Savers Rejoice: Your Interest Rate Is About to Climb
First banks widened the gap between what they pay you and what borrowers pay them. Now they will fight for your money. Hold your horses, savers. The Federal Reserve raised its benchmark lending rate a few weeks ago, the sixth such increase since 2015. So far, banks have been quick to pass on those hikes […]
FTC Probing Facebook for Use of Personal Data, Source Says
Agency scrutinizing whether data use violates consent decree House Judiciary panel to get briefing from Facebook officials Facebook Inc. is drawing scrutiny from the main U.S. privacy watchdog and members of Congress over how the personal data of 50 million users was obtained by a data analytics firm that helped elect President Donald Trump. The […]
Guess how many Americans expect to be audited this year
It's a much higher number than the amount of folks who will actually get audited. Filing taxes can be a complicated process, and if there's one way to take your associated stress to the next level, it's to fixate on getting audited. Nearly 1-in-4 Americans are worried about having their returns audited, according to a […]
If you’re in this popular 401(k) investment, double-check your risk
About 80 percent of 401(k) plans offer target date funds. In all, assets in target date mutual funds approached $1.16 trillion as of the end of January. If volatility in your retirement plan investments is giving you motion sickness, then maybe it's time to share your grievances with your boss. Young investors in target-date funds […]
What’s the Difference Between a Tax Credit, Tax Deduction, and Tax Exemption?
Are you taking all the tax breaks you’re entitled to? Experts say you might be able to reduce your tax bill by taking advantage of the many exemptions, deductions, and credits built into the tax code. Tax exemptions, deductions, and credits are all mechanisms that can reduce how much you ultimately pay in taxes. This […]
Home prices: Here’s what you need to earn to buy a house in these big cities
Record-low inventory is causing home prices to rise across the U.S., so higher salaries are now required to afford monthly housing payments, according to SmartAsset. The financial technology firm crunched the numbers using its mortgage calculator, discovering that the inhabitants of three of the country's largest cities have to rake in more than $110,000 a […]
Here’s how much you need to earn to be part of the 1%
How do you stack up against the wealthiest Americans? To be a 1 percenter, you need to have an adjusted gross income of at least $480,930, according to the latest data from the IRS, which looked at income statistics for tax year 2015. The top 1% accounted for 1.4 million individual income tax returns — […]
Warren Buffett: Gambling on stocks is a losing investment bet
Warren Buffett has a message for Main Street investors: Treating the stock market like a casino is a bad bet. The CEO and chairman of Berkshire Hathaway warns that wagering on stocks with borrowed money or loading up on exotic investments is akin to gambling. Investing in well-run companies whose products generate strong sales and […]
Powell hints that the Fed will raise interest rates 4 times in 2018
Federal Reserve chair Jerome Powell moved markets on Tuesday in his first appearance before lawmakers on Capitol Hill since his confirmation. In response to questions from Rep. Carolyn Maloney (D-NY), Powell hinted that more aggressive action on raising interest rates from the Fed could be warranted this year. “At the December meeting, the median [FOMC] […]
U.S. Pays Up to Auction $179 Billion of Debt in a Span of Hours
Three- and six-month bills sold at levels unseen since 2008 ​Bid-to-cover ratio on 4-week sale declined to near-decade low The U.S. Treasury on Tuesday sold $179 billion of securities as it works to rebuild its cash balance, with yields at its auctions of three- and six-month debt rising to levels unseen since 2008. The government […]
Want to retire early? Here’s how to get there
Are you dreaming of an early retirement? You're definitely not alone. Who wouldn't want an opportunity to enjoy that flexibility at the earliest possible age? Of course, when we think about early retirement, we tend to picture those folks who strike it rich with a killer investment or make millions on a brilliant Shark Tank-style […]
How To Get Your Taxes Done For Free
Yes, the IRS really, really loves you. If you earn $54,000 a year or less, or have disabilities or limited English language skills, you may be eligible for free in-person help to prepare your tax returns. You’re also eligible if you’re over 60, regardless of income. IRS-certified volunteers provide free basic income tax return preparation […]
3 big tax myths the IRS wants to clear up for you
As tax season heats up, there are a few outstanding issues and frequently asked questions the IRS wants to address. It has put forward a report to offer some basic information and help counter some common misconceptions. Here are three of the most persistent myths the IRS encounters. All refunds are delayed You should call […]
Volatility Inc.: Inside Wall Street’s $8 Billion Mess
Before whirlwind, banks turned volatility into the hot item ​VIX was seen as sure thing — until it suddenly wasn’t anymore It was the hot trade on Wall Street, a seemingly sure thing that lulled everyone from hedge fund managers to small-time investors. Now newfangled investments linked to volatility in the stock market — until […]
Why free life insurance at work might not be enough
Free life insurance at work is a sweet deal. The employer pays for the coverage, and all you have to do is sign up during open enrollment for employee benefits. But a pitfall awaits: While accepting the perk is a no-brainer, relying on it as your only coverage is risky if anyone depends on you […]