Notices by Andrew Lokenauth (fluentinfinance@mastodon.social)

Remember, the stock market crashed in:

2020 (-34%)
2008 (-57%)
2000 (-49%)
1998 (-19%)
1987 (-33%)
1973 (-50%)
1929 (-90%)

…and recovered to all-time highs each and every time.

Never let short-term fear control long-term decisions.

BREAKING: Medical debt is now required to be removed from your credit scores, impacting 15 million Americans.

Here's everything you need to know:

DO NOT USE BANK OF AMERICA, EVER.

Bank of America has paid $40 billion in fines since 2000 for:

• Cheated schools and hospitals
• Illegally froze and drained accounts
• Double-charging insufficient fund fees
• Thousands of families lost homes unlawfully
• Failing to provide promised credit card rewards
• Multiple overdraft fees for the same transaction
• Charged customers for services they didn't receive
• Illegally foreclosed on active-duty service members

What do you think?

My tips to those in your 20s & 30s, I can't stress this enough:

1. Avoid car loans

2. Avoid credit card debt

3. Build your credit score

4. Max out your Roth IRA

5. Take your 401k job match

6. Choose your friends wisely

7. Read more books, watch less TV

8. Invest at least 10% of your income

9. Build a 3-6 month emergency fund

10. Create at least two streams of income

11. Investing in yourself is crucial — don’t be cheap

12. Time is your most valuable asset — don’t waste it

What else?

College is 750% more expensive than it was 50 years ago.

Do graduates earn 750% more?
Are you learning 750% more?
Is education 750% better?

No, no, no.

Nothing in our economy has even remotely kept pace with that level of inflation.

JUST IN: US banks have $750 billion in losses on real estate debt, per PiQ.

That's 7 times larger than in 2008 when the housing bubble popped.

US banks also have another $515 billion in unrealized losses on investment securities, per the FDIC.

That's also 7x higher than during the 2008 financial crisis.

Millionaires aren't working 24/7, waking up at 4 am, or showing off on social media.

If you want to be a millionaire, mimic their habits:

1. Read a lot
2. Set big goals
3. Think long-term
4. Take calculated risks
5. Network with high achievers
6. Embrace delayed gratification
7. Invest in yourself and self-education

Never underestimate the power of small habits.

FTC announces the “click-to-cancel” rule which requires companies to let you cancel any product as easily as you registered

FTC announces the “click-to-cancel” rule which requires companies to let you cancel any product as easily as you registered.Any long or difficult cancelation processes will be illegal.If you signed up with a click, they’ll have to let you cancel with a click.Subscription services, including gym memberships, will be required to offer 'one click to…

https://befluentinfinance.com/ftc-click-to-cancel/

Good people don't quit jobs. They quit:

• Low pay
• Work politics
• Toxic cultures
• Bad leadership
• Micro-managers
• Zero appreciation
• No work-life balance
• Lack of opportunities

Sometimes it’s time to move on.

Prioritize your own growth and well-being, and never feel guilty about leaving a job.

A tax refund isn't “free money” from the government.

It's an overpayment of your taxes.

It’s money you loaned the government all year at 0% interest.

Money that you could have invested in your Roth IRA or used to pay off debt.

Psychology says to find three hobbies:

One to make you money.
One to build your knowledge.
One to help you stay healthy.

Most people have no hobbies outside of their job.

Never let a job steal your life.

The Flintstones owned this home on a single salary from a husband who didn't graduate college.

This was considered normal in 10,000 BC when the documentary began.

Society normalizes:

• $1,000 car payment
• $10,000 credit card debt
• $0 invested for retirement
• Living paycheck to paycheck

What should be normalized:

• Investing regularly
• ZERO credit card debt
• 3 to 6 month emergency fund
• Building multiple income streams

Don't go broke trying to look rich.

Middle-class debt trap:

$500,000 Home mortgage
$100,000 Student loans
$60,000 Car loans
$40,000 Wedding

$700,000 in debt before 30.

A lifetime of debt is what society considers “successful”.

Break free.

I can't stress this enough.

Consistency is the most underrated part of success.

What separates good from great is the ability to do the same thing, day in and day out.

You build one brick at a time.

Normalize not having an opinion on things you don’t understand.

You're allowed to say, “I don't know enough about this to have an opinion on it.”

If you struggle with overthinking, remember this:

HSAs are the only triple tax-advantaged investing account:

1. Money goes in tax-free

2. Money grows tax-free

3. Money comes out tax-free (for qualified expenses)

And if you don't use the money for qualified expenses, it acts like an IRA after age 65.

More people should take advantage of this but less than 10% of Americans use it.

I hate to admit it but being financially stable eliminates 99% of your stress.

Money is one of the most important things in life and we shouldn’t pretend it isn’t.