• Home
  • Personal Finance
  • Investing
  • Business
  • Career
  • Consumer
  • Debt
  • Lifestyle
  • Retirement
  • Taxes

Personal Finance News

Latest News About Personal Finance

  • Blogger Net Worths
  • Top Personal Finance Blogs
  • Blogroll

Two-Thirds of Americans Live Paycheck to Paycheck

May 11, 2022 Leave a Comment

With inflation still near 40-year highs, close to two-thirds of Americans are living paycheck to paycheck. Inflation is showing no signs of slowing down, making it harder for workers to make ends meet. CNBC reports:

As of March, close to two-thirds, or 64%, of the U.S. population was living paycheck to paycheck, just shy of the high of 65% in 2020, according to a LendingClub report.

“The number of people living paycheck to paycheck today is reminiscent of the early days of the pandemic and it has become the dominant lifestyle across income brackets,” said Anuj Nayar, LendingClub’s financial health officer.

Consumers who are struggling to afford their day-to-day lifestyle tend to rely more on credit cards and carry higher monthly balances making them financially vulnerable, the survey of more than 2,600 adults found.

The Hit to Your Pocketbook From Higher Gasoline Prices: $2,000 a Year

March 7, 2022 Leave a Comment

99 Cent Gas On the Way

American consumers are already struggling with the highest inflation in four decades — a phenomenon that is eating into buying power and eroding wages. But more economic pain may be in store, with one analyst estimating that the recent surge in gas prices following Russia’s invasion of Ukraine could add up to $2,000 in annual costs to the typical household budget. CBS News reports:

The average cost for a gallon of regular gasoline has surpassed $4 per gallon for the first time since 2008. Many consumers have seen prices at the gas pump rise swiftly, with the price of regular gas jumping 41 cents during the first full week of Russia’s war in Ukraine, according to AAA.

That will likely cost the typical household an additional $2,000 per year in gasoline costs, according to Yardeni Research in a Monday research note. That comes on top of about $1,000 in extra costs at the grocery store due to inflation, which means the typical household will have $3,000 less this year to spend on other items, Yardeni said. 

Consumers are fretting about the impact on their budgets — with some already planning to cut back on driving, and watching their spending. That could pose a threat to the pandemic’s economic rebound, given that personal consumption contributes about 70% of gross domestic product, according to the Federal Bank of St. Louis.

Uber Now Lets You See How Many One-Star Ratings You Received From Drivers

February 16, 2022 Leave a Comment

Oilfield Workers Turn to Uber Employment

Confused how you ended up with a low rating on Uber? A new feature will offer a bit more insight. CNN Business reports:

Uber on Wednesday announced an option that lets you see a breakdown of how many drivers left you a one-star rating, a five-star rating and other ratings in between. Previously users of the ride share app were only able to see their average rating.

Finding the rating breakdown requires several steps. First, open the Settings menu of the app, tap Privacy and then Privacy Center. Once there, swipe to the right and click on the option: “would you like to see a summary of how you use Uber.” Next, scroll to the “browse your data” section and tap on “view my ratings.” (You can also access the information on Uber’s website.)

The goal of the new feature, according to Uber, is to offer customers a better understanding of their current rating, which is based on their most recent 500 trips on the platform, and to incentivize good behavior during rides.

Survey: 7 In 10 Americans Living Paycheck To Paycheck

February 7, 2022 Leave a Comment

SIMPLE MONEY RULES

In these tough financial times, a new study finds it’s getting harder and harder for people to save any of their money. In fact, seven in 10 Americans say they’re living paycheck to paycheck. Study Finds reports:

A recent survey of 2,007 adults found that 63 percent don’t see themselves reaching a level of financial security that will allow them to live the lifestyle they want.

Lack of financial education and resources may be to blame, particularly for women, who were less likely to say they had access to these tools in comparison to men (65% vs. 84%)…

Respondents also differed in what they consider to be essential for financial wellness. Seventy-nine percent of Americans earning over $150,000 found a savings account to be “very” important, compared to just 54 percent of those with an income of $60,000 to $89,999.

On average, respondents feel they’d need $686 of disposable income per month to feel financially comfortable.

Fed May Issue Digital Currency

January 21, 2022 Leave a Comment

The Federal Reserve is taking the next step in weighing whether to launch a U.S. digital currency, issuing a report Thursday that explores the potential benefits and drawbacks of such a move without indicating where it will land. Microsoft News reports:

The central bank is asking the public to provide feedback on the question over the next 120 days. And it said that in any event, it would only seek to create a digital currency with “clear support” from both the executive branch and Congress. 

