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| Subscribe to The Daily Money newsletter. Come for our roundup of each day's top stories from USA TODAY Money. Stay for the pop-culture references and financial news-inspired playlist. |
| Good morning and happy Monday, Money readers. Jayme Deerwester, here with you again. |
🗞 News you should know 🗞 |
| The national average price for gas has topped $4 a gallon for the first time in over a decade as gas costs continue to soar in the wake of Russia's invasion of Ukraine. That's up 8 cents from Saturday and up 40 cents from last week. The U.S. hit the $4 national average a day earlier than what analysts expected. The record high for the national average is $4.11, set on July 17, 2008, according to AAA. |
| GasBuddy's 2022 gasoline forecast predicts the average price of gas will reach $4.25 by May and it will remain over $4 likely until November. |
| "GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer," the company said. |
| If this prospect has you considering selling your second car, we've got a guide to listing it online or on the private market, as well as the costs and red tape involved with transferring the title to the new owner. |
| And if you're thinking of going the EV route, we've got a list of apps that help you find charging stations, which should help newcomers overcome "range anxiety." |
🚨 More stories you shouldn't miss 🚨 |
| NO HIGH SCHOOL DIPLOMA? NO PROBLEM. The unemployment rate for people without a high school diploma is lowest on record. |
| RUSSIA SANCTIONS: Public pension funds may be next economic weapon. |
| STOLI REBRANDS: Stoli vodka rebrands, ends use of Stolichnaya amid Russian invasion of Ukraine. |
| VISA, MASTERCARD SUSPEND OPERATIONS IN RUSSIA: Cards issued by Russian banks can't be used for purchases or cash withdrawals. |
| IPHONE TRICKS AND ANDROID HACKS: Fix typos faster, use secret home button. |
💡 Daily insight 💡 |
| Currently, all-cash purchases consist comprise of 33% of the market share of home sales, compared to about 19% at this time two years ago, according to the National Association of Realtors (NAR). |
| Shaival Shah says he co-founded Ribbon in 2017 to help level the playing field for the average homebuyer. |
| "For buyers, speed is of the essence," Shah says. "When a home comes on the market, it can be gone within 24 to 48 hours. ... We're here to help." |
| Shah says Ribbon is not a mortgage company, but rather a "power buyer" to help home buyers from all economic backgrounds compete with investors who throw cash at sellers who want a quick sale. It helps with cash offers ranging from $100,000 to $1 million. |
| But not all experts are completely sold on all-cash deals options to buy homes. |
| Christopher Mayer, the co-director of the Paul Millstein Center for Real Estate at Columbia University, believes the current housing market is "unhealthy" and all-cash home purchases are among the causes, although he understands the rationale behind it. |
| A majority of would-be homeowners just don't have that kind of cash flow, and if "the fad" for all-cash offers remains popular, it's going to be a major problem for the housing market, Mayer added. |
| Over time, buyers will bristle at the idea they should pay an intermediary to help them get a house, says Mayer adding that he believes entities like Ribbon are not "a durable business model.'' |
| "The housing market has worked quite well,'' Mayer says. "Why do we need somebody in the middle to complicate the action?" |
💵 All taxes, all the time 💵 |
| A recent Ally Bank survey found that 50% of consumers are expecting money back when they file their 2021 taxes. If you have a refund coming your way, it's important to put that money to good use. Here to help you navigate your options is Lindsey Bell, Chief Markets & Money Strategist at Ally Bank. Here's what she suggests doing with your refund: |
| • | Pay down high-interest debt. if you have high-interest debt, like a credit card balance, you'll want to do your best to tackle it as soon as possible. And your tax refund could help you it. | | • | Save some of it. Now's an especially good time to boost an emergency fund. "Since inflation is running hot lately," Bell explains, "it might also be time to boost your emergency account to take higher prices into consideration." | | • | Splurge a little on you or your longer-term goals. It's OK to splurge on something that lifts your spirits, But Bell also suggests investing in "future you." That could mean contributing more to your retirement accounts or opening a brokerage account and buying stocks if doing so has previously not been an option due to a lack of funds. | |
🎶 Mood music 🎶 |
| Today's lyric comes from "Our House," Madness' 1980s ode to domestic life . And the band's name perfectly sums up the current housing market: "Our house, it has a crowd. There's always something happening, and it's usually quite loud Our mum, she's so house-proud. Nothing ever slows her down, and a mess is not allowed." |
| LISTEN WHILE YOU WORK: Remember, you can listen to this song and every track I've quoted in the newsletter in the Daily Money Mood Music playlist on Spotify. |
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