money·7 min read

Skimm Money: Financial Cheating, Social Media Scams, and Rising Rents

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Design: theSkimm
Feb 4, 2022

2022 got off to a rocky start. (Looking at you, Wall Street.) But February is already giving us plenty to celebrate, starting with Black History Month and Lunar New Year. And sports fans have a packed viewing schedule to look forward to. The opening ceremony for the Winter Olympics is today, and Super Bowl LVI is next Sunday. Are you ready for some…money news and advice?

Headlines, Skimm'd

News to Wallet

What Scams and Data Breaches Mean for Your Wallet

Design: theSkimm | Photo: iStock

2021 was a huge year for social media scams. Think: Get-rich-quick schemes and false advertising. Last year, one quarter of all financial losses from fraud started on social media platforms. Instagram ads can be tempting. But before you click 'add to cart,' take steps to protect yourself. Like researching unfamiliar brands. And paying with a fraud-protected credit card. Not crypto (more on that later). If you do become a victim of cybercrime, act fast to avoid bigger financial headaches later.

Make Good (Money) Choices

If you’re hiding your spending from your Valentine…

Talk about it. Sharing your money habits with your SO can help you hit big financial goals as a team. Think: Buying a house or having a baby. (No pressure.) But if you're not there yet, you’re not alone. About one third of American couples admit to committing some form of financial infidelity. (Hint: taking on debt or keeping secret savings.) And nearly half say financial cheating = physical cheating. Your move: Make a money date, and use our talking points to spark a conversation.

Design: theSkimm

If you're ready to go OOO forever…

Fund yourself. At least partially. Social Security makes sure the checks keep coming after you retire. But funds are running low. Don’t panic: They won’t actually run out as long as the gov keeps collecting payroll taxes. Still, it likely won’t be enough to cover the cost of your ideal retirement. Give your future self a boost now by upping your 401(k) contributions or opening an Individual Retirement Account. And live your best life at 67+. See how Social Security factors into your retirement plan.

If you’re looking to buy now, save later…

Shop smarter. Small purchases that help you make produce last longer or get every last drop out of your bottle of foundation can add up to big savings over time. A great place to start? A budget planner where you can track all of your buys. See also: Storage containers that will save your greens (and save you green). And a reusable makeup eraser so you can skip the single-use wipes (and credit card swipes). Shop all our recs to find more savings in your daily routine.

Black History Month: The Culture Carriers

Design: Camille Rapay | Photo: Courtesy of Kathryn Finney

To celebrate Black History Month, we interviewed female culture carriers who are championing Black culture. Trailblazers who are opening doors and creating representation in spaces that have notoriously lacked diversity. Meet Kathryn Finney, founder of the venture studio Genius Guild. She fills us in on how she's thriving in a white, male-dominated industry. And using her fund to invest in Black founders. Read the full interview here

Crypto, Decoded

Crypto is surging in popularity. And so are crypto scams. Especially with the help of social media. Using the right wallet can keep your crypto safe from hackers and scammers. And you’ve got options, with varying levels of security. Here are the types of crypto wallets you should know about: 

  • Hot wallets. Or software wallets, aka the ones that live online. These digital wallets make it easy to see, save, and send your crypto because they’re connected to the internet. But that convenience could = less security. Using two-factor authentication and keeping your software up to date can help ward off hot-wallet attacks.

  • Cold wallets. Wanna take your crypto offline? A cold (or hardware) wallet is the answer. Many are like old-school flash drives, i.e. a separate gadget from your computer. They're less convenient than hot wallets since they aren’t connected to the web. But that also makes them harder for hackers to find.

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