Good morning Reader!

Are you experiencing a super busy April, too? Seems like "Spring cleaning" has absolutely translated to just about every part of my life to the point that I've just been wildly busy!

Regardless, let's dive into some money topics and news this week that you just won't want to miss!

Today's stories include: blood in the markets, how much it costs to live the "American Dream," retirement estimates increase, Americans are using debt to entertain themselves, and inflation is still ripping.

Get financially LIT🔥👇

Market Update Since Last Week's Newsletter

Dow Jones

37,899.25 (-1.44%)

S&P 500

5,068.98 (-1.64%)

Nasdaq

15,917.63 (-1.23%)

Bitcoin

62,870.59 (-10.32%)

​

• Blood in the market - red across all major indexes
• Crypto is not immune to the downturns either, with Bitcoin down 10% in the last week
• The market clearly not happy with the newly released inflation data; also while rates are currently at a 23-year high

Visual of the Week

The "American Dream" Cost By State...👇

A new report from GOBankingRates analyzed how much money a family of two adults and two children would need in each state to own a home, a car and a pet. I thought this map was fairly neat when I came across it, essentially showing what it takes in each state to now achieve that "middle-class" lifestyle.

No shocker that states like California, Hawaii, Washington, and Massachusetts rank as those needing a much higher income to achieve that lifestyle.

On the other hand, states like Kentucky, Ohio, and even South Carolina are on the "lower end."

What do you think? Think these numbers are accurate? Any states shock you? Or do you think these numbers or too high or too low given the current state in the US?

Deep Dive of the Week

​American's Think They Now Need $1.5m To Retire... 😬

$1.5 million. That estimate is up 50% since 2020 for Americans and their suggested retirement figures. Even up 15% from last year.

A few things to really understand when it comes to retirement figures:

• There is no one-size-fits-all. Retirement numbers will VASTLY differ from person to person due to differences in monthly costs, monthly income, location, and much more.
• The number is generally calculated by multiplying your annual expenses (or what you expect to spend in retirement) by 25. So if you think you want maybe $10k per month in income in retirement; then your retirement number would be around $3 million.
• Retirement numbers will vastly change based on age of retirement. Someone who wants to retire at 40 and someone who wants to retire at 60 will likely need different amounts.

All in all, yeah $1.5 million could very well be the new number for retirement-age people these days. By the time my generation gets to it, it could look more like $2.5 million to have a comfortable nest egg. It really is just dependent on each person's situation: someone in Toledo, Ohio may only need $1-$2m while someone in San Fransisco could likely do with a lot more.

Make sure you run the calculations for yourself and what fits your lifestyle!

News Roundup

News of the Week That'll Impact Your Wallet💸

🛒 Inflation Is Still High...​

Inflation data came back at a 3.5% rise over the past year and a 0.4% for the month - much further above the Fed's target rate of 2%.

Juice, drinks, car insurance rates, and household repairs are amongst the highest movers - all with double-digit percentage increases in the past 12 months.

All in all, Americans sure are feeling the effects and it can be quite discouraging. Stay safe out there!

✈️Americans Are Still Splurging On Travel - Even As Credit Card Debt Tops $1 Trillion​

Credit card debt tops $1.13 trillion. And even amongst these times, Americans are still willing to take on debt to dine out, travel and and go to concerts in 2024 it looks like. In fact, roughly 38% of adults are on planning to take on that kind of debt to do those things. And furthermore, 73% of Gen Zers between the ages of 18 and 25 said they would rather have a better quality of life than extra money in the bank.

Now, personally, I love events and entertainment as much as the next person. But all in a healthy balance. It seems like more and more young people are foregoing that balance and going for that "YOLO" lifestyle these days.

Really just goes to show, in my opinion, what kind of mentality some people have for their financial futures. And honestly it's hard to blame them - housing costs sky high, food prices up there, insurance rates at obscene prices, and really it just costs an arm and a leg to live these days for some people.

This is not to say I support the decisions at all. Just to make an observation of the dynamics and how I find it interesting, to say the least.

Action of the Week

Throw some cash into your investments 📈

With weeks that are red across the board, clearly it's easy to fall under the "fear" category as shown above. But the red days are the days where wealth can be built!

I challenge you to throw even $50 into your investments this week. Get comfortable in the downturns and build those good investing habits for years to come.

Feel free to sign up for a Public account and start here!

Finance Term of the Week

Dollar-Cost Averaging 💰

You've probably heard of this but given the blood bath in the markets, it's a good refreshing term! In short, it's investing a fixed dollar amount on a regular basis, regardless of the share price. That means up, down, flat - you invest! All in all it's a good way to build a disciplined investing habit and be more efficient in your cost-cutting efforts and minimize downturns.

Disclaimers:

Nicholas Meyer is the owner and operator of NICKTALKSMONEY LLC, which creates content under the social media handle @nicktalksmoney. NICKTALKSMONEY LLC does not render, or offer to render, personalized investment or tax advice through content posted by @nicktalksmoney on any social media platform, any email newsletter, or any other vertical.

The information provided on this newsletter is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Speak with a qualified professional who knows your specific situation before making any financial, tax, investment, or legal decision.

*Some of the links and other products that appear on this newsletter are from companies which NICKTALKSMONEY LLC will earn an affiliate commission or referral bonus. NICKTALKSMONEY LLC is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this newsletter is accurate as of the posting date. Some of the offers mentioned may no longer be available.