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Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage. The types of insurance policy premiums include car, life, health, homeowners, renters, and disability insurance. Life insurance premiumsAs previously mentioned, term life insurance premiums are locked in when the policy is signed. Another factor that goes into homeowners insurance premiums is your insurance score, which you do have some control over. Insurance premiums frequently asked questionsHow often do I have to pay insurance premiums?

Persons: policyholders, you'll, they're, Policygenius Organizations: Health Locations: New York, California

First-time homebuyer no down payment programsIt's possible to get a mortgage with no down payment. VA mortgage borrowers enjoy the ability to put no money down and interest rates that are typically lower than conventional mortgage rates. Other low down payment mortgage optionsIf you don't qualify for VA or USDA no down payment home loans, there are other strategies you can use to reduce the down payment you're required to pay. Preparing for the application processTo ensure you qualify for a no down payment mortgage, work on getting your credit score in a good place. Forgoing a down payment may mean paying a higher interest rate and higher monthly payment on your mortgage.

Persons: you'll, Here's who's, Fannie Mae, Freddie Mac Organizations: US Department of Veterans Affairs, US Department of Agriculture, Federal Housing Administration, Federal Housing Finance Agency, USDA, Chevron Locations: homebuyers

Up to 8/10 cardholders who asked for a lower interest rate in the past have reported success. Negotiating with Your LendersRequest a Lower Interest RateContact your lenders or credit card issuers to request a lower interest rate, especially if you have a history of on-time payments or an improved credit score. Consolidating DebtDebt consolidation can simplify your finances and potentially lower your overall interest rate if you can secure a consolidation loan at a lower rate than your existing debts. FAQsWill refinancing my loan always result in a lower interest rate? While your existing loans' rates are typically fixed, improving your credit score can position you better for refinancing at a lower rate or negotiating lower rates on future loans or credit lines.

Persons: cardholders, you've Organizations: Chevron Locations: autopay

See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?

Persons: —, Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron

Many of these "super savers" and "pre super savers" drive older cars and live in modest homes. Nearly 60% also say they work with a financial advisor, or plan to in the future. More than 40% of the super savers and pre super savers said they drive older vehicles, live in a modest home, travel less than they prefer, and do DIY projects instead of hiring outside help. Forty-one percent of super savers and 42% of pre super savers say they work with a financial advisor, while 21% and 20%, respectively, say they plan to in the future. Datalign Advisory makes finding a financial advisor specific to your needs easier than ever.

Persons: —, Get Organizations: Service, SEC, Northwestern Mutual

If two people save $100 a month for retirement, but one starts at 25 and the other at 35, the early saver will have nearly twice as much by age 65. Starting to save now, wherever you are in your timeline, is better than starting tomorrow or next week. Chris and Jennifer both invest $100 a month at a 5% annual compound rate of return. Chris begins investing at age 25, putting away $100 every month until 65 and Jennifer begins saving $100 a month at age 35. Saving in a tax-advantaged retirement account, such as an IRA or 401(k), can give your money an even greater boost.

Persons: —, Jennifer, Chris, Andy Kiersz, Robinhood, Ameritrade, Hope isn't Organizations: Service, Business, Robinhood, supersavers

A W-2 tax form is a type of informational form that's essential for completing your tax return. If you haven't received your W-2 by mid-February 2024, there are a few simple steps to take to ensure you have it in time to meet the April 15 tax deadline. How can I get my W-2 online? The easiest way to get a copy of your W-2 online is to ask your employer and/or payroll provider. Search your email account for "tax form is ready" or "tax form available for download" along with the name of the payroll provider.

Persons: —, haven't, Riley Adams, Sallie Mullins Thompson, hasn't, Adams, it's Organizations: Service, Social Security Administration, Internal Revenue Service, Employers, Social, IRS, Taxpayer Assistance Center, Chevron, Taxpayer Assistance Locations: Louisiana, New York, Chevron

Start your search for a tax preparer or tax advisor before the peak of tax season. How to find the best tax preparer or advisor near youLike finding the right doctor or therapist, it can take time to find the best tax preparer or tax advisor for your situation. A tax attorney has demonstrated expertise in areas of federal and/or state tax preparation and complex tax planning. How to choose a tax preparer frequently asked questionsWho is the best person to get tax advice from? A tax preparer must obtain a preparer tax identification number (PTIN) from the IRS in order to prepare a tax return in exchange for compensation.

