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The IRS has postponed its '$600 rule' yet again

If you make a bit of extra money by selling goods or services online, you can breathe a little easier for the moment, now that the IRS has postponed a plan that would have set off a “tsunami of 1099-K” tax forms. For the second year in a row, Uncle Sam delayed a new tax rule that will lower the income threshold for Form 1099-K, which is used to report third-party business payments to the IRS. This means many small business owners, freelancers and gig workers are off the hook for now — but not everyone will be spared in the coming tax year. Here’s what the IRS is proposing and how casual sellers could still get dinged.

By Bethan Moorcraft | 11.24.23

If you make a bit of extra money by selling goods or services online, you can breathe a little easier for the moment, now that the IRS has postponed a plan that would have set off a “tsunami of 1099-K” tax forms. For the second year in a row, Uncle Sam delayed a new tax rule that will lower the income threshold for Form 1099-K, which is used to report third-party business payments to the IRS. This means many small business owners, freelancers and gig workers are off the hook for now — but not everyone will be spared in the coming tax year. Here’s what the IRS is proposing and how casual sellers could still get dinged.

By Bethan Moorcraft | 11.24.23

Mortgage rate trends this week

Thirty-year fixed mortgage rates have dropped from an average of 7.44% last week to 7.29%. “Mortgage rates continued to decrease heading into the Thanksgiving holiday,” says Sam Khater, chief economist at housing giant Freddie Mac. “In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.”

By Leslie Kennedy | 11.23.23

Thirty-year fixed mortgage rates have dropped from an average of 7.44% last week to 7.29%. “Mortgage rates continued to decrease heading into the Thanksgiving holiday,” says Sam Khater, chief economist at housing giant Freddie Mac. “In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.”

By Leslie Kennedy | 11.23.23

Musk says you shouldn't charge an EV to 100%

Of all the reasons why some Americans remain hesitant to adopt electric vehicles, one of the biggest is charging time. Unlike filling a gas tank, which takes a few minutes, charging an EV can take as long as an hour, even on the fastest available charging equipment, according to the Department of Transportation). But Tesla CEO Elon Musk says there’s a trick to speeding up the process: don’t charge your EV to 100%.

By Jing Pan | 11.23.23

Of all the reasons why some Americans remain hesitant to adopt electric vehicles, one of the biggest is charging time. Unlike filling a gas tank, which takes a few minutes, charging an EV can take as long as an hour, even on the fastest available charging equipment, according to the Department of Transportation). But Tesla CEO Elon Musk says there’s a trick to speeding up the process: don’t charge your EV to 100%.

By Jing Pan | 11.23.23

Many US millionaires now feel middle class

It turns out even millionaires aren’t rolling carefreely in the dough, considering how much of their income is getting diverted to everyday expenses and savings for the future. About 60% of investors with $1 million or more of investable assets categorize themselves as upper middle class, according to a recent Ameriprise Financial survey. And almost a third (31%) of this group consider themselves decidedly middle class. Don’t miss Commercial real estate has outperformed the S&P 500 over 25 years. Here's how to diversify your portfolio without the headache of being a landlord Rising prices are throwing off Americans' retirement plans — here's how to get your savings back on track 'A natural way to diversify': Janet Yellen now says Americans should expect a decline in the USD as the world's reserve currency — 3 ways you can prepare “There is no standard definition of what it means to be wealthy, but in general, investors associate it with having the means to live life on their terms,” said Marcy Keckler, senior vice president of financial advice strategy at Ameriprise, in a release. With costs racking up, many Americans are wondering whether a seven-figure income is enough to weather the current economic climate in comfort. Here’s how the country’s worried wealthy are adapting to that increased financial strain.

By Serah Louis | 11.20.23

It turns out even millionaires aren’t rolling carefreely in the dough, considering how much of their income is getting diverted to everyday expenses and savings for the future. About 60% of investors with $1 million or more of investable assets categorize themselves as upper middle class, according to a recent Ameriprise Financial survey. And almost a third (31%) of this group consider themselves decidedly middle class. Don’t miss Commercial real estate has outperformed the S&P 500 over 25 years. Here's how to diversify your portfolio without the headache of being a landlord Rising prices are throwing off Americans' retirement plans — here's how to get your savings back on track 'A natural way to diversify': Janet Yellen now says Americans should expect a decline in the USD as the world's reserve currency — 3 ways you can prepare “There is no standard definition of what it means to be wealthy, but in general, investors associate it with having the means to live life on their terms,” said Marcy Keckler, senior vice president of financial advice strategy at Ameriprise, in a release. With costs racking up, many Americans are wondering whether a seven-figure income is enough to weather the current economic climate in comfort. Here’s how the country’s worried wealthy are adapting to that increased financial strain.

