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☆ Op-ed: My kids have credit cards and yours should, too
▼ + stars: | 2024-05-10 | by ( Winnie Sun | ) www.cnbc.com time to read: +3 min

Now, my three kids — ages 15, 12 and 10 — have had credit cards since before they entered kindergarten. Adding your child as an authorized user on your credit cards can be a smart way to set them up for financial success. I keep my kids' credit cards safe and have shown my teen how to store his cards in his phone's Apple Pay. We pull my younger kids' credit cards out at least once a year to help pay for their expenses such as school PTA donations, tutoring costs and teachers' gifts. I even have them take their credit card to school to buy some items at the school book fair.

Organizations: Visa, Chase, Citi, American Express

☆ Many women today are looking for 'financial peace,' expert says. Here's how they can achieve it
▼ + stars: | 2024-03-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Gorodenkoff | Istock | Getty ImagesMany women today are looking for "financial peace," said Jean Chatzky, founder and CEO of HerMoney. What that means: "It looks like being able to meet my obligations today, while being able to save for tomorrow," said Chatzky, speaking at CNBC's Women & Wealth event on Tuesday. Debt and savings: 'Work it from both ends'Establishing financial security requires tackling debt and saving at the same time, Chatzky said. "When we look at the things that make us most unhappy when it comes to our money, debt rises to the top of the list." However, women need to juggle paying down their debt with preparing for their future, Chatzky said.

Persons: Jean Chatzky, Chatzky, Winnie Sun, Sun, you've Organizations: Istock, Getty, CNBC's, Sun, Wealth Partners, CNBC Locations: Irvine , California

☆ ‘Sorry I am dead’: Why a ‘death note’ is as important as having a will, advisor says
▼ + stars: | 2024-02-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

This is how Doug Boneparth, a certified financial planner, starts what he calls a "death note" to his wife, Heather. Sun refers to this concept not as a death note, but as the assembly of one's "financial first aid kit." Don't forget social media accounts, physical itemsOne's online presence is also an important element of a death note, the advisors said. For example, how would you like your social media accounts and professional websites managed after you die? Importantly, don't keep your note secret — tell your loved ones that you've drafted it and where to find it, they said.

Persons: Kathrin Ziegler, Doug Boneparth, Heather, one's, Boneparth, —, Franklin, Matthew Perry's, they're, Winnie Sun, It's, Sun, you've Organizations: Digitalvision, Finance, Sun Group Wealth Partners Locations: New York, Irvine , California

☆ Picking health insurance can be tricky: 6 key terms to know as open enrollment starts
▼ + stars: | 2023-10-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

PremiumsFrederic Cirou | Photoalto | Getty ImagesThe premium is the sum you pay an insurer each month to participate in a health plan. It's perhaps the most transparent and easy-to-understand cost component of a health plan — the equivalent of a sticker price. The average co-insurance rate for consumers is 19% for primary care and 20% for specialty care, according to KFF data. For example, would you struggle to pay a $1,000 medical bill if you require health care? If so, a health plan with a larger monthly premium and a smaller deductible may be your best bet, Sun said.

Persons: Frederic Cirou, Karen Pollitz, Luis Alvarez, you've, KFF, Pollitz, McClanahan, there's, Winnie Sun, She's, Sun, Carolyn McClanahan Organizations: Sdi, Photoalto, Kaiser Family Foundation, CNBC, Digitalvision, Getty, Kaiser Family Foundation Health, Network Health, Sun Group Wealth Partners, CNBC's FA Locations: Aetna, Irvine , California, CNBC's

The Powerball jackpot hit $1.2 billion on Oct. 3, 2023, the third-biggest prize in the game's history. Scott Olson | GettyThe Powerball jackpot has climbed to an estimated $1.2 billion — the third-largest prize in the game's history — without a winner Monday night. Among the winner's big decisions will be the choice between a lump sum payout worth $551.7 million or an annuitized prize of $1.2 billion. The lump sum payout is 'a mistake'"Virtually everybody who wins the lottery picks the lump sum distribution," said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. While the lump sum payout could be a good financial move for some winners, he agreed that others may benefit from the spending guardrails of annuitized payments.

Persons: Scott Olson, Andrew Stoltmann, doesn't, Stoltmann, it's, John Loyd Locations: Chicago, Fort Worth , Texas

Taylor Swift fans forked out an average $2,183 for a resold ticket to a concert on the superstar's Eras Tour, according to resale research site TicketIQ. Now, ticket resellers may owe taxes on profits made during what may turn to be — for them, at least — a rather "Cruel Summer." Ticket profits have always been taxable, but the new IRS reporting threshold for business transactions on third-party platforms, such as TicketMaster or eBay , is now a single payment of $600, down from 200 transactions worth an aggregate of over $20,000. Taxpayers will have to prepare as the law takes effect this coming season. "Starting at the beginning of next year, you want to make sure you know how to report this income," said certified financial planner and enrolled agent Tommy Lucas of Florida-based Moisand Fitzgerald Tamayo.

