Here's Your Fortune: Buy vs Lease a Car, Mortgage Moves, Meta’s AI Shift and Posts to Profits

Tomorrow’s Fortune

Welcome to the action-packed newsletter designed to help you navigate the world of business, investing, and technology. You owe it to yourself to stay informed! If you missed last week’s post, check it out here. 😎 

Today’s post is 2,989 words (~5 minutes). Don’t be lazy… let’s get rich!

Cool Fact: AI's Love for the Wrong Stocks: In 2018, an AI developed by a hedge fund began suggesting investments in companies that were on the brink of bankruptcy, including Blockbuster and Sears. The fund’s human managers were left shaking their heads, thinking, “Thanks for the help, but we’ll just stick to the companies that are still breathing!” It’s a reminder that while AI can analyze tons of data, it might still have a soft spot for nostalgia.

Today’s Digest: 

1. NEW VIDEO 👉🏼 Buying vs Leasing a Car 💸

2. Mortgage Madness: Why Everyone Is Scrambling to Refinance Right Now. Discover why everyone’s jumping on the refinancing bandwagon—and why you should too.

3. Meta Just Dropped the Future – AR Glasses, Quest 3S, and AI Everything! Explore the coolest tech from Meta Connect 2024 and see how AI and VR are taking over your world.

4. From Posts to Profits: Unlocking the Secret Life of a Social Media Manager. Learn how to turn your scrolling into some serious cash.

KENNY FINANCE ON YOUTUBE!

Back again with a Friday special on YouTube! As I said before, my goal is to touch a million lives through financial wellness and provide the framework, insights, and playbook to be SMART with your money.

Few things:

1. Check out tonight’s video on Buying vs Leasing a Car 🚀

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3. WATCH THE ENTIRE VIDEO! Pls and thank you… it helps the YT algorithm spread to others who could use the advice

4. Like and comment and let me know what you think 🤩

5. I’ll be uploading fire content every Friday until you’re rich

6. Check out KENNY FINANCE for other videos

TOP STORY

US Mortgage Rates Fall Again, Sparking a Refinancing Frenzy

If you've been waiting for the right moment to refinance your mortgage, the time has arrived. With U.S. mortgage rates falling to their lowest levels in two years, homeowners are seizing the opportunity to lock in better terms. The Mortgage Bankers Association (MBA) reported a significant surge in refinancing applications—up 20.3% in just one week—marking the highest level since April 2022. With mortgage rates continuing their downward trend, the housing market is showing signs of life as borrowers jump at the chance to lower their monthly payments.

A Game Changer for Homeowners

The 30-year fixed mortgage rate dropped again last week, down 2 basis points to 6.13%. While this might seem like a small decrease, it marks the eighth consecutive week of declines, which is the longest stretch since 2018-2019. These steady reductions are a big deal for homeowners. The lower the rates, the more affordable mortgages become—making it possible for people to refinance and reduce their long-term housing costs significantly. In fact, the MBA's data suggests that this wave of refinancing is no small blip; it’s part of a larger trend fueled by favorable borrowing conditions.

What’s Driving This Surge?

A key factor behind the fall in mortgage rates is speculation about the Federal Reserve’s interest rate moves. Traders are betting on a potential rate cut in November, and this anticipation has sent ripples through the housing market. The 10-year Treasury yield, which often influences mortgage rates, has been fluctuating as traders try to predict the Fed’s next move.

Interestingly, while 30-year mortgage rates continue to drop, 15-year and adjustable-rate mortgages saw a slight uptick after experiencing sharp declines in previous weeks. This suggests that while long-term borrowing remains attractive, short-term rates may see some variability in the near future. However, for those seeking stability, locking in a 30-year fixed mortgage now could be a smart move.

Refinancing Opportunities Abound

The growing trend of refinancing is expected to continue as rates remain favorable. Lower rates mean that homeowners can reduce their monthly payments or shorten the term of their loan, potentially saving tens of thousands of dollars over the life of their mortgage. Even a slight decrease in rates can make a big difference for those who are refinancing larger balances.

