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☆ A financially independent real-estate investor who had to get creative to afford her first property shares 3 strategies rookie investors can use to get started on a tight budget
▼ + stars: | 2023-08-18 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Look into private lending, which is how she started, and subject-to financing, she advises. Private lendingThis is exactly how McIntyre financed her first property: She obtained a private loan, rather than going through a traditional mortgage lender. We worked out a private loan and he didn't need to verify my income or anything. Subject-to financingWith subject-to financing, the buyer takes over the existing financing. You don't actually assume the mortgage — it remains in the seller's name with the same terms — but you'll make mortgage payments on behalf of the seller.

Persons: Zeona McIntyre couldn't, McIntyre, I'd, Zeona McIntyre, Zeona, she's, you'll, I've Locations: Colorado, Boulder

The rioters were demanding that the two accused men, who had fled their homes, be handed over to them. The troops have cordoned off the Christian colony, blocking all entry and exit points with barbed wire, according to a Reuters TV cameraman. Hundreds of Christians took refuge in a nearby district, a community leader Akmal Bhatti told Reuters, adding that four pastors had returned to the churches, which were still smouldering. "It is the government's responsibility to compensate for the loss of property of the Christian community," he told reporters, adding the government was estimating the losses. The United States was "deeply concerned that churches and homes were targeted," State Department Deputy Spokesperson Vedant Patel said on Wednesday.

Persons: Christian, Akmal Bhatti, Bhatti, Mohsi Naqvi, Vedant Patel, Asif Shahzad, Raju Gopalakrishnan, Simon Cameron, Moore, Alexandra Hudson Organizations: Police, Reuters, Amnesty, State Department, Alexandra Hudson Our, Thomson Locations: LAHORE, Pakistan, Jaranwala, Faisalabad, United States, Islamabad

☆ Troops deployed to guard Pakistani Christians after mob torches churches
▼ + stars: | 2023-08-17 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

The rioters were demanding that the two accused, who had fled their homes, be handed over to them. The residents said thousands of Muslims led by local clerics were carrying iron rods, sticks, knives and daggers during the rioting. A provincial government statement said paramilitary troops were deployed to aid the police to control the situation. The troops have cordoned off the Christian colony, blocking all entry and exit points with barbed wire, according to a Reuters TV cameraman. The United States was "deeply concerned that churches and homes were targeted," State Department Deputy Spokesperson Vedant Patel said on Wednesday.

Persons: Vedant Patel, Asif Shahzad, Raju Gopalakrishnan Organizations: Police, Reuters, State Department, Thomson Locations: LAHORE, Pakistan, desecrating, Jaranwala, Faisalabad, United States

☆ Goldman Sachs: 20 Cities With Highest and Lowest Home-Price Growth
▼ + stars: | 2023-08-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Goldman Sachs says determined home buyers aren't being deterred by higher interest rates. Strategists at Goldman Sachs no longer expect home prices to drop for the full year 2023. Homeowners who are locked into lower rates aren't likely to give that up in exchange for new property. Housing affordability has returned to its historic 2007 lows, according to Goldman Sachs' Housing Affordability Index. This means smaller, more affordable homes are increasing demand, leading to higher price growth in that part of the housing market.

Persons: Goldman Sachs, Roger Ashworth, Goldman Locations: Charlotte, Atlanta

☆ Mild recession ends Dutch economy's strong post-COVID boom
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

People walk past restaurants and bars following the new social restrictions announced by the Dutch government, as the Netherlands battle to control the spread of the coronavirus disease (COVID-19), in Amsterdam, Netherlands October 14 2020. Growth is set to drop to 0.7% in 2023 and 1.4% in 2024, the CPB said, after hitting almost 5% per year in 2021 and 2022 during a strong recovery from the pandemic lockdowns. The CPB in March had predicted an expansion of 1.6% in 2023 and 1.4% the year after. With unchanged policies the government deficit is seen rising from 2.4% of gross domestic product (GDP) to almost 4% by 2028. Reporting by Bart Meijer; Editing by Jacqueline Wong and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: de, Bart Meijer, Jacqueline Wong, Toby Chopra Organizations: REUTERS, Rights, Thomson Locations: Netherlands, Amsterdam

☆ 63% of divorcees say this is the No. 1 thing that would have saved their marriage—and it's not more money
▼ + stars: | 2023-08-17 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

But, almost all of those surveyed believe their union could have been saved by one factor or another. In fact, only 5% of respondents said they don't think anything could have fixed their partnership. More than half, 56%, of respondents said a better understanding of the values and morals of their partner might have helped them avoid divorce. And 44% said waiting to start a family might have saved their marriage. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.

