Many Americans feel their American dream is reachable — and they're willing to make sacrifices to get there.
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(+1.06%) | | | | | | | | | | | | | The American Dream in 2023 | | | | What do Americans dream of? A new SoFi survey sheds light on aspirations, and what we're willing to sacrifice to achieve them.
Read more>> | | | |  | | | | | | | | MARKET RECAP | | | | US stocks rose on Monday ahead of a busy third-quarter earnings season | | | | - Charles Schwab kicked off the week, reporting double-digit year-over-year declines in revenue, deposits, and earnings, but surpassing profit expectations, pushing its shares 4.7% higher.
- Rite Aid filed for Chapter 11 bankruptcy as slowing sales and a series of opioid-related lawsuits threaten its financial standing. Over the weekend, the company appointed Jeffrey Stein as its new CEO to help it navigate the ongoing restructuring and sale of part of the business.
- Pfizer cut its full-year earnings and revenue forecast due to declining demand for its COVID-19 products. The company also announced a $3.5 billion cost-cutting plan. Its shares were up 3.6% in response.
- Lululemon is set to join the S&P 500 tomorrow, replacing Activision Blizzard following its acquisition by Microsoft. Company shares climbed 10.3% to a 52-week high.
- The New York Empire State Manufacturing Index showed business conditions in the sector fell, signaling a decline in overall business activity in October.
| | | | What to be on the lookout for today | | | | - All eyes will be on the retail sales data for September, following 0.6% sales growth in August, which hinted at continued consumer spending despite mounting costs.
- We'll also get earnings reports from Bank of America, Goldman Sachs, and Johnson & Johnson.
| | | | | | | | How to 'snowball' your way out of debt | | | | Tackling multiple debts can be overwhelming, but there are different approaches to help make the process as smooth as possible.
Yesterday we talked about the avalanche method that concentrates on paying down debts based on interest rates (cheat sheet: start with the highest and then work your way down).
But the path to debt free can be a long one, and getting a little gratification along the way can help you stay motivated.
Enter the snowball method
Do you want to build a snowball
In this method you rank all your debts based on the balance and focus on paying off the smallest debt first. You continue to make the minimum payments on all your other debts, but any extra money goes toward paying off the smallest debt.
Once the smallest debt is down to zero, you roll that payment money into the minimum payment of the next smallest debt and continue the process. That's how you build your snowball.
Small wins, big boost
If you're carrying a big debt burden, slowly chipping away at it can feel demotivating, but seeing a "zero" on your balance can give you the boost to continue. | | | |  | | | | | | | | Today's top stories | | | | | | | | Consumer spending is saving the economy | | | | Everytime you take out your wallet, you help the U.S. economy. That's more true than ever as Americans save less than they did before the pandemic.
Read more >> | | | | Netflix and play: inside the streamer's venture into gaming | | | | Total game downloads on Netflix have more than doubled over the past year. And the streaming company has one unique advantage in this difficult industry.
Read more >> | | | | How is your credit score determined? | | | | Many factors go into calculating a credit score, including your history of on-time payments and how much debt you owe, and how long your credit history is. Learn more about what affects your credit score.
Read more >> | | | | | | | | | | Other news that caught our eye | | | | | | | | | | Financial planner tip of the day | | | | "One of the ways that can help pay off debt expeditiously is to focus on only one debt at a time. If you spread your money out over all of your debt payments, you might not see progress as fast as you want. By focusing on one goal at a time, you may see success sooner—and that motivation could help you keep your debt payoff plan on track." | | | | – Brian Walsh, CFP® at SoFi | | | | How did you like today's newsletter? | | | | | | | | This email was sent to you at paidmellc@gmail.com by SoFi Wealth LLC. (SoFi) because you're enrolled in the SoFi Daily. If you do not want to receive SoFi Daily emails, click here to unsubscribe.
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