Morning Download 

Personal finance + economics + markets

Together with

Good morning, investors! After a lull, cryptocurrencies are back , with many people predicting a bull run.

🇳🇱 Fun fact: The Netherlands is now the ‘best’ country to retire.

Today we cover:

• Saving habits are changing – people are looking to spend more.

• BTC goes above $33,000 – set to go higher?

• High yield accounts – get up to 5% interest rate.

Follow us on Twitter for more.

📊 Economy and News 

Are Americans not looking to retire?

Three in four people in Gen Z would rather have a better quality of life than extra money in their banks, according to a new Intuit report.

This new saving trend is appearing among Americans as the new generation doesn’t seem interested in following traditional ‘saving’ rules.

The report found the approach to investing and personal finance by Gen Z’s — those born after 1997 — to be “softer” than previous decades.

Means? Youngsters want to spend more money today and save less for the future.

The personal saving rate has fallen down to 3.9% in 2023, several notches lower than the 8.51% average in the past decade.

But why? There are several reasons, including the rebound from the Covid-19 pandemic. People didn’t get to spend much during the pandemic, so they are making it up now. Plus, inflation is making it harder to save.

What about retirement? People still want to retire but only 53% of workers are said to be on the right track. However, early retirement isn’t considered as an option by most people anymore. In fact, almost half the working population plans to work past the age of 65.

Global hits:

• U.S. chip export ban is ‘great news,’ says partner at Chinese tech investment fund.

• Japan is questioning Google for alleged antitrust violations in search practices.

• Apple supplier Foxconn under fire in China.

Also check: After a robust third quarter, US economic growth will likely slow.

📈 Stocks

S&P 500 4,217.04 (-0.17%)
DJIA 32,936.41 (-0.58%)
NASDAQ 14,604.85 (0.30%)
BRENT CRUDE 90.14 (0.30%)
* Prices as of Oct 24th, 12:20 AM UTC

GM and Ford to report earnings this week

General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union.

This quarter is special because we don’t yet to the real impact of the strike.

What to look out for? There are two options: bullish or bearish.

If the two firms meet expectations then there will be more pressure as it could prove that the companies can afford more concessions amid healthy profits.

If the two firms fail to meet expectations then they might see a huge reduction in prices.

What’s expected? GM is expected to report third-quarter earnings of $1.88 per share before the bell Tuesday. Whereas, Ford is estimated to report earnings of 45 cents per share after markets close Thursday.

This report is being looked at by investors as things continue to worsen for the auto industry with the strike expanding to Stellantis pickup truck plant in Michigan.

Sponsored by InvestorPlace

Inside this unassuming building in downtown San Francisco, hides a mysterious billionaire’s $15.7 trillion tech breakthrough. And now, the “Project Omega” vision is now a reality with the formation of xAI.

That’s why Wall Street legend Eric Fry is on site today to share an exclusive presentation where he will reveal 3 ways to position yourself for this massive wealth shift. Fry believes “Project Omega” could be the biggest wealth building opportunity in the world right now.

We’re talking about a radical piece of technology that Elon Musk, Peter Thiel and a few other Silicon Valley Insiders are involved with.

One that is on track to mint more millionaires and billionaires than the Internet. Heck, Mark Cuban even says this tech could produce the world’s first trillionaire.

Don’t miss out – view Eric’s free presentation here before the AI market takes off.

🔐 Crypto

Bitcoin $33,826.90 (2.64%)
Ethereum $1,807 (2.38%)
Total market cap $1.25 (7.24%)
* Prices as of Oct 24th, 12:20 AM UTC

MicroStrategy’s Bitcoin bet proves to be profitable

The largest corporate holder of Bitcoin has all the reasons to rejoice as the coin stays above the $30K mark, i.e.: at the highest level since July.

Led by Michael Saylor, the company began buying the crypto more than three years ago and at last check held more than 158,000 BTCs. This is nearly 14x that of the next nearest institutional holder. Moreover, the company plans to buy more BTC, which indicates it’s still high on the coin.

It wasn't always this good. The company was in red in 2022 due to the sudden fall in BTC. Prices, however, have almost doubled this year thanks to catalysts such as spot ETFs and the upcoming halving event.

What is the BTC halving?

Bitcoin halving is when the reward for Bitcoin mining is cut in half. Halving takes place every four years. The halving policy was written into Bitcoin's mining algorithm to counteract inflation by maintaining scarcity.

The last Bitcoin halving took place on May 11, 2020, and the next bitcoin halving will occur in 2024.

Tip: Every halving event has historically resulted in a bull run for the coin. This upward tendency, however, is usually not immediate.

💵 Personal Finance

These US banks are offering great savings accounts

A rising-interest-rate environment means a chance to make more money in the form of interest. US banks are known for offering low interest rates; however, things are now changing with some offering up to 5%.

Here are some of your best options:

Western Alliance Bank Savings Account

Offering up to 5.20% APY, this is one of the most rewarding savings accounts with no monthly fee. The minimum balance is only $1 but the bank does not offer an ATM card.

Newtek Bank Personal High Yield Savings

Offering a very high interest rate of 5%, this account has a minimum balance requirement of only $0.01 with the ability to request an ATM card. Plus, the bank charges no monthly fee.

Bask Interest Savings Account

Offering 4.85% APY, this savings account comes with no minimum balance and monthly charges. However, on the downside, ATM and checking accounts are not supported.

Homework: Ask your bank what they can offer for high yield savings. Don’t let your cash just sit there not earning anything.

International Options

Interested in earning more interest? Check out these international banks offering up to 10%

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.