Money Rehab with Nicole Lapin - Want Free Money? Here Are Five Places To Find It

Episode Date: January 26, 2024

If we told you there was free money you were leaving on the table… you’d probably think that I’m lying. But it’s true. Today, Nicole tells you where free money is hiding in plain sight, and how to make sure you leave nothing on the table. To check if you qualify for IRS deductions and credits, go here: https://www.irs.gov/credits-and-deductions Want the kiddos in your life to become money masters? Check out Greenlight, the best money app and debit card for families (and get one month free!): http://greenlight.com/moneyrehab Investors: want to get a 1% bonus on your investments? Check out our sweet deal with Robinhood at http://robinhood.com/mnn  Is mental health a resolution for 2024? Get 10% off your first month of therapy with BetterHelp at: http://betterhelp.com/moneyrehab  Want one-on-one money coaching from Nicole? Book a meeting with her here: intro.co/moneynewsnetwork 

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 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. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. So if I told you there was free money that you were leaving on the table, you would probably think I was lying. But it's true. Well, okay, it's not just out there on top of the metaphorical

table. It's like taped underneath inside a secret compartment, national treasure style. Today, I'm going to tell you where free money is hiding in plain sight and how to make sure you leave nothing on the table. Here are five places to look. Number one, your credit card. Your credit card does a lot more than just help you check out in 10 seconds or less. It can also help you if there's a problem with that purchase. For example, I am notoriously butterfingers and have dropped my iPhone more times than I care to admit. Some credit cards will give you $1,000 to help with cracked screen repair. Other cards will offer purchase protection, which essentially acts like insurance for whatever pricey things

you bought on your credit card. Do you remember hearing that story a few years ago when a guy ordered an $850 laptop from Walmart and then got a laptop box with like three sodas inside and no laptop? Well purchase protection is the program that would help that guy get his money back. Extended warranty is also a good perk that you get from your credit card. Extended warranty is exactly what it sounds like. If you buy something with a manufacturer warranty, extended warranty will add more time on top of that, usually a year. So if you made a purchase that has a two year warranty, but you made a purchase on an eligible card, well, that warranty is now for three years.

The last year being covered by your credit card. Your credit card can help you on vacation, too. And not just when it comes to using reward points for travel, which, by the way, you should totally do. just when it comes to using reward points for travel, which by the way, you should totally do. But beyond that, some credit cards function like trip insurance if you book the trip on that card. You should look at what specific offerings your card has, or if you're out there shopping for a new card, definitely look into each contender's travel rewards. But off the top of my head, I know that Chase Sapphire and the Chase Preferred card, as well as some Amex cards, cover up to

$10,000 if your trip gets canceled or interrupted. These cards also offer a daily rate of about $100 a day if your luggage gets delayed and up to $3,000 if it gets lost. And scaling insurance on car rentals and accident insurance going up to $500,000. These benefits go well beyond miles or a free checked bag. And by the way, Chase and Amex do not sponsor this show. Although you guys, if you do want to, that would be totally cool because I genuinely think your travel perks do rock. But anyway, this is not SpawnCon. I'm just here to steer you in a good direction if you're out there in the market for a new card. And if you do have a card you love, just make sure that you're taking advantage of every single one of their benefits. Number two, companies you invest in. You already know by now that I am a big believer in investing

because that's where you can really get your money to grow. But there are more benefits that you can get as an investor beyond just sweet ROI or return on investment. There are public companies that give shareholders free gifts or credit. Willamette Valley Vineyards, for example, is a publicly traded wine company that offers a whole bunch of goodies for certain shareholders, like 25% off wine bottle purchases, complimentary educational wine flights for you and guests, discounted admission to VIP winery tours, and more. Berkshire Hathaway, Warren Buffett's company, offers discounts and freebies and complimentary gifts at the annual shareholders meeting in Omaha each year. If you're in the Omaha area,

this is definitely worth swinging by. Picture a huge convention space filled with booths of free and discounted items from Berkshire Hathaway's portfolio of companies like Cease Candy, by the way, which is a really diverse group of companies. You have everything from candy to furniture to clothes, kitchenware, toys, jewelry, and even car insurance. The travel industry also likes to show their investors some love. The largest hotel company in Europe, Acor, gives gold status to anyone who owns one registered share. And gold status can get you room upgrades, late checkout times, welcome gifts. Intercontinental Hotel Groups, too, hooks investors up, but they're honestly kind of hush-hush and weird about it. In order to get any information on what they'll give investors, you'll need to email their special investor email. That is companysecretariat

