💰 Have you cried yet, this tax season?

This year, 25% of GenZ taxpayers said they’ll need therapy to deal with the stress of filing. On top of that, 54% say that doing their taxes has made them cry in the past, or that they expect to shed a tear this year. Welcome to adulthood, GenZ, it just gets more confusing from here. Speaking of which, are you ahead of your tax game this year? We’re just a few days away from the end of the season so get going!

In this week’s newsletter, we have good news, bad news, and all the ways to make them work in your favor. Here’s to supercharging your money, one step at a time 🚀

- Milan

IN THE KNOW

$100 For A Missed Doctor’s Appointment? 😳

Missed a doctor's appointment recently? You might have been hit with a hefty "no-show" fee, ranging up to $100 or even more. It's becoming an increasingly common occurrence and escalating frustration for many. Experts suggest these fees serve as a "disincentive" for late cancellations and no-shows, ensuring available slots aren't wasted. However, critics warn against excessive fees turning into profit centers for medical offices, potentially incentivizing unethical practices.

Navigating these fees can be tricky, but there are strategies to mitigate them. Firstly, ask about the office's cancellation policy when scheduling appointments. Some offices may allow rescheduling without incurring charges. If faced with an unexpected fee, consider disputing it or negotiating with the office, especially if the charge seems unjust or unaffordable. Ultimately, while these fees may serve a purpose, it's essential to ensure they don't unfairly burden patients and maintain flexibility in dealing with them.

In health emergencies such as these, having a solid emergency fund to fall back on is integral to maintaining your financial well-being. Be sure you are actively building your fund inclusive of 3 - 6 months' worth of living expenses, and storing it in a high-yield savings account to make more money on your money. Get my top recommendation at milansingh.co/banks

Soaring Minimum Wage 🚀

This month, workers across the nation saw their minimum wage soar to $20 an hour, marking a significant 25% raise for many. This bold move uniquely targets the fast-food sector, impacting major chains like McDonald's, Starbucks, Subway, and Pizza Hut, and heralds a major win for workers in some of America's lowest-paid jobs, particularly benefiting women, immigrants, and people of color.

While workers celebrate the prospect of fatter paychecks, the wage hike has sparked a heated debate on its potential repercussions for local businesses. Small franchise owners warn of looming price hikes, reduced hours, job cuts, or even closures. Fast-food giants like Chipotle and McDonald's have already hinted at price increases, while others are eyeing automation solutions like kiosks and robots to offset rising labor costs. Nonetheless, California's bold move promises to be a revealing case study on how minimum wage increases ripple through the economy, with potential lessons for businesses and policymakers alike.

Whether you are making more money from the wage hikes or are anxious about the imminent price hikes, a good budget planner will help you save more, get rid of debt permanently, and build long-term wealth. Start today with Milan’s Ultimate Budget Planner at milansingh.co/planner

Do You Believe In The Stock Market? 🎅

Despite a desire to invest, many Gen Z and millennial adults are struggling to find room in their budgets for savings and investments. A CNBC and Generation Lab poll found that while 63% believe in the potential of the stock market for wealth-building, a significant 61% aren't setting aside funds for retirement each month. High expenses are a major hurdle, with only 11% having enough savings to cover living costs for over a year, and 48% unable to cover more than two months' expenses, underscoring the financial challenges faced by this demographic.

Despite slight increases in income, many young adults are finding it difficult to save for emergencies and retirement amidst rising living costs. While some are making more money than a year ago, most lack significant cash reserves, hindering their ability to invest. The prevalence of living with family or roommates reflects the strain of unaffordable housing costs, echoing historic levels not seen since the aftermath of the Great Depression, according to experts.

But investing is not about how much money you’re making. Start small and start where you are to make your money run that extra mile. We break it all down in our Beginner’s Guide to the Stock Market where you will learn the A - Z of investing.

MONEY MYTH OF THE DAY

“You Need A High Income To Build Wealth”

Let's debunk a common money myth: the belief that you need a high income to build wealth. While a hefty paycheck can undoubtedly accelerate the wealth-building process, it's not the sole determinant of financial success. Building wealth is more about managing your finances wisely, regardless of your income level.

A higher income can provide more opportunities for saving and investing but considering lifestyle inflation as your paycheck grows bigger, it's essential to prioritize financial habits like budgeting, saving, and investing consistently. By focusing on living below your means, maximizing savings, and making informed investment decisions, anyone, regardless of their income level, can work towards achieving their financial goals and building long-term wealth. Remember, it's not about how much you earn, but how effectively you manage and grow what you have.

VIDEOS YOU MAY HAVE MISSED THIS WEEK

Here are the top videos you loved the most this week. Which one was your favorite?