Money Habits That Made Me Debt-free And On Track To Retire By 45

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In 2012, fresh out of graduate school, I spiraled from being optimistic about my future to feeling constantly anxious about money . I had recently moved to Washington, D.C., with a $40,000 starting salary, almost $45,000 of student debt and very little savings.

I used an interest calculator and learned that if I continued to make only the minimum payments on my student loans over the course of 10 years, I would pay $16,000 in interest on top of my original debt.

Within three years, I paid off my debt, and the next year I doubled my income. In 2017, I bought my first home before my 30th birthday. In 2019, inspired by my experience, I started a company called Beworth Finance to help others build wealth and gain confidence about their finances.

Discovering that interest calculator was a huge turning point for me because it jumpstarted my financial education. I became excited about investing and eventually buying a home , but wanted to tackle my debt and build up savings first.

At the time, I made about $2,492 per month after taxes and deductions, and before monthly debt payments. While I couldn't reach all my goals at once, a few small habits helped me slowly and consistently improve my finances.

Turns out, it wasn't just having debt that made me anxious — it was feeling like I had no control. So as I got more confident with money, I turned to technology to help with the goals I stressed over.

I automated my savings contributions, put my loans on autopay and began investing using a robo-advisor that selected and managed my investments for me.

Over time, these contributions became an afterthought. Technology helped me reach my goals more quickly thanks to added benefits like higher interest rates for savings and reductions using autopay. Once I was debt-free, I reallocated those funds toward saving for a home by simply updating the same automations I set years prior.

That simple system of automation ultimately helped me accomplish one of my biggest goals: homeownership. In July 2017, I bought my first home in Washington, D.C., a 514-square-foot one bedroom, one bathroom apartment, for $345,000, with 10 percent down.

Illinois House Expected To Take Up $53B State Budget, Including Governor JB Pritzker Initiatives - ABC7...

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CHICAGO (WLS) -- The Illinois House is expected to take up the state budget Tuesday after the Senate approved the $53.1 billion plan.

Governor JB Pritzker got most of what he asked for on his budget wish list, which included funding for Smart Start Illinois. That's an initiative which would allow the state to provide universal preschool by 2027.

It also includes $182 million that would go towards covering costs related to the migrant crisis until the end of the year.

When it comes to the grocery tax, that one percent tax is expected to be eliminated in January of 2026. Good for shoppers but municipalities that get those funds will not see that money coming in.

Meanwhile when it comes to tax increases, one of them includes a huge hike on the sports wagering tax for sports book operators like Draft Kings.

It ranges from 20 percent to 40 percent depending on their annual revenues. That's expected to bring the state about $350 million.

Clark County Firefighters Earn $100k-plus In Overtime

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Overtime pay more than doubled the base salaries of some Clark County firefighters, costing taxpayers more than $20 million in 2022, county pay records show.

Nine firefighters made at least $100,000 each in overtime in 2022, the most recent data available, which was obtained through a public records request.

Fire engineer Joseph Salazar made $130,000 in overtime, the most of any Clark County government employee. His base pay of $102,000 also was augmented by other forms of pay including $41,500 for longevity with the department, $7,000 for specialty certification and $4,000 for callback to the job after a shift ends. His pay totaled $287,800, excluding benefits.

Fire engineers drive and operate all fire engines, ladder trucks and rescue vehicles, including the 100-foot aerial ladders, county spokesman Erik Pappa wrote in an email. They pump water for fire streams and calculate appropriate nozzle pressure. They also inventory and maintain equipment.

Salazar's total pay was not the highest among the top five earners of overtime. That distinction went to Laughlin fire engineer William Hill, who made $335,400. His base pay of $112,000 was bolstered by $124,000 in overtime, $50,000 in longevity pay, $23,000 in callback pay, $13,000 in paramedic pay and $4,000 for ⁘acting in a lower rank.⁘

Of 852 fire personnel, including those who worked only a portion of the year, 765 earned overtime, which totaled $20.8 million. The total payroll for fire personnel was $112.1 million.

Overtime at the fire department has been a constant concern, with the Review-Journal publishing articles in 2017 and in 2009 exposing how much overtime taxpayers pay county officials.

