#8: Newsletter changes and how to get money from Meta's settlement

Hey all,

Welcome to the first Spark to FIRE newsletter on Substack! Why the change?

Many people have asked me for previous newsletter posts. Unfortunately, the previous platform I was using wasn’t suitable for displaying archived posts so I switched over to Substack. You can now read archived posts here.

I also took this opportunity to offer more value to those who want it. I will explain this in detail down below, but I’m glad to offer archived posts for those who are interested!

As always, feel free to DM me on Instagram (@MillennialMoneyVeteran) or Twitter (@MoneyVeteran) on suggestions for the newsletter!

So what changed with the Spark to FIRE newsletter?

Not much has changed with the newsletter for you as a reader. You’ll still get emails from me occasionally, but there are some massive improvements that have been made. The main reason why I switched over to Substack is because it fit my technological needs better. Here’s how:

Reason #1First, Substack makes it free for me to operate no matter how many subscribers I have. It costs quite a bit to host a website after the initial year and as it grows, so will the cost. That’s why I’m trying to balance value and cost at the same time and Substack allows me to maintain and grow a newsletter program without monthly costs after the first 1000 subscribers.

Reason #2The second reason why I switched is because newer subscribers have asked where they can find past newsletters. The service provider I used didn’t have that option, but Substack does so this adds more value to my audience who want to view archived newsletters.

Reason #3Lastly, Substack allows me to monetize the newsletter with a paid option. The paid version is $6/month or $60/year. Subscribers on the free plan will still get access to occasional newsletters as well as recent archived posts. 

Although I don’t expect many of you to upgrade to the paid version, the paid version will offer more detailed personal finance tips, real estate strategies with real-life examples from my own portfolio, Q&As with other real estate investors, tax and legal professionals and more. 

It would also be greatly appreciated if you supported my newsletter as creating content takes a lot of time and I wouldn’t take your membership for granted. With this new system, I plan to put a lot more effort into the newsletter for all members!

With upgraded subscribers in mind, I’m focused on providing value that far exceeds the cost of the upgraded plan. With that in mind, paid subscribers will get access to my updated ebook that is currently in the works!

In case you didn’t know, the bank debacle isn’t over

First Republic Bank ($FRC) is likely headed to FDIC receivership, which means that FDIC will lead the liquidation of assets to pay depositors and creditors. FDIC has coordinated with banks to submit bids for the troubled bank. Formal bids from big banks like JPMorgan and PNC have been reported with the FDIC hoping to resolve the situation before Monday’s market open. The deadline for final bids has already passed so the outcome of the bids will likely be released tonight.

This all started after the collapse of Silicon Valley Bank and Signature Bank in March. First Republic Bank has seen a massive outflow of deposits, which were made up by big banks’ $30B rescue deposit in March.

The reason why First Republic Bank was caught in this situation was because it also had a large number of uninsured deposits which caused customers to pull out their money with anticipation that First Republic Bank was next. 

Although the FDIC is working hard to fix this before Monday morning, we have no idea how the bids are sized. Hopefully, none of you have money deposited at First Republic Bank!

Get a piece of the $725M settlement that Facebook/Meta agreed to!

Remember how Facebook (now Meta Platforms, Inc.) shared user data to third parties without your consent? *AHEM CAMBRIDGE ANALYTICA AHEM* 

Well, they’re paying for it now. Meta agreed to a $725 MILLION settlement for privacy violations and denied any liability or wrongdoing under the settlement. 

Who’s eligible to file a claim?If you were a U.S. resident who used Facebook between May 24, 2007, and December 22, 2022, you’re eligible to file a claim. 

Where can I file a claim?You can file a claim here.

How much will I get?No idea. It depends on how many people end up filing a claim and how much the lawyers end up getting. Dang, it sounds nice to be a lawyer sometimes. 

I’m going to take a far-fetch guess though.. 

Let’s assume that the lawyers get 25% of the $725M leaving $543.75M leftover. With the U.S. population around 330M people, I’m going to assume that 70% have a Facebook account. With 231M accounts, I’m going to assume that one out of four people will file a claim which is 57.75M people. 

Here’s the math: $543.75M / 57.75M = $9.41 per claim

With $9.41, you can upgrade to the paid version of the newsletter for almost 2 months so subscribe below:

Should I file a claim?Unless you plan on suing Meta separately, there’s no reason to not file a claim so get that money!