Wealth! host Brad Smith tackles a wide array of stories centered around personal finance and investing strategies. The number of individuals who have saved...
has reached a new record number, according to data from Fidelity Investments . In addition, the average balance for 401 millionaires has reached $1.6 million.
Well, we're gonna get some tips on how you can recover from a spending hangover if you've got one, plus, we're looking ahead to the Labor Day weekend. We've got Ben Slavin who is the Bny Mellon global head of ETF as part of the ETF report brought to you by invest QQQ.So we were taking a look at what this options market and what these options contracts are really pertaining.
I had to sprint over to the desk for this conversation because I mean, there's, there's so much that we've been tracking, going into this report. Yeah, one thing that we also are seeing a big trend um in the ETF market is really this rise of active. Ben Slavin, who is the Bny Mellon global head of ETF S. Thanks so much for taking the time here with us.Those are people who have saved a million dollars plus in their retirement accounts as of the second quarter of 2024 nearly half a million fidelity 401k accounts had balances of $1 million or more and that's up over 2% compared to last quarter according to fidelity investments.And the number of Ira millionaires also hitting a record high.
So we wanna start a spending journal if we're the type of person that likes to put down uh to a pen and a paper and actually learn that way or there's some great apps out there as well.Ok. And then also paying down debt here. Ok, so as we're thinking about how people can be budgeting for investors out there as well that are trying to figure out, ok, where is it wise for me to be looking at the market sensing opportunities versus budgeting and still sitting on um some cash?You can budget for savings, you can budget for credit card debt and you can also budget for investing.And then just lastly, I was, I was taking a look at your website and you have a blog up on this right now talking about the holiday.
What's the shortfall and how much you need to spend and put away on a weekly basis leading up to the holidays.I'm just gonna ask the Dallas Cowboys and if I can borrow 10, anyway, Jessica Barone, thanks so much for taking the time here.Well, speaking of the NFL, the NFL season kicks off next Thursday night when the Baltimore Ravens face off against the reigning Super Bowl champs, the Kansas City Chiefs.
And so at the end of the day, we love NFL season, but you might just need to budget to, to be able to afford to watch all the games.You're watching Yahoo Finance, Dollar General, Dollar Tree and Kroger are charging you fees when you get cash back at their stores.You are paying more when you try to access your own money at these stores and that's one.They sampled eight large retail chains and found those three are estimated to charge about $90 million in cash back fees annually.
Well, I don't know about you but my inbox is blowing up, but it seems everyone has a sale suddenly it's like giving Black Friday.So it's the end of season sales on summer outfit, summer grills, yard tools, gardening.I might be in the market for at least one of the things on this list here right now. You know, look, look around what do you need now and make the most of the sales that are happening now for the things you need.
No, but, but it's a great time for a sale if you don't care about having the newest stuff because retailers have to sell their inventory. We heard that there might be some delays in the generative A I features actually making it into the OS that's gonna be going on the devices. So, you know, it might be like a matter of a month where the coolest iphone features come out in the software, but the iphone will still be the same hardware.So I've been getting the nudge from our tech editor Dan Halley to go out and get my new phone.And uh I mean, you, you've got some great reporting that you already put out anyway, around that too.
Um I want to get to our word of the day, which is concentration because it kind of relates to everything we're talking about. So it looks like a bull market, but it looks like a bull market because it's really a concentration bubble where you have some of these large cap tech names driving pretty much the entire performance that's worked.
So going, going back to something you said, you said there's debate about whether the S and P is diversified.
And it is by far in a way, a much bigger mover of the market than the fed or NF or non farm payrolls.But the shelter, if you're fasting, you don't have to worry about that.Um But I think it's, it's so I have this sort of theme of mine, which is, I think there are three sources of inflation post COVID initially, it was the supply chain side of things, right?Then it was the stimulus consumer spending.
So how much can investors really rely on these data points or is it more that we should be watching general trends in the market as opposed to what inflation is telling us what the latest jobs report is telling us?It's entirely machines that are now goes that are trading off of each other off of headlines because there's no way anybody can possibly read AC P I report, click a button that quickly do it in size and then move markets.
You're just trying to go from equilibrium point to equilibrium point and he, you're absolutely right.Uh But I look at the close like where if you have a big payroll report that day or if you have a big CP I report.Being good news or was it good news, being bad news and that I think kind of informs my own personal, you know, direction bias.
Um The one thing that uh I think everybody can agree on independent of your politics is whether it's Trump or Harris or Kennedy or somebody that had parents that came from Mars and they're that per that alien is born in the US and can then run for president.It's a whole different issue, right? But the point remains the same, you know, the, the everyone gets hyped about um who's gonna be president, is it gonna be good for the stock market or not?
And also it's one of those things where um if you're gonna try to stand out against Vanguard and Blackrock and all these other very large companies, you've got to develop a different type of products, right?I need a cycle where there's risk.So I, I would not mind seeing a recession. You have to think in your portfolio that you because if you hate your, your usually have the lowest prices because why do you hate them because they're not performing?
It's not just how big the numbers are, who is wearing the Yen beating better among some of these higher yielding emerging market economies.So I don't know if I can answer who wore it better.
Um, I don't know if you have thoughts on this but basically that's the way it's been done for a long period of time and, you know, you look at the order, it's the euro versus the dollar, not the other way around, but it used to be the Deutschmark versus the dollar.I mean, part of that is just, I think reserve currency and us being egotistical Americans, that's what I was thinking.
Uh So I, it's funny because I, where I think where it really started, as I recall was I started seeing ads for intermittent fasting randomly on X and then I started getting youtube.My brain tends to operate in very much a to do list type fashion.Started getting into the signs of autophagy, started learning about supplementation.I don't deny myself when I eat the fast.
Let's do a final check of the markets as we are approaching the lunchtime hour on the east coast here and taking a look at the Dow Jones industrial average, the S and P 500 the NASDAQ composite.3/10 of a percent in the red for the Dow 6/10 of a percent for the S and P 500.They'll count you down to and through the market close.
Fidelity Investments Investing Strategies Personal Finance Summer Season
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The number of 401(k) millionaires reaches new record: FidelityThe number of individuals who have saved over a million dollars in their 401(k) retirement accounts has reached a new record number, according to data from...
Read more »
Construction worker struck on Hwy. 401 in Kingston, Ont. areaA section of Highway 401 is closed in the Kingston, Ont. area after a construction worker was struck by the driver of a vehicle.
Read more »
Construction worker struck by a truck on Hwy. 401 in Kingston, Ont. areaA section of Highway 401 is closed in the Kingston, Ont. area after a construction worker was struck by the driver of a vehicle.
Read more »
Motorcycle rider, passenger walked away from Hwy. 401 crash with significant injuries: OPPOntario Provincial Police are looking for two injured people who walked away from a collision on Highway 401 Thursday afternoon, saying they are concerned for their well-being.
Read more »
Van passenger in deadly Highway 401 wrong-way crash near Toronto denied bailManpreet Gill appeared in the Ontario Court of Justice in Oshawa on Aug. 1, 2024 by video link.
Read more »
3-vehicle crash on Hwy. 401 sends six to hospitalOne person is facing charges after six people were taken to hospital, including two children, in a three-vehicle collision on Highway 401 in Toronto late Tuesday night.
Read more »