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Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead

Published Wed, 27 Nov 2024 14:39:23 GMT

(Moneywise) - The stock market has long been the go-to choice for people looking to invest their money. But that could be about to change as a younger generation enters the scene.According to a recent survey from Bank of America, individuals aged 21 to 42 with at least $3 million in assets only have 25% of their portfolio invested in stocks. For wealthy investors over age 43, the allocation to equities is much higher at 55%.The recent market volatility may have something to do with these millennials' decisions."We've had a very strong run in the stock market over the last decade and are now living through volatile times. That's on the front of people's minds," says Jeff Busconi, chief operating officer at Bank of America Private Bank, in an interview.Despite the stock market's recent bounce, the benchmark S&P 500 Index is still down around 9% over the last year.Busconi adds that the younger generation of investors increasingly believes that "a traditional portfolio of stock and ...

Zillow: Austin’s housing market has been ‘cooling’ since pandemic

Published Wed, 27 Nov 2024 14:39:23 GMT

AUSTIN (KXAN) — Zillow recently released its 2023 March market report, and it said home price growth in the U.S. accelerated during the month while competition heated up over record-low new listings. The real estate company said added price growth was now back in line with pre-pandemic trends.“The typical U.S. home value climbed 0.9% from February to March, the strongest growth since last June. The Zillow Home Value Index is 3.0% higher than one year ago and 3.2% lower than its peak last July, which was followed by 6 straight months of declines,” Zillow said in the report.According to the real estate company, this month’s turnaround confirmed market conditions quickly transitioned from a slow seller’s market in late 2022 to a typical springtime seller’s market.As for Austin, Zillow said the area overall has been cooling since the pandemic.The company said there was a 0.2% increase in month-over-month price growth that was less than the national average of 0.9%. Monthly mortgage cost...

These areas of Texas are seeing the biggest inflation spike: report

Published Wed, 27 Nov 2024 14:39:23 GMT

HOUSTON (KIAH) – Inflation is everywhere – from the gas pump to the grocery store, you’ve most likely felt the sting in your wallet by now.However, a new study suggests depending on where you live, inflation may be hitting your area harder than others.A recent ranking from WalletHub, a personal finance website, sought to rank “cities where inflation is rising the most.” Using data from the U.S. Bureau of Labor Statistics, WalletHub compared 22 major Metropolitan Statistical Areas (MSAs) based on metrics involving the consumer price index, which is used to measure inflation. Zillow: Austin’s housing market has been ‘cooling’ since pandemic Those metrics concerned changes to the consumer price index from the latest month versus two months before, and changes to the consumer price index from the latest month versus a year ago.WalletHub included two Texas MSAs in its ranking of the country's top 10 with inflation rising “the most,” including the Houston-The Woodlands-Sugar Land MSA at...

Was the hamburger invented in East Texas?

Published Wed, 27 Nov 2024 14:39:23 GMT

ATHENS, Texas (KETK) - The State of Texas officially recognized East Texas as the home of the hamburger in a 2007 resolution, despite evidence calling that into question.Typical American dietary staples like pizza or hotdogs have clear European ancestry, but the hamburger is claimed as a local invention all across the United States. The Atlas of Popular Culture in the Northeastern United States lists three northern locales as the home of the humble hamburger: Seymour, WI, Hamburg, NY and New Haven, CT. However, residents of Athens, Texas claim the hamburger originates there.Athens legend Fletcher 'Uncle Fletch' Davis is said to have started a stand where he sold his hamburger, which was incredibly popular in town before his business went by the wayside. Uncle Fletch's creation was allegedly so popular that the Athenians pooled their money to send him to the 1904 World's Fair in St. Louis."So it goes to the World's Fair in 1904. It gets reported in a New York publication. 'A guy by t...

Texas to receive $21M in federal funding for urban forestry initiatives

Published Wed, 27 Nov 2024 14:39:23 GMT

COLLEGE STATION, Texas (FOX 44) - The U.S. Department of Agriculture has awarded Texas A&M Forest Service $21.75 million for projects to expand and conserve forests in the state’s urban areas.According to the Texas A&M Forest Service, the funding comes as part of the Biden administration’s Inflation Reduction Act - and will help Texas expand its urban forest canopy, improve air and water quality, reduce energy consumption and enhance the health and well-being of communities. PREVIOUS STORY: Texas A&M Forest Services Prepares for Wildfire Weekend The funding will be used to support a range of urban forestry projects across Texas - including tree planting and maintenance, tree canopy assessments and community engagement and education initiatives. The Texas A&M Forest Service says the priorities for the funding align with the Healthy Trees, Healthy Lives initiative - which aims to raise awareness about the importance of urban forests and encourages Texa...

