Monday Money Report
This is Ann Covington of CovingtonAlsina, with your Monday Money Report.
The markets tumbled last week with fresh data continuing to reflect a cooling job market. The pundits have predicted everything from a soaring rebound with new market highs to another great depression. All of which is a great reason not to listen to the pundits, many of whom are not even licensed to give financial advice. The major indices are still all positive for the last 30 days and year-to-date. The cooling job market data does reinforce expectations of a rate cut later this month. Great for borrowers, not so great for savers.
An important part of any business relationship is the fine print. How many of us read all the disclosures for everything? Most of us just click “accept” and move on, not giving any thought to what we just accepted. While I know few people have the time and inclination to read all that fine print, here are three examples for why we should:
In 2023, a woman passed away at Disney after an allergic reaction to her meal. Her husband filed suit. And Disney initially sought to have the suit summarily dismissed because, in 2019, he had signed up for a free 30 day trial of the streaming service Disney+. In the fine print was a clause that any cases against any division of Disney would have to go to arbitration. Further, they bought the tickets to Epcot on Disney’s website, which has a similar clause.
Amazon’s telehealth service includes a waiver of HIPAA privacy protections that allows Amazon use of your medical information.[1] While you may be okay with “big data” having the information, chances are you didn’t know you consented to it.
And on the positive side, in 2019, a woman in Georgia won $10,000 from a travel insurance company when she noticed the prize in the fine print and claimed the award.[2]
Just like any contract you’re entering into, it can be expensive to be cheap. While you’re saving time and not money by skipping the fine print, it can come back to cost you later.
Your action item is a repeat, but it is important enough to remind everyone who still hasn’t done it. Contact all three credit bureaus and freeze your credit. Your data is not safe. Freezing your credit will prevent criminals from opening accounts in your name.
Be sure to check out our website at covingtonalsina.com, or our Facebook page, for more information and to register for our upcoming educational events.
And if you don’t have a financial advisor, come talk to us. This is Ann Covington with CovingtonAlsina
[1]https://www.washingtonpost.com/technology/2023/05/01/amazon-clinic-hipaa-privacy/
[2]https://www.npr.org/2019/03/08/701417140/when-not-reading-the-fine-print-can-cost-your-soul