Persons: —, it's, Kristine Stevenson Seale, Seale, It's Organizations: Service, IRS, Society of Accountants, Better, BBB, Chevron Locations: Austin , Texas, Chevron

Schedule C is a tax form for self-employed people to report business income. You do so on a tax form called Schedule C.See Insider's picks for the best tax software >>Here's what to know about Schedule C and its filing requirements. What is the Schedule C tax form? Schedule C is a form that self-employed people have to file alongside their tax return, or Form 1040. Schedule C frequently asked questionsDo I have to file a Schedule C?

Persons: It's, —, Kristine Stevenson Seale, Seale, Mark Luscombe Organizations: Service, CPA, Wolters Kluwer, Accounting, NEC, IRS, Insurance Locations: Austin , Texas

☆ How to Prepare Every Part of Your Life for a Recession
▼ + stars: | 2023-10-16 | by ( Tanza Loudenback | ) www.wsj.com time to read: +13 min

But a recession brings other threats too, like the potential for major stock market swings that can derail financial goals. As soon as the line begins to tick upward again, the economy exits a recession and enters an expansion. Are we in a recession or is a recession coming? How to preparePreparing your finances for a recession isn’t all that different from practicing good money habits in your daily life. You’ll likely have to make some real-time adjustments to meet short-term goals while enduring a recession, McCoy says.

Persons: Loudenback, it’s, ”, Ross Hamilton, Raymond James, you’ve, Hamilton, aren’t, “ You’ve, Eric Roberge, ” Roberge, Megan McCoy, “, ’ ”, McCoy, You’ll, ” Hamilton, you’re, “ There’s, there’s, ” McCoy, Roberge, ‘ I’ve Organizations: Wall Street, National Bureau of Economic Research, Kansas State University Locations: U.S, Bethesda, Md, Boston, Hamilton

☆ How Much Should I Contribute to My 401(k)?
▼ + stars: | 2023-10-09 | by ( Tanza Loudenback | ) www.wsj.com time to read: +10 min

401(k) contribution limits 2023 For 2023 Projected 2024 Maximum contribution $22,500 $23,000 Catch-up contribution $7,500 $7,500 IRS, MercerMost 401(k) contributions, including employer matches, go into a pretax, or traditional, 401(k) account. Some employers offer a Roth 401(k), which is essentially the inverse—but more on that later. To ensure you’re getting the full benefit of a 401(k) match, find out your employer’s matching formula and the maximum they could contribute. Should I contribute to a traditional 401(k) or a Roth 401(k)? In general, it makes sense to contribute to a Roth account when you have low or moderate income.

Persons: you’ve, Sam, ”, Derek Pszenny, “, Don’t, Marcy Keckler, Pszenny, ” Pszenny, You’ll, you’re, ” Keckler, Max, Roth IRAs, Roth, IRAs aren’t, IRAs, Keckler Organizations: Carolina Wealth Management, Mercer, Social Security, Ameriprise, Vanguard Locations: North Caroline

However, there are some key differences between the mechanics of credit cards and Helocs. Still, Helocs have far lower rates than credit cards, even for borrowers with strong credit scores. If interest rates climbed to 7% a year later, your payment would rise to $58 a month until the end of the draw period—unless interest rates move again or you draw more from the line. (Secured credit cards are an option for people with limited credit history; they require a cash down payment.) Consolidating credit card debt is another common use, since rates on credit cards can be as much as double what they are on home-equity loans.

Persons: Tanza Loudenback, Aly J, Helocs, you’ve, Robert Heck, won’t, Knight, Freddie Mac, You’re, Scott Fligel, ”, Eric Alexander, Heck, “, ” Heck, Alexander Organizations: Yale, Federal, Federal Reserve, Northwestern Mutual, Income Locations: homeownership, Morty, Charlotte, N.C, Dallas

For Drock, a lobbyist who lives in Washington, DC, and his wife, the road to a $1 million net worth by 35 was littered with trade-offs. Drock told Insider there are three lifestyle tradeoffs that have had an outsized impact on his and his wife's ability to build wealth. "When I first asked her to consider moving, she literally cried," Drock wrote in a blog post. It turned out to be a "key decision for our financial life," he said. Their combined income stands at $300,000 a year, "which still seems surreal to me," Drock wrote on his blog.

