Friday Flight - Loud Budgeting, Rampant Financial Infidelity, & Bad Bank Behavior #780
Jan 26, 2024
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Topics discussed in this podcast include: 1% match by Robinhood, investing at all-time highs, active vs passive investing, the correlation of income and happiness, 'new' collar jobs, loud budgeting, rampant financial infidelity, employer student loan benefits, and bad bank behavior.
Capital One has been criticized for offering a lower interest rate on a savings account, leaving many loyal customers unaware that a more attractive interest rate is available.
Under new legislation, employers now have the option to match retirement contributions with student loan payments, providing financial assistance to individuals burdened by student loan obligations.
Deep dives
Capital One criticized for offering lower interest rate on savings account
Capital One has been criticized for offering a lower interest rate on a savings account, leaving many loyal customers unaware that a more attractive interest rate is available. The bank has two savings accounts, with one offering a much higher interest rate than the other. This discrepancy has caused some customers to miss out on significant earnings. It is important for customers to closely monitor their accounts and ensure they are getting the best possible interest rate.
New childcare tax credit provides financial support to families
A new childcare tax credit is set to provide financial support to families. The credit will help alleviate the burden of childcare expenses by offering a tax break. This is expected to provide relief to many families struggling with the high cost of childcare. The credit aims to make childcare more affordable and accessible for working parents, supporting them in their pursuit of a successful career while also ensuring the well-being of their children.
Employers now have the option to match retirement contributions with student loan payments
Under new legislation, employers now have the option to match retirement contributions with student loan payments. This allows employees with student loan debt to receive contributions to their retirement accounts even if they aren't currently contributing themselves. While the availability and extent of these matches vary depending on the employer, it is a positive step toward providing financial assistance to individuals burdened by student loan obligations.
Bad bank behavior: Capital One accused of offering misleading savings accounts
Capital One has faced criticism for its practice of offering different interest rates on savings accounts, leading to confusion among customers. Some customers were unaware that they could be receiving a higher interest rate on their savings, resulting in significant missed earnings. It is crucial for customers to be vigilant in checking their account settings to ensure they are receiving the best possible interest rate.
Time for a Friday Flight- our little sampling of the week’s financial news and what it means for your personal finances. There are a lot of headlines out there, but we boil them down to specific takeaways that will allow you to kick off the weekend informed and help you to get ahead with your money. In this episode we explain some relevant and helpful stories like: 1% Robinhood match with no caps, investing at all-time highs, active vs passive investing, more income ≠ more happiness, ‘new’ collar jobs, loud budgeting, $125 envelopes, rampant financial infidelity, employer student loan benefits, and bad bank behavior.
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