✌️ simplify your finances with these tips
Q&A: When do you need Personal Articles Policy (PAP) insurance?
Featured Artist: John Holcroft
Here’s what’s in today’s newsletter:
💰 Main Topic: Tips for genuinely simplifying your financial life!
❓ Q&A: When do you need Personal Articles Policy (PAP) insurance?
🗞 In the News: Stay up-to-date on financial headlines.
😎 What I’m Enjoying: Documentary, boozy drink, crime thriller series.
🎙 Recent Podcasts: Dig into 935+ episodes in the Money Girl archive.
🤣 Favorite GIF: Reply with your favorite GIF—it might get featured!
Hi, Friend —
Happy Father's Day to every dad trying to do their best, those lucky enough to celebrate a father today, and those like me who miss their dear dad!
The summer is a great time to remember that living a good life means slowing down and simplifying your life. You might pare down your belongings, daily routines, or finances to just the essentials.
Here are a few ways to genuinely simplify your finances:
Cut unnecessary expenses, such as subscriptions or services you no longer use or need.
Automate transactions, such as sending bill payments and saving when possible.
Go paperless with your financial accounts to reduce clutter and streamline record-keeping.
Consolidate accounts if you have multiple savings, brokerages, and IRAs.
Choose simple investments, such as low-cost, diversified index funds, that reduce risk and offer impressive returns.
Invest consistently by dollar-cost averaging rather than trying to time the market.
Complete basic estate planning for peace of mind for you and your loved ones.
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True financial freedom isn't about having the most money but about having enough, with the least amount of worry!
❓ On Finance Friday podcast episodes, I answer your money questions! This week’s topic comes from Leanne, who says:
“My husband and I recently bought a condo and got insurance recommended by our mortgage lender. But when I reviewed it, I was surprised to find that it only covers a maximum of $1,000 for jewelry.
If we have jewelry and watches worth much more, should we get jewelry insurance or a personal articles policy?”
On 🎙 Money Girl episode 935, Do I Need Personal Articles Policy (PAP) Insurance?, I review what possessions are covered in a standard home or condo insurance policy and how to purchase more coverage when needed.
You can listen to the podcast 🎧 or read the transcript 📙
🗞 Equifax credit reports are changing to display your credit score at the top, along with factors that influence its calculation.
➡️ TAKEAWAY: Previously, credit reports didn't include credit scores, which are provided by various sources, including credit bureaus (such as Equifax, Experian, and TransUnion), lenders, and other scoring models (like FICO). Remember that the score you see on an Equifax report is their score, and lenders may use others to evaluate you.
🗞 Mortgage rates remain flat at 6.84%, only moving within a narrow range for the past few months.
➡️ TAKEAWAY: Many factors are keeping mortgage rates stable, including cooling inflation, a relatively strong labor market, higher housing inventory, and slower home price growth. However, the cost of housing remains too expensive for many Americans.
🗞 A study shows homeownership is growing compared to a decade ago despite affordability challenges. According to the National Association of Realtors, there were about 12 million more homeowners in 2023 than in 2013. However, on average, ethnic minorities tend to lag, with gaps between groups widening.
➡️ TAKEAWAY: The challenges to becoming a homeowner aren't felt equally across racial groups. Income, wealth accumulation, and debt levels collectively shape a group's average ability to overcome rising housing costs, build savings, and get mortgage approval.
🎥 The Greatest Night in Pop is a terrific Netflix documentary about the night many of music’s biggest stars recorded “We Are the World.” Lionel Richie and other people involved, tell the story of how the one-of-a-kind song was created and recorded on very short notice during a long January night in 1985. I loved the behind-the-scenes video and recordings of all the famous singers who participated!
🍹 This Frozen Brandy Alexander recipe may be one of my new favorite boozy summer drinks! You mix three delicious ingredients: equal parts of brandy, crème de cacao (a chocolate liquor), and vanilla ice cream. You can garnish with grated nutmeg and really impress party guests, or serve as a yummy dessert!
🎬 Dept. Q is a British crime thriller series that premiered on Netflix last month, based on a series of Danish noir crime novels. The show stars Matthew Goode, who plays an arrogant detective returning to work after getting shot at a crime scene. His boss pairs him with misfit partners to solve seemingly impossible cold cases in a new department. The plot takes lots of twists, and the acting is fantastic!
🎧 935: Do I Need Personal Articles Policy (PAP) Insurance?
🎧 934: Money and Leadership Lessons With Peter Cuneo
🎧 933: What Are the Best Places to Save Money for Kids?
🎧 932: Richer Relationships—Finding the Right Partner for Success
🎧 931: Should I Use Extra Cash for Savings, Investments, or Debt?
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