Malerapaso | Istock | Getty Images HUNTINGTON BEACH, Calif. — Professional athletes are faced with a difficult task early in their careers — learning to deal with big sums of cash as they’re thr...
Tag: Personal saving
How to save money as food inflation jumps more than 11% in a year
Going to the grocery store isn’t getting any cheaper. Rising food costs helped push inflation higher again last month, despite a drop in gas prices. The food index alone rose 11.4% over the past...
How to avoid a penalty by making quarterly tax payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, appl...
Here’s how much you can save
Largely out of necessity, consumers are getting creative about stretching their dollars. After inflation hit back-to-school budgets hard and as families are feeling the weight of holiday expectations,...
You may owe taxes for federal student loan forgiveness in these states
Marko Geber | DigitalVision | Getty Images If you’re one of the millions of Americans expecting student loan forgiveness, you won’t owe federal taxes. But that doesn’t mean you’...
Inflation fears spur shoppers to get early jump on year-end holidays
Inflation is a Scrooge. Although the holiday season is still months away, consumers are already concerned about how they will afford this year’s gifts as prices continue to rise, several studies...
How much cash you need in an emergency fund at every career stage
Nirunya Juntoomma | Istock | Getty Images If you’re feeling unsteady amid stock market volatility, high inflation and rising interest rates, you may wonder how much cash you really need to have ...
These states may tax federal student loan forgiveness
dmphoto | E+ | Getty Images There’s good news if you’re eligible for student loan forgiveness: It won’t trigger a federal tax bill. And while some may still owe state taxes, it may b...
Despite recession fears, most investors haven’t shifted 401(k) assets
Morsa Images | E+ | Getty Images Many investors worry a recession is coming amid rising interest rates, high inflation and stock market volatility. But the majority haven’t changed their portfol...
Education Dept. cancels $1.5 billion in loans for Westwood College borrowers
Tero Vesalainen | Istock | Getty Images The U.S. Department of Education on Tuesday announced it will cancel all remaining federal student debt for former students of the now-defunct for-profit Westwo...
How the U.S. government can keep household debt in check
On Aug. 24, President Biden announced the cancellation of $10,000 in federal student loan debt for most borrowers making less than $125,000 annually. But student loans account for less than 10% of hou...
13 states may hit borrowers with state tax liability on forgiven student loans
President Joe Biden‘s student loan forgiveness plan will soon cancel debt for millions of Americans — and the relief is tax-free on federal returns. However, experts say the cancellation may sti...
IRS refunding $1.2 billion in late-filing fees for nearly 1.6 million
Ekaterina Goncharova | Moment | Getty Images The IRS on Wednesday announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will au...
How to save $1 million for retirement on an annual salary of $70,000
Consistently saving a small percentage of your salary is a simple way to ensure you’re prepared for retirement. As a rule of thumb, most financial advisors suggest you save 10% to 15% of your ea...
Here’s what investors need to know about single-stock ETFs
Oscar Wong | Moment | Getty Images Most investors think of exchange-traded funds as a simple way to buy a diversified basket of individual stocks tracking an index or with exposure to a particular the...
Shoppers spend over $300 a month on impulse purchases, despite recession fears
Pandemic shopping changes boosted impulse buys To be sure, the pandemic has changed the way people spend money. “Consumers abandoned ingrained shopping habits, hurtling ecommerce into hyperdriv...
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interest The interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certified financial planner and enrolled agent at Moisan...
Investors flock to green energy funds as Congress passes climate bill
The expansion of renewables comes at a time when concerns about the speed of the planet’s shift away from fossil fuels have been heightened following Russia’s invasion of Ukraine. Imaginim...
How to save on groceries amid food price inflation
To feel the effects of inflation, just go to the supermarket. Although inflation, overall, began to ease last month along with gas prices, food costs climbed 1.1% in July, bringing the year-over-year ...
Climate change is making some homes too costly to insure
Firefighters pull up to a burning house during the Kincade fire in Healdsburg, California, on Oct. 27, 2019. Josh Edelson | Afp | Getty Images As climate change threatens the U.S. with more natural di...
Is the economy in a recession? Top economists weigh in
‘We should have an objective definition’ Officially, the NBER defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than...
Here are both sides of the argument on why a recession is debatable
If you’re unsure if the U.S. economy is in a recession, you’re not alone. Gross domestic product has declined in back-to-back quarters this year, which is a common signal to market watcher...
Embryos can count as dependents on 2022 state tax returns in Georgia
Anti-abortion activists demonstrate outside the Supreme Court of the United States in Washington, June 13, 2022. Evelyn Hockstein | Reuters Residents of Georgia may now claim embryos as dependents on ...
How to save on back-to-school supplies amid inflation
For parents already stretching budgets to pay for groceries and gasoline, stocking up on school supplies will be a little harder this year. “Back-to-school shopping is stressful even in the best...
House Democrats push for Biden’s billionaire minimum income tax
Erik McGregor | LightRocket | Getty Images As Democrats plow forward with a slimmed-down reconciliation package, House lawmakers are separately pushing another piece of President Joe Biden‘s age...
How portfolios are shifting as the Federal Reserve hikes rates again
The Good Brigade | DigitalVision | Getty Images Here’s how portfolio allocations have shifted “We’re attempting to address both inflation and recession concerns,” said certifie...