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☆ Why a $100,000 income no longer buys the American Dream in most places
▼ + stars: | 2024-04-16 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

"The benchmark of a six-figure salary used to be the gold standard income," Sabrina Romanoff, a clinical psychologist, told CNBC. "It represented the tipping point of finally earning a disposable income and building savings and spending based on your wants, not just your needs." "It becomes increasingly hard for many families to be able to attain that sort of middle-class lifestyle, that American Dream," Gould said. Consumers using the popular 50-30-20 budget guideline aim to spend 50% of their income on essential expenses, with another 30% for discretionary spending and the remaining 20% for savings. Using that framework, GoBankingRates found that all 50 states require more than a $100,000 annual income, according to the report, with 38 states needing more than $140,000.

Persons: Sabrina Romanoff, haven't, Elise Gould, Gould, GoBankingRates, Jason Reginato Organizations: CNBC, SurveyMonkey, Economic Policy Institute, Consumers

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhere a $100,000 salary still buys the American DreamMore than half (52%) of Americans say they would need at least $100,000 a year to be financially comfortable, according to the August 2023 CNBC Your Money Survey. It's becoming increasingly more difficult to achieve the American Dream, especially as younger generations are beginning their adulthood with thousands of dollars in student loans. Watch the video above to learn more about how much it costs to achieve the American Dream.

Organizations: Survey

☆ 95% of Americans plan to look for a new job in 2024, survey finds — Here's how to switch strategically
▼ + stars: | 2024-03-29 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

A majority of Americans, 95%, said they plan to look for a new job this year, according to a January 2024 survey by job site Monster. Money is a big reason, with 45% of workers saying they need a higher income. Data from the Federal Reserve shows that job switchers increase their salaries more quickly, on average, than those who stay put. The first time she switched jobs, she took a $20,000 pay cut in order to gain experience. Abdul told CNBC she continued to grow her salary through promotions and other job hops.

Persons: Kyyah Abdul, I've, Abdul, She's Organizations: Federal Reserve, Finance, CNBC Locations: Los Angeles

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how you know it's time to leave your jobA majority of Americans, 95%, said they plan to look for a new job in 2024, according to a survey by job site Monster. Money's a big part of this: 45% of American workers say they need a higher income. Data from the Federal Reserve shows that job switchers increase their salary more quickly on average than those who stay put, but hiring professionals say it's still important for candidates to be strategic when making career moves.

Organizations: Federal Reserve

☆ In some states, it's 'nearly impossible' to buy a home that isn't part of a homeowners association, expert says
▼ + stars: | 2023-10-31 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +8 min

These communities are usually overseen by homeowners associations. Homeowners associations, also known as HOAs, are self-governing organizations that implement rules for homeowners and renters within common-interest communities. The board may choose to hire a management company, many of which are for-profit, to help run day-to-day operations. Roughly 84% of newly built, single-family homes sold in 2022 belonged to homeowners associations, according to the U.S. Census Bureau. "But it seemed like [the deal] never got to the management [company] or homeowners association," Enrique Inostroza said.

Persons: Jewel Inostroza, Enrique, Gen Z, it's, Deborah Goonan, Inostroza, Enrique Inostroza, Mark Licea, HOA, Bradley, Tom Skiba, Skiba, Steve Horvath Organizations: Homeowners, Finance, . Census, Communities, CNBC, Management, HOA, Sentry Management, Community Associations Institute, Economics, Rocket Mortgage, HOA United Locations: Newnan , Georgia, HOA, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow homeowners associations became so powerfulMore than 80% of newly built single-family homes sold in 2022 belonged to a homeowners association, according to the U.S. Census Bureau. HOAs tout themselves as a value-add to homeowners, specifically when it comes to maintaining high property value, but not everyone is pleased with these organizations. More than half, 57%, of homeowners with an HOA dislike the arrangement, and more than 3 in 10 say they feel their HOA has too much power, according to a 2023 survey from Rocket Mortgage.

Organizations: . Census, Rocket Mortgage

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the U.S. economy needs debt, according to some economistsThe U.S. national debt hit nearly $33 trillion as of early September 2023. Every year since 2001, the U.S. government has spent more money than it takes in, which means it has to borrow money to make up the difference. The national debt is frequently discussed as a danger to future generations, but some economists say that, unlike household debt, there's no reason to get the national debt down to zero. Most economists warn, however, that there's a balancing act when it comes to the national debt.

Organizations: U.S Locations: U.S

☆ U.S. debt is nearly $33 trillion. But some economists say not all debt is bad.
▼ + stars: | 2023-09-10 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

The U.S. national debt is sitting at nearly $33 trillion dollars. "The public debt has always been used for emergencies. The national debt increased by more than 89% since the beginning of the pandemic, with many top economists in agreement that 2020 was not the time to worry about the debt. Servicing the debt can become difficult when interest rates are higher. The Federal Reserve has been increasing interest rates since March 2022 with the goal of slowing down economic activity.

