Good morning. It's Tuesday, Feb. 27, and we're covering financial advisors' advice for millennials, ways to save money on groceries, real estate powerhouses, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: February 26, 2024. | The S&P 500 slipped on Monday as the broad market index retreated from its record notched last Friday and investors awaited key inflation data.
The S&P 500 fell 0.38% to 5,069.53. The Nasdaq Composite declined 0.13% to close at 15,976.25. The Dow Jones Industrial Average slipped 62.30 points, or 0.16% to close at 39,069.23.
Amazon joined the 30-stock Dow on Monday, replacing Walgreens Boots Alliance. The Dow's holdings are weighted according to stock price, not market cap. The addition of the e-commerce giant will increase the index's exposure to tech and consumer retail. Amazon shares inched lower by 0.15%. |
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| | Financial Maverick Insights | | | | | Financial Advisors' Advice for Millennials | Many millennials, born between 1981 and 1996, entered the workforce right on the cusp of the Great Recession. The unsteady first working years, the high average student loan balances, and the disappearance of defined benefit plans (or pensions) mean millennials have been fighting an uphill battle most of their working lives.
Still, many financial advisors are impressed with millennials and how they have prioritized their finances, and for good reason. The digital-native generation is also tech-savvy when it comes to figuring out the best ways to save for their futures.
But even the most dedicated saver can use expert advice on how to juggle competing financial priorities. We asked top financial advisors for their insight for millennials who want to get the most out of their money.
First: What Millennials Are Getting Right
It's not avocado toast and craft coffees making planning for their financial future hard for millennials. Millennials earn 20% less than baby boomers earned at the same age. Arguably, millennials have gotten the fuzzy end of the lollipop regarding their financial health.
Emergency Savings are Very Important
All the financial advisors interviewed in this article agreed that having emergency savings is the foundation of a sound financial plan. Life happens, and Joy emphasizes that the security of an emergency savings account can help millennials stick to their goals.
Set Clear Priorities
Millennials who are most successful in planning their financial futures have clear priorities, say financial advisors. |
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| | | | | | Ways To Save Money On Groceries | Inflation has cooled slightly so far in 2023 yet it still remains uncomfortably high as Americans continue to grapple with elevated prices of essentials such as groceries.
In fact, the price of food eaten at home rose 11.3 percent over the past 12 months, according to Consumer Price Index data released in February 2023. Categories that saw some of the largest increases included cereals and bakery products, which rose 15.6 percent, and dairy products, which rose 14 percent.
With prices soaring on everything from meat and produce to canned goods and frozen foods, it can feel impossible to keep your grocery budget under control. However, you'll find you can spend less with a bit of planning and creativity.
Make a meal plan
Planning your meals for the week helps keep you from buying food items that you don't necessarily need. You can avoid waste and overspending by going to the grocery store with a list based on what you intend to cook for the week. This requires that you decide in advance what meals and snacks you'll eat during the week, but having a list and sticking to it can help you avoid impulse purchases.
Shop alone if you can
Impulse buying can be one of the costliest habits at the grocery store. Shopping with children or a partner may increase the likelihood you'll buy something on a whim.
Shop during the quietest days of the week
Crowds can have a negative impact on your grocery budget. When you're in a busy store, it can be more difficult to take a good look at the selection and find particular brands or sizes that are most cost effective.
Swap expensive cuts of meat for cheaper options
Depending on where you shop, ground turkey or even ground chicken might come at a lower price point than ground beef. Consider swapping your meat choice for one of the lower-cost options. |
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