Morning Download 

Personal finance + economics + markets

 Together with behindthemarkets

Good morning investors! Large-cap technology stocks continued their rebound last week and the earnings season will continue this week with big names like Alibaba and Monday.com expected to announce earnings. 

Fun fact: The Bombay Stock Exchange (BSE) was established in 1875, making it the oldest stock exchange in Asia. Initially, it operated under a banyan tree in Mumbai before moving to its current location at Dalal Street.

Today we cover:

• IRS announces new tax brackets.

• Tesla is in the news due to various reasons.

• Grow these money habits today to improve your situation.

Follow us on Twitter for more.

📊 Economy and News 

IRS announces new income tax brackets

The IRS has released the new inflation-adjusted income tax brackets and standard deduction amounts for 2024.

The changes are aimed to safeguard taxpayers from the impacts of inflation, ensuring that the overall effect of these changes will not alter an individual's tax burden.

The change:

• For individuals and married people filing separately: $14,600, up from $13,850 this year.

• For married couples filing jointly: $29,200, up from $27,700 currently.

• For people who file as head of household: $21,900, up from $20,800 today.

The US federal income tax code currently has seven tax rates – 10%, 12%, 22%, 24%, 32%, 35% and 37%.

Each of those rates applies to a range of taxable income, also known as a tax bracket.

• 10%: Income up to $11,600 ($23,200 for married couples filing jointly)

• 12%: Income over $11,600 ($23,200 for joint filers)

• 22%: Income over $47,150 ($94,300 for joint filers)

• 24%: Income over $100,525 ($201,050 for joint filers)

• 32%: Income over $191,950 ($383,900 for joint filers)

• 35%: Income over $243,725 ($487,450 for joint filers)

• 37%: Income over $609,350 ($731,200 for joint filers)

FSA, 401(k) changes

There is good news for individuals with employers who contribute to a Flexible Spending Account, which lets you save tax-deductible income to cover your out-of-pocket medical expenses in a given tax year. The FSA’s new limit will be $3,200 in 2024, up from $3,050 this year.

And last week the IRS announced new 401 and IRA limits.

Global hits:

• Are Americans getting used to high prices?

• This was a massive week for AI.

• Americans’ attitudes about the economy worsened for the fourth straight month.

📈 Stocks

S&P 500 4,347.35 (-0.81%)
DJIA 33,891.94 (-0.65%)
NASDAQ 15,187.90 (-0.82%)
BRENT CRUDE 81.43 (+1.47%)
* Prices as of Nov 13th, 12:20 AM UTC

What’s up with Tesla?

Tesla suffered a blow last week when HSCS initiated coverage of the EV maker with a “reduce” rating and a price target of $146 per share. However, investors haven’t given up on the stock as Tesla still has hope. The stock is currently trading at $214.65, which makes this new target worrisome.

In addition, the company is preparing to enter the Indian market. The Indian government is actively working to streamline approvals for Elon Musk's Tesla to make potential entry into the country, aiming to have all necessary clearances in place by January 2024.

Once this happens, the company will get a major boost. In addition, reduced prices can help the company win more buyers. Billionaire investor Ron Baron recently talked about the potential impact of Tesla selling cars for $25,000.

Also, Tesla’s Cybertruck, set to enter the market soon, will hopefully push the stock higher.

Sponsored by behindthemarkets

NEW VIDEO: RIP U.S. Dollar

The US dollar's days as the dominant global reserve currency are numbered. China is planning a sneak attack to deliver the death blow.

In an upcoming announcement on December 6th, China will declare it is backing its currency, the yuan, with gold. 

My exclusive "Dollar Destruction Report" reveals how to protect and grow your money as the dollar crumbles. Get the report now and act before China's dollar doomsday arrives.

🔐 Crypto

Bitcoin $37,216 (+0.27%)
Ethereum $2,057 (+0.15%)
Total market cap $1.42T (-0.17%)
* Prices as of Nov 13th, 12:20 AM UTC

What’s happening in crypto

• Ethereum is getting ready to hit $4,000, predicts this pattern.

• Here’s why Solana has been on a bull run.

• FTX sues Bybit to recover assets worth $953 million.

• Bitcoin fund holdings hit all-time high as spot ETF excitement entices crypto investors.

💵 Personal Finance

You’re not too young to create these financial goals

Looking for financial advice? Here are a few things you should do today if you want to safeguard your tomorrow:

• Create an emergency fund. It should contain at least three to six months' worth of expenses. Also, use your emergency funds only when there is an emergency. One way to accelerate your emergency savings is by storing them in a high-yield savings account. These types of savings accounts offer above-average interest rates (currently over 4% APY), helping you reach your savings goals quicker. It might not seem like much at first, but remember that as your balance grows, so will the interest you earn.

• Build your credit. Work on building your credit as having good credit can help you qualify for better loans, lower interest rates, certain credit cards and even apartments. Starting working on your credit now even if you have no intention of buying a car or a home. A great way to build credit is to open a credit card but make sure to never delay payments.

• Get rid of debt. Whether it's student loan or credit card debt, take steps to get rid of it as soon as possible. Being in debt is not only bad for your financial health but mental health as well. For credit card debt, you may want to consider doing a balance transfer to a credit card with a 0% intro APR. Furthermore, you can try methods such as the debt avalanche method to get rid of debt.

• Create savings goal. This will help you stay motivated and allow you to remain on the right path. Your goal can be anything form buying a home to take a vacation. Just make sure the goals are attainable. Moreover, all goals should have a clear path.

• Plan for retirement. You are never too young to plan for retirement so start opening retirement accounts now and save whatever you can.

• Focus on yourself. Make sure to take care of your physical and mental wellbeing. More and more youngsters are getting diagnosed with depression. and mental conditions due to societal pressures and financial troubles. Don’t let this happen to you. Pay attention to your health and get rid of things that could harm yo, i.e.: avoid smoking and drinking and consider building your skills so that you stay employed.

  Need more tips? Check this video:

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