Persons: Kris Mitchener, William Gale, Michael Peterson, Peter G, Lori Esposito, Murray, Stephanie Kelton Organizations: U.S, Leavey School of Business, Santa Clara University, Brookings Institution, Peterson Foundation, Economic Develop, Conference Board, Economic Development, The Conference Board, Federal Reserve, Stony Brook University Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy prosecuting insider trading is so problematicInsider trading is a type of market abuse when an advantageous trade is made based on material nonpublic information. The issue is there's not a specific law defining what insider trading is, which makes it difficult to prosecute cases as they arise. Additionally, a major component of prosecuting a case is proving intent, which requires a lot of evidence to support the claim. Watch the video above to learn more about what insider trading is and why it's so difficult to stop.

☆ Why insider trading is so difficult to stop
▼ + stars: | 2023-08-10 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

Martha Stewart was famously accused of insider trading in the early 2000s, but she didn't face criminal insider trading charges. "It is incredibly difficult to prove an insider trading case," said Daniel Taylor, a forensic accounting professor at the University of Pennsylvania. "Insider trading is judge-made law," said John Reed Stark, former head of the Office of Internet Enforcement at the Securities Exchange Commission. The SEC adopted an amendment to a rule that will "enhance investor protections against insider trading." The Department of Justice prosecuted the first insider trading case exclusively based on the rule in March 2023.

Persons: Martha Stewart, Stewart, Daniel Taylor, John Reed Stark, Stark, Justin Paperny, Paperny, I've Organizations: University of Pennsylvania, Internet, Securities Exchange Commission, SEC, Department, Justice, United, White, Department of Justice Locations: United States

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy warning labels are so terrifyingU.S. consumers seem to be inundated with scary warning labels, but the fear may be necessary. Research shows people don't pay attention unless these labels elicit strong emotion. Experts say the rise in warning labels over the past several decades may be backfiring due to desensitization of the potential risks products carry. Watch the video above to learn more about the increase in scary warning labels and why experts are concerned it's not enough.

☆ Warning labels in the U.S. seem to be everywhere. Here's why they may be pointless
▼ + stars: | 2023-07-23 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

One of the problems researchers have pointed out is people are desensitized to warning labels because they seem to be everywhere. In December 2022, a federal judge ruled that the U.S. Food and Drug Administration cannot require tobacco companies to put graphic warning labels on cigarettes. When it comes to making sure people are using products safely, consumer protection advocates say warning labels should be a last resort. "And that's the problem with just relying on warning labels. Watch the video above to learn more about why warning labels aren't working and what we can do about it.

Persons: Kip Viscusi, Viscusi, Oriene Shin, that's, Shin Organizations: Vanderbilt University, U.S . Food, Drug, Consumer Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the U.S. can't solve hungerDespite being one of the wealthiest nations in the world, 33.8 million Americans didn't have adequate access to food. So why are so many Americans going hungry and what can be done to solve it?

Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerica's $2 billion peanut butter industryPeanut butter is a $2 billion dollar industry in the U.S. and has continued to increase profits yearly as purchases grow and prices rise, though peanut butter's price has remained low. Peanut butter has has a 90% household penetration rate, meaning it is seen in most American households. With that legacy, it's a delicate balance for top brands to innovate while still being consistent with expectations. Three brands hold the top market share — Jif, Skippy and Peter Pan.

Persons: Skippy, Peter Pan Locations: U.S

☆ How New York City's sky-high cost of living stacks up to London
▼ + stars: | 2023-06-24 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

New York tied with Singapore as the most expensive cities in the world in 2022, according to the Economist Intelligence Unit's Worldwide Cost of Living Index. She recently challenged herself to limit her weekly spending to $150, something she's done while living in various cities around the world. Tracking your spending "really makes you conscious of how much you're spending," Wong said. A one-bedroom close to the city center is around $3,700 in New York, according to cost-of-living data collection project Numbeo as of June 21, while a comparable apartment in London would cost roughly $2,600. On top of a bigger rent payment, groceries are nearly 70% more expensive in New York, according to Numbeo.

Persons: Lucy Wong, Wong, Lily Slater Organizations: New York, Economist Intelligence, Index, London, Finance Locations: York, London, Singapore, New Yorker, New York

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy New York City is more expensive than LondonNew York ranked one of the most expensive cities in the world in 2022 whereas London ranked 28th, according to Worldwide Cost of Living 2022 from Economist Intelligence. It would cost approximately $9,500 US dollars to maintain the same lifestyle as about $7,200 dollars would get you in London, according to data collection project Numbeo. Watch the video above to learn more about the cost of living in New York City and London and why people choose to live there despite the inflated price tag.