“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome H. Powell said in a statement accompanying the report. Biden administration calls on Congress to take the lead in regulating stablecoins

Top Fed officials themselves so far have appeared divided on the matter. Powell last year said the project would need to demonstrate “clear and tangible benefits that outweigh any costs and risks.”

Best Pen for Your Money

January 19, 2022 Leave a Comment

There are many uses for pen. We use it to write, to draw, to doodling, to color … Basically, a pen has to do just one thing, but we have so many reasons to choose one over another. How does it look? How smooth is the tip? Does the pen feel good in your hand? With so many choice in the market, we do some research and present here with some of the best pen for your money.

Before going over the list below, please keep in mind that the best pen depends on your personal taste and completely subjective. Your’s beautiful pen might not be as nice to another person. We recommend you to use these lists as guidelines. Do your research. Ask questions. Test them out if at all possible. Only then will you find the pen that is the best for your money.

Best Ballpoint Pen:

OHTO Horizon Needle Point Knock

This 0.7 mm Japanese needlepoint pen has an elegant design with sturdy, but not too heavy grip. The ink comes out clean and even, yielding the thinnest, smoothest line; there’s no smudging or skipping. You’ll be amazed at how small you can write with this thing. Also, the side-click-release is both discreet-looking and extremely satisfying.

Best Felt-Tip Pen:

Prismacolor Premier Fine Tip

Excellent pen! These pens would make your handwriting look easy-going and legible. It gives the feeling of natural extension of your hand gestures. The Prismacolor pen does not smudge. Zero bleed-through. This pen feels like barely anything in your hand, which is perfect.

Venmo, PayPal and Cash App To Report Payments of $600 or More To IRS This Year

January 5, 2022 Leave a Comment

Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January. Fox Business reports:

Beginning this year, third-party payment processors will be required to report a user’s business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year.

Democrats made the change in March 2021, when they passed the American Rescue Plan without any Republican votes.

The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent, or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.

Average Person Worries About Money 6 Times A Day

January 5, 2022 Leave a Comment

Your Late Twenties Is the Worst Time of Your Life

Budgets are tighter for millions of people with 2022 in full swing. Being money-conscious is nothing new for many of us, but new research shows the average American worries about their finances six times a day. Studyfinds reports:

The poll of 2,000 adults to uncover how people feel about their finances also finds millennials are more focused on their finances than any other generation. They also worry about money the most – up to seven times a day.

Overall, respondents agreed millennials (30%) and Gen Z (22%) are better at managing their finances than their Gen X (14%) and baby boomer (18%) counterparts. Additionally, millennials are the most optimistic (78%) about where their finances will be in 10 years, while boomers are the least optimistic (57%)…

When looking for a romantic partner, all respondents agree that a partner’s ability to manage their finances (45%) and their financial stability (45%) are more important than their physical appearance (39%). Furthermore, of those actively in the market for a partner, 68 percent would break up with someone if they managed their finances poorly.

Overspending is also a top concern across generations. More than half the poll (56%) often overextend their spending and are left in difficult financial positions. The number one habit that harms respondents’ budgets is making impulse purchases (41%), with ordering takeout (38%), going out with friends (34%), and getting hit with late fees (34%) following closely behind.

More Than Half of Shoppers Are Going Into Debt This Holiday Season

November 29, 2021 Leave a Comment

As shoppers spread out their holiday purchases amid ongoing concerns about Covid, more consumers are tapping so-called buy now, pay later services. As many as 56% of shoppers have made a purchase with “buy now, pay later” services they couldn’t pay off, according to one recent survey. CNBC reports:

Americans are spending a little less this holiday season — but still more than they can afford.

Total spending on Black Friday, both in stores and online, fell slightly from a year ago — the first decline on record — in part because holiday shoppers started their shopping earlier in face of supply chain setbacks and shipping delays.

All in, consumers plan to spend $997.73 on average for themselves and their families this year, according to the National Retail Federation’s annual survey, down from the pre-pandemic high of $1,047.83 hit in 2019.

And for the first time, about 45%, of shoppers plan to use “buy now, pay later,” or BNPL, services for their holiday shopping to spread out their expenses, according to a recent report by Cardify, which polled more than 2,000 adults.

How to Financially Prepare to Quit Your Job

November 24, 2021 Leave a Comment

Millions of Americans are leaving their jobs these days — and they don’t always have another one lined up. Whether it’s due to burnout, a desire for more flexibility or better pay, or the pursuit of an entirely different career, saying “I quit” can have long-term financial implications. CNN Business writes:

Here’s what you need to know if you are considering quitting without another job offer: 

Do a quick gut check 

It’s a good time to be a job seeker, but make sure you are leaving for the right reasons. “The grass is very often not necessarily greener,” said Tami Simon, a corporate consulting leader at employee benefits firm Segal. “Take the time to really think about what your own motivations are, and the real reason why you are thinking about leaving your job as opposed to just following a trend.” If you are looking to leave because you’re seeking more flexibility, money, responsibility or you want to learn new skills, now’s the time to ask your current employer.

