Money Rehab with Nicole Lapin - This Is Devastating— Economically and Personally 🇮🇱

Episode Date: October 10, 2023

We had a plan for Money Rehab this week. But then the attacks in Israel happened. So, we decided to instead, dedicate this week to unpacking the money trail of the attack on Israel. Today, Nicole explains why this is important— and what it has to do with your bank account.

I love hosting on Airbnb. It's a great way to bring in some extra cash. But I totally get it that it might sound overwhelming to start, or even too complicated, if, say, you want to put your summer home in Maine on Airbnb, but you live full-time in San Francisco and you can't go to Maine every time you need to change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high quality local co-hosts with Airbnb experience that can take care of your home and your guests. Co-hosts can do what you don't have time for, like managing your reservations, messaging your guests, giving support at the property, or even create your listing for you.

I always want to line up a reservation for my house when I'm traveling for work, but sometimes I just don't get around to it because getting ready to travel always feels like a scramble, so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host so I can still make that extra cash while also making it easy on myself. Find a co-host at airbnb.com slash host. One of the most stressful periods of my life was when I was in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no

maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime feels like progress. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A. Members FDIC. SpotMe eligibility requirements and overdraft limits

apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com slash disclosures for details. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. All right, money rehabbers. I am really sad today. I am a terrible, terrible liar. It's a skill I don't plan to ever improve on now or ever. And I would never lie to you. The only way I know how to tell a story is to tell it honestly, and the honest truth right now is that I am heartbroken. I am devastated by what's going on in Israel. I'm talking about this because I simply can't talk or think about anything else.

So yes, I interrupt our regularly scheduled programming to talk about this. To talk about all aspects and all angles of this. Today and in the following episodes this week. I'm talking about this because it affects you. And your money, no doubt. Global markets react to events like this. They always have and they always will. But for me, it's also personal. As you probably know by now, I am first generation American. I've said it a hundred times in our more than 600 episodes of this show. I rarely, though, talk about where the previous generations were from, but I am Israeli, and I am proudly Jewish. We did have a slate of shows ready to go this week,

but then the equivalent of Israel's 9-11 happened this weekend. That led to the largest number of Jews in a single day killed since the Holocaust. Words feel too small to describe something so big. This attack has geopolitical and macroeconomic consequences that we're only just beginning to realize. So I'm going to scrap the episodes I had planned on sharing with you this week, and instead, over the next few days, I'll be putting together episodes that follow the money trail of this terrorist attack. If you're not Jewish or Muslim, if you don't live in Israel or Gaza, you might not think that this affects you. But here's a quick lesson in macroeconomics. Any war, any so-called black swan event, no matter what country it falls in, will reach beyond those borders and into your wallet.

In response to the terrorist attack on 9-11, the stock market fell, $1.4 trillion in market value was lost, and the S&P 500 plunged more than 14%. So in the coming days, I'll explain how this will affect the stock market, oil, gold, and the value of the dollar. I'll explain how your dollars can be used to fund terror and how they can be used to fund aid. Following the money trail is one way to make sense of all of this and to relate to traumatic events in our world's history. But it is trivial when compared to the real consequences here. Nearly a thousand people were murdered, thousands injured, hundreds kidnapped or raped. People. Innocent people. Early in my career, I didn't tell people I was Israeli or Jewish. I mean,

I didn't not tell anyone. I just didn't lead with it. And if you're listening to this episode, that might not add up. But my fear didn't come from you. My fear came from the people who have stopped listening to this episode now. The people who hit the stop button because of fatigue, because of disinterest or contempt around listening to the Jewish experience. Or worse, the people who hate Jews like me and wish we didn't exist. Or even worse, actively try to make that a reality. My mission has always been to help all people with financial literacy and on their financial journey wherever they might be. And I am well aware that if I infuse too many of my personal beliefs into my work, people who disagree with me will just stop listening. And I don't want that because everyone, every single person deserves the best financial education they can possibly get.

I have long worked for the best for every human, regardless of race, gender, religion, or socioeconomic status. And I have long stood up for marginalized groups. And today, I hope you do the same for me. And for us. Because we're hurting, I'm hurting. And while I'm an entrepreneur, a writer, a friend, a significant other, I am Jewish first. My goals for my career and my company pale in comparison to the cause that is simply normalizing the Jewish community's right to exist. So I'll return to the beginning of this episode. Why talk about this here on Money Rehab? Well, my voice has long been for you, to help you and to guide you. But my voice is also for the things in this world that are bigger than me and you.

My voice is to shed lights on the darkest parts of humanity, to speak for the people who can't speak for themselves. And today, that means my voice is for fighting for the Jewish people, my people, fighting against anti-Semitism and fighting to honor the innocent lives lost in Israel. I've seen some of my friends, my colleagues, and politicians out there hesitate before entering into this conversation. They don't want to say the wrong thing or to offend Jewish people or Muslim people. They don't want to stand with Israel to imply that they're turning their back on anyone else. And as a result, I'm seeing these carefully crafted social media posts contextualizing the events of this weekend through the geopolitical prism of this region.

Eventually, that will be necessary. But not now. What you say now does not reflect how you feel about the future of the region or Israeli politics. What you say now only reflects one thing. How you feel about Jewish lives. Which means, how you feel about my life. So, that's it for Money Rehab today. Look out for the next few days where we'll dig deeper into the financial implications of the attack. In the meantime, if you're looking for a tip you can take straight to the bank, here's one. Check on your Jewish friends. They are also undoubtedly distraught. A little outreach, a little check-in goes a long way. I love hosting on Airbnb. It's a great way to bring in some extra cash,

but I totally get it that it might sound overwhelming to start, or even too complicated if, say, you want to put your summer home in Maine on Airbnb, but you live full- time in San Francisco and you can't go to Maine every time you need to change sheets for your guests or something like that. If thoughts like these have been holding you back, I have great news for you. Airbnb has launched a co-host network, which is a network of high quality local co-hosts with Airbnb experience that can take care of your home and your guests. Co-hosts can do what you don't have time for, like managing your reservations, messaging your guests, giving support at the property, or even create your listing for you. I always want to line up a reservation for my house when I'm traveling for work,

but sometimes I just don't get around to it because getting ready to travel always feels like a scramble, so I don't end up making time to make my house look guest-friendly. I guess that's the best way to put it. But I'm matching with a co-host, so I can still make that extra cash while also making it easy on myself. Find a co-host at Airbnb.com slash host. One of the most stressful periods of my life was when I was in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with

features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime.

Feels like progress. Banking services and debit card provided by the Bank Corp Bank N.A. or Stride Bank N.A. Members FDIC. SpotMe eligibility requirements and overdraft limits apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com slash disclosures for details. Money Rehab is a production of Money News Network.

I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at Money News and TikTok at Money News Network for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.