Tuesday,
August 20, 2024
Market recap
Dow Jones
40,896.53
+236.77 (+0.58%)
S&P 500
5,608.25
+54.00 (+0.97%)
Nasdaq
17,876.77
+245.05 (+1.39%)
Top Story
New realtor rules are changing how we buy and sell homes
In March, the National Association of Realtors agreed to eliminate certain rules regarding brokers’ commissions in order to settle a class action lawsuit. Those new rules are now in effect. Here’s what you need to know.
US stocks finished higher on Monday
• Both the Nasdaq Composite and S&P 500 extended their winning streaks to eight straight days.
What to be on the lookout for today
• A speech from Atlanta Fed President Raphael Bostic.
• In earnings, Lowe’s will report.
When was the last time you talked to your parents about money?
You’re probably due for a money conversation with your parents. And here’s why.
Retirement, aging, potential health conditions, are all things that have financial implications. While it can be hard to broach these topics with family members, having these conversations can help prepare for different scenarios in the future.
Money chats can be emotional, so come in with a clear plan and show that your intention is to help and comes from a place of care.
Taking financial stock
Gather all the documents. Create a list of all their financial documents and legal documents that are important for your parents’ financial wellbeing. This may include bank and mortgage statements, retirement savings plans, insurance plans, and will and trust documents.
Asking the tough questions. If your parents are reluctant to talk about money, you can start by asking a more general question like: “Are you comfortable in retirement?” or “Do you feel ready to retire?” to get the fiscal talk going. Finding out whether they have any debts, or plans for long-term care arrangements, can lead the conversation.
Today’s top stories
Rental prices are easing in some big citiesThe so-called “Carrie Bradshaw index” paints a rosier picture for single renters.
Read more >> What does ‘underconsumption core’ tell us about the economy?The latest finance-focused TikTok trend celebrates consumers who spend less.
Read more >> Should you dip into savings to pay off debt?There are ways to expedite your debt repayments without sacrificing your savings. Here’s what to consider.
Read more >>Other news that caught our eye
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10 states joined the Justice Department’s bid to break up Live Nation and its ticketing division Ticketmaster. A total of 39 states plus the District of Columbia are now suing the conglomerate for its alleged monopoly on live entertainment.
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Are some used EVs headed for the clearance rack? Some electric vehicles lose half their value after a year, according to a Wired report.
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Americans are increasingly concerned about being laid off. In July, Americans’ expectations of becoming unemployed rose to the highest level on record, per the New York Fed.
Financial planner tip of the day
"Ideally, your life insurance payout should be enough to invest and yield returns that could replace your income annually. For example, if you assume that you’ll get a 5% return on the money you invest, you would need $1 million in coverage to replace a $50,000 income."
Brian Walsh, CFP® at SoFi