Weekly Overview:
\u201cTrust, but verify,\u201d was a term used by President Reagan when he was negotiating a nuclear
forces treaty with Russian leader, Mikhail Gorbachev. It\u2019s a polite way of saying,
\u201cI hear what you are saying, but I will trust you only after verification.\u201d
This is good advice and can be used by all of us\u2026especially when we are talking about
anything which will effect our Financies.
CPI Data:
PPI Data:
Achieving the traditional American Dream\u2014a suburban home, two kids, and a nice car\u2014now costs an estimated $4.4 million, according to Investopedia. This figure exceeds the lifetime earnings of most Americans, who average around $3.3 million.<\/p>\n\n\n\n
Key expenses include:<\/p>\n\n\n\n
The report highlights that dual-income households might better manage these costs, while singles may find the American Dream increasingly unattainable. To secure financial independence, it\u2019s essential to start saving early and plan for these substantial future expenses.<\/p>\n\n\n\n
Q3 Earnings season has kicked off with a couple of the big banks up to bat; JPMorgan Chase (JPM)
and Wells Fargo (WFC). JPM beat on both the top and bottom lines, while WFC beat on earnings,
but revenues were in line with expectations. Next Tuesday, we\u2019ll see where the other
big banks, Goldman Sachs, Bank of America and Citigroup, land. But so far, not a bad start.<\/p>\n\n\n\n
Financial Markets:
S&P: $5,864.67
Dow 30 $43,275.91
Nasdaq: $18,489.55
Russell 2000 $2,276.09
Crude Oil: $63.34
Gold: $2,736.40 an ounce<\/p>\n\n\n\n
Housing Market:
It was reported that the pace of new home construction slowed in September as high mortgage rates
maintaned their stranglehold on the housing market. Builders are not constructing enough houses to keep up with the population
growth. In 2022 2.06 million households were formed, far more than the 1.6 million houses and apartment units that builders began
to construct that year, according to an analysiss by Realtor.com Economist are expecting interest rates to come down in the coming
year as the Federal Reserve reduces its benchmark fed fund rate, which had been held at a two-decade high to combat inflation.
However, the downward path has been a bumpy one as the averaage rate offered for a 30 year mortgage actually rose to 6.44% this week,
the highest since August, and well above the sub-3% rates available dure the pandemic, according to Freddie Mac. Home builders are
holding steady awaiting further rate cuts in hope of kick starting demand.<\/p>\n\n\n\n
Labor Market:
This week the U.S. Department of Commerce (DOC) announced major investments across the country that are proposed to
create new good-paying manufacturing and construction jobs, expand access to affordable, reliable and high-speed internet service,
and reached a milestone that will boost recreation, tourism, and other local industries.<\/p>\n\n\n\n
CHIPS for America<\/p>\n\n\n\n
In Pennsylvania and California, DOC and Infinera have signed a non-binding preliminary
memorandum of terms (PMT) to provide up to $93 million in proposed direct funding under
the CHIPS and Science Act. The proposed funding would support the construction of a new fab
in San Jose, CA and a new advanced test and packaging facility in Bethlehem, PA. Across both
projects, this proposed investment would support the creation of up to 500 manufacturing jobs
and 1,200 construction jobs.<\/p>\n\n\n\n
In Alabama and Florida, the National Telecommunications and Information Administration (NTIA)
approved initial proposals for the Broadband Equity, Access, and Deployment (BEAD) program<\/p>\n\n\n\n
Business:In 2022 Congress passed the Corporate Transparency Act, which requires all corporations filed
prior to January 1, 2024, whether filed as an C-Corp, S-Corp, LLC, LLP, or the like, to file the
Beneficial Owner Report or B.O.I Report to FinCen. This report is due by January 1, 2025 for companies required to file.
The purpose of this law was claimed to be passed to fight money laundry, fraud, and other criminal activities
from people filling shelf corporations or obscuring the ownership of the corporation in layers of holding corps.
In my opinion this law is extremely unconstitutional and I do believe it will be repealed, however the government
is using a coercion and scare tactic to force everyone into compliance with a threat of a $550 a day fine up to $100,000
for not complying with the act. I myself a holder of a multitude of corporations am diligently seeking out the expemptions
which are offered to 25 types of companies, most of these being the same companies committing the acts which they claim it was
passed to enforce.<\/p>\n\n\n\n
Personal Credit:<\/p>\n\n\n\n
Escrow
\u200a
Escrow is a legal concept describing a financial agreement whereby an asset or
money is held by a third party on behalf of two other parties that are in the process of
completing a transaction.<\/p>\n\n\n\n
We Are Here To Help
\u200a
As you may know, traditional schools often overlook the critical subject of
financial education. Many of us leave school without the essential skills needed to
manage money effectively, which can lead to financial struggles later in life.<\/p>\n\n\n\n
n today’s digital age, there are countless resources available to help bridge this educational gap. Platforms like YouTube offer a wealth of free content from financial experts,
while books provide in-depth insights into money management and investing.<\/p>\n\n\n\n
However, if you’re looking for practical, actionable advice that you can apply immediately, the Rich Dad Poor Dad Newsletter is an invaluable resource.<\/p>\n\n\n\n
Our newsletter takes the timeless lessons from the bestselling book and translates them into strategies you can use today.<\/p>\n\n\n\n
Whether you’re looking to improve your budgeting skills, start investing, or understand the difference between assets and liabilities, our newsletter provides the guidance you need.
But there’s good news\u2014learning about money doesn’t have to be confined to the classroom.
Whether you are curious about mortgage refinancing, lowering your credit score, or digging yourself out of credit card debt, we have got you covered.<\/p>\n\n\n\n
Maybe you want to learn more about social security, AARP benefits or other retirement advice. We will help you feel confident with your financial decisions so you can sit back and truly enjoy your golden years<\/p>\n","protected":false},"excerpt":{"rendered":"
Weekly Overview:\u201cTrust, but verify,\u201d was a term used by President Reagan when he was negotiating a nuclearforces treaty with Russian […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-929","post","type-post","status-publish","format-standard","hentry","category-financial-independence"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/posts\/929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/comments?post=929"}],"version-history":[{"count":1,"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/posts\/929\/revisions"}],"predecessor-version":[{"id":930,"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/posts\/929\/revisions\/930"}],"wp:attachment":[{"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/media?parent=929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/categories?post=929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ofhlonline.org\/courses\/wp-json\/wp\/v2\/tags?post=929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}