By Serah Louis | 11.20.23

US beef industry struggles as cow numbers fall

If you're a fan of steaks and burgers, it might be time to adjust your budget (or your diet). The American beef industry is facing a pivotal moment, which is impacting the cost of your favorite meaty meals. Reuters recently reported that as the U.S. cattle herd shrinks to its lowest level in decades, the country is importing record amounts of beef while exporting less. This significant decline in cattle, driven by years of severe drought damaging grazing lands, has resulted in higher beef prices domestically. Consumers can already feel the impact. The latest Consumer Price Index report showed that the price of beef and veal in the U.S. was up 8.9% in October from a year ago.

By Jing Pan | 11.20.23

If you're a fan of steaks and burgers, it might be time to adjust your budget (or your diet). The American beef industry is facing a pivotal moment, which is impacting the cost of your favorite meaty meals. Reuters recently reported that as the U.S. cattle herd shrinks to its lowest level in decades, the country is importing record amounts of beef while exporting less. This significant decline in cattle, driven by years of severe drought damaging grazing lands, has resulted in higher beef prices domestically. Consumers can already feel the impact. The latest Consumer Price Index report showed that the price of beef and veal in the U.S. was up 8.9% in October from a year ago.

By Jing Pan | 11.20.23

Cardone: the 2 worst real estate markets right now

Prolific real estate investor Grant Cardone singled out two U.S. property markets he wouldn’t touch with a 10-foot pole: Austin and Seattle. Cardone shared this hot take — and many others — in a July 2023 interview with Moneywise after he prompted an AI chatbot to answer the question: “What are the 10 best markets for investing in rental real estate in America?” The AI Smith response started with: “The best markets for investing in real estate in America can vary depending on factors such as population growth, job opportunities, rental demand, affordability and potential rental income.” Up until that point, Cardone — who performed the task live on camera — was pretty happy with the response. But when the AI listed Austin, Texas, as the best market for investing in real estate, the investment guru blew up. “Austin, Texas is one of the worst markets to be in right now,” he exclaimed. “Of all the markets in America, it’s probably the most overbuilt.” Here’s why an overbuilt property market is bad for real estate investors — and how you can still invest without taking on all the risk yourself.

By Bethan Moorcraft | 11.20.23

Prolific real estate investor Grant Cardone singled out two U.S. property markets he wouldn’t touch with a 10-foot pole: Austin and Seattle. Cardone shared this hot take — and many others — in a July 2023 interview with Moneywise after he prompted an AI chatbot to answer the question: “What are the 10 best markets for investing in rental real estate in America?” The AI Smith response started with: “The best markets for investing in real estate in America can vary depending on factors such as population growth, job opportunities, rental demand, affordability and potential rental income.” Up until that point, Cardone — who performed the task live on camera — was pretty happy with the response. But when the AI listed Austin, Texas, as the best market for investing in real estate, the investment guru blew up. “Austin, Texas is one of the worst markets to be in right now,” he exclaimed. “Of all the markets in America, it’s probably the most overbuilt.” Here’s why an overbuilt property market is bad for real estate investors — and how you can still invest without taking on all the risk yourself.

By Bethan Moorcraft | 11.20.23

Spitznagel says the US credit bubble is set to pop

One of Wall Street’s biggest bears has delivered a scathing review of the Federal Reserve’s monetary policy — accusing central bankers of creating the “greatest credit bubble in human history.” Mark Spitznagel, chief investment officer of Universa Investments, believes the Fed has created a “tinderbox time bomb” that will explode into a mega inferno — in the shape of a major market crash — in the next few years. Known for his pessimistic stance on the economy, Spitznagel has voiced his concerns about the nation’s monetary policy time and time again. But in a recent interview with New York Magazine’s Intelligencer he went in hard on the Fed and global central banks in general for how they’ve rebuilt since the Great Recession. “Credit bubbles end. They pop. There's no way to stop them from popping,” he said, adding that the Fed has brought the economy to a place “where there’s no turning back.” If you share Spitznagel’s incredibly bearish view on the state of the U.S. economy, here’s how you can prepare your portfolio to minimize your risk if there is a “huge crash.”

By Bethan Moorcraft | 11.17.23

One of Wall Street’s biggest bears has delivered a scathing review of the Federal Reserve’s monetary policy — accusing central bankers of creating the “greatest credit bubble in human history.” Mark Spitznagel, chief investment officer of Universa Investments, believes the Fed has created a “tinderbox time bomb” that will explode into a mega inferno — in the shape of a major market crash — in the next few years. Known for his pessimistic stance on the economy, Spitznagel has voiced his concerns about the nation’s monetary policy time and time again. But in a recent interview with New York Magazine’s Intelligencer he went in hard on the Fed and global central banks in general for how they’ve rebuilt since the Great Recession. “Credit bubbles end. They pop. There's no way to stop them from popping,” he said, adding that the Fed has brought the economy to a place “where there’s no turning back.” If you share Spitznagel’s incredibly bearish view on the state of the U.S. economy, here’s how you can prepare your portfolio to minimize your risk if there is a “huge crash.”