at ihg.com. Tri fancy. Of course, in order to get these benefits, you do have to invest, which is not free. Royal Caribbean Group, for example, offers $1,000 credit to anyone who books a world cruise and owns at least 100 shares of their stock. Now, that stock is currently trading at over $127 a share. You don't need a lot of money rehab to know that spending $127,000 to save $1,000 isn't actually a great deal. But there are other instances where you don't have to invest much in order to get those big rewards. For the wine company I mentioned, Willamette Valley Vineyards, you need to own at least 300 shares of preferred or common stock in order to get those investor discounts. Right now, that stock is trading at $5.30 a share.

So that would mean an investment of about $1,600. But if you think you're going to spend that on wine in your lifetime, then sixteen hundred bucks as an investment for twenty five percent off wine starts to make sense. And for that European hotel chain, Acor, you can get gold status for investing as little as thirty five bucks. And for my Nebraskans out there, all you need to do to get invited into Berkshire Hathaway's shareholder day is to own one share of either class of stock, class A or class B. Now, to buy one share of class A stock in Berkshire Hathaway, you need to shell out $500,000. So pass. But thankfully, Berkshire class B stock is $362. So if you're thinking of taking advantage of those set of perks, I'd recommend going with the Class B stock. Anyway, this is by no means an exhaustive list of companies that offer investor reward programs.

If you invest in any individual companies, just go to the Investor Relations tab of the website of the company you're invested in and find the section on shareholder benefits. Number three, the IRS. I know we think of the IRS as a force that takes money, but they can actually give us money too, so long as we know where to look. There are so many ways to be eligible for tax credits or deductions that can save you big on your tax bill. Like if you're under a certain income level, if you're a parent or a caretaker, if you pay for higher education, if you put money into retirement savings, if you're a parent or a caretaker, if you pay for higher education, if you put money into retirement savings, if you invest in clean vehicles or clean home energy, if you buy health insurance in the government marketplace, if you've had something valuable

stolen from you, if you had student loan interest, if you're a teacher and you bought school supplies out of pocket, if you make alimony payments, if you use your home for business purposes, if you donate to charity, if you lost money gambling, even if you spent a certain amount of money on medical expenses. I just listed a zillion things there, and I'm sure one of those things applies to you. So check out the IRS credits and deductions list. I have linked it in the show notes. Number four, health insurance. Hopefully most of the time you're going to be paying for health insurance and not getting paid out by health insurance because getting cash from your health insurance company implies some sort of medical issue, and I certainly don't want that for you.

But even if you're totally healthy, your health insurance can show you some love. Many health insurance plans offer hidden perks beyond the traditional coverage. Health insurance providers are increasingly offering incentives for policyholders who prioritize healthy lifestyles. Major companies like Aetna, Blue Cross, and Humana have all implemented programs that reward members for exercising, maintaining a healthy diet, and attending regular checkups. Check your plan for any discounts, cash back, or even subsidized costs for fitness-related devices like Apple Watches. Seriously.

And even beyond these really cut-and-dry financial incentives, there are some indirect ways to save money as well. Some health insurance plans cover the cost of getting your meds in the mail, which can save you a whole trip to the pharmacy. And saving time, of course, means saving money. Or some health insurance providers will give you access to a free 24-7 nurse support line, which can save you an expensive trip to urgent care. Number five, your state. If you check your state's website, which I know a few of us do, you will see free memberships, grants, and other freebie programs, which will be breaking

news because again, probably you don't surf your state's website and I do not blame you. But in New York, for example, if you sign up for a state ID card, you get free memberships to museums for a year, which in New York can be really pricey, but also priceless. For today's tip, you can take straight to the bank. Another place to look for free money is in membership subscriptions or services you pay for monthly. Many of these types of services have what's called a retention department. It's basically a department that's dedicated to keeping you as a customer.

The department can unlock super sweet deals and savings for you, but only if you threaten to cancel. So things like your credit card, your cell phone, one of those clothing rental programs if that's your jam, your internet, these companies will likely have a retention department. So call them up and immediately ask to speak to the retention department. Even if you don't actually want to cancel, you might as well try because you never know if you don't ask. 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. 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. 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.