Episode•July 8, 2022•22 min

Bonus Episode: Finance Friday Live 7/8/22 | Ep. 121

These live and uncut episodes feature timely news and information in the world of personal finance! In this episode, I discuss how you may be able to save money with payday loans by telling a true story of what happened with one of my clients. I also discuss ways to save money on Amazon Prime and your cell phone or internet bill if you qualify for government services. Interested in working from Bali? They are rolling out a new program to make it beneficial to do so! Listen up! This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Payday loans can carry illegal or unenforceable interest rates; always verify reporting status and legal standing before paying
Client borrowed $500 but faced $2,000 repayment (600% interest)
Lender claimed tribal-land exemption from state law and did not report to credit bureaus
Pulling weekly free credit reports at annualcreditreport.com revealed the debt was invisible to bureaus
2
When negotiating debt settlements, ask exactly how the payoff will be reported to credit bureaus
"Paid in full" signals responsible repayment; "settled" signals partial payment
Persist through multiple agents until you receive a definitive answer
Document everything before making additional payments
3
Government-benefit recipients can cut recurring bills dramatically with little-known federal programs
$30 monthly discount on cell or internet via affordableconnectivity.gov
Reduced Amazon Prime membership at ~$6/month for SNAP, WIC, Section 8 recipients
Major providers (AT&T, Spectrum) participate—no need to switch to inferior service
4
Housing prices are beginning to moderate while the euro trades near parity with the USD
Mortgage underwriter on a YouTube live confirmed prices are "starting to even out"
Euro at $1.02 means European travel is newly affordable for Americans
Advice: keep saving; higher interest rates remain a caveat

Intro

Live Finance Friday episode recapping timely personal-finance news, a cautionary payday-loan story, and under-the-radar government benefits.
Host shares real-client case studies and actionable money-saving strategies in weekly live streams.

– Opening & Technical Reset

Host restarts stream after audio issue caused by a child unplugging equipment.

– Story Time: Payday Loan Deep-Dive

Client's $500 loan ballooned to $2,000 obligation at ~600% interest.

We are located on tribal land. So we are not held to the standards of the state.

Debt did not appear on any of three credit reports pulled at annualcreditreport.com.

Ask how settlement will be reported (paid in full vs. settled)
Escalate to managers until you get a clear answer
Verify with official credit reports before paying

– Free COVID Tests – Round 3

Order more at-home tests at covid.gov/tests.

– Indonesia 5-Year Digital-Nomad Visa

Work remotely in Bali for five years without paying Indonesian taxes—only taxes from country of origin.

– Amazon Prime + Grubhub Partnership

Prime members may soon receive free Grubhub delivery.

– Sri Lanka Financial Crisis

Country declared bankrupt; UK advises against non-essential travel.

– Euro Near Parity with USD

Exchange rate ~$1.02 per euro makes European travel unusually affordable right now.

– Housing Market Cooling

Housing is starting to come back down.

Mortgage underwriter cited rising interest rates and fewer buyers as drivers.

– Government-Benefit Perks

$30/month off cell or internet at affordableconnectivity.gov; reduced Amazon Prime at ~$6/month.

Resources

Topics

payday loanscredit reportsdebt settlementgovernment benefitsdigital nomad visahousing marketcurrency exchangeAmazon PrimeCOVID-19 testing