Money Rehab with Nicole Lapin

Most people don’t walk down the aisle thinking about a future divorce, but then again, most people aren’t big-name celebrities with a lot to protect. That’s where prenups come in handy. In case you’re not familiar, a prenup (short for prenuptial agreement) is a legal document that couples sign before getting married, outlining how their assets will be split if things don’t work out.

Swipe to find out which celebrity couples have prenups and who got married without one. 💍

ICYMI: Maksim Chmerkovskiy stopped by the Money Rehab studio to talk about his aid work and more on the one-year anniversary of Russia’s invasion of Ukraine. Listen here: https://link.chtbl.com/ZX_x6X4l

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Louder for the people in the back! 📢

“…when you get through the interest fees, those red leather pants you bought for $80 instead of $200, end up being $300” -

Louder for the people in the back! 📢

🤭 Are these your kids? Have no fear, you can now roll their 529 over into your roth IRA.

A 529 is a fantastic way to save for your child’s college education. But what happens to that money if they’re more brilliant than you expected and get a full scholarship? Or they go to a state school and it costs a lot less? Or they don’t go at all? In the past withdrawing money from 529 accounts and not using the money for educational expenses meant you would be on the hook for a serious amount of taxes and fees. But a new law, the Secure Act 2.0, will change all that in 2024.

Now if for some reason you don’t use all the money in your child’s 529 account you can roll it over into a Roth IRA for yourself or the child without any kind of penalty. 👌

These changes make the 529 more attractive than ever, and something to consider in the new year.

Sam Bankman-Fried was on a mission. His mission wasn’t to build a great crypto exchange or the hottest digital wallet. His mission has always been one of effective altruism. To make the most money possible so that he can give away the largest amount of money possible in the most effective manner. SBF made his first fortune making crypto trades and eventually formed Alameda Research. He later founded the crypto exchange FTX to further his wealth. The exchange had its own tokens called FTT. He believed this was the best way to make money to give away. ➡️

📌 The laureate of filth John Waters once said “If you go home with someone and they don’t have any books don’t f*ck ’em” Well, don’t invest with them either. SBF never reads saying “I’m very skeptical of books. I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. I think, if you wrote a book, you fu**ed up, and it should have been a six-paragraph blog post.” Perhaps this should have been everyone first sign to stay away from the dude. 🕳

Me: Manifesting a Porsche
Porsche: Manifesting free content

When the Fed drops the I bond rate to 6.89% but milk is still up 9%

NBD.

Beyond Meat COO Doug Ramsey was involved in a fender bender in Arkansas. Ramsey responded by exiting his vehicle, pulling the other man from his car, and biting the man on the nose. Ramsey left the company days later. But he isn't alone in leaving.

The company plans to cut 200 more jobs. Not because anyone else was involved in nose biting. Rather, sales are down again this year. Beyond Meat claims that inflation is to blame for its recent struggles. Their stock is at $13.34 from an all-time high of $234.90 pre-pandemic.

It may be that Beyond Meat, like many startups, benefited from low-interest rates on loans, which enabled them to function for several years without making a profit. Interest rate hikes and changes to the financial landscape have now come back to bite them on the nose. 🤭

This is a gentle reminder to all carers, helpers, and bureaucrats out there that the application for Public Service Student Loan Forgiveness is still open and will stay open until October 31st. 📅

If you’ve worked in anything that could be considered a public service as an employee at any level of government or at a non-profit you may be eligible to have all of your federal student loans forgiven. So that’s teachers, nurses, garbage men, social workers, and DMV employees.

So many people are eligible for this program. Even people who have been turned down for it before! This also applies if you’ve taken out federal loans for your children.

Think you qualify? Follow the link below and take the quiz.

Besides, everyone loves an internet quiz, right? This one asks about what type of student loans you have which is less fun than finding out who your Hocus Pocus 2 personality twin is. But unlike a Buzzfeed quiz, this quiz could save you thousands of dollars. So get clicking and see if you qualify. Then apply- because you’re worth it! 👇️

🔗 https://www.whitehouse.gov/publicserviceloanforgiveness/

Repost • 👀

Before we talk about this we need to remember what is and what the agreement said. Because it’s clear from a lot of the talk around this that most of the people complaining didn’t read the actual user agreement. 👀

First, let’s remember that Paypal is a company that facilitates financial transactions. Not a social media company. They don’t care about your hot takes on Twitter. They don’t even know what they are. 🙈

Because the terms also included an important note “You may not use Paypal’s services for activities that:” The terms then list things like drug sales, weapons, hate speech, Ponzi schemes, and misinformation. This is not about saying something false on Twitter as a private individual. It’s targeting businesses that profit from misinformation. In the past PayPal has prevented companies like Infowars from using their products. The head of Infowars, Alex Jones, has been sued for spreading misinformation about dead children. Unless your brand is misinformation this rule wouldn’t apply to you.

