Good morning. It's Monday, May. 6 and we're covering game-changing tips for securing wealth, investing and tax tips for financial success, most impacted by the national Realtors lawsuit, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: May 3, 2024.
Asian equity benchmarks gained as risk sentiment improved after softer-than-expected US payroll data revived bets the Federal Reserve will cut interest rates this year. China's stock market climbed as it reopened after a holiday break.
China's CSI 300 Index climbed as much as 1.6% as Beijing's supportive policy stance added impetus to its momentum. Hong Kong's benchmark Hang Seng Index rose for a 10th straight session. Japanese markets are shut for a holiday. |
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| | Financial Maverick Insights | | | | | Vivian Tu Shares Game-Changing Tips for Securing Wealth | Personal finance can feel confusing and overwhelming, and the same old money advice can get old after a while—we all know that budgeting and investing are important. So, if you're looking for new, unique ways to get the most out of your money, build wealth, and save in savvy ways, look no further than Vivian Tu, who is dedicated to making game-changing personal finance tips accessible to everyone.
Ahead, I'm sharing the best advice I've learned from Vivian Tu and all the reasons why I can't stop consuming her content.
Maximize Your Earnings to Get More Out of Your 9-to-5
Most employers give their employees an increase of around 3 percent every year, according to Investopedia, but Tu recommends asking for a 10 percent to 15 percent raise every single year to get the most out of your earning potential. The more you earn, the more you can invest. And the more you invest, the more your money will work for you instead of you working for your money.
To set yourself up for success during the conversation with your manager, there are two key items you should prepare: your accomplishments and market research. It's crucial to highlight how you add value to the company and all the great work you've done, so make a list of what you've brought to the table, whether it's how much profit you've brought in, the goals you've hit, or even the large projects you've completed ahead of schedule.
Leverage Loopholes to Reduce Your Taxes
High earners take advantage of tax credits and tax breaks, and there's no reason you shouldn't, too, according to Tu. There are a few ways to do this that aren't talked about nearly enough. The first is specifically for low or moderate-income earners who can potentially get a tax break through the Earned Income Tax Credit (EITC). This credit reduces the amount of tax you owe or could get you a refund if you qualify.
Vivian shares on her TikTok that there's even a quiz on the IRS website that will allow you to see if you qualify for the credit. If you do, make sure to ask a tax expert about how you can make the most of it. If not, you're leaving valuable money on the table.
Reduce Medical Costs by Negotiating Your Bills
If you think what you see is what you owe when you receive a medical bill, think again. When you receive an itemized medical bill, Vivian recommends visiting Fair Health Consumer or Healthcare Bluebook to research what the procedures and services should actually cost. Then, whether you can afford the bill or not, call your medical provider to negotiate the cost.
Vivian shares questions to ask the provider to share waivers, discounts, and relief plans that are available to you, including, "Which of these fees can be waived?" "I know many hospitals have medical relief plans—can you tell me about yours?" and "What discounts do you offer for financial hardship?"
Prepare Your Finances for Potential Layoffs
Did you know that you can predict large layoffs at your own company? I didn't know this until Tu shared about it over on her TikTok account. Thanks to the Worker Adjustment and Retraining Notification (WARN) Act, most employers with over 100 employees are required to provide written notice at least 60 calendar days in advance of covered plant closings and mass layoffs.
Tu explains that to find WARN notices in your state, all you have to do is Google the WARN Act and your state. Then, you'll find a .gov website that will show a full list of companies laying off employees. By keeping abreast of potential layoffs, you can ensure you have a plan in place for your finances and your next career move if you end up in the crossfire. |
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| | | | | | Wealth Building Strategies- Investing and Tax Tips for Financial Success | Learn investment and tax strategies to help you achieve financial security and prepare for a prosperous retirement. How can you balance saving for emergencies and investing for the future? What strategies can you employ to maximize your tax benefits and build a secure financial future?
NerdWallet's Kim Palmer and Alana Benson discuss investment strategies and tax planning to help you understand how to navigate your financial journey effectively.
When I started making more money, it was suddenly a lot more possible for me to invest for retirement. So if it's possible for you and you want to be investing more, look for jobs that will pay you more or look into side hustles, but cutting back on your streaming services probably will not save you enough money for retirement. And finally, if you don't have the money to invest now, that's totally fine. Some people have serious money anxieties and others just don't have the cash. Whatever your reason is, don't stress too much about it. Just keep learning and when you're able to, you can start investing.
So why do we invest? What is the point of all this?
And the answer is that it's because we like money and that's okay. There's no shame in admitting it, I like money, most people like money. It's because money isn't just money. It's not like Scrooge McDuck diving into pools of money and buying Maseratis. It's not that.
It's about not being stressed about your money all the time and it's about being able to buy everything that you need and some stuff that you want comfortably without having money stress take up all of your energy.
Money allows us to thrive instead of just survive and investing helps you make more money than you could ever possibly make just by working at a job.
So okay, what actually is investing?
This whole process is very strange. Okay. Investing is the process of money that you already have making additional money for you. And this works through what's called compound interest. Compound interest means that your gains get a little bit bigger every year and that's also why starting when you're younger gives you a huge advantage and more money in the long run.
The stock market is made up of several what are called market indexes. Now these are basically just predetermined lists of companies and the performance of that overall list can tell us a lot about the health of the US economy. So when we say the stock market is down today, that means that on average most of those companies aren't doing well. And you can't invest in the literal stock market, but you can invest in funds that include all the same investments. So these are called index funds because they track a market index.
And again, I'm not a financial advisor and this is not personalized investment advice, but how much of each investment it's good to have will usually depend on how much risk you are willing to take. And an investment portfolio can be really simple or really complicated. S |
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| Real Estate News |  | House prices are falling – but what does it mean for the future market? | House prices are down and mortgage costs are up, writes James Moore. So how long will buyers and sellers need to wait before the market shows signs of life? |
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|  | From real estate success to politics | A successful businessman in Nakhon Ratchasima has expressed an interest in politics in the hope of using his real estate experience to help develop his hometown. |
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|  | Who will be most impacted by the national Realtors lawsuit | If approved, agents won't be able to make offers of compensation in the Multiple Listing Service. |
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| | Personal Finance Tips |  | 10 questions to ask before taking out a personal loan | A personal loan can provide much-needed funds for consolidating debt, home improvements and other necessities. Here's what you need to ask before taking one out. |
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|  | A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.' | David Kirsch, 64, is hoping to live comfortably in retirement — but he isn't sure his savings and Social Security will cover his living expenses. |
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|  | Maximize Your Piggy Bank With These Discounted Money-Saving Solutions That Practically Pay for Themselves - E! Online | Amazon's Big Spring Sale includes amazing deals, but if you want to save even more money in the long term, these useful finds are worth investing in. Fill your wallet while upgrading your routine! |
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| | Alternative Investing |  | 7 Unknown Tech Stocks That Could Quintuple Your Money in 2024 | TheStreet CEO Sara Silverstein and Roundtable's Rob Nelson discuss the challenges of cryptocurrency storage. |
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|  | Cryptocurrency Basics: Pros, Cons and How It Works | Cryptocurrency (or "crypto") is a digital currency that can be used to buy goods and services or traded for a profit. Bitcoin is the most widely used cryptocurrency. |
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|  | JPMorgan Chase Unveils AI-Powered Tool for Thematic Investing | J.P. Morgan Chase reportedly unveiled an artificial intelligence-powered tool designed to facilitate thematic investing. |
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| | Do you think unknown tech stocks could quintuple your money? | | | 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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