This week features intriguing insights on managing credit scores and the changing landscape of medical debt. Discover the ideal timing for purchasing used cars and the hidden risks in alternative investments. The hosts share tips on DIY home insulation while warning about rising credit card defaults. Plus, they explore gift card strategies to maximize your rewards and tackle the overwhelming nature of credit card debt. Tune in for practical tips to enhance your financial health!
Consulting a Certified Financial Planner can provide tailored financial strategies and a comprehensive analysis of personal finance goals.
January is the optimal month to buy used cars due to increased trade-ins, allowing for better negotiating opportunities and lower prices.
Deep dives
The Value of Professional Financial Guidance
Even knowledgeable individuals in personal finance can benefit from professional assistance. Consulting with a Certified Financial Planner (CFP) can lead to a comprehensive analysis of one’s financial situation, allowing the creation of a personalized plan to meet specific financial goals. The importance of these sessions is highlighted by the fact that they often offer free initial consultations, making expert advice accessible without financial pressure. It is crucial to work with professionals who can tailor financial strategies to individual circumstances, ensuring effective progress towards financial objectives.
Optimal Timing for Used Car Purchases
January is identified as an advantageous month for buying used cars due to an increase in trade-ins from individuals upgrading their vehicles during the holiday season. This influx leads to higher availability of used cars on dealership lots while demand remains relatively low. The timing allows buyers to potentially negotiate better prices as dealerships are eager to move inventory that has been recently traded in. Additionally, electric vehicles may also be available at competitive prices, making this time particularly favorable for buyers looking for budget-friendly options.
Understanding Medical Debt and Credit Reporting Changes
A significant policy change indicates that medical debt will no longer impact credit reports, offering relief to many individuals. Previously, even minor medical bills could severely affect a person's credit score, creating barriers to financial management for those facing medical expenses. However, some skepticism persists regarding the permanence of this change, considering the shifting political landscape and potential for future reversals. This situation underscores the importance of ongoing advocacy and education surrounding medical debt and creditworthiness.
The Hidden Costs of Alternative Investments
Investing in alternative assets such as cryptocurrencies, fine art, or real estate crowdfunding is increasingly popular but comes with hidden risks and expenses. While these investments may appear attractive due to their novelty, they often carry significantly higher fees and lower liquidity than traditional investment vehicles. The narrative cautions against being swayed by the allure of these alternatives, emphasizing that traditional investing methods like index funds are generally more effective for building long-term wealth. Investors are encouraged to focus on understanding the true cost and risk of their investments rather than being lured in by flashy marketing.
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: low cost insulation, best months to buy new and used cars, thousand dollar car payments, bougie extra bedrooms, what medical debt?, credit score supremacy, avoiding alts, risky business, points purgatory, credit card defaults, and gift card spillage.
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
Find the best credit card for you with our new credit card tool!
Massively reduce your cell phone bill each month by switching to a discount provider like Mint Mobile.
And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money. Have an awesome weekend!