By Bethan Moorcraft | 11.17.23

Economist Siegel predicts Fed's next move is cut

As the stock market enjoys a nice rally in November, the looming specter of future interest rate hikes casts an uneasy shadow over its newfound vitality. But a prominent economist doesn't think these fears will materialize. “I really think the next move is going to be a cut, even if there isn't a recession, just because of the slowdown. It could come as early, actually, as March of next year,” Jeremy Siegel, professor of finance at Wharton, University of Pennsylvania's business school, told [CNBC](https://www.youtube.com/watch?v=2YBv665zR540 this week. Siegel’s projection stands in contrast to the statements made by Federal Reserve Chair Jerome Powell earlier this month. “We understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2% goal,” Powell said at a press conference on Nov. 1. In October, the U.S. consumer price index saw an annual increase of 3.2%. Core inflation, which excludes food and energy prices, rose 4% from a year ago.

By Jing Pan | 11.17.23

As the stock market enjoys a nice rally in November, the looming specter of future interest rate hikes casts an uneasy shadow over its newfound vitality. But a prominent economist doesn't think these fears will materialize. “I really think the next move is going to be a cut, even if there isn't a recession, just because of the slowdown. It could come as early, actually, as March of next year,” Jeremy Siegel, professor of finance at Wharton, University of Pennsylvania's business school, told [CNBC](https://www.youtube.com/watch?v=2YBv665zR540 this week. Siegel’s projection stands in contrast to the statements made by Federal Reserve Chair Jerome Powell earlier this month. “We understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2% goal,” Powell said at a press conference on Nov. 1. In October, the U.S. consumer price index saw an annual increase of 3.2%. Core inflation, which excludes food and energy prices, rose 4% from a year ago.

By Jing Pan | 11.17.23

Cruz calls out 'woke-ification' of US corporations

Texas Sen. Ted Cruz has stepped up his war on the “woke” agenda in corporate America — calling on consumers to hold big businesses to account. Talking about his new book “Unwoke” on CNBC’s “Last Call,” the Republican politician waxed lyrical about major corporations being overly influenced by left-wing politics. “We’ve seen something that would have been hard to imagine a few years ago, which is major companies becoming the economic enforcement arm for the left-wing agenda,” he told “Last Call” host Brian Sullivan. “I don’t think the government should be forcing businesses to take political positions on one side or the other,” Cruz added during the interview — noting how his book examines his belief that the “radical left has seized major institutions” throughout U.S. society. Cruz is not the only U.S. politician or corporate leader to call out the so-called “woke” agenda. This ideological divide is proving to be a flashpoint in the U.S. economy — and it is having a big impact on how businesses operate and, ultimately, their bottom lines.

By Bethan Moorcraft | 11.17.23

Texas Sen. Ted Cruz has stepped up his war on the “woke” agenda in corporate America — calling on consumers to hold big businesses to account. Talking about his new book “Unwoke” on CNBC’s “Last Call,” the Republican politician waxed lyrical about major corporations being overly influenced by left-wing politics. “We’ve seen something that would have been hard to imagine a few years ago, which is major companies becoming the economic enforcement arm for the left-wing agenda,” he told “Last Call” host Brian Sullivan. “I don’t think the government should be forcing businesses to take political positions on one side or the other,” Cruz added during the interview — noting how his book examines his belief that the “radical left has seized major institutions” throughout U.S. society. Cruz is not the only U.S. politician or corporate leader to call out the so-called “woke” agenda. This ideological divide is proving to be a flashpoint in the U.S. economy — and it is having a big impact on how businesses operate and, ultimately, their bottom lines.

By Bethan Moorcraft | 11.17.23

Musk, Buffett on the danger of nuclear war

Billionaire Elon Musk, whose companies Tesla and SpaceX have made great strides in the technology sector, recently veered in a different direction and shared his insights on a separate matter: the possibility of nuclear war. “I think we shouldn’t discount the possibility of nuclear war. It is a civilizational threat,” Musk told Lex Fridman on the Lex Fridman Podcast. The two men discussed the idea of nuclear war amid current global conflicts. While Musk perceives the likelihood of nuclear war as “quite low,” he emphasizes that its occurrence could lead to catastrophic consequences. “Obviously, global thermonuclear warfare has high potential to end civilization, perhaps permanently, but certainly to severely wound and perhaps set back human progress to the Stone Age or something,” he said. The prospect of nuclear war can make all other problems seem trivial in comparison.

By Jing Pan | 11.17.23

Billionaire Elon Musk, whose companies Tesla and SpaceX have made great strides in the technology sector, recently veered in a different direction and shared his insights on a separate matter: the possibility of nuclear war. “I think we shouldn’t discount the possibility of nuclear war. It is a civilizational threat,” Musk told Lex Fridman on the Lex Fridman Podcast. The two men discussed the idea of nuclear war amid current global conflicts. While Musk perceives the likelihood of nuclear war as “quite low,” he emphasizes that its occurrence could lead to catastrophic consequences. “Obviously, global thermonuclear warfare has high potential to end civilization, perhaps permanently, but certainly to severely wound and perhaps set back human progress to the Stone Age or something,” he said. The prospect of nuclear war can make all other problems seem trivial in comparison.

By Jing Pan | 11.17.23

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