Ragam Nya Kabar

Friday, January 5, 2024

Posthaste: The Bank of Canada needs to avoid this mistake in 2024, says CIBC - Financial Post

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Investors and consumers are hoping for extensive interest rate cuts this year

Bank of Canada governor Tiff Macklem, left, and U.S. Federal Reserve chair Jerome Powell. Photo by Getty Images/Reuters

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Central banks took a lot of flack for being slow to hike interest rates as inflation took off. Now a CIBC economist says they should be wary of mistakes coming down the other side.

When prices started rising in late 2021, one of the the central banks’ biggest mistake was to treat “fluctuations in supply as if they were changes in demand,” said Andrew Grantham, senior economist at CIBC Capital Markets, rather than what occurred, which was demand following supply. That caused the Bank of Canada and others to initially misread the economy, ultimately leading them to label inflation as transitory when it was anything but.

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Grantham said, in an end of year note, he feels for central bankers who were heavily criticized for that call and others.

“It has become fashionable in recent years to criticize central banks for their actions during and after the pandemic. However, in many cases this is an example of throwing stones in glass houses, as very few of those commentators pointed out the mistakes at the time,” he said.

Now the challenge is reversed, but the stakes are equally high.

Investors and consumers are already expecting a lot from central banks in 2024 in the form of extensive interest rate cuts — as much as 100 basis points for Canada and 75 in the United States, according to the latest projections from the United States Federal Reserve. Cuts of that magnitude could send stocks soaring even higher and provide financial relief to consumers with mortgages.

But Grantham warned the economic pictures are now different in the two countries, and that central bankers should respond accordingly.

Bank of Canada

After inflation registered at 3.1 per cent in November, Bank of Canada governor Tiff Macklem indicated that interest rates should now be high enough to drag the consumer price index back to the two per cent target range.

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But Macklem has also been hesitant to open the door to rate cuts, with the bank adopting a still slightly hawkish tone in its rate decision statement on Dec. 6, which warned central bankers are prepared to hike again if inflation proves stubborn.

That could be a mistake, Grantham argued.

“A premature easing of interest rates should not be a concern, as household consumption has already slowed materially,” he said.

Canada’s economy has also decelerated. CIBC is forecasting annual GDP of 1.1 per cent for 2023 compared with 3.4 per cent last year, followed by 0.6 per cent in 2024.

Further, the economist said much of the remaining inflation is being driven by supply issues not demand — “notably the inability of housing supply to keep up with population growth.”

Therefore, the biggest risk for the Bank of Canada is that it hangs on to higher interest rates for too long “creating a prolonged period of sluggish economic activity and eventually below-target inflation by 2025.”

Federal Reserve

Fed chair Jerome Powell has the opposite problem.

“The Federal Reserve needs to avoid the temptation of cutting interest rates too early or quickly,” Grantham said.

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Inflation could slow to two per cent in the summer, he said, but there is a danger that it re-accelerates if, as is currently the case, consumer demand remains strong south of the border.

Cutting rates too quickly could cause demand and inflation to pick up.

“Both central banks should be well aware of these risks, and if they stick to a New Year’s resolution of not overacting to supply-driven trends in growth and inflation we should see more interest rate cuts from the Bank of Canada in 2024 than the Federal Reserve,” Grantham said.

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Toronto home sales fell to a 13-year low in 2023 as higher mortgage rates kept buyers away, according to year-end figures from the Toronto Regional Real Estate Board.

Only 65,982 homes changed hands over the past 12 months, down 12 per cent from a year earlier and 45.7 per cent below a peak in sales recorded in 2021.

Benchmark and average home prices both declined in 2023, with the benchmark falling 0.41 per cent to $1,067,200 and average prices dropping 5.4 per cent to $1,126,604.

Read the full story from Shantae Campbell here.

