From Losing Dream Jobs to Booking First-Class Flights: Reinventing Success with Daryn Kagan and The Miles Husband
In this episode of Money Rehab with Nicole Lapin, former CNN anchor Daryn Kagan and travel rewards expert Trent Swanson share insights about building financial resilience and maximizing travel rewards. Kagan discusses how maintaining robust savings helped her navigate an unexpected job loss, while Swanson explains strategies for accumulating and using credit card points, including the optimal timing for booking award travel.
The episode also explores how financial preparation can enable career transitions. After leaving CNN, Kagan used her savings to launch a new venture focused on positive news stories. Financial expert Nicole Lapin adds context about emergency funds, emphasizing their role in providing stability during unexpected life changes. Together, these stories illustrate the connection between financial planning and the ability to adapt to career changes.
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1-Page Summary
Building Financial Resilience (Emergency Funds, Navigating Job Loss)
Darren Kagan shares her experience of unexpected job loss at CNN, highlighting how her strategic savings approach—saving two-thirds of her six-figure salary on her financial adviser's recommendation—provided crucial financial stability during this transition. Financial expert Nicole Lapin emphasizes the importance of maintaining an emergency fund that covers at least three months of expenses, acknowledging that while saving even one month's expenses can feel daunting, it's essential for managing unexpected financial shocks.
Credit Card Points and Miles Hacking
Trent Swanson outlines his strategic approach to maximizing travel rewards. He emphasizes the importance of having a clear travel vision before collecting points and advocates for leveraging credit card sign-up bonuses, which can yield 80,000 to 100,000 points on a $5,000 spend. Swanson shares insights about timing award bookings, noting that the best inventory often becomes available either 360 days in advance or within the last 72 hours before a flight. He also questions the diminishing value of elite status, observing how airlines increasingly offer premium perks to non-status customers.
Overcoming Career Setbacks
After her CNN contract wasn't renewed, Daryn Kagan transformed this career setback into an entrepreneurial opportunity. Rather than dwelling on the reasons for her departure, which she suspects included ageism, Kagan leveraged her financial stability and passion for positive storytelling to create her own brand centered around "uplifting news." Despite the initial challenges of establishing a revenue model, she successfully built a website dedicated to inspiring news stories, demonstrating how career setbacks can lead to innovative new ventures.
1-Page Summary
Additional Materials
Clarifications
- Saving two-thirds of a six-figure salary means setting aside about 66% of income, which is a very aggressive savings rate. This high rate accelerates building a substantial financial cushion quickly, providing greater security during income disruptions. Financial advisers may recommend it to ensure enough funds cover extended periods without work or unexpected expenses. It reflects prioritizing long-term stability over short-term spending.
- A financial adviser's recommendation is personalized guidance based on an individual's financial situation, goals, and risk tolerance. Advisers analyze income, expenses, debts, and future plans to suggest strategies like saving rates or investment choices. Advice is typically given through meetings, phone calls, or written reports. It aims to help clients make informed decisions to achieve financial stability and growth.
- An emergency fund is a savings reserve set aside to cover essential living expenses during unexpected financial hardships, like job loss or medical emergencies. The three-month guideline balances having enough money to cover basic costs without tying up excessive funds that could be invested elsewhere. To build it, track monthly expenses, set a savings goal equal to three months of those costs, and contribute regularly until the target is reached. This fund provides a financial cushion, reducing stress and reliance on credit during crises.
- A "travel vision" refers to a clear plan or goal for how and where you want to use your travel rewards. It helps prioritize which credit cards and points programs to focus on based on your preferred destinations and travel style. Without a travel vision, points may be collected without a practical or enjoyable way to redeem them. This approach maximizes the value and satisfaction gained from rewards.
- Credit card sign-up bonuses are promotional rewards given when you spend a certain amount within a set period after opening the card. For example, spending $5,000 in three months might earn you 80,000 to 100,000 points as a bonus. These points can be redeemed for travel, cash back, or other perks, often providing significant value. The spending requirement ensures you use the card actively to qualify for the bonus.
- Airlines typically release award flight seats when their regular flight schedules open, often 11 to 12 months before departure. This early release allows travelers to book flights using points well in advance. Closer to departure, within the last 72 hours, airlines may release additional unsold seats as award inventory to fill the plane. These two windows offer the best chances to find available award seats.