Persons: Drock, Drock's, Read, they've, we've Locations: Washington ,, Mint, Europe

☆ It Took Quitting My Job to Finally Pay for Tax Help. It’s Totally Worth It
▼ + stars: | 2023-09-18 | by ( Tanza Loudenback | ) www.wsj.com time to read: +5 min

So the 90 minutes or so I spent gathering all of my paperwork and answering tedious questions about my income and deductions felt like a net gain. I would be responsible for meticulously tracking my income and expenses, as well as for making estimated quarterly tax payments. The questions felt more nuanced and crunching the numbers for estimated tax payments was more complicated than I anticipated. I was able to write off over $14,000 worth of business expenses thanks to the deductions the CPA uncovered. Aside from sharing my 1099s and a list of business expenses, and meeting with my accountant virtually for an hour during tax season, I was hands-off.

Persons: Loudenback, prepped, —, I’m, knowledgeably Organizations: CPA

To retire at 35 and live on investment income of $100,000 a year, you need at least $5.22 million invested. With an annual spending target of $65,000, you'll need about $3.25 million invested. How much you need invested to retire at 35According to Fry's calculations, an investor who leaves work at age 35 would need at least $5,225,000 in a taxable investment account on the day they retire in order to have an annual post-tax income of $100,000. If the investor reduces their target annual income to $65,000, they would need about $2 million less — or $3,250,000 — invested on the day they retire. Fry's simulation also did not factor in potential Social Security income.

Persons: Brian Fry, Fry, Read, Alyssa Powell, — Organizations: Service, Safe, JPMorgan, Social Security, Security, Social, Monte, Capital Locations: Wall, Silicon

Our experts answer readers' investing questions and write unbiased product reviews (here's how we assess investing products). If you're worried about a recession, there are only two things you need: an emergency fund and diversified investments. The biggest danger to a young person isn't a risky portfolio or potential market drop, but avoiding investing. These "funds of funds" automatically choose a blend of investments based on your age — the younger you are, the riskier the investments (more stocks). At the end of the day, the "biggest danger" to a young person isn't a risky portfolio or potential market drop, he said, but avoiding investing all together.

Persons: Ramit Sethi, Sethi, Rich, you'll, Read Organizations: Service Locations: Wall, Silicon, arm's

☆ What Is a Roth IRA and How Does It Work?
▼ + stars: | 2023-08-16 | by ( Tanza Loudenback | ) www.wsj.com time to read: +13 min

How does a Roth IRA work? “A Roth IRA offers investors a lot of flexibility which, in my opinion, is its biggest benefit,” says Eric Presogna, a financial planner in Erie, Pa.How is a Roth IRA different from a traditional IRA and from a 401(k)? The annual limits apply to traditional and Roth IRAs, in aggregate—meaning you can’t add more than the allowed amount to your traditional and Roth IRAs combined. High-income workers can use the “backdoor Roth” strategy to get money into a Roth IRA. How to fund a Roth IRAA Roth IRA typically needs to be funded before you can start choosing investments.

Persons: Roth, “ Roth, ”, David Edmisten, Internal Revenue Service doesn’t, you’re, Roth IRAs, we’ll, “, Eric Presogna, Nick Cantrell, don’t, posttax Roth, Cantrell, Zach Teutsch, brokerages, IRA —, ” Teutsch Organizations: IRA, Internal Revenue Service, Roth IRA, Washington , D.C, Fidelity, Vanguard, IRS, Financial Locations: Prescott, Ariz, Erie, Pa, Massachusetts, Washington ,

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Borrowers who have refinanced federal loans into private loans are ineligible for forgiveness. See Insider's picks for the best student loan refinance lenders >>What is Biden's student loan forgiveness plan? Federal student loans you've refinanced are not eligible for forgiveness under Biden's debt relief plan. Types of student loans that are eligible for forgivenessThe Education Department maintains a list of eligible student loans on its website, which includes the following:Federal Direct Loans — subsidized, unsubsidized, PLUS loans, and consolidation loansFederal Family Education Loan (FFEL) Program loans (ended in 2010)Federal Perkins Loan Program loans (ended in 2017)Education Department-held defaulted loansAll loans funds must have been received on or before June 30, 2022.

