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According to a recent survey, 63% of people who have moved in with their romantic partner did so for financial or logistical reasons.
With the cost of living so high, the idea of splitting rent or a mortgage with your partner can be attractive. But there are several key questions to ask yourselves before making it official. You’ll want to read this first.
US stocks were mixed Tuesday after higher-than-expected inflation numbers
• Headline CPI for January came in at 6.4% compared to the 6.2% forecast, while core inflation was 5.6% compared to the 5.5% market expectation. Both figures were the lowest readings since late 2021, but still highlighted a resilient inflation problem that could steer Fed officials toward a higher-for-longer approach to monetary policy.
• Overseas, EU lawmakers approved a ban on newly-made gas- and diesel-powered cars by 2035. The ambitious law aims to speed up the transition to electric vehicles and will require that all carmakers achieve a 100% cut in CO2 emissions for every car sold beyond 2035.
• Coca-Cola (KO) beat analyst expectations with $10.13 billion in revenue, largely driven by the company’s higher prices. However, those higher prices also led to a 1% decline in unit case volume, as consumers spend less to offset the challenges of inflation.
What to be on the lookout for today
• Investors will get an update on the average 30-year mortgage rate, industrial production, and monthly retail sales. Retail sales declined 1.1% month-over-month in December, extending November’s downward trend.
• On the earnings front, the Street will hear from property marketplaces on both the rental and ownership side of the real estate industry: Tripadvisor (TRIP) and Zillow (Z). Additionally, Kraft Heinz (KHC) will report. As a massive, diversified conglomerate, it will be telling to see the effect inflation is having on Kraft Heinz’s portfolio of food and beverage products.
They say love don’t cost a thing…but weddings can be very expensive.
According to market research firm The Wedding Report, the average cost of a wedding in 2022 was $27,000. Unfortunately, many young couples have not saved up enough to pay for their entire wedding themselves. (For the most part, the days when a bride’s parents footed the entire wedding bill are over.)
Wedding planning is a tall order, especially with the aftermath of a pandemic, but it’s not impossible. Here’s a look at what you can expect from venues, vendors, and other costs as you plan this happy day.
A wedding doesn’t have to be a budget breaker, but an event with this significance does come with some costs that probably don’t easily fit into most budgets. Using a personal loan to pay for wedding costs is reasonable if you are financially able to repay it.
Personal loans tend to offer much lower interest rates than credit cards, which The Knot reports a significant portion of newlyweds use to fund their big day.
First, though, think long and hard about whether you really want to start out your married life in debt. Consider if you can actually afford to pay off the loan in a timely manner. If not, it might be better to cut back on your wedding budget, or take more time to save up.
Today’s top stories
Annuities are gaining favor with investors. These insurance contracts saw a record $310 billion in sales in 2022. Compared to the recently-volatile stock market, annuities appear more stable – and, in high-rate environments, their payouts look especially pretty. But peace of mind comes at a cost. Here’s what to know before you invest. Read more >> Secure 2.0 was signed into law last December – which means major changes are now coming to your retirement plan. In total, four major provisions were added to make retirement plans more accessible and valuable. We break them down for you in this quick read. Read more >> With a little time, effort, and know-how, you can recycle the following 21 items to generate some additional bucks. Recycling is good for the planet and can also be a quick way to make money. Discover 21 items, from corks to cooking oil, that you can recycle for cash. Read more >>Not-so-breaking news
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Coca-Cola (KO) beat analyst expectations for revenue, fueled by increased prices for its drinks. The beverage conglomerate anticipates revenue and earnings growth of up to 5% in 2023.
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Restaurant Brands (QSR) posted strong fourth quarter earnings as price-conscious consumers flocked to its fast-food restaurants. The Burger King owner also promoted its COO, Joshua Kobza, to CEO.
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Palantir (PLTR) topped analyst expectations for the fourth quarter, posting a net income of $31 million. This marked the first profitable quarter for the data analytics company after going public in 2020.
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TUI expects a strong summer travel season based on current booking trends. The German-based leisure company reported 3.3 million customers in Q1 and 8.7 million bookings already through Summer 2023.
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Walmart (WMT) is shutting down tech hubs in three cities – Austin, TX; Portland, OR; and Carlsbad, CA. The world’s biggest retailer has asked employees at these locations to relocate in order to keep their jobs.
Financial planner tip of the day
"Anyone who wants to flex good financial habits may find it worthwhile to come up with a debt repayment plan. In an ideal world, this might mean paying off credit card balances in full and making all other necessary debt payments on time, such as mortgage installments and student loan payments."
Brian Walsh, CFP® at SoFi