- Elite airline status is a tiered membership level earned by frequent flyers based on miles flown or money spent with an airline. It typically offers perks like priority boarding, free upgrades, lounge access, and bonus points. Its value is diminishing as airlines extend many premium benefits to all customers to attract more business and compete with low-cost carriers. This reduces the exclusivity and advantage once held by elite members.
- Ageism is discrimination based on a person's age, often affecting older workers. It can lead employers to favor younger candidates or avoid renewing contracts with older employees. This bias may result in fewer job opportunities and career advancement challenges for older individuals. Recognizing ageism helps explain why some experienced professionals face unexpected job losses.
- Financial stability provides a financial cushion that covers living expenses and startup costs, reducing pressure to generate immediate income. Passion fuels motivation and resilience, helping entrepreneurs persist through challenges and setbacks. Together, they enable focus on building the business without urgent financial stress. This combination increases the likelihood of long-term success after job loss.
- Establishing a revenue model means figuring out how the website will make money consistently. Common methods include advertising, subscriptions, sponsored content, or selling products/services. Challenges include attracting enough visitors, convincing them to pay or engage with ads, and competing with free content. It often requires trial, error, and adapting strategies to find what works best.
Counterarguments
- While saving two-thirds of a six-figure salary is commendable, it may not be realistic for most people, especially those with lower incomes or higher expenses.
- An emergency fund covering three months of expenses is a good target, but some financial experts recommend saving even more, up to six months or a year, to be better prepared for prolonged periods of unemployment or other financial crises.
- The advice on saving for emergencies, while sound, may not address the systemic issues that make it difficult for some individuals to save, such as low wages, high cost of living, or lack of access to financial education.
- The strategy of collecting credit card points and miles may not be suitable for everyone, especially those who struggle with credit card debt or who are not disciplined with their spending.
- Credit card sign-up bonuses can be lucrative but also come with the risk of spending more to meet the bonus requirements, potentially leading to financial strain.
- Timing award bookings to maximize travel rewards may not be feasible for all travelers, especially those with less flexible schedules or those who cannot plan travel so far in advance.
- While the value of elite airline status may be diminishing, it can still offer significant benefits for frequent travelers, such as upgrades, lounge access, and other conveniences that are not always available to non-status customers.
- Transforming a career setback into an entrepreneurial opportunity is not always possible for everyone, as it often requires not only financial stability but also a certain level of risk tolerance, entrepreneurial spirit, and access to resources.
- The success of creating a new brand or venture post-career setback may not be easily replicable, as it often depends on individual circumstances, market conditions, and personal networks.
- The narrative of overcoming career setbacks through entrepreneurship may inadvertently downplay the challenges and risks involved in starting a new venture and may not acknowledge the role of luck or external support in such successes.
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Building Financial Resilience (Emergency Funds, Navigating Job Loss)
Darren Kagan shares her experience with unexpected job loss and underscores the importance of savings, while Nicole Lapin provides guidance on the necessity of an emergency fund.
Darren Kagan's Tips for Financial Stability During Job Loss
Kagan, Blindsided by Non-renewal of CNN Contract, Relied On Savings Cushion
Darren Kagan found herself without a job when her contract with CNN was not renewed. Although she received no severance, she had prepared for such an unforeseen event with a solid savings strategy. When she began earning a six-figure income, a financial adviser recommended she save two-thirds of her salary. After her stint at CNN concluded, Kagan's financial advisor highlighted the significant savings she had accumulated, reassuring her of her stability and ability to strategize for future opportunities.
Importance of an Emergency Fund for Unexpected Expenses
Lapin: Save 3 Months' Expenses For Income Disruption
Nicole Lapin, the financial expert, advises individuals to have an emergency fund capable of covering at least three months of expenses. This fund serves as a buffer in case of an abrupt halt to one's income, providing a financial safeguard during challenging times. While Lapin's exact words are not provided, her message is clear: havin ...
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Building Financial Resilience (Emergency Funds, Navigating Job Loss)
Additional Materials
Counterarguments
- While saving two-thirds of a six-figure salary is commendable, it may not be a feasible strategy for everyone, especially those with lower incomes or higher expenses.
- The advice to save a substantial portion of income doesn't account for individuals who may be living paycheck to paycheck and for whom saving is significantly more challenging.
- The recommendation of a three-month emergency fund is a good starting point, but some financial experts suggest that six months or even a year's worth of expenses may be more appropriate for certain individuals, depending on job stability and the volatility of their industry.