Fire Chief John Steinbeck said that the department has been hiring an ⁘unprecedented⁘ number of recruits in response to a wave of retirements, normal attrition and continued growth in its service area. Sixty recruits were expected to graduate this month, he said.

As Crypto Cash Floods Washington, Congress Eyes Gentler Regulations

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U.S., allies take key step toward funding Ukraine with Russian assets - The Washington Post

The United States and its Western allies took a key step Saturday toward using frozen Russian assets to fund Ukraine's war effort, moving closer to providing another key financial stream for Kyiv.

Russian officials have suggested they could retaliate by confiscating U.S. and European assets in Russia, although it's unclear how much impact such measures could have.

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Home-insurance payouts are shrinking. Here's how to prevent the worst. - The Washington Post

With tornado season in full swing — hitting Texas and Iowa hard in the last week — and hurricane and wildfire season looming this summer, insurance experts say millions of homeowners will find their policies failing to cover repairs and rebuilding just when they're urgently needed.

A 2023 study published in the Connecticut Insurance Law Journal found 77 percent of insurance payouts in California in 2018 and 2019 didn't fully cover replacement costs, with the average payout falling 35 percent short. Following natural disasters like wildfires, 96 percent of insurance payouts were insufficient.

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Biden releases gas to tame inflation ahead of summer - The Washington Post

The Biden administration on Tuesday announced the release of 1 million barrels of gasoline, a move aimed at cutting prices at the pump this summer, as the November election nears.

The administration's move comes as summer driving season gets underway, when prices typically bump up as a result of demand from travelers and changes made in the formulation of the fuel to meet summer air quality rules. Congress had earlier mandated that the reserve, which was created in the aftermath of Superstorm Sandy, be shut down, which prompted the sale.

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Cryptocurrency companies and investors have spent at least $149 million over the past four years to thwart tough regulation, elect new allies to Congress and defeat lawmakers seen as potential threats, a campaign that culminated this week with a House vote to soften federal oversight of the embattled industry.

The wide array of financial backers include Coinbase and Ripple, which the U.S. government recently sued for allegedly violating federal rules meant to protect investors from harm. Even as they have come under withering scrutiny, these and other major crypto firms have fought not only to rebuff the charges but to remake the laws entirely, mounting an expensive lobbying effort that has left no part of Washington untouched.

NATO's Boss Wants To Free Ukraine To Strike Hard Inside Russia

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N ATO SECRETARIES-GENERAL do not normally attack the policies of the alliance's biggest and most important member country. But Jens Stoltenberg, whose ten-year stint in charge is coming to an end, has done just that. In an interview with The Economist on May 24th, he called on NATO allies supplying weapons to Ukraine to end their prohibition on using them to strike military targets in Russia. Mr Stoltenberg's clear, if unnamed, target was the policy maintained by Joe Biden, America's president, of controlling what Ukraine can and cannot attack with American-supplied systems.

California Gov. Newsom's Budget Could Cost Businesses Billions In Higher Taxes

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Newsom shuns tax hikes. His budget tells a different story | Opinion

When Gov. Gavin Newsom unveiled a much-revised 2024-25 state budget this month, he became visibly irritated when reporters pressed him about raising taxes to cover a $44.9 billion deficit, particularly the corporate tax hikes that left-leaning groups have suggested to avoid spending cuts in health, welfare and education programs.

"When considering the 8.84 % corporate tax – which is the highest, arguably, depending on how you analyze it, in the country – no, I'm not prepared to increase taxes," Newsom replied. "We have among the highest tax rates in the United States of America for high wage earners, we have among the highest tax rates, as I noted, for corporate taxes. ⁘ I feel strongly that we have to live within our means."

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Newsom Said He Wouldn't Raise Taxes To Fix California's Deficit.

California governor Gavin Newsom (D.) told reporters earlier this month he wouldn't raise taxes to fix the state's $73 billion budget hole, but buried in his latest budget proposal are $18 billion in temporary tax hikes for businesses.

"I don't see there's real evidence and need right now to increase general taxes … in this state and put more burden on working folks and our competitive posture," he told one reporter who asked him if tax hikes were an "absolute nonstarter" for him.

