What’s your net worth? Even if you don’t fly on private jets or play polo, this simple equation is an important tool that says a lot about your financial health. Still, most people don’t bother to calculate it. That’s a mistake. “It’s the first snapshot into an overall look at your finances,” said Michael LaRiviere,
Last month, Adam Baker worked in a lab as a geologist for the U.S. Department of Interior. Now he’s a server at a brewery. He has the government shutdown to thank for that. When two weeks passed and Baker still wasn’t called back to his desk in Albuquerque, New Mexico, he started searching for jobs.
With the government shutdown now in its fourth week, banks and credit unions are ramping up help to federal workers. Some 420,000 employees are considered “essential,” and are working without pay, while an estimated 380,000 others have been ordered to stay home. Colorado’s Alpine Bank has set aside $5 million to help furloughed workers. If
Student loan refinancing companies say they offer borrowers a way to save thousands of dollars on their debt, by allowing them to pay off their loans at a lower interest rate, in less time. The reality can be much different. Recently, the government found that online lender SoFi was misleading consumers on how much they’ll
Your employer is worried about your balance sheet. “Financial wellness” — or improving the overall health of their workers’ finances — will be front and center for companies this year, according to a recent survey from Callan. The investment consultancy polled 106 employers in October 2018. “Investing” and “retirement plan contribution levels” round out the
Early estimates for next year’s Social Security cost-of-living adjustment are in — and they’re nothing to celebrate. In fact, at the rate we’re going, there might not be a cost-of-living adjustment for 2020 at all, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. The non-profit organization tracks how
The new tax law that took effect last year eliminated the so-called “marriage penalty” for many couples. For others, not so much. The term refers to paying more in taxes as a married couple than you would as two single filers. And depending on your income, the credits or deductions you use and where you
If you want to keep your child from graduating with insurmountable debt, put down the glossy college brochures and break out your calculators. More than 6 out of 10 students polled by College Ave Student Loans said they feel they have a good understanding of the different types of loans and payments available. Yet nearly
It’s no secret that women are lagging behind their male counterparts in the financial industry. So it should come as no surprise that Citi — one of the world’s largest banks — said Wednesday that itsfemale employees earn 29 percent less than its male employees globally. But it’s not just about a pay gap —
Many people nearing retirement and craving warmth think of Florida. Yet some destinations offer even more idyllic weather — if you’re willing to look beyond the U.S. A new report by International Living, a guide to retirement abroad, ranks destinations to spend your later decades by their weather. Of course, not everyone loves the heat.
It seems that nothing — not even a federal shutdown — will stop the IRS from kicking off tax season. The revenue agency has announced filing season would begin on Jan. 28. The IRS also said it would still send refunds to eligible filers amid the shutdown. Accountants warn this filing season may be a
Three weeks into a partial government shutdown, hundreds of thousands of federal workers are furloughed or working without pay. That’s longer than most can get by without income, considering that over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from CareerBuilder. Federal workers are particularly vulnerable. On average, government
Getting an advance on your tax refund may seem like a more attractive proposition this year — yet it’s not a move to make lightly. A growing number of consumers have been using financial products at tax time that promise to advance them part of their tax refund. In 2017, taxpayers took out more than
Hello, San Antonio! Seniors residing in this Texas city have the have the largest non-mortgage debt balances. Those were the findings from a study by LendingTree. The site, an online loan marketplace, analyzed the data of more than 75,000 of its users. Excluding mortgages, residents of San Antonio between 65 and 70 years of age
While the majority of middle-class Americans in their 40s and 50s are saving for retirement, getting rid of debt is a more pressing concern. Among that group, 33 percent say their top savings priority for 2019 is paying off debt, according to a new report from AARP and the Ad Council. That ranked ahead of
Amazon founder and billionaire investor Jeff Bezos and his wife of 25 years, MacKenzie, announced via Twitter Jan. 9 that they were parting ways. The couple, who wed one year before the founding of the now giant retail company, reportedly do not have a prenuptial agreement. Bezos, 54, is worth as much as $160 billion
Credit scores have been steadily rising since the Great Recession, averaging over 700 for the first time ever. But if you’re not there yet, there is good news. New criteria will weigh how you manage the cash in your checking and savings accounts, which means the good financial habits you practice today can have a
If you’re looking for more money to meet your 2019 budget goals, there’s good news: You may not need to make more money. And there’s bad news: You will need to increase your efforts to make more of the money you do have. That can mean paring back on areas of your budget where you’ve
Uncle Sam may be on hiatus. That doesn’t mean your tax payments aren’t still due. If you’re making estimated payments, the money for the fourth quarter of 2018 must be paid by Jan. 15. And no, you do not get a reprieve because of the government shutdown. Not all government entities are out of commission.
Even if you don’t fancy yourself the next Jeff Bezos, it can be worth thinking about your current assets and potential for future wealth before you get married. Amazon’s CEO and his wife, MacKenzie, announced Wednesday via a tweet that they intend to divorce. TMZ reported Thursday that the couple did not have a prenuptial
A few days ago, Will Kohler, a tax examiner for the IRS, filed for unemployment. He’s been out of work for three weeks now due to the gridlock in Washington, D.C. “It seems like it’s going to go on forever,” Kohler, 55, said, from his house in Covington, Kentucky. “I need to eat.” He has
Michael Thallheimer was looking forward to hosting Christmas Day at his new three-bedroom house in Rio Dell, California. Then the government shutdown hit on Dec. 22, putting his USDA loan on hold. The government’s mortgage program for low- and middle-income Americans in rural areas is currently not issuing any new funds in the meantime. Thallheimer
The IRS has assured taxpayers of two key concerns during the ongoing federal government shutdown — the tax season start date and the availability of refunds — but accountants say the tax-filing season could still be painful. Earlier this week, the tax agency said that it would kick off the income tax–filing season on Jan.
The IRS announced on Monday night that income tax filing season would begin on Jan. 28 and that it would pay refunds to taxpayers, in spite of the government shutdown. The agency said that it would recall a “significant portion” of its workforce, summoning them back to work without pay. A spokesman for the IRS
Consumers were rightfully feeling merry about the holidays, but the ensuing debt hangover — along with a market downturn, rising interest rates and a government shutdown that’s now in its third week — could dampen all of that cheer. While the surge in spending last month may have contributed to the best holiday shopping season
Just making a resolution to save more might not be enough. But if you take two additional steps, your chances of sticking with your goals to sock away money in 2019 could become a reality. That’s according to research from Columbia Business School, which found that people are more likely to stick to their savings
With mortgage rates poised to rise, it might be time to dust off a strategy that could help prospective homeowners afford their new abode. TransUnion, one of three major credit bureaus, predicted that the average interest rate on a 30-year mortgage would approach 5 percent by the end of 2019. This rate is a far
Two major mortgage lenders are rolling out assistance programs to help customers who have been affected by the government shutdown. Congress and President Donald Trump have been at a stand-off over funding for a border wall. In all, about 800,000 federal employees are expected to be furloughed or working without pay. Affected workers are already
Nearly two weeks into a partial government shutdown, hundreds of thousands of federal workers are furloughed or working without pay. That’s longer than most can get by without income, considering that over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from CareerBuilder. From personal loans to credit card advances,
Planning to buy a car? You could be driving for a long time before you’re out of debt. As interest rates rise and vehicles become more expensive, that new car smell increasingly comes with larger loans and lengthier terms. In December 2018, the average loan for a new car was just above $32,000, compared with