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Renting or Buying a Home, Part 1: The Big Picture RELATED MAKING CENTS OF MONEY EPISODES - Understanding Credit (Ep. 5): https://soundcloud.com/idfpr/episode-5-understanding-credit - Renting! (Ep. 37): https://soundcloud.com/idfpr/episode-37-renting - Ep. 63 - Help for Homeowners: https://blogs.uofi.uillinois.edu/view/7550/573142985 - Ep. 64 - Help for Renters: https://blogs.uofi.uillinois.edu/view/7550/510305827 - Ep. 83 - Lines of Injustice: What is Redlining?: https://blogs.uofi.uillinois.edu/view/7550/2012625903 - Ep. 85 - The Federal Community Reinvestment Act (CRA): https://blogs.uofi.uillinois.edu/view/7550/371603808 - Ep. 86 - The Illinois Community Reinvestment Act: https://blogs.uofi.uillinois.edu/view/7550/747261263 GET SAVVY WEBINARS - Buying vs. Renting a Home (May 2026): https://youtu.be/QqsIu9GE3vw - Read Before You Sign: Renting & Leasing (August 2026): https://youtu.be/rwMFvS_ZbHs - Mastering the Consumer Credit Game: https://youtu.be/Q0W7qMUFRbA RESOURCES - SMMC University Resources: https://www.studentmoney.uillinois.edu/guides/resources - HUD: https://www.hud.gov/ - Free credit reports: https://www.annualcreditreport.com/ SOURCES Consumer Financial Protection Bureau. (n.d.). Making the decision to rent or buy. https://www.consumerfinance.gov/about-us/blog/making-decision-rent-or-buy/ Federal Reserve Bank of St. Louis. (n.d.). Rental vacancy rate in the United States [Data series RRVRUSQ156N]. FRED. https://fred.stlouisfed.org/series/RRVRUSQ156N Harvard Joint Center for Housing Studies. (2020). The state of the nation's housing 2020. https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_The_State_of_the_Nations_Housing_2020_Report_Revised_120720.pdf Internal Revenue Service. (n.d.). Publication 936: Home mortgage interest deduction. https://www.irs.gov/publications/p936 Kochhar, R., & Cilluffo, A. (2021, August 2). As national eviction ban expires, a look at who rents and who owns in the U.S. Pew Research Center. https://www.pewresearch.org/fact-tank/2021/08/02/as-national-eviction-ban-expires-a-look-at-who-rents-and-who-owns-in-the-u-s/ Pendley, A. (2019). State and federal laws every renter should know. Stacker. https://stacker.com/stories/3670/state-and-federal-laws-every-renter-should-know Realtor.com. (2026). Illinois housing market data. https://www.realtor.com/local/market/illinois Thompson, D. (2021, March). 'This is unprecedented': Why America's housing market has never been weirder. The Atlantic. https://www.theatlantic.com/ideas/archive/2021/03/why-are-housing-prices-and-rents-down/618212/ University of Illinois System IGPA. (n.d.). Policy spotlight: Mitigating housing instability during the COVID-19 pandemic. https://igpa.uillinois.edu/reports/mitigating-housing-instability-during-the-covid-19-pandemic U.S. Census Bureau. (n.d.). Household Pulse Survey. https://www.census.gov/data/experimental-data-products/household-pulse-survey.html U.S. Census Bureau. (2019). American Housing Survey table creator [Table 9]. https://www.census.gov/programs-surveys/ahs/data/interactive/ahstablecreator.html?s_areas=00000&s_year=2019&s_tablename=TABLE9&s_bygroup1=20&s_bygroup2=1&s_filtergroup1=1&s_filtergroup2=1 U.S. Department of Housing and Urban Development. (n.d.-a). Measuring housing insecurity in the American Housing Survey. HUD User. https://www.huduser.gov/portal/publications/Measuring-Housing-Insecurity-Index-Development-Using-AHS-Data.html U.S. Department of Housing and Urban Development. (n.d.-b). Tenant rights by state. https://www.hud.gov/topics/rental_assistance/tenantrights

