Weekly Financial News

Author: Joseph Reinke, CFA

Welcome back to another installment of FitBUX's Weekly Financial Update – your personalized bulletin for all things finance.

Our mission? To empower our community of young professionals, aged between 20 and 40, with the most compelling financial news and insights.

From the latest on student loans, real estate trends, to stock market movements, and financial planning, we have you covered.

Our expertise? Guiding our community to navigate over $2.6 billion in assets and debts.

As your authoritative finance partner, we are committed to offering clarity, instilling confidence, and reducing financial stress.

So, let's jump into this week's noteworthy updates and help you optimize your financial health.

Housing Market

Let's chat about what's shaking in the housing market, shall we? When it comes to your mortgage rates, it's all about keeping tabs on inflation and the moves of the Federal Reserve.

 So, fun fact: the Fed uses the PCE price index to track inflation, and this week, we got hit with both the monthly and quarterly updates. And guess what? Inflation decided to put on a show, spiking up like it's nobody's business.

Here's the kicker: when inflation gets rowdy, bonds and rates tend to get jittery, especially if it throws the Fed's plans out of whack.

So, those waiting for rate cuts? It may be on hold for now. As a result, mortgage rates jumped this week, with the average lender bumping up by about an eighth of a point.

That puts the top-tier conventional 30-year rate over 7.5%, the first time since November. As for tomorrow? Well, who knows, but fingers crossed, it's better than we expect. Keep calm and carry on, folks!

Financial Planning

Behavioral finance within the decision-making process is one of the most important factors in a successful financial plan. 

Often, we follow learned money habits throughout life that stem from generational habits established before we are born.

Joseph Reinke, CFA, explored this idea further in our latest video. In it, he discusses how two FitBUX members use psychology to rethink debt and reduce their financial-related stress.

In one instance, the FitBUX member has a low-interest-rate mortgage debt. Although his savings account earns more interest, he stresses about having a 300k balance on a mortgage.

In the other instance, the FitBUX member needs to save for the IDR tax bomb but stresses that their student loan balance stays unchanged.

See how these FitBUX members used Joe's guidance to reduce stress and create new postive generational habits!

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Student loans, inflation, home unaffordability, financial burnout, etc.. It’s a tough world to live in right now.

We understand that most young professionals were never taught personal finance. You graduate after attending an expensive program and are told “good luck” figuring out life changing decisions like saving for retirement, investing, tax planning, or how to repay debt efficiently. 

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You will learn how to develop and implement a holistic financial plan which will help you:

  • Reduce financial related stress
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Joseph Reinke, CFA

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About the Author

Joseph Reinke is a Chartered Financial Analyst (CFA) Charter Holder and founder of FitBUX which has helped over 14,000 young professionals on their journey to financial freedom. Joseph has been personally investing since he was 12 years old.

In addition, he has experience in student loans, mortgages, wealth management, investment banking, valuation, stock trading, and option trading. He has been on 100s of podcast and has been invited to 100s of universities to discuss financial planning with their soon to be graduates.

    • It depends on how long mortgage rates stay up/increase. The home affordability isn’t going to get better unless wages go up, house prices go down, or mortgage rates decrease again. Wages aren’t going to go up fast so what is more likely to happen first: rates going down or prices going down?

      Also, it really depends on the location as well….

    • They’ve stayed resilient nationwide the last year on average. However, in my area they are down 25% from the high…
      Next week we’ll be doing a massive one hour update on housing.

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