Persons: Warren Buffett Organizations: Forbes

☆ America's wealthiest 10% are responsible for 40% of its climate-crisis-causing emissions. Tax them, researchers say.
▼ + stars: | 2023-08-17 | by ( Morgan Mcfall-Johnsen | Marianne Guenot | ) www.businessinsider.com time to read: +6 min

The richest 10% of Americans' income has generated 40% of US carbon emissions, a new study found. Tax shareholders rather than focusing on consumers, the study authors argue. How much carbon emissions are produced in the supply chain to create the earnings of each income group, pre-tax. Not only was the top 10% earners' income generating over 40% of emissions, but the income of the top 1% was responsible for 15%-17% of emissions, they found. In the US, multiple proposals for a carbon tax have been introduced in Congress.

Persons: Peter Unger, Patrick T, Fallon, Jared Starr, Starr, Carlo Allegri, That's Organizations: Investments, Service, Getty Images, Getty, University of Massachusetts Amherst, International Monetary Fund Locations: Manhattan

☆ I do think the government will shut down between now and early 2024: Punchbowl's Jake Sherman
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI do think the government will shut down between now and early 2024: Punchbowl's Jake ShermanJake Sherman, Punchbowl News founder, joins 'Squawk Box' to discuss the fight on Capitol Hill to avert a government shutdown at the end of September, after reports of House Leader Kevin McCarthy and Senate Majority Leader Chuck Schumer discussing the idea of a months-long funding package, the state of the 2024 presidential race, and more.

Persons: Jake Sherman Jake Sherman, Kevin McCarthy, Chuck Schumer Organizations: Punchbowl News, Capitol

☆ Mortgage Rates Jumped to the Highest Level Since 2002
▼ + stars: | 2023-08-17 | by ( Matthew Cullen | ) www.nytimes.com time to read: 1 min

The most popular type of home loan in the U.S. — a 30-year fixed-rate mortgage — jumped above 7 percent this week, reaching its highest point in 21 years. Less than two years ago, mortgage rates were under 3 percent. The increasing borrowing cost has made it harder for buyers to afford homes in an already difficult market. Making matters worse, the supply of houses is low — because many homeowners are unwilling to put their homes on the market and give up their existing low mortgage rates. But despite the slight shrinkage, the price per square foot nearly doubled during that period, far outpacing inflation, to about $168 per square foot.

Locations: U.S, —

☆ Here's why Americans can't stop living paycheck to paycheck
▼ + stars: | 2023-08-17 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

For many Americans, payday can't come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over. Almost three-quarters, 72%, of Americans say they aren't financially secure given their current financial standing, and more than a quarter said they will likely never be financially secure, according to a survey by Bankrate. That amount already accounts for about 61% of the median take-home pay.

Persons: Ida Rademacher, there's, Kamila Elliott Organizations: Aspen Institute, Principal Financial, Institute, Finance, U.S . Bureau of Labor Statistics, for Community, Economic Research, Wealth Partners, CNBC's Locations: U.S, Atlanta

☆ What Is a Roth IRA and How Does It Work?
▼ + stars: | 2023-08-16 | by ( Tanza Loudenback | ) www.wsj.com time to read: +13 min

How does a Roth IRA work? “A Roth IRA offers investors a lot of flexibility which, in my opinion, is its biggest benefit,” says Eric Presogna, a financial planner in Erie, Pa.How is a Roth IRA different from a traditional IRA and from a 401(k)? The annual limits apply to traditional and Roth IRAs, in aggregate—meaning you can’t add more than the allowed amount to your traditional and Roth IRAs combined. High-income workers can use the “backdoor Roth” strategy to get money into a Roth IRA. How to fund a Roth IRAA Roth IRA typically needs to be funded before you can start choosing investments.

