Scary Budget, Money-Saving Tips, and Unknown Tech Stocks

6 Apps That Can Help You Make It Until Next Payday                                                                                                                                                                                                                                                                                                                                                                                                                 May 10, 2024 | [Read Online]( Good afternoon. It's Friday, May. 10 and we're covering best money-saving tips I have for retirees, short selling a stock, 10 tips to be successful in real estate investing, and much more. First time reading? [Sign up here](. Stock Market Update Market Performance: May 9, 2024. US stocks lost some steam on Friday after consumer sentiment hit a six-month low. The Dow Jones Industrial Average (^DJI), which is eyeing its eighth straight win, clung to gains of roughly 0.2%, with the benchmark S&P 500 (^GSPC) hovering above the flatline on the heels of closing above 5,200 for the first time in a month. The tech-heavy Nasdaq Composite (^IXIC) declined around 0.1% after initially opening higher to start the trading day. The latest University of Michigan consumer sentiment survey released Friday revealed a 13% drop in overall sentiment during the month of May. The index reading for the month came in at 67.4, its lowest level in six months, and well below economist expectations of 76.2. [The drop in sentiment comes as investors debate the future of interest rate cuts](amid recent signs of a cooling labor market. Financial Maverick Insights Best Money-Saving Tips I Have for Retirees Many Americans of all ages want to save more money this year. A recent Bank of America survey found that among those who made financial resolutions for 2024 (81% of all Americans), increasing savings was the most popular resolution (45%). For retirees on a fixed income, the resolution to save money may be even more necessary. GOBankingRates [spoke with Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, to get her best money-saving tips for retirees.]( Create and Stick To a Budget “Saving enough in retirement is especially important because it ensures you have enough money to enjoy a comfortable standard of living,” Sabbia said. “Start with a realistic budget that changes with your priorities.” Once you establish a budget, reassess it regularly. “I recommend looking at and reevaluating your spending on a monthly basis,” Sabbia said. Invest in Your 401(k) Plan “Even before you approach retirement age, take a look at your 401(k) retirement plan and contribute at least the minimum to receive the employer match and begin growing your funds,” Sabbia said. “The more you invest and the earlier you start, the more your retirement savings have time to grow.” It’s OK to start small, too. “Remember, you don’t need to have a lump sum of money to begin your investing journey — a few hundred dollars is plenty to get you started,” she said. Seek Out Guidance From Trusted Resources “Leverage any digital tools available through your employer to track progress toward your near-term and long-term goals,” Sabbia said. “There are also free resources like [BetterMoneyHabits.com](, which can be helpful in identifying how much you might need in retirement and how much you should try to be saving monthly. Contribute to an HSA and an Investment Fund “Balance current and long-term healthcare expenses by contributing to a health savings account (HSA) and investing funds,” Sabbia said. “You can use an HSA to cover current charges while also saving for future expenses by investing your savings. Those eligible for an HSA should start utilizing their HSA as early as possible, given the potentially advantageous tax incentives and the account’s ability to fund a portion of long-term retirement healthcare expenses. Short selling a stock: The basics for new investors Short selling involves borrowing securities, such as stocks, and then aiming to profit from a decrease — rather than an increase — in the price. It’s a potentially costly, risky investment strategy. Short selling is a potentially costly, high-risk investment gamble. [Short selling is the opposite of the traditional strategy of “buy and hold” investing.]( What is short selling? Short selling refers to selling securities, such as stocks, that you’ve borrowed but don’t actually own. When an investor “shorts” a stock or other security, they’re speculating that its value will go down. If that happens, they can purchase the stock at a reduced price and generate a profit. But if the price goes up and the investor later purchases the security at a higher price, they’ll lose money. How short selling works To carry out a short sale, an investor must set up a margin account at an investment brokerage, in which to keep collateral such as cash, mutual fund shares or stock. The brokerage firm may charge interest on the value of the securities being borrowed until the investor returns the securities to the firm. The risks of short selling Short selling comes with a number of risks. They include: Racking up a big loss If you buy and own shares of stock or another security (known as taking a “long” position), the most you can conceivably lose if the stock price falls is the full amount of cash that you invested. However, if you short a security, its price might go up instead of going down. Therefore, you potentially face a big financial hit when it comes time to return the borrowed shares. Being charged more interest The cost to borrow the shares you’ve shorted in the form of the interest rate can increase without warning. If confronted with this, you might determine that the risk of a short sale outweighs the benefit. Losing out on dividends When you’re a short-sale investor, you can’t keep any dividends from the shares because you don’t own them. Worse yet, the value of dividends will be subtracted from your account and sent to the owner of the shares. Can you lose money short selling? Yes, you can lose money short selling, particularly in what’s called a short squeeze. How do short sellers make money? Short sellers make money by making a calculated bet that the price of a stock or another security will fall. A short-sale investor borrows the security and sells it. They then seek to generate a profit by buying back the stock at a lower price and scooping up the difference after paying back their short-sale loan. Real Estate News 10 Tips to Be Successful in Real Estate Investing (2024) A successful real estate investment is one of the proven ways to become wealthy. Here are a few tips on how to become a successful real estate investor. Real Estate Tech Leaders Discuss Transformative Impact of Artificial Intelligence A panel of experts explored how technologies like Artificial Intelligence and Augmented Reality are enhancing client interactions and shaping the future of real estate transactions. With 6% commission fee for real estate agents going away, here's what homebuyers should know The real estate industry is starting to undergo some dramatic changes following a recent landmark court ruling that has brought an end to the practice of requiring sellers to pay a 6% commission fee. Personal Finance Tips Budgeting too scary? Try cash-flow planning instead to help your finances People hate the budgeting exercise when it comes to financial planning. Find out how to make it easier. Jeff Bezos, Elon Musk and Other Top Entrepreneurs on What You’ll Need To Do To Be One Learn what 11 famous entrepreneurs say you'll need to do. 6 Apps That Can Help You Make It Until Next Payday | Bankrate Early payday apps can help bridge the gap of cash between paychecks, but having access to money early means you will have less of it in your next paycheck. Alternative Investing Crypto Analyst Says Bullish Cycle Not Over, Predicts $100,000 Bitcoin in Fourth Quarter – But There’s a Catch A widely followed crypto trader says that Bitcoin (BTC) could skyrocket to a six-figure price tag in the fourth quarter of 2024. 7 Unknown Tech Stocks That Could Quintuple Your Money in 2024 Tech has been by far the fastest-growing industry in the last two decades, with tech stocks driving a lot of the hype and enthusiasm in the stock market. Chinese Internet Giants Assert Themselves in AI Race The U.S. and China are home to the world’s two largest economies. So, it’s not surprising that they’re leading the way in terms of artificial intelligence (AI) expansion and usage cases. Have tech stocks enhanced your financial portfolio? [Yes]( [No]( 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. [Get In Touch]( 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! [Share the newsletter]( 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. [fb]( [tw]( [ig]( Update your email preferences or unsubscribe [here]( © 2024 Financial Maverick 19354 Watermark Drive, Suite 202 Cornelius, North Carolina 28031, United States [[beehiiv logo]Powered by beehiiv](