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36% Earning $100,000 or More Living Paycheck to Paycheck

June 16, 2022 Leave a Comment

Thirty-six percent of U.S. employees with salaries of $100,000 or more are living paycheck to paycheck — twice as many who said they were in 2019, according to a survey conducted by Willis Towers Watson, a consulting firm. CNBC reports:

That’s more than the 34% of workers who earn $50,000 to $100,000 a year who are living paycheck to paycheck, though lower than the 52% of paycheck-to-paycheck workers with incomes of less than $50,000, according to the survey.

However, the high earners are the only group that saw an increase in their paycheck-to-paycheck ranks in the last three years.

“Employees at higher pay levels aren’t immune to living paycheck to paycheck,” said Mark Smrecek, the financial wellbeing market leader for North America at Willis Towers Watson.

Willis Towers Watson polled 9,658 full-time employees from large and midsize private employers in December and January 2022, before the most recent inflation readings.

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.

Got Vaccinated? Here’s All The Free Stuff You Can Get

April 24, 2021 Leave a Comment

After surviving a fear-filled year of the Covid-19 pandemic, getting vaccinated is a cause for celebration. As Covid-19 vaccines become more readily available, companies want to reward Americans who’ve been vaccinated with special offers after getting their shots. CNN Business reports:

Budweiser

Now through May 16, or while supplies last, Budweiser is giving a free beer to anyone 21 years old and up — who provide their proof of vaccination on ABeerOnBud.com. Bud fans first have to first register at the company’s mycooler.com website.

Krispy Kreme

You can get one free glazed doughnut every day if you take your vaccination card to any Krispy Kreme location in the US, the company said in a press release. The card must show one or two shots of any Covid-19 vaccine to qualify, and the offer must be redeemed in store. And no, you don’t need to purchase anything to get your daily free doughnut.

Staples and Office Depot

Staples and Office Depot want vaccinated Americans to keep their vaccination record cards in good condition. So the office supply companies are offering free laminating services for those completed Covid-19 vaccination cards. A spokesperson for Staples told CNN that the service is available at all Staples locations in the US and currently has no end date.

White Castle

Between April 22 and May 31, burger chain White Castle is giving a free dessert-on-a-stick to anyone with proof they have received a Covid vaccine, according to the company. White Castle offers four versions of the dessert on a stick: Gooey Buttercake-on-a-Stick, Fudge Dipped Brownie-on-a-Stick, Fudge Dipped Cheesecake-on-a-Stick and, as of earlier this month, its Birthday Cake-on-a-Stick in honor of the company’s centennial this year. No other purchase is necessary.

FCC Approves $50 Monthly Internet Subsidies for Low-Income Households During Pandemic

February 26, 2021 Leave a Comment

The Federal Communications Commission has approved final rules for a new broadband subsidy program that could help struggling families pay for internet service during the pandemic. CNN reports:

The agency’s $3.2 billion Emergency Broadband Benefit Program provides eligible low-income households with up to a $50 per month credit on their internet bills through their provider until the end of the pandemic. In tribal areas, eligible households may receive up to $75 per month. The program also provides eligible households up to $100 off of one computer or tablet.

The congressionally created program is aimed at closing the digital divide, which has become painfully apparent over the past year as millions of Americans have been forced to work and learn remotely. Some have also raised concerns that the digital divide could affect access to the vaccine as signups typically happen online.

DIY Tax Software Is Ready to Take Over the Tax Season

December 28, 2020 Leave a Comment

DIY tax software is a type of fintech that is enjoying its growing popularity right now. It’s true that the crisis of 2020 has brought down many industries. But some used the global change in circumstances as an opportunity to shine. The popularity of fintech, in particular, has grown at an unprecedented pace of +72%. Tax software is getting its chance to become a mass-use product right now as the new tax season arrives. The solutions that were mostly used by businesses are now accessible to everyone and are designed to handle personal taxes quite well. This type of software varies greatly by country and by its main purpose. It’s also growing more sophisticated with each new update.

Leading DIY Tax Software in the World: What Can It Do?

TurboTax (the USA)

TurboTax from the USA is developed by Intuit, one of the leading software providers today. It’s not the cheapest solution, but it’s definitely the most sophisticated one on the market. The cost is higher because the software offers a wide range of features that make it applicable to a variety of taxing scenarios. In fact, while it’s primarily American tax software, it has versions for a variety of other countries and expats. There is a free version, so everyone can try it out and see if it works for you personally.

