Good morning. It's Thursday, Feb. 29 and we're covering getting cash from a credit card at the ATM, the 'psychology of money', world's most expensive real-estate cities, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: February 28, 2024. | US stocks retreated on Wednesday as caution prevailed ahead of a crucial inflation report that will guide expectations for interest rate cuts.
The Dow Jones Industrial Average (^DJI) fell less than 0.1% while the S&P 500 (^GSPC) about 0.2%. The Nasdaq Composite (^IXIC) sagged almost 0.6%.
Stocks have struggled in February's final days as fresh economic data helped bring a market boosted by AI euphoria back to the reality of higher-for-longer interest rates. Investors have spent this week counting down to the PCE inflation reading on Thursday, seen as key in determining how quickly the Federal Reserve will start making rate cuts.
In the meantime, a report on fourth quarter GDP showed the economy grew at a slightly slower pace than initally thought in the final three months of 2023. The second estimate of fourth quarter GDP came in at 3.2% on Tuesday, down from the initial reading of 3.3%. |
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| | Financial Maverick Insights | | | | | How To Get Cash From A Credit Card At The ATM | Most of us know how to use our credit card to make purchases, but not everybody knows how to get cash from a credit card at an ATM. When you use your credit card to request a cash advance, you can withdraw money from your credit card and use it to pay rent, pay back friends and family, cover bills and more.
Can you use a credit card at an ATM to get a cash advance? Absolutely. Should you? Not unless you need to. Cash advances come with additional fees and high interest rates, so they should only be used as a last resort. Here's what you need to know about how cash advances work, how to get cash from your credit card at an ATM and which cash advance alternatives you should consider before taking money out of your credit card.
What is a cash advance?
A cash advance is a transaction that allows you to withdraw money from a credit card. Instead of using your credit card to purchase goods or services, you essentially use your credit card to purchase cash. The money you withdraw during a cash advance becomes part of your credit card balance.
Getting cash from a credit card is one way to ensure you have money when you need it, but requesting a cash advance at an ATM can cost you. Expect to pay a cash advance fee at the ATM, and expect to pay a higher interest rate on any cash you withdraw. In most cases, cash advance interest rates are between 20-25 percent APR, and there isn't any grace period during which you can pay off your balance without getting charged interest.
That cash advance APR will kick in immediately. |
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| | | | | | You too can get rich according to the 'psychology of money' | How exactly does one become wealthy? Not just living comfortably, but rich? This is a question that many individuals ask themselves.
The head of Public Policy and Regulatory Affairs at PSG Wealth, Ronald King said that he receives multiple queries from investors on how successful people go about using their money. This involves questioning what wealthy people do differently and whether they just inherited their fortune. "First of all, we should ask ourselves what we see as rich. There are various definitions of high net worth clients, like having to be a US dollar millionaire to be considered really rich," said King.
He went on to state that individuals who are genuinely wealthy are unconcerned about money and that financial stability is established by how you manage costs rather than income.
"We often see this when salaried people get an increase. Things are going well for a few months, until their expenses once again exceed their income landing them in financial difficulty yet again," King said.
"Farmers and businesspeople find it even more difficult. Achieving a good crop may trigger big new expenses incurred without making any provision for future lean years. So the first step towards getting rich is to manage your expenses – especially recurring expenses."
Successful people build reserves
According to King, this includes refusing to invest every possible cent in their firm, a mistake done by both businesses and farmers. While they live a good life on the farm, any extra earnings are reinvested back into the agricultural company, since this is where the highest yield can be found. This technique would be beneficial if the goal was to sell the farm.
Keeping money in cash is not a wealth-building solution either
"This can be a 'recklessly conservative' investment, saving yourself into bankruptcy. Your investments should be tailored to your needs and investment horizon. Any money not needed in the next 10 years or so can be invested a lot more aggressively. |
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| Real Estate News |  | The hottest housing markets for the super rich in 2024 | One-quarter of the ultrawealthy people in the U.S. plan to buy a home this year, and they're increasingly venturing to the luxury real estate market overseas. |
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|  | What $1 million buys in the world's most expensive real-estate cities | A million dollars won't take one very far if they're buying property in these global cities, according to the 2024 Knight Frank Wealth Report. |
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|  | Real Estate Agents: 10 Luxury Home Features That Turn Off Middle-Class Buyers | Middle-class homebuyers live their lives on a budget. When shopping for a new home, they're not just looking at the listing price -- they're thinking about the big picture. Read: 25 Safest and... |
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| | Personal Finance Tips |  | More US high schools now require personal finance courses | Thirty five states now require these courses — 12 more than two years ago, according to a new survey. |
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|  | If money is tight right now, why are vehicle sales soaring? | Rob Carrick looks at the new vehicle market, home renos and what to do with leftover wine |
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|  | The Best Clothing Subscription Boxes | Build a new wardrobe *without* leaving home. |
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| | Alternative Investing |  | Tech News Now: Elon Musk teases Tesla Roadster, Apple kills Project Titan, and more | Here's all the tech news you need to know today. |
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|  | Bitcoin Suddenly Plummets 7% After Hitting $64K, Triggering Over $600M Crypto Liquidations | The world's largest crypto soared to $64,000 Wednesday before quickly reversing to $59,000, CoinDesk data shows. |
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|  | Apple CEO Tim Cook says company is 'investing significantly' in generative AI | Apple CEO Tim Cook said his company "investing significantly" in artificial intelligence, and he teased a major announcement later this year. |
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