The Department of Labor recently issued guidance providing a road map for employers to add certain retirement savings funds into their investment lineup that invest in private equity. For those saving for retirement, this is a promising step in the right direction for expanding investment opportunities. While this guidance does not necessarily enable a new […]
There are plenty of reasons to refinance your home — better rates, lower monthly payments, and getting rid of private mortgage insurance are just a few of them. But there are times when refinancing isn’t the best financial decision. Darrin English, Senior Community Development Loan Officer at Quontic Bank, spoke with Business Insider about what […]
Saving for retirement is a monumental task, requiring several decades of diligent effort. Some people hope to circumvent that by playing the lottery or trying to bet on the right investments, but these get-rich-quick schemes rarely pan out. That doesn’t mean there aren’t secrets to growing your wealth, though. Below, I outline three tricks to […]
If you’ve ever read anything about investing, you probably know how important diversification is. Diversifying your portfolio means you spread your money around so you don’t put all your eggs in one basket. It allows you to avoid catastrophic outcomes if one or two investments perform poorly, and it maximizes the chances your portfolio will […]
The stock market had a great run in the 2010s, but 2020 has already reminded us that crashes do happen — and that they’re pretty unpleasant. A sudden 30% drop in the value of your long-term savings can reverse years of contributions and investment growth, putting your retirement timeline on hold indefinitely as you wait […]
As an immigrant who moved alone to the U.S. from Jamaica at age 17, Jordanne Wells didn’t know much about managing finances in her 20s. She graduated from college with eight credit cards, and eventually found herself $30,000 deep in credit card debt. While Wells had a steady income at the time and was already […]
Legendary investor and billionaire Warren Buffett has a tip for young people: Focus on learning how to write and speak clearly. “The one easy way to become worth 50 percent more than you are now — at least — is to hone your communication skills — both written and verbal,” says Buffett in a video […]
Some of the largest issuers of travel rewards cards are adding benefits to accommodate cardholders who have put travel plans on hold because of the coronavirus pandemic. Rewards card providers “have really leaned in to where people are spending these days,” said Ted Rossman, industry analyst at CreditCards.com. The coronavirus crisis has compelled many Americans […]
Behavioral economist Dan Ariely and his colleagues at Duke University’s Center for Advanced Hindsight have a pact. Every week, the group of 50 people picks one small business in Durham, North Carolina, and each person spends $100 there. A one-time $5,000 infusion wouldn’t make a difference to Amazon, Costco or any other large retailer, but […]
If you’re in the process of refinancing your mortgage, you may end up paying more than you expected. Fannie Mae FNMA, +0.93% and Freddie Mac FMCC, +0.70% said Wednesday that they will start charging a 0.5% “adverse market fee” on all refinances, including both cash-out and non-cash-out refis. The new fee goes into effect Sept. […]
Once COVID-19 cases started multiplying in the U.S., the unemployment rate exploded. Now, months later, we’re still in a recession, and the outbreak is showing no signs of getting better. Recognizing the need for relief, lawmakers implemented the CARES Act back in late March. It was responsible for the $1,200 stimulus payments that went out […]
Figuring out what to do with your company pension when you retire can be a bit more complicated than making a plan for your employer-sponsored 401(k) plan. With a company or government pension plan, your choices can range from many to none. “Every pension plan is a little bit different from the other,” says Christine […]