TurboTax is easy to use despite the fact that it can complete complex calculations. The program itself will guide you to areas you need to focus on. The solution can integrate your W-2  form, no matter how many you have of those as well as 1099s.

Those who are self-employed or are using the Deluxe service package will be able to use a most helpful ItsDeductible feature. There is even a mobile app for your convenience. Note that if you are self-employed and use QuickBooks, you can connect it with TurboTax for expense tracking.

The solution offers a good customer support system as well, including TurboTax Live.

However, remember that no matter how sophisticated this solution is, it can only be used for rather straightforward tax reports. This is the same for all DIY tax software. People with very complicated taxes, for example if you have income from ventures abroad, should hire a personal accountant.

[Read more…]

Cable Companies Can No Longer ‘Rent’ You The Router You Already Own

December 21, 2020 Leave a Comment

person in black and white striped socks lying on bed

Is your internet service provider charging you every month for the cable modem or router that you purchased with your own money? Or, perhaps, have you never bothered to buy those items because you couldn’t escape the fee? That fee is illegal as of yesterday. The Verge reports:

Last year, Congress passed a law that should have fixed this ridiculous loophole as of June 20th, 2020 — and though the FCC managed to extend the deadline six months by spinning up some bullshit about how cable companies didn’t have the resources to stop charging you money, the law should take full effect Monday.

Do note that the actual text of the law still allows some BS to occur. If your ISP sends you a router, you’ll need to return it to avoid charges.

Frontier in particular has been notorious for charging customers $10 a month for their equipment “whether you use it or not” — the company’s words, not mine — but Frontier is clearly aware it won’t be able to do that anymore. Starting this month, the company’s equipment page has changed to remove the part where it talks about the mandatory fee.

Nearly Two-Thirds of Americans Are Living Paycheck to Paycheck During COVID Pandemic

December 5, 2020 Leave a Comment

Money is not something anyone wants to worry about during the holidays. In a year still ravaged by the coronavirus pandemic and its economic fallout however, it appears many will be struggling through the most festive part of 2020. A survey finds over 60 percent of Americans say they’re now living paycheck-to-paycheck as the year draws to a close. Study Finds reports:

The poll of over 2,000 Americans, commissioned by Highland Solutions, wanted to see how spending habits and personal finances in the U.S. are holding up during the pandemic. Their results find 63 percent of respondents have cut back on their spending due to COVID. Six in 10 say they’re doing it to be more cautious, but 49 percent add it’s because of losing income at work.

Between making more frugal choices and statewide shutdowns across America, a majority of respondents say the normal “night out” is taking the biggest hit. Sixty-four percent are cutting down on dining out or ordering takeout. Another 61 percent add they’re seeing fewer movies, 55 percent are buying less clothing, and 52 percent are traveling less.

More Than 1 Million New Yorkers Can’t Afford Food

October 20, 2020 Leave a Comment

The lines are long and the need is enormous. More than 1 million New Yorkers can’t afford food, and standing on long lines at food banks is now too common amid the pandemic. Pandemic worsens NYC’s food crisis. Fox 5 NY reports:

An estimated 1.5 million New Yorkers cannot afford food, according to the New York Times. Their only lifeline is a food pantry.

“I’m on a limited income. I visit every two to three weeks,” said Denise Allen, a mother of one.

Rapaport said there is so much need. So much so that for the last three days, Rapaport, his staff, and volunteers have been operating around the clock. All three locations are now open 24/7, feeding 1,500 families a day, but it is still not enough, he said.

The Average American Has $90,460 in Debt

October 16, 2020 Leave a Comment

Debt

In our efforts to keep up with the Joneses (or just get by during this period of economic uncertainty, debt has become a normalized part of the American lifestyle. CNBC reports:

Borrowing money is often an important part of a long-term financial plan, whether it’s to access education and career opportunities, buy a car for your commute or find a place to call home.

However, debt also involves a little risk and can be expensive. Not only do you pay interest fees, borrowing of any kind requires you to make your payments on time in order to keep your account and credit score in good standing. It’s not uncommon for consumers to make a few common mistakes while learning how credit works and establishing lifelong money habits.