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Today’s data: Canada releases jobs numbers for December with economists calling for the unemployment rate to rise to 5.9 per cent from 5.8 per cent in November. The United States Labor Department also releases December employment data. U.S. factory orders come out today.
Earnings: Constellation Brands Inc.

Get all of today’s top breaking stories as they happen with the Financial Post’s live news blog, highlighting the business headlines you need to know at a glance.

The Canada Revenue Agency has been on a bit of a tear of late tracking down people who received pandemic-relief payments but might not have been eligible. In this week’s column, tax expert Jamie Golombek looks at two cases that went to court and the strange excuses people came up with. Read his column here.

Thursday, January 4, 2024

Parker Hopes For Joshua Rematch, But AJ May Avoid It - Boxing News 24

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Joseph Parker’s promoter, David Higgins, says he’s “earned” the opportunity to fight Anthony Joshua next following his one-sided victory over former heavyweight champion Deontay Wilder on the ‘Day of Reckoning’ card in Saudi Arabia last December.

Higgins, however, suspects that the former two-time champion Joshua (27-3, 24 KOs) may choose not to take the fight with Parker (34-3, 24 KOs) due to the “high risk” involved.

Joshua’s promoter, Eddie Hearn, revealed his shortlist of opponents that he and the Saudis are considering for AJ’s next fight in March, and Parker’s name was NOT on it.

Hearn’s shortlist. Parker left out

– Agit Kabayel
– Francis Ngannou
– Filip Hrgovic
– Zhilei Zhang

AJ had planned on fighting Wilder next on March 9th in Saudi Arabia, but Parker ruined that by defeating the Bronze Bomber. In hindsight, it was foolish for Wilder to face a boxer/puncher like Parker, given the huge fight he had in front of him with AJ and with him coming off a 14-month layoff.

You can say that Wilder & his management dropped the ball by agreeing to use Parker as the opponent. Hearn was smarter by using Otto Wallin as Joshua’s opponent, as he had no power and was slow as all get up. He made AJ look like the fighter he once was, which was hard to do because he’s clearly past it at 34.

Parker wrecked plans for a long-awaited showdown between Joshua and Deontay Wilder in 2024 as he sealed a unanimous decision win over the American in Saudi Arabia last weekend.

No fan interest in Joshua vs. Parker rematch

“Joseph has earned that fight, and the Saudis would see merit in Parker against Anthony Joshua,” said David Higgins to Sky Sports about his belief that Joseph Parker deserves to fight Anthony Joshua next.

Joshua beat Parker by a dull twelve round unanimous decision in 2018 in a fight that wasn’t competitive. Parker fought in the same cautious manner that he did against Wilder, but Joshua threw punches, and that was the difference.

If Wilder had let his hands go, he likely would have beaten Parker as well, but he’s not the fighter he once was at 38, fighting just one round in the last two years since losing to Tyson Fury in 2021.

There wouldn’t be any fan interest in a Joshua vs. Parker rematch, and the Saudis likely won’t want to put that fight on in their country, knowing that it’s not an appealing clash.

“Joseph, especially after how he handled his business with Wilder, is probably seen as high risk,” Higgins continued. “We’ll fight Anthony Joshua in a heartbeat.

Did Parker’s win prove anything?

Wilder was shot to pieces, so what Parker did was nothing special. Any heavyweight ranked in the top 15 would have done the same thing to Deontay but likely looked a lot better by knocking him out.

Wilder was never a good heavyweight to begin with, but he’s lost a lot from his game by being inactive since his loss to Fury in 2021. Fighting just one round in two years, there’s no way that Deontay could stay sharp.

Parker should fight Zhilei Zhang

If Parker wants to show that he’s worthy of a fight with Joshua, he needs to defeat one of the top contenders that aren’t over-the-hill. He should fight Zhilei Zhang and see if his cat & mouse style will work against him. This writer sees Parker getting blasted out by Zhang, but that’s the type of win he needs if he wants to get a rematch with Joshua.

