This Week’s Money Map:

• ✈️ Fear of flying?: Putting safety into perspective

• ⌚ Trading a workday for dinner: Let’s talk time vs. money

• 💪 The perfect time to buy life insurance: Hint — it’s probably right now

• 💸 Trump tax cuts simplified: An easy guide to the TCJA

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✈️ Fear of flying? How to think about safety in the sky vs. on the road

Last week I woke up to the news of the American Airlines flight 5342 crash near Washington, D.C., and it freaked me out. I can’t imagine how I would feel to be the parent of any of the children on that plane. My heart hurts for them and everyone who lost a loved one in that fatal collision with a Black Hawk helicopter.

This event begs the age-old question: should we be afraid of flying? It’s natural to feel anxious about flying, especially when the news almost always reports a plane accident. However, statistics show that flying commercial airlines is much safer than driving. Deaths per passenger-mile on commercial airlines is approximately 0.2 deaths per 10 billion miles flown, while it’s 150 per 10 billion miles driven for cars. 

Airline safety everywhere has continued to improve. In the 1970s, there was 1 death for every 350,000 commercial passengers globally. Today, there’s roughly 1 death for every 8,000,000 passengers globally. Learn more in this episode of the Freakonomics podcast that compares air and car travel. 

Why is air travel safer? 

• Commercial airlines adhere to rigorous safety protocols, including exhaustive pilot training, advanced technology and aircraft maintenance schedules. 

• In the event of any mechanical irregularity, modern planes have sophisticated warning systems, and pilots follow well-established emergency procedures designed to maintain control.  

• Although there are thousands of planes in the air at the same time, the density of planes in airspace is much less than the density of cars on the road.

Although every accident is tragic and can shake our confidence, it’s helpful to remember that per mile traveled, air travel stands out as the safest mode of transportation. So if you’re debating between driving or flying 1,000 miles, the data strongly suggests that you are safer in the sky.

⌚ Trading a workday for dinner? Let’s talk time vs. money

Would you enjoy that fancy dinner as much if you realized that the bill was equivalent to an entire workday? If your answer is yes, then by all means treat yourself! But if your answer is no…

The real cost of that meal
When you think of spending in terms of hours worked, it may just change how you view those Thursday-night restaurant habits. In the book Your Money or Your Life, authors Vicki Robin and Joe Dominguez spotlight an incredible truth: every purchase equals working hours. Let’s break it down.

Say you earn $80,000 a year. After taxes (about 25%), you’re left with $60,000. Divide that by your actual working hours — 2,000 on the job plus 250 commuting — and your “real” hourly wage is $26.67.

Now apply that math to your lifestyle. A $200 dinner? That’s about 7.5 hours of your life — an entire workday. Ask yourself: is that meal worth a day’s effort, or would you rather spend on something more meaningful to you?

Reclaim your time
The average 30-something living in a big city eats out three times a week, which can easily add up to $480 per month — or 18 hours of work. Scaling back just one outing per week could save you around $160 monthly. But what to do with that money instead of just “investing” it?

1. Buy back your time: Use those savings to outsource chores you dislike, like cleaning or meal prepping. You’ll free up hours to spend with loved ones or on hobbies that energize you.
2. Fund experiences that truly matter: Instead of routine dinners out, save for a vacation, a cooking class or a concert that feels like a real reward.
3. Build an emergency fund: Give yourself financial breathing room, which can translate into less stress and more options in the future.

Take control of your hours
Your money buys more than meals — it buys freedom. Start spending with intention and reclaim your time.

💪 The perfect time to buy life insurance (is probably right now!)

Life insurance. It’s one of those things many of us put off, telling ourselves, “I’m young-ish, healthy and juggling enough bills as it is — do I really need this right now?” Well, I hate to tell you, but waiting might cost you. And not just a little — this is one decision your future self (and family) will thank you for.

Why timing matters
Buying life insurance is cheaper the healthier and younger you are when you start. Wait too long, and your age alone can double or even triple your premium. Take these estimates based on prices for a 20-year term policy as of January 2025 (your actual rates will depend on your personal circumstances):

• At age 30, a healthy person pays about $25 per month for $250,000 coverage.