That’s why knowledge is important: Using 2019 data from credit bureau Experian, we looked at how much debt the average American has at every stage of their lives, breaking it down by total balance(s) and type, so you can get a big-picture view of how much Americans are borrowing, and why.

While the average American has $90,460 in debt, this includes all types of consumer debt products, from credit cards to personal loans, mortgages and student debt.

Knowing these trends is important. Along with staying informed about financial planning, reading advice about saving for retirement and learning credit card basics — knowing where you stand can help you decide where to go next on your financial journey.

Keeping Your Finances On Track Following A Personal Injury

September 1, 2020 Leave a Comment

Sustaining a personal injury can do more than harm your health, it can change your entire life. According to Newswire, more than 700,000 personal injury claims are filed every year in The States. Those who sustain a personal injury so severe that they’re unable to continue working can be awarded millions, just as James T. Mitchell discovered. In April this year, he won in excess of $5 million following two workplace injuries which prevented him from being able earn any income. Regardless of how much you are awarded, it’s essential you plan your future finances to prevent you wasting your compensation on extortionate medical bills and day to day living expenses.

File a legal claim

According to Arbill, 3.3 million people suffer a workplace incident which they may never recover from, such as head and brain injuries, therefore, if your injury could have been prevented and there is evidence to support that a third party was at fault, then you should instruct a personal injury attorney to start legal proceedings. Your attorney will fight to get justice for you and to prevent a similar incident occurring to anyone else, but, most importantly, they’ll seek compensation as a form of settlement. America’s highest ever personal injury claim saw $150 billion paid out to the claimant, according to ABC Money. Each state has a cap on the amount of non-economic damages that can be awarded to an individual, and in medical malpractice cases the federal government have capped damages at $250,000. Once you receive your payout, ensure you spend and save it wisely. Bear in mind that with your earning potential being limited for the foreseeable future you need to make the cash last so think about setting yourself a set amount to spend each month to ease any financial burden.

Get a second opinion

Following your injury you may be on multiple types of strong medication which causes you to become easily confused and which makes it difficult to concentrate, especially with something as complex as numbers. Rather than struggle in silence, ask for help from friends or family who’ll be able to review your outgoings, help you make cutbacks by speaking to companies such as your phone and television providers for you and advise on how best to proceed. It’s also worth seeking the advice of a financial advisor as they’ll have experience in dealing with people who have been in similar situation and their wealth of knowledge will help you get on top of your finances.

Claim what you’re owed

eHealthInsurance reports that the average American will pay a monthly health insurance premium of $321 per month, therefore, make sure you utilize your policy. Depending on your level of cover, they’ll help to pay your medical bills and will give you a lump sum of cash due to you being unable to work as a result of your injury. You may be reluctant to turn to benefits to get by, but it’s important to remember that your injury isn’t your fault and that what’s more paramount is keeping a roof over your head and your finances in good health, so you must look into and apply for any unemployment benefits that you’re entitled to. And if you’ve lent money to friends and family in the past, now is the time to claim back what you’re owed. So long as you explain your situation to your loved ones, most will be than happy to make arrangements to get your cash back to you.

A personal injury which impacts your ability to work will leave your finances in tatters if you don’t take action to keep on top of them. Therefore, you should file a legal claim in order to win compensation, ensure you request what you’re owed from various parties and seek the advice and help from your loved ones and a financial advisor to keep your finances in good order while you adjust to live with your injury.

Young Americans Have Used 33% Of Their Total Savings During COVID-19

July 25, 2020 Leave a Comment

Millennials by ITU Pictures

The coronavirus shutdowns have had a dramatic impact on the broader economy (if not the stock market, which is almost back to all time highs) and few have been hit as hard as young Americans such as Millennials and Gen Zers. Tyler Durden writes on ZeroHedge:

A recent survey from Travis Credit Union seeking to learn more about the money-saving habits of young Americans and how Covid-19 and the looming recession has impacted their savings, polled nearly 2,000 Millennials and Gen-Zers and here’s what they found:

* 99% said that saving money is important to them.

* 39% of young Americans have had to dip into their savings during Covid-19 and have used an average of one-third of their total savings

* The top reasons for using savings during Covid-19: Food, utilities, mortgage or rent, credit card debt, and student loans.

* 73% of respondents said Covid-19 will shape their financial habits moving forward.

