This week’s reading list covers a broad range of topics beyond the important economic data releases this week (GPD, PCE index, consumer spending), including more on ChatGPT, a real estate forecast, philanthropy and retirement.

Personal Finance/Savings

• Here’s how much people say lack of financial literacy cost in 2022 (CNBC).
• The government will allow more disabled people eligible to save via ABLE account by increasing the age by which you become disabled from 26-46 in the coming years. These accounts allow disabled people to save money without the balance disqualifying them from receiving Federal disability benefits. (NYT)

Economics

• US GDP rose 2.9% in the fourth quarter, better than expected but dragged down primarily by residential investment (housing.) The labor market is still tight, despite tech layoffs, and inflation measures of all flavors appear to be moderating (the Fed favorite PCE index came in at 3.2% vs. 4.3% in the third quarter). Does this mean recession is less likely? (CNBC) (Yahoo Finance)
• Consumer spending declined for the second month in a row in December. Get all the details from the Commerce Department reports this week. (Reuters)
• Hasbro is the latest company to announce impending layoffs as they spread beyond big tech (CNBC). If you are having trouble keeping track of layoffs, Intellizence has kept a list. Should we worry about these layoffs? Many companies, particularly in Tech, are just cutting back to pre-pandemic levels. (Ritholz)

Investing

• So what happened at the NYSE this week that caused trading to stop for about 80 stocks? (Forbes)
• Tesla beat quarterly revenue earnings and has announced price cuts to boost waning demand. Will it be enough? (Reuters) (Verge)

Real Estate

• US News took a deep dive into predictions for the housing market over the coming five years.

Education/Career

• We can either fight AI/ChatGPT, or embrace it and learn to live, TEACH and work with it.
  • Chat GPT can pass exams. This Wharton professor has decided to work with it. (NPR)
  • Buzzfeed will use it generate content (Business Insider). What jobs may be in jeopardy?
•  Walmart, the largest private employer in the US, announced a $2 increase in its minimum wage to $14. (CNN)

Philanthropy

• We hear about how much his ex is giving away, but what about Jeff Bezos? (Recode)

Retirement

• Older Americans regret not saving enough/starting early enough. (Knowledge@Wharton)

About the Author

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.

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