Newsom unveiled his budget proposal on May 10, and the tax policy details the following week. The proposal would, for the next three years, bar businesses earning $1 million or more from deducting operating losses from their taxes while also limiting business tax credits. The provisions are projected to cost California businesses about $18 billion through 2027, although they wouldn't take effect if tax collections beat expectations. Such a scenario appears unlikely, however, given that California's tax revenues are massively down thanks to a stagnating economy and exodus of both high-earning residents and businesses.

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California Gov. Gavin Newsom pledged that his budget proposal to balance the state's ballooning $45 billion deficit would not include higher taxes on workers or businesses.⁘

Yet a new report published by the California Taxpayers Association (CalTax), a nonpartisan and nonprofit tax research group, suggests Newsom's revised budget plan actually contains several indirect tax increases on businesses that could cost as much as $18 billion over the next four years.⁘

California Gov. Gavin Newsom attends an event with fellow governors in the East Room of the White House in Washington, D.C., on Feb. 23. (Chip Somodevilla/Getty Images / Getty Images)

Newsom called for banning businesses with annual revenue over $1 million from deducting their net operating losses and limiting usage of business tax credits to $5 million for the 2025, 2026 and 2027 tax years.⁘

The proposal also calls for reversing a recent ruling by the Office of Tax Appeals (OTA) regarding the treatment of repatriated income. OTA ultimately sided with Microsoft in its long-running dispute with the Franchise Tax Board (FTB) over the treatment of its foreign earnings. Microsoft was awarded a $94 million refund ⁘ a ⁘significant⁘ decision that tax experts said could bring in millions of dollars for companies that do business in California.⁘

A view of Avalon Boulevard in South Los Angeles. (Myung J. Chun / Los Angeles Times via Getty Images / Getty Images)

11M Accounting Error Origins | Columbia Basin | Yoursourceone.Com

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According to a statement from the school district requested from Source ONE News, the root of the crisis lies in a critical error in the district's financial management practices, particularly in how revenue is recorded and handled. School districts are required to adhere to a revenue accrual system, recording revenue in the fiscal year it is earned, regardless of when the cash is actually received. This system ensures that funds are accounted for accurately across fiscal periods.

However, in the case of Moses Lake, this system was mishandled. Revenue from grant funding, which was correctly earned and recorded in the fiscal year it was due, was not adjusted when the actual cash was received in a subsequent period. This oversight led to the same revenue being recorded twice, falsely inflating the district's financial position by millions of dollars.

Compounding the financial woes, the district also reported student enrollment figures approximately 200 students higher than actual numbers. This discrepancy prompted the state to reclaim about $2 million from Moses Lake School District's funding throughout the 2024 calendar year, further straining its budget.

The combined impact of these errors has been devastating. The district, forced to reassess its financial standing and correct the inflated records, found itself in a position where drastic cost-cutting measures became inevitable. The decision to lay off 100 teachers was made as a last resort to balance the suddenly depleted budget, sending shockwaves through the educational community and beyond.

The school district would not tell Source ONE News whether those responsible for the error have been disciplined or terminated as it does not comment on personnel matters.

Locations Closing But 'We're Not Going Out Of Business'

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"Recently, the debtors have faced a number of financial and operational challenges, including a difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition within the restaurant industry," Red Lobster CEO Jonathan Tibus said in the 124-page document obtained by USA TODAY Tuesday.

When Tibus was retained as Red Lobster's chief revenue officer on Jan. 11, prior to being named CEO, he said that "it was immediately clear that Red Lobster's performance was deteriorating and had been doing so for several years," according to the filing.

The company posted its full statement on Facebook Tuesday. The post has over 32,000 likes and over 6,000 comments as of Wednesday morning.

Today's Top Money Market Account Rate Roundup: Earn Up To 5.12% — May 21

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"Verified by an expert" means that this article has been thoroughly reviewed and evaluated for accuracy.

Money market accounts (MMAs) are a good option if you prefer account flexibility, as well as the chance to earn higher interest rates than those typically found offered by traditional savings accounts. Average MMA rates have inched up from last week, per Curinos data, and deliver decent yields to those wanting a balance between liquidity and competitive returns.

The highest rate in the Curinos dataset sits at 5.12%, so you may be able to find higher rates in your own research.

