The company’s most recent changes are a response to complaints from guests. Konstantin Yolshin / Shutterstock.com
Things don’t look so enchanting for Disney and the Magic Kingdom these days. The company is struggling. Its movies no longer bring in the revenues they did in the past, and rising prices at theme parks have left some fans disgruntled. Disney stock also plunged over the past year. So the House of Mouse is taking a proactive approach to turning things around. Recently…
There’s some very positive news on the inflation front that just came out.
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It’s fair to say that 2022 was a tough year for many consumers. Not only did the stock market have a terrible 12-month run, but inflation wreaked havoc on a lot of people’s finances, driving up the cost of everything from food to housing to transportation.
Meanwhile, many people raided their savings accounts as a result of the COVID-19 pandemic, to cope with income loss and missed work. So by 2022, a lot of people didn’t have much cash to tap to cover that increase in expenses. The result? Costly credit card debt for a lot of people who would’ve no doubt preferred to steer clear of it.
But in recent months, the rate of inflation has been dropping. And while it’s still high, the rate of inflation actually decreased nicely from November to December. That’s a positive sign for consumers in more ways than one.
In December, the Consumer Price Index (CPI), which measures changes in the cost of consumer goods, dropped 0.1% compared to November. And on an annual basis, it rose 6.5% compared to December 2021.
Now, 6.5% is a high level of inflation. But when we compare it to the annual 7.1% CPI reading we saw in November, it’s clearly a nice drop.
Plus, in June 2022, the CPI came in at 9.1% on an annual basis. But since then, the index has dropped steadily.
Of course, there’s a clear difference between the CPI’s annual November reading and its annual December reading — a difference of 0.6%. The 0.1% monthly drop from November to December may seem less significant.
But it’s worth noting that the last time the CPI decreased on a monthly basis was May 2020. So all told, December’s CPI report was a positive one. And if the rate of inflation continues to slow month after month, consumers could be in for notable relief at some point in 2023 — maybe even by the midpoint of the year, depending on how inflation trends.
Right now, consumers aren’t just grappling with sky-high living costs. They’re also looking at really expensive borrowing rates on just about everything, from mortgage loans to auto loans to personal loans. That’s because the Federal Reserve has been aggressively hiking up interest rates in an effort to discourage a pullback in consumer spending that could help slow the pace of inflation even further.
If the Fed is happy with December’s CPI reading, it may decide to go easy on its next rate hike and make it a minimal one. And that, too, could spell relief for consumers.
The Fed doesn’t set consumer borrowing rates directly. However, when it raises its federal funds rate, which is what banks charge each other for short-term borrowing, the cost tends to get passed along to consumers. If inflation continues to slow down and the Fed eases up on rate hikes, it could make 2023 a much easier year for a lot of people, financially speaking.
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The No. 1 strategy isn’t an option for most people, but No. 2 is.
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Former Wall Street trader Vivian Tu often shares wealth-building tips on her social media channel, Your Rich BFF. Recently, she revealed what she believes is the second-best strategy to being rich.
Wait, why aren’t we focusing on the best strategy? Because Tu says that’s having rich parents, and it’s hard to argue with her there. Getting rich is a whole lot easier when Mom and Dad are loaded. Fortunately, the second-best strategy is a more widely accessible approach.
According to Tu, the second-best strategy to getting rich is being young and investing. Specifically, she recommends investing in the S&P 500. That’s an index that tracks the 500 largest publicly traded companies on U.S. stock exchanges, and it returns about 10% per year on average.
When you’re young, time is your biggest asset as an investor. Starting at a young age means you’ll be able to invest more and that your money will have more time to grow.
The example that Tu uses is investing $500 per month in a Roth IRA, a type of retirement account where you don’t need to pay taxes on withdrawals. If you start doing that at 17 and earn a 10% annual return, you’ll have over $3.9 million you can withdraw tax-free by the time you’re 60. Most of that is compound interest, too. Your contributions will only make up $258,000.
Now, Tu’s example is probably on the ambitious side. Most people can’t save $500 per month, without fail, from 17 through all of adulthood. But let’s say you start at 25, instead. Maybe you’ve finished school and gotten your first well-paying job. At 60, you’ll have nearly $1.8 million. It’s much less, but it’s still a sizable amount, and you’ll only have contributed $210,000 of that. And if you keep working, you could contribute for another few years and make up some of that difference.
There are all kinds of investment options out there. Tu’s typical recommendation is an index fund that invests in the S&P 500. You can invest in one of these through retirement accounts or an individual brokerage account. Practically all the best stock brokers have this type of index fund available.
An S&P 500 index fund is definitely a good choice, especially for younger investors. Here’s why:
You get a diversified portfolio with a strong average return.Index funds have low fees.Since you aren’t picking stocks yourself, it makes investing quicker and easier.
Your portfolio will be stock-heavy if you just invest in the S&P 500, but that’s not an issue when you’re young. While stocks can be volatile, they also provide much greater returns than fixed-income investments, such as bonds. When you’re building wealth for decades down the road, it’s fine to go for the higher-growth option. You can always incorporate bonds when you get closer to retirement.
If you’re just looking for something simple and effective, an S&P 500 index fund fits the bill. It’s far from the only quality investment, though, so you can shop around if you want to see what else is out there. Some investors like target-date funds that are managed based on a specific retirement year. Others like to invest in a few different funds or build their portfolios themselves.
Tu’s advice is great if you’re a young adult. But what if you don’t have 40 years to go until retirement?
Investing still works and will get you much better returns than just keeping your money in a bank. Because you’re starting later, your money won’t have as much time to grow. You can still build wealth; you just likely won’t see the same type of massive returns as someone who invests for several decades.
