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☆ The No. 1 credit card myth that 'just will not seem to die'—why you shouldn’t fall for it
▼ + stars: | 2024-05-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Plenty of myths about how to manage your credit card debt have been debunked throughout the years, but one seems to be more resilient than others. "The cockroach of credit scoring myths, the one that just will not seem to die, is that carrying a balance on your credit card helps boost your credit score," Matt Schulz, chief credit analyst at LendingTree, tells CNBC Make It. Your credit score is based on the following five factors:Payment history, 35%: How consistently you've made on-time payments toward your credit card bills and other loansHow consistently you've made on-time payments toward your credit card bills and other loans Amounts owed, 30%: How much you currently owe compared with your available credit, also known as your credit utilization ratio. How much you currently owe compared with your available credit, also known as your credit utilization ratio. New Credit, 10%: How recently or how often you've applied for new credit cards or other loansHow recently or how often you've applied for new credit cards or other loans Credit mix, 10%: The various types of debt you're managing, such as credit card debt, student loan debt or a mortgage.

Persons: Matt Schulz, It's, Schulz, you've Organizations: CNBC

☆ Bored Ape Yacht Club NFTs sold for millions in 2021—prices have dropped 90% since then
▼ + stars: | 2024-05-02 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

A person walks by Bored Ape Yacht Club NFT characters inside Radio City Music Hall during the 4th annual NFT.NYC conference on June 21, 2022 in New York City. Yuga Labs, the creator of the viral Bored Ape Yacht Club non-fungible tokens, announced a new round of layoffs on Friday as the NFT frenzy appears to cool. But despite Bored Ape Yacht Club's substantially lower floor price, the NFT market is still showing some signs of life. How YugaLabs got startedYugaLabs' Bored Ape Yacht Club collection launched in April 2021 with 10,000 NFTs depicting the cartoon apes with various colors, clothing and facial expressions. The startup went on to release several other NFT collections, including Mutant Ape Yacht Club and CryptoPunks.

Persons: Greg Solano, Justin Bieber, Paris Hilton, Sotheby's, YugaLabs Organizations: Radio City Music Hall, Yuga Labs, ETH, Yacht, CryptoPunks Locations: New York City

☆ Over $1 billion in unclaimed tax refunds is set to expire in just over 2 weeks, IRS says—here’s how to claim yours
▼ + stars: | 2024-04-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The Internal Revenue Service says more than $1 billion in unclaimed tax refunds from the 2020 tax year is sitting in its coffers. Around 940,000 people across the U.S. have until May 17 to submit their 2020 tax returns and claim their portion of the unclaimed funds, according to the IRS. "There's money remaining on the table for hundreds of thousands of people who haven't filed 2020 tax returns," IRS Commissioner Danny Werfel said in March. Typically, tax filers have three years to claim old refunds by the April 15 tax filing deadline. The IRS says that your refund may be withheld if you haven't filed your 2021 and 2022 tax returns.

Persons: haven't, Danny Werfel, Werfel Organizations: Internal Revenue Service, IRS

☆ 40-year-old paid off $20,000 in credit card debt, then stopped using them completely: 'I was more than happy to cut them up'
▼ + stars: | 2024-04-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

After paying off around $20,000 in credit card debt six years ago, Shonnita Leslie hasn't used a credit card since. Leslie began receiving credit card offers in the mail before she turned 18 and recalls her mom saying it was "inappropriate" for someone her age to have one. Leslie got her first credit card after earning her master's degree in 2009, she says. Since she wasn't earning much money from her first job and most of her paycheck went toward necessities like rent, she initially used her credit card to buy work clothes. While Leslie recognized she would eventually need to clear her credit card debt, she didn't prioritize paying off her full balance each month, which caused her debt to skyrocket due to costly interest charges.

Persons: Shonnita Leslie hasn't, Leslie Organizations: CNBC

☆ Here is the average credit score at every age in the U.S.—see how yours stacks up
▼ + stars: | 2024-04-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Although Americans' average credit scores recently dropped for the first time in a decade, many appear to be maintaining a relatively healthy score. The average credit score dipped by one point, from 718 to 717, according to FICO's March 6 blog post. Your FICO and VantageScore credit score can fall anywhere between 300 and 850, and a 717 score is considered to be "very good," according to the VantageScore model. Here are VantageScore's rankings and ranges:Very Poor: 300 to 499300 to 499 Poor: 500 to 600500 to 600 Good: 601 to 660601 to 660 Very Good: 661 to 780661 to 780 Exceptional: 781 to 850When you break down the average credit score by age, most Americans appear to have a good score as well. It's understandable that older generations tend to have higher scores since they've had a longer time to establish and maintain their credit.