If you were to invest $10,000 into an MMA with a 5.12% interest rate that compounds daily, you would earn more than $520 in interest over a year, assuming no withdrawals or additional contributions are made.

Keep in mind that savings accounts are better suited to achieve a particular goal, such as maintaining an emergency fund or amassing a down payment on a home. By placing your funds in a high-yield savings account , you'll earn interest and you'll hopefully also be less inclined to spend the money.

Think of a money market account as a mixture between a savings and checking account , often offering competitive interest rates and typically requiring a higher minimum balance. You can enjoy the perks of a high-yield savings account while having access to a debit card and check-writing, all with FDIC insurance up to $250,000. Though not designed for everyday spending, these accounts provide some flexibility with limited transactions.

Natural Gas Regulations Could Be On WA Ballot In November

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OLYMPIA — Washington voters could decide in November whether utilities and local governments must provide natural gas to eligible customers and whether to curtail state regulations that disincentivize natural gas use.

The hundreds of thousands of signatures required to get the measure on the ballot are due in less than two months. The proposal comes as other states across the country have moved to bar bans on natural gas service .

The new initiative is getting support from Let's Go Washington, the group supporting a slate of initiatives that have secured slots on the November ballot .

Initiative 2066 would repeal key parts of House Bill 1589 , which legislators passed this year. The bill made changes to state law to help Puget Sound Energy comply with earlier climate legislation, including the state's plan to cap and reduce carbon emissions.

"Banning natural gas is a reckless policy that harms nearly everyone in our community," said Greg Lane, executive vice president of the Building Industry Association of Washington, at a Thursday news conference kicking off the signature-gathering effort in Olympia. "That's why we strongly support Initiative 2066 to protect energy choice for everyone here in Washington."

Washington has not banned natural gas. House Bill 1589 doesn't ban natural gas or change PSE's obligation to provide it to customers.

"[Puget Sound Energy] has an obligation to serve any customer who wants natural gas," a spokesperson for PSE said in a statement Thursday. HB 1589 didn't change that, so the relevant provisions in Initiative 2066 wouldn't affect the company or its customers, they said.

"It's disappointing to see continued misinformation about what the legislation require[s]," the spokesperson said, adding that the bill was "fundamentally a planning requirement" and that the initiative backed by the builders would "strip out important mechanisms that help us to cost-effectively plan for the eventual decarbonization of our system in alignment with customer choices and state policies."

The Economic Establishment Is Blind To The Scale Of Chaos To Come

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In recent months, surveys have shown that confidence in President Biden's stewardship of the economy is at historic lows.

Answers are coming from outside Biden's inner circle. A few weeks ago, former treasury secretary Larry Summer released a paper written alongside other economists. In it, the authors made a shocking claim: if inflation was measured in the same way that it was measured during the last bout of price rises in the 1970s, data showed that it peaked at 18pc in November 2022. This is far higher than the 9.1pc peak inflation shown by the official data.

The reason for this discrepancy is that, since the 1970s, economists have removed the cost of borrowing from the Consumer Price Index (CPI). The motivations here were not nefarious. The reasoning of the statisticians had something to it.

They argued that since borrowing costs are determined by central bank policy and central bank policy aims at suppressing inflation, including borrowing costs in the CPI created a logical loop. Yet, despite the motivation for changing the statistical metric being benign, it is clear that when trying to measure the pain inflation imposes on consumers, borrowing costs must be considered.

Summers and his co-authors go as far as any statistical economist can go in proving this. They show that a combined metric measuring inflation and unemployment – labelled the " misery index " – typically tracks consumer sentiment.

But as inflation took off under the Biden administration, the two series diverged. Summers and his co-authors then go on to show that if they use the older measure of CPI, lo and behold, the two series align once more.

There is little doubt that Summers and his co-authors have solved the puzzle. Supporters of the Biden administration can point to robust GDP growth all they want. The reality is that most people in the US have seen their costs rise by nearly a fifth during Biden's tenure as president.

Gov. Polis Signs Bills Providing Income Tax

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Embedded Accounting Startup Layer Secures $2.3M Toward Goal Of Replacing Quickbooks

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Embedded finance is usually what we hear about when brands and non-financial businesses want to offer financial products or services — like banking, insurance, lending and payments — to provide a better user experience for customers.

