Apple Banking Products: Proceed with Caution

🔥 ^{Hot off the press: Here’s what’s burning up our news feed.}🔥

• Apple is on a (bank) roll this week

• The masses have spoken- they don’t want to be homeowners

• Netflix is trying out livestream (again)

• Meta with more layoffs ~21,000

Let’s Chop It Up…

Using Apple as De Facto Bank

Hold onto your (Apple) wallets, folks, because Apple is at it again. We touched on this in our Tuesday newsletter if you missed it. With the release of its Apple Savings Account, the tech giant has made yet another move into the financial services arena. While some are dazzled by the glitz and glam, we're here to shed some light on the not-so-shiny aspects of this offering Here it goes:

• Security Risks: As with any financial institution, security is a major concern when it comes to Apple banking. While Apple has implemented several security measures to protect user data, 🚨there is always the risk of data breaches or other security vulnerabilities.

• Privacy Concerns: By offering financial services, Apple also gains access to sensitive user data. While the company has stated that it takes user privacy seriously, there is always the potential for this data to be compromised or used in ways that users may not be comfortable with. 😤Could you imagine losing your phone & bank all at once?

• The Key Requirement is The Apple Card: In order to take advantage of Apple's high-yield savings account, users must have an Apple Card. This means that users must already be invested in Apple's ecosystem and have a certain level of trust in the company.

  😒This could make users an easy marketing target for other Apple products or services, whether they need them or not.

Pepper’s Take:

Salt and I are avid fans of high-yield savings accounts, but when it comes to Apple, you have to be an Apple card user to take advantage of this savings account. That’s a big red flag for me🚩 - So I dug in and this is what I found.

• Users seem to think the card application doesn’t affect your credit score - That’s not entirely true. As you can see below Apple can and will pull your credit. This is a hard pull that doesn’t fall off your credit report for two years. 👎

The Rise of Renting: Flexibility vs. Homeownership

As the housing market experiences volatility, more people are choosing to rent instead of buying a home. BuzzFeed surveyed renters who plan on renting long-term or forever and found that reasons range from avoiding the hassle of repairs to prioritizing travel and experiencing different neighborhoods.

While some may still dream of owning a home, many are content with the advantages that renting provides, including the flexibility of location, freedom from maintenance and taxes, and the ability to spend their money on experiences.

So go ahead and rent that city-view apartment or that charming house in the suburbs - after all, as one renter put it, "the memories you take with you, not the house."

However, you might want to consider these numbers first.

Renting vs. Owning: The Numbers

What Does This Mean?

As the table quickly demonstrates, over the course of 50 years spent as a renter you would essentially be out $2 million with nothing to show for it.

Meanwhile, if you spent that same time as the homeowner, you would be sitting on a $2 million dollar payday if you sold the home. Just a little food for thought.

Salt’s Take:

You know what they say, "Home is where the heart is" - and I'm pretty sure my heart would explode if I had to pack up and move every year like some sort of nomad. Lock me into that 30-year mortgage!

But hold up, before you judge me, let me tell you about my experience. Pepper and I have hopped around to two different houses based on our careers and future family plans. And let me tell you, each move has been like pulling teeth. But now that we're both remote workers, we're sitting here wondering if we would've picked this spot if we knew we'd be stuck here all day, every day. The answer is usually, ehhh probably not.

So, I'm starting to see the appeal of renting, test-driving different cities, trying out different neighborhoods, and seeing what works before you settle down. Sounds like a pretty sweet deal to me. So go ahead, give renting a shot. Who knows, you might just find your dream home (or at least a really nice temporary one).

Fresh Finance News from Salt & Pepper

The Problem with Apple Banking Products

Are you an Apple enthusiast who's considering using the tech giant's financial services? Before you sign up for Apple's newest offering, the Apple Savings Account, there are a few things you should know.

We want to make sure our readers get the facts that are often left unsaid by company marketing and brand influencers. Both of which are only searching for a quick buck. Get the details without the smoke and mirrors at the link below.

Salt & Pepper’s Key Takeaways:

• 🍎 Apple is not a real bank but offers FDIC coverage (FYI you need that)

• 🙅🏼‍♂️ Apple's financial products make you an easy marketing target

• 😨 This shift is raising potential privacy implications

Understanding How Snap Finance Works

What is Snap Finance (BTW we’re not endorsing them just answering a search query)

If you're in a financial bind and have been turned down for traditional credit options, Snap Finance offers an alternative way to finance your purchases. With no credit check required and payment plans, Snap Finance makes it possible to get what you need now without having to wait.

Plus, with partnerships with a variety of popular retail stores, you can use Snap Finance to make purchases for everything from furniture to electronics.

Salt & Pepper’s Key Takeaways:

• 👀They offer lease-to-own financing for retail purchases

• 😯Users with poor credit scores or a lack of credit history can benefit from this

• 🏦 Snap Finance offers payment plans to fit most budgets

🥳 Salt & Pepper's Picks of the Week 🥳

Random Internet Finds That Left Us Fascinated

Tech Executive's 'App'alling Murder Plot Unravels

Get ready for a wild ride because this real-life murder mystery is giving Hollywood a run for its money! As many of you probably know, Bob Lee, the founder of Cash App, was fatally stabbed in San Francisco on April 4th. But get this! The prime suspect is a Bay Area tech exec named Nima Momeni 🤯.

Prosecutors suggest Momeni's motive may have been Lee's ties to Momeni's younger sister, whose questionable behavior was revealed through text messages and a FaceTime call. Surveillance footage shows the two men leaving the sister's apartment together and then driving to a remote area where the stabbing took place.

Listen, I love my siblings but I’m not about to commit the ultimate crime over “questionable behavior.” If that were the case I’d have to contemplate that every day. Yeah…not happening. Nonetheless, this is a truly compelling story and one we’ll be keeping our eye on as more details come to light.

Elon Musk's Latest Warning: Is the Future in Jeopardy?

Well if you didn’t have a reason to panic this morning, I’ll help you out. Elon Musk is once again sounding the alarm on the dangers of artificial intelligence (AI), but this time he's not just warning about terminator robots, he's worried about the "destruction of civilization”.

Despite his concerns, Musk is still deeply involved in AI through his many companies, including Tesla, OpenAI, and a rumored new venture called TruthGPT. It's a bit like playing with fire, but Musk seems to be willing to take the risk.

However, in a surprising move, Musk has called for government regulation of AI. He admits while he’s not a fan of regulation, it may be necessary to prevent the worst-case scenario from happening.

While Musk's comments may seem humorous on the surface, they should serve as a reminder that we're living in a world where the line between reality and science fiction is becoming increasingly blurred.

Or…maybe he's just hedging his bets in case the robots do take over? Either way, let's hope his next big project isn't Skynet.

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