Persons: Roth, “ Roth, ”, David Edmisten, Internal Revenue Service doesn’t, you’re, Roth IRAs, we’ll, “, Eric Presogna, Nick Cantrell, don’t, posttax Roth, Cantrell, Zach Teutsch, brokerages, IRA —, ” Teutsch Organizations: IRA, Internal Revenue Service, Roth IRA, Washington , D.C, Fidelity, Vanguard, IRS, Financial Locations: Prescott, Ariz, Erie, Pa, Massachusetts, Washington ,

"We now forecast a mild recession in the U.S. economy this year ... In May and June, the Fed staff projections "continued to assume" the U.S. economy would be in recession by the end of the year. Fed policymakers' projections, which are issued on a quarterly basis, never showed GDP contracting on an annual basis. 'CHUGGING ALONG'What made the difference between an in-the-moment recession that many thought was underway last year to growth that has surprised to the upside? An Atlanta Fed GDP "nowcast" puts output growth for the current July-September period at 5.0%, showing continued strong momentum.

Persons: Biden, Michael Gapen, Gapen, Jerome Powell, Powell, Sharif, We've, Sal Guatieri, Howard Schneider, Paul Simao Organizations: Federal, Bank of America, Fed, Reuters, Valley Bank, Atlanta Fed, BMO Capital Markets, Thomson Locations: U.S, California

☆ An $11 trillion wealth wipeout has set the world back for the first time since 2008, thanks to a trifecta of high inflation, interest rates, and currency declines
▼ + stars: | 2023-08-16 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

That's thanks to a trifecta of inflation, rising interest rates, and currency depreciation against the US dollar. But inflation, rising interest rates and currency depreciation caused a reversal in 2022," UBS analysts wrote in a note. That's sparked an aggressive policy reaction from central banks, which have hiked interest rates sharply over the past year. Higher inflation and interest rates tend to chip away at consumer spending power, eating away at individual savings and wealth. According to UBS, local currency depreciation against the greenback also played a big role in eroding global wealth.

Persons: That's Organizations: UBS, Service, Federal, greenback, Fed Locations: Wall, Silicon, Europe, North America, Asia, Pacific, Ukraine

☆ US housing starts surge in boost to economy
▼ + stars: | 2023-08-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The sharp rebound in groundbreaking on single-family housing units reported by the Commerce Department on Wednesday was another sign of the economy continuing to defy dire forecasts of a recession. Single-family housing starts, which account for the bulk of homebuilding, jumped 6.7% to a seasonally adjusted annual rate of 983,000 units last month. The increase in groundbreaking was led by the West, where single-family starts soared 28.5%. Overall housing starts increased 3.9% to a rate of 1.452 million units in July. TIGHT SUPPLYDespite the rise in starts, housing supply is likely to remain tight.

Persons: Mike Blake, homebuilding, Christopher Rupkey, Freddie Mac, Nancy Vanden, Daniel Silver, Goldman Sachs, Lucia Mutikani, Chizu Organizations: REUTERS, WASHINGTON, Commerce Department, Federal, National Association of Home Builders, Reuters, Oxford Economics, Treasury, Realtors, U.S, Fed, JPMorgan, Thomson Locations: San Marcos , California, U.S, New York, homebuilding, Nancy Vanden Houten, Midwest

☆ TikTok influencers want to rent you a very cool home. Just don't call them landlords.
▼ + stars: | 2023-08-16 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

While live-in landlords are far from a novel concept, the pandemic-era fever around passive income and real-estate investing has sparked a rise in the popularity of house hacking. While Turner's initial strategy emphasized small multifamily buildings, some house hackers applied the concept to single-family homes. In 2019, he published a book called "The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom." And I think house hacking is one obvious way to eliminate, or at least drastically reduce, what likely is your largest expense." "Yeah, it's called 'house hacking," the owner and roommate, also played by Jarman, who has 4 million followers, replies.

Persons: Kelly Clark, Clark, scoffed, TikTok, Zers, Brandon Turner, Turner, Ryan Lehman, Lehman, Brandon, I'm, Craig Curelop, BiggerPockets who's, Curelop, influencer Addison Jarman, renter, it's, Jarman, Jay Parsons, John Liang, TikToker, Liang, —, It's, doesn't, Insider's Daniel Geiger, she'd, James Rodriguez Organizations: Federal Housing Administration, BiggerPockets, Census, YouTube, RealPage Locations: Spokane , Washington, Silicon, millennials, Seattle, Spokane

☆ Falling markets sank global wealth in 2022, leaving the world with 3.5 million fewer millionaires
▼ + stars: | 2023-08-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Here’s the deal: The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion, according to the annual Credit Suisse and UBS global wealth report. Meanwhile, global median wealth, a more meaningful indicator of how the typical person is faring, actually rose 3% in 2022. The top 1% of households still hold a staggering 44.5% of all global wealth. “The global economy is experiencing a period of astonishing economic alteration,” wrote Paul Donovan Chief Economist at UBS Global Wealth Management, in the report. Another silver lining: According to Credit Suisse projections, global wealth will rise 38% over the next five years, reaching $629 trillion by 2027.

