đź’°Cashback on gold

Jul 31, 2024

Happy August, Money Makers! We're thinking of switching things up a little at Hack Your Money and need your help deciding our next move. We want to know what you want to read more of.

Do you prefer the current news stories, money hacks, and tips or do you prefer a deep dive into specific financial topics like how to invest, how to fix your credit, and more? Let us know here.

- Milan

IN THE KNOW

Do Olympians Make Money? 

This summer, athletes from 33 countries have a chance to cash in big for winning gold medals, with 15 countries offering payouts of $100k or more. The prizes vary dramatically, from Australia's modest $13k to Hong Kong's whopping $768k. In the U.S., gold medalists receive $37.5k, while silver and bronze earners get $22.5k and $15k, respectively. Polish winners enjoy even more perks, with each medalist taking home a painting, a diamond, a vacation voucher, and, for those who win gold, a two-bedroom apartment in Warsaw.

But while these rewards sound impressive, they don’t tell the whole story. A study by the U.S. Olympic & Paralympic Committee found that 59% of Olympians make less than $25k in the year of their games. Even decathletes and heptathletes, considered some of the most elite athletes, often struggle financially. So, despite the allure of big prize money, many athletes still face significant financial challenges. What is a job you thought would pay really well, but doesn’t? Hit reply on this email and let us know and if you’re looking for jobs that will make you money, learn more in our customized money plan. Simply take our free quiz to get yours.

Speaking Of Gold 

Costco's foray into selling gold and silver has become a surprising goldmine for some of its members. With an estimated $200 million worth of precious metals flying off the shelves each month, Costco's offerings are a hot commodity. One clever member has turned this into a profitable side hustle, flipping coins and bars for up to $500 a week. The allure? Costco prices their gold close to the market spot price, and when you stack the 2% rewards for Executive members with another 2% cashback from the Costco credit card, you're looking at a nice 4% discount. It's no wonder these deals are so enticing!

But it's not all smooth sailing. Our enterprising member has invested over $110,000 in gold over the past six months, taking advantage of multiple memberships to maximize rewards—a move that could technically get him in trouble with Costco's rules. And let's not forget the risky nature of short-term trading in precious metals; there's always the chance of significant losses. For smarter investing options with consistently good returns, check out our top recommendations here.

Time To Start Up 

Despite a slower recovery in the venture capital market since the peak of 2021, one area is showing promising growth: the rise of female angel investors. According to data from the University of New Hampshire's Center for Venture Research, the number of women in this space has been steadily increasing over the past three years. While overall angel investment in U.S. startups shrank from $22.3 billion in 2022 to $18.6 billion in 2023, the share of female investors grew significantly, making up 46.7% of the market in 2023, up from 39.5% in 2022 and 33.6% in 2021.

This trend is also reflected in the increasing number of women-led companies seeking angel funding. In 2024, these companies made up 46.3% of those looking for investment, compared to 37.1% the previous year and 28.6% in 2021. This shift suggests that more women investors may be encouraging more women entrepreneurs to seek high-risk angel capital. This growing participation of women in both investing and entrepreneurship is not only creating more jobs but also reshaping the landscape of the venture capital world so if you’re thinking of starting your own venture, there’s no better time than now. And don’t forget to manage your money in a strategic way, using different accounts for specific reasons. Find our favorites here.

MONEY MYTH OF THE DAY

“It’s Too Late To Start Saving For Retirement”

The notion that you can't retire if you haven't saved enough by a certain age is a myth. While starting early has benefits, it's not a deal-breaker if you begin saving later. Adjusting your financial strategies, such as maximizing retirement account contributions and cutting expenses, can still make retirement possible.

Retirement isn't a one-size-fits-all situation. The key is consistent saving and smart investing, regardless of age. Even if you're behind, you can still work towards financial independence and create a comfortable lifestyle by being proactive and resourceful. Learn more about retirement savings by taking our free money quiz here.

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