Timing is everything

Remember all that paperwork that you got when you started the job? It likely includes information about any potential financial impacts of quitting. Simon suggests reviewing your original offer letter, compensation arrangements and the employee manual before you announce your departure. “What are you contractually bound to?” Sometimes benefits are awarded based on how long you’ve been with the employer, and offers could also include non-compete clauses or clawbacks of signing bonuses or other incentives if you resign before a certain period of time.

Americans Have Never Been In So Much Debt

November 9, 2021 Leave a Comment

Debt

American households are carrying record amounts of debt as home and auto prices surge, Covid infections continue to fall and people get out their credit cards again. CNN Business reports:

Between July and September, US household debt climbed to a new record of $15.24 trillion, the Federal Reserve Bank of New York said Tuesday.It was an increase of 1.9%, or $286 billion, from the second quarter of the year.

“As pandemic relief efforts wind down, we are beginning to see the reversal of some of the credit card balance trends seen during the pandemic,” such as lower spending in favor of paying down debt balances, said Donghoon Lee, research officer at the New York Fed.

Now that the stimulus sugar rush has worn off, consumers are going back to their old ways of spending with their credit cards. Credit card balances rose by $17 billion, just as they had during the second quarter. But they’re still $123 bullion lower than at the end of 2019 before the pandemic hit.

Mortgages, which are the largest component of household debt, rose by $230 billion last quarter and totaled $10.67 trillion.Auto loans and student loan balances also increased, rising by $28 billion and $14 billion, respectively.Even though credit card debt has yet to get back to its pre-pandemic level, total debt is already $1.1 trillion higher than at the end of 2019.

Mortgage Payments Haven’t Been This Unaffordable Since 2008

October 3, 2021 Leave a Comment

Record growth in home prices has made owning a home less affordable than at any point since the financial crisis. The median American household would need 32.1% of its income to cover mortgage payments on a median-priced home, according to the Federal Reserve Bank of Atlanta. That is the most since November 2008, when the same outlays would eat up 34.2% of income. The Wall Street Journal reports:

Supercharged home prices in markets across the country are canceling out the impact of modestly higher incomes and historically low interest rates, two factors that typically make owning a home more affordable. Prices rose at a record pace for the fourth consecutive month in July, driven by a shortage of houses for sale. Higher prices require buyers to take out larger loans, essentially signing them up to make larger mortgage payments each month for years.

The Atlanta Fed calculates affordability using a three-month average of median home prices from CoreLogic Inc. and median household incomes based on census data. In July, the latest month in the Atlanta Fed’s calculations, median home prices were $342,350, up 23% from the year before. Median incomes were $67,031, up 3%.

Declining affordability will have the biggest impact on buyers shopping for their first homes, who will have to sign up for larger monthly payments, buy less desirable homes or step back from the market altogether, economists said.

401(k) Balances Hit a New All-Time High

August 19, 2021 Leave a Comment

Retirement account balances are at new highs, according to Fidelity Investments. Thanks to the market’s recent run-up and increased savings, the number of 401(k) and IRA millionaires also hit all-time records in the second quarter of 2021. CNBC reports:

Retirement account balances, which took a sharp nosedive in 2020 when the coronavirus outbreak caused economic shock waves, are now at new highs, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans.

The overall average 401(k) balance hit $129,300 as of June 30, up 24% from the same time last year, according to Fidelity. Individual retirement account balances were also higher — reaching $134,900, on average, in the second quarter, up 21% from a year ago.

Despite Covid case numbers rising in the U.S. and around the world, the year’s market highs have been a boon for savers. In the second quarter, the S&P 500 ended up 8.2%, before retreating more recently.

Nearly 12% of workers increased their contributions during this time, while a record 37% of employers also automatically enrolled new workers in their 401(k) plans. As a result, the number of 401(k) and IRA millionaires hit fresh highs, as well. 

Study: More You Make, Longer You’ll Live

July 25, 2021 Leave a Comment

New research shows that every $50,000 of income lowers a person’s risk of death by five percent. Money may not buy happiness, but it could buy you a longer life. New research concludes that being wealthy can add years to your lifespan. Study Finds reports:

Researchers at Northwestern University say that every time another $50,000 accumulated by middle age, an individual’s risk of death drops. And for those who had stashed $139,000 more than a sibling, their chances of outliving them increased.