Keep in mind that most investors wish they had started sooner, so you’re not alone here. None of us can go back in time and invest sooner, but starting today is better than starting tomorrow.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.
These states are the most practical and affordable places for those who want to live remotely and sustainably. Ken Schulze / Shutterstock.com
Editor’s Note: This story originally appeared on LawnStarter. Ever want to get away from it all? Live off the land, drink rainwater, and read by candlelight? Some states are better for a life lived among the trees. To help you find your own remote slice of heaven, LawnStarter ranked 2023’s Best States to Live off the Grid. We compared the 50 states based on 23 key factors, such as the cost of…
Property ownership doesn’t have to be out of reach.
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Buying a home is something a lot of people hope for. In fact, homeownership has long been synonymous with the American Dream. But, unfortunately, research from Ramsey Solutions shows that a growing number of Americans think homeownership is either out of reach entirely or has become increasingly difficult over past decades.
There are good reasons so many people find buying their own place to be more challenging than ever. But, for those who really want to buy their own house, there are still options out there to make that happen.
Here’s what you need to know.
Ramsey Solutions recently published research called The State Of Personal Finance In America 2022. The research shows just how many Americans now feel like owning a home isn’t something they can do easily.
According to the study, more than half of all Americans (51%) believe it’s not possible for most adults to own a home right now in today’s real estate market and economic climate. And an even larger number — 65% — said they think it is much harder to become a property owner right now compared with over the past decade.
Baby boomers are the most likely to feel homeownership isn’t a viable option, with 77% describing buying a place as “difficult” compared to 59% of Generation Z, 54% of millennials, and 66% of Generation X.
Rising prices over the past years — especially during the height of the COVID-19 pandemic — are a major contributing factor to Americans’ pessimism about purchasing a property. Mortgage rates are also higher than they have been in years, which makes buying a home feel even more out of reach for many.
If you’re one of the many who thinks owning a property would be difficult or impossible right now, then at least you know you aren’t alone.
And, in some cases, you may be right that you shouldn’t buy a home now. If you do not have money for a down payment, if a mortgage would cost more than 30% of your take-home pay, if you don’t have good credit, or if you aren’t financially stable, then buying a house could be a big mistake.
But, even if you aren’t yet ready to buy a home, you can start working on the obstacles standing in your way — such as by paying down existing debt to improve your credit and free up room in your budget for mortgage payments.
If you are in a good financial place, though, then you do have options to move forward with becoming an owner even in today’s climate. You’ll want to:
Shop around for a mortgage to make sure you are getting the best rate possible, even with today’s higher ratesLook around for a property that’s within your budget even if that means purchasing a smaller home or buying a place that’s a little bit outside of townSave more money for a down payment, which can allow you to borrow less, avoid private mortgage insurance, and keep your monthly payments affordable
You absolutely can still buy a house today, but it just may take a little more effort and sacrifice to do it right.
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If you’re skipping dinners out due to cost, you’re not alone.
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Anyone who’s been part of the dating scene can tell you that it’s not always so glamorous. After all, when you’re dating, you’re often forced to subject yourself to awkward conversations — repeatedly — in the hopes of eventually finding someone who’s a good match.
And then there’s the cost of dating to consider. Wining and dining a potential soulmate has never been an inexpensive endeavor. But these days, dating costs even more due to inflation.
Since the latter part of 2021, consumers have been forced to shell out more money for everything from food to utilities to travel. And many people have seen their credit card balances rise exponentially over the course of the past year in particular.
As such, you may be thinking it’s time to change your approach to dating and stop spending so much money in the course of doing it. And if you implement that change, you’ll be in good company.
A recent survey from Match reveals that singles are spending up to $130 a month on dates. And for many, that’s a sum they can’t afford.
As such, it’s not surprising to learn that almost 50% of single millennials and Gen Zers have taken to ditching dinner dates and suggesting less expensive alternatives, as per a survey from dating site Plenty of Fish (which is owned by Match). And if money has gotten tight in your world, it pays to take a similar approach.
Dinner at even a moderate restaurant could easily cost you over $100 for a single meal when you factor in appetizers, drinks, and a reasonably generous tip. That’s a lot of money to spend on someone you’re meeting for the first time. And so if inflation has been wreaking havoc on your budget, it pays to explore your options for getting to know prospective romantic partners without having to part with a lot of cash.
It’s one thing to treat an established romantic partner to a nice dinner for a special occasion, like a birthday or anniversary. But the last thing you need is to rack up credit card debt in the course of getting to know someone you just met through a friend or connected with online.
The good news is that if you’re willing to get creative, you may find that it’s more than possible to date without spending a fortune. For one thing, there’s always coffee. A $10 tab at your local Starbucks is apt to be much easier to absorb than a $120 bill from the Italian restaurant around the corner.
If the idea of grabbing a coffee doesn’t appeal to you or your date, suggest a picnic at a local park where you each pack some snacks and share. You can also take food out of the equation and suggest a hike if there’s a nearby spot you really love (though you may want to avoid trails that are really remote if you’re hanging out with a virtual stranger for the first time).
Other ideas? If you’re comfortable doing so, invite a date over for a home-cooked meal. Again, this idea doesn’t work quite as well with a random online match. But if you’re dating a friend of a friend you trust, there’s a reasonable chance that you’re not, in fact, bringing an axe murderer into your home to bludgeon you to death while you perfect your puttanesca.
Inflation is forcing a lot of people to make spending changes. And so if you’re ready to pull the plug on dinner dates, go for it. Anyone worth getting involved with romantically is apt to be open to different ideas that don’t result in a costly tab. And you may find that ditching those stuffy restaurants makes for a far more pleasant dating experience.
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