The Daily Money: US port strike ends
Good morning and Happy Friday! This is Betty Lin-Fisher with Friday's consumer-focused The Daily Money.
The union representing 45,000 U.S. dock workers and port operators on the East Coast and Gulf Coast has reached a tentative deal to end a three-day strike.
The strike, the first by the union since 1977, threatened shortages and price increases on goods such as bananas and auto parts. The deal will extend the master contract until January while the two sides continue to negotiate on other items.
The work stoppage caused some consumers around the country to go into panic mode for other essentials like toilet paper – even though that is mostly a domestically made product – harkening back to runs on those goods during the COVID-19 shutdown.
The American Dream is expensive
Hoping for the American Dream? It'll cost you.
Financial media site Investopedia recently added up the costs to reach the classic American Dream goals, such as homeownership, parenthood, a fancy wedding, cars, vacations, pets, a comfortable retirement and a dignified funeral.
The cost is more than an average American earns in a lifetime.
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📰 A great read 📰
Finally, here's a popular story from earlier this year that you may have missed. Feel free to share it.
We've all heard of the millionaire next door. About 18% of Americans, or 24 million households, are worth a million dollars, according to a Motley Fool analysis.
Paste BN reporter Daniel de Visé talked to some of the millionaires who built their fortunes – without inherited wealth.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.