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- 🌮 Finance News: March 13, 2024
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Happy Wednesday!🖐🏽
Feeling the Wednesday slump? Don't worry, I’ve got the antidote! Today’s newsletter is packed with hacks and strategies to get your finances sizzling. Let's turn "hump day" into "happy money day"!
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🌮 Hot off the Press
These 5 things happened while you were busy…
1. Maximize Your Paycheck: Tax-Saving Strategies Using Work Benefits
The author highlights the growing importance of workplace financial benefits. It emphasizes how these benefits extend beyond just salary, providing tools and resources to improve employees' overall financial well-being. While employers don't directly offer tax advice, they can equip employees with resources to make informed financial decisions that indirectly affect taxes. Read more here.
2. Forget Picking Stocks: This Economist Says This is the Real Way to Win in the Market
Dr. Burton Malkiel, an economist, argues that investing in ETFs (Exchange Traded Funds) is generally preferable to picking individual stocks, except for those with exceptional stock-picking abilities like Warren Buffett. It highlights the difficulty of consistently outperforming the market through individual stock selection. Even Warren Buffett, known for his successful stock choices, has underperformed the market in recent years. Read more here.
3. Good News! Retirement Dreams Within Reach for Most Americans (Reports)
A recent report by Vanguard shows a positive trend in retirement savings. More Americans are contributing to their 401(k) plans, with 43% increasing their contribution rate in 2023. This is likely due to features like automatic enrollment and annual increases in contribution rates offered by employers. Furthermore, a Fidelity study indicates a high level of optimism among Americans, with 75% expressing confidence in achieving their desired retirement lifestyle. Read more here.
4. How Much You REALLY Need Saved for Emergencies (CFP Reveals!)
Despite the recommendation of 3-6 months of living expenses as emergency savings, many Americans struggle to save due to rising costs. The key takeaway is to prioritize building any emergency fund, however small. Starting with achievable amounts like $50-$100 a month and gradually increasing it towards one month's worth of living expenses is a practical approach. Read more here.
5. The 10-Hour Workweek Challenge: Explore My 8 Income Ideas (Ranked for Difficulty and Earning)
The article details the author's journey towards replacing their full-time tech job with multiple income streams. Their primary motivation was to gain time freedom and pursue ventures that could generate income passively or remotely. It highlights the benefit of having diverse income sources, aligning with their preference for exploration and trying new things. Read more here.
👀 Level Up
Read: TikTok is expanding its Effect Creator Rewards monetization program to more regions and lowering its payout threshold.
Watch: Dave Ramsey discusses the 7 steps that can make you a millionaire in 12 years. It starts with accumulating wealth over time.
Take Action: Learn how to unlock your net worth by creating a financial plan that helps you track your monetary goals. No matter where your finances stand, it boils down to how you want your future to look like.
Get inspired: Building a secure financial future requires dedication, knowledge, and a healthy dose of motivation. Read this curated list of top 30 money quotes to spark your inspiration.
🧠 Adulting: It's Not Always Easy
High debt is causing more consumers to live paycheck-to-paycheck. A significant portion of Americans, roughly 60%, struggle to make ends meet each month due to high debt, with many pointing to credit cards and auto loans as the culprits. Those struggling to cover monthly expenses carry credit card debt exceeding their savings by a significant margin. This further highlights the financial pressure faced by many Americans.
🤣 Meme Stash
Well, at least it’s closer to Friday. Ha!
Like a Boss!
Did you learn something new today? |
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