Persons: they've Organizations: CNBC

☆ You need at least $1 million to retire comfortably in these 10 U.S. states—half are in the Northeast
▼ + stars: | 2024-04-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual's 2024 Planning and Progress study. But in certain states, like Hawaii, you'd actually need more than that. The minimum amount of savings you'd need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study. It also looked at each state's cost of living through the Missouri Economic Research and Information Center state-by-state cost of living index, based on the Council for Community and Economic Research survey data. Here are the 10 states where you'd need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It.

Persons: GOBankingRates Organizations: Security, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Council for Community, Economic Research, CNBC Locations: Northwestern, Hawaii, you'd, Aloha, Missouri

☆ How much Americans in their 40s have in their 401(k)s—and how to boost it
▼ + stars: | 2024-04-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

If you're in your 40s and have over $40,000 saved for retirement, you're ahead of most people in your age bracket. Here's how much Americans have in their 401(k)s by age, according to Fidelity. By the time you reach your 40s, you should aim to have three times your salary saved for retirement, according to Fidelity's guidelines. Why Americans in their 40s haven't been able to save moreVarious factors have gotten in the way of this age cohort's ability to boost their retirement contributions. How people in their 40s can boost their retirement savings

Persons: they're, Anne Lester, Xers, Lester Organizations: Fidelity Investments, Fidelity, CNBC

☆ Bitcoin halving isn't a big deal for long-term investors, but may have a 'huge' impact on one key group, says Columbia professor
▼ + stars: | 2024-04-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Bitcoin's "halving" is expected to happen soon. But its potential impact depends on your relationship to the coin; it's likely to affect miners and investors differently. "To the people who own bitcoin because they think it's a good store of value, this halving is not that big of a deal. Miners receive bitcoins, known as block rewards, for verifying and validating transactions and helping keep the blockchain network secure. What the bitcoin halving may mean for investorsWhile the halving itself doesn't directly impact bitcoin's price, investors' anticipation of the event can lead to highly erratic price movements, says Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth.

Persons: Douglas Boneparth, Boneparth, Malekan Organizations: Columbia Business School, Architecting, Money, CNBC, Bone, Miners

☆ You could claim up to $500 from Walmart as a part of a $45 million class action lawsuit—here's how to check
▼ + stars: | 2024-04-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Attention shoppers, you may be eligible to receive up to $500 from Walmart if you purchased certain groceries from the big box retailer over the past six years. A class action lawsuit filed in Florida claims that "Walmart uses unfair and deceptive business practices to deceivingly, misleadingly, and unjustly pilfer, to Walmart's financial benefit, its customers' hard-earned grocery dollars." The lawsuit specifically alleges Walmart "falsely inflates the product weight" and overcharged shoppers for certain "weighted goods" and "bagged citrus." "We will continue providing our customers everyday low prices to help them save money on the products they want and need. Here's how to see if you're eligible for a cash payment and how to file a claim.

Organizations: Walmart, CNBC Locations: Florida

Although Leslie has been chipping away at her student loan debt for about 15 years, she says it's been worth it in order to pursue her passion. Leslie used her DoorDash side hustle to help pay down her student loan debt. Leslie used her early DoorDash earnings to eliminate her car loan, then began throwing the rest at her remaining student loan balance. "It was really important that I got a lot of my student loan debt taken care of because then I was able to dedicate that back into myself and my health and my mental wellness," she says. Working toward a debt-free futureAlthough Leslie says her student loan debt is at a more manageable level, she plans to continue working part-time as a DoorDash delivery driver for now.

Persons: Shonnita Leslie, Leslie, it's, It's, Roth, she'll Organizations: CNBC, Public, Fi Insurance, Hulu, Roth IRA Locations: Connecticut, Houston , Texas, Houston, Leslie's, Texas, DoorDash

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow this millennial making $65,000 in Houston, Texas spends her moneyShonnita Leslie, 40, makes $65,000 a year in Houston, Texas between her full-time role as a program manager at a university, and part-time work as a DoorDash driver and freelance writer. She had $60,000 in federal loans forgiven in 2022 after working in public service and making consistent payments for 10 years. 08:04 3 hours ago

Persons: Shonnita Leslie Locations: Houston , Texas

☆ In your 30s and have nothing saved for retirement? Here’s how you could still retire a millionaire
▼ + stars: | 2024-04-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you're in your 30s and don't have much saved for retirement, you're not alone. Even if you have little or no retirement savings, you can still get back on track — and even retire as a millionaire. CNBC calculated how much you could retire with if you contributed $1,000 a month to a retirement investment starting at ages 25, 30 and 35. These calculations assume a starting balance of $0 and an annual rate of return of 6% or 8% until age 65. Additionally, the calculations don't account for unpredictable events like market volatility.