Press Release: https://idfpr.illinois.gov/news/2026/idfpr---idfpr-takes-action-against-unlicensed-student-loan-debt-.html Please note: under the Debt Settlement Consumer Protection Act, entities providing debt settlement services in Illinois generally must be licensed by IDFPR, subject to certain statutory exemptions, including for attorneys, banks, and institutions of higher education, among others. Show Notes: Resources for checking licenses and reporting scams • IDFPR license lookup: https://idfpr.illinois.gov/checklicense.html • Illinois Attorney General Student Loan Helpline: https://www.illinoisattorneygeneral.gov/consumer-protection/student-loan-debt-assistance/ • Illinois Secretary of State's Business Entity Search: https://apps.ilsos.gov/businessentitysearch/ • Federal Trade Commission's Fraud Report Portal: https://reportfraud.ftc.gov/ References • Illinois Department of Financial and Professional Regulation. (n.d.-a). Student loan servicers. https://idfpr.illinois.gov/banks/student-loan-servicers.html • Illinois Department of Financial and Professional Regulation. (n.d.-b). Consumer credit. https://idfpr.illinois.gov/dfi/ccd/ccd-main.html • Illinois Administrative Code, tit. 38, § 145.5 (2023). Purpose and definitions, Debt Settlement Consumer Protection Act rules. https://www.law.cornell.edu/regulations/illinois/IL-Admin-Code-38-145-5 • Illinois Attorney General's Office. (2026). Student lending. https://www.illinoisattorneygeneral.gov/consumer-protection/student-loan-debt-assistance/ • Know Before You Owe Private Education Loan Act, 110 Ill. Comp. Stat. 983, as amended by Public Act 104-0504 (2025). https://ilga.gov/Legislation/PublicActs/View/104-0504 • Consumer Finance Monitor. (2022, July 27). Illinois provides guides and templates for Know Before You Owe Private Education Loan Act reporting requirements. Ballard Spahr LLP. https://www.consumerfinancemonitor.com/2022/07/27/illinois-provides-guides-and-templates-for-know-before-you-owe-private-education-loan-act-reporting-requirements/ • Manatt, Phelps & Phillips, LLP. (2021, August 26). Student lending: Illinois enacts 'Know Before You Owe' law. https://www.manatt.com/insights/newsletters/financial-services-law/student-lending-illinois-enacts-know-before-you-o • Federal Trade Commission. (2023, June 14). FTC sends more than $3.3 million to consumers harmed by student loan debt relief scam [Press release]. https://www.ftc.gov/news-events/news/press-releases/2023/06/ftc-sends-more-33-million-consumers-harmed-student-loan-debt-relief-scam • Federal Student Aid. (n.d.). How to avoid student loan forgiveness scams. U.S. Department of Education. https://studentaid.gov/articles/avoid-student-loan-forgiveness-scams/ • Young, J. R. (2026, April 30). Fake student loan debt offers proliferate as federal government rolls back enforcement. The Hechinger Report. https://hechingerreport.org/fake-student-loan-debt-offers-proliferate-as-federal-government-rolls-back-enforcement/

Show Notes: Chaudhry, S., & Kulkarni, C. (2021). Design patterns of investing apps and their effects on investing behaviors. In Proceedings of the 2021 ACM Designing Interactive Systems Conference (DIS '21) (pp. 777–788). https://doi.org/10.1145/3461778.3462008 Dickinson, D. (2026). Dark patterns and consumer protection law for app makers. Consumer Law Review. https://www.researchgate.net/publication/400702824_Dark_Patterns_and_Consumer_Protection_Law_for_App_Makers Farronato, C., Fong, J., & Larkin, I. (2025). Designing consent: Choice architecture and consumer welfare. Management Science. https://doi.org/10.1145/3736252.3742627 International Organization of Securities Commissions. (2023). Online choice architecture: How digital design is used to influence investors (IOSCO PD794). https://www.iosco.org/news/pdf/IOSCONEWS688.pdf Kahneman, D. (2011). Thinking, fast and slow. Farrar, Straus and Giroux. Lai, L. (2024). Playful finance: Gamification and intermediation in fintech. Journal of Financial Regulation, 10(1), 1–35. https://doi.org/10.1016/j.jfr.2023.100174 Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5 Madrian, B. C., & Shea, D. F. (2001). The power of suggestion: Inertia in 401(k) participation and savings behavior. Quarterly Journal of Economics, 116(4), 1149–1187. https://doi.org/10.1162/003355301753265543 Mathur, A., Mayer, J., & Kshirsagar, M. (2019). Dark patterns at scale: Findings from a crawl of 11K shopping websites. Proceedings of the ACM on Human-Computer Interaction, 3(CSCW), 1–32. https://doi.org/10.1145/3359183 Rakovic, M., & Inal, Y. (2023). Dark finance: Exploring deceptive design in investment apps. International Journal of Human-Computer Studies, 170, Article 102944. https://doi.org/10.1016/j.ijhcs.2022.102944 UK Financial Conduct Authority. (2024, July). Review of online choice architecture and vulnerability [Regulatory discussion paper]. https://www.citizensadvice.org.uk/policy/publications/review-of-online-choice-architecture-and-vulnerability/ Savitha, B., & Hawaldar, I. T. (2022). What motivates individuals to use FinTech budgeting applications? Evidence from India during the COVID-19 pandemic. Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2127482 Thaler, R. H. (2015). Misbehaving: The making of behavioral economics. W. W. Norton & Company. Thaler, R. H., & Sunstein, C. R. (2008). Nudge: Improving decisions about health, wealth, and happiness. Yale University Press. Veigas, P. (2023). A comprehensive analysis of the user experience in digital platforms concerning the practice of nudging user behaviour. Journal of Behavioral and Experimental Economics, 104, Article 101986. https://doi.org/10.1016/j.socec.2023.101986 Report a Dark Pattern with the FDIC: https://reportfraud.ftc.gov/

Show notes: - SMMC Investing Web Page: https://www.studentmoney.uillinois.edu/learn/investing - Get Savvy Webinars on Investing: o Investing 101 – Wealth Building Basics: https://youtu.be/o2SNtTE2ZC4 o Investing 102 – Risks & Rewards: https://youtu.be/TCcp5qdsnGk?si=JW5LSxqkDkaCe9KB - SMMC Blog Posts: o Want to Start Investing? Read This First: https://blogs.uofi.uillinois.edu/view/7550/2032887516 o Stocks vs. Crypto: https://blogs.uofi.uillinois.edu/view/7550/1168754267 o Ready to Invest? Here’s How to Actually Get Started: https://blogs.uofi.uillinois.edu/view/7550/1951795281

Hershfield, H.E., et al. (2011). Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self. Journal of Marketing Research, 48(SPL), S23–S37. Kahneman, D. (2011). Thinking, Fast and Slow. Farrar, Straus and Giroux. Lusardi, A., & Mitchell, O.S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. Madrian, B.C., & Shea, D.F. (2001). The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior. Quarterly Journal of Economics, 116(4), 1149–1187. Thaler, R.H. (2015). Misbehaving: The Making of Behavioral Economics. W. W. Norton & Company. Thaler, R.H., & Sunstein, C.R. (2008). Nudge: Improving Decisions About Health, Wealth, and Happiness. Yale University Press.

Pellegrini, A. (2026, January 26). Comparing private student loans. University of Illinois System Student Money Management Center Blog. https://blogs.uofi.uillinois.edu/view/7550/54213092   Prior Relevant Episodes: Student Loan Management Transitioning in 2026 (ep. 126). https://blogs.uofi.uillinois.edu/view/7550/280186564 The Role of Loan Servicers (ep. 114). https://blogs.uofi.uillinois.edu/view/7550/681485881 Back to School: College and Credit (ep. 90). https://blogs.uofi.uillinois.edu/view/7550/1942070018 The Impact of Compound Interest (ep. 70). https://blogs.uofi.uillinois.edu/view/7550/650946740   Other References: Hanson, M. (2025, October 21). Total student loan debt in the United States. EducationData.org. https://educationdata.org/total-student-loan-debt   National Association of Student Financial Aid Administrators. (2024). You have questions, we have answers: Making sense of the student loan