August 08, 2020

Personal Finance

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'Super savers' make these sacrifices to help them reach their goals
Personal Finance

Maybe you know one: the person who saves boatloads for retirement, manages to follow a budget and even has a fat emergency fund.In other words, a "super saver."While perhaps an enviable position, it's one that typically involves making some sacrifices, according to a report from Principal Financial Group that shows what those individuals give up. "They aren't giving up everything," said Joleen Workman, a vice president at Principal. "They're finding a way to make their savings sustainable."The report is based on a survey of about 1,700 individuals ages 20 to 54 who are viewed as super savers due to high contributions to their retirement plan at Principal. Most of them (75%) contributed at least $17,100 in 2019 and the remainder had a deferral rate of 15% or more.
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New Tech Company Being Called The "Next Tesla"
Personal Finance

Published 1 Day AgoWhitney Tilson is one of the most famous and successful investors in America… He first made his mark on Wall Street, starting a hedge fund with just $1 million, ultimately growing it into a series of funds worth 200 times that amount.Along the way he met Presidents Clinton and Obama… was asked to speak at America’s most prestigious business schools (like Harvard, Columbia, and Wharton)… and bought some of the best investments in the world, in the very early stages, for his clients. Such as:
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A little-known section of the CARES Act lets college students collect unemployment
Personal Finance

College students can now receive unemployment benefits, provided they can prove they had paid work last year.The reason is the CARES Act, which became law in March and made assistance for unemployment more widely available through Pandemic Unemployment Assistance. This is a separate program from a state's traditional unemployment insurance system.The new program opened eligibility for unemployment benefits to many more workers, such as independent contractors, part-time employees and gig workers.  Before the pandemic, college students generally didn't qualify for state unemployment programs.More from Invest in You: Quarantine spending was more than just hoarding canned goods Prices go up every year. That doesn't mean you have to pay more  If you need cash, try these less-obvious sources
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Coronavirus: Tips for managing personal finances amid the pandemic
Personal Finance

Now is not the time to panic about finances, according to one personal finance expert, but rather take control.“Things are so out of control right now,” Jill Garvey, a strategist at Huntington Private Bank, said on Yahoo Finance’s The Final Round (video above). “I’m trying to get my clients to focus on what we can control.”The market uncertainty is top of mind for many, along with shifting retirement plans and savings. Garvey is telling her clients that the best thing to do right now is to revisit those long-term planning discussions.
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5 ways to create your own stimulus check
Personal Finance

Lawmakers on Capitol Hill are coming closer to an agreement about a second set of stimulus checks, although who will get them, and when, is still being debated.Democrats and Republicans have both called for $1,200 payments in their legislative proposals but, for millions of Americans, that may not be enough.  "There are over 3 million people who have requested mortgage forbearance, millions who have asked for credit card deferments and more than 30 million people receiving unemployment benefits," said Bruce McClary of the National Foundation for Credit Counseling, which has counselors available for free for those facing financial hardship. "There's a tremendous need for another stimulus payment ... but whether it's $1,000 or $2,000, it's still not enough for all of their needs." 
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Legend Who Bought Apple at $1.42 Says Buy TaaS Now
Personal Finance

Published 1 Day AgoWhitney Tilson is one of the most famous and successful investors in America… He first made his mark on Wall Street, starting a hedge fund with just $1 million, ultimately growing it into a series of funds worth 200 times that amount.Along the way he met Presidents Clinton and Obama… was asked to speak at America’s most prestigious business schools (like Harvard, Columbia, and Wharton)… and bought some of the best investments in the world, in the very early stages, for his clients. Such as:
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Most Satisfying Trader Joe's Staples
Personal Finance

We get it — it's hard to eat real food when you're busy. That's why we're sharing our favorite staples, frozen dinners, healthy snacks, and affordable knockoffs from Trader Joe's so you can keep your fridge (and freezer) stocked with all the best foods possible for breakfast, lunch, dinner, and late-night snacking.From healthy basics like microwaveable brown rice and creamy tomato soup to mouthwatering products like the beloved buffalo-style hummus and pancake bread, this list will inspire you to stock up at TJ's the next time you go. Read ahead for the best products, and enjoy a kitchen full of Trader Joe's goodies!
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Some foreign workers were sent stimulus checks in error. Fixing the mistake won't be easy
Personal Finance

When the U.S. government sent out urgent stimulus checks this spring, some people who had already died received money.Now it seems another ineligible group may be getting checks: foreign workers.Reports surfaced this week that a number of those recipients are now living in their home countries. Just how big the problem could be is unknown.To date, an estimated 160 million stimulus checks have been sent, according to the Treasury Department.More from Personal Finance: How negotiations over second $1,200 stimulus checks could shape up Why you might not see cash from a payroll tax cut Why IPOs like Rocket Companies can be a tricky play for investors"They were learning while doing," Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center, said of the IRS. "They did an incredible job in a short period of time.
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The unemployment rate fell in July. Here's why that's important
Personal Finance