Persons: you'd Organizations: Fidelity Investments, CNBC Locations: Northwestern

☆ Jamie Dimon says AI could be as transformative as electricity or the internet—here's how to invest
▼ + stars: | 2024-04-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

JPMorgan Chase CEO and chairman Jamie Dimon believes artificial intelligence innovations will have as big of an impact on society as the invention of electricity and the internet. JPMorgan Chase began using AI over a decade ago, Dimon said in the letter. Additionally, JPMorgan Chase invests $12 billion annually in a wide variety of technologies, including AI. Dimon likening AI innovation to the invention of the internet suggests the tech's impact may be felt beyond the business world. In a Nov. 9 blog post, Microsoft co-founder Bill Gates said AI "will utterly change how we live our lives, online and off."

Persons: Jamie Dimon, Dimon, JPMorgan Chase, he's, Mark Cuban, I've, Bill Gates Organizations: JPMorgan Chase, JPMorgan, CNBC, Microsoft

☆ Billie Eilish, Nicki Minaj, Jon Bon Jovi and over 200 artists call for protections against “predatory use of AI”
▼ + stars: | 2024-04-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

US singer songwriter Billie Eilish arrives for the 2024 People's Choice awards at the Barker Hangar in Santa Monica, California, February 18, 2024. More than 200 music artists including stars like Nicki Minaj, Katy Perry, Billie Eilish, Stevie Wonder, J Balvin and Jon Bon Jovi have signed an open letter warning against the "predatory use of AI" in the music industry. "We must protect against the predatory use of AI to steal professional artists' voices and likenesses, violate creators' rights, and destroy the music ecosystem," the letter states. Streaming platforms and tech companies "can't turn a blind eye to these types of concerns from the creative community," he tells CNBC Make It. The company noted the risks voice cloning technology presents and says the tool has not been released to the public at this time.

Persons: Billie Eilish, Nicki Minaj, Katy Perry, Stevie Wonder, J Balvin, Jon Bon Jovi, AI's, Michael Huppe, Huppe, ChatGPT, OpenAI Organizations: Barker, Georgetown University, CNBC Locations: Santa Monica , California, Tennessee

☆ The No. 1 factor that makes people feel financially secure—and how to achieve it
▼ + stars: | 2024-04-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

For many people, credit card debt is standing between them and financial security. And although many people feel that financial security means having little to no debt, achieving that goal is typically easier said than done. 1 factor that makes them feel financially secure, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. While there are many different kinds of debt, from student loans to mortgages, by far one of the most expensive forms of debt is credit card debt. The majority of Americans wouldn't be able to cover a $1,000 emergency expense with their savings, per Bankrate's 2024 emergency savings report.

Persons: Ted Rossman, wouldn't, Matt Schulz Organizations: Financial Security, SurveyMonkey, Financial, CNBC

☆ The top 5 U.S. cities to retire if you don't have any savings—only 1 is in Florida
▼ + stars: | 2024-03-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've got nothing saved for retirement, you're not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. The average monthly benefit is around $1,773 as of February, per the Social Security Administration. It ranked each city on a variety of metrics, including the city's average home value, annual grocery costs, annual utilities costs and whether the state taxes Social Security benefits. Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.

Persons: you've, Anne Lester, Roth, GOBankingRates Organizations: CNBC, Roth IRA, Social Security, Social Security Administration, Social, U.S, Survey, Tax Foundation, Bureau of Labor Statistics, Expenditure Locations: U.S

☆ Earned money from crypto or NFTs? 5 times you need to report it to the IRS, according to a CPA
▼ + stars: | 2024-03-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Whether you're an active cryptocurrency trader or you've dabbled in the word of virtual currency, the IRS wants to know. This year, the term "digital assets" replaced "virtual currencies," which was used in previous years. The IRS defines digital assets as "a digital representation of value recorded on a cryptographically secured distributed ledger or similar technology." It names crypto, stablecoins and non-fungible tokens as examples. "If you're in the crypto space and you do any transactions, it's really hard for you to say no for that question," he tells CNBC Make It.

Persons: Shehan Chandrasekera Organizations: IRS, CNBC

☆ Here's how much credit card debt Americans have by age—and which generation owes the most
▼ + stars: | 2024-03-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: 1 min

Americans collectively owe over $1 trillion in credit card debt. But one generation carries the most, on average: Gen X. That marks the highest average credit card balance of any generational cohort. Other generations' credit card debt falls closer to that average or below. Here's the average amount of credit card debt Americans hold by age as of the third quarter of 2023, according to Experian.