changes from OBBBA's RISE Committee. https://www.nasfaa.org/news-item/37700   U.S. Department of Education. (2024). U.S. Department of Education concludes negotiated rulemaking session to implement One Big Beautiful Bill Act loan provisions. https://www.ed.gov/about/news/press-release/us-department-of-education-concludes-negotiated-rulemaking-session-implement-one-big-beautiful-bill-acts-loan-provisions     University of Illinois System Resources: University of Illinois System. Know what you owe. https://paymybill.uillinois.edu/student_loans/know_what_you_owe   University of Illinois Chicago, Office of Student Financial Aid. Alternative loans. https://financialaid.uic.edu/types-of-aid/loans/alternative-loans/   University of Illinois Springfield, Office of Financial Aid. Private student loans. https://www.uis.edu/financial-aid/types-aid/loans/private-loans   University of Illinois Urbana-Champaign, Office of Student Financial Aid. Alternative educational loans. https://osfa.illinois.edu/types-of-aid/loans/types-of-loans/alternative-educational-loans/

Show Notes & References Resources mentioned in this episode: Tither, E. (2025, December 10). ⁠⁠What happens to the data you feed LLMs?⁠⁠ University of Illinois System, Student Money Management Center. https://blogs.uofi.uillinois.edu/view/7550/1055573584 Chen, K., Zhou, X., Lin, Y., Feng, S., Shen, L., & Wu, P. (2025). A survey on privacy risks and protection in large language models. ⁠⁠Journal of King Saud University – Computer and Information Sciences⁠⁠, ⁠⁠37⁠⁠(7). https://doi.org/10.1007/s44443-025-00177-1 Farooqui, A. (2025, February 12). ⁠⁠Samsung lets employees use ChatGPT again after secret data leak in 2023⁠⁠. SamMobile. https://www.sammobile.com/news/samsung-lets-employees-use-chatgpt-again-after-secret-data-leak-in-2023/ Han, X., Peng, H., & Liu, M. (2025). The impact of GenAI on learning outcomes: A systematic review and meta-analysis of experimental studies. ⁠⁠Educational Research Review⁠⁠, 100714. https://doi.org/10.1016/j.edurev.2025.100714 Imperial War Museums. (2018). ⁠⁠How Alan Turing cracked the enigma code⁠⁠. https://www.iwm.org.uk/history/how-alan-turing-cracked-the-enigma-code Kwak, R. (2023, November 30). ⁠⁠Announcing Microsoft Copilot with Data Protection⁠⁠. Technology Services, University of Illinois. https://www.techservices.illinois.edu/2023/11/30/announcing-microsoft-copilot-with-data-protection/ Kwak, R. (2025, November 11). ⁠⁠ChatGPT arrives at U of I⁠⁠. Technology Services, University of Illinois. https://www.techservices.illinois.edu/2025/11/11/chatgpt-arrives-at-u-of-i/ Microsoft 365, Copilot with Data Protection – AI Chat for the Web. (2024). University of Illinois System KnowledgeBase. https://answers.uillinois.edu/133037 OpenAI. (2023). ⁠⁠Privacy policy⁠⁠. https://openai.com/en-GB/policies/row-privacy-policy/ Ray, S. (2023, May 2). ⁠⁠Samsung bans ChatGPT among employees after sensitive code leak⁠⁠. Forbes. https://www.forbes.com/sites/siladityaray/2023/05/02/samsung-bans-chatgpt-and-other-chatbots-for-employees-after-sensitive-code-leak/ Yao, Y., Duan, J., Xu, K., Cai, Y., Sun, Z., & Zhang, Y. (2024). A survey on large language model (LLM) security and privacy: The good, the bad, and the ugly. ⁠⁠High-Confidence Computing⁠⁠, ⁠⁠4⁠⁠(2), 100211. https://doi.org/10.1016/j.hcc.2024.100211