The unemployment rate fell for the third straight month, to 10.2% in July. That exceeded expectations, as employers added about 1.8 million jobs to their payrolls.That adds up to good news for the U.S. economy.But some may wonder what the unemployment rate actually means — and why it's important.The unemployment rate measures how many people who want a job (and are available for work) can find one.July's unemployment rate indicates that roughly 1 in every 10 people in the labor force can't find work.The unemployment rate is typically an indicator of hardship for American families, Stephen Woodbury, a labor economist and professor at Michigan State University, has told CNBC.More from Personal Finance: You might not see cash from a payroll tax cut How much your next stimulus check could be 5 ways to create your own stimulus check
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Why you might not see cash from a payroll tax cut, even if Trump issues an executive order
Personal Finance

Even if President Donald Trump were to push out a payroll tax holiday via executive order, there's no guarantee workers will pocket any money.Congress is hashing out the details of the next coronavirus relief package, and lawmakers on both sides of the aisle have been cool to the payroll tax cut idea.Payroll taxes are shared by workers and employers. Each is responsible for half of the 12.4% tax that funds Social Security and the 2.9% Medicare tax.Social Security taxes are subject to an annually adjusted wage cap ($137,700 for 2020), but Medicare taxes continue to apply beyond that threshold.More from Your Money, Your Future: Why IPOs like Rocket Companies can be a tricky play for investors Pros and cons of using Roth IRA to fund home purchase Here are the hidden benefits of a Roth IRA conversion
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How much your next stimulus check could be
Personal Finance

Three more proposals for federal stimulus are being discussed in Congress: The HEROES Act, the HEALS Act and the Coronavirus Assistance for American Families Act.While all three bills have some things in common — each would, for example, deliver a second round of checks to Americans — there are also some key differences.Like the original CARES Act, the HEROES Act — already passed by the House of Representatives in May — would give individuals $1,200 and families $2,400. Those who file their taxes with an Individual Taxpayer Identification Number rather than a Social Security ID would also be eligible for payments — a stark difference from the CARES Act.Families would get an additional $1,200 for each dependent in the HEROES Act proposal if it were passed by the Senate and then signed by President Donald Trump. That's more than twice the amount of the $500 per dependent in the CARES Act stimulus checks. But that would be limited to three dependents, capping the potential total to $6,000 per family. 
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A wave of early retirement hits the workforce. How to negotiate the best package for you
Personal Finance

As companies look for ways to reduce their workforce to trim costs during the pandemic, more are offering early retirement packages to their employees. And it's not just affecting individuals in their late 50s or older. Younger workers who are in their 40s are getting offers too. The trend has become widespread in industries such as airlines, hospitality, restaurant and retail, but it's gaining momentum across sectors. It is also an option being offered to teachers and government workers nationwide."Many of these individuals had no plans to immediately retire, but unfortunately Covid-19 has taken this choice away from them," says Stacey Francis, a certified financial planner in New York and president and CEO of Francis Financial.
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Here's how to handle your Medicare coverage if you're moving to another state
Personal Finance

If you're on Medicare and are planning a move to another state, be sure to review what your coverage will look like once you're in your new home.There are various rules that apply to such moves, and costs may be different in your new state. Often, the process of making the switch is fairly straightforward, experts say.In other cases, it may require some legwork and comparison shopping to see what makes the most sense coverage-wise and financially for you.Original (or basic) Medicare consists of Part A (hospital coverage) and Part B (outpatient care and medical equipment).About a third of beneficiaries choose to get those benefits through a Medicare Advantage Plan (Part C).In that case, prescription drug coverage (Part D) is typically delivered through those plans, as well. They may come with their own premium on top of what you pay for Part B and, if applicable, Part A, as well as their own deductibles, copays or coinsurance. They also have out-of-pocket maximums (which basic Medicare does not) and may offer extras like basic dental and vision coverage.
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Why IPOs like Rocket Companies can be a tricky play for investors
Personal Finance

You've probably heard someone say they wish they had bought such-and-such stock when it first started trading publicly way back when.Remember that hindsight is usually 20-20, including when it comes to how shares in an initial public offering will fare. "With an IPO, you never know which way things are going to go, regardless of how much hype there is about any company going public," said certified financial planner Doug Boneparth, president of Bone Fide Wealth in New York. Rocket Companies, parent of mortgage lender Quicken Loans, hit the public market on Thursday. Shares ended up priced at $18, below the original target of $20 to $22.More from Your Money, Your Future: Pros and cons of using Roth IRA to fund home purchase Here are the hidden benefits of a Roth IRA conversion How to pay off student loans while saving for retirement
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On campus but under lockdown — a day in the life of a college student during Covid-19
Personal Finance

