Here's Your Fortune: Boost Your Credit Score, Retirement Savings, Billionaire Insights and Park Your Cash 💰

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 2,042 words (~4 minutes). Don’t be lazy… let’s get rich!

Cool Fact: AI voice clone scams grandma out of her savings: A scammer used an AI-generated voice clone of a grandson to trick his grandmother into sending money for a fake emergency. 👵 Remember, folks, always double-check before sending cash to anyone claiming to be a loved one in distress! 📞

Today’s Digest:

1. NEW VIDEO 👉🏼Credit Score SOS: Your Rescue Plan to Boost Your Numbers FAST!

2. The Retirement Savings Reality Check: Are you on track? Calculate your needs and start saving.

3. Are Robots the Future of AI? Billionaire Investor Bets on It. Why this billionaire investor believes in robots.

4. Park Your Cash in This Lucrative Side Hustle: A Guide to Buying Parking Lots. Buy & manage a parking lot for profit.

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 Improving Your Credit Score… Credit is one of those fundamental things that we just HAVE to get right. No matter how much money you make… credit can limit you from accessing essential resources to make smart money moves. I unpack credit scores and lay out easy ways to increase it in this weeks video 🚀

2. Make sure you Subscribe and hit those bell notifications so you never miss a beat 📲

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

Retirement Savings: You're Probably Not as Behind as You Think (But Don't Get Too Comfortable)

If those late-night worries about outliving your money in retirement have you reaching for the antacids, take a deep breath. You're not alone in the retirement savings struggle. It's a balancing act worthy of a circus performer – juggling current expenses while trying to squirrel away enough for a comfortable future.

But before you start practicing your tightrope walk, here's a comforting tidbit: You might not be as far behind as you think. While the average American household may not be sipping champagne on a yacht (yet), the reality of retirement savings is a bit more down-to-earth, and perhaps even a little humorous.

Average vs. Reality: The Retirement Savings Smackdown

Many dream of a million-dollar nest egg for retirement, but for most Americans, that's about as realistic as a unicorn delivering a pizza. The cold, hard truth is that the average household had just under $334,000 tucked away in 2022. Now, before you let out a shriek of despair, let's dive deeper.

Averages are like those "before" pictures in weight loss ads – they can be deceiving. When it comes to finances, they often skew high due to a few mega-wealthy outliers with more money than Scrooge McDuck. So, let's look at the median savings – the amount the person smack dab in the middle has. And that number? A much more modest $87,000.

Now, hold your horses! This is household savings, not individual. If you're a dynamic duo with a spouse, combine your stashes before you start comparing. And remember, this encompasses everyone from the fresh-faced newbie to those nearing the retirement finish line.

So, the takeaway? While you might be closer to the average than you thought, that $87,000 doesn't tell the whole story. It's like comparing apples to orangutans – not exactly helpful.

Your Savings, Your Way: The Personalized Retirement Plan

Instead of fretting over how you stack up against your neighbor (who might be secretly hoarding gold bars under the petunias), focus on crafting a retirement plan that's uniquely you. Start by rounding up all your retirement accounts, even those dusty ones from past jobs.

Then, channel your inner mathematician (or consult a retirement calculator) to determine how much you need to save each month to reach your goals. If your employer offers a 401(k) match, that's free money, so factor that into your calculations.

If your target is within reach, fantastic! Keep on keeping on, and remember to automate those savings so you're not tempted to spend that extra cash on impulse buys. But if your goal seems as distant as a mirage in the desert, it's time for a little course correction.

Perhaps you can tweak your retirement timeline or trim some unnecessary expenses (goodbye, daily latte habit). Or maybe it's time to explore a side hustle or seek out a higher-paying gig. Even small increases in savings can make a big difference over time.

The Final Word 

Remember, you're not in this alone. Your investments are working hard in the background, and over time, those earnings can snowball into a comfortable retirement. Just keep at it, check in on your progress regularly, and don't be afraid to make adjustments as needed.

BITS OF GOLD

• How job hunting got harder

  • The "Great Resignation" is so last year. Now, it's the "Big Stay" as workers cling to jobs and employers get picky. Job seekers are facing a gauntlet of interviews, personality tests, and even AI chatbots, all while competing for fewer entry-level positions.

• Are we headed for a 2021 repeat?

  • Déjà vu all over again! Charles Schwab is ringing alarm bells, warning that the stock market is looking eerily similar to 2021, a year that preceded a major crash. Fewer individual stocks are hitting highs despite a booming S&P 500 – a sign that trouble could be brewing. Even AI darlings and surprising utility stocks can't hide the fact that the market's breadth is narrowing.

• Treasury's $100 million band-aid: can it fix the housing crisis?

  • Uncle Sam's dipping into his COVID-era piggy bank to tackle the housing crisis! With an extra $100 million, the Treasury is hoping to build more affordable housing and ease the pressure on renters and potential homeowners. It's a small step, but hey, every little bit helps in this wild housing market.