Layer is leaning into that better user experience, but with embedded accounting. Its customers are those, like Square or Toast, working with small and medium-sized businesses to offer accounting and bookkeeping features inside their own products. These larger companies would embed Layer's tools into their platform for small businesses to use.

In a way, Layer is like Unit or Check, but for SMB accounting instead of banking and payroll. In fact, the company aims to completely replace legacy accounting and bookkeeping platforms like Quickbooks, Meretab told TechCrunch.

So did investors laugh them out of the room when they explained how they wanted to replace Quickbooks? Kind of.

Inside Business Annual Power List 2024: 55 Power Players ⁘ The Virginian-Pilot

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Inside Business creates its annual Power List to showcase who⁘s who in terms of moving the needle for the economy in Hampton Roads, whether they be the decision-makers, the influencers or those working behind the scenes. This year, we organized the Top 25 by types of influence or power rather than a numerical ranking. We then listed another 55 power players from various backgrounds and sectors. In researching movers and shakers, we looked at last year⁘s list and then looked at the newsmakers of the past year. We factored in major milestones or current events to determine who to highlight instead of creating a directory of anyone who⁘s held power over the years.

Dr. Alfred Abuhamad is president, provost and dean at Eastern Virginia Medical School, where he is also professor of obstetrics and gynecology and radiology. Under his leadership, EVMS is working to integrate with Old Dominion University to leverage their combined resources to strengthen research and training in what would become the state⁘s largest medical school. A faculty member at EVMS and a citizen of Hampton Roads for 31 years, Abuhamad is well known internationally for his work in ultrasound, prenatal diagnosis, fetal echocardiography, global outreach and patient safety.

Since becoming the seventh president of Norfolk State University in 2019, Javaune Adams-Gaston has led the opening of the NSU Innovation Center, a business incubator designed to establish job and training pipelines, and is working to build a joint School of Public Health with Old Dominion University and Eastern Virginia Medical School with support from Sentara. Norfolk State is also working with EVMS and Sentara in a Hampton Roads Biomedical Research Consortium.

Under Adams-Gaston⁘s leadership, Norfolk State has expanded its online programs, gained recognition as an academic leader in cybersecurity, developed the Center for African American Public Policy and landed a $40 million gift from billionaire philanthropist MacKenzie Scott. Construction is slated to start this year on a $122 million science building. Adams-Gaston serves on numerous boards and is part of the White House advisory board on historically Black colleges and universities.

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Think "Spaving" ⁘ Or Spending To Save ⁘ Can Save You Money? Think Again.

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Americans are choking on surging fast-food prices. "I can't justify the expense," one customer says - CBS...

Kevin Roberts remembers when he could get a bacon cheeseburger, fries and a drink from Five Guys for $10. But that was years ago. When the Virginia high school teacher recently visited the fast-food chain, the food alone without a beverage cost double that amount.

Roberts, 38, now only gets fast food "as a rare treat," he told CBS MoneyWatch. "Nothing has made me cook at home more than fast-food prices."

Roberts is hardly alone. Many consumers are expressing frustration at the surge in fast-food prices, which are starting to scare off budget-conscious customers.

A January poll by consulting firm Revenue Management Solutions found that about 25% of people who make under $50,000 were cutting back on fast food, pointing to cost as a concern.

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The sneaky tricks chain stores use to make YOU spend more money | Daily Mail Online

Other examples might be a 'limited-time deals' or promises of bigger savings or free shipping for hitting spending thresholds.

Deals offered by many retailers can only be claimed by spending money - and that can sometimes lead to bigger problems as shoppers take on credit card debt to finance .

'We are just constantly spending more than we can afford and then we experience stress related to our financial health,' said Klontz.

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"I understand the appeal of getting to checkout and a notification pops up saying spend $10 more to get some perk," LendingTree senior economist Jacob Channel told CBS MoneyWatch. "But 90% of the time, when you break it down, it doesn't make sense. You're not actually saving money if you are spending more of it."

A number of common marketing offers dangle the lure of savings ⁘ provided that you splash enough cash. They include:

If these tactics sound familiar, it's because they're widely used by a range of retailers, from grocery chains to clothing stores, noted Bankrate personal finance expert Ted Rossman.