“It was the best performance of Joseph’s career [beating 38-year-old Wilder]. He’s got some momentum going, so the intent is to continue. We don’t want to step backward to weaker opponents. We want to keep the level up and keep busy,” said Higgins.

Parker needs to try avenging his losses to Joe Joyce or Dillian Whyte rather than wasting his time attempting to get a rematch with Joshua. These would be other good options for Parker’s next fight:

Martin Bakole
Zhilei Zhang
Jared Anderson
Frank Sanchez
Filip Hrgovic

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The "rulers cannot rule" phenomenon and how to avoid it - Big Think

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The British sitcom Yes Minister is about a member of the British government who is trying to do their job at the fictional Department of Administrative Affairs. This minister, Jim Hacker, has his ideas, plans, and instructions. He’s by no means incompetent, but he is guilty of being blown about too easily. And the wind in Yes Minster is in the form of Sir Humphrey Appleby.

Appleby is a seasoned civil servant. He’s the kind of well-educated and well-connected bureaucrat who has seen scores of ministers come and go. What happens, then, is that whenever Hacker presents a new idea or gives an instruction, Appleby will obfuscate and manipulate the matter. “Very good minister,” Appleby will say, “but have you thought of this and that?” He will confuse his bosses with polysyllabic and breathless legalese, generously seasoned with Latin or Greek. He will hope to dizzy his listeners with his honed bureaucratic babble so that he will, in the end, get his own way.

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Some of the sharpest and most astute political fictions on TV feature an equivalent of the Appleby vs Hacker dynamic. It’s when a leader tries to bring about change and tries to lead the way they want, only to be pulled up short by the bean-counting, teeth-sucking civil servants armed with red tape. Any complex organization at all depends on an administrative structure. A legislature tells an executive what to enact. A leader tells their bureaucrats what to do. A boss tells their employees what they want to happen.

Sometimes, though, the system gets in the way. Rulers cannot rule. Here we look at why that is and how to mitigate the problem.

Bureaucratic overreach

The problem, in politics and business, is that any complex organization will involve an element of “Chinese whispers” or “telephone.” When a boss or a line manager gives an instruction, it will get more and more diluted, interpreted, doctored, and selectively ignored the further it goes down an organizational structure. And, just like in the game of telephone, the final enacted action can sometimes bear only passing resemblance to the leader’s intentions.

Tsar Nicholas II, the last emperor of Russia, once said, “I do not rule Russia, ten thousand clerks do.” His point was that no matter what he wanted to happen, he was just one man fighting against a bureaucratic behemoth. Once his orders were out the door, who knew who would listen to them or not? When the tsars gave way to the USSR, Russia’s overbearing civil service didn’t go away. Soviet Russia was forever characterized by absurd, pedantic bureaucracy. In Hitler’s Germany, top-down instructions were deliberately few, so that the upper echelons of the Nazi Party were constantly “working towards the Führer.” Various regional administrators and army generals took decisions based on what they thought Hitler wanted. Bureaucrats were in charge.

Nor is the “rulers cannot rule” phenomenon limited to dictatorships. A hundred years ago, the sociologist Max Weber worried that societies would slowly become restricted by an “iron cage” of overreaching bureaucracy. He argued that traditional and value-based social systems would give way to efficiency-driven, rule-based structures as modern society became more rationalized and bureaucratic by nature. Weber died in 1920 at only 56, and he didn’t see the modern world of congressional gridlock and legislative paralysis that occasionally plague democracies. They’ve likely proven him right.

