How This Government Shutdown Will Affect Your Wallet

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Money Rehab with Nicole Lapin 12 min 3 speakers transcribed
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Nicole Lapin 0:00
What is your bank doing for you? And how much is it costing you? That's a serious question, because if they're charging you $8 a month with zero extra services, I've got to stage an intervention here. What are you paying them for anyway to hold your money for you? You deserve better. That's what I love about Chime. There are no monthly fees, no maintenance fees. My younger self would have definitely benefited from this. It's not just the no fees thing. It's what they have to offer you, too. If you set up direct deposit, you can get paid up to two days early automatically. And with qualifying direct deposits, you're eligible for free overdraft up to $200 on debit card purchases and cash withdrawals. Plus, they have over 47,000 fee-free ATMs.
Nicole Lapin 0:41
So seriously, ask yourself, what is your bank doing for you and just how much are they charging you to do it? And if the math isn't mapping, think about making a change. Work on your financial goals through Chime today. Open an account in just two minutes at Chime.com slash MNN.
Chime/advertiser voice (Disclaimer) 0:56
Chime feels like progress. Chime is a financial technology company, not a bank. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A. Members FDIC. Spot me eligibility requirements and overdraft limits apply. Timing depends on submission of payment file. Fees apply at out-of-network ATMs. Bank ranking and number of ATMs according to U.S. News and World Report 2023. Chime checking account required.
Nicole Lapin 1:10
One of the smartest financial moves you can make is working with a certified financial planner instead of trying to wing it solo. Domain money CFP professionals don't just hand out generic financial advice. They help people get on track for early retirement, fix messy investment allocations, and figure out the perfect timing for major purchases like buying a house or, gosh, I don't know, growing a family, asking for a friend. Yes, I am that friend. In fact, my husband and I actually just talked to Adriana Adams, head of financial planning at Domain, on the podcast, and she had this advice around what to do to set our daughter up for financial success.
Adriana Adams 1:43
So there's three things that I would prioritize. The first one is saving for your own future, because the best gift you can give her is to not be a burden later in life. And the second thing is life insurance, which I know sounds morbid and is not fun. I'm a huge fan of cheap term life insurance. Really, we just want to replace your income in case something happens to you guys so that she is taken care of. And the third thing is estate planning. And believe it or not, everybody has an estate plan. It just depends on if you created it or the government created it for you.
Nicole Lapin 2:18
So as you can probably tell from that, Domain gives you something most people never have, a step-by-step financial plan that actually makes sense and does not make your brain hurt. So get started today and book your free strategy session at domainmoney.com slash moneyrehab. I am not a real client of Domain Money. Via Money Rehab, I receive compensation and have an incentive to promote Domain Money. See important disclosures at dmnmny.co. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some Money Rehab. Money Rehab Well, it would have been time for our weekly update where I share a roundup of the biggest headlines on Wall Street and how they affect you.
Nicole Lapin 3:09
But then the government shut down and that is pretty breaking news. So today's episode is going to be all about why Washington is out of the office and what it means for your wallet. If you've been watching the headlines or just trying to renew your passport lately, you probably know by now that the U.S. government officially shut down at midnight Wednesday, October 1st. Why did this happen? So here's the TLDR version of a government shutdown. As we know, Congress makes the laws, creates projects, allocates money to fund these laws and projects, and generally runs the business of the country. Then they have to pass a budget.

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