November 1, 2019 edition
Is now the time to buy a house?
The gist → The Federal Reserve cut interest rates for the third time since July, making it more affordable to borrow money — and less enticing to save it. USA Today
The move → The cut is meant to stimulate the economy by encouraging borrowing. If you’re tempted, find out whether now is the right time to take out a mortgage
Apple Pay overtakes Starbucks as top mobile payment app in the U.S.
The gist → Nearly one in three Americans uses mobile payment apps, and Apple Pay is the most popular, with 30.3M users in 2019. The Starbucks app is second, with 25.2M users. Emarketer
**The move → **Considering mobile payments? Read up on the advantages and the risks of a digital wallet.
Recharging scooters for Lime and Bird is a hot new side gig
The gist → Seen scooters around town? At $5 to $6 a pop, some “juicers” are making up to $50 an hour by picking up scooters, charging them at home, and then dropping them in high-demand areas. Money
The move → Make the gig economy work for you. Here are six more ways to use apps to make a living — or just some additional cash.
No money moves to make this week? Why not try a 5-minute money task? May we suggest:
The monthly price of HBO Max, the new streaming service from AT&T and the latest entry in the streaming wars. WSJ
The average home price in Fort Myers, Florida, the #1 place to retire in the country according to U.S. News' Best Places rankings. U.S. News
The overweight carry-on fee a travel writer tried to avoid by disguising her extra baggage under her shirt as a fake pregnancy bump. She was found out and charged anyway. CNN
The amount that Airbnb refunded to Allie Conti after her host canceled her $1,221.20 reservation, moved her to a flophouse for one night, and then kicked her out. Conti, a Vice reporter, discovered that the host was part of an alleged nationwide scam. Vice
The listing price for the former home of Brad Pitt and Jennifer Aniston. The couple paid $12.5M for the Beverly Hills mansion in 2001. Mansion Global
100 WORDS OR LESS
My teen is about to get her learner’s permit. What do I need to do about insurance? — Alan
Congratulations on this big step in your parenting journey! You should let your car insurance provider know that you have a newly permitted driver in the house, but as long as she has her permit, your teen will generally be covered by your existing car insurance policy without affecting your rates. But once she gets her license (fingers crossed!). you’ll need to formally add your daughter to your policy — and at that point, you should prepare for your rates to go up. Ask your insurance company about student discounts to soften the blow.
— Fabio Faschi, property and casualty team lead at Policygenius
Last thing you splurged on: A washer and dryer.
Why’d you OK the splurge? Anyone with two kids will understand the importance of having a washer and dryer in the house, and it met my criteria for a major purchase: We needed it and we wanted it.
#1 money tip you give to people: Be practical with your money, and always think about purchases in terms of these three questions: Do you need it? Do you want it? Or both? It’s simple but effective.
Many Americans are foregoing medical care because they’re unsure of what’s covered by their health insurance, a new Policygenius survey finds..