Good morning. It's Tuesday, Dec. 26, and we're covering three millionaire priorities, budgeting for 2024, NYC real estate pros, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: December 24, 2023. | These Stock Market Sectors Dominated in 2023. Is There More Room to Run in 2024?
On the surface, 2023 has been a banner year for the stock market, with the S&P 500 up 20.4% year to date and the Nasdaq Composite up 37.9% year to date. But dig deeper, and you'll realize that the gains almost entirely come from a knockout performance from three massive sectors: technology, communications, and consumer discretionary.
The Technology Select Sector SPDR Fund (XLK 0.13%), The Communication Services Select Sector SPDR Fund (XLC 0.01%), and the Consumer Discretionary Select Sector SPDR Fund (XLY -0.74%)are three exchange-traded funds (ETFs) that do an excellent job mirroring the performance of their respective sectors. |
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| | Financial Maverick Insights | | | | | Millionaires Have These 3 Financial Priorities. You Should Have Them, Too |
For some people, attaining wealth is a matter of luck. But for many, it's a matter of hard work and patience.
A lot of people with wealth don't get to that point overnight. Rather, they work hard and save well for many years until they reach a solid place.
But it's not just that wealthy people push hard to get to where they are. It also takes an effort to retain and build on wealth.
With that in mind, Ameriprise surveyed a group of people with $1 million or more in investable assets to understand how they built their savings and what their goals are. And it found that these are millionaires' top three priorities.
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| | | | | | Budgeting for 2024? Set aside extra money for car insurance | If you've set a New Year's resolution to save money in 2024, you might want to take a closer look at your car insurance policy.
Monthly rate data from Quadrant Information Services shows that average car insurance premiums increased substantially throughout 2023, but certain months, states and carriers saw bigger increases than others.
Our forecast for 2024 indicates a high likelihood for rate increases for most Americans, but some may need to budget more than others in the new year.
Is car insurance going up in 2024?
We cannot peer into a crystal ball to predict how auto insurance rates will fluctuate next year. However, if the 2023 data is any indicator, rates are on the rise. In January 2023, the national average cost of a full coverage car insurance policy was $2,014 per year. Minimum coverage averaged $622 per year.
By December 2023, the average full coverage rate rose by 19 percent to $2,395 per year. The average annual minimum coverage rate also increased by 19 percent from January to December, growing from $622 to $738. |
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| Real Estate News |  | Why millionaires say it's better to own a shack than rent a mansion | The allure of a grand, palatial mansion often symbolizes accomplishment and prosperity in society's eyes. Yet, the paradoxical guidance from the affluent |
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|  | What NYC Real Estate Pros Think of Interest Rate Cuts in 2024 | Brokerages, mortgage lenders and economists weigh in on the Federal Reserve's decision to freeze interest rates now, and likely cut them in 2024. |
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|  | 5 steps to succeed as a real estate agent in a down market | To make it in today's tough market, embrace these elements: visibility, systems, consistency, education and prospecting. |
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|  | One South Realty Group: A brokerage with 15 years of success takes a big step | At first glance, it might have looked like Tom Rosman and married couple Rick and Sarah Jarvis picked an inauspicious time to launch a real estate company. The year was |
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| | Personal Finance Tips |  | 15 Money Truths Your Successful Friends Won't Tell You | Are you tired of working the same job you've sworn to quit countless times? You might be stuck in a rut -- and your more successful friends have noticed. You might envy their Saturday morning hikes... |
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|  | 8 budget-friendly tech gifts to celebrate Christmas 2023 | Christmas is here. If you are looking forward to gifting your friends and family, here are some incredible tech gift ideas. |
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|  | This side hustle is helping small businesses across the US make extra cash to beat inflation | Inflation is hurting small businesses across the country and business owners are finding creative ways to make additional revenue to offset their losses. |
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|  | 7 tips to save money on your holiday shopping from a financial planner | Instead of buying individual gifts for a couple, consider buying a gift for both of them that will give them a shared experience. |
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| | Alternative Investing |  | The Biggest Of The Big: AI Startups Raised Huge — These Were The Largest Deals Of 2023 | Artificial intelligence was big in 2023 — and that could be the understatement of the year. |
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|  | Billionaire Tim Draper Reveals BTC Forecast, Says Mass Consolidation of Crypto Tech Coming to Bitcoin | Billionaire Tim Draper is updating his outlook on Bitcoin (BTC), saying that the mass consolidation of crypto tech is coming to the flagship digital asset. |
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|  | Will payment options on X include crypto? Elon Musk tells Cathie Wood: 'I don't spend a lot of time thinking about cryptocurrency' | In a conversation with ARK CEO Cathie Wood on X (formerly Twitter), Musk suggested crypto is won't be a key integration for his businesses. |
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