On this episode of How To Money, Matt and Joel break down the financial headlines to share information about free tax filing, awful TikTok advice, and why we should probably just go pick up our takeout orders instead of getting them delivered. Plus, it might be worth asking your credit card company to forgive high annual fees if you haven’t been able to make the most of the rewards; the cheapest (and most popular) states to live in right now if you’re considering moving; why you shouldn’t use Venmo or CashApp if you’re purchasing a product or service from someone you don’t know; high-tech grocery carts might replace the checkout lanes at a Kroger near you; and much more.
U-Haul published a report of the most popular states to move and unsurprisingly, they’re some of the cheaper states in the U.S. to live: Tennessee took the top spot, followed by Texas and Florida. Matt and Joel point out that these states also have no state income tax, which is a great way to keep more of your paycheck – but in order to make money, those states do often have higher property taxes or sales tax, so that’s something to keep in mind, too. If you’re a renter who doesn’t spend much, Tennessee might be your dream destination! Speaking of keeping things cheap, it’s tax season again: Save money by filing through IRS Free File or similar services that allow you to file for free. Just don’t do a paper return – the IRS is still processing nearly 7 million tax returns from 2019, so it might be awhile before you see a refund! Best to get it done electronically so refunds – and stimulus checks – can get to you faster.
The social media app TikTok is full of videos about every topic and interest under the sun – but some users are also dispensing financial advice in their videos. Some is great – they mention an 18-year-old telling people to invest early and often – but many are giving awful advice about risky stock trade options or trying to sell crappy insurance products or scammy financial services. The guys caution against taking these advisors too seriously – TikTok is great for dance videos, but it’s best to verify any financial tips with reliable outside sources, unless you want to be taken on a very expensive ride. Listen to the episode for all this great information and more on How To Money.
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