A special thanks to Zach Smith from AccessLex (https://www.accesslex.org/) for joining us to talk about the upcoming changes related to federal student loans in the coming 2026-2027 academic year after a series of legislative changes. Recent Webinars & Prior Student Loan Episode: Student Loan Management [Get Savvy Webinar Recording] from April 1, 2026: https://youtu.be/oMlq8ZFumOY?si=0JiDOhryd5oq4e3d Demystifying the Financial Aid Process [Get Savvy Webinar Recording] from January 28, 2026: https://youtu.be/3nL8Jj_7heM?si=fqbwS9_L4QCOexAj Navigating federal student loan default and debt collection restart [Podcast Episode]: https://www.studentmoney.uillinois.edu/podcast-navigating-federal-student-loan-default-and-debt-collection-restart.html Tools: Federal Student Loan Repayment Wizard (to help federal borrowers understand their repayment plan options): https://blogs.uofi.uillinois.edu/view/7550/1287368252 Federal Student Loan Repayment Plans: https://studentaid.gov/manage-loans/repayment/plans #MakeTheCase Advocacy Campaign. AccessLex: https://www.accesslex.org/tools-and-resources/makethecase?areas_of_focus_tools[19]=19&f=1 Resources for Private Student Loans & Loan Management Generally: Comparing Private Student Loans [Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/54213092 Increasing ROI for a College Degree [Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/1768869035 The Role of Loan Servicers [Podcast Episode]: https://blogs.uofi.uillinois.edu/view/7550/681485881 How the Rule of 72 Can Help You Build Wealth—Or Sink Deeper Into Debt [Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/446933598 Back to School: College and Credit [Podcast Episode]: https://blogs.uofi.uillinois.edu/view/7550/1942070018 The Impact of Compound Interest [Podcast Episode]: https://blogs.uofi.uillinois.edu/view/7550/650946740 Other References Federal Register. (2025, January 15). Income-contingent repayment plan options. https://www.federalregister.gov/documents/2025/01/15/2025-00724/income-contingent-repayment-plan-options Walter, M. (2026, May 1). ED publishes final regulations implementing OBBBA federal student loan changes. NASFAA. https://www.nasfaa.org/news-item/38809/ED_Publishes_Final_Regulations_Implementing_OBBBA_Federal_Student_Loan_Changes The Pew Charitable Trusts. (2024, March). Default incidence infographic. https://www.pewtrusts.org/-/media/assets/2024/03/defaultincidence_infographic_final.pdf University of Illinois System, Student Money Management Center. (2025). Student loans. https://www.studentmoney.uillinois.edu/learn/studentloans U.S. Department of Education. (2025a). U.S. Department of Education continues to improve federal student loan repayment options, addresses illegal Biden administration actions. https://www.ed.gov/about/news/press-release/us-department-of-education-continues-improve-federal-student-loan-repayment-options-addresses-illegal-biden-administration-actions U.S. Department of Education. (2025b). U.S. Department of Education opens revised income-driven repayment plan and loan consolidation applications for borrowers. https://www.ed.gov/about/news/press-release/us-department-of-education-opens-revised-income-driven-repayment-plan-and-loan-consolidation-applications-borrowers U.S. Department of Education. (2026, April 15). One Big Beautiful Bill Act Updates. https://studentaid.gov/announcements-events/big-updates

Show Notes: Webpage - https://idfpr.illinois.gov/banks/digital-assets.html DACPA - https://www.ilga.gov/Legislation/ILCS/Articles?ActID=4632&ChapterID=20&Chapter=FINANCIAL%20REGULATION&MajorTopic=REGULATION DAKA - https://www.ilga.gov/Legislation/ILCS/Articles?ActID=4633&ChapterID=20&Chapter=FINANCIAL%20REGULATION&MajorTopic=REGULATION

Show Notes: Managing Risk with Insurance, Part 1: Why and How: https://on.soundcloud.com/BCC4i7GuQMcVPVerte Illinois Department of Insurance resources * Website: https://idoi.illinois.gov/ * IDOI Help Center: https://idoihelpcenter.illinois.gov/s/ * How to File a Complaint: https://idoi.illinois.gov/consumers/file-a-complaint.html The “Cover Your Assets: Protecting Your Stuff with Insurance” webinar was co-hosted by Andrea & Corbin in early March and will be posted to the University of Illinois System Student Money Management Center’s YouTube channel. Subscribe to stay informed: https://www.youtube.com/ILStudentMoney.

