Good morning. It's Saturday, April. 6 and we're covering the biggest financial hurdles young people face, financial tips for founding an organization, 5 states with the highest foreclosure rates, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: April 5, 2024. | Stocks rebounded Friday following the Dow Jones Industrial Average 's worst session in more than a year as traders cheered a stronger-than-expected jobs report and looked past a jump in rates. The 30-stock Dow climbed 307.06 points, or 0.8%, to settle at 38,904.04. The S&P 500 gained 1.11% to end the day at 5,204.34. The tech-heavy Nasdaq Composite advanced 1.24%, closing at 16,248.52.
Despite the bounce, all three indexes posted a losing week. The Dow slid 2.27%, posting its worst weekly performance in 2024. The S&P 500 declined 0.95% during the period, while the Nasdaq lost 0.8%.
On Friday, Treasury yields jumped following the Labor Department's report showing that job growth totaled 303,000 in March. Nonfarm payrolls were expected to increase by 200,000, according to Dow Jones estimates. Wages rose 0.3% for the month and 4.1% from a year ago, both in line with estimates. |
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| | Financial Maverick Insights | | | | | The Biggest Financial Hurdles Young People Face | You've probably relied on your parents to manage your financial matters for years, and you may not know more than a few basic things about personal finance. After graduating from college, you're suddenly responsible for all kinds of important financial decisions. Learning to manage your money is about overcoming four big hurdles. But just because these tasks may be challenging doesn't mean you can't take them on.
Financial Illiteracy
"The crying need for more financial literacy in Gen Yers cannot be overstated," says consumer finance expert Kevin Gallegos, senior vice president of New Client Enrollment & Phoenix Operations for Achieve. "The good news is that managing finances is not an innate skill, but something that is learned like math, reading, and writing."
Repaying Student Loans
In an age where an undergraduate degree no longer seems to be good enough in many fields, student loans are among the biggest challenges many young people face. "There's so much pressure to go to a good school and compete for limited jobs that a lot of students are taking out expensive loans to finance an education that won't pay for itself no matter how good a job they land after graduation," says attorney Shane Fischer of Winter Park, Florida. "If I knew then what I know now, I wouldn't have gone to an expensive private school and would have opted for the less prestigious public school."
Learning to Invest and Take Risks
The economy's performance during the Great Recession had a major impact on many Gen Yers who could not find jobs or who watched their parents' investment returns disappear. "Unfortunately, the economic downturn has caused many young adults to fear investing in the stock market," says Rachel Cruze, a professional personal finance speaker and daughter of financial expert Dave Ramsey. "But you have to think long-term when investing in the stock market. The past few years have been rough, but over time the stock market has made money."
Overcoming Pressure to Follow a Worn-Out Path
"One of the biggest hurdles is overcoming societal pressures," says Matthew B. Brock, CFP, senior partner and owner of Divergent Planning in Bethesda, Maryland. Brock says Generation Y is constantly being told that there is a right way to plan financially. "Young adults no longer want to keep up with the Joneses, because the Joneses lost their jobs, lost their house, and may never retire," Brock says, adding that Gen Yers' choices reflect their preference for freedom and experience over property ownership. "Most young adults are waiting longer to get married, waiting longer to move to the suburbs, and waiting longer to have kids," says Brock. |
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| | | | | | Financial Tips For Founding An Organization | Strong financial management is crucial to the success of any organization. Leaders looking to launch their own corporation or nonprofit, therefore, need to prepare themselves with a solid understanding of financial planning and processes.
Prioritize Effective Resource Allocation
Resources are finite. Allocation and utilization require planning. Establish goals and frame them within an input-output objective to include a ROI framework. This will establish a common language across your team. Be transparent. Incorporate these objectives into action planning and budgeting. This empowers decision-makers to allocate resources effectively, reduce liabilities and boost equity. - John Garcia, Solyco Capital
Build Around A Culture Of Compliance
Build compliance and risk management into your business plan from its foundation. It is much more cost-effective and practical to build a product or a company around a culture of compliance than to retrofit it to match regulations and protocol. By instilling a culture of compliance from day one, you're mitigating a broad range of risks in the long run by "walking the talk" day in and day out. - Jonny Frank, StoneTurn
Start With Realistic Budgeting And A Reserve Fund
For leaders founding a corporation or nonprofit, prioritize establishing a solid financial foundation. Start with realistic budgeting, implement strong financial controls and set up a reserve fund for stability. This strategy ensures sustainability, builds stakeholder trust and supports your mission. - Hany Adam, Pyramine Investment Inc.
Develop Detailed Procedures
Set up clear financial processes and procedures. Develop detailed financial policies and procedures that outline how financial transactions will be handled, who is responsible for financial tasks and how financial reporting will be conducted. This will help ensure consistency, accuracy and accountability in financial management - Abiodun Sowemimo, CapitalMetriQ Swift Bank
Separate Personal And Organizational Finances
When founding a corporation or nonprofit, a crucial financial tip for leaders is to separate personal and organizational finances. Imagine your business as a separate entity with its bank account and financial records. This not only ensures clear financial transparency and legal protection but also protects your personal assets from any potential liabilities of the organization. - Oluwatoyin Aralepo, Mastercard Foundation |
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| Real Estate News |  | Knowledge Critical To Real Estate's Success | In a recent social media update, Lagos-based real estate expert Emmanuel Onyishi emphasised the indispensable role of knowledge in navigating the complexities |
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|  | Unlocking Success: The Impact of a Powerful Brand on Your Real Estate Sales Business - Around Ambler | Local News, Events and Happenings in Ambler, Blue Bell, Fort Washington and Lower Gwynedd PA |
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|  | Housing Market 2024: 5 States With the Highest Foreclosure Rates | Foreclosure rates are on the rise. As of February, there were nearly 33,000 properties in foreclosure, an 8% increase from the year prior, according to a new report from ATTOM. Find Out: 7 Florida... |
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| | Personal Finance Tips |  | 12 Small Business Ideas in 2024 | Whether you're an experienced entrepreneur or just getting started, here are 12 small business ideas to consider for 2024. |
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|  | Free Budget Planner Worksheet - NerdWallet | A successful budget planner helps you decide how to best spend your money while avoiding or reducing debt. Our free monthly budget worksheet can get you started. |
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| :max_bytes(150000):strip_icc()/student_desk_laptop_notebook_AdobeStock_187280034-ecc982cbb4084a2b8a8e251b28c59fef.jpeg) | The Ultimate Guide to Financial Literacy for Adults | Investopedia rounds up the best educational content for students, teachers, and anyone else interested in learning personal finance and investing. |
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| | Alternative Investing |  | Billionaire Wealth: The Biggest Winners and Losers in 2023 | In early February, Mark Zuckerberg added $28 billion to his wealth in a matter of hours as Meta's shares soared after the company announced its first dividend payout. |
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|  | Bitcoin Struggles as Gold and Silver Shine: Is the Crypto King's Reign Over? | The start of the second quarter of 2024 has not been favorable for Bitcoin (BTC) bulls, as the world's largest cryptocurrency by market capitalization has experienced a 10% decline since its mid-March record high of $73,700. |
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|  | AI Becomes the Venture Capitalist's Secret Weapon | In the venture capital (VC) world, artificial intelligence (AI) is no longer just a hot sector to pour money into — it's now an essential tool for making savvy investment decisions. |
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