🌮 Finance News: March 7, 2024

5 Things You Need To Know Today

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Happy Thursday!🖐🏽

Some of you are already dreaming of Friday, some are still recovering from Monday, and the rest of us are just trying to remember what day it is. So, get ready to be entertained, informed, and maybe even slightly caffeinated (virtually, of course).

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🌮 Hot off the Press

These 5 things happened while you were busy…

1. How This Simple $100 Monthly Habit Could Make You a Millionaire

The gap between the aspiration and reality of retirement savings for Americans. While many dream of accumulating $1 million, the average retiree has significantly less saved. However, the author suggests that achieving millionaire status by retirement is more attainable than perceived. Read more here.

2. Turn Your Crypto into Gift Cards for Everyday Shopping

The author explores how to convert cryptocurrency holdings into gift cards for everyday purchases, potentially saving money. It acknowledges the growing adoption of cryptocurrencies by merchants and explores alternative methods like crypto debit cards and peer-to-peer transactions to pay bills and access goods and services. Read more here.

3. Why Saving Seems Impossible: The Challenges Women Face

Financial expert Suze Orman discuss the lack of financial literacy and knowledge about investing, which can hinder women from accumulating wealth. She points to societal norms and stereotypes that may discourage women from pursuing higher-paying careers or taking financial risks, further limiting their financial opportunities. Read more here.

4. TikTok's New Money Move: Creators Can Now Earn BIG from Longer Videos

TikTok is expanding its monetization options for creators. Creators will soon be able to earn money through subscriptions, not just through live streams. They'll also be able to offer exclusive content to subscribers, like chats and emotes. Read more here.

5. Credit Score Crisis? Millions Affected as Average Score Drops

According to FICO, the average American's credit score has dipped for the first time in a decade, falling one point to 717 in Q4 2023. This decline is attributed to rising interest rates and surging prices, squeezing household budgets and making it harder for people to manage their debt. Read more here.

👀 Level Up

Read: Considering leaving your job? Weigh these factors first.

Watch: Rachael Cruze discusses the concept of generational wealth and offers strategies for building it, such as focusing on financial literacy, responsible credit card usage, starting early with retirement savings, and potentially seeking professional financial planning advice.

Take action: Making progress against your money goals can be challenging. Here are five key strategies to reach your money goals.

Free Tools: M1 Finance is an investment platform that allows you to fractional shares of stocks and ETFs, which means you can invest in companies regardless of their share price. This can be a great way to start investing with a small amount of money.

🧠 Adulting: It's Not Always Easy

I invested a little over $250,000 with my financial adviser, who is charging me 1.15%. Is he ripping me off? Find out the answer and explore how to find a vetted financial advisor.

‘A pretty scary situation’: Indiana woman has accumulated $77,000 in bad debt and earns only $50,000. A woman from Indianapolis got into a difficult financial situation due to a combination of unfortunate events and poor financial decisions.

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