Good afternoon. It's Tuesday, April. 9 and we're covering people you should never take money advice from, choosing the best CD for your money, these 5 people-first strategies to fuel growth, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: April 8, 2024. | US stocks closed mixed after a bouncy (and uneventful) trading session on Tuesday. The moves come as investors bide their time until a key inflation report lands and potentially sheds light on the path of interest rates.
The Dow Jones Industrial Average (^DJI) hugged the flatline while the tech-heavy Nasdaq Composite (^IXIC) edged up about 0.3%. The benchmark S&P 500 (^GSPC) climbed more than 0.1%.
Stocks have become marooned ahead of the release of the Consumer Price Index on Wednesday, seen as a pivotal point for a market facing a slower next leg higher after a strong first quarter. |
| |
| | |
| | Financial Maverick Insights | | | | | People You Should Never Take Money Advice From | In an era where anyone can be anything, it can be hard to find the actual experts — and the people with your best interests in mind. If you're seeking money advice, it's important to be careful and choose your inner counsel wisely. Otherwise, you might end up getting advice from people who are well-meaning but don't actually know what they're talking about.
In some cases, you could get advice from people who have an agenda of their own.
Family
Many people turn to their family members first for advice, whether it's financial or otherwise. But even if your family means well, they might not always be the most qualified people to give that advice. Family may have your best interests in mind, know you well, and want you to build wealth like no other. But that doesn't mean your parents or grandparents or that 'uncle in finance' knows your full picture, knows the new ways to grow wealth, or isn't set in their ways based on how they did it.
Friends
Of course, not everyone turns to family members for money advice. But friends are a definite close second. Talking about money plans with friends can be cool, but their ideas won't always match your goals.
Anyone Else Who's Biased
You should never take financial advice from someone who has a biased view. Just because someone is an expert or a certified financial advisor doesn't mean that they are looking out for your best interest. What are they gaining for telling you to buy a certain mutual fund? What are they gaining by telling you that you really need a life insurance policy? Are they getting paid on the back end of that? While you can still take advice from professionals, it's best to educate yourself so that you can make decisions that truly work for you.
Salespeople
Salespeople, especially life insurance people pretending to be financial planners, should also be avoided when it comes to financial advice. There is an entire industry of individuals who specialize in life insurance and use financial planning to create high commission life insurance sales. Life insurance is a critical piece of a financial plan, but it is important to understand the role of insurance in your family's plan, the types of insurance and the pros and cons of the various types of insurance.
Social Media Gurus
If you've been on social media, you've probably come across self-proclaimed experts offering financial advice. Unfortunately, many of these individuals are either not experts or are promoting the latest trends — without necessarily knowing if they're right or good for their audience. "Everyone's got an opinion online. But random trends and memes (remember GameStop?) aren't a good way to make smart money decisions |
| |
| | |
| | | | | | 6 top tips for choosing the best CD for your money | If you're saving money, the beginning of 2024 has been good to you: The Federal Reserve hasn't cut rates yet. However, that's not going to last forever. Experts believe the Fed will cut rates three times throughout the rest of the year. If you're thinking about opening a CD, it's time to act now to lock in the best rate possible before CD rates begin to fall.
CDs are one of the lowest-risk places to park your cash. Here's a rundown of some of the reasons why opening one can be a good fit for your financial goals:
Guaranteed return: Rates on standard CDs are fixed. Unlike the stock market, which fluctuates, CDs offer a reliable return. This makes planning and budgeting easy since you'll know exactly how much you'll make and when you can withdraw the funds.
Better earning potential vs. other savings accounts: CDs may pay more than other deposit accounts, such as savings and money market accounts.
Keep spending in check: CDs have early withdrawal penalties, which can act as a helpful way to reduce your temptation to spend. Because you won't want to forfeit your interest earnings, you'll think twice before trying to withdraw the money.
Tips for choosing the best CD
Decide the right term length: CDs typically require that you invest your money for a specific amount of time, called a term. During the term, you agree not to withdraw the money. CD terms can range from as brief as a month to as long as five years. Determine when you need that money to choose a CD with the right term.
Shop for the best rates: With any investment product, the aim is to grow your money as much as possible. National averages for CD rates are low compared with what you can find by shopping around. Online banks often pay better rates because they do not have the overhead of maintaining branches that traditional brick-and-mortar banks have.
Choose the right type of CD
CDs come in many varieties, so you'll want to compare a range of options before locking up your money. For example, a no-penalty CD, sometimes called a liquid CD, lets you skip worrying about the fourth step in this checklist. This option will not penalize you for withdrawing your money before the term ends. If you think you might need the money before the CD matures, or you want the option to withdraw it penalty-free to pursue a better investment, a no-penalty CD can be a good choice. The trade-off is the APY probably will be lower than it is on a traditional CD. |
| |
| | |
| Real Estate News |  | Dave Ramsey predicts what's in store for the housing market again after saying he got it right 2 years ago | "I freaking know what I'm talking about." |
|
|
|  | Focus on these 5 people-first strategies to fuel growth | Forget high-tech tools and complex formulas for success. Building a satisfying real estate career comes down to these five people-centered steps. |
|
|
|  | Real estate industry navigating changes to how agents get paid commission | A change in the way real estate agents get paid commission sparked questions and debates about the process of purchasing a home and who ultimately benefits. |
|
|
| | Personal Finance Tips |  | Top five tips from financial expert to 'reboot' finances before tax year end | Brian Byrnes has urged Brits to review their 2024 financial goals - and make sure they are using the best accounts to protect their savings from the tax man. |
|
|
|  | How to Get Out of Credit Card Debt: A 5-Step Guide - NerdWallet | How to get out of credit card debt: 1. Find a payment strategy. 2. Look into debt consolidation. 3. Talk with your creditors. 4. Look into debt relief. 5. Lower your living expenses. |
|
|
|  | Money dysmorphia explained by financial advisor, plus tips for taking control of a new budget | ABC News chief business affairs correspondent Rebecca Jarvis explains the term financial advisors use for people with a distorted view of money. |
|
|
| | Alternative Investing |  | Why young engineers should choose Fortune 500 companies over big tech | I advise young engineers today to work for Fortune 500 companies, not Big Tech. |
|
|
|  | Trudeau announces $2.4 billion for AI-related investments | Spending commitment unveiled Sunday latest in string of pre-budget announcements. |
|
|
|  | Bitcoin retreats below $70,000, and Binance's new CEO discusses company culture | CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. |
|
|
|
|
| | Do you think AI-related investments are worth the budget? | | | 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. | |
|
No comments:
Post a Comment