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| Hello, Daily Money readers. Jayme Deerwester back with you on this Tuesday after drinking the Sonic Pickle Juice Slush in the name of journalism and living to tell the tale. |
| Miss the thrill of potentially winning the nearly $1.34 billion Mega Millions jackpot? Prize-linked savings accounts may just be the ticket. |
| Prize-linked savings accounts, available in 34 states, work like traditional savings accounts that pay a fixed interest rate on the money you deposit in your account, which is FDIC-insured up to $250,000. The difference is these accounts also let consumers earn entries into drawings for prizes, including cash ranging from less than a dollar to millions, simply by saving. Generally, the more you save, the more chances you get to win. |
| "These savings accounts not only have an element of fun attached to them, but more importantly, they encourage savings," said Josh Roberts, vice president of system collaboration & development of Wisconsin Credit Union League, a nonprofit organization that supports Wisconsin credit unions, including the Saver's Sweepstakes savings programs for their members. |
More stories you shouldn't miss |
| Busted: Patriotic attire company fined for lying about where products are made. |
| I drank Sonic's Pickle Juice Slush so you don't have to. What it's like? |
| 'Doggie Disneyland': Dog retreat with park, vet, and bar to open in Iowa. |
| Electric cars: Most will miss tax credit in Senate bill, group says |
| Work life becoming too stressful? It's OK to ask for help. |
What the census tells us about wealthy Americans |
| A new U.S. Census Bureau report on affluence and the wealth gap highlights what richer Americans have in common. Some traits are obvious, some are surprising and some could help you build your net worth: |
| College degrees are important. Attending college is increasingly expensive, but people with higher educational achievements do tend to earn more. They also tend to have higher net worths. |
| Marriage pays financial dividends. Married couples had a median net worth of $269,000 in 2019 compared to $50,160 for single men and $36,600 for single women. |
| They own a home. "Households that can afford to purchase a home are also more likely to have the resources to invest in other wealth-generating assets," the Census Bureau said. |
| They don't put all their money in the bank or spend a lot on cars. About 95% of households had such accounts as of the 2019 study, yet they held just 8% or so of total wealth. Vehicle equity amounted to just 2% of overall wealth. |
| They don't necessarily own businesses. Business assets don't account for an especially large share of overall wealth, at about $6,000 in net worth per household, according to the Census study. Only about 1 in 6 households has any business equity. |
🎧 Mood music 🎧 |
| On Monday, we lost Olivia Newton-John, whose music occupies a spot in the soundtrack of many Gen Xers' lives. Maybe you associate her with "Grease" or "Physical." For me, it was the soundtrack to 1980's "Xanadu," which also established Electric Light Orchestra as one of my guilty pleasures. This line from "Suspended in Time" seems an appropriate tribute: |
| "I get a feeling when I'm with you, none of the rules apply. But I know for certain goodbye is a crime. So love, if you need me, suspend me in time." |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist . It features nearly every song quoted here. |
| Follow Jayme Deerwester on Twitter – or Instagram, if you prefer puppy pictures. (Why? Because everybody loves puppies!) |
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