Persons: CNN Business ’, Joe, ”, Paul Donovan, you’ll Organizations: CNN Business, New York CNN, Credit Suisse, UBS, UBS Global Wealth Management, Suisse Locations: New York, United States, China

The two Christians were accused of blasphemy, he said, adding they and family members had fled their homes. Blasphemy is punishable by death in Pakistan and though no one has ever been executed for it, numerous accused people have been lynched by outraged crowds. A Christian leader, Akmal Bhatti, said the crowd had "torched" at least five churches and looted valuables from houses that had been abandoned by their owners. Several social media posts showed some churches, houses and belongings on fire as police stood by. The mob was made up of thousands of people led by local clerics, mainly from an Islamist political party called Tehreek-e-Labaik Pakistan (TLP), a government source said.

Persons: Naveed Ahmad, Shakil Masih, Usman Anwar, Anwar ul Haq Kakar, Akmal Bhatti, Asif Shahzad, Angus MacSwan, Nick Macfie Organizations: Reuters, REUTERS, REUTERS Acquire, Caretaker, Thomson Locations: LAHORE, Pakistan, Jaranwala, Faisalabad, Islamabad

☆ New A.I. working group aims to shape policy for key Democratic bloc
▼ + stars: | 2023-08-15 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

WASHINGTON — Democrats on Capitol Hill are forming a new working group on artificial intelligence and prioritizing how to prevent deepfakes from wreaking havoc on personal lives, national security and the upcoming 2024 elections. Rep. Derek Kilmer, D-Wash., will chair the new AI working group in the New Democrat Coalition, a 97-member bloc of House members that typically avoid the spotlight but wield significant influence over policy within the caucus. "There's real concern about the potential for AI generated disinformation, real concern about misuse of advanced AI models," Kilmer told CNBC. Another concerning aspect for many lawmakers is what AI generated images could mean in the world of campaign ads. Ron DeSantis recently used AI in an ad to replicate former president Donald Trump's voice "reading" a post that Trump had written on social media.

Persons: Derek Kilmer, Kilmer, Joe Morelle, Ron DeSantis, Donald Trump's, Trump, Joe Biden, Democratic Minnesota Sen, Amy Klobuchar, Kevin McCarthy Organizations: WASHINGTON, Democrats, Capitol, New Democrat Coalition, House, CNBC, Homeland Security Department, New Dems, Florida Republican Gov, Republican National Committee, Senate, Democratic Minnesota, Dems Locations: Taiwan, China

☆ US retail spending picked up sharply in July
▼ + stars: | 2023-08-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

It was also the fourth straight month that retail sales increased. Retail sales, which are adjusted for seasonality but not inflation, rose 0.7% in July from the prior month, the Commerce Department reported Tuesday. Spending rose on nondurable items, such as clothing and sporting goods. Excluding spending at gasoline stations, retail sales rose 0.8% in July from the prior month. “Goods consumption is holding up even as services spending has taken up an increasing share of household’s wallets.

Persons: —, TJ Maxx, ”, Nikki Baird, Barbie, Taylor, Beyoncé, Taylor Swift, Gregory Daco, haven’t, Wells Organizations: DC CNN, Retail, Commerce Department, Commerce, Walmart, Target, Federal Reserve, Wall Street, Fed, “ Retailers Locations: Washington, EY

☆ 46% of divorced couples say this was the No. 1 conflict in their relationship—and it isn't money
▼ + stars: | 2023-08-15 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +2 min

Almost 690,000 couples reported getting divorced in 2021, according to the Centers for Disease Control and Prevention. That's about half the number of couples who reported getting married. There are a handful of commonly cited factors that couples feel put a strain on their marriage, according to a Forbes Advisor survey. The biggest conflicts divorced couples encounter are:Career choices Parenting differences Division of household labor Relationships with family Relationships with friends Finances Health choicesAlmost half, 46%, of those surveyed said career choices were the biggest source of conflict in their marriage. A whopping 63% said that having a better understanding of commitment prior to marrying could have helped them avoid divorce.