• At age 40, the same coverage jumps to $50 per month.

• At age 50, hold onto your wallet — it skyrockets to $130 per month.

When should you stop procrastinating?

• You just got married. Your spouse probably doesn't want to inherit your credit card debt along with your sequined bomber jacket collection.

• You just bought a house. Your mortgage doesn't magically disappear when you die.

• You just had a kid. Fun fact: raising a child costs about $310,000 today (not including those impulse purchases at Target).

• You’re supporting parents or siblings. They're counting on your income for their livelihood.

Action you can actually take today
Calculate how much life insurance you need. Start by multiplying your annual income by 10. Add any major debts (mortgage, loans, credit card debt), then add $310,000 per kid for future expenses, and that's your target coverage amount. Bam!

The procrastinator's price tag
Every year you wait costs you about $8 to $10 more per month in premiums. That's an extra $100+ annually for hitting the snooze button on this decision. Think about it — waiting is literally costing you.

Want to turn this financial adulting moment into a money-saving win? Jump into MoneyGeek's life insurance quotes and buying guide right now. We have everything broken down, plus tools to help you find the best rates without feeling like you need an economics degree. 

💸 Trump tax cuts simplified: Your easy guide to understanding the TCJA

Politics aside, let’s simplify the Tax Cuts and Jobs Act (TCJA) so you can understand how it impacts your earnings. The act was signed into law in 2017 in Donald Trump’s first term as president. We’ve heard mixed messages on how President Trump’s tax policies benefit low- and middle-income earners — I’ll let you decide for yourself by explaining the changes. For the sake of simplicity we’re excluding corporate and estate tax impacts, but these were significant.   

Here’s how the tax changes have impacted you as an individual tax payer in recent years:

1. Tax rate deductions
Specifics: The highest bracket dropped from 39.6% to 37%, and most lower-level and mid-level brackets dropped by about 3%
What it means: Most people pay less in federal income tax because more of their income is taxed at these reduced rates.

2. Standard deduction increase
Specifics: In 2017, the standard tax deduction was about $6,350 (filing single) and $12,700 (filing jointly). Starting in 2018, it rose to $12,000 and $24,000.
What it means: If you don’t itemize (i.e., list out deductions like mortgage interest or charitable donations), you likely saw a bigger deduction, which generally lowers your taxable income and can reduce your overall tax bill.

3. Personal exemption elimination
Specifics: Before 2018, taxpayers could claim $4,050 (in 2017) for each family member. Now, that amount is $0.
What it means: Families who used to benefit from multiple personal exemptions lost that deduction. However, many saw some relief through a bigger standard deduction (above) or an increased Child Tax Credit (covered below).

4. Child Tax Credit expansion
Specifics: The credit went from $1,000 to $2,000 per qualifying child. Phase-out thresholds also rose to $200,000 (filing single) or $400,000 (married filing jointly).
What it means: Families with children generally get a bigger tax break, helping offset the loss of personal exemptions.

5. SALT deduction cap
Specifics: Before 2018, there was no specific dollar limit on SALT deductions; now these are capped at $10,000 total.
What it means: If you live in a high-tax state and pay a lot in property or state income taxes, you may lose out on deductions above $10,000, which can increase your federal tax bill.

6. Pass-through small business deduction
Specifics: Individuals with small businesses could see a reduction in taxable income by up to 20% depending on income levels. This was an effort to mirror similar tax cuts for corporations.   
What it means: Small business owners can often pay tax on only 80% of their qualifying business income up to $230K or $460K (filing jointly). 

Why does this matter now? These tax changes are in effect, but many of the changes expire this year, which could mean tax increases for many unless extended. Trump has suggested these tax cuts will be extended, but there is debate among Republicans on the magnitude of some deductions.

To protect yourself from a higher tax bill this year, start by reviewing your paycheck, understanding your deductions, and saving any extra money you’re getting from current tax breaks. Simple actions like adjusting your withholding, maximizing savings opportunities and consulting a tax professional can help you stay ahead of the game.

Smart Cents gives you actionable tips and mindset shifts to help you reach your financial happy place. Thanks for being a part of our community.

The MoneyGeek Team

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