Persons: Gen Xers

☆ Here’s how much money Americans in their 30s have in their 401(k)s
▼ + stars: | 2024-03-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Americans in their 30s have another 30 or so years before they reach retirement age, but they may not be saving enough to retire comfortably. On average, Americans believe they'll need nearly $1.3 million to retire comfortably, according to Northwestern Mutual's 2023 Planning and Progress study. However, the amount Americans in their 30s currently have saved is much lower. The data is from the fourth quarter of 2023. Here's how much Americans have in their 401(k)s by age as of the fourth quarter of 2023, according to Fidelity.

Organizations: Fidelity Investments, Fidelity Locations: Northwestern

☆ The top 10 U.S. cities where a $100,000 salary goes the furthest—half are in Texas
▼ + stars: | 2024-03-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

It turns out, that includes how far a $100,000 salary will get you, according to a recent SmartAsset study. A six-figure income offers the most purchasing power in El Paso, Texas, the study found. In El Paso, a $100,000 salary amounts to around $88,840 after taking out those expenses. One factor potentially fueling the Lone Star State's dominance is its tax friendliness, since Texas does not collect state income taxes. However, residents still pay federal income taxes and face some of the highest property taxes in the country.

Persons: Zers —, — Organizations: Council for Community, Economic Research, Census, Christi, Houston, Star Locations: Texas, U.S, El Paso , Texas, El Paso, Mexico, RentCafe, San Antonio, Lubbock

☆ ‘Parents need to talk about this’: The best way to teach your kids about AI, according to an education expert
▼ + stars: | 2024-03-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Although the majority of American kids are familiar with the concept of artificial intelligence, many would like help learning how to use AI-powered tools, per a new survey. And nearly 30% of students in that age range say they've used ChatGPT, OpenAI's AI-powered chatbot, to help with homework, according to the survey. Barchers has also written multiple children's books and college textbooks. "It's impractical to think that the kids are not going to try it," she tells CNBC Make It. "Parents need to talk about this."

Persons: Suzanne Barchers, Barchers Organizations: CNBC

☆ From Stanley Cups to snail mucin skin care—here’s the No. 1 way to keep viral TikTok products from draining your wallet
▼ + stars: | 2024-03-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've spent any amount of time on social media apps like TikTok and Instagram, you're probably familiar with the seemingly endless stream of viral products popping up on your feed. And while something like a $45 Stanley Quencher cup or $25 bottle of COSRX Snail Mucin skin-care essence probably won't break the bank, regular, impulsive spending can seriously damage your finances if you're not careful. Americans spend hundreds on social-media driven impulse buysAmericans spend around $754 a year on spur-of-the-moment purchases made on social media platforms, according to Bankrate's September survey, the latest available data. While you shouldn't feel bad for treating yourself every now and then, you should be aware of how those purchases may be impacting your long term financial stability. How to get impulse spending under control

Persons: you've, Stanley Quencher, Gen Zers

☆ Bitcoin briefly reached its highest price in over two years—but investors should still tread carefully
▼ + stars: | 2024-03-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On Tuesday morning, bitcoin briefly reached an all-time high price of $69,210, according to Coin Metrics. The new record had been a long time coming: It's been over two years since the cryptocurrency reached its previous high of around $68,982 on Nov. 10, 2021. One factor that appears to be fueling bitcoin's recent rise is the debut of bitcoin ETFs. The digital token's rise also helped boost the price of other virtual coins, including ether, which reached its highest price level since January 2022 on Wednesday. Although bitcoin's recent success may make it tempting to buy in, think carefully before adding it or any other cryptocurrency to your investment portfolio.

Persons: bitcoin, It's Organizations: Metrics, Securities and Exchange

☆ The most important step to take with your money if you're worried about layoffs, from a personal finance expert
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

"The most important thing you can do is actually understand what you're going to do beforehand," she tells CNBC Make It. "That way, when you're under stress, you don't also have to stress yourself out by trying to figure all this stuff out on the fly." Here's how to make a plan now if you're worried about layoffs down the road. Make a list of expenses to cutStart by getting a clear picture of your expenses while you're still working and earning money. Then, create a list of which expenses you'd be able to cut immediately in the event you're let go from your job, Lester says.

Persons: Anne Lester, you'd, Lester, you'll Organizations: CNBC

☆ Credit card late fees will soon be capped at $8—why you should aim to pay on time anyway
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The days of double digit late fees for late credit card payments may be coming to an end. On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. For the past decade, consumers have faced increasing credit card late fees with the average cost of a late payment rising from $23 at the end 2010 to $32 in 2022, according to the CFPB. However, the agency says many larger credit card issuers hiked those late fees each year without proving why the increase was necessary. I don't think $8 is enough of a deterrent [against making late payments]," he tells CNBC Make It.

Persons: Rohit Chopra, Ted Rossman Organizations: Consumer Financial, Federal, CNBC, American Bankers Association

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