The Dark Side of Apple's Newest Product

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

• Apple bites into savings accounts

• S&P 500 plummet is looming 😬

• Today is the day…get those taxes filed!

Let’s Chop It Up…

Apple is Taking a Bite at Savings Accounts

Apple just threw down the gauntlet in the world of personal finance. The tech giant has unleashed a new feature for Apple Card users — a high-yield savings account with a semi-impressive 4.15% annual percentage yield (APY).

No minimum deposits, no balance requirements, and all the convenience of managing your finances through your trusty iPhone. It's like having a personal financial advisor but without a stuffy suit and tie.

So what’s the long play here Apple?

• More money (duh): Partnership with Sachs generates revenue through interest income from the high-yield savings account.

• More sales outlets: Opportunity for cross-selling and up-selling of Apple products and services.

• More Control over User Info: Enhanced control over user data and insights, allowing for more targeted and personalized marketing efforts.

Apple has also launched a buy now, pay later service dubbed “Pay Later” (could’ve put some more thought into that) that lets you pay off your Apple Card purchases in four interest-free payments over six weeks.

Key Insights:

Insight: 💡Apple is not a bank and must partner with one to make financial services happen. The “banking side” of this is offered by Goldman Sachs. Who also will provide FDIC insurance for these accounts up to $250,000.

Result: ⚠If you have other funds at Goldman Sachs Bank USA, you have to count all funds at Goldman Sachs Bank USA in your Electronic Deposit Insurance Estimator (EDIE) calculation to make sure it's within the FDIC's limits.

Insight: 🚫Just because it has Apple’s seal of approval doesn’t make it a smart money move. 😤 Buy-Now-Pay-Later (BNLP), may be convenient in a pinch but the numbers don’t lie:

• BNLP encourages overspending

• Missed payments on some programs are penalized with up to 40% in interest

• BNPL users are 2Xs more likely to have a delinquency

• Apple BNPL still shows up on your credit report (see the screenshot of their disclaimer below)

S&P 500 Expected to Plummet, Top Strategists Urge Adopting an Exit Strategy

Buckle up, investors! The S&P 500 index is predicted to tumble a whopping 22%, according to a top market strategist at FS Investments. This means one of two things:

✅It's time to act fast and cash out on this year's equity rally and de-risk your portfolios during this bear market.

or…

🚫Hold fast and sit on your portfolios. If history has shown anything it’s the ebbs and flows of the market. Spoiler Alert — they tend to rally in the end.

But why is this happening?

Apparently, it’s driven by technical factors and a dubious narrative that inflation will slow down, leading to no interest rate hikes, and thus, a potential recession.

As if that wasn't enough, market experts predict a sharp setback due to a looming earnings recession and the banking industry's fallout. So, investors, take heed and as always do your own research before making any investment decisions.

Last Call Procrastinators: The Tax Deadline is Today!

Think you waited until the last minute to file? Ha! You’ve got nothing on the 78 MILLION taxpayers that have yet to get it done. And if you’re thinking about asking for an extension then you should probably get on it. But first, there are a few details you need to know:

1. An extension gives you until October 16, 2023, to send in your return but you need to request one BEFORE the April 18th deadline.

2. An extension to file is not an extension to pay. The IRS is saying “Bi*** better have my money” If you owe money the payment deadline is still April 18th.

3. If you miss the deadline, forget to file, or request an extension, get ready to open your wallet because a hefty penalty is headed your way.

The Penalty is no joke…

• 5% of unpaid taxes for each month it’s late (capped at 25%)

• 0.5% of underpaid taxes for each month they are late (capped at 25%)

Fresh Finance News from Salt & Pepper

Take Control of Your Finances with Zero-Based Budgeting

Discover how zero-based budgeting can help you take control of your finances and achieve your financial goals. By eliminating unnecessary expenses, gaining a better understanding of your spending, and increasing transparency and accountability, you can create a more effective budget. Control your finances, don’t let them control you.

Salt & Pepper’s Key Takeaways:

• 📃Get a 6-step plan for implementing a zero-based budget

• 💡Get insights into how to make sure your zero-based budget is a success

• 💻Take advantage of technology in helping you stay on track

Why is Budgeting Important?

To caveat off our zero-based budgeting advice, Pepper tackles the subject of why budgeting of any kind is crucial for financial success, regardless of income level or financial situation. From revealing your spending habits to improving your communication skills with your partner, this article explores all the juicy benefits of budgeting.

Salt & Pepper’s Key Takeaways:

Budgeting (the right way) is the ticket to a lot:

• 🏆Achieving long-term financial goals

• 💼Preparing for emergencies

• 💸Breaking bad spending habits

• 😌Finding contentment in your financial life

• 🌟Improving your quality of life

🥳 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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