April 19, 2021

Personal Finance

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The results are in: These are the worst states for retirement in 2021
Personal Finance

No matter where you choose to retire, you’ll be able to sleep in late, go for long walks in the afternoon and work on that book you always wanted to write.But when it comes to your budget, health, safety and overall quality of life, the state you live in really does matter.Every year, multiple studies claim they can show you which states are best or worst for retirement. They almost never agree, so we’ve averaged three of this year’s state rankings into one master list.
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What to know if you're claiming a stimmy on your taxes
Personal Finance

In March, President Joe Biden signed the American Rescue Plan Act into law and authorized the distribution of a third stimulus check. The IRS has distributed more than 156 million of these payments and is continuing to steadily deposit money into people's bank accounts or mail out checks.If you haven't yet received your third check, you can use the IRS's Get My Payment tool to determine when your money will arrive.If you didn't receive either the first or second check, though, the IRS will no longer send the payment to you automatically. You are going to have to claim it by filing your 2020 taxes if you didn't receive your money. Here's what you should know about this process.If you didn't receive the full amount of stimulus payments that were authorized in 2020, you'll need to use Line 30 of the 1040 (or 1040-SR) form in order to request your money.
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'If you qualify, I think you should strongly contribute each and every year': Retirement expert on Roth IRA
Personal Finance

Managing Director, Sun Group Wealth Partners, Winnie Sun, joined Yahoo Finance Live to break down her thoughts on where to put your money for retirement.
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What different amounts of student loan forgiveness would mean for borrowers
Personal Finance

Phyllis Wintter has had student debt for more than 30 years. At 67, she still owes around $48,000.Now she hopes that change could be coming, and that President Joe Biden will forgive her loans."It would be great if we could die free of this debt," said Wintter, who lives in Georgia.But, she added, "$10,000 wouldn't do it. I'd still have $38,000, and I can't afford that."More from Personal Finance: More colleges make Covid vaccines mandatory New college grad job outlook looks promising Under Biden, free college could become a realityThe odds of student debt forgiveness becoming a reality have never been greater. President Joe Biden said on the campaign trail that he's in support of cancelling $10,000 per borrower, and now he's asked his education secretary to prepare a report on his legal authority to wipe out as much as $50,000 for all.
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‘Reemploying all of the employees they had previously,’ is how most businesses would measure their recovery: Kabbage COO
Personal Finance

Kabbage co-founder and COO Kathryn Petralia, joined Yahoo Finance Live to break down how small businesses are measuring their recovery from the COVID-19 pandemic.
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Store cards are a bad deal. Here's why I opened one anyway
Personal Finance

Many retail stores offer their own branded credit cards. These cards are generally not a good type of credit card to apply for.Depending on the card, you may only be able to use store cards in the store that issued them. They tend to have very high interest rates, even compared to other credit cards that charge a lot in interest. And the rewards they offer (if they offer them at all) are usually not as generous as those of the best rewards credit cards. Sometimes, the rewards even cause you to spend more money to use them, such as when the card offers discounts off future purchases.Despite all these big downsides, I actually opened a store credit card recently. Here's why.The biggest reason I opted to open a store credit card was that I was making a large purchase at the store and I got 10% off on my purchase for opening a card. That provided me with a whole lot of savings.
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Dogecoin As Payment Option Gains Momentum As 'Meme Currency' Shoots For The Moon
Personal Finance

Dogecoin (CYRPTO: DOGE), often branded as a meme coin, saw a meteoric rise last week, hitting a high of 43.77 cents Friday before giving back some of the gains over the weekend.Its rising popularity, thanks in part to the unstinted support of Tesla Inc.'s (NASDAQ: TSLA) Elon Musk, is pushing the cryptocurrency into the mainstream.Doge's Heady Gains: At its all-high Friday, the cryptocurrency had tacked on a gain of over 9,200% for the year-to-date period. Doge ended 2020 at 0.47 cents and briefly broke above 1 cent in early 2021.
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Diversity in Hollywood is 'better in some ways but worse in others,' actor Alfonso Ribeiro says
Personal Finance

