Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.
Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week!
After the worst day of the year on Wall Street this Wednesday with the Dow falling 3%, stocks rallied today after a rebound in bond yields. Recession fears seem to have eased with these bond yields rising, and the Dow Jones is up 337 points, S&P 500 up 1.4% and Nasdaq up 1.6%.
Apple and Nvidia were big leaders in this gain. Bank stocks also rallied with Bank of America and Citigroup both rising at least 2%.
Trump has been pressing the Fed to lower interest rates as these recession fears rise, in hopes that the Fed can help head off a potential economic slowdown. But it seems that the central bank may not have enough power to do so, even if they wanted to.
It’s important during this time of fear of a recession to not panic, but rather to take some time to go over your financial plan and protect yourself for the potential of something to come. It can be tempting to adjust your finances solely based on the market conditions, but it’s important to fight this urge and remain calm during the circumstances.
So enough of my commentary, let’s jump in and check out some of the best articles I ran across from the past week. Enjoy the weekend and find some time to relax.
First up, we turn to Donna from Surviving and Thriving with a look at the pressure your children could be facing during this back to school season. Due to social media and the pressure from peers, they feel the need to have the newest shoes or the latest smartphone that would take a hit at your finances. Donna offers up some advice on how you can work through this issue with your children and be understanding to their situation in the process.
Who among us has ever heard - or said! - something like this during the back-to-school shopping season: "You don't understand, Mom/Dad - everybody is wearing/carrying [expensive item] this year! Do you want people to laugh at me?" Back in the day, you just knew that having the right jeans would determine the course of your school year.
Next up, we turn to the Wealthy Nickel with thoughts on how you should decide the amount to spend on groceries and what would be reasonable for your family. Groceries is a part of a monthly budget that can be challenging, but Andrew offers some ways to help you figure out what is the appropriate amount to spend. The most important thing to remember is that there shouldn’t be shame or guilt related to your grocery store bill, and that providing quality food for your family is okay!
The absolute hardest part of my budget to control is grocery spending. There, I said it. And what I've found from talking to others is that I'm not alone. So how much should I spend on groceries? It's easy for me to track how much I'm spending every month on food, but somehow it always feels like it's too much.
Next up, we turn to Real Finance Guy with some information on what umbrella insurance is and what makes it worth it. Umbrella insurance is an affordable way to protect yourself from personal liability lawsuits and claims and Real Finance Guy recommends this for any high earners. Read on for what it covers, how much it may cost, and who should needs umbrella insurance.
If you have a little bit of money saved up, then you probably are interested in protecting it. Umbrella insurance is a low cost way to mitigate risks and protect yourself from personal liability lawsuits and claims. Because umbrella insurance is purchased in addition to your home and auto policies -and only kicks in when those have been exhausted- it can be exceedingly affordable, even for relatively large amounts of coverage ($1m+).
In our final read of the week, we turn to The Kickass Entrepreneur on what the Pareto Principle means and how you can use it in your professional life. This rule says that 80% of your results come from 20% of your efforts. This means that it’s not about the number of hours you spend working, but the quality of the work that is done. Continue reading for how you can apply this to your current work situation.
How to Use the 80/20 Pareto Principle at Work to Improve Your Productivity | The KickAss Entrepreneur
My family. No, they're not the reason I am writing about how to use the 80/20 Pareto Principle at work! BUT, they're the reason I built my business. Well actually, my kids weren't born when I started my first business, but I started and grew businesses so that I could support my family.
Imagine going on a ten-month European adventure not having to worry about making money because your passive income is filling your bank account back home. Sounds nice, doesn't it? Not sure exactly what passive income is? Well, passive income is when earnings are derived from a business (product or service) where there is little involvement by the person who created it.
For most people, the idea of becoming rich is mostly a fantasy. Many of us imagine what it would be like to have millions of dollars, but few of us actually get there. However, if you want to know how to become a millionaire in your 30s, the answer will probably surprise you.
Enjoy the weekend and spend time with family and friends. Take a break from work and give your mind some well-deserved rest from the long week. Cherish the time you have with your family and I guarantee it will make your life much happier!
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