Tuesday,
June 25, 2024
Market recap
Dow Jones
39,411.21
+260.88 (+0.67%)
S&P 500
5,447.87
-16.75 (-0.31%)
Nasdaq
17,496.82
-192.54 (-1.09%)
Top Story
America’s housing affordability crisis has hit renters
Don’t think only prospective homebuyers are plagued by the housing affordability crisis. It extends to renters, too. With not enough units to go around and high demand, the number of people spending more than 30% of their income on rent is at a record, according to a Harvard report.
US stocks were mixed on Monday as chipmakers declined
• NVIDIA fell another 6.7%, while fellow chipmakers Qualcomm and Arm also saw sharp declines of 4% or more. Put it in perspective: NVIDIA is still up more than 138% this year.
What to be on the lookout for today
• Consumer confidence for June and the Case-Shiller Home price index for April.
• In earnings, Carnival Corporation and FedEx will report.
Your financial self-care checklist
Self-care is important, be it taking care of your physical and mental health, getting enough sleep, or getting out into nature every now and again.
But how much self-care is going to your finances?
Money matters can cause a lot of stress, but you can take steps to help create a greater sense of financial security.
Creating financial peace of mind
Fund your emergency savings. Knowing that one unexpected expense can wreak havoc on your finances is stressful. Building an emergency fund can help. Experts advise having three to six months of living expenses saved.
Face your debts. Debt can keep you up at night, but ignoring it won’t make it go away either. Creating a repayment plan as part of your budget can help. List out all of your debts, including the balance left and interest rate, and pick an approach to tackle it.
Set goals. Staying financially fit takes discipline, and setting goals can keep you motivated. Curbing splurge spending can be easier when you know some of that money is instead going into your vacation fund or savings account. It can help to be specific. For instance, maybe you want to save a specific sum by the end of next year, or pay down half your debt.
Today’s top stories
The Great Wealth Transfer will only be great for someOver the coming decade, trillions of dollars are expected to be passed down from baby boomers to their kids, but this phenomenon could worsen the racial wealth gap.
Read more >> What’s social media’s effect on your… money?Ever feel tempted to buy something you saw on social media? You’re not alone. Here’s how your scrolling could weigh on your wallet.
Read more >> Can a personal loan help you build credit?Your credit score is key when applying for financing. That’s why it’s important to know what may affect it and how.
Read more >>Other news that caught our eye
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E.U. regulators have accused Apple of breaching the new Digital Markets Act by not allowing App Store customers to see other marketplaces, which could lead to a hefty fine.
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Paramount+ is getting more expensive. The streaming platform will raise its monthly costs by $2.
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The Treasury Department is proposing rules to limit investments in Chinese technologies, citing national security risks.
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Krispy Kreme is selling Friends-themed doughnuts for the NBC sitcom’s 30th anniversary. However, much to American fans’ chagrin, they will only be available in the U.K. and Ireland.
Financial planner tip of the day
“The further away a person is from hitting their credit limit, the healthier their credit score will be, in most circumstances. A borrower’s debt-to-credit ratio, also known as the credit utilization rate, should ideally be no more than 30%. Higher utilization rates can negatively affect a person’s credit score. Paying revolving credit lines in full each month can have a positive impact on a person’s credit score because doing so essentially lowers the credit utilization rate.”
Brian Walsh, CFP® at SoFi