Ilyce Glink's Love, Money + Real Estate

#002 Truths, Lies and Life's Financial Milestones - and Thanksgiving Recipes

Nov 21, 2021

Hey - Happy Weekend! And, Happy almost Turkey Day!

When it comes to love, people do the darndest thing. A new poll shows that 43% of adults say they have financially cheated on their partner, while 39% say they have hidden a purchase, bank account, statement, bill or cash.

On WGN Radio this week, Steve Bertrand asked me if I had ever hidden a purchase from my spouse. It’s one of those “gotcha” questions on live radio or TV that I try to avoid if I don’t have a prepared answer. I did recall a story I did for WGN-TV about a million years ago, where I stood outside Neiman Marcus, on Michigan Avenue, and asked people who came outside if they had ever hidden a purchase from their spouse or partner. Invariably, the answer to this highly unscientific survey was yes. (Mostly, the answer involved makeup or clothing.)

Even more devastating, I was surprised by the new Allianz Life study that shows nearly half of those with a caretaker being a victim of financial fraud.

40% of caregivers say the person they care for has already been victimized by financial fraud
Average losses are estimated to be $60,000 (not a small amount)
But only 24% of current retirees are worried about becoming a victim of financial fraud (vs. 42% of pre-retirees and 46% of near-retirees).

I know several seniors who have had money and jewelry stolen from them by supposedly trusted family members or prior caregivers, with tragic consequences. Do you?

News You Can Use

Here are a few things that popped into my inbox this week.

The number of people quitting their jobs reached 4.43 million in September, an all-time high. The previous high was just over 4 million, in Q4 2019, just before the start of the pandemic.

Schools and hospitals are trying to keep their employees (and hire new ones) as schools open up. But many of these employees are women, who have been hit hardest during the pandemic. Until child care comes back reliably (another area where companies are struggling to hire and retain employees), my guess is women won’t return to the workforce.

Short Takes

At its big meeting last week, the National Association of Realtors announced that compensation for all agents (buyer brokers, too) should be more transparent to consumers. Now, Multiple Listing Service (MLS) listings that include the buyer broker’s commission won’t be excluded from search results. That helps buyers and sellers understand how agents on both sides get compensated. And, for the first time, NAR just installed a mostly-female 2022 board.

Ever wonder just how many FHA loans are out there? The magic number is 7.8 million single-family and reverse mortgages, with $1.2 trillion in unpaid principal, according to the FHA Fiscal Year 2021 MMI Fund Annual Report.

Mortgage rates dropped below 3% again, according to Freddie Mac. 30-year rate is at 2.98 (with 0.7 point); 15-year rate is 2.27 (with 0.6 point) and the 5-year ARM averaged 2.54% (with 0.4 point). If your mortgage is over 4%, it’s probably time to refinance. I’m now reading that we could see an era where instead of higher interest rates, we could see low interest rates forever.

Redfin said that demand for second homes is up 70% from pre-pandemic levels in October. You can thank companies who have decided it’s okay for their employees to work remotely.

After another year of spectacular stock market gains, Allianz found that 54% of people are worried about a crash, while 69% think the rise in Covid infections will cause another recession and 78% think inflation will get worse.

This Week’s Q&As

There can be a high cost to a low appraisal. Here’s what Jonathan Miller, CEO of the appraisal firm Miller Samuel has to say about it (and what you need to know).

And, don’t think about renting or buying a home without seeing it first. You might be in for an unpleasant surprise.

Heads Up, Employers

Now that federal student loan repayments are about to restart (February 1, 2022), employees are looking for student loan repayment options as an employee benefit. It’s part of a continued drive for financial wellness, something I’ve spent the last five years developing at Best Money Moves.

What's the top benefit trend for 2022? Personalization. Demand for benefits that suit them individually is being driven by Gen-Z and younger Millennials.

What’s the #1 requested benefit? It’s still enhanced financial wellness programs and products, although flexibility is also key.

Here’s a new report from Guardian Life on how small businesses are emerging from Covid stronger (hint: they’re enhancing wellness and lifestyle benefits).

On a Personal Note

This was my table last year. Small (Covid!) but we’re going bigger this year. And, the prep has already begun.

I bought a large bag of Red Garnet Yams and Granny Smith apples yesterday. I’ve ordered my turkey, bought the stock and am still looking for celery. I don’t know how you like to celebrate the holiday, but I thought I’d share a few of my favorite recipes:

Feel free to share your favorite recipe’s in the comments section, or let me know if you try one of mine.

I’m so thankful we’ll have family around this year, and hope you can, too. Sending you my best wishes for a Happy (and Healthy) Thanksgiving.

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