Happy New Year 2024!!!
Wishing you all good things in the New Year!
Is this what 2024 will look like?
It’s hard to believe that 2024 is upon us. Here’s what I’m watching for this year:
This election cycle. It will be strange, scary, and engrossing. No matter who you’re voting for. (Honestly, I haven’t recovered from the last election, have you?)
Declining interest rates. The Federal Reserve Bank says it’s going to reduce interest rates three times this year. If they do, it could be a huge boost to the housing market, which desperately needs it.
Stronger housing market. If interest rates keep declining, then the housing market should pick up. Watch out for affordability issues, however, as we’re still way short on housing stock.
A more volatile stock market. I think it’ll end up okay, but after a year of extraordinary gains, I feel that we’ll see some profit-taking, at least in the first quarter.
Continued strong economy. As long as the jobs market holds up, and corporate profits build, we’ll hold off a recession. Is the much-ballyhooed unicorn soft landing in sight? Could be.
What do you think will happen in 2024? Leave your thoughts in the comment section.
New Year’s Resolutions
Allianz Life just released the results of this year’s New Year’s Resolution Study. Key findings:
73% say that even after a pay increase, their income still isn’t keeping up with inflation
82% say having to restart paying student loans will make it hard to make ends meet.
66% say they have had or will have to reduce retirement contributions in order to restart student loan payments
23% say they put off making a big purchase like a house or car due to rising interest rates. Millennials were most likely to put off a purchase (33%), compared to Gen Xers (19%) and boomers (18%).
69% say they are concerned that the rising cost of living will affect their ability to save as much for retirement as they should.
48% say they are likely to make and keep a resolution to manage their money better or save more in 2024 by building up an emergency fund (17%), paying down credit cards (16%) and increase retirement savings (17%).
40% say they are more stressed at the end of 2023 in comparison to last year.
That’s a tough group of statistics. I wish that nearly 70% didn’t say that the rising cost of living will affect their retirement savings.
If you haven’t made your New Year’s resolutions yet, here are some ideas:
2024 Personal Finance Resolutions
Hot Reads from ThinkGlink.com and Best Money Moves
For your workforce:
5 Ways to Support Employees During the Holidays
5 Surprising Statistics About the State of Employee Financial Wellness
For buyers and sellers:
Should I put inherited property in an LLC?
Solar Panel Roof Replacement and Does Adding Solar Increase Property Values?
And for those of you considering buying a timeshare this holiday season:
Is a Free Timeshare a Gift or a Problem?
Celebrating the New Year in Style
It feels as though you should take every chance possible to celebrate this year. From my family to yours, Happy 2024!
Wishing you the best of everything in 2024. Happy New Year!
Ilyce
PS: If you like, you can leave a comment for me here:
HNY, Ilyce. Heard you on the G last Friday; thanks for your thoughts on the economy.
FWIW, gas in SE WI is $2.57/gal. My retirement account is up 15%. I'm not feeling "the pinch," whatever that really is.
-SL
Go to TUG2.net and learn all you need to know about buying and selling timeshares for free. There is no need to spend big money buying when people are almost giving them away. Please don't pay someone to get you out of a timeshare, you can do it yourself.