- The focus on individual savings may overlook systemic issues that contribute to financial instability, such as job market volatility, lack of access to affordable healthcare, and inadequate social safety nets.
- The advice provided assumes that individuals have enough financial literacy and access to financial advice to manage their savings effectively, which may not be the case for all se ...
Actionables
- You can automate your savings by setting up a direct deposit from your paycheck to a dedicated emergency fund account. Choose a percentage of your income that you won't miss, even if it's as small as 1%, and increase it gradually over time. This method ensures you consistently save without having to think about it, and as your comfort with saving grows, you can adjust the percentage to accelerate your emergency fund growth.
- Create a "savings challenge" with friends or family to make building an emergency fund more engaging. Set a collective goal, such as each person saving $500 in three months, and check in regularly to encourage each other. This social accountability can motivate you to find creative ways to cut back on expenses and prioritize saving, turning it into a shared, supportive effort.
- Develop a skill or hob ...
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Credit Card Points and Miles Hacking
Trent Swanson masters the art of travel rewards through credit card points, fostering a lifestyle of luxury travel for less while ensuring his strategy adapts to evolving partnerships and programs.
Trent Swanson's Approach to Travel Rewards
Travel Vision: Destination, Service Class, Flexibility for Optimal Points Strategy
Trent Swanson counsels that having a clear travel vision is paramount. He advises travelers to determine their destination, the class of service desired, the number of travelers, and date flexibility. This information is then used to choose the right airline and bank points to earn for maximum redemption value with minimal expenses.
Swanson cautions against indiscriminate point accumulation, comparing loyalty points earned at places where one doesn’t spend (like earning at Starbucks but drinking at Peet's) to missing the target entirely. Instead, he advocates for a strategic approach aimed directly at the traveler’s aspirations, ensuring that points are earned become instrumental in fulfilling travel goals.
Leveraging Credit Card Sign-Up Bonuses For Top Award Inventory Access
Swanson hones in on the utility of credit card sign-up bonuses. He underscores the necessity of discipline when dealing with credit cards, suggesting that one should always pay on time to avoid high-interest rates, which can compound at a staggering rate of 25% monthly.
He highlights having enough cash in hand to meet the requirements for sign-up bonuses, which can yield a hefty return of 80,000 to 100,000 points on a $5,000 spend over three months. Swanson argues for the strategic selection of credit cards, such as those from Capital One and American Express, which can translate into early access to award inventories within loyalty programs.
Timing Award Bookings to Exploit Inventory Release Patterns
Understanding the replenishment and release patterns of award inventories is vital. Swanson discusses the intricacies of award inventory, emphasizing that seats not sold for cash tend to be added to the awards bucket within the last 72 hours before a flight. He notes the importance of waiting until the last minute to access the best award inventory and having the necessary points ready when inventory is released, typically 360 or ...
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Credit Card Points and Miles Hacking
Additional Materials
Clarifications
- Award inventory refers to the limited number of airline seats set aside specifically for travelers redeeming frequent flyer points or miles. Airlines allocate these seats separately from regular paid tickets, often releasing them in batches at different times. The availability of award seats can fluctuate based on demand, flight popularity, and timing, making it crucial to monitor release patterns. Understanding these patterns helps travelers book flights using points when the best seats become available.
- Service class refers to the level of comfort and amenities provided on a flight, typically categorized as economy, business, or first class. Higher service classes offer more spacious seating, better food, and enhanced services, often at a significantly higher cost. In travel rewards, redeeming points for premium classes can provide greater value per point compared to economy. Choosing the right service class aligns with travel goals and maximizes the benefits of points redemption.
- Credit card sign-up bonuses are rewards given when you open a new card and meet a minimum spending requirement within a set period, usually a few months. The spending requirement ensures you use the card actively, which benefits the credit card issuer through transaction fees and interest if balances are carried. Meeting this threshold unlocks the bonus points or miles, which can be redeemed for travel or other rewards. Failing to spend the required amount means you won't receive the bonus, so careful planning is essential.
- Redeeming points means exchanging accumulated credit card or airline loyalty points for travel-related benefits like flights, hotel stays, or upgrades. The value of points varies depending on how and when they are redeemed, so strategic redemption maximizes travel savings. Points often have expiration dates or restrictions, making timely and informed redemption crucial. Understanding airline and credit card partner programs helps travelers convert points into the most valuable travel experiences.