Persons: Taylor Swift, Tommy Lucas of, Moisand Fitzgerald Tamayo Organizations: TicketMaster, eBay, Taxpayers Locations: Tommy Lucas of Florida

With consumers turning to social media for financial information, tax advisors are often battling misinformation spread by influencers on popular platforms like TikTok. Nearly 80% of millennials and Gen Zers have used social media for financial advice, according to a 2023 Forbes Advisor survey of more than 1,000 American adults. Some 32% of respondents cited TikTok as a preferred platform for financial information. "It's a wealth of horrible information," said Josh Youngblood, an enrolled agent and owner of The Youngblood Group, a Dallas-based tax firm. "We can almost always tell when there is some new TikTok trend because a lot of us start getting the same questions from our clients," he said.

Persons: influencers, Gen Zers, Josh Youngblood, Roth, —, Youngblood Organizations: Forbes, Youngblood, Finance, IRS Locations: millennials, Dallas

☆ An overnight locksmith can cost $400. Here's how much you might have to fork over for other emergencies
▼ + stars: | 2023-09-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Their most common approach, instead, was to put the emergency expense on a credit card and pay it over time. If you do use your credit card, make sure you prioritize paying off the balance in full by the end of the month, she added. "Use your credit card as a 30-day bridge, but commit to paying that off," she said. HELOCs interest rates are generally lower than credit card interest rates. However, they tend to be variable interest rates, so you don't want to use it if you don't have to, McClanahan said.

Persons: Winnie Sun, Tiger Woods, Frederic J, Brown, Power, Tom Grill, Angi, Carolyn McClanahan, McClanahan Organizations: Federal Reserve, Sun, Wealth Partners, CNBC FA, AFP, Getty, Planning Partners Locations: Irvine , California, Rancho Palos Verdes , California, Texas , California, New York, Jacksonville , Florida

☆ Americans think they will need nearly $1.3 million to retire comfortably, study says. How to calculate your own 'magic number'
▼ + stars: | 2023-06-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Respondents in their 50s expected to need the most when they retire — more than $1.5 million, the survey found. Calculating your own retirement 'magic number'Rather than think about a big goal number for retirement, Patel said he urges clients to identify their income needs. As you think about retirement, in an ideal world, you would have enough guaranteed zero risk income to cover your guaranteed expenses. Alap Patel wealth management advisor for Northwestern MutualEveryone typically has three types of expenses, Patel said. "As you think about retirement, in an ideal world, you would have enough guaranteed zero-risk income to cover your guaranteed expenses," Patel said.

Persons: Antonio Suarez Vega, It's, Alap Patel, it's, Patel, Gen Xers, Gen, Winnie Sun, Sun Organizations: Istock, Northwestern Mutual, Savings, Finance, Cerulli Associates, Sun Group Wealth Partners, CNBC's Locations: Chicago, millennials, Irvine , California

☆ How to invest ahead of the market's next challenges, according to a top financial advisor
▼ + stars: | 2023-06-01 | by ( Kiley Lambert | ) www.cnbc.com time to read: +3 min

A member of the CNBC Financial Advisor Council, Sun is a regular media on-air contributor for a variety of local and national programs. Sun recently shared her thoughts on a number of savings and investment topics ahead of the CNBC Financial Advisor Summit on June 15. Sun: The most important advice we are giving our clients right now is to stay aware of the current market environment but prepare for more challenges ahead. As financial advisors, it is crucial for us to not only hear but truly listen to cues of stress and emotions from our clients. While we may perceive a financial decision as clear and straightforward, our clients may still feel hesitant.

Persons: Winnie Sun Organizations: Sun, Wealth Partners, CNBC, Summit Locations: Irvine , California

☆ Why it's 'just no question' new investors should start by opening a Roth IRA, expert says
▼ + stars: | 2023-04-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A Roth IRA allows investors who qualify to set aside after-tax money up to a certain limit each year. Who can invest in a Roth IRAImportantly, you can start contributing to a Roth IRA starting from any age if you have taxable compensation. In 2023, investors may put up to $6,500 in traditional or Roth IRAs (or $7,500 if they're 50 or older). The way you invest the money inside a Roth IRA account can be adjusted to suit your goals. What you choose to put in the Roth IRA can be either savings or investments.