If income-driven repayment flexibility matters to you, don't wait until summer 2026. Any federal loans disbursed on or after July 1, 2026, lose access to IBR, ICR, and PAYE. Because consolidation can take months to process, treat April 1, 2026 as your planning deadline. FREQUENTLY ASKED QUESTIONS What is changing with income-driven repayment? The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, restructures federal student loan repayment starting July 1, 2026. Loans disbursed on or after that date are limited to a new Standard Repayment Plan or the Repayment Assistance Plan (RAP). Legacy plans — IBR, ICR, and PAYE — will not be available for those loans. Are IBR, ICR, and PAYE going away entirely? Not immediately. Borrowers with loans disbursed before July 1, 2026, who take on no new loans after that date, can still enroll in or remain on IBR, ICR, or PAYE. That said, per NASFAA's bill analysis, borrowers on ICR or PAYE must move to IBR, a standard plan, or RAP by July 1, 2028 — otherwise they are automatically placed in RAP. IBR remains available for existing borrowers on an ongoing basis. Why does consolidation matter? Borrowers with FFEL loans, Perkins loans, or mixed federal portfolios often must consolidate into a Direct Consolidation Loan to access income-driven repayment at all. Under the OBBBA, that loan must be disbursed — not just applied for — by June 30, 2026. A consolidation disbursed on or after July 1, 2026 loses access to IBR, ICR, and PAYE, even for borrowers previously enrolled in those plans. Parent PLUS borrowers have an additional requirement: a consolidation loan used to pay off a Parent PLUS loan must enter repayment under ICR before July 1, 2026 to preserve later IBR eligibility. Why April 1? April 1 is not in the law — it's a practical safety deadline. Federal Student Aid encourages borrowers who need to consolidate to apply at least three months before July 1, 2026 to ensure disbursement clears by June 30. Three months back from July 1 is April 1. What counts as "disbursed"? Disbursement means the consolidation loan has been fully processed, the underlying loans paid off, and a new Direct Consolidation Loan officially issued. Submitting an application or receiving approval does not count if the actual disbursement occurs on or after July 1, 2026. Should everyone consolidate before April 1? No — consolidation is not automatically the right move. Consider the impact on interest capitalization, existing borrower benefits, and forgiveness timelines before acting. The goal isn't "everyone consolidate." It's everyone check. Log in to StudentAid.gov, review your loan types, and determine whether action is needed before the window closes. REFERENCES NASFAA (2026, January). Federal student aid changes from the One Big Beautiful Bill Act. https://www.nasfaa.org/uploads/documents/Federal_Student_Aid_Change_OB3.pdf U.S. Department of Education, Federal Student Aid. Big updates: Changes to federal student loan repayment. https://studentaid.gov/announcements-events/big-updates U.S. Congress (2025). H.R. 1 — One Big Beautiful Bill Act (119th Congress). https://www.congress.gov/bill/119th-congress/house-bill/1/text

Consumer Education Resources Acentria Insurance. (2025, January 29). Avoiding common personal insurance coverage gaps. https://acentria.com/avoiding-common-personal-insurance-coverage-gaps/ Insurance Information Institute. (2024). Background on risk-financing. https://www.iii.org/article/background-on-risk-financing InsuResilience Global Partnership. (2023, July 21). Glossary of climate and disaster risk finance and insurance terms. https://www.insuresilience.org/knowledge/glossary/ New York Life. (2025, May 2). Personal financial risk management. https://www.newyorklife.com/articles/personal-financial-risk-management Risk Management Strategy Sources Corporate Finance Institute. (2023, May 23). Accepting risk: Overview, advantages, disadvantages, alternatives. https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/accepting-risk/ Corporate Finance Institute. (2024, July 10). Financial risk management strategies: Overview and examples. https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/financial-risk-management-strategies/ Investopedia. (2024). Accepting risk. https://www.investopedia.com/terms/a/accepting-risk.asp Investopedia. (2024). Risk management. https://www.investopedia.com/terms/r/riskmanagement.asp Research Sources and References Associated Press. (2023, July 3). Derecho storm causes widespread power outages in Springfield, Illinois. https://apnews.com/article/derecho-storm-springfield-illinois-power-outage-a489aecfd65393099fbdc5e36fd84037 Academic and Scholarly Sources Colquitt, L. L., & Hoyt, R. E. (1997). Determinants