To be sure, there's nothing illegal or even especially underhanded about such offers ⁘ merchants are in the business of making money, after all, while consumers bear some responsibility for determining if a deal is worthwhile.

By the same token, it's also on shoppers to be alert to sales gimmicks that subtly nudge them to overspend.

"Retailers have always known this trick, and they're really good at what they do," personal finance expert Rachel Cruze told CBS MoneyWatch. "They know that if we put a sale on or offer free shipping if you spend 'X' amount, you'll spend more money. Psychologically, they're good at knowing how to entice people."

But why do consumers fall into the trap of spending more in the name of saving? Part of it often comes to FOMO, or the fear of missing out, on a limited-time sale or other purported bargain, money coach Nicole Victoria told CBS MoneyWatch.

"It's about loss-aversion, or the perception of loss," she told CBS MoneyWatch. "You feel like you're losing money by paying for shipping, and you've invested time and resources into filling up your shopping cart, so you'd rather gain something more."

Do I Have To Pay My Staff Overtime? | Carr Maloney P.C.

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Portland Unanimously Passes New Regulations For Camping On Public Property

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"Addressing the issue of unsheltered homelessness in the city is obviously a complex as well as an urgent order," said Mayor Ted Wheeler, whose office drafted the ordinance. "And I believe that this ordinance represents a significant step forward in our ongoing efforts to manage public spaces effectively."

The proposal allows people experiencing homelessness to camp on public property if no shelter beds are available, which is often the case in Multnomah County. But it limits what people can do while camping. For instance, the policy prohibits people from using a propane heater, digging into the ground, starting a fire, selling bicycles or car parts, or blocking access to private property while camping.

Those who violate these rules could be fined up to $100 or be sentenced to up to seven days in jail. People could also face the same penalties if an outreach worker with the city informs them that shelter space is available, but they refuse to pack up their camp.

This proposal replaces a public camping ban the city passed last year, which has been stalled by litigation .

The decision comes as laws regulating public camping remain in flux. Last month, the U.S Supreme Court heard arguments in a case from Grants Pass, Oregon, in which the city argued that penalizing unsheltered people for sleeping outside doesn't violate the U.S. Constitution — despite an earlier federal ruling saying otherwise. Justices are expected to issue a ruling in June.

If the court rules in Grants Pass' favor, Portland wouldn't be able to immediately begin penalizing people camping in public spaces. It would still need to adhere to a state law that directs cities to establish rules that allow for public camping if there isn't shelter space available.

"These code changes fail to respond in the strong manner that Portlanders are asking for," he said. "However, in discussions with law enforcement, they want something on the books, even if flawed."

The World's Economic Order Is Breaking Down

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The dysfunction at the WTO is emblematic of a world where the institutions and rules intended to foster international trade and investment are falling into abeyance. Every day brings alarming new headlines. The European Union, although supposedly both more supportive of free trade and more determined to reduce its greenhouse-gas emissions than other economic powers, is on the verge of imposing duties on Chinese electric vehicles. Last month EU officials raided a big Chinese security-equipment maker as part of a probe into subsidies. America recently imposed sanctions on more than 300 entities, including some in China and Turkey, for providing support to Russia's armed forces.

This article appeared in the Briefing section of the print edition under the headline "The great regression"

SEC Accuses Truth Social Auditor Of Fraud, Bars It From Accounting Work

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The auditor, BF Borgers, and its owner, Benjamin Borgers, agreed to a permanent suspension from accounting work and to pay $14 million in civil penalties, federal regulators said.

U.S. Money Supply Is Doing Something So Rare That It Hasn't Happened Since The Great Depression -- And A Big Move...

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Disney earnings, Fedspeak: What to Watch Next Week

As the trading week draws to a close, it's time to look ahead at the key events that will take center stage for Yahoo Finance in the upcoming week.

The earnings season continues to unfold, with notable companies such as Disney ( DIS ), Uber ( UBER ), and Toyota ( TM ) scheduled to report their quarterly financial results on Tuesday.

Additionally, another round of Federal Reserve commentary is on the horizon. Richmond Fed President Tom Barkin and Fed Governor Lisa Cook are expected to share their perspectives on the central bank's policy outlook.

