News From the Control Tower - 12/21/2022
This week, The Atlantic's Jerusalem Demsas gives an excellent critique of American society's fixation on housing. She asserts that "real estate should be treated as consumption, not investment." Also this week, personal finance columnist Michelle Singletary expresses similar skepticism on using housing as a retirement plan. She warns that people shouldn't go into debt in an attempt to get rich. We couldn't agree more!
Find the links below, along with more of our favorite articles this week.
News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.
This week’s reads include:
1. U.S. Scores $4 Billion Windfall on Oil-Reserve Sales
Washington emerges as unlikely winner after releases from Strategic Petroleum Reserve
2. The Homeownership Society Was a Mistake
Real estate should be treated as consumption, not investment.
3. An interesting Twitter thread on what’s happening in the car market
The author predicts a massive wave of car repossessions coming in 2023.
4. Colorado’s college students are feeling the pressure as inflation exacerbates food insecurity
A reporter goes food shopping with college students to see how inflation is affecting them.
5. "I'm Proud Of Being Cheap And You Should Be Too" — Washington Post Finance Columnist Michelle Singletary Discusses The Power Of Frugality In The Age Of The Flex
Michelle Singletary says attaining wealth is all about leaning into who you really are regardless of what’s trending.
“Real estate should be just one part of your investment strategy … an asset if you will, not your entire retirement plan. Don’t go into debt trying to get rich. It’s not worth it.”
6. Pouring Through a Crisis: How Budweiser Salvaged Its World Cup
Taken by surprise by Qatar’s decision to ban beer at stadiums, the company remade its marketing strategy in real time.
Bonus: The 10 Most Expensive Artworks Sold in 2022
Andy Warhol’s “Shot Sage Blue Marilyn” (1964) was the year’s most expensive art, selling for $195,040,000.