
Your Financial News Roundup
November 22, 2023
TL;DR
1. Economy: Despite a strong labor market, Americans are unhappy with the economy; meanwhile, there is plenty to be thankful for as the year wraps up.
2. Tech: OpenAI is in chaos following the firing of its former CEO Sam Altman; while Binance CEO CZ steps down amidst criminal charges.
3. World: Alt-right economist Javier Milei became Argentina’s next president; and Germany faces a budget crisis.
Personal Finance Concept [Part 7/12]: Profitable Side Hustles – Fitness
Economy
🙃 Perception Is Everything: Despite a hot labor market with low unemployment rates and rising wages, Americans are unhappy. Persistent inflation, especially in essential areas like higher education, housing, healthcare, and childcare, is putting a major dent in people’s wallets — overshadowing the positive economic indicators. Nevertheless, amidst the doom and gloom, many Americans are spending like crazy and find themselves financially better off than they were before the pandemic. (Vox)
Our Take: While a full employment economy typically makes people happy, the influence of high prices, partisan divides, and negative media bias has significantly affected people’s perceptions.
🙌 Giving Thanks: Although polls indicate that Americans are dissatisfied with the economy, there is plenty to be thankful for as the year comes to an end. Inflation has steadily declined from a high of 9% last summer, while the economic growth rate climbed to 4.9% last quarter. The likelihood of the Federal Reserve raising interest rates in December is low, and the elusive “soft-landing” scenario remains a plausible outcome. (U.S. News)
Our Take: The mixed sentiments underscore the complex and nuanced situation. Ongoing attention to managing inflation, sustained growth, and ensuring a stable landing will be crucial to the economy’s health and resilience.

Tech
✨ Talent Poaching Season: With OpenAI’s CEO Sam Altman ousted by the company’s board, rivals are capitalizing on the ensuing chaos to recruit existing employees. As Altman and co-founder Greg Brockman prepare to head a “new advanced AI research team” at Microsoft, OpenAI staff are deliberating between staying at OpenAI and waiting things out, joining Altman at Microsoft, or exploring opportunities at other companies like Google, Salesforce, or Cohere. Given the high demand for AI jobs, this meltdown may catalyze a surge in new AI startups led by the industry’s top experts. (TechCrunch)
Our Take: Sam Altman’s departure will no doubt cast a shadow on OpenAI’s future as the former CEO built the company to a staggering $90B in less than a decade.
🪙 Too Big To Fail: Binance CEO Changpeng Zhao (CZ) resigned as part of a $4.3B settlement with the U.S. Department of Justice. CZ pleaded guilty to anti-money laundering charges and breaches of U.S. sanctions and faces a $200M fine. Court documents revealed that Binance’s astronomical rise to become the largest crypto exchange in the world was, in part, facilitated by criminal activities. A key violation is its failure to prevent and report suspicious activities by terrorist groups, cyber criminals, and child abusers on its platform. (Wired)
Our Take: CZ’s abrupt departure could be a net positive for the crypto community, which has long been known as a digital Wild West. By holding Binance accountable for its blatant violations, investors may become more confident in the industry as a whole.

World
🇦🇷 New Political Era Incoming: Right-wing outsider and TV personality Javier Milei emerged victorious in Argentina’s recent presidential election, defeating Economy Minister Sergei Massa. Milei inherits a country grappling with a $44B debt to the International Monetary Fund (IMF), nearly 150% inflation, a looming recession, and increasing poverty rates. The president-elect promises to enact sweeping changes, including dollarizing Argentina, aggressively cutting spending, easing gun control, and potentially privatizing the health industry. (Yahoo! News)
Our Take: The international community will closely monitor Milei’s unexpected rise to power as a potential signal of a resurgence of far-right populism in the region. It’s noteworthy that 44% of the nation does not support him.
💶 Budget Crisis in Germany: Following a recent court ruling by the Constitutional Court, Germany’s government has temporarily halted all new spending, effective through Dec. 31st. The ruling determined that Chancellor Olaf Scholz’s administration acted improperly by diverting $64.6B of borrowed funds, originally intended for pandemic relief, towards financing environmental projects and green technology. Discussions concerning the country’s 2024 budget have since been paused, and billions in subsidies designed to attract new industries to Germany are in jeopardy. (The New York Times)
Our Take: Germany’s economy is already expected to contract in 2023 due to sluggish industrial production and high inflation. If the budget freeze persists without a quick resolution, this can trigger a ripple effect in the country’s economic growth next year.

