Are You Saving More Than Your Peers?

Hello! You may have noticed our newsletter looks slightly different. We are testing new email service providers, but it’s still us! We’re always eager to share tips, info and ideas to help you get ahead in life, so let’s get started…

You Should Know

• Insurance inflation is raging. Car insurance rates are up 26% and home insurance premiums are up 20%+ year over year. Why? Insurers are coming off some of their worst years in history, and jacking up rates.

• Thousands of Uber, Lyft, and DoorDash drivers will go on strike across the U.S. on Valentine's Day (Feb. 14) for fairer pay.

• The best ad in Super Bowl LVIII, as voted by the public, is State Farm’s “Like a Good Neighbaaa” commercial featuring Arnold Schwarzenegger. Here’s the full extended cut.

How Do Your Savings Compare to What Other Americans are Saving?

Are you saving enough relative to your peers? Although everyone has different income and expense levels, and therefore savings requirements, it’s insightful to benchmark your savings against what others your age are saving. If you’re behind the average, you should ramp up your savings rate.

Fortunately, the Fed’s Survey of Consumer Finances tracks savings levels of different age groups. First of all, what are savings? Savings are different from net worth. Savings is the amount of money that you’ve set aside to cover planned expenses such as the mortgage, gas, and vacations, unexpected expenses such as medical bills, or financial emergencies such as losing your job. Net worth is your financial assets minus your liabilities. In other words, savings is the amount of cash that you’ve put into your checking accounts, savings accounts, money market accounts and time deposit accounts like certificates of deposit. Savings are your most highly liquid assets because you can get cash out of your accounts very fast.

Here are the average savings by age group in the U.S.:

• Under age 35 – $20,540

• Ages 35-44 – $41,540

• Ages 45-54 – $71,130

• Ages 55-64 – $72,520

• Ages 65-74 – $100,250

Don’t get too depressed if your savings are below your age peer group’s savings. The average is influenced heavily by very rich people with a huge amount saved. The median figure offers a better representation of the typical savings level in the U.S., as it reflects the midpoint where half of the population has more savings and half has less.

Here are the median savings by age group in the U.S.:

• Under age 35 – $5,400

• Ages 35-44 – $7,500

• Ages 45-54 – $8,700

• Ages 55-64 – $8,000

• Ages 65-74 – $13,400

These savings levels can be helpful guidance but know that the correct amount of savings for you personally depends on your economic situation. Financial planners usually recommend savings equal to three-to-six months’ worth of essential expenses.

Need to Boost Your Income?

Check out these opportunities:

• Curated connects you with people shopping for new gear, such as golf clubs, fishing rods, or snowboards. You learn about their needs and then recommend the right products. When people buy through Curated, you earn commission and tips. You must apply to be accepted as a Curator.

• Get paid to take surveys on AttaPoll. Payment thresholds are low. Payouts are higher for surveys that require a specific demographic or qualifications. You can also get a referral bonus if you get a friend to use AttaPoll.

• Remotasks pays you cash to do simple online tasks, like labeling images or transcribing audio. Learn how to do tasks with free online or hands-on training. The more you train, the more you earn (due to more complex tasks).

• Got a snow shovel and a desire to earn extra cash? Shovler connects snow shovelers with jobs posted. The app sets pricing for jobs, so no need to awkwardly negotiate fees with the client.

Don’t Make This Critical Resume Mistake

Want to torpedo your chances of getting an interview? Hand in a resume that’s missing quantifiable accomplishments.

With so many qualified applicants for each job, accomplishments are the biggest thing that differentiates you from your competition. Unfortunately, many job seekers fall into the trap of generically writing about their job tasks, instead of listing their accomplishments. And merely listing accomplishment isn’t enough. You have to quantity your successes.

Saying you "managed projects" is like saying you "cooked food." Describing job duties tells the recruiter nothing about your impact. Imagine instead stating that you "guided 5 cross-functional teams, delivering projects under budget, resulting in a 15% decrease in costs." Now that paints a differentiated picture!

Here are three important points to remember when writing your resume:

1. Identify quantifiable achievements: Look beyond tasks and focus on results. Did you save money, increase productivity, exceed targets, or grow sales?

2. Provide context: Don't just state the number, explain its context. How did you achieve it? What challenges did you overcome?

3. Use specific metrics: Dollar amounts, percentages, timeframes, and volumes showcase the impressive impact of your work.

In sum, remember to quantify your accomplishments and let your achievements speak for themselves.

­5 Useful Sites for Valentine’s Day

• DateNightMovies.com – Enter two movies (e.g., boy chooses one, girl chooses one), and the site will combine them to show movie recommendations both people will love.

• MateQuiz - Create nine quiz questions about yourself. Once you’ve created the quiz, send it to your mate. After completing the quiz, both you and your mate will receive the results (and will know more about each other).

• Pocket Communication Coach - Ever wanted to say something or express an emotion to your lover but didn't know how? This tool provides expert tips for meaningful conversations.

• Board Game Arena – Play hundreds of free board games online with your long-distance partner.

• FaceCheck.ID – Make sure your valentine is who he/she claims to be. Upload your partner’s picture, and the site will search the internet for face matches on social media, scammer reports, sex offender registries, mugshot directories, news articles, etc.

Chick-fil-A Money Savings Hacks

It’s hard to find Chick-fil-A discounts. The restaurant chain has the highest sales per store among all fast food brands, and it has quickly become the third-largest restaurant chain in the U.S. by sales. It’s no wonder that the restaurant chain doesn’t feel the need to offer abundant discounts / menu deals.

Furthermore, each restaurant is owned and operated by local franchise owners, and any available discounts are at the discretion of the owner.

With that said, there are still a few ways to save money on your next trip to Chick-fil-A. Here are a few tips:

1. Fill out the customer experience survey to get a free chicken sandwich. Go to mychickfilavisit.com and enter the serial number that is printed on your receipt to start the survey. Not all receipts will invite you to fill out a survey and provide the serial number, so keep an eye out for the invite.

2. Claim your piece of the $4.4 million settlement Chick-fil-A reached to resolve claims that it hiked menu prices on delivery orders. Eligible customers (who bought food in late 2019 or early 2021) can expect $29.25 in settlement cash or a gift card. You must submit a claim before Feb. 15, 2024.

3. Take advantage of a military, student, or senior discount. Members of the military can get a 10% discount or better. Or show your student ID and you’ll receive a free drink with a purchase. Seniors can also get a free drink. Again, discounts vary by restaurant because of different store ownership.

4. Construct two chicken sandwiches by ordering one 4-piece Chicken Strips and two buns (yes, you can order just buns separately). This is about 15% cheaper than ordering two chicken sandwiches.

5. Join the Chick-fil-A One Membership Program. You can earn points when you buy food and redeem them for rewards. You’ll also receive a birthday reward.