Rulers allowed to rule

Is the iron cage an unavoidable and irrevocable feature of any complex organization, or can we take steps to avoid it? In some ways, there will always be certain differences between what is asked for and what is received, but there are ways to limit the Chinese Whispers effect embedded in a long chain of command. Here, we look at three:

Make room for charisma. For Weber, the iron cage has a key, and it’s called “charisma.” Weber was worried that in the beige cubicles of bureaucracy, there could be no room for verve and spark. Efficiency, cost-cutting, and practicalities are important, but they don’t get things moving. All organizations need an engine. They need that kind of momentum and optimism that trickles through the entire lattice of a workplace. Charismatic leaders might not be efficient, and magnetic personalities might not be good with a spreadsheet, but they often get things done. Lee Iacocca, Jack Welch, and Steve Jobs all had their faults, but their superstar charisma was like rocket fuel for their companies.

Be clear about what you want. Only half of employees will say they know exactly what their bosses want. That means that the other half is having to deal with guesswork and best efforts. To avoid an instruction going wayward, be as clear as possible. Set deadlines and be specific. There was a meme a few months ago about a girlfriend talking to her boyfriend like a ChatGPT prompt. “Imagine you are an award-winning dish cleaner. In no less than ten minutes, clean the pans using the blue cloth. Use hot water and stack on the drying rack in rows.” It was a joke, but there’s a point to be made here. Humans, like large language models, often respond better to clear, direct, and thorough instruction.

Have hard conversations. In Yes Minster, there are clearly moments when Hacker needs to put Sir Appleby in his place. The bureaucrat is not the leader. Hacker needs to say something along the lines of, “Thank you for your advice, Sir Appleby, but this is what we will be doing.” Likewise, in any company, you will have to have hard conversations with people who are getting it wrong. No one likes having difficult conversations; humans are a species wired to mostly avoid conflict. Sometimes, though, if an old hand is refusing to get on board with a new direction or if a middle manager is ignoring what upper management is telling them, then you need to have a hard conversation. Luckily, Big Think+ has you covered. Here is Amy Gallo, contributing editor at the Harvard Business Review and author of the HBR Guide to Dealing with Conflict, explaining the three essential ways to get through — and succeed in — a hard conversation.

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Wednesday, January 3, 2024

What Is Disharmony And How To Avoid It In Avatar: Frontiers of Pandora - TheGamer

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Quick Links

What Is Disharmony?

How To Avoid Disharmony?

As you dive into Avatar: Frontiers Of Pandora, you'll encounter a vast and harmonious world you can delve deep into. Immersing yourself in the world of Pandora, you'll come across numerous creatures to interact with and gain advantages from as you explore the wildlife.

Avatar: Frontiers Of Pandora - How To Unlock And Use Na'vi Senses

It's the sixth sense you'll want to have.

Speaking of Pandora's creatures, hunting also becomes a crucial part of this expansive environment. When you need to know how to hunt, it's essential to do so strategically to respect the world and avoid disharmony. Thankfully, this guide will help you understand how to avoid disharmony and why it's crucial to avoid it in this environment.

What Is Disharmony?

While exploring Pandora, you'll have the opportunity to hunt, but it's crucial to adhere to Pandora's cultural norms. Remember that hunting should be done with consideration to Pandora's culture, and you cannot kill without a valid reason.

Disrespecting Pandora's creatures and culture may result in Disharmony punishment, limiting your Na'vi senses and restricting your ability to call or ride wildlife. Additionally, the Na'vi will not want to speak with you.

Disharmony is a debuff that results from disrespecting the Pandora world, especially if you kill Direhorse, Ikran, and young creatures. To avoid disharmony, it's crucial to be mindful of your limits and refrain from causing harm to these creatures to maintain harmony within Pandora.

How To Avoid Disharmony?

Avoiding Disharmony in the Pandora world is a result of respecting and not causing harm to it. The game will provide multiple warnings before imposing Disharmony punishment, allowing you to retract your actions at the right time.

Indeed, while there's an opportunity to avoid Disharmony, once it's active, you can't prevent or stop it. You must patiently wait for it to wear off; it serves as a reminder and punishment to encourage avoiding similar actions in the future.

Avatar: Frontiers Of Pandora - Where To Find Blaze Fruit

Here is the location of the Blaze Fruit in Avatar: Frontiers of Pandora.

