I'm dealing with a head cold today, so forgive the voice, but we've got a full show for you. Mortgage rates just hit 6.71%, the highest in over a year, and I'll walk you through what that actually does to your buying power. We also dig into why your regular savings account might be handing the bank $573 a year that could've been yours, what an IRS CP2000 notice really means (spoiler: it's not an audit), and whether you're on the hook for a parent's credit card debt after they pass away. Plus a new 1099 rule that's going to confuse a lot of freelancers, three class action settlements closing out this month, and this week's money move to protect your phone number from getting hijacked.
I'm Ralph Estep Jr., a licensed public accountant with 30 years in the business, and I'm joined by my cohost Juliet. We're live every Monday through Friday from 11:30 AM to 12:30 PM Eastern on Becoming Financially Confident.
Here's what we got into today:
- Three class action settlements with September deadlines, including one that pays out for a cookware brand without a receipt
- Mortgage rates climbed to 6.71%, and I explain why I don't think we're heading back into the 4 and 5 percent range anytime soon
- The 1099 threshold jumped from $600 to $2,000, which sounds like good news for business owners but could trip up a lot of gig workers come tax season
- Dana in Ohio has $15,000 parked at 0.4% interest. I broke down the math on high-yield savings versus CDs and showed her how to build a CD ladder
- Marcus in Pennsylvania got a CP2000 notice for $3,200. I walked through exactly what that letter is asking for and why it's not the audit he thought it was
- Yvonne in Michigan is getting collection calls over her late mother's credit card debt, even though she was only an authorized user, not a joint account holder
- This week's money move: lock down your phone number with a carrier PIN before someone else does. I had someone try to hijack mine, so I speak from experience on this one
Got a money question? Send it to me at becomingfinanciallyconfident.com.
Want to watch or listen live? We're on weekdays from 11:30 AM to 12:30 PM Eastern at becomingfinanciallyconfident.com/live.
Have a great week, everybody.
Mentioned in this episode:
becomingfinanciallyconfident.com/quicken
becomingfinanciallyconfident.com/stamps
becomingfinanciallyconfident.com/ezwill
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Companies mentioned in this episode:
- Ironclad
- Google Play
- O'Reilly Auto Parts
- Quicken Simplifi
- Stamps.com
- EZ Will and Trust
- Disney
- Fidelity
- Verizon
- Venmo
- Cash App
- IRS Taxpayer Advocate Service
- Consumer Financial Protection Bureau (CFPB)