Organizations: London New York, London, Economist Intelligence Locations: York City, London, New York City

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy inflation is so stickyEverything is more expensive. Overall consumer prices are about 13% higher than they were in April 2021 and Americans are feeling the pain. Inflation, or the rate prices are increasing in the general economy, has been a persistent problem the past two years. The Federal Reserve had hoped inflation would normalize as the pandemic's volatility subsided, but prices have stubbornly stayed well above its 2% goal. Watch the video above to learn why inflation sticks around and what we can do about it.

Organizations: Federal Reserve

☆ Wage hikes may have been a key driver of inflation. They may now be fueling mass layoffs
▼ + stars: | 2023-06-01 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

Central bank officials around the world have said taming inflation is their top priority, but rising prices have turned out to be stickier than originally expected. The U.S. economy saw a pickup in inflation that began in 2021 amid pandemic-induced supply chain issues. This led to record job openings and high turnover as people job hopped for more money and the unemployment rate declined sharply. "But this is an unusual episode where it seems like right now the main driver of inflation is actually labor costs, and what that means actually is that workers are gaining." But there are signs that wage growth is cooling, especially as layoffs have skyrocketed nearly fivefold in 2023 across some industries.

Persons: Laura Veldkamp Organizations: Columbia Business School Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow UnitedHealth Group grew its annual revenue by more than $100B over the past decadeUnitedHealth Group is the biggest health-care conglomerate in the U.S. based on market cap and revenue. It's even bigger than JPMorgan Chase, the nation's largest bank. Annual revenue has nearly doubled over the past decade, when adjusted for inflation, from $144 billion in 2012 to $250 billion in 2022. The company's growth was fueled by an acquisition strategy that has been largely free of regulatory scrutiny. Watch the video above to learn how UnitedHealth grew so big and what that means for U.S. health care.

☆ How UnitedHealth Group grew bigger than the nation's biggest banks
▼ + stars: | 2023-05-20 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

UnitedHealth Group has the highest price per share of any company on the Dow Jones Industrial Average and it's the tenth heaviest-weighted stock on the S&P 500. In fact, not only is UnitedHealth the biggest health-care conglomerate in the United States based on market cap and revenue, it's even bigger than JPMorgan Chase, the nation's largest bank. "If I had to pick one stock, only one stock to buy, I'd buy United[Health]," said Ana Gupte, principal at AG Health Advisors. "UnitedHealth Group is committed to improving the health system for everyone, advancing evidence-based practice and aligning incentives across the system to ensure people get the right care at the right time in the right place," UnitedHealth Group told CNBC. Watch the video above to learn how UnitedHealth Group grew so big and what that means for the U.S. health-care system.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy European workers have better vacation policies than AmericansThe United States is the only advanced economy that doesn't guarantee workers paid time off. And nearly half of those who are offered paid vacations don't take the days, even though roughly 80% of U.S. workers receive some sort of paid time off. In France, in contrast, the cultural norm is to take off the entire month of August. But not taking vacation could be harmful to both workers' health and the economy. Watch the video above to learn more about the vacation story of these two cultures.

☆ Why U.S. vacation policies are so much worse than Europe's
▼ + stars: | 2023-04-19 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +2 min

The United States is the only advanced economy that does not guarantee paid time off. The European Union Working Time Directive, which was passed in the early 1990s, requires at least 20 working days of paid vacation in all EU countries. France provides a minimum of 30 paid vacation days per year. What's more, many European countries have paid holidays as well, giving workers there even more paid days off. “When I came to France, I noticed that vacation is a way of life,” said Fatima Cadet-Diaby, an American who has been living in Paris for nearly seven years.

☆ Here's how the IRS works (and where it gets its money)
▼ + stars: | 2023-04-01 | by ( Charlotte Morabito | Lindsey Jacobson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the IRS worksThe Internal Revenue Service brings in approximately 96% of the federal government's funding every year. In fiscal year 2021 alone, the IRS collected $4.1 trillion dollars in gross taxes. But funding for the agency declined by more than 20% between 2010 through 2019 when adjusted for inflation. In August 2022, President Biden signed the Inflation Reduction Act into law, which set aside nearly $80 billion for the IRS to be used over the next 10 years. Watch the video above to learn more about how the IRS works and how budget cuts have affected the agency.

☆ Here's why IRS tax audits have declined over the past decade
▼ + stars: | 2023-04-01 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +2 min

Tax season is upon us, and along with it comes the ensuing bout of paranoia about the dreaded IRS audit. In 2022, the IRS audited 3.8 out of every 1,000 income tax returns. The GAO report concludes that a drop in IRS funding was a main contributor to the decline in audits. Janet Holtzblatt senior fellow at the Urban-Brookings Tax Policy CenterAbout 70% of the IRS's overall budget is spent on labor. "Someone who's three years out of college isn't going to be doing the technical work on the ExxonMobil tax return.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow rent control policies affect housing affordabilityRent affordability is still a major issue in the United States. More than 19 million renters in America are considered rent-burdened, spending more than 30% of their income on housing costs. In response, support for rent control policies has gained traction. But can such policies really make rent more affordable in the U.S.? And if so, what would it look like?

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