of corporate hedging behavior: Evidence from the life insurance industry. Journal of Risk and Insurance, 64(4), 649–671. Cummins, J. D., Phillips, R. D., & Smith, S. D. (1997). Corporate hedging in the insurance industry: The use of financial derivatives by U.S. insurers. Journal of Risk and Insurance, 64(4), 595–640. Mayers, D., & Smith, C. W. (1987). Corporate insurance and the underinvestment problem. Journal of Risk and Insurance, 54(1), 45–54. Outreville, J. F. (1998). The meaning of risk in economics of insurance. Journal of Risk and Insurance, 65(3), 459–474. Santomero, A. M., & Babbel, D. F. (1997). Financial risk management by insurers: An analysis of the process. Journal of Risk and Insurance, 64(2), 231–270. Other Relevant Making Cents of Money Episodes: • Ep. 62 – Get Covered, Illinois: https://blogs.uofi.uillinois.edu/view/7550/975133877 • Ep. 55 – Wealth Building as a Balancing Act: https://blogs.uofi.uillinois.edu/view/7550/1517205319 • Ep. 49 – Dealing with Emergencies: https://blogs.uofi.uillinois.edu/view/7550/1663281326 • Ep. 39 – Protecting Pets: https://blogs.uofi.uillinois.edu/view/7550/1942963443 • Ep. 29 – Tackling Insurance! (Part 2): https://blogs.uofi.uillinois.edu/view/7550/282447780 • Ep. 28 – Tackling Insurance! (Part 1): https://blogs.uofi.uillinois.edu/view/7550/2068531575 • Ep. 26 – Emergency Funds: https://blogs.uofi.uillinois.edu/view/7550/1471084251

Show Notes: "Before You Give or Take Financial Advice, Read This" [SMMC Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/862829868 FTC Disclosures 101 for Social Media Influencers: https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers Investor.gov professional verification tools: https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional Illinois Department of Financial & Professional Regulation: https://online-dfpr.micropact.com/lookup/licenselookup.aspx IRS guidance on choosing tax preparers: https://www.irs.gov/tax-professionals/choosing-a-tax-professional “Hack-Proof Your Holidays #GetSavvy Webinar Recording” [YouTube Video]: https://youtu.be/p2Leqox64cY?si=VAKsFJTuZFcCvyEF Related Episodes: Ep. 14 – Short-selling: https://blogs.uofi.uillinois.edu/view/7550/433822269 Ep. 25 – Choosing a Financial Professional: https://blogs.uofi.uillinois.edu/view/7550/518681996 Ep. 65 – Financial Planner vs AI: https://blogs.uofi.uillinois.edu/view/7550/1933077943 Ep. 76 – What is Crypto Anyway?: https://blogs.uofi.uillinois.edu/view/7550/1253298616 Ep 78 – Is Crypto the Wild West?: https://blogs.uofi.uillinois.edu/view/7550/1888916702 Ep. 99 – Financial Socialization: https://blogs.uofi.uillinois.edu/view/7550/1342187809 References: American Institute of CPAs. (2024). AICPA.org. https://www.aicpa.org/ Benson, J. (2016). Cognitive bias codex. https://upload.wikimedia.org/wikipedia/commons/6/65/Cognitive_bias_codex_en.svg Center for Advanced Hindsight. (2024). Resources. https://advanced-hindsight.com/resources/ CFA Institute. (2024). CFA Institute. https://www.cfainstitute.org/ CFP Board. (2024). Code of ethics and standards of conduct. https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct Certified Financial Planner Board of Standards. (2024). CFP.net. https://www.cfp.net/ Dictionary.com. (2021). Parasocial relationship. https://www.dictionary.com/e/tech-science/parasocial-relationship/ Federal Trade Commission. (2019). Disclosures 101 for social media influencers. https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers FINRA. (2024). FINRA.org. https://www.finra.org/ Illinois Department of Financial & Professional Regulation. (2024). License lookup. https://online-dfpr.micropact.com/lookup/licenselookup.aspx Internal Revenue Service. (2024). Choosing a tax professional. https://www.irs.gov/tax-professionals/choosing-a-tax-professional Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq. https://www.sec.gov/about/laws/iaa40.pdf Investor.gov. (2024). Check out your investment professional. https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional Klayman, J. (1995). Varieties of confirmation bias. Psychology of Learning and Motivation, 32, 385-418. https://doi.org/10.1016/S0079-7421(08)60315-1 National Association of Personal Financial Advisors. (2024). NAPFA fiduciary standard. https://www.napfa.org/fiduciary-standard Pellegrini, A. (2025). Before you give or take financial advice, read this. University of Illinois Extension Blog. https://blogs.uofi.uillinois.edu/view/7550/862829868 Securities and Exchange Commission. (2022, October 3). SEC charges Kim Kardashian for unlawfully touting crypto security [Press release]. https://www.sec.gov/newsroom/press-releases/2022-183 The Decision Lab. (2024). Cognitive biases: A list of the most relevant biases in behavioral economics. https://thedecisionlab.com/biases Yakoboski, P. J., Lusardi, A., & Sticha, A. (2024). The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). Global Financial Literacy Excellence Center (GFLEC). https://gflec.org/initiatives/personal-finance-index/

