Savvy savers know that one of the best places to stash your emergency fund and other cash savings are in a high-interest savings account. You want to avoid keeping too much money in the bank, but if you need liquid assets you can access quickly, you want them to be securely stored in a bank […]
Americans love their credit cards, even as they continue to rack up plastic-related debt that hurts their personal finances. So, how much does the average person have in credit card debt? According to data from the Federal Reserve, total consumer credit card debt hit $1.057 trillion in March 2019. Furthermore, the average credit card balance […]
More than $2 trillion dollars is invested in target-date retirement funds (TDFs), the ingenious device that has simplified the diversification challenge for millions of savers and surreptitiously encouraged patient buy-and-hold investing. A TDF owns a predetermined mix of stocks, bonds, cash and sometimes alternative investments such as real estate investment trusts (REITs). The percentage devoted […]
The coronavirus pandemic has caused serious economic hardship for millions of families across the country. More than 20 million Americans have filed for unemployment benefits over the last several weeks, and for some people, it might be a struggle just to pay the bills. The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act […]
The coronavirus-induced economic upheaval is taking a toll on a popular source of investment income for retirees: dividends. As U.S. companies deal with steep revenue drops and are forced to cut expenses, 203 stocks this year have reduced or suspended their dividends, 44 of them on the S&P 500 index. And, with economic uncertainty remaining […]
Nearly half (47%) of U.S. adults, or about 120 million people, currently have credit card debt, up from 43% reported in early March, according to a new report from CreditCards.com. The sudden spike in credit card debt coincides with states issuing stay-at-home orders that have forced millions of businesses to shutter. Alarmingly, 23% of credit […]
Your credit score is one of the most important numbers for your personal finances. Your credit score can be a determining factor in getting approved for a new loan. And if you’re approved, it can decide your interest rate. For a mortgage, for example, that difference in interest rate can be worth tens of thousands […]
With all of the economic uncertainty happening right now, it might seem like a scary time to start investing. But there is no “ideal” time to invest, financial experts say. Dipping your toes in now, if you haven’t invested before, can help make investing a habit in good times and bad. “You can’t time the market” […]
The coronavirus pandemic has overturned most aspects of daily life, not least the way we work. For many, that has brought with it a period of great uncertainty and possible job insecurity. But for aspiring entrepreneurs, it has also created a window of opportunity, according to the author of bestselling business book The Lean Startup. […]
Not everyone is ready and willing to put their money into the stock market, particularly during the current coronavirus crisis, as millions of Americans are filing for unemployment benefits and the economy appears to be in free fall. What little cash you may have might be better off in a savings account. Instead of potentially losing money, it only […]
Millions of Americans will receive checks for up to $1,200 per person ($500 for each young child) as part of the $2 trillion stimulus package to ease the economic impact of the coronavirus pandemic. Many families will need to use their checks to put food on the table or keep the roof over their heads. […]
You may have realized in the last few weeks you’re spending more time (and money) on Amazon than usual. Welcome to the club! We likely don’t need to tell you that all those purchases can add up fast, especially while many of us are staying home due to the coronavirus outbreak and stocking up on […]