🏠💸TASTE OF THE FUTURE WITH AI

Your Robot Roommate: A Billionaire Investor's Wild (But Not Impossible) Prediction

Move over, Siri and Alexa. Wall Street bigwig Philippe Laffont, the mastermind behind the $47 billion investment firm Coatue Management, has a vision for the future that's straight out of a sci-fi movie: robots with brains living alongside us.

In a rare interview, Laffont painted a picture that sounds more like an episode of "The Jetsons" than a financial forecast. He envisions a world, maybe 15 years from now, where artificially intelligent robots are as commonplace as smartphones are today. And get this: he's downright giddy about it. "Pretty exciting," is how he describes the prospect of sharing our living spaces with these brainy bots.

But before you start stocking up on robot-proofing supplies, Laffont says there's plenty of AI gold to mine in the meantime. He's laser-focused on how artificial intelligence is going to supercharge everything from energy demand to the stock market. After all, his firm's not-so-little nest egg is heavily invested in tech giants like Nvidia, the current darling of the AI world.

However, Laffont isn't blind to the risks. He warns that a geopolitical shakeup, like a conflict involving Taiwan (a major chip manufacturer), could throw a wrench in the AI machine.

This isn't just some wild speculation from a bored billionaire. Laffont has a track record of spotting tech trends before they go mainstream. Remember when people scoffed at his 2009 investment in Apple, calling it "over-hyped"? Well, that turned out to be a pretty savvy move. So, when Laffont says robots are the next big thing, maybe we should all start paying attention.

Laffont's optimism is a breath of fresh air in a world that often seems obsessed with the potential dangers of AI. He's not just talking about the technology; he's imagining a future where humans and intelligent machines coexist, maybe even become friends. Sure, it might be 15 years away, but hey, we've already got robot vacuums, right? How much crazier can it get?

Other Cool AI News!

• AI or AI-Not? Unmasking the truth behind tech's buzziest trend

  • "AI washing," akin to greenwashing, is the practice of companies falsely inflating their use of artificial intelligence to attract investment or customers. Driven by the hype around generative AI, companies are increasingly tempted to exaggerate their AI capabilities, sometimes simply by adding a chatbot interface to a non-AI product. While regulators are starting to take action, this trend may naturally subside as AI becomes more ubiquitous and loses its novelty as a marketing tool.

• AI-Powered no-code platform Creatio hits unicorn status

  • No-code platform developer Creatio just lassoed a $200 million investment, catapulting the Boston-based startup to a $1.2 billion valuation. This cash injection, led by Sapphire Ventures, fuels Creatio's global expansion as it continues to disrupt the market with its drag-and-drop software for automating customer relations and workflows. With a new generative AI copilot feature in its arsenal, Creatio is proving that even in a cooling market, no-code innovation is far from extinguished.

• ChatGPT cheats its way to top grades

  • ChatGPT-generated answers aced exams at the University of Reading, fooling professors and outperforming human students. This AI "Turing test" pass raises serious questions about academic integrity and the future of assessments. While some suggest incorporating AI into learning, others warn it may hinder students' critical thinking skills.

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

Pave Your Way to Passive Income: The Parking Lot Side Hustle 🚘

Tired of the 9-to-5 grind? Looking for a side hustle that doesn't require constant attention? Ever considered buying a parking lot? No, I'm not joking! This under-the-radar opportunity could be your ticket to financial freedom. It's a simple concept with serious earning potential, and I'm here to guide you through it.

Overview of this Side Hustle: Picture this: You're the savvy entrepreneur who owns that prime piece of land everyone needs to park on. Not only do you provide a valuable service to your community, but you're also raking in passive income. It's a win-win!

Startup Cost: The initial investment can vary greatly. You could snag a smaller lot for around $50,000, or go big and invest upwards of $1 million for a larger, high-traffic area. Remember, location is key! A spot near a bustling downtown area or a popular event venue is pure gold.

Capital Intensity: This venture is considered capital-intensive. Besides the initial purchase, you'll need to factor in maintenance, insurance, and any upgrades like security cameras or payment systems. Think of it as an investment in your financial future.

Interesting Growth Opportunities: The fun doesn't stop at one lot. As you gain experience and profits, you can expand your empire by purchasing more lots in different locations. You could even branch out into valet services or offer monthly parking passes for a steady income stream. The possibilities are endless!

Earning Potential: Now for the juicy part! Your income will depend on factors like location, size, and demand. But let's say you charge $10 per day per spot in a 50-spot lot. That's a potential $500 a day, or a whopping $15,000 per month! Of course, expenses will cut into that, but the potential for a lucrative side hustle is definitely there.

So there you have it – your roadmap to the parking lot side hustle. It's an investment in your future, with the potential for impressive returns. With the right location and a bit of business savvy, you could be well on your way to a passive income that keeps your bank account happy. Remember, every successful entrepreneur started somewhere. Why not start with a parking lot?

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.