Sturti | E+ | Getty Images When shopping for a home, many buyers may hope to avoid purchasing a property subject to a homeowners association. But that may be easier said than done. That’s because HOAs are on the rise in the U.S. Therefore it’s important to understand the ins and outs of these organizations […]
Federal student loan borrowers in default may again face collections
Mementojpeg | Moment | Getty Images Borrowers should ‘not let it get this far’ Borrowers should receive numerous notices from their student loan servicers before they go into delinquency or default, said higher education expert Mark Kantrowitz. Usually, your payment has to be around 90 days late for it to be reported to the credit […]
Trump policy nudges euro toward parity with U.S. dollar
Oscar Wong | Moment | Getty Images Euro is expected to hit parity with the dollar Economists expect the euro to fall to or even below parity with the U.S. dollar next year. That would mean the currencies had a 1:1 exchange rate. The euro is used by 20 of the 27 nations in the […]
Why consumers overspend during the holidays — and what to do about it
Betsie Van Der Meer | Digitalvision | Getty Images The holiday season is a time to give thanks, reflect on the past year, and spend time with family and friends. However, if you’re not careful, it can also be a time you overspend on holiday purchases. About 83% of Americans plan to buy gifts for […]
Here’s how retirees can get the biggest tax break for charitable gifts
Xavierarnau | E+ | Getty Images If you’re retired and planning a year-end donation to charity, there’s a key move to maximize your tax break, financial experts say. Qualified charitable distributions, or QCDs, are direct transfers from an individual retirement account to a non-profit organization. Additionally, retirees can give more in 2024, according to […]
56% of Americans say their parents never discussed money with them.
10’000 Hours | Digitalvision | Getty Images As families gather for Thanksgiving this year, money is one topic that likely won’t be discussed. Yet experts say it’s a perfect time to start the conversation, particularly with aging parents. More than half of Americans — 56% — say their parents never discussed money with them, according […]
Here are steps renters can take toward building wealth
Blackcat | E+ | Getty Images It’s no secret that homeowners often have a higher net worth than renters. But while renters face unique affordability challenges, there are still steps they can take to improve their financial standing. In 2022, the typical renter in the U.S. had a median net worth of $10,400, according to […]
One thing all parents should do with their estate plan
Warren Buffett, chairman and CEO of Berkshire Hathaway Inc Daniel Zuchnik | Contributor | Getty Images ‘Tough conversations’ that ‘strengthen relationships’ Douglas Boneparth, a certified financial planner, agreed with Buffett’s advice to reveal your estate plan. “These are tough conversations to have, but they’re meaningful and when approached correctly, can strengthen relationships,” said Boneparth, who […]
Millennials will spend big this holiday season, TransUnion finds
Parents tend to splurge on their children during the holidays. This year, 63% of millennials, many of whom now have school-age children of their own, said they plan to spend the same or more on holiday shopping as they did last year — the highest share of any generation, according to a quarterly report by […]
These key 401(k) changes are coming in 2025. What savers need to know
Images By Tang Ming Tung | Digitalvision | Getty Images As some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, “Secure 2.0” ushered in sweeping changes to the U.S. retirement system, including several updates to 401(k) plans. Some […]