Simplify, Simplify
You know what feels really good? Simplifying things.*
At the beginning of the year I wrote about a 2022 goal I had to reduce the number of financial accounts I had after a financial advisor shared that it’s easier to manage if you have fewer accounts. (Including banking, 401ks, credit cards, crypto, and trading accounts I started with 24! 😱)
Well, I just closed a checking account with a bank that shall not be named and it feels SO GOOD. You see, in the madness of these 24 accounts I had forgotten to take my own advice. Because it was not an account I used frequently, I didn’t look at the statements very often and didn’t have text message alerts turned on. Turns out I was being charged monthly fees for having too low of a balance.
It’s a terrible feeling. Not only do bank fees truly feel like money flushed down the toilet, but it feels so shameful to admit that I was swindled by bank fees when I write about money every week! 🤦♀️
I share this so that if there is anyone else who is facing a similar situation, don’t feel bad. Learn from my mistake:
1) Either set yourself up for success so that you actually keep a vigilant eye on that account or close it out and move on.
2) Call the bank if they charge you fees (I was able to negotiate partial refunds of the fees)
3) I’d be wary of opening an account that requires a minimum balance unless you are highly confident you will always be meeting the minimum
I’m down to 20, and while I still have a ways to go, but it still feels pretty good.
*Mom, your advice to “Simplify, Simplify” finally got through! 😄 It only took several years.
Note: I’ll be on vacation the next two weekends, and am trying to disconnect, so will be skipping the news updates for the next 2 weeks.
Money & Crypto
This is a crazy stat: “The median net worth of married couples 25 to 34 years old was nearly nine times as much as the median net worth of single households in 2019” (WSJ) This is so unfair!
And another crazy stat that seems unsustainable “It Now Costs $300,000 to Raise a Child” (WSJ)
If you missed my comments last week on Ethereum’s upcoming Merge, here is another summary (WSJ)
I had never heard of this bank before, called Cross River Bank, but apparently it was the 3rd largest servicer of PPP loans in the pandemic. Regulators are now taking a closer look at the loan forgiveness rate of the bank which deviates from its peers. (Bloomberg) Anyone know more about them?
Visa and Mastercard’s duopoly and how credit card transaction fees affect merchants and shoppers (The Economist)
FDIC sends cease and desist letter to several crypto firms for misrepresenting deposit insurance (The Block)
Etc.
Famed stock market investor Rakesh Jhunjhunwala passed away
Climber Alex Honnold (Free Solo) made another epic climb to be featured in a Disney+ feature
Podcast Pick of the Week
🎧 Reframing roadmaps at work with ‘Now, Next, Later’
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Disclaimer: All opinions are my own. The content on this site and on the podcast does not constitute financial, legal, accounting, tax, or investment advice.
