Here’s what you need to know today

• SunCable, the giant solar project that once had the backing of Mike Cannon-Brookes and Twiggy Forrest, has received environmental approval in the Northern Territory. The company plans to generate electricity at a 12,400-hectare solar farm, transport it to Darwin by 800km of overhead transmission line and then on to Singapore via 4,200km of undersea cable.
  
  

• The Australian energy market operator has dismissed the idea that nuclear energy is the answer to the challenge of replacing coal-fired power plants. It argues the technology is too expensive and cannot be developed fast enough.
  
  

• Trump’s VP pick JD Vance is no fan of electric vehicles. He’s not the only politician that wants to remove tax rebates for electric vehicles. He is however, one of the few that want to give those tax rebates to buyers of petrol and diesel powered cars.
  
  

• Another day, another record high for share markets around the world. Australia’s ASX 200 broke through 8,000 again and reached a record high for the second time in a week. Meanwhile, in America, the Dow Jones also reached a record high because investors think interest rate cuts are coming to the US soon (likely September).
  
  

• Disney announced its latest plans for streaming, and they sound… familiar. Disney+ will soon feature live channels for viewers who have a hard time deciding what to watch. A sports channel, a movie channel, an entertainment channel - we’re just going back to cable TV.
  
  

• Ukraine’s President Zelensky has invited Russia to a peace summit in November. It remains unlikely that Putin will accept his offer.
  
  

• Speaking of Russia, the effect of Western sanctions continue to be felt. The country has just announced it will begin manufacturing knock-off spare parts for its Airbus and Boeing aircraft (as it cannot buy genuine parts from the French and American manufacturers). A move that is both illegal and incredibly unsafe.

What the…?

Investing is a lifelong journey

Here’s what you can learn today.

Question: What does wealth mean to you?

We put this question to Scott Galloway, Professor at New York University Stern School of Business

Wealth, to me, is defined as passive income that exceeds your expenses. It’s not just about how much you make; it’s about how much you save and how your passive income compares to your burn rate.

My friend, who earns millions but spends most of it, is not as wealthy as my father, who lives frugally on his social security and Navy pension but saves a portion of it.

Thus, being rich is about managing your passive income and spending, achieving financial security, and the freedom that comes with it.

You can listen to the whole conversation with Professor Galloway on Equity Mates Investing Podcast (Apple | Spotify) or watch on YouTube

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