Millennial millionaires, six-figure renters and more

October 18, 2019 edition

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Money moves from this week's headlines


There are 618K millennial millionaires in the US — and 44% of them live in one state

The gist → A new report finds that the population of wealthy young people is growing — and so is their wealth. “By 2030, millennials will hold five times as much wealth as they have today.” (The state, by the way, is California.) CNBC

The move → Making the two-comma club is a noble (and attainable) financial goal. Here’s 50 ways to make your first million.

So you bring in $100K per year? It still might not be enough to buy a home

The gist → The number of U.S. families with six-figure incomes who rent their homes is increasing — this year, it’s 19%, up from about 12% in 2006.

WSJ

The move → If you have to sacrifice your cash flow to purchase a home, it may not be worth it. Find out if renting vs. buying is right for you.

Most electric car chargers require membership to pay — and California wants to fix thate

The gist → Proposed regulations would require charging companies to install credit card readers and make stations accessible to all electric car drivers — and would likely set the stage for other states to follow suit. SF Chronicle

The move → Electric cars reduce your carbon footprint and can save you thousands of dollars each year. Is an electric car right for you?


No money moves to make this week? Why not try a 5-minute money task? May we suggest:

💪 Do a price-comparison of your gym fees

🌴Learn a travel agent’s money-saving secrets

🚗 Brush up on whether you need rental car insurance


Keeping Score KEEPING SCORE

This week in money gossip


$429

The amount charged by Den Pope of NailYourSpeech.com for a one-hour consultation and a finished draft of a wedding speech, which takes him 6-7 hours to write. Vox

$211

The average cost of a domestic flight in October, the lowest in six years. NBC

$2,467

The emergency fund sweet spot, according to a new study. Families with at least this amount in an emergency fund are less likely to experience financial hardship in the next six months. Marketwatch

$9,675

The monthly take-home pay of a San Francisco couple profiled by the NYT. Their monthly expenses come out to $9,670. NYT


100 words 100 WORDS OR LESS

Fast + free money advice from the Policygenius advisers


What happens if someone borrows my car and gets in an accident? — Kendall

If a friend gets in an accident while driving your car, they’ll generally be covered by your insurance as a “permitted driver,” even if you’re not with them at the time. If your friend has their own car insurance, their liability insurance will also kick in. One caveat: Drivers who share your residence — like a roommate or partner — must be listed on your policy, either as an additional insured driver or as an excluded driver (meaning they would not be covered by your insurance, ever).

— Fabio Faschi, property and casualty team lead at Policygenius


Pro TipPRO TIPS

Dorie Clark, author of Entrepreneurial You and professor at Duke University’s Fuqua School of Business


Pg Easy Money Email Dorie Clark 100719 pblackowl@2x


Last thing you splurged on: $300 worth of underwear.

Why’d you OK the splurge? I hate shopping, so when I find something I like, it's important to buy in bulk.

Money thing you’re most proud of: I invest every month, and it's deducted via autopay so I don't have to think about it.

Any money regrets? Holding too much cash rather than putting more into the stock market.

Check out more of Dorie Clark’s pro tips, including how she budgets and what she’d do with a $1M windfall, at Policygenius Magazine. *


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1 in 5 people think their partner is financially irresponsible


The news gets worse: 11% of respondents who believe their partner is bad with money say they plan to leave that partner due to financial issues. See the full study.

partner bad with money


This newsletter is intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you