Want money advice that you can actually understand? So much money advice ignores who we are, our background, our values, and our emotions. I’ll show you how to be in better control of your money every week, even if you’re just starting out.
🙅🏽♀️ The toxicity of buy now pay later (and what to do instead)
Howdy,
In my opinion, buy now pay later is to your finances as cigarettes are to your health. Sure, buy now, pay later gives you options, but that’s like saying smoking cigarettes promotes taking deep breaths.
Technology has made BNPL very popular, it’s available when I shop online, in person, and even at my local coffee shop. Not only does it infuriate me, it shows a complete lack of imagination in the world of fintech (short for financial technology).
That’s why when I learned about Micheal Hershfield’s company, Accrue Savings, I was delighted because it’s an imaginative and helpful way for consumers to afford things, as opposed to a predatory app that makes people’s personal financial lives more stressful. It’s not a perfect solution to American consumerism or predatory lending practices, but it’s one person doing something to give consumers options.
What has your experience been with buy now, pay later? I’m sure it’s helped some folks through a rough patch while also sending others into a debt spiral. I’d love to hear about your experience.
Don’t be shy; hit reply.
1. 💸 How You Can Save Now, Buy Later with Michael Hershfield (Weird Finance) In this episode of Weird Finance, Paco talks to Michael Hershfield about the innovative concept behind Accrue, a co-branded savings wallet that aims to revolutionize how we save money. This episode also features a segment called Stock Watch with Amanda Holden (@dumpster.doggy).
2. 🧺 Laundry tips to save time and extend the life of your clothing (NPR)
3. 👵 Baby boomers are aging. Their kids aren't ready (Vox) Millennials are facing an elder care crisis nobody prepared them for.
4. 🤓 A bookkeeping thing - How to Catch Up on Your Bookkeeping (HYG Original)
5. 🥑 What Is Erewhon? The Strange History of the L.A. Cult Grocer (The Cut) In the 1960s, two macrobiotic enthusiasts started a health-food sect beloved by hippies. Now it’s the most culty grocer in L.A.
6. 💻 Content creators surge past legacy media as news hits a tipping point (The Washington Post) One recent study concluded consumers are looking for news that “feels more relevant,” giving a boost to creators on social media
7. 😨 The Kids on the Night Shift (The New York Times) At 14, Marcos was maimed while working the overnight cleaning shift at a Perdue slaughterhouse in rural Virginia. He is one of thousands of migrant children living far from their parents and working dangerous jobs. In towns like Marcos’s, the practice is an open secret that everyone lives with.
8. 💰 Why are young people rich and miserable? (Young Money) We made money that we couldn’t spend during two years of lockdowns, we had zero opportunities for mentorship or professional growth, then we were welcomed back to the real world with 8% inflation, heavy layoffs, and 30% rent hikes. Are we really supposed to feel good about that extra $15,000 in our savings accounts?
Thanks to Copilot for sponsoring this issue of the Nerdletter!
Twelve years ago, when I first tried budgeting apps, it felt like the people who made them actively wanted me to hate budgeting. The interfaces were clunky and frustrating and instead of helping me with my spending, I resented having to budget even more.
When I finally found Copilot, I was so grateful that a budgeting app had the user in mind. The features are robust and the interface makes it so damn easy to track my expenses. The team is also adding helpful new features. The experience is actually enjoyable. Copilot is a beautiful home for your finances.
Check it out and see for yourself! Use code PACO2 for a FREE two-month trial.
If you have a question you’d like me to answer on the Weird Finance podcast, you can leave me a voicemail at 1-833-ASK-PACO. You can also email me your question by replying to this email or emailing us at weirdfinancepod@gmail.com.
The Nerdletter by Paco de Leon
Want money advice that you can actually understand? So much money advice ignores who we are, our background, our values, and our emotions. I’ll show you how to be in better control of your money every week, even if you’re just starting out.
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