Additionally, this refinancing wave isn’t just benefiting those looking to restructure their loans. The MBA also reported a 1.4% increase in home-purchase applications, reflecting rising demand in a housing market that’s finding its footing after a period of uncertainty. This combination of lower rates and rising demand paints a promising picture for the housing sector.

A Potential Plateau on the Horizon?

While the current wave of refinancing is great news for homeowners, it's important to keep an eye on market trends. The Federal Reserve’s actions in November could lead to stabilization or even a slight increase in mortgage rates if economic conditions shift. The window for refinancing at rock-bottom rates might not last forever. For now, though, homeowners are still in a strong position to take advantage of the lowest mortgage rates we've seen in two years.

Final Thoughts: Time to Act?

With mortgage rates steadily dropping and refinancing applications at their highest levels since 2022, there’s no better time to reconsider your mortgage. Whether you’re looking to lower your payments or switch to a more favorable loan, now is the moment to explore your options. While future rate movements are uncertain, one thing is clear: taking advantage of these historically low rates could save you big money in the long run.

BITS OF GOLD

• Kmart’s last full-size store is closing, marking the end of an iconic era

• Kmart, the OG of big-box stores and home of the "Blue Light Special," is closing its last full-size store in the U.S. on October 20. Once a giant with over 2,500 stores, it’s now reduced to a single shop in Miami. After decades of competing with Walmart and Target—and losing—it’s finally time to say goodbye to the store that once made bargain hunting an adventure.

• Consumer confidence sinks as Americans worry about jobs and rising costs

• Uh-oh, America’s confidence in the economy just hit a three-year low! Concerns over a shaky job market and sky-high living costs led to the biggest drop in consumer confidence since 2021, with a 6.9-point plunge in the index. People are getting jittery over fewer job openings and reduced work hours, even though unemployment remains low. Economists aren’t freaking out just yet, but the vibes are definitely off.

• As EV demand slows, Northvolt hits the brakes and announces major job cuts

• Looks like the EV party's slowing down, and Northvolt's the first to leave early. The Swedish battery maker is cutting 1,600 jobs, about 20% of its global staff, as EV demand cools off. After years of rapid expansion and ambitious plans, Northvolt's taking a breather—blaming industry headwinds and slowing adoption rates.

• Turning 70? You’re about to get the biggest Social Security raise in 2025

• It’s time to cue up the confetti for retirees turning 70 in 2025—they’re getting the biggest Social Security raises, thanks to a 2.5% COLA increase. While that might sound like a humble boost, it means more cash in the bank for those already sitting pretty with larger benefits. So, while everyone gets the same percentage bump, the older crew walks away with the biggest pie slices. Cheers to turning 70!

🏠💸TASTE OF THE FUTURE WITH AI

Meta Connect 2024: Your Brain's About to Explode – New Tech, AI Celebs, and Batman in VR

Alright, tech enthusiasts, buckle up! Meta Connect 2024 just happened, and let me tell you, the future has officially arrived. Mark Zuckerberg took the stage like a futuristic Willy Wonka, handing out digital golden tickets in the form of AR glasses, VR headsets, AI voices, and—yes, you read that right—Batman in virtual reality. Whether you’re here for mind-blowing gadgets, or just curious about how John Cena’s AI voice sounds, Meta Connect has something for everyone. Let’s dive into the tech candy store and explore what’s about to change in your digital life.

Orion AR Glasses: Welcome to the Future, Where Glasses Think!

First up, say hello to Orion. No, it’s not a spaceship (yet), but it’s probably the closest thing. Zuckerberg dropped this baby on us like a mic, calling it "the most advanced glasses the world has ever seen." We’re talking full-blown holographic AR, tracking your hand movements, your eye gazes, and even connecting to your brain. Yup. Orion’s neural interface means you can literally think about what you want to do, and boom, it happens.