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Paramount is on the verge of a deal: How it got here

Shares of Paramount Global (PARA) spiked in the afternoon on Thursday after a report revealed that Sony Pictures and Apollo Global Management ( APO ) submitted an all-cash $26 billion offer for the company. How did the Paramount get here, and where could it settle on a deal?

Yahoo Finance Reporter Alexandra Canal outlines the timeline behind Paramount's journey to a potential deal.

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Over the previous four years, Wall Street has been a stomping ground for volatility. In successive years, beginning in 2020, the ageless Dow Jones Industrial Average ( ^DJI 1.18% ) , broad-based S⁘P 500 ( ^GSPC 1.26% ) , and growth stock-driven Nasdaq Composite ( ^IXIC 1.99% ) have traded off bear and bull markets .

Although the stock market has been a proven wealth creator over the long run, predicting where it'll head in the days, weeks, or months to come simply can't be done with any concrete accuracy. Nevertheless, it doesn't stop investors from trying to forecast the future to gain an edge.

While nothing is set in stone over the short run, a select group of predictive indicators and money-based metrics have a remarkable track record of "forecasting" shifts in the U.S. economy and/or the stock market.

One of these tools, which appears to be a forewarning of a big move to come in stocks, is the U.S. money supply.

Though there are five different measures of money supply, the two with the greatest importance are M1 and M2. The former takes into account all the cash and coins in circulation, as well as demand deposits in a checking account. It's easily accessible capital that can be spent at the proverbial snap of a finger.

On the other hand, M2 utilizes everything in M1 and adds in money market accounts, savings accounts, and certificates of deposit (CDs) below $100,000. We're still talking about capital that can be spent with relative ease, but some extra steps are required to get to it. It's this metric, the M2 money supply, that is raising red flags for the U.S. economy and Wall Street.

What's interesting about the M2 money supply garnering attention is that it's a metric most economists tend to ignore. It's been steadily rising for so many decades that it's almost taken for granted that the money supply will expand as the U.S. economy grows over time.

Based on data from the Board of Governors of the Federal Reserve, the M2 money supply peaked in April 2022 at $21.722 trillion. As of March 2024, M2 came in at $20.841 trillion. While this might look like a fairly tame decline of $881 billion (4.06%) spanning roughly two years, it represents the first decline of at least 2% in M2 money supply since the Great Depression .

New Rule From Biden Administration Expands Who Can Be Eligible For Overtime Pay

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IOWA CITY, Iowa (KCRG) - In Just two months, millions of workers across the U-S will now qualify for overtime pay. Including the average Iowa who makes just more than $37,000 a year according to the US Census Bureau .

In April, the Biden-Harris administration finalized a rule to increase the compensation thresholds for overtime eligibility.

"We're doing everything in our power to keep them here, to keep them well compensated," said Christine Hayes, Communications and Development Director for Shelter House.

Starting July 1st, any worker making less than around $43,000 a year must be paid hourly, giving millions of people the opportunity to earn overtime pay.

That threshold increases again in January, and employees making less than around $58,000 will be required to be hourly.

"4.3 million American workers who work over 40 hours a week and are struggling still to make it. This rule will allow them to get a little bit more breathing room," said Julie Su, Acting Labor Secretary.

She said the $43,000 threshold in July won't impact any employees, but the shelter is working with its employment attorney to look at any changes that may be needed in the future.

Biden Administration To Greatly Ease Marijuana Regulations; Here's How NH Would Be Affected

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David Burr demonstrates removing leaves on marijuana plants to allow more light for growth at Essence Vegas' 54,000-square-foot marijuana cultivation facility on July 6, 2017, in Las Vegas, Nevada. (Ethan Miller | Getty Images)

The reclassification would not have transformative effects in New Hampshire, experts say. Recreational cannabis is still illegal in the Granite State, though since 2017, people have been allowed to possess up to three-quarters of an ounce at a time without the threat of jail time.

But the reclassification will help the state's therapeutic cannabis scene – particularly when it comes to accessing federal tax breaks.

"If you view cannabis reform as an irresistible force and the DEA is the immovable object, this is the first movement ever," said Matt Simon, director of public and government relations for GraniteLeaf Cannabis, which is based in Chichester and Merrimack. "This was the first they've ever budged."