BFC Weekly Recap: Mortgage Rates Hit 6.71%, the New $2,000 1099 Rule, and Who Owes Debt After Death — Becoming Financially Confident

Happy Saturday, everybody!

Mortgage rates just climbed to a 13-month high, the IRS changed the 1099 threshold to $2,000, and I finally answered the question I get asked more than almost any other: do you owe a dead relative's credit card debt? We also got into what financial confidence really means, the framework I use with clients to give every dollar a job, and a conversation with a finance coach about money and marriage that hit closer to home than I expected.

I'm Ralph Estep Jr., a licensed public accountant with 30 years in the business, and I'm joined by my cohost Juliet. We're live every Monday through Friday from 11:30 AM to 12:30 PM Eastern on Becoming Financially Confident.

Here's what we got into this week:

Reminded everyone about two live class action settlements, Google Play and O'Reilly Auto Parts, both with deadlines this month
Broke down why the 30-year mortgage rate climbed to 6.71%, the highest it's been in over a year
Walked through the new 1099 rule. Clients only have to send you one if they paid you $2,000 or more, up from $600, and that does not mean the income is tax free
Answered the question I get asked constantly about inherited debt. If you're just an authorized user on a card, you are not responsible for what's owed after someone passes away
Gave you my money move of the week: add a PIN to your phone carrier account and turn on two-factor authentication on your bank and email before someone can hijack your number
Got into what financial confidence actually means, starting with a Federal Reserve stat that stopped me cold, 12% of adults couldn't cover a surprise $400 expense
Laid out the Dollar Job Framework, the seven-step process I use with clients (dream, define, discover, design, deploy, debrief, develop) to give every dollar a job before it leaves your account
Showed you the four numbers on your Explanation of Benefits, and the only one that should ever show up on a bill with your name on it
Talked through what Turo and other car-sharing platforms actually cover, and the four questions to ask before you rent out your own car
Explained why the price at the pharmacy counter is rarely the cheapest one, and how a free app like GoodRx can save you real money
Got personal about the year my own marriage almost ended over money, and what changed once I actually started listening
Welcomed Karen Hackman, a finance coach who works with couples, to talk about what 18 years of financial silence in her own marriage taught her

Got a money question? Send it to me at becomingfinanciallyconfident.com/live. Want to catch us live? Same link, Monday through Friday, 11:30 AM to 12:30 PM Eastern.

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Companies mentioned in this episode:

Google Play
O'Reilly Auto Parts
Verizon
AT&T
T-Mobile
GoodRx
Turo
Geico
Travelers
Allstate
State Farm
Amazon

Have a great weekend, everybody.