After getting called out for years for its lack of diversity, Hollywood has implemented measures in an effort to become more inclusive, pledging its commitment to a more equitable landscape.Yet despite those initiatives, there is still room for significant growth, as people of color remain underrepresented.Diversity in Hollywood is “better in some ways and worse in others,” actor Alfonso Ribeiro, star of "The Fresh Prince of Bel-Air" and host of "America's Funniest Home Videos," told Yahoo Finance when discussing how the industry has evolved over the years.
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GameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million
Personal Finance

On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price.What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million.Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January.
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College Voices: How I learned about investing in stocks — and you can, too
Personal Finance

In this articleDuring the coronavirus lockdown, a lot of young people started investing in buzzy stocks like GameStop, and you started hearing how people were making thousands of dollars in one day. It was mind-blowing. But it also proved to be a dangerous game — especially if you didn't really know what you were doing. The truth is, we're all going to need to know how to manage and invest our money — but very few of us were actually taught how to do that in school.Right now, just 21 states require students to take personal finance coursework in order to graduate from high school – but even then, only a few states require stand-alone classes on the topic, according to the Council for Economic Education. Often, it's just rolled into other classes.
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3 reasons why the Midwest is the best place to buy a house right now
Personal Finance

The housing market is hot, and there are plenty of good reasons to look for a home in 2021. Mortgage rates are still relatively low, and rental prices are likely to go up in the near future. Plus, as more people get vaccinated, there's a good chance housing inventory will increase.If you're wondering where to look, the Midwest is arguably the best place to buy a house. Here's why.If you consider average house prices by state, most of the Midwest falls on the very low end. Even Minnesota – the most expensive of the Midwestern states – falls below the national average with a median home value of $266,887. In Iowa, the median home price is just $155,781.When is the right time to buy a home?:Look for these 5 signs
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Here's how legal weed will play out in America
Personal Finance

Tuesday is 4/20 and naturally one’s mind—or at least my mind—turns to weed.The big news here is that the tide has turned for marijuana acceptance in this country. And it’s quite likely national marijuana laws will be reformed sometime this year. Note I did not say weed would be fully legalized, I said "laws will be reformed," an important distinction, but still huge as I’ll explain.Consider where things stand. Already this year New Mexico, New Jersey, New York and Virginia have legalized weed, which if you add them to the existing legal states, means some 43% of the U.S. population now lives in states where recreational marijuana is legal, as noted by Vox in a recent story headlined "Marijuana legalization has won." On tap this year are possibly Connecticut, Delaware, Minnesota and Rhode Island, while others like Wisconsin and Maryland are considering it as well. The record years for states legalizing weed were 2016 and last year at four. It’s conceivable that could be doubled this year.
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A $1000 bet on Dogecoin at the start of 2021 could now buy a Tesla
Personal Finance

Maybe it's fitting because Tesla CEO Elon Musk has been the biggest cheerleader of Dogecoin (DOGE-USD), but after the cryptocurrency's more than 6,000% surge so far in 2021, a $1,000 bet on Dogecoin to start the year would now be worth enough to buy a brand new Tesla Model Y.That's right. If you placed a $1,000 bet on the popular cryptocurrency, which was founded back in 2013 as a joke to lampoon the boom in the number of altcoins, you'd be sitting on more than $60,000 based on the 35 cents mark it hit Friday. In fact, at Friday's all-time high of 43 cents that same $1,000 would be worth closer to $80,000 — more than enough to cover the roughly $60,000 purchase price of a performance Model Y.
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Americans received unprecedented financial help during Covid-19. How that could shape future aid
Personal Finance

Millions of Americans have received some form of financial support from the government to help them get through the Covid-19 pandemic.The coronavirus has prompted the federal government to send three sets of stimulus checks, increase federal unemployment benefits and extend the duration and eligibility of those benefits, provide forgivable loans to small businesses and implement new tax credits for families.It started with the CARES Act that Congress approved in March 2020, and continued with follow-up legislation in December and American Rescue Plan Act that was put through in March.More from Personal Finance: New batch of $1,400 stimulus checks includes payments to veterans How Americans are using their $1,400 stimulus checks Why your stimulus checks was less than expected
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Breaking down the Royal Family's finances
Personal Finance

Forbes reporter Ariel Shapiro joined Yahoo Finance Live to discuss the business of the Royal Family and breaks down 'The Firm's' finances.
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Op-ed: Advisors must meet the digital demands of young investors
Personal Finance