☆ Financial experts share their greatest money regrets — all have one thing in common
▼ + stars: | 2023-04-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Here, CNBC Financial Advisor Council members share their greatest money mishaps, and what they do differently now. "For my first five years in financial planning, I made the same amount of money." Money mistake: Leasing 'too much' carThianchai Sitthikongsak | Moment | Getty Images"My biggest money mistake was back when I was working at Smith Barney as an early financial advisor," said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. So, Sun, a member of the CNBC Financial Advisor Council, splurged on her dream car. Money mistake: Unloading inherited stock "My wife had inherited shares of Phillip Morris stock from her father," said Lee Baker, a CFP based in Atlanta.

☆ Here's a decade-by-decade guide to building wealth
▼ + stars: | 2023-04-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

and founder and director of financial planning at Life Planning Partners in Jacksonville, Florida. You should also start planning for retirement. After that, open a Roth individual retirement account, if your income qualifies, McClanahan said. "You can borrow for college, but you can't borrow for retirement," McClanahan said. Carolyn McClanahan director of financial planning at Life Planning PartnersYou may also have aging parents, so be sure to check on their financial planning, McClanahan said.

☆ A Roth IRA can be smart for young adults who 'can't envision' retirement, advisor says. Here’s why
▼ + stars: | 2023-03-17 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

That's typically the age when you can begin to take distributions from various retirement accounts without possibly facing a 10% early-withdrawal tax penalty. However, a Roth account is a bit different. watch nowSun, who is a member of CNBC's Financial Advisor Council, views a Roth IRA as a dual-purpose account because it allows the investor to have an emergency fund, as well. "They can use the Roth IRA to save for retirement, but also in case of emergency, they could take the money out," she said. "And I'd say 99% of my clients have never needed to take from their Roth IRA … they take a lot of pride in having it."

☆ Retirement savers can position for a ‘comeback’ after 2022 losses, says advisor. Here’s how
▼ + stars: | 2023-03-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"It's important to remember that as long as you haven't sold those investments, you haven't realized the loss, either, and there is a potential for a comeback." It's reasonable to expect that portfolios will continue to improve in the next year, or even by year-end, she said. More from Personal Finance:Why Social Security retirement age, payroll tax may changeExperts argue Social Security retirement age shouldn't pass 67Return on waiting to claim Social Security is 'huge' Even if one sector of the financial markets performed well, you can't assume that will continue. After a tumultuous year, many older Americans are concerned about their retirement security. Nearly half, or 48%, of retired Americans believe they'll outlive their savings, a separate report by Clever Real Estate found.

☆ March is a three-paycheck month for some workers. Here's how to make the most of that extra check
▼ + stars: | 2023-02-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowThese are the three-paycheck months in 2023If your first paycheck in 2023 was Friday, Jan. 6, your three-paycheck months will be March and September. Otherwise, if your first paycheck in 2023 was Friday, Jan. 13, your three-paycheck months will be June and December. But before making any investment moves, "if you have credit card debt, that needs to be paid off first," Sun advised. As day-to-day expenses continue to rise, Americans are taking on more debt. At the same time, annual percentage rates are also heading higher, making it much more expensive to carry a balance.

☆ Paid biweekly? Here are your 2 three-paycheck months in 2023 — and how to plan for them
▼ + stars: | 2023-01-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

An extra paycheck could help. If you are a W-2 employee and get paid biweekly, there are two months out of the year when you will receive three paychecks instead of the usual two. If your first paycheck in 2023 is Friday, Jan. 13, your three-paycheck months will be June and December. After that, consider stashing an extra paycheck in long-term savings, such as a Roth individual retirement account, Sun said. Further, companies often offer an employer match, which is essentially free money toward your retirement savings goals.

☆ 6 health insurance terms you need to know as open enrollment begins
▼ + stars: | 2022-11-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

PremiumsThe premium is the sum you pay an insurer each month to participate in the health plan. It's perhaps the most transparent and easy-to-understand cost component of a health plan — the equivalent of a sticker price. Eighty-eight percent of workers covered by a health plan have a deductible in 2022, according to KFF. For example, would you struggle to pay a $1,000 medical bill if you require health care? If so, a health plan with a larger monthly premium and a smaller deductible may be your best bet, Sun said.

☆ Prepare your finances for a recession despite strong GDP report, warn financial advisors: 'Plan for more disruption'
▼ + stars: | 2022-10-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"For the U.S. economy, a developed economy, that's very respectable, slightly above average," said John Leer, chief economist at Morning Consult, a data research company. watch nowWhy it may be 'a chilly winter'That GDP expansion marks a rebound from a deceleration in both Q1 and Q2. Two consecutive quarters of negative growth meets the common definition of a recession — though the National Bureau of Economic Research, generally considered the arbiter of downturns, hasn't officially declared one. "Bottom Line: This may be the strongest and only positive print on GDP growth we see for a while," Swonk wrote. "We expect the economy to enter a mild recession in the first half of next year."

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