☕ Monday Market Update

Market Update 📈

Top Headlines 🗞️

Welcome Back, Student Loans

40 million. That’s how many Americans will be adding student loan payments into their budget for the foreseeable future. This will be the first time borrowers are making mandatory payments in 3 years. If you’re worried about your loans, take a look here for some tips and FAQs.

Not to be your Monday morning gloom and doom, but just to get a sense of what people are going through, here’s a quote from Ryan Moran, a nurse who will be adding $500 to his monthly payments.

“It’s not only consumption that decreases, increasing my monthly payments means I have to work overtime, taking away time from my family.”

How this affects your wallet 💵

This situation lacks much precedent as borrowers don’t typically get a break from payments this long. The question remains, did people save up, or were they banking on loan forgiveness? The answer may lie in the fact that around half of borrowers are very concerned about affording students loans along with other expenses. Most likely, those with student loans will travel, shop, and eat out far less.

45 Days

President Biden signed a last-minute spending bill on Saturday night, just 3 hours before the deadline in order to temporarily keep the U.S. up and running. The deal will allow the government another 45 days to figure out the spending for this fiscal year.

The short 71-page bill does not include financial support for Ukraine. The U.S. has provided assistance to Ukraine to the tune of $43 billion since the war began. However, President Biden said,

“We cannot under any circumstances allow American support for Ukraine to be interrupted.”

But, what about the American people? 

How this affects your wallet 💵

Let’s consider this bill as putting a band-aid on the wound for now. Pair this with student loans resuming, and it’s likely we’ll see a pullback in consumer spending that isn’t an absolute necessity. Investors will continue to feel unsure about the economy, impacting economic growth. Let’s hope that 45 days is long enough to hash it out.

Quick Hits 🥊

President Zelenskyy’s standing ovation for Nazi War Veteran

President Zelenskyy attended the Canadian Parliament to honor a Ukrainian war hero. Only one problem. He fought for Ukraine in WWII alongside Nazi Germany. This has caused quite the backlash.

Mark Cuban Offers Advice 🦈

We all know Mark Cuban as the outspoken investor on the popular TV show Shark Tank. Well, this week he offered his advice to current and future entrepreneurs on how to approach sales.

FTX Crypto Scam

The trial of the crypto con artist, Sam Bankman-Fried, gets underway tomorrow. How did this young entrepreneur get away with billions in fraud for so long? Well…here’s a list of the politicians he donated $40M to.

Quote of the Day 💭

"If you don't find a way to make money while you sleep, you will work until you die.” - Warren Buffett

Meme of the Day 😏