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FI Weekly – October 6, 2020

Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

As part of the “take action” credo at ChooseFI, we always advise you to get new quotes on your car and home insurance each year. You’ll be shocked at how much you can potentially save just by going to a different insurance company. I’d always start with traditional carriers like Geico, State Farm, and Allstate to get a baseline, but two companies just were introduced to me that are disrupting the insurance industry in unique ways:

  • Metromile: My car is a large paperweight right now, so paying for car insurance based on how many miles I drive is really appealing! Ed, our CEO at ChooseFI, switched his auto insurance for 2 vehicles and 2 drivers to Metromile and was able to get his monthly cost under $40 a month when his city was locked down. Even with some summer road trips, his monthly auto insurance is less than $60/month. The downside is it is currently only available in: AZ, CA, IL, NJ, PA, OR, VA, WA. Check out our in-depth review of Metromile here.
  • Lemonade: Jonathan used Lemonade to get his latest homeowner’s insurance policy and he couldn’t stop raving to me about how quick and easy it was. In classic Jonathan-style, he was like a walking commercial for them! This was well before their super-successful IPO this year that valued the company at well over $3 billion, so it seems the news has gotten around…

What I’m Watching This Week

I recently was introduced to Mark Rober’s YouTube channel and I’m hooked. He spent nearly a decade working at NASA’s Jet Propulsion Laboratory and then started making YT videos that instantly went viral. The mix of science, entertainment, and laugh-out-loud fun is quite the combo. You will not regret watching two of my favorites:

Credit Monitoring Update

A few months back I mentioned Annual Credit Report was my go-to for free credit monitoring. Something new popped up this week and I wanted to pass it along: The credit bureau Experian now has an app that allows you to “view your Experian Credit Report and FICO Score any time” for FREE, plus it offers credit monitoring alerts. I love keeping my phone empty, but this is one I’m downloading this week.

ChooseFI Community Taking Action This Week

  • Jaasiel said, “A month into working from home as a teacher I realized I stopped exercising and was stuck in front of a screen the majority of my day. I was looking into a treadmill desk but they are too pricey. So I decided to make my own. For about $16 I was able to make a sturdy treadmill desk out of particle board and Velcro straps. A similar desk retails for at least $90 on Amazon.”
  • Daniel said, “I’m 24, just finished graduate school and just started my first full-time job! I rented an apartment right next door to my work so that I can walk to work every day to keep commute costs down, my new Vanguard Roth IRA (in VTSAX) is already half-funded for the year, and in a couple of weeks I’ll be able to start contributing to my employer’s Vanguard 403(b) plan that has a 3% match and will also be in VTSAX!”
  • Sheila said, “Took the $50 a month I saved from cutting the cable cord which adds up to $600 yearly and throwing that money into my index target fund at Vanguard!”
  • Wailea said, “My husband and I set up a solo 401k for our small business. My first contribution just showed up in my account this morning and I was able to purchase some shares of a nice low-cost total market index fund. We are hoping to max out both our 401k’s with a 25% employer contribution this year. It’s so exciting!”
  • Chai said, “This year’s tax refund went straight into my High Yielding Savings account. This helped me reach 3 months of expense saving as an emergency fund.”
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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

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