Good morning, money nerds. Welcome back. Once again, Jim and I have collected some of our favorite stories about money (and related subjects) to share with you.
The ten biggest money mistakes. [Of Dollars and Data] – “Because mistakes are not only the foolish things that we do, but also the reasonable things that we don’t do…I’ve compiled a list of the 10 biggest money mistakes that I see people make, with an emphasis on the dumb things we do and the smart things we don’t do.”
The ten biggest money mistakes — analyzed. [Lazy Man and Money] — “There was a Twitter thread that went viral (for money conversations at least) about money mistakes that caught my attention. It caught my attention because everyone agreed that it was very good. I agree that it was very good too. However, I thought that each mention of a money mistake had a lot more nuance that deserved a deeper look.”
Framing a reward is as important as the reward itself. [Nir and Far] — “[Loyalty programs] typically attract customers by offering better prices or superior products…Yet focusing on what a customer can acquire, instead of the time and money they’ve already spent, could be one reason these programs are ineffective. The trick is not strengthening the link between use and loyalty with better deals. It’s reinforcing the perceived relationship between use and loyalty.”
Thriving residents lead to thriving cities. [Urban Institute] — “The economic health of cities and communities depends on the financial health and stability of their residents…Families with a savings cushion as little as $250 to $749 are less likely to be evicted, miss a housing or utility payment, or receive public benefits after a job loss, health issue, or large income drop. Higher savings levels are associated with even lower hardship and benefit receipt.”
Why you should carry renters insurance. [Consumer Reports] — “Millions of Americans have discovered the benefits of renters insurance. Because landlords aren’t liable for any personal possessions or activities in your apartment, these policies can provide an important safety net if something happens.”
And today’s video is a 13-minute clip highlighting life lessons from three hundred-year-old Brits.
I’m always fascinated by studies of longevity, even when they’re anecdotal and informal like this. I feel like there’s a lot to be learned from folks who manage to enjoy long, rich lives.
Speaking of which: I’ll be back tomorrow with more stories to help you enjoy a long, rich life. See you then…