Can money really buy happiness? On this episode of Making Cents of Money, we unwrap the science behind money and joy with Donovan Sanchez who returns to discuss his primary research interest. From hedonic adaptation to pro-social spending, learn ways to boost well-being without breaking the bank. Prior Episodes Featuring Donovan Sanchez: • Ep. 33 – Establishing a Vision for Your Life • Ep. 55 – Wealth Building as a Balancing Act • Ep. 65 – Financial Planner vs AI • Ep. 80 – Building Wealth After Graduation Sources Referenced in This Episode • Brooks, A. C. (2022). From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life. Portfolio. • Chancellor, J., & Lyubomirsky, S. (2011). Happiness and thrift: When (spending) less is (hedonically) more. Journal of Consumer Psychology, 21(2), 131–138. https://doi.org/10.1016/j.jcps.2011.02.004 • Consumer Financial Protection Bureau. (2015). Financial Well-Being: The Goal of Financial Education. • Dunn, E. W., Gilbert, D. T., & Wilson, T. D. (2011). If money doesn't make you happy, then you probably aren't spending it right. Journal of Consumer Psychology, 21(2), 115–125. https://doi.org/10.1016/j.jcps.2011.02.002 • Helliwell, J. F., et al. (2024). World Happiness Report 2024. University of Oxford. • Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. PNAS, 107(38), 16489–16493. https://doi.org/10.1073/pnas.1011492107 • Killingsworth, M. A., Kahneman, D., & Mellers, B. (2023). Income and emotional well-being: A conflict resolved. PNAS, 120(10). https://doi.org/10.1073/pnas.2208661120 • Waldinger, R. (2015). What Makes a Good Life? Lessons from the Longest Study on Happiness. TED Talk.

SHOWNOTES: • American Journal of Preventive Medicine. (2025). The health and economic burden of employee burnout to U.S. employers. American Journal of Preventive Medicine, 68(4). https://www.ajpmonline.org/article/S0749-3797(25)00023-6/abstract • Breathe HR. (2024). The unused holiday & burnout epidemic. https://www.breathehr.com/en-gb/resources/holiday-burnout-report-2024 • Champion Health. (2024). Workplace health report 2024. • Deloitte. (2024, May 17). The projected costs and economic impact of mental health inequities in the United States. Deloitte Insights. https://www2.deloitte.com/us/en/insights/industry/health-care/economic-burden-mental-health-inequities.html • Eagle Hill Consulting. (2024, December 5). Nearing 2025, almost half of workers expect to leave some vacation time unused. HR Dive. https://www.hrdive.com/news/nearing-2025-almost-half-of-workers-unused-vacation-time/734609/ • Effectory. (2024, January 11). The emotional and economic costs of overlooking wellbeing in the workplace. https://www.effectory.com/knowledge/the-emotional-and-economic-costs-of-overlooking-wellbeing-in-the-workplace/ • Gallup. (2025, March 27). The economic cost of poor employee mental health. https://www.gallup.com/workplace/404174/economic-cost-poor-employee-mental-health.aspx • Illinois Department of Labor. (2024). Paid Leave for All Workers Act. https://labor.illinois.gov/laws-rules/paidleave.html • Illinois Department of Labor. (2024). Paid Leave for All Workers Act FAQ. https://labor.illinois.gov/faqs/paidleavefaq.html • Lane Report. (2024, July 24). One-third of U.S. employees' PTO, vacation days go unused. https://www.lanereport.com/175306/2024/07/one-third-of-u-s-employees-pto-vacation-days-go-unused/ • MHFA England. (2024, November 21). Key workplace mental health statistics for 2024. https://mhfaengland.org/mhfa-centre/blog/Key-workplace-mental-health-statistics-for-2024/ • National Alliance on Mental Illness. (2025, February 18). The 2024 NAMI workplace mental health poll. https://www.nami.org/support-education/publications-reports/survey-reports/the-2024-nami-workplace-mental-health-poll/ • Nekoei, A., et al. (2024). The economics of burnout. Centre for Economic Policy Research. https://cepr.org/voxeu/columns/economics-burnout • SHRM. (2024, April 12). Why mental health will be one of the biggest topics of 2024. https://www.shrm.org/topics-tools/news/benefits-compensation/mental-health-burnout-top-trend-aflac-report • Sorbet. (2024). PTO Report 2024. • Spill. (2024). 64 workplace burnout statistics you need to know for 2024. https://www.spill.chat/mental-health-statistics/workplace-burnout-statistics • The Washington Post. (2023, December 30). The mystery of the disappearing vacation day. https://www.washingtonpost.com/business/2023/02/10/disappearing-vacation-days/