Finance Concept of the Week
Lucrative Size Hustles [Part 7/12]: Fitness
Earn extra income on the side and live on your own terms
If you want to earn some extra cash while staying in shape, there are plenty of opportunities you can pursue that combine these two passions. Whether you are into running, lifting, bodybuilding, or cycling, there’s something for everyone!

How to Get Started
Consider your fitness level, skillsets, and interests. Depending on which path you decide to pursue, do research on what you need to do to get started. For instance, you’ll need proper credentials or certification to become a personal trainer. Afterward, you can find a part-time job at a gym or fitness center or start a business and look for clients independently. If you want to coach sports, you’ll need to have a background in the sport you’re interested in and the ability to teach.
If you prefer to work online, you can start a fitness blog using a platform like Ghost or WordPress. Dedicate at least 2-3 hours a week for writing and use SEO and other marketing tactics to grow your audience. Or, you can start a YouTube channel and make videos on Pilates, nutrition, muscle building, cardio, wellness, etc.
Other straightforward options include creating fitness printables to sell on Etsy or Gumroad, making and selling meal plans, and building online courses on exercise techniques, nutrition and wellness advice, etc. Once you build a brand and loyal following, you can also design fitness merchandise and get sponsored by activewear and supplement companies.
Top Platforms to Use
- YouTube: Create a thriving YouTube fitness channel by defining your niche and audience, developing a content plan with engaging videos, and investing in quality recording equipment. Maintain consistency in posting and engage with your audience frequently to establish a recognizable brand. Other steps to consider include collaborating with other fitness YouTubers, optimizing videos for search engines, promoting across platforms, and monitoring analytics for strategy refinement.
- Gyms: Become a gym personal trainer by obtaining certifications from reputable organizations like NASM, ACE, or ACSM. Gain practical experience through internships or entry-level positions at fitness facilities and networking within the industry. According to the U.S. Bureau of Labor Statistics, the median annual wage for fitness trainers and instructors was $40,510 as of May 2020, with the potential for higher earnings as you build a client base and gain more experience.
- WordPress: Align your niche with your expertise, choose a memorable domain name, and secure reliable web hosting. WordPress is a popular option, allowing you to customize your theme and easily post high-quality content, including articles, workout routines, and nutrition tips. Use visually appealing images, set a consistent posting schedule, and leverage plugins for enhanced functionality and SEO. Actively promote your content on social media, regularly update your blog, and engage with your audience through comments and social media to foster community.
- Udemy: To create a Udemy fitness course, define its focus, be it weight loss, strength training, yoga, or another niche. Outline content into manageable sections. Ensure high production quality with good audio and video equipment, following Udemy’s guidelines. Set a competitive price, craft an enticing title and description, and use Udemy’s marketing tools for promotion. Be sure to regularly evaluate and update your course content to maintain its relevance and value.
Pros
- Passion Pursuit: Engaging in fitness side hustles allows you to turn your passion for health and wellness into a source of income, making your work more enjoyable and fulfilling.
- Flexible Schedule: Many fitness side hustles, such as personal training or online coaching, offer flexibility in terms of working hours, allowing you to manage your time effectively and potentially maintain a full-time job.
- Personal Growth: Running a fitness side hustle can contribute to your personal growth, as it requires continuous learning about new exercises, nutrition trends, and client needs.
- Building a Community: Fitness side hustles often involve working closely with clients, helping you build a supportive community and establishing meaningful connections with individuals on their wellness journeys.
Cons
- Certification Costs: Acquiring necessary certifications for certain fitness side hustles may involve upfront costs and ongoing expenses for maintaining credentials, impacting your overall profit margins.
- Market Saturation: Depending on your location and niche, the fitness industry can be saturated, making it more difficult to stand out and attract clients.
- Physical Demands: Some fitness side hustles, such as personal training, can be physically demanding, and there is a risk of burnout if you do not prioritize proper self-care and recovery.
What Else Is New?
- To save money, some flyers are skiplagging, or buying connecting flights and exiting at the connecting city instead of the final leg of the flight.
- U.S. President Joe Biden once again pardons two lucky turkeys ahead of Thanksgiving. This year marks the tradition’s 76th anniversary.
- Sporting events are the latest victim of “funflation,” with tickets surging up 25.1% in October 2023 from the same month a year prior.
- The latest Internations report revealed that Malaga, Spain is the No. 1 city for expats this year.
#Oof

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