But users are deleting their accounts over this and Paypal’s stock has dropped 6%. This isn’t a huge drop when you consider that the price is down 110% year to date.

Paypal has said that the user update went out in error and that this is not a policy they intended to enforce. If that’s the case, there are real questions to be asked about how that happened.

But if you’re worried- Paypal wasn’t going to fine you $2,500 because you tweeted that pineapples are good on pizza. They were only going to fine you if you were using Paypal to fund your “Pineapples Belong on Pizza” campaign. 🍍🍕💵

Happy from our hostess and our adorable mascot Penny aka 💚

The Chairman of the FED, JPow himself, has said that we may be entering a “difficult correction” of the housing market. The American housing market is a complex beast. The rising interest rate made mortgages more expensive for new buyers who are now reluctant to pay the current high prices. 💵📈

But it has also caused those who already own homes to be less likely to sell them because they don’t want to give up an awesome interest rate, limiting the amount of stock.

Add to this mix the fact that a recession or even an economic slowdown could cause people to vacation less, creating instability in the Airbnb market. A major factor in many tight local housing markets.

Working against all these things is the simple fact that there is a massive shortage of housing in America. As long as this supply and demand miss match remains? There’s a limit to how low pricing can go in many markets.

What's one more pumpkin ornament?! 🎃👻🕸️

Workout and investment darling of the pandemic has struggled for a while now. They reported losses for the last 6 quarters straight and lately, they have been shedding executives faster than you can shed pounds doing their famous workouts. 😰

Recent news that they have cut an additional 500 jobs has overshadowed news that they have launched a partnership with Hilton hotels to put bikes in every Hilton-branded hotel. They also signed a deal to start selling their equipment through . 💰️

Do these deals represent a more sustainable business model for the company? Is it possible to turn around the Peloton brand? Or are they the victim of their success during the pandemic which left investors with unreasonable expectations for what should have always been a niche product with a limited appeal? 🚲️

We are bullish on money tips (duh!), and when it comes to financial literacy, we say: the more, the merrier. That’s why Nicole highly encourages all Money Rehabbers to have their own financial advisor.

And to help you find one that’s the perfect fit for you, Nicole sits down with Josh Brown— aka the Reformed Broker— who, like us, thinks everyone should have a financial advisor. https://podcasts.apple.com/us/podcast/finding-your-financial-soulmate/id1559564016?i=1000579546887

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”

Kardashian also agreed to not promote any crypto securities for three years.

Source: CNN

Credit Suisse, Europe’s second-largest bank with billions under management is struggling to survive after repeated scandals and mistakes.

It’s hard to say exactly when Credit Suisse’s problems began. Was it in 2018 when it finally started to comply with a 2014 Swiss law that ended banking secrecy?

For years Credit Suisse had been marketing itself as an international tax haven. Known for its discretion many were shocked in 2020 to learn the bank had been spying on employees, even having them followed by private investigators.

With staff in turmoil, the bank faced disaster after disaster, from the collapse of Archegos costing them $5 billion, to lawsuits from billionaire former clients, all compounded by the bear market which destroyed Credit Suisse’s ability to make money.

They are in dire need of money but their stock price is at the lowest it’s ever been making a funding round from selling shares unlikely. Can they save themselves? Will European governments step in to help prop them up? In a Europe dealing with the war in the Ukraine and the coming winter with possible energy problems, it is a serious and urgent question.

Just fyi

In response to a shaky market after the new UK prime minister slashed taxes, the Bank of England has come to the markets rescue with a bold plan.

They agreed to buy a large amount of UK government bonds. The hope is that this will stabilize the markets and lift the pound out of its decline.

The plan is seen as a gamble given that they will have to borrow money to do so and interest rates are the highest they’ve been in years. How this all plays out is something to keep an eye on in the weeks to come. 💷