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Exposed: 6 Common Matrimonial Scams and How To Avoid it | Mint - Mint

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Looking for a life partner on matrimonial sites have become common in India. However, with the convenience of finding matches online comes an element of risk. This blog reveals the 6 most common matrimonial scams and tips on how big companies like Shaadi.com avoid them from happening.

1. Fake Profiles

This is probably the most common scam on matrimonial sites - fake profiles that lure unsuspecting matches. Before trusting any match, it's wise to ask - is matrimonial site safe enough? Can profiles be faked?

How to avoid:

Look for inconsistencies or differences in age, location, occupation details, etc.
Insist on keeping the initial conversations through the matrimonial site messaging system.
Enable the verified badge and ID verification features on sites.

2. Financial Fraud

This scam targets your money in various clever ways.

How to avoid:

Never pay any fee directly to a match/their family for astrology, matching tests, etc. Use the site's official paid services only.
Do not share any confidential financial information, no matter how persuasive their reason sounds.
Do not lend any money till you are married

3. Dream Proposal

This scam aims to exploit the emotional vulnerability of divorcees, widows, or older singles.

How to avoid:

If it is too good to be true, it is likely not true - Cross-check details.
Do not feel rushed into deciding such cases. Take time.
Insist on phone/video calls before engagement. Involve family, too.
Conduct in-depth background checks of such matches before progressing.

4. Identity Theft

This targets unsuspecting users by stealing their identity, photos, etc. Matrimonial app safety has become a top concern for many. Is sharing your details wise?

How to avoid:

Never share your ID proofs or photos with any third party for profile creation.
Conduct thorough background checks before sharing ID.

5. Emotional Blackmail

This preys on the emotional vulnerability of singles desperate for marriage.

How to avoid:

Beware if a match starts seeking favours too early into the relationship.
Do not let emotions overrule your judgment about lending money.
Never take any threats of breakup lightly. Cut contact with such people.
Report to the site and block such users immediately.

6. Romance Scam

This elaborate scam uses romance to exploit people seeking love.

How to avoid:

Be wary of matches who are too quick to declare love without meeting.
Insist on a video call before believing any marriage or visit plans.
Conduct background checks thoroughly before getting emotionally invested.

How Shaadi.com Helps You Avoid Scams

Here are some ways Shaadi.com safeguards its users against such online scams:

Verified Profiles: Profiles are verified through ID proofs, education, employment, etc. Verified badges build trust.
Secure Messaging: The in-app messaging system ensures conversations stay on the platform, avoiding scams.
5 stage Profile Review: Decades of machine learning & billions of algos + manual verification of suspicious profiles ensure that the platform is safe.

Conclusion

Finding a life partner online can come with some risks like matrimonial fraud and scams. However, being aware and vigilant can help identify red flags in time. Use all the profile verification and secure messaging features offered by various matrimonial sites. Do not hesitate to report suspicious activity and seek support.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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Published: 03 Jan 2024, 04:50 PM IST

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Tuesday, January 2, 2024

The Most Common Second Passport Scam… and How To Avoid It - International Man

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Let me get straight to the point…

We’re at a unique moment in history in which the international system, the financial system, and the internal political system could all collapse at the same time.

Governments are becoming increasingly desperate and aggressive.

Currency debasement, higher taxes, and more regulations often come first.

But, unfortunately, these things are often just the prelude to something much worse…

As they become increasingly desperate, governments implement increasingly destructive policies.

This might include capital controls, price controls, people controls, travel restrictions, surprise bank closures, currency devaluations, wealth confiscations, retirement account nationalizations, harassing domestic political opponents, medical mandates, and much more.

The same pattern has repeatedly played out around the world and throughout history.

It’s as predictable as the changing seasons.

The worse a government’s fiscal health gets, the more destructive its policies become.

This is the root of political risk—the risk to your personal and financial well-being from your government.

