Good morning. It's Friday, Jan. 5, and we're covering how rich people think about money, financial scarcity, the hottest housing markets, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: January 5, 2024. | The Nasdaq Composite closed lower on Thursday for a fifth consecutive session — its longest losing streak since October 2022.
The tech-heavy Nasdaq Composite dipped 0.56% to end at 14,510.30. Since the Dec. 27 close, the index has lost nearly 4%. The S&P 500 slid 0.34%, marking a fourth day of declines, finishing at 4,688.68. The Dow Jones Industrial Average was the outlier, eking out a 10.15-point gain, or 0.03%, to close at 37,440.34.
Mega-cap tech stocks such as Apple are underperforming to start the year, as overstretched valuations and uncertainty around when the Federal Reserve will begin to cut rates have investors worried that markets have gotten overly optimistic. |
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| | Financial Maverick Insights | | | | | How Rich People Think About Money (Psychology of Money) |
Money, in many ways, shapes our decisions, our lifestyles, and our relationships. Yet, not all think about money in the same way. How the wealthy approach money can provide insights into building sustainable financial success. Let's explore the psychology of money among the rich.
What do rich people think about money? The rich think of money as a tool, resource, and asset for multiplication and growth through good decisions.
And doing so can actually help you get to a more financially stable and happy place.
From valuing long-term gains over short-term rewards to understanding the importance of time as a precious asset, the psychology of wealth plays a crucial role in shaping our financial decisions. But how do successful and wealthy individuals think about money?
What drives their approach to risk management, mindset of abundance, and commitment to lifelong learning?
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| | | | | | Take the money now or later? Financial scarcity doesn't lead to poor decision making | When people feel that their resources are scarce—that they don't have enough money or time to meet their needs—they often make decisions that favor short-term gains over long-term benefits. Because of that, researchers have argued that scarcity pushes people to make myopic, impulsive decisions.
But a study published by the American Psychological Association provides support for a different, less widely held view: People experiencing scarcity make reasonable decisions based on their circumstances, and only prioritize short-term benefits over long-term gains when scarcity threatens their more immediate needs.
Sharma and co-authors Stephanie Tully, PhD, of the University of Southern California, and Xiang Wang, PhD, of Lingnan University in Hong Kong, wanted to distinguish between two competing ideas:
That people's preference for shorter-term gains reflects impatience and impulsivity, or that it reflects more intentional, deliberate decision-making.
To do so, they examined how people's decisions change depending on the timeline of the needs that they feel they don't have enough money for. |
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| Real Estate News |  | Home affordability in 2023 tanked to lowest level in 40 years | Just 15.5% of homes for sale last year were affordable for the typical US household. |
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|  | Your Home Sold Guaranteed Realty Announces 28 Real Estate Scholarship Opportunities for 2024 | Your Home Sold Guaranteed Realty, a leader in the real estate industry, is excited to announce the launch of 28 scholarships. |
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|  | Zillow Forecast: The Hottest Housing Markets of 2024 | The Big Apple remains hot! Buffalo, New York, will be the hottest major housing market this year. |
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| | Personal Finance Tips |  | Kane In Your Corner: How to avoid scams on cash apps | News 12's senior investigative reporter Walt Kane spoke with a victim of a recent Zelle scam and discussed the warning signs users need to know about. |
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|  | 13 Budgeting Tips to Help You Get Your Spending in Check | Think you're doomed to overspend? These 13 expert budgeting tips can help, even if you're sure you're really bad at budgeting. |
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|  | This Money Checklist Will Help You Crush 2024 | Want to save more or spend less this year? Get a raise or buy a house? These 10 money moves will help you achieve your 2024 financial goals. |
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| | Alternative Investing |  | Bitcoin on recovery path while stocks decline on jobs data, Fed minutes | Bitcoin was trading 1.5% higher over the past 24 hours Thursday morning, rebounding from the decline that saw the cryptocurrency drop as much as 8% Wednesday |
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|  | Elon Musk won't be the richest person if Bitcoin goes above $1M | Michael Saylor's Bitcoin investment is over $2.6 billion in profit, but BTC price needs to gain a whole lot more to challenge the world's richest person. |
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|  | 47% of Warren Buffett's Portfolio Is Invested in This Artificial Intelligence (AI) Stock | It might surprise investors that 47% of Warren Buffett's Berkshire Hathaway portfolio is in one stock. |
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