4 tips for spending within your means during the holidays
4 tips for staying within your holiday budget (Miramar Federal Credit Union)
The National Retail Federation projects holiday sales will rise 3.7% to $630.7 billion in 2015. Additionally, online spending is expected to increase between 6% and 8%, to as much as $105 billion. While the holidays are a time to splurge on gifts for your family, it's also important to spend within your means. Paul Socia, CEO and president of Miramar Federal Credit Union, has four tips for consumers. Socia says to save money, make an itemized list of everything you plan to buy, get your shopping done early and keep track of what you are buying and how much you are spending.
Walmart cut its profit outlook (Business Insider)
Walmart warned its profit outlook over the next two years won't be as rosy as initially forecasted. The retail giant said it sees earnings per share declining 6% to 12% in fiscal year 2017. "Operating income is expected to be impacted by approximately $1.5 billion from the second phase of our previously announced investments in wages and training as well as our commitment to further developing a seamless customer experience.," CFO Charles Holley said of fiscal year 2017. The company also announced a $20 billion share buyback program. The stock is down 9.7% in Wednesday afternoon trade.
Interest rates are going to stay lower for longer (Investment News)
In an article written for Investment News, Charles Tan, head of North American fixed income for Aberdeen Asset Management says interest rates are going to stay lower for longer. Tan points to the aging US population, tepid productivity growth and the need for more deleveraging as reasons interest rates will remain in a holding pattern. Aditionally, inflation remains low or non-existent. "Without much of an increase in inflation, there is little reason for central banks to raise interest rates," Tan says.
FINRA wants to give the elderly more protection (Reuters)
The Financial Regulatory Authority wants to give the elderly more protection from scams and their own diminished mental capacity. According to Reuters, FINRA's proposal aims to require brokerage firms to make "reasonable attempts" to acquire the name and contact information of a "trusted" person at the time an account is open. This person would be given the power to make financial decisions if the account owner became mentally impaired. FINRA also wants to freeze suspicious money transfers for 15 days, Reuters says.
Summit Trail Advisors poaches a team(Dynasty Financial Partners)
Summit Trail Advisors has landed a $1 billion team from Barclays Wealth. The team of Jerry Lucas, Megan Sclafani, Peter Gambee and Michael Cohen will be based in Summit Trail's Midtown Manhattan office. "Recognizing the dynamically changing wealth management industry, it was clear from the Summit Trail launch that they would become a recognized leader in providing unconflicted holistic advice to the most sophisticated clients," partner Jerry Lucas said in the press release. Wednesday's score is the second big haul for Summit Trail in the past few months as it landed a $500 million group in July.