💭 Quote of the Day

"The single biggest difference between financial success and financial failure is how well you manage your money."

Dave Ramsey

What Really Matters

🐶 Old Dog, New Tricks

Patients is a virtue: Apple unveiled its first major new product in a decade, the Vision Pro headset, a device that can project digital content onto the real world. The headset will be available in early 2024 and will cost $3,499.

• Apple plans to market its Vision Pro headset for gaming, entertainment, and work, while leveraging unique features to avoid isolating users

🏦 Don’t Bank On It

Change is coming: U.S. regulators are preparing to force large banks to shore up their financial footing by raising capital requirements by roughly 20%. The changes are expected to be proposed as early as this month and could impact banks with at least $100 billion in assets.

• Critics say the increase could raise costs for consumers and lead banks to stop offering certain services such as, certain checking or savings accounts, investment services, customer services and specific types of loans

⚖️ Crypto Giant Gets Sued

The U.S. Securities and Exchange Commission (SEC) has sued Binance founder Changpeng Zhao, alleging that he violated securities laws by failing to register the exchange with the agency.

• The SEC claims that Binance raised more than $1.8 billion from U.S. investors without registering as a security, and that Zhao failed to provide adequate disclosures about the risks of investing in cryptocurrency

Market Movements

💲 Strategic Sale Boosts Outlook

Bed Bath & Beyond (BBWI) is in talks to sell its Buybuy Baby chain to Go Global Retail, the owner of Janie and Jack. The deal could be worth $800 million to $1 billion and would help Bed Bath & Beyond focus on its core business.

• Go Global Retail is a private equity firm that specializes in retail investments. The sale of Buybuy Baby would mark the latest in a series of asset sales for Bed Bath & Beyond, which has been struggling financially in recent years

📉 Poor Outlook, Poor Performance

Epam Systems (EPAM) shares plunged today after the company issued a disappointing outlook for the current quarter. Epam said it expects revenue to grow in the low- to mid-single digits, well below analysts' expectations.

• The company also said it expects earnings per share to be in the range of $0.95 to $0.97, down from the previous forecast of $1.00 to $1.02. Epam's stock is down more than 10% in premarket trading

Personal Finance Quick FAQs

Q: How can I improve my financial literacy

What is Financial Literacy?

Financial literacy is the ability to understand and manage your money. It is important for everyone, but it is especially important for those who are just starting out in their financial lives. There are many ways to improve your financial literacy, and here are a few tips.

Becoming Financially Literate:

1. Learn the basics. There are many resources available to help you learn about financial literacy, such as books, websites, and classes. Start by learning about the basics, such as budgeting, saving, and investing.

2. Set financial goals. Once you have a basic understanding of financial literacy, you can start to set financial goals. These goals can be short-term, such as saving for a down payment on a house, or long-term, such as saving for retirement.

3. Create a budget. A budget is a plan for how you will spend your money. It is an important tool for managing your finances and reaching your financial goals.

4. Track your spending. Tracking your spending can help you see where your money is going and identify areas where you can cut back. There are many ways to track your spending, such as using a budgeting app or simply writing down every purchase you make.

5. Save money. Saving money is important for many reasons. It can help you cover unexpected expenses, save for a down payment on a house, or save for retirement. There are many ways to save money, such as opening a savings account, setting up automatic transfers from your checking account to your savings account, or using a budgeting app to track your spending and make sure you are saving enough money each month.

6. Invest your money. Investing your money can help you grow your wealth over time. There are many different ways to invest your money, so it is important to do your research and choose investments that are right for you.

7. Get help if you need it. If you are struggling with your finances, there are many resources available to help you. You can talk to a financial advisor, a credit counselor, or a nonprofit organization that provides financial assistance.

Improving your financial literacy is an ongoing process. There is always more to learn, and the more you know about your finances, the better equipped you will be to make sound financial decisions.

Disclaimer: This newsletter provides general information and is not financial advice. It discusses current events and personal finance topics for educational purposes only. Consult a qualified financial advisor before making any financial decisions. The accuracy and timeliness of information cannot be guaranteed. Use this newsletter as a starting point for research, but conduct due diligence and seek professional guidance for your specific financial needs