- Elite status in airline loyalty programs is a tiered membership level earned by frequent flyers based on miles flown or money spent. Benefits typically include priority boarding, free checked bags, lounge access, bonus points, and complimentary upgrades. These perks aim to enhance comfort and convenience, rewarding customer loyalty. However, airlines sometimes reduce these benefits to manage costs or attract more customers.
- Executive Platinum status is a top-tier elite membership level in Delta Air Lines' SkyMiles loyalty program. It is typically earned by accumulating a high number of Medallion Qualification Miles (MQMs) or Medallion Qualification Segments (MQSs) and meeting a minimum spending requirement on Delta flights within a calendar year. This status grants benefits like complimentary upgrades, priority boarding, and bonus miles. Achieving it usually requires frequent flying and significant spending with the airline.
- Certain premium credit cards have partnerships with airlines or loyalty programs that grant cardholders access to award seats before they are available to the general public. This early access allows travelers to book popular flights or premium cabins with points before inventory becomes scarce. It often results from exclusive agreements or status benefits tied to the credit card issuer. Consequently, holding these cards can significantly increase the chances of securing high-value award bookings.
- Cash upgrades allow passengers without elite status to pay money to move to a higher class of service, bypassing traditional loyalty perks. This reduces the exclusivity of elite status, as upgrades are no longer reserved only for frequent flyers. Airlines use cash upgrades to generate additional revenue and fill premium seats. Consequently, elite members may receive fewer complimentary upgrades, diminishing the perceived value o ...
Counterarguments
- Credit card sign-up bonuses can be a slippery slope for individuals who are not disciplined with their finances, potentially leading to debt accumulation rather than travel benefits.
- The strategy of waiting until the last 72 hours to book award travel can be risky and stressful, as there is no guarantee that award seats will become available, potentially leaving travelers without a seat.
- The focus on earning and redeeming points for luxury travel may not align with the values or priorities of all travelers, some of whom may prefer more sustainable or budget-conscious travel options.
- The practice of earning elite status through non-travel related purchases like meal kits could be seen as gaming the system and might lead to further devaluation of elite status benefits if widely adopted.
- The emphasis on using credit card points for travel rewards may not be the best financial strategy for everyone, especially those who are prone to ...
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Overcoming Career Setbacks
Daryn Kagan openly discusses the challenges and opportunities she faced when her contract with CNN was not renewed, which set her on a path toward entrepreneurship and creating her own brand centered around "uplifting news."
Darren Kagan's CNN Contract Not Renewed
Kagan shares her experience with the uncertainty and unanswered questions when she found out that CNN would not be renewing her contract. Although she never uncovered the full story behind her dismissal and continued working for nine months with an unclear future, she understood that employment is subjective. When her contract ended, she was informed in January and left the channel in September. She chose not to pursue the reasons behind her departure, comparing the decision-making in the industry to a preference for a type of toothpaste. Despite being blindsided by the termination and acknowledging that ageism likely played a part, she decided to focus on the future rather than dwell on the specifics of her dismissal.
Kagan's Shift to Entrepreneurship and "Uplifting News" Brand
After leaving CNN, Kagan was positioned to handle the setback without severe financial distress, thanks to living well below her means as her financial advisor highlighted. This financial stability allowed her to pivot her career towards entrepreneurship. Kagan, who had crafted segments around uplifting stories while at CNN, saw an opportunity to pursue her passion for storytelling and positive news. She chose to create her own job and venture, leveraging her skills into a new ...
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Overcoming Career Setbacks
Additional Materials
Actionables
- You can create a personal contingency fund by setting aside a small percentage of your income each month. This fund acts as a financial safety net, similar to living below your means, allowing you to have the flexibility to pursue new opportunities or handle unexpected career changes without immediate financial pressure. Start by determining a realistic amount you can save regularly, even if it's as little as 5% of your income, and deposit it into a separate savings account designated for this purpose.
- Explore your passion for a specific topic by starting a simple blog or social media page dedicated to that interest. This mirrors the idea of creating your own brand around a passion, as Kagan did with positive storytelling. Choose a platform that you're comfortable with, such as WordPress for blogging or Instagram for visual content, and commit to posting regular content that reflects your interests and positive outlook, without the pressure of monetization.
- Develop a mindset of adaptability by practicing decisi ...
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