Whats happening with the stock market? This weeks news in crypto!!
How much do you need for retirement - And how to calculate!
👋 Hello Everyone.
Did you take a look?????
So many of you have asked for a course on the various topics we dive into through my private community and the public lives that I do. With that said Austin and I have put together an amazing and affordable course that will be live in the coming days. The course is called: The Rich Habits Podcast - Wealth Building Blueprint. I am so excited about this course and feel it is a great first course for us and all of you.
The course is priced at $45 dollars and is based on $1 dollar per minute. I felt that this was a great way to provide additional value while still making it affordable for all. I will be updating in the days to come and you will be able to find it in various links in bio and other locations. Thank you all so much for following along on this journey and loving the content and insight that I provide daily, weekly and monthly.
📣 Stock market updates - What’s happening and do we need to worry?
Dow falls 100 points as investors await Friday’s job data - https://www.cnbc.com/2023/10/04/stock-market-today-live-updates.html
The Dow Jones dropped 128 points (.4%), the S&P 500 lost .7% and NASDAQ lost 1%
Weekly initial jobless claims came in at 207,000 for the last week of September, up 2,000 from the previous week; Economists forecasted 210,000 (according to a Dow Jones consensus estimate); investors were disappointed as the weekly data showed the labor market isn’t progressing
BUT Dow Jones economists believe nonfarm payrolls for September show a 170,000 increase which is a decrease from 187,000 newly employed citizens in August
“Things are getting better in terms of the numbers becoming less drastic; there’s way less hiring but there isn’t as much firing either”, said Scott Ladner, Horizon Investments Chief Investment Officer
Investors aren’t hoping for a recession, but there has to be some weakening of the labor market so the Fed Reserve can rethink raising rates
As of 10/5/2023, CNN’s Fear and Greed Index is at 22 (meaning extreme fear); a week ago it was at 28 (fear) and a month ago it was at 58 (greed)
What does all this mean? Time will tell but September and October are notoriously bad months for the markets. There is a lot of fear throughout the markets and for good reason - student loan debt payments are starting up again, momentum stalling in the housing market, the potential for a government shutdown and the stagnation in the capital markets all lead to bumpy roads ahead.
So how do we adapt and make money through these times? Diversify, dollar cost average and tighten that belt. Now is a great time to get your budget in order and understand your debt to income ratio. There is a FREE budget tool in my link in bio on Instagram and Tiktok.
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🎙️ I am also really excited about how quickly the podcast has grown. So thank all of you that have downloaded and given it a listen. We have climbed the charts very rapidly and we are currently ranked #2…For those of you that have not stopped by it is the Rich Habits podcast on Spotify and Apple. And please feel free to DM me or message on any platforms and let me know your thoughts and takeaways.
For all PAID community members please note that the private livestream is now being held on ZOOM and its awesome. It is scheduled every Thursday @ 7pm EST. This is so exciting and will add so much more personal/community interaction. So buckle up and let’s have some fun.
💸 How much do you need in retirement - And how to calculate!!
Rule of 25 - you need to save 25 times your annual expenses to retire
To get this number, multiply your monthly expenses by 12, and then you have your annual expenses; multiply by 25 to get your FIRE (Financial Independence, Retire Early) number or known as your Freedom Number
Example
If your monthly expenses are $5,000 a month, that makes them $60,000 a year so you would need $1.5M saved
4% rule - you add up all of your investments and withdraw 4% of that total during your first year of retirement; for years following, you adjust the percentage you withdraw for inflation
Example
Let’s say your investments equal $1M; you would withdraw $40,000 in your 1st retirement year; if the cost of living increases 3% the next year, you give yourself a 3% raise ($41,200) to match inflation
So get a plan together and make sure to calculate with inflation adjusted numbers to ensure you know exactly what you need on the horizon. Remember that $1 million dollars now will not be enough in 10, 20 or 30 years!!
😭😭 The US Dollar has reached new highs against the BRICS nations currencies - in the foreign exchange markets!!!!!!!
BRICS countries - Brazil, Russia, India, China, and South Africa
New additions - Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates
Luiz Inacio Lula da Silva, Brazil President, spoke about them establishing a shared currency
Other countries had “varying levels of enthusiasm”
Despite initial thoughts, BRICS has little effect on the U.S. economy
The S&P 500 is up 12.15% on the year as well as the NASDAQ is up 26.79% year to date (as of 10/5/2023)
De-dollarization (https://www.jpmorgan.com/insights/global-research/currencies/de-dollarization)
“Entails a significant reduction in the use of dollars in world trade and financial transactions, decreasing national, institutional and corporate demand for the dollar; this would diminish the dominance of the dollar-denominated global capital market, in which borrowers and lenders around the world transact in dollars
Despite the controversy, the US Dollar’s share stands at 88%, near record highs
🤔 This weeks news in crypto.
Chase partnership with FCF to accept crypto for financial services - https://www.investing.com/news/cryptocurrency-news/chase-bank-partners-with-fcf-pay-to-accept-cryptocurrency-for-financial-services-93CH-3190470
Chase Bank, a subsidiary of J.P. Morgan, announced a partnership with FCF Pay, a Canadian crypto payment portal
Allows Chase to accept cryptos including (but not limited to): XRP, SHIB, DOGE, BTH, and ETH for mortgage, credit card, and loan repayments; they’re accepting over 30 cryptocurrencies into FCF Pay’s Bills service
FCF is expanding to Idaho and Utah in the US
Expected to scale the amount of other banking services that provide this in the near future.
The SEC drops all charges against Ripple (XRP)
Wal Street Memes launches with a bang! The price has been consolidating but the good news is it has not listed yet on the Tier 1 platforms. That should be happening in the coming days.
👂👂 Stocks, Crypto and Carbon capture projects I am dollar cost averaging into:
Alibaba (BABA)
Brookfield Renewable Partners (BEP)
Chainlink (LINK)
Global X (URA)
Brainsway (BWAY)
Weekly Book Excerpt “Most people fail to realize that in life, it’s not how much money you make, it’s how much money you keep” - Rich Dad Poor Dad by Robert Kiyosaki
I love this book and quote. I feel it is so timely and especially relevant now since we are bombarded with information and opportunities daily. With so much stimulation it can be difficult at times to focus and many fall victim to the shiny syndrome.
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Money Mindset - Weekly insights
Have you tried Acorns yet. I know you all have heard me talk about this awesome platform for years but now I am officially working with them and I couldn’t be more excited. If you haven’t used Acorns yet its a must in your wealth building journey. Even if you use it just for the roundup feature.
How it works - You simply attach your bank account and set the rate of risk you want in your portfolio and Acorns does the rest by rounding up your daily purchases and investing those funds. It’s such a great investment tool because it is automated and just a few cents at a time. It’s like found money.
Brand of the month - Public.com
As you all know I love Public.com and all they have to offer. If you haven’t signed up yet, I suggest you go check it out. I use Public mostly for purchasing Treasury Bills and Cryptocurrency but they offer so many great features. So when you are ready to sign up go to my Instagram - @robertcroak and use the link in bio. Enter richhabits as the code for some FREE stock and get busy diversifying your portfolio.
Thanks for following along. See you soon!