Hi y’all —
You better watch out,
You better not cry.
You better not pout,
I'm telling you why:
Dollar Scholar’s comin' to town.
She's writing an issue
And checking it twice,
Gonna find out
How to score a low price.
Dollar Scholar’s comin' to town.
She sees you when you're saving,
She knows when you have splurged.
She knows if you're reading weekly,
Good money habits have emerged.
So fund your 401(k),
Find a high APY.
No need to dismay,
I'm telling you why:
Dollar Scholar’s comiiiiiiin' to town.
Happy Scholardays! On one hand, I can’t believe 2023 is already almost over. On the other, I’m ready to log off for a long winter’s nap.
But, wow, what a year we had! Over the course of 46 issues, we learned the benefits of having a safe, investigated TikTok Shop and figured out why store return policies have gotten so bad lately. We made it through several historic bank collapses, yet another debt-ceiling debacle, a slew of Fed rate hikes and Hot Labor Summer. We consulted experts about big questions — like how to deal with an expensive medical bill — and small ones — like the merits of girl math and whether it’s OK to put stickers on credit cards to make them cuter. And, of course, we collectively ooh-ed and ahh-ed over Harry Styles and a bunch of adorable 401(k)9/401(k)itty contributions.
To close out 2023, I’m sharing our annual reader feedback issue, which includes money victories, tips and responses to questions I posed in issues of Dollar Scholar. Without further ado...
On health insurance: You forgot to mention one other health acronym… HDHP (high deductible health plan), which is needed to have a HSA. — Scholar Stephen
On a million dollars not being what it used to be: A million dollars is only worth $40,000/year based on a 4% drawdown — hardly a lavish retirement. But it's better to have it than not have it. It all begins when you start, and follow through. — Scholar Smith
On open banking: While I find open banking intriguing, I think there should be a caveat. There are so many data breaches these days, even in large and reputable organizations. It seems wise to suggest that before picking a third-party option for open banking, one should investigate the quality and safety of their data management system. — Scholar Mary
On card designs: Wells Fargo allowed me to upload my own photo to my debit card, which I thought was pretty cool! I now have a picture of Idaho Sawtooth mountains on there! — Scholar Marilyn
On ice cream: My favorite ice cream flavor is either Jeni’s brown butter almond brittle or cookie dough or my grandfather’s homemade vanilla ice cream. — Scholar Allie
On pet names: If I were to own a chicken, I would name it Eggstasy! Cluck cluck! — Scholar Terri
On tipping: I tip when they do something for me that I couldn't have done for myself. Carry my bags to the car, food to the table, etc. I do not tip if they’re doing the job their boss pays them to do. — Scholar Heather
Interest rates are currently at a two-decade high... and that's amazing news for savers. With the best rates above 5%, high-yield savings accounts provide a chance for you to earn significant returns via compound interest. Don't settle for the paltry 0.46% average offered by most regular savings accounts — make over 10 times that with a high-yield option. You'll accomplish your short- and long-term financial goals in no time.