It’s no secret that political risk is snowballing in many parts of the world.

This is especially true in the US, Canada, and Europe, where atrocious spending on welfare and warfare has bankrupted most governments.

It doesn’t matter which party is in power. They are all headed in the same direction, albeit at different speeds.

It’s only prudent to expect more regulations, restrictions, taxation, and less freedom across the board.

Each week, the window to protect your personal and financial well-being closes a bit more.

Soon, it could be closed completely, as it did in Russia in the 1920s, Germany in the 1930s, or countless other places throughout history.

This is why many astute people are obtaining a second passport.

Why You Need a Second Passport Today

A second passport is fundamental to freeing yourself from absolute dependence on any country.

Once you have that freedom, it’s much harder for any government to coerce you or control your destiny.

Among other things, having a second passport allows you to invest, bank, travel, live, and do business in places you wouldn’t otherwise be able to.

A second passport also prevents the government from locking you in. Without it, the government can effectively place you under house arrest by taking back your passport if you only have one.

No matter where you live, you can benefit from the political diversification benefits of a second passport.

The increased interest in second passports has naturally caused a surge in second passport scams, which are not always easy to spot.

Obtaining a legitimate second passport is never simultaneously fast, easy, and inexpensive. If you see an offer that is, approach it with extreme skepticism.

Second Passport Scams

If you fall for a second passport scam, it will likely cause significant problems and limit your options.

You want the opposite: minimal problems and more options.

Some passport scams, such as selling alleged “diplomatic passports,” are apparent.

Others are less obvious but similarly dangerous.

First, there are illegitimate passports that someone has stolen, cloned, modified, or counterfeited.

Illegitimate passports mainly show up in the world of organized crime and spy agencies. An average person looking into second passports may run across one, but it isn’t very likely.

Second, there are legitimate passports obtained in some way that skirt the standard legal requirements—usually by bribing a local official. They are a much bigger risk.

This is the most common passport scam you must be aware of.

Usually, this involves someone’s “special friend” in a foreign government who can help you get a passport faster and easier than you could otherwise.

If this tempts you, consider what will happen once the issuing government inevitably discovers and busts the “special friend.” You can expect, at a minimum, that your passport will be canceled and never renewed.

Decades ago, someone might have gotten away with using an illegitimate passport or a legitimate one acquired by skirting the rules. However, governments have linked up their databases today, and many passports incorporate biometrics.

Using anything but a totally legitimate passport is foolish and dangerous—likely a direct ticket to jail and significant legal problems.

The Key to Avoiding Problems

No matter the country you are obtaining a second passport from, you or those advising you should be able to point to specific naturalization laws with explicitly defined requirements that clearly spell out everything.

This information is usually on the local government’s website or one of their consulate’s or embassy’s websites.

It’s a major red flag if you can’t verify this information with the local government.

Extreme skepticism is warranted if someone makes claims that don’t correspond with the explicit legal requirements.

Here are a couple of other tips.

Today, the cheapest legitimate economic citizenship program costs about $100,000 plus tens of thousands in fees. Even under the best circumstances, processing takes at least a couple of months. Be wary of any economic citizenship program that’s cheaper or faster.

Make sure you have up-to-date information. Naturalization requirements and options change frequently.

Conclusion

Obtaining the political diversification benefits of a second passport is crucial to ensuring your freedom in a changing world.

Falling for a passport scam is a sure path to fewer options… or worse.

Unfortunately, no path to a legitimate second passport is fast, easy, and inexpensive at the same time.

However, this does not make obtaining a second passport less urgent or crucial.

Time is of the essence.

Whether it’s financially, militarily, socially, or politically, the world is facing a severe crisis on multiple fronts that could break out at any moment.

The situation is urgent. We recommend that you act NOW before you become trapped by circumstances out of your control.

Fortunately, there are numerous options to obtain a legitimate second passport. However, the menu of options is constantly changing, and there is no one-size-fits-all solution.

