The New $1 Million Record

THE PROFITS💸

• The New $1 Million Record

• SHIB Coin EXPLODED

• The Most Unfortunate Centibillionaire

Read Time: 3 mins

THE BIG PROFITS💸

The New $1 Million Record
The backup is back in the spotlight.

SHIB Coin EXPLODED
24 hours of explosions.

The Most Unfortunate Centibillionaire
WTF is an Unfortunate billionaire?

Gold

The New $1 Million Record

Gold has hit a historic milestone, with the price of a bar surpassing one million dollars for the first time.

Spot gold reached over $2,500 per troy ounce on Friday, setting a new record, and pushing the value of a standard 400-ounce gold bar to a million dollars.

This surge in gold prices, up more than 20% this year, signals investor expectations of an imminent Federal Reserve interest rate cut and reflects growing central bank purchases, particularly by China, to reduce reliance on the U.S. dollar.

Gold remains a preferred store of value during economic uncertainty, acting as a hedge against inflation when interest rates decline.

Personal Finance Poll

Cryptocurrency

SHIB Coin EXPLODED

The burn rate of Shiba Inu (SHIB), the second-largest meme cryptocurrency, has surged by an astounding 1,088% in the past day, coinciding with a rise in SHIB’s price.

Despite this impressive increase, only around 100,000 SHIB tokens were burned, a modest amount compared to the usual burn rates.

Since the burn process began, over 410 trillion SHIB tokens have been incinerated, largely due to Ethereum co-founder Vitalik Buterin, who burned a massive amount in 2021 after being gifted half of SHIB’s supply.

In the last 24 hours, SHIB’s price has jumped nearly 6%, while its layer-2 blockchain, Shibarium, hit a new all-time high of 418 million transactions.

Billionaires

The Most Unfortunate Centibillionaire

Elon Musk, Bill Gates, and Mark Zuckerberg are among the exclusive group of just 15 people worldwide who have amassed fortunes exceeding $100 billion, collectively holding over $2.2 trillion.

Most of these centibillionaires, primarily from the tech industry, have seen their wealth soar due to massive stock holdings in companies like Tesla, Amazon, and Meta.

Elon Musk leads the pack with a net worth of $245 billion, followed by Jeff Bezos and Bernard Arnault of LVMH. Despite market volatility and significant charitable donations, these billionaires continue to grow richer, with newcomers like Nvidia's Jensen Huang joining the ranks thanks to the AI boom.

However, the fortunes of these elite few can be as volatile as the markets they depend on, with some, like Arnault, experiencing sharp declines due to stock market downturns.

Financial Literacy

The $17,000 Car Advice

A user from Reddit named Gonat26 posted to r/Money asking for advice on money. It reads:

“Help at 19.

Hello everyone,

1 am a 19-year-old with $20,000 in savings and am considering purchasing a 2016 BMW

535i for $17,000 in cash. While I recognize that this might not be the most prudent financial decision, I feel that owning a car like this at a young age is a rare opportunity, and I believe the enjoyment and excitement it would bring me now are worth it.

lunderstand that, in the long term, $17,000 may seem like a significant expenditure, but I expect that as I grow older and establish my career, such an amount will feel much more manageable. I currently don't attend school, but I am working towards obtaining my real estate license and hope to pursue a career in that field.

At the moment, I have no steady income, but I do have job offers in cash advance services, which could provide full-time income if needed. However, my priority is to explore real estate first. Additionally, I am financially independent and invest in SPY stocks.

I would appreciate any thoughts or advice on this decision.”

The most sincere advice possible when talking about savings and how much you are willing to spend is don’t spend your savings whatsoever. It’s important to have a job that can give you an amount of money you depend on each and every week… or two to set aside so that your savings grow. Only then you can pursue that special car and an even bigger career opportunity.

Gonat26 states, “… I believe the enjoyment and excitement it would bring me now are worth it.” It is entirely up to you how you want to live your life and have fun. The truth to this, however, Gonat26 will experience what is called short term satisfaction. This doesn’t last, hence short term. It is entirely off of dopamine and influence from friends most likely. Gonat gets into a self fulfilling prophecy where he has to keep one up-ing himself. Long term he never has money. Short term he is the coolest person.

When short term satisfaction comes to play, I think of the old Million Dollars Now or 1 cent that doubles every day for a month. I pick the long term (1 cent) every time.