And guess who’s already tried these magical glasses? Oh, just Nvidia’s CEO, Jensen Huang, because of course, even billionaires are lining up for this tech. Will it be in stores tomorrow? Not quite. But knowing Meta, when these do hit the shelves, it’s going to be like the iPhone launch—if the iPhone could project 3D holograms.

Quest 3S: VR Fun on a Budget (No, Really)

If you’ve ever wanted to try VR but didn’t feel like dropping a month’s rent, Meta’s got your back with the new Quest 3S, priced at $299. Finally, VR for the people! It’s fully wireless and works with all the games and apps from its pricier siblings, so no sacrifices here. And let’s be honest, if you’re not ready to spend over $600 on a VR headset, this one is calling your name.

Oh, and if you're already rocking a Quest 2 or Quest Pro? Better cherish them because they’re officially being discontinued. So, it’s the last call before these retro headsets become collector’s items.

Meta AI Gets a Makeover… And Celebrity Voices!

Meta AI is ready to become your new BFF—or at least, your personal celebrity assistant. Yep, you can now chat with your favorite AI celebrity voices across Messenger, WhatsApp, and Instagram. Fancy hearing John Cena answer your random shower thoughts? Want Dame Judi Dench to serenade you with wisdom? You can even ask Keegan-Michael Key for a joke if you're feeling down.

With over 500 million users already, Meta AI is about to become even more engaging (and let’s face it, a little weird). If this doesn’t make your conversations more fun, we don’t know what will!

Llama 3.2: The AI That Can See and Think

Now, onto Meta’s new Llama 3.2 AI. Think of it as the geeky, super-smart cousin who knows everything about everything. Not only can this AI model analyze images, graphs, and maps, but it can also tell you how steep that hiking trail is, or when your company’s sales really skyrocketed just by glancing at your revenue chart.

Llama 3.2 is like the Swiss Army knife of AI—multilingual, multimodal, and ready to nerd out with you. Just don’t try accessing it in Europe thanks to some strict EU regulations. Bummer.

Ray-Ban Smart Glasses: Ask Your Sunglasses Anything

Ray-Ban Meta smart glasses just leveled up. These aren’t your dad’s old-school aviators. We’re talking about real-time AI video processing. You can literally look at something, ask your glasses what it is, and they’ll tell you. Plus, they’ve got live language translation, reminders, and even music integration with apps like Audible and iHeart Radio. It’s like having a personal assistant strapped to your face, but way cooler.

Not convinced? Let’s just say if Tony Stark designed sunglasses, this would be them.

VR Gaming: Batman, Zombies, and… Wordle?!

Gamers, rejoice. Meta dropped some serious titles at Connect 2024, but the biggest news? Batman: Arkham Shadow is coming to VR on October 22! Time to suit up and take Gotham by storm in full immersive glory. Oh, and if you snag a Quest 3 or 3S, you’ll get it bundled for free through next April. Score!

But that’s not all. From Alien: Rogue Incursion to a zombie remake of Arizona Sunshine, the games are pure adrenaline. And for those who want a calmer, yet equally thrilling challenge, Wordle is now in VR. Because who wouldn’t want to spell out five-letter words in 3D?

Meta’s Grand Plan: AI and the Metaverse Take Over

Meta Connect 2024 wasn’t just about cool tech; it was a sneak peek into where Meta’s really heading. With massive investments in AI and the metaverse, the company is gearing up to change how we live, work, and play. Whether it’s through AI-powered assistants, affordable VR headsets, or futuristic AR glasses, Meta’s vision for the future is coming into sharper focus. They’re not just keeping up with the competition—they’re shaping it.

So, if you want to be part of this tech revolution, it’s time to get on board. Meta is creating a world where AI helps you with everything from ordering pizza to analyzing your spreadsheets, all while you’re wearing smart glasses that translate signs on your vacation in Paris.

Final Thoughts: Embrace the Future

Meta Connect 2024 wasn’t just another event—it was a mind-blowing showcase of the future. From AR glasses that sound straight out of science fiction to affordable VR headsets and celebrity AI voices, the innovations are here and changing how we interact with the world. Meta is putting the tools for an AI-driven, immersive future right into our hands (and eyes). The best part? This is only the beginning.