More than ever, young investors are engaging with the stock market.An E-Trade study found that 51% of millennial and Gen Z investors reported their risk tolerance had increased since the pandemic — 23 percentage points higher than the total population.The study also found that they are taking cash off the sidelines. More than 1 in 3 investors (34%) under the age of 34 said they are moving out of cash and into new positions, 15 percentage points higher than the total population.Additionally, as many as half of retail investors in the 25-to-35 age bracket plan to direct 50% of their stimulus checks to the stock market, according to a new study from Deutsche Bank.Here's a look at more on how to manage, grow and protect your money.
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Workers are a year into collecting unemployment benefits. It’s causing problems
Personal Finance

It's been about a year since millions of Americans filed for unemployment benefits in the early days of the Covid pandemic.  That anniversary seems to be posing administrative issues in some states. They may result in delayed benefits or a lower-than-anticipated amount of aid."I do think it's a snag that's catching certain people," said Andrew Stettner, a senior fellow at The Century Foundation.Zoom In IconArrows pointing outwardsClaims for jobless benefits began ticking up the week of March 14, 2020, as the coronavirus sent shock waves through the labor market.More than 24 million people applied for benefits over the next month, according to Labor Department data. Millions more applied in the following weeks.
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Nike says it's paid over $9 billion in taxes since 2016
Personal Finance

As the Biden administration floats the likelihood of higher corporate taxes, big companies like Nike (NKE) have come under fire from a number of politicians — including Sen. Bernie Sanders — for not paying their fair share.In a statement given to Yahoo Finance, the Swoosh brand says it pays federal, state, and local taxes.“NIKE, Inc. is a global business with 73,000 employees and we comply with tax laws everywhere we do business. NIKE is paying significant U.S. federal, state, and local direct and indirect taxes every year. In fact, including customs duties, Nike has paid more than $9.1 billion in U.S. taxes since 2016," the statement read.
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UK banks launch 95% mortgages: Everything you need to know
Personal Finance

A new government-backed mortgage scheme has launched in the UK which will help first-time buyers, or current homeowners, secure a mortgage with just a 5% deposit.The scheme follows prime minister Boris Johnson’s pledge to help turn “generation rent into generation buy” at the Conservatives’ party conference last October.He said new reforms would mark the “biggest expansion of home ownership since the 1980s,” in a nod to former Conservative leader Margaret Thatcher’s totemic right-to-buy policy in that decade.
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Bitcoin and crypto markets crash on US crackdown reports
Personal Finance

Bitcoin (BTC-USD) is experiencing a massive sell-off, shedding as much as 15% in the last 24 hours — the biggest intraday drop since February — days after hitting record highs. In late February, bitcoin saw a retreat to as low as $43,000 amid uncertainty in the traditional markets over stimulus expectations and their positive effects on US bond yields.The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets.
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Inclusive democracy is ‘good for the economy’
Personal Finance

BNY Mellon Wealth Management CEO Catherine Keating joins Influencers with Andy Serwer to discuss the recent issue of voting rights and its impact on the economy. This comes after the passing of new voting laws in the state of Georgia.CATHERINE KEATING: We think-- we represent the economy, right? We represent the economy. And so we want to have an open and working and successful economy. And that's really the way that we think about it.
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Inclusive democracy is ‘good for the economy’: BNY Mellon Wealth Management CEO
Personal Finance

Hundreds of major companies — including Amazon (AMZN), Google (GOOG, GOOGL), and BlackRock (BLK) — signed a statement this week opposing "any discriminatory legislation" that would make it more difficult for people to vote. The move escalated an ongoing confrontation between corporate America and political officials in the aftermath of a restrictive voting law enacted by Georgia last month, as more than 350 such bills stand before legislatures across 47 states, according to a report from the Brennan Center on April 1. Critics of these laws say they would have a disproportionate impact on Black voters.
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Apple's event on April 20: What to expect
Personal Finance

Apple (AAPL) is set to host its annual spring event to unveil new products on, of all days, Tuesday, April 20, and somewhere Tesla CEO Elon Musk is hyperventilating with glee.The big show, which Apple’s own Siri leaked ahead of the official announcement, kicks off at 10 a.m. PT, can be streamed via the company’s website, and is expected to include new iPads with improved screens and more horsepower.
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