For college students heading back to campus this month, life will be decidedly different.For example, at Middlebury College in Vermont, the school's 2,500 undergraduates are required to quarantine for two weeks before returning to school and get tested immediately upon arrival.After their Covid-19 test, they can move into their dorm room but must remain there until the test results are in. Meals are delivered and students are only allowed to leave their room to use the bathroom.Once they're cleared, they can move around campus but must remain at school at all times. Hikes through the Champlain Valley, trips to town and visits with parents or friends are all prohibited. "The pros definitely outweigh the cons," said Lydia Erdman, 21, a rising sophomore. "It's important to be around peers," she added.
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Are you making smart money moves? Learn how to achieve your financial goals with this quiz
Personal Finance

Financial upheaval and uncertainty has become the norm for many Americans, thanks to the coronavirus pandemic.Millions are unemployed, and scores of companies have been impacted by the economic slowdown. With so much uncertainty, it can be difficult and even scary to think about your money, much less make a plan.Yet that's just what you should do, according to Chris Browning, a financial analyst and creator and host of the podcast Popcorn Finance. In the short-form podcast, Browning discusses finance topics such as investing and managing your money in about the time it takes to make a bag of popcorn."You may not be able to plan for every scenario possible, but you can at least start learning what you can do to put yourself in the best position," he said.
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College students may not have a lot of money but they're donating whatever they can to make change happen
Personal Finance

CNBC's "College Voices 2020" is a series written by CNBC summer interns from universities across the country about coming of age, launching new careers and job hunting during a global pandemic. They're finding their voices during a time of great social change and hope for a better future. What money issues are they facing? How are they navigating their student loans? How are they getting work experience, networking and applying for jobs when so many opportunities have been canceled or postponed? How important is diversity and a company's values to Gen Z job seekers?College students face a lot of uncertainty, from the classroom to the job market and social situations. But one thing has been pretty consistent since the death of George Floyd on Memorial Day: Young people are committed to social change.
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'It's hell': Jobless Americans reel from the loss of $600-a-week federal unemployment boost
Personal Finance

It's now been over a week since tens of millions of Americans have stopped receiving the $600 federal unemployment boost. Negotiations between Republicans and Democrats over what to replace those payments with have turned into an increasingly protracted and bitter process. Republican Senate Majority Leader Mitch McConnell told CNBC on Thursday that he expects both sides to reach a deal "at some point in the near future." Those words bring little reassurance to Sarah Lafauci, who was laid off from her position as a human resources contractor for Delta Air Lines in March and hasn't been able to land another job since. More from Personal Finance: Unemployed and eligible for Social Security? What you need to know More than half of Americans can't pass a basic quiz on Social Security How the coronavirus pandemic is shaking retirement confidence
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Parents are at a breaking point as they try to cope with getting kids back to school
Personal Finance

This fall will be anything but normal for parents and children across the country.Many Americans are grappling with decisions about school, money and fears about the coronavirus.For Jordana Horn Gordon, a 47-year-old mother of six, the situation has her feeling like she's "walking on the razor edge of a cliff.""It's really tough and it's really stressful," she said of the decision about whether to send her children back into school.More from Invest in You: This expensive high school may have the best reopening strategy Here's what's at stake for children and their parents this fall Are you prepared? This is the financial first-aid kit you need to stock"Suddenly you've got to become an amateur epidemiologist, virologist," said Horn Gordon. "That is terrifying."
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In California, 57% seeking unemployment benefits lost their jobs for a second time
Personal Finance

Thousands of workers in California are turning to the state's unemployment system for a second time.Indeed, more than half of people who recently applied for unemployment benefits in the Golden State had lost their jobs (or had their hours cut) again after having returned to work, according to an analysis published Thursday by the California Policy Lab.It's a drastic rise from earlier in the coronavirus pandemic and hints at the fickle nature of the economic recovery across the country."It's become apparent that for the individuals who have been lucky enough to return to work, they're seeing that this new employment is especially unstable," said Till von Wachter, a co-author of the analysis and an economics professor at the University of California, Los Angeles.
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America's Social Security crisis is getting worse amid the coronavirus pandemic
Personal Finance

Experts are warning that the economic effect of 55 million Americans filing for jobless claims and other issue amid the coronavirus pandemic will make the country’s Social Security crisis even worse.The Old-Age and Survivors Insurance Trust Fund, which funds Social Security benefits, could deplete sooner than the projected 2035 date as fewer people pay into the system and the U.S. dollar continues to weaken.
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