Other Cool AI News!

• LinkedIn’s AI is learning from you—find out how to opt-out

• LinkedIn is getting cozy with your data, using it to train its AI without a formal heads-up! But fear not—you can opt-out. The Microsoft-owned platform has updated its privacy policy, so if you don’t want your posts and activity contributing to future AI brainpower, just hit the “Data for Generative AI Improvement” toggle in your settings. LinkedIn claims it’s been transparent, but users aren’t so sure.

• Say goodbye to the confusion of applying for paid family leave

• Thanks to Paidleave.ai, an AI chatbot designed by Moms First, parents in nine states and D.C. can now get the scoop on their benefits without pulling their hair out. This digital buddy simplifies everything from eligibility to cash flow, ensuring you know how much time you can take off to bond with your new baby—or finally binge-watch that show everyone’s been talking about.

• AI is the secret sauce that 98% of small businesses are using to spice up their operations

• A staggering 98% of small firms have jumped on the AI bandwagon, with 40% now relying on generative AI tools like chatbots and digital Picasso wannabes to keep their businesses humming. It’s like giving your tiny company a turbo boost while saving money on staff—because who needs more employees when you have a chatbot that never takes a coffee break? Just remember, folks, even the best AI still needs a human touch, so don’t let your robot overlords take over just yet.

WHAT ABOUT TODAY’S FORTUNE? SIDE HUSTLE OF THE WEEK 💸

Hashtags & Hustles: Unlocking the Treasure Chest of Social Media Management

What if I told you that your knack for memes and hashtags could pay the bills? Yep, welcome to social media management, where you can flex your creativity and get paid while you’re at it.

Overview of this Side Hustle: Welcome to the wild world of social media management, where your memes are your currency, and hashtags are your best friends! As a social media manager, you'll be juggling posts, tweets, and stories like a circus performer on a unicycle—without the big shoes and colorful hair. Your mission? To turn brands into social butterflies, engage followers like a chatty friend at a party, and keep the trolls at bay.

Startup Cost: Diving into social media management doesn’t require a trust fund—more like the price of a couple of fancy lattes. You can get started with as little as $100 to $500, mostly for essential tools like scheduling software and graphic design apps. Of course, if you want to flaunt your skills like a peacock, investing in a slick website and some snazzy marketing materials might cost you a bit more. But hey, just think of it as an investment in your future fame as the social media guru everyone’s been waiting for.

Capital Intensity: The beauty of social media management is that it’s as light on capital intensity as a feather in a windstorm. Most of your expenses will come from subscriptions to tools like Hootsuite or Canva, which typically cost between $15 to $50 per month. Plus, since you can operate from the comfort of your couch, you won’t need to rent an office or pay utility bills. So, wave goodbye to hefty startup costs and hello to a low-maintenance business model.

Interesting Growth Opportunities: You could dive into niche markets like influencer marketing or specialize in platforms like TikTok or LinkedIn, where fresh trends sprout faster than your last plant purchase. With businesses increasingly aware of the digital space, you can also branch out into content strategy, analytics, and even social media training—helping brands up their game faster than you can say "engagement boost!"

Earning Potential: Get ready to turn those likes into dollars, because social media management can be quite lucrative. Beginners can start at around $25 to $50 per hour, while seasoned pros can rake in a jaw-dropping $100 to $200 per hour or even more, depending on your skills and the clientele you snag. And if you decide to manage multiple accounts or take on project-based work, your earnings could soar into the stratosphere!

Now that you’re armed with the know-how, it’s time to turn those social skills into dollars! Whether you’re posting or planning, remember: the online world is your oyster, and it’s ripe for the taking!

This newsletter is for informational purposes only and does not constitute investment advice. The content is based on publicly available information, and the author makes no representations about its accuracy or completeness. Readers should conduct their own research before making any investment decisions.