Young people keeping Selena's legacy alive — here's how

Published Wed, 27 Nov 2024 14:39:23 GMT

(NEXSTAR) — Real legends never die — and in Texas (and beyond), the legacy of Tejano music superstar Selena Quintanilla goes on. Sunday, April 16 would have been the singer's 52nd birthday.Selena’s groundbreaking career was cut short early after she was murdered in a Corpus Christi motel on March 31, 1995, by her friend and the president of her fan club, Yolanda Saldívar. At the time of her death, Selena was already widely considered “The Queen of Tejano Music” and the “Mexican Madonna” among the Latin community. She was also preparing a major crossover album, “Dreaming of You,” which was released four months after her death. How much does a wedding cost in your state? The murder was international news and catapulted Selena’s name and music to even wider audiences. A feature film, titled “Selena,” was released in 1997 — grossing over $35 million and launching a then relatively unknown Jennifer Lopez to stardom.Selena, known for chart-topping hits like “Bidi Bidi Bom Bom...

David Brooks: Why people are fleeing blue cities for red states

Published Wed, 27 Nov 2024 14:39:23 GMT

There are a lot of us in the Northeastern media who properly spend a lot of time slamming the Republican Party for what a mess it has become. I have only one question: If we’re right, why are so many people leaving blue states so they can live in red ones?Between 2010 and 2020, the fastest-growing states were mostly red — places such as Texas, Georgia, Florida, Tennessee and South Carolina. During the pandemic that trend accelerated, and once again, most of the big population-gaining states are governed by Republicans.If you go back further, you see decade after decade of migration toward the more conservative South. Brookings Institution demographer William Frey has noted that in 1920, the Northeast and the Midwest accounted for 60% of America’s population. A century later, the Sun Belt accounts for 62% of the nation’s population. These days, we are mostly a Sun Belt nation.Why are these red states growing so rapidly? The short answer is that they are more pro-business. In a study ...

Real World Economics: Things to consider with a fifth state tax bracket

Published Wed, 27 Nov 2024 14:39:23 GMT

Edward LottermanThe DFL majority in the Minnesota Legislature is considering adding a fifth tax bracket to our income tax, one that would levy an additional 1 percentage point on incomes above $600,000. The new top rate of 10.85% would be paid by some 24,000 filers at an estimated average cost near $10,000 each. Is this a good idea?As is often the case on public issues, a pithy quote from Colbert may provide insights — referring to the 17th century French finance minister Jean-Baptiste, not late-night talk show host Stephen. King Louis XIV’s most competent official supposedly said that “The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.”That is a political judgment of feasibility, not of economic efficiency or fairness. But as another great European minister, Prussia’s Otto von Bismarck, said, “politics is the art of the possible.” Legislators today need to be aware of these p...

Downed wires in Rensselaer cut power

Published Wed, 27 Nov 2024 14:39:23 GMT

RENSSELAER, N.Y. (NEWS10) — Hundreds in Rensselaer County are without power. Both Rensselaer Police and Fire are on the scene at Broadway and Columbia Street (Routes 9 and 20) and in the Port of Rensselaer with multiple wires down.Officials urge caution in the area. Any stop light that does not have power must be treated as a four way stop. All vehicles must stop.National Grid was notified. At around 9 a.m., police said there was no estimated restoration time. National Grid's outage map, however, indicates an 11:45 a.m. restoration.

California’s new 1st time home loan program is already running out of cash

Published Wed, 27 Nov 2024 14:39:23 GMT

California's Dream For All Shared Appreciation loan program, designed to help make home-buying easier for prospective buyers in the Golden State, is already running out of money.The program, which launched on March 27, was available to help first-time homebuyers with down payments.The state has already fully allocated the estimated $300 million set aside for the program as of April 7, Eric Johnson, spokesperson for California Finance Housing Agency, told KTLA. "Demand was unprecedented, and we have more than 2,500 families reserved and locked in to purchase their first home," Johnson said. To qualify for the program, households must have earned less than the CalHFA’s income limit, which vary by county and range from $159,000 to $300,000.Those who took advantage of the program must repay the original down payment loan plus a portion of the home’s appreciated value if they sell or transfer the property.Additional funding for the program would have to come from the state budget process...