Persons: Pell Grant, —, Biden, Pell, you've, doesn't, Andrew Latham, Biden's, Perkins, Latham Organizations: Service, —, Pell Grants, Education Department, US, of Education, Department, Federal, Family Education, Loan Program, Public

A high-yield savings account is a good place to store money for short-term needs. Many banks offer high-yield savings accounts with variable high interest rates. A high-yield savings account may be the best place to save money for travel or a wedding. The best high-yield savings accounts offer variable annual percentage rates (APYs), some at 3.75% APY or more. Fun moneyIf you really want to reward yourself, consider putting your "just for fun" money in a high-yield savings account.

Americans' tax refunds could be worth $12.7 billion more if they were deposited into a 1-year CD earning 5.15% APY. Instead of using tax refunds on vacations, new cars or household appliances, Americans that receive tax refunds can turn them into extra cash. The total amount refunded to all Americans dropped by nearly $30 billion, from $267 billion to nearly $237 billion. CDs could grow America's tax refunds by $10.4 billion in a yearCDs Highest yield savings account Popular savings account 6 months $6 billion $5.7 billion $4.5 billion 1 year $12.7 billion $11.6 billion $9 billion 18 months $19 billion $17.7 billion $13.7 billion 2 years $25.6 billion $23.8 billion $18.4 billion 3 years $37 billion $36.6 billion $28.1 billion 4 years $47.1 billion $50.1 billion $38.2 billion 5 years $59.6 billion $64.2 billion $48.7 billionHow we got these numbersTo determine the potential growth of America's tax refunds, we assumed an initial deposit of $2,878, which is the size of the average tax refund as of April 7. We looked at typical rates at the best overall APYs available as well as the best rates at popular, well-known banks.

A money market account is an interest-earning bank account. Money market accounts usually have the following features:A variable interest rate: The interest rate of a money market account may fluctuate depending on what the Federal Reserve does. Quick tip: Money market accounts are not to be confused with money market funds, which are a type of low-risk investment. Money market account vs. savings accountMoney market accounts are a type of savings account. There's nothing stopping you from opening both a money market account and a high-yield savings account if you want to.

Most people only need two bank accounts financial planner Brannon Lambert told HerMoney: A checking account and a savings account. You'll earn more interest with a high-yield savings account than a traditional savings account. See Insider's best high-yield savings accounts right now>>How many bank accounts should I have? Most people just need one checking account and one savings account, Lambert said. The sheer number of bank accounts you have doesn't hurt your credit.

Inflation has reduced the value of bonuses that weren't raised by $25.5 billion. That means scores of employees who count on their bonuses lost purchasing power. Here's a look at the potential impact of inflation on bonuses for individual employees and entire sectors. We calculated average bonuses by sector for both years, assuming that bonuses are equal to 11% of an employee's salary, a figure published by job-search platform Zippia. Using the CPI inflation calculator, we found the value of 2021 bonuses a year later to uncover how much employees getting the same size bonus in 2022 lost from inflation.

Real estate crowdfundingReal estate crowdfunding is a strategy that allows enterprises to raise capital from large groups of individuals. Real estate investment trusts (REITs)If you want to wade into real estate, investing in a real estate investment trust (REIT) will provide exposure to the market without the time and cost commitment of buying your own property. Invest in your own homeFinally, if you want to invest in real estate, look closer to home — your own home. Strategies for successful real estate investingWhatever form your real estate investment takes, certain strategies will stand you in good stead. Pure investment plays — which don't involve hands-on management from you — include real estate crowdfunding, investing in real estate limited partnerships, and buying into real estate investment trusts.

Many Americans rely on their tax refund as a way to catch up on bills and other expenses. Inflation means that refunds have dropped in value, and refunds are expected to be much lower this year. Your 2022 tax refund will likely be a lot smaller than the tax refund you received in 2021. More than 129 million Americans received an average tax refund of $2,815 for their 2020 taxes. If Americans received refunds of $2,815, on average, in 2023, it would represent a $26.7 billion loss to inflation.

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