As a result of the partial government shutdown, Leo, a tax examiner for the IRS in Ohio, has been out of work for 10 days now. He cannot pick up his more than $200 insulin prescription because he doesn’t know when his next pay check will come. “I have to save every penny right now,”
Can you spare $5 a day? If so, you could become a millionaire — one day. “If you start in your 20s with a couple of reasonable investments, you can’t avoid becoming a millionaire,” said Michael Taylor, author of “The Financial Rules for New College Graduates.” However, many young people today put off investing. More
How much are you willing to shell out in the hopes of making your New Year’s resolution stick? New survey data from software maker Quicken found that 56 percent of people who make New Year’s resolutions spend money to stay on track – often hundreds or even thousands of dollars. (See chart below.) The company
Every financial New Year’s resolution is the same: Manage your money better. Yet different situations or goals call for different tweaks. Are you a millennial paying off college loans and making it work on an entry-level salary? Are you a Gen Xer wondering how to save for retirement as well as your kids’ college tuition?
When Kevin Zraly first started studying wines almost 50 years ago, it wasn’t the most popular alcoholic beverage in the U.S. “People looked at me like I was nuts studying wines,” Zraly said. “All my friends were drinking beer.” At 21, Zraly hitchhiked to California to get exposure to the wines there. And after graduating
Here’s one good reason to hold off on receiving your holiday bonus this year: It’s a move that can help you save on taxes. Wall Street workers — that is, employees in the securities industry in New York City — received an average bonus of $184,220 in 2017, according to a report from the New
The hottest gift of the season could also be the least used. For the 12th year running, gift cards remain the most popular items on wish lists, according to the National Retail Federation’s annual holiday report. Gift cards topped all other potential presents, including jewelry, clothing, books, movies, music, electronics and sporting goods. The NRF
“Queen of Soul” Aretha Franklin, who died in August of pancreatic cancer at age 76, reportedly owes the IRS nearly $8 million in back taxes and penalties at the time of her passing. Franklin who also had no will or trust when she died, is under IRS audit — but an attorney for her estate
As the partial shutdown of the federal government continues, workers are grappling with a looming worry: How will they pay their bills? While members of Congress and President Donald Trump remain at an impasse over funding for a border wall, about 800,000 federal employees are expected to befurloughed or working without pay. The U.S. Office
This is the time of year when car shoppers can find themselves in the driver’s seat in more ways than one. With dealerships eager to clear out current-year inventory and meet year-end sales goals, consumers may have a bit more leverage while wheeling and dealing than they do at other times. “Car manufacturers are still
You’ve heard it before: Just because everyone else is doing it doesn’t mean you should. And that adage applies to the current stock sell-off, according to financial advisors. Panicked selling will likely be a big mistake. That is because that decision will likely be based on emotions, according to Douglas Boneparth, president and founder of
Older workers have a plum opportunity to sock away even more cash to cover health costs in retirement — provided they do it correctly. In 2019, individuals with self-only coverage in a high-deductible health insurance plan will be able to save up to $3,500 in a health savings account. Those with family coverage can put
If giving to charity is still on your agenda for 2018, there’s still a window of time for you to make that year-end donation. However, if you make a mistake, your gift might not count for the 2018 tax year. Of note, new tax rules have made it more difficult to get a deduction for
Sun Belt states such as Florida or Arizona may beckon some people in retirement, but fewer than you’d think. It turns out most people say they’d like to grow older at home, according to a study from Retirement Living, a website that aggregates retirement resources. Moving to an assisted living facility is a last resort.
Everyone has a kitchen drawer that accumulates packets of duck sauce, random pliers, rubber bands, old batteries and pens that don’t write. Most people also have a financial junk drawer, says Amanda Priebe, a certified financial planner and wealth strategist at PNC Wealth Management. It’s a welter of unfinished financial goals and possibly some secrets.
Buyer’s remorse may be easy to remedy this holiday season — just remember to mark your calendar. Retailer return policies are more apt to fall on the “nice” list rather than “naughty,” according to a new report from advocacy site ConsumerWorld.org, which has studied store return policies around the holidays for the past 15 years.
Add “location” to the factors that can determine whether you have access to a workplace retirement plan. As federal lawmakers wrap up this session of Congress without taking action on bills that aim to expand the ranks of U.S. workers saving for their golden years, state officials across the country are already beating them to
How much people borrow to attend college can become just a small share of what they wind up owing. Currently, fewer than a quarter of student loan borrowers are repaying their principal, or the amount they originally took out, according to recent remarks made by Education Secretary Betsy DeVos at a conference on financial aid.
Earlier this year, CNBC tracked down one of the first people to qualify for public service loan forgiveness. “I feel pretty lucky,” Kevin Maier, a tenured professor at the University of Alaska Southeast, had said. He really should. The Education Department just released data on how many borrowers’ loans it has forgiven under the program
Since the arrest of former investment advisor Bernie Madoff for fraud 10 years ago, many protections for investors have been put in place. But those putting money into the market shouldn’t let their guard down and assume they’re completely protected by the Securities and Exchange Commission and other regulatory agencies. Scammers will always find a
If you are 70½ or older, or you have an inherited retirement account, you need to take a required minimum distribution for this year. The official deadline to take that money out is Dec. 31. If you fail to meet that deadline, you face a 50 percent tax penalty on the amount of money you
Nervous investors beware: If you’re seeking some shelter from market volatility, fleeing stocks for cash could put a dent in your long-term savings goals. With that said, worried investors may decide to “go to cash.” So, what exactly does that entail? A cash investment is basically a short-term obligation, usually about 90 days. It provides
Your employer will probably clear the cost of your client lunch appointment, but how about a designer watch? Apparently, at least one employer did bless the cost of just such a luxury timepiece ($8,000) — the purpose of the purchase was “customer appreciation,” according to client data from Certify, a travel and expense reporting app.
With the Federal Reserve‘s latest quarter-point interest rate increase (and still more likely to come), few consumers are left unscathed. The decision affects rates on all kinds of borrowing, from home mortgages to credit cards. Despite pressure from President Trump and members of his administration, The Fed made its ninth hike in three years and
Amanda Lawson-Ross, a psychologist at the University of Florida, was in a government program in which public servants can get student debt cancelled after 10 years. Or so she thought. Nearly seven years into her payments, she received a call from someone at Great Lakes, the company that serviced her loans for the U.S. Department
Medical advances are supposed to mean we all live longer. In the U.S., however, the outlook isn’t so clear. For the first time in 50 years, life expectancy dropped for the second year in a row. Between 1980 and 2014, most of the country saw a boost in life expectancy, according to Amy R. Kessler,
About one-third of workers say that they have received a raise in the past year. And if you live in certain areas of the country, your chances of being one of them are greater. That is according to Prudential’s latest American Workers Survey, which was conducted online in November. The report found that 32 percent
When you hear the market has suffered a big drop, your first instinct is probably to check your investment account balances. But that is actually the opposite of what you should do, according to Dan Ariely, chief behavioral economist at Qapital, a provider of a personal finance mobile app, and professor of behavioral economics at
As stock market returns taper, you may want to consider an alternative home for some of your money. Yields on certain certificates of deposits and savings accounts are on the ascent, a trend that is likely to pick up if the Federal Reserve acts as expected and raises rates next week. “Everyone should start comparing
To all those who make the big decision to retire abroad, Cynthia and Edd Staton say, “Congratulations!” In 2009, a look at their battered retirement accounts made the Statons think hard about what their retirement might look like. They could stay in the U.S. where they’d lived all their lives, or they could find a