The study is based on 5,400 Americans tracked for almost a quarter of a century.

“One of the keys to a long life may lie in your net worth,” says corresponding author Dr. Eric Finegood, a postdoctoral fellow in the Institute for Policy Research at Northwestern. in a statement.

Unsurprisingly, the COVID-19 pandemic widened the wealth gap. Amid the misery, the number of millionaires in the U.S. rose last year by 5.2 million – to over 56 million. Mortality rates fell five percent for every additional $50,000 of net worth accumulated by middle age.

Moreover, the same phenomenon was identified among the 2,490 who were twins or siblings. Big earners were more likely to outlive brothers and sisters on smaller salaries. “A difference of $139,000 was associated with a 13 percent relative decrease in the probability of death nearly 24 years later, favoring the family member with a higher net worth,” says Dr. Finegood.

It suggests affluence leads to good health, rather than being a reflection of heritable traits or early experiences that cluster in families.

Financially Hobbled for Life: The Elite Master’s Degrees That Don’t Pay Off

July 9, 2021 Leave a Comment

Columbia and other top universities push master’s programs that fail to generate enough income for graduates to keep up with six-figure federal loans. The Wall Street Journal reports:

Recent film program graduates of Columbia University who took out federal student loans had a median debt of $181,000. Yet two years after earning their master’s degrees, half of the borrowers were making less than $30,000 a year. The Columbia program offers the most extreme example of how elite universities in recent years have awarded thousands of master’s degrees that don’t provide graduates enough early career earnings to begin paying down their federal student loans, according to a Wall Street Journal analysis of Education Department data. Recent Columbia film alumni had the highest debt compared with earnings among graduates of any major university master’s program in the U.S., the Journal found. The New York City university is among the world’s most prestigious schools, and its $11.3 billion endowment ranks it the nation’s eighth wealthiest private school.

For years, faculty, staff and students have appealed unsuccessfully to administrators to tap that wealth to aid more graduate students, according to current and former faculty and administrators, and dozens of students. Taxpayers will be on the hook for whatever is left unpaid. Lured by the aura of degrees from top-flight institutions, many master’s students at universities across the U.S. took on debt beyond what their pay would support, the Journal analysis of federal data on borrowers found. At Columbia, such students graduated from programs including history, social work and architecture. Columbia University President Lee Bollinger said the Education Department data in the Journal analysis can’t fully assess salary prospects because it covers only earnings and loan repayments two years after graduation. “Nevertheless,” he said, “this is not what we want it to be.”

At New York University, graduates with a master’s degree in publishing borrowed a median $116,000 and had an annual median income of $42,000 two years after the program, the data on recent borrowers show. At Northwestern University, half of those who earned degrees in speech-language pathology borrowed $148,000 or more, and the graduates had a median income of $60,000 two years later. Graduates of the University of Southern California’s marriage and family counseling program borrowed a median $124,000 and half earned $50,000 or less over the same period. “NYU is always focused on affordability, and an important part of that is, of course, to help prospective students make informed decisions,” said spokesman John Beckman. Northwestern spokeswoman Hilary Hurd Anyaso said the speech-language pathology program is among the best in the world, leading to a “gratifying career path that is in high demand.” USC spokeswoman Lauren Bartlett said providing students financial support and employment opportunities was a priority for the school.

  • 1
  • 2
  • 3
  • …
  • 61
  • Next Page »

Must Read

  • What's the Recommended Temperature for Vacant Home in Winter?
  • How to Refinance a Paid Off Car
  • How to Cash Out Pension Plan Early
  • The Best Day of the Week to Buy Mutual Funds
  • Professional Panda Cuddler as the World's Best Job for $32,000 per Year
  • The Investment Banker and The Mexican Fisherman
  • How to Reach a Live Person at IRS to Resolve Tax Problems
  • Best Money GIFs to Brighten Your Day
  • The Best Investment Advice You’ll Never Get
  • How the Quakers Invented the Price Tag

Recent Posts

  • Two-Thirds of Americans Live Paycheck to Paycheck
  • The Hit to Your Pocketbook From Higher Gasoline Prices: $2,000 a Year
  • Uber Now Lets You See How Many One-Star Ratings You Received From Drivers
  • Survey: 7 In 10 Americans Living Paycheck To Paycheck
  • Fed May Issue Digital Currency
  • Best Pen for Your Money
  • Venmo, PayPal and Cash App To Report Payments of $600 or More To IRS This Year
  • Average Person Worries About Money 6 Times A Day

Connect With Us

  • Facebook
  • Twitter
Home · About · Terms · Privacy · Contact · Copyright © 2022 · Personal Finance News