Quarter Of Americans Have No Emergency Savings In Age Of Coronavirus

April 3, 2020 Leave a Comment

The U.S. economy is currently facing its toughest challenge since the Great Depression, and millions of Americans suddenly find themselves out of work. Financial experts have long advised people to build a savings account for emergencies, but it’s fairly safe to say that no one saw a widespread economic emergency of this scale coming. We’re all scrambling to adapt, but a new survey is illustrating just how bad the situation is for many Americans. Studyfinds reports:

A total of 1,100 Americans were polled, and one in four (25%) said they don’t have any emergency savings at all. Another 23% only have enough to get by for three weeks. While there is some help on the way in the form of $1,200 government stimulus checks, 42% said they’ll have to immediately spend that money on bare essentials like groceries.

The survey, commissioned by GOBankingRates, also came to a number of other financial findings. Perhaps one of the most eye-opening is the revelation that two-thirds of Americans have either already been financial burdened by the coronavirus crisis (36%) or expect to be soon (28%).

Jobless Claims Hit Record 3 Million Due to Wuhan Virus

March 26, 2020 Leave a Comment

Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Thursday a surge to 3.28 million. CNBC reports:

The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was just 282,000.

Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.

Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported websites crashing amid a rush to file.

Wuhan Coronavirus Could Financially Cripple Many Americans

March 11, 2020 Leave a Comment

Americans’ health may not be the only thing at stake as the coronavirus continues its unrelenting spread in the U.S. The virus could also prove financially crippling for many individuals. Uninsured patients could expect to pay at least $500-$1,000 just to get tested for the virus, and a 10-day hospital stay could amount to a bill of at least $75,000, according to one expert. CNBC reports:

One of the most acute financial strains for Americans if they get the coronavirus will be related to cash flow — the loss of a paycheck for those who can’t go to work or dramatic reductions in revenue for business owners whose foot traffic evaporates, according to experts.

The U.S. is one of the only developed countries that doesn’t require workers to get paid time off when they’re sick…

Further, 54% of Americans report not being financially prepared to manage a contagious disease outbreak that furloughs them for several weeks, according to Prudential Financial.

The Rich Are Preparing for Coronavirus Differently

March 5, 2020 Leave a Comment

The new coronavirus knows no national borders or social boundaries. That doesn’t mean that social boundaries don’t exist. The New York Times reports:

“En route to Paris,” Gwyneth Paltrow wrote on Instagram last week, beneath a shot of herself on an airplane heading to Paris Fashion Week and wearing a black face mask. “I’ve already been in this movie,” she added, referring to her role in the 2011 disease thriller “Contagion.” “Stay safe.”

Business executives are ditching first class for private planes. Jet-setters are redirecting their travel plans to more insular destinations. And wealthy clients are consulting with concierge doctors and other V.I.P. health care services. Why spend $3.79 on a bottle of hand sanitizer from Target when Byredo, a European luxury brand, makes one with floral notes of pear and bergamot for $35 (although that, too, is sold out)?…

At a time when every stray cough from three rows back sounds like a ghostly greeting from Typhoid Mary, those who can afford it are paying extra to sidestep crowded security lines and jampacked planes and flying private — which might be an attractive option for those who wish to flee the teeming cities for, say, a safe house in Telluride, Colo. Some wealthy people say they have been staying in their Hamptons homes and are prepared to jet off to cabins in Idaho if things get worse. And The Guardian reported that executives have chartered jets for “evacuation flights” out of China and other affected areas. For some private jet companies, fear equals opportunity. Southern Jet, a charter jet company in Boca Raton, Fla., recently sent out a limited test marketing email with the tag line: “Avoid coronavirus by flying private … Request a quote today!”…

In certain pockets of Silicon Valley, where tech-elite survivalists drool over abandoned missile silos that were converted into luxury bunkers, coronavirus is precisely the doomsday scenario they’ve been preparing for. Marvin Liao, a partner at the venture capital firm 500 Startups, has been stocking up on canned food, water, hand sanitizer and toilet paper in anticipation of an outbreak, and has lately been scoping out a high-end air purifier called Molekule Air, which costs $799. “I don’t know if you’re ever ready for this,” Mr. Liao said of coronavirus. “But I think that you’re probably better prepared than a lot of people, because at least you’ve thought about it and at least you’ve stocked up. Worse comes to worse you’ll have a lot more cushion than a lot more people out there.”

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