To get started and to help you navigate the complications, check out Doug Casey’s International Man’s comprehensive guide on how to get the best second passport. Click here to download the PDF now.

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Monday, January 1, 2024

What is ‘lifestyle inflation’? Financial advisor explains ways to avoid it - LiveNOW from FOX

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Shoppers carry Victoria's Secret bags in the Magnificent Mile shopping district of Chicago, Illinois, US, on Saturday, Dec. 2, 2023. (Taylor Glascock/Bloomberg via Getty Images)

When you make more money, it is not uncommon to want to enjoy the fruits of your labor by buying in excess, whether it's a new car, luxurious vacation, or a bigger home.

On the surface, having the financial flexibility to afford more can be an advantage, but it’s also a symptom of "lifestyle inflation."

The term refers to a tendency to spend more money when your earnings increase. It can be a burden to avoid because it’s not easy to identify that an increase in spending can gradually happen over time.

"Lifestyle inflation is definitely something that comes up frequently with our clients, particularly those that are trying to stick to a budget, gain financial independence, or even retire early," said Ryan Viktorin, vice president and a financial consultant at Fidelity. Those concerns can be amplified during times of economic uncertainty when people have things like inflation and market fluctuations to deal with as well!"

Viktorin explains to FOX Television Stations that lifestyle inflation can derail your finances if you are not careful.

"Lifestyle inflation can make it hard to stick to a budget and achieve your financial goals, particularly if you’re someone who’s trying to save for things in the future. A few dollars here and there can really add up over time, especially when you consider the fact that that’s money that could have been accruing interest or going toward bigger savings goals."

The VP shares that some of her clients struggle, particularly when they begin to earn more money, their spending habits soar, and it can spiral out of control if not managed.

There are certain things that consumers can do to avoid falling into the trap of lifestyle inflation.

"The best thing you can do is be aware of your spending. Even if you don’t have a strict budget – I know that word scares some people – having a general idea of how much money you’re taking in compared to how much you’re spending can help you keep a pulse on how they’re tracking toward their goals and tip them off when that lifestyle creep might be setting in."

Viktorin shares that Fidelity utilizes an app to help clients tap into the behavioral aspect of their spending while helping build strong financial habits, including building savings.

"It’s always important to start with identifying your goals. Those should be the anchor point of any financial plan and budget so you know what you’re working toward! Above all else, the best financial plan or budget is the one you're going to stick to. If your goals are unrealistic or too aggressive, that can get discouraging really quickly. Even if you do have a big goal to tackle, like saving up for a downpayment on a house or something even longer-term like retirement, it’s helpful to set smaller goals and milestones that you can hit along the way to stay motivated and on track."

And as we head into 2024, Viktorin shares some helpful financial tips.

"We just ran our 15th annual financial resolutions study and found that two-thirds of Americans are considering a financial resolution for the coming year, so this is a great time to be thinking about setting new financial goals and habits!"

"I’m always going to say that the best first step is creating a plan. Think about your short- and long-term goals and set realistic milestones to celebrate along the way! It doesn’t have to be all or nothing – even if you don’t hit those milestones, you're still making progress. Fidelity has a lot of great resources to help with this, whether you prefer putting together a plan on your own or coming to one of our investor centers to chat with someone like me!"

"Now is a great time to do some financial end-of-year cleaning as well – take a look at things like recurring subscriptions and common purchases to see if there are things you can cut going into the new year. You don’t need to get rid of everything, but consider prioritizing those purchases so you can put more money toward your saving and investing goals. Small amounts can add up over time!"

"Consider downloading an app like Fidelity Bloom to get a handle on why you’re spending and take a more mindful approach to your finances in the new year. I know things like budgeting and planning can be intimidating, but they don’t have to be! Understanding why you’re making certain purchases can be an important first step in establishing a healthier relationship with your money."

This story was reported from Washington, D.C.

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