While many Americans struggle to save for retirement, the top 1% amass significant nest eggs. This raises the question: How much do they save, and how does it compare to the national average? Data from DQYDJ, using Federal Reserve statistics,...
If you use a credit card, you’re more like millionaires than you may think. Although most adults have credit cards, millionaires are even more likely to use them. According to the Federal Reserve, almost all adults with incomes over $100,000...
Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. That’s part of the reason why consumer spending has been so robust since the economy ascended from pandemic depths, despite high inflation and...
Americans’ “magic number” savings goal for retirement has increased by over 50% since 2020. But experts say the secret to building true wealth is having a high savings rate. When it comes to retirement, Americans have a new number in...
Americans plagued by surging prices over the past 20 months continue to face strain as the cost of everyday necessities remains elevated following a hotter-than-expected inflation reading in March. The Labor Department said Wednesday that the Consumer Price Index (CPI),...
As car prices moderate from a pandemic-era surge, insurance has pushed the cost of car ownership to the brink for many Americans. New data out on Wednesday from the Bureau of Labor Statistics showed auto insurance costs last month were...
Inflation has crept into every part of Americans’ lives, including how much they now think they need to retire comfortably: a record $1.46 million, a study released on Tuesday said. That’s a 53% surge since the $951,000 target Americans reported...
When you’re planning for taxes, it’s helpful to know both your marginal tax rate and your effective tax rate. Marginal tax rate is the percentage you pay in taxes on the last dollar you earn, while effective tax rate is...
The mood was practically giddy when the heads of two regional banks hosted a town hall in the spring of 2021. The industry’s long drought in mergers was ending, and two lenders below the public’s radar, New York Community Bancorp...
Tech ETFs saw massive inflows of over $17 billion last year, according to VettaFi. However, Financial Futurist Dave Nadig, says many are “overdone” in mega-caps like Nvidia (NVDA) and Meta (META) which drive gains. He warns of “concentration risks,” noting...
There’s no better time than at the start of a new year to clean up your finances and boost your net worth. When it comes to managing money, nobody’s perfect. Many succumb to lifestyle creep and spend more than they...
A top question on the minds of investors and consumers alike is when might the Federal Reserve make its first interest rate cut after two years of rapid hikes, which have sent mortgage and credit card rates soaring. But after...
With inflation impacting budgets, many are seeking ways to manage their expenses effectively. The 2022 Consumer Expenditure Survey by the Bureau of Labor Statistics reveals that the average American household’s monthly expenses total approximately $6,081, equating to $72,967 annually. This...
Consumer expectations for euro-zone inflation fell to the lowest in more than 1 1/2 years in November — supporting markets’ view that interest-rate cuts by the European Central Bank could soon be in the offing. Expectations for the next year...
In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab’s 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a...
