%, Wealthfront to 2.25%. Barrons
The move → Take stock of your savings and make sure you’re up-to-date on the latest available rates. Learn more.
5 highly-ranked charities helping with the Amazon rainforest fires
The gist → Widely publicized fires have been raging in the Amazon, but there are established charities in the region that can help. Marketwatch
The move → Considering a donation? Take advantage of the available deductions. Learn more.
Peloton Is a phenomenon. Can it last?
The gist → Popular cycling company Peloton filed for an IPO this week. Their main value prop: a $2,500 at-home bike, plus a $39/mo. fee for on-demand streaming classes. NYT
The move → Revisit your fitness memberships to make sure you’re not just spinning your wheels. Learn more.
No money moves to make this week? Why not try a 5-minute money task? May we suggest:
🤔 Get answers to your estate planning Qs
💸 Find unclaimed money
📚 Add a personal finance book to your reading list
This week in money gossip
The number of people with more than $1M in a Fidelity Investments 401(k). The average balance is $106K. Bloomberg
Price of Starbucks’ Pumpkin Cream Cold Brew, introduced this week. It’s the chain’s first new pumpkin-flavored drink in 16 years. Policygenius Magazine
The average cost of a wedding for an American couple. The Knot
The cost of the Taycan Turbo, the new electric car debuted by Porsche this week to compete with Tesla’s Model X. Business Insider
The monthly rent for a string of illegal Manhattan micro-apartments with 4’5” ceilings. Gothamist
The number of hours of household work, including shopping, cooking and cleaning, that writer Sarah Miller’s boyfriend pays her a wage to complete each week. The Cut
The cost to visit Rome, Naples, Florence, Pisa, Le Spezia, Cinque Terre, Bologna, Venice, Turin and Milan — by bus. Travel & Leisure
100 WORDS OR LESS
Fast + free money advice from the Policygenius advisers
Should I include anticipated income from Social Security in my retirement savings plans? — Meghan
That's a tough question, but the short answer is no — you don’t want to count on Social Security. Right now, when advisers show proposals to young people, they often leave out Social Security completely, or show it at a smaller percentage of the current estimate. It’s always better to err on the side of caution and have more than you need, or even be able to retire earlier than anticipated.
— Patrick Hanzel, Policygenius CFP ®
Jeff Laidlaw, licensed Policygenius adviser
Biggest money worry: What I’m doing with my retirement accounts.
What are you doing about it? I opened an IRA with Betterment and am catching up on contributions. I also opened up another “rainy day” investment account with Betterment to save up for either a large purchase or an emergency.
Money thing you’re most proud of: Just paid off one of my two remaining student loans. (Ed. note: Congrats, Jeff! That's huge.)
Best financial advice your ever got: To pay off my credit card weekly.
#1 money tip: Review finances often.
What would you do with a $1M windfall? Invest most of it, help my parents fix their roof, and then go on a nice vacation.
Credit or debit? Credit always — get those points!