Good morning. It's Thursday, March. 21 and we're covering how public libraries could be saving you money, why women save less money than men, craziness in the US housing market, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: March 20, 2024. | US stock indexes hit record highs on Wednesday after the Federal Reserve held interest rates unchanged and stuck to its projection of three rate cuts this year. The S&P 500 (^GSPC) rose 0.8%, finishing at 5,224.62, its first-ever close above 5,200. Meanwhile, the Dow Jones Industrial Average (^DJI) popped about 1% to close at a record of 39,512.
The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising more than 1% to close at a record level of 16,369. All three of the major averages rallied from small declines before the Fed decision.
Along with its policy announcement, the Fed released updated economic forecasts in its Summary of Economic Projections (SEP), including its "dot plot," which maps out policymakers' expectations for where interest rates could be headed in the future.
Fed officials see the fed funds rate falling to 4.6% by the end of 2024. That suggests the Fed will cut rates by 0.75% this year. Notably, this falls in line with market pricing from investors entering Wednesday. |
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| | Financial Maverick Insights | | | | | Bookworm shares how much public libraries could be saving you money | Bookworm shares Alyssa shared her receipt after a trip to the library, which revealed her savings for the day, the month, and the overall total. At the time of the video, her library card had saved her a grand total of $135.
In the caption, she jokes that if you aren't a slow reader like her, you could save a lot more money than she had. One survey described by the New York Post reported that the average person reads eight books a month (although commenters on the article thought this number was high).
How it's helping
It's obvious, but in addition to saving people cash, libraries make it possible for a single book to be enjoyed hundreds of times by different people. It's a tried and true system that's extremely beneficial, considering people rarely read the same book twice (and can always take a book out from the library more than once anyway).
Libraries are a perfect example of reduce, reuse, recycle. Borrowing books reduces the amount of trees being cut down by reusing books that have already been made. Simply owning and using a library card lessens your landfill contribution.
The Environmental Protection Agency reports that global paper use has increased by 400% in the last 40 years. The pulp and paper industry ranks fifth in energy consumption, with an alarming 4% of the world's energy use.
According to the World Wildlife Association, the paper and pulp industry is responsible for 33-40% of all industrial wood traded globally. The United States is the second-largest paper producer and consumer company in the world.
When a book is created, the production process produces, on average, over 16 pounds of harmful carbon pollution that directly contributes to our warming planet, according to The Eco Guide. Going to the library can help to reduce those effects. |
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| | | | | | Dave Ramsey has a blunt word of warning on a key money mistake | Many people aspire to do what they love for a living. But turning that goal into reality involves some complex decision making. Dave Ramsey, the bestselling personal finance author and radio host, has some strong advice about how to achieve success. Importantly, he suggests caution for people planning ways to follow their dreams.
Many people aspire to do what they love for a living. But turning that goal into reality involves some complex decision making. Dave Ramsey, the bestselling personal finance author and radio host, has some strong advice about how to achieve success. Importantly, he suggests caution for people planning ways to follow their dreams.
One woman seeking Ramsey's advice recently asked him about a decision she and her husband had been discussing.
"My husband is a good, hard-working man, who has been stuck in a job he really doesn't like for almost 10 years," wrote Renee, according to an email sent from Ramsey Solutions to TheStreet. "He came to me the other day with an idea to cash out his 401(k) and using the money to open a business," she explained. "He has always loved the idea of going into business for himself, and I want him to be happy, but I'm not sure this is a good idea. Do you have any advice?" Ramsey took no time addressing her concern. "Yes, I do have some advice," Ramsey answered. "And it can be summed up in one word: Don't."
"I admire your husband's spirit, but the way he wants to approach this turns the entire situation into a trap," Ramsey wrote. "Think about it. If his business idea doesn't work out, you guys have lost your retirement savings, and bankruptcy becomes a very real possibility." "Diving head-first into opening a new business just because you're bored with your current situation, or tired of answering to others, is not a good idea," he continued.
Dave Ramsey respects the desire for financial independence
Ramsey expressed a sense of understanding about how people want to take control of their financial lives. "Look, I get it," he wrote. "Lots of folks have an entrepreneurial spirit. And everyone I know like that wants to live their dream. The problem is these dreams can turn into nightmares, for the entrepreneur and everyone around them, if they don't plan wisely and very carefully ahead of time." |
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| Real Estate News |  | Charting a Course in Coastal Real Estate: Jenna Kazmierczak's Journey to Success | Jenna's diverse background, including filming high-end weddings and managing global advertising for a motocross brand, equipped her with skills... |
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|  | Craziness in the US housing market: Everything is changing and this is how it will affect you | The US housing market has recently been grabbing all media attention as everything will change for realtors and most likely overall American citizens. The era |
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|  | Real estate agent accidentally burns down multimillion-dollar property ahead of open house | Real estate agent Julie Bundock accidentally burned a multi-million dollar property to the ground while preparing for an open house, with her employer ordered to pay more than $555,161 in damages. |
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| | Personal Finance Tips |  | The most important step to take with your money if you're worried about layoffs, from a personal finance expert | Being laid off from your job can be a stressful experience and disrupt your financial stability. How to prepare ahead of time. |
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|  | I tested the best Mint alternatives, and this is my new favorite money app | With Mint shutting down, I needed a new budgeting program for tracking my finances. The app I found - and have been using for four months now - is better than Mint ever was. |
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|  | 'Spring cleaning' for your finances: 12 money moves to make right now | Spring cleaning can mean tidying up your wallet or pocketbook, as well as your closet. |
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| | Alternative Investing |  | Elon Musk's Neuralink shows brain-chip patient playing online chess | Noland Arbaugh, paralyzed after diving accident, received implant in January but experts caution that procedure is in early days |
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|  | The Bitcoin 'halving' will change crypto—again. Here's everything you need to know | Every four years, Bitcoin undergoes a "halving," which cuts the daily supply of newly minted coins by 50%—an event that's historically caused prices to soar. |
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|  | The best investment opportunities in AI for health care right now | When venture capitalist Deena Shakir invests in health care startups that utilize artificial intelligence, she looks for opportunities to inject a digital solution that will make care more efficient, effective, and equitable. |
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| | Do you believe investment opportunities in AI for health care is a positive thing? | | | Reach Over 100,000 Financial Mavericks | Advertise with Financial Maverick to get your brand in front of the Financial Gurus in the world. The Mavericks are high-income and highly knowledge people who are always looking for an interesting product or tool. | | | Share Financial Maverick | Calling all Financial Mavericks! To help out a family and friend in need by sharing this newsletter. Tell you what if you ever wanted to be a Hero, Financial Guru, or a Nice Person this is your time! | | | DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. | |
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