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 […]
Making smart financial choices in your 20s can help set you up for long-term success. That includes creating a plan to pay off student loans, avoiding credit card debt, building an emergency fund and working toward hitting bigger goals, like having enough money for a down payment on a house. Taking control of your finances […]
Most people know they need to save around 10% to 15% of their income throughout their working life to have enough money to retire. But simply putting this money into a 401(k) or IRA isn’t going to cut it – you need to make sure you’re doing the right things with your retirement contributions. And […]
The COVID-19 pandemic has been an epic wake-up call to the importance of saving money for emergencies. Households with no financial cushion face potentially disastrous consequences. Those who have emergency funds may be realizing it’s not enough. An emergency fund is a critical component of any financial plan. But you need to know how much […]
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 […]
Divorce can affect your life in many ways. Unfortunately, one big way it could have an impact is by making it harder to retire. Divorce can affect your retirement security because the process itself can be costly and you may drain your savings to pay for legal support. If you lose a portion of your […]
The U.S. officially entered a recession back in February, according to the National Bureau of Economic Research, and the economy doesn’t seem to be bouncing back just yet. Gross domestic product (GDP) fell by nearly 33% in the second quarter of this year, the Commerce Department revealed, which is the largest drop in U.S. history. […]
For many Americans, retirement will last decades. Being prepared is essential, and there’s a lot that goes into a successful retirement plan. But according to research from Wells Fargo, three key issues stand out above the rest in what Americans believe is most important when preparing for their later years: 1. Making your savings last […]
One of the consequences of the COVID-19 pandemic has been a dramatic reduction in transportation of all kinds. Between lockdowns, quarantines and social distancing protocols, far fewer people are flying and driving. It’s been a major boon to the environment — and it turns out that it could save you money, too. Auto insurance was […]
