Good morning. It's Thursday, Feb. 22, and we're covering budgeting money with online banking, high-yield savings accounts, 2023's impact on buyers and contractors, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: February 21, 2024. | US stocks rallied late in the day on Wednesday as investors counted down to high-stakes earnings from AI darling Nvidia (NVDA) and digested the release of Federal Reserve minutes which reiterated the central bank's focus on not cutting interest rates too soon.
The S&P 500 (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) popped about 0.1%, or almost 50 points. The tech-heavy Nasdaq Composite (^IXIC) led the way lower, down 0.3% on the heels of Tuesday's declines.
Stocks are lagging, with the focus fixed on looming results from Nvidia, whose shares fell almost 3% on Tuesday for their worst day since Oct. 17 as investors positioned for the release. |
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| | Financial Maverick Insights | | | | | How can I budget my money with online banking? | Knowledge is power, and online banking provides up-to-the-minute information about the status of our bank accounts. But does the ready access to knowledge about our financial situation make any difference to our spending habits? Does seeing monthly expenditures online help us to save for our long-term financial goals? Or is the information discarded just as quickly as a paper bank statement?
With just a little bit of effort, online banking can help with setting up a budget and sticking to one. There are many programs that allow you to export your account information (have no fear -- there are safety measures in place) for the purposes of creating a budget.
Let's talk briefly about how Mint, which is free, works: Once the site has access to your accounts, it evaluates how you spend your money and creates a budget based on this activity. You can modify the budget as you see fit, even accounting for highly personal situations, such as irregular income or sporadically spaced tuition payments.
Once you've established your budget, Mint tracks every financial transaction against it, so with just a quick glance, you'll know that you're 35 percent over your monthly clothing allowance or that you still have $50 left in your grocery budget for the month. Such accounting will keep you brutally honest with yourself, money-wise -- it will be hard to claim that you can't meet your financial goals when confronted with how much your Starbucks habit is costing you.
Do you keep intending to beef up your savings account, yet always manage to forget to make your budgeted deposit? |
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| | | | | | Are high-yield savings accounts worth it? | For those used to savings accounts that pay pennies in interest, the promises of high-yield savings accounts are tempting.
While traditional savings accounts average about 0.4% annual percentage yield (APY), some high-yield accounts offer interest rates ranging from 4% to 6% APY.
"Savers have been punished for a long time," said Erik Krom, president of Clear Creek Advisors in Denver and a certified financial planner. "Anytime you wanted money safe, you really weren't making anything. Now it's finally a time where, who knows how long but for now, you can still do that."
We asked Krom to break down the pros and cons of these accounts, which have gotten a lot of hype online in recent years as inflation drove the Federal Reserve Board to raise interest rates.
"We felt inflation come hard," Krom said. "And we're dealing with the negative impacts of that, from an expense standpoint. One of the silver linings is that we can now make some money on our safe investments."
Krom says high-yield accounts don't differ much from traditional savings accounts. They offer the same level of liquidity – meaning your money is available to you at all times – unlike bonds and certificates of deposit, which can tie up cash for a short period in order to get the return. |
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| Real Estate News |  | 11 Real Estate Investment Tips to Boost Your Portfolio (2024) | Avail | Discover valuable real estate investment tips and strategies that can help you maximize your returns. Manage your rentals with Avail. |
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|  | The $1-million real estate question |
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|  | Housing market shift: 2023's impact on buyers and contractors | In 2023, apartment sales plummeted by 35%, with a quarter sold under government subsidies. The remaining new apartment inventory surpassed the total 2023 sales. |
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| | Personal Finance Tips |  | 7 personal loan lenders that'll get you funded in as little as 1 business day | CNBC Select rounded up some personal loan lenders that offer expedient funding so you can cover large expenses in a pinch. |
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|  | How to Invest Money in 2024 - NerdWallet | Knowing how to invest money starts with five simple steps. Learn how to set goals, pick an investing account, choose investments and start investing. |
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|  | Business Loan Requirements: What You Need to Qualify | Business loan requirements: 1. Personal and business credit scores; 2. Annual revenue; 3. Years in business; 4. Business industry and size. |
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| | Alternative Investing |  | Bitcoin Order Books Are Most Liquid Since October as Market Depth Nears $540M | Order book liquidity indicates how easy it is to buy and sell large quantities at stable prices. |
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|  | Will Elon Musk Use Crypto on X Payment Service? | Tech billionaire and Dogecoin enthusiast has toyed with idea of integrating crypto into X platform; recently he rolled back, but what if this is yet another buzz move? |
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|  | Inflation Is Falling, But So Is My Paycheck: How Should I Invest? | Many Americans have felt the squeeze of inflation over the past few years, and many workers' paychecks have not kept up. |
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