Persons: Couples, Warren Buffett Organizations: Centers for Disease Control, Forbes Advisor

☆ America Lost a Whole Lot of Millionaires Last Year
▼ + stars: | 2023-08-15 | by ( ) www.wsj.com time to read: 1 min

For the first time since 2008, global wealth declined, falling by 2.4% in dollar terms, largely because of whipsawing currencies, UBS and Credit Suisse economists said Tuesday. The banks’ global wealth report said Americans were hit hardest as stocks and bonds fell in value. That was partly offset by prices of houses and some other assets rising.

Organizations: UBS, Credit Suisse

☆ Addiction Treatment Eludes More Than Half of Americans in Need
▼ + stars: | 2023-08-15 | by ( Noah Weiland | More About Noah Weiland | ) www.nytimes.com time to read: +4 min

Why It Matters: Opioid addiction affects every part of American society. Rural and white Americans were the likeliest to report personal or family opioid addiction, but significant percentages of Black, Hispanic, urban and suburban families did, as well. Overdose fatality rates among Black Americans have climbed substantially in recent years, the Centers for Disease Control and Prevention found in a study last year. A third of Americans fear that someone in their family will die of an opioid overdose, researchers discovered. Methadone, another opioid addiction medication that alleviates cravings, is heavily regulated and often difficult for drug users to access and use continuously, prompting repeated calls from addiction physicians and public health experts for easing restrictions.

Persons: KFF, “, —, ”, naloxone, David Fiellin, Biden Organizations: Centers for Disease Control, Yale School of Medicine, AIDS Locations: ”, Georgia, South Carolina

☆ Strong US retail sales underscore economy's resilience
▼ + stars: | 2023-08-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

SummaryCompanies Retail sales increase 0.7% in July; June sales revised upCore retail sales jump 1.0%; June sales revised downImport prices rebound 0.4%; down 4.4% year-on-yearWASHINGTON, Aug 15 (Reuters) - U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. Retail sales jumped 0.7% last month. Sales at food services and drinking places, the only services category in the retail sales report, shot up 1.4% after rising 0.8% in June. Excluding automobiles, gasoline, building materials and food services, retail sales surged 1.0% in July. Data for June was revised lower to show these so-called core retail sales increasing 0.5% instead of the previously reported 0.6%.

Persons: Goldman Sachs, Andrew Hunter, David Russell, Matthew Martin, Ben Ayers, Lucia Mutikani, Paul Simao Organizations: Commerce Department, Capital Economics, Retail, Reuters, Consumers, Market Intelligence, Wall, Treasury, Labor Department, Oxford Economics, delinquencies, New York Fed, Nationwide, Thomson Locations: WASHINGTON, U.S, New York, Columbus , Ohio

CNN —Earnings season continues this week with Target, Walmart, TJ Maxx parent company TJX and other high-profile retailers set to release their quarterly results. That shift showed up in earnings results for retailers including Home Depot and Target earlier this year. US retail spending, which is adjusted for seasonality but not inflation, inched up in June but fell below economists’ expectations. Americans feel hopeful inflation is coolingAmericans are feeling more optimistic that inflation is trending down now and into the future. Consumer spending expectations ticked up from the month before but remain below levels seen during the past year, according to the report.

Persons: TJ Maxx, hasn’t, Christina Hennington, Doug McMillon, they’re, Matt Egan Organizations: CNN Business, Bell, CNN, Target, Walmart, TJ, Shoppers, Home Depot, Refinitiv, “, University of Michigan’s, Consumer, Federal Reserve Bank of New, Federal Reserve, AAA, Labor Locations: Federal Reserve Bank of New York, Russia, Saudi Arabia

☆ Buy this major retailer before it tops earnings and raises guidance this week, says Evercore ISI
▼ + stars: | 2023-08-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Walmart is on the verge of an earnings beat that could see the stock gain nearly 12%, according to Evercore ISI. The firm added the retail behemoth to its tactical outperform list with an updated $180 price target, up from $173. Walmart stock has added nearly 14% so far this year, and shares hit a 52-week high of $162.78 in trading Monday. WMT YTD mountain Walmart stock has climbed roughly 13.6% from the start of the year. He added that Walmart likely benefited throughout the quarter from the demise of Bed Bath & Beyond, while also picking off customers from peer retailer Target .

Persons: Greg Melich, HundredX, Melich, Michael Bloom Organizations: Walmart, ISI, FactSet

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