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☆ One personal decision can create a mess of financial challenges for transgender Americans—'it takes a lot of courage'
▼ + stars: | 2024-05-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Changing their name may be an important step a transgender or nonbinary person takes to embrace their identity. But doing so is seldom easy and can create even more problems — particularly for your finances — after the fact, according to a recent white paper published by J.P. Morgan Wealth Management. Credit reports using deadnames — former names that individuals no longer use — are common and can result in credit discrimination against trans people, J.P. Morgan says. Getting approved to rent an apartment is just one of the issues that can arise out of inaccuracies on your credit report. Potential employers, utilities and phone companies and more may pull your credit report as part of a background check to hire you or establish services at your home.

Persons: J.P, Leo Aquino, Shelby Anderson, Morgan, deadnames, —, Aquino, hadn't, Anderson Organizations: Morgan Wealth Management, CNBC, Social Security Locations: U.S

Watching her work teaches her kids curiosity, work ethic, and working toward long-term goals. Here are three important lessons that Adams says her children learned simply by watching her work. Her kids feel safe asking about money and businessAdams plays an NPR podcast called Marketplace Money in front of her kids. Her kids understand the importance of a strong work ethic"My kids understand that if I don't kill it, I don't eat," Adams says. Her kids understand that the hours their mom puts into her work directly translates into food on the table and a roof over their heads.

Persons: Ja'Net Adams, —, Adams, Jocelyn, Chick, I'm Organizations: Service, Business, Walmart, Self Locations: Kernersville , North Carolina, California, Hawaii

Updating your name with the credit bureaus can prevent delays in credit applications and other credit reporting errors. Hinterhaus Productions/Getty ImagesTransgender and nonbinary people can report their legal name change to credit bureaus. One of the many steps in your legal transition is to report your legal name change to all three credit bureaus — Experian, Equifax, and TransUnion — so it'll appear on your credit report. Its also recommended that you change your name with each of your lenders before updating your name with the credit bureaus. Box 4500Allen, TX 75013TransUnionUnlike the other two credit reporting bureaus, TransUnion requires you to change your legal name with every individual financial institution listed on their credit report first.

Persons: Hinterhaus, —, there's, TransUnion, Ryan Klippel, Klippel, folx, you'll, Experian Experian, Allen, it's Organizations: Social Security, Service, Optas, Social, TransUnion, National Center for Transgender Equality, UC Berkeley, Google, Security Locations: myEquifax, Allen , TX, Chester , PA, California

Now she shares her wealth-building tips with other Black women. One of her coworkers was a "Tesla bull," an investor who believes in Tesla's aggressive growth in the future, who kept pushing her to buy Tesla shares. Now she's teaching Black women everything she knows about the stock market by starting a community called Modern Blk Girl (MBG). James believes that the stock market was designed to seem "scary or unattainable," especially for Black women and people of color. "It's motivating, having a big-sister, little-sister moment where Black women who have been trading for a while can mentor younger investors," shares James.

Persons: Tiffany James, —, James, we're, Read, Black creatives Organizations: Service, CNBC, Financial, Tesla Locations: New York City, Tesla

She says most medical professionals aren't taught three important financial concepts. Now Burton coaches her colleagues on personal finance through her business, Strive With Kristin, where over 1,000 medical professionals have enrolled in her courses and purchased her ebooks. Burton says that most medical professionals aren't taught three basic personal finance concepts that could drastically change their financial outlook after graduating from college. It can work against you in the context of debt, but it can work in your favor if you're investing money. Burton says that medical professionals new to the workforce try to "keep up with the Joneses" and splurge on luxury items they can't afford.

Persons: Kristin Burton, aren't, —, Burton, Kristin, we're, doesn't Organizations: Service

With just $100 and a little bit of research, you can start your own passive income stream. With a little bit of time and research, anyone can start investing in a passive income stream with as little as $100. We asked three financial experts how they'd invest $100 to start making money in their sleep, and here's what they said. Real estate investment trustsFormer Wall Streeter and TikTok financial literacy educator Vivian Tu suggests putting your money in a real estate investment trust. Yieldstreet is one of the best real estate investing apps for those interested in real estate and alternative investments.

Persons: —, John Stoj, Wall Streeter, Vivian Tu, Taylor Kovar, you'll Organizations: Service, CFP

We asked two successful investors under 30, each with a net worth of over six figures, which apps they use. Tiffany James uses TD Ameritrade's thinkorswim and Imani Porter uses Charles Schwab. Now, she teaches other young Black women to invest their money and grow their net worth as well. According to records reviewed by Insider, her net worth is $199,000 between I-bonds, stock investments, and retirement accounts. When I was really new to investing, Schwab would answer all my questions so patiently!"

Persons: Tiffany James, Ameritrade's thinkorswim, Imani Porter, Charles Schwab, —, James, she's, Porter, thinkorswim Tiffany James, thinkorswim, Read, Schwab Organizations: Service, Ameritrade

She pays each of her four children up to $500 a month to do small tasks around her office. She deposits half their paycheck into a custodial Roth IRA, where the money could grow to millions. Diop's financial planner helped her move out of her mom's house and set her children up to become millionaires by age 30 using two simple steps. She uses a custodial Roth IRA, an investment account where kids can invest their earned income for retirement. She opened a kid's debit card with Green Light, a company that creates bank accounts for children and teens.

Persons: Ellie Diop, Ellie, Diop, it's, Elsa Organizations: Service Locations: Wall, Silicon, Los Angeles

Mindy Yu was raised in Queens, New York, in a working-class family who lived paycheck to paycheck. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: Mindy Yu, Yu, —, didn't, Roth, It's Organizations: Service, Social Security, Roth IRA, Mint, FDIC, Chevron Locations: Queens , New York, Manhattan's Chinatown

Many people dream of owning a home, but financial planner Nicole Morong believes homeownership is overhyped. Morong encourages people to ask what their true motivations are behind buying a home. Homeownership represents stability, security, and financial success, even though many millennials feel like they'll never reach that milestone. However, financial planner Nicole Morong of Peterkin Financial says buying a home isn't all that it's cracked up to be. It's better financially to invest that money [that I'm saving from renting] than to buy a house."

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). People with high credit scores are generally granted lower interest rates on credit cards, personal loans, and other types of debt. Generally, companies offer low-interest credit cards and better perks to people with excellent (800 or greater) or good (670 to 799) credit. Another strategy that experts recommend is to open new credit cards to increase your overall credit limit. Dispute items on your credit reportA credit report includes full documentation of your credit history, which then gets turned into your credit score.

She says advice like "get a second job" or "stop eating out" doesn't work for young people today. Millennials and Gen Zers are often told that all debt is bad, but Tu says it depends on the context. According to Tu, there are four outdated pieces of advice that millennials and Gen Zers don't listen to anymore. Stop eating out to save money"I hate that advice," Tu admits. In the same vein as the advice to get a second job, young people hate being told to stop eating out to save money.

Ramit Sethi, star of Netflix's "How to Get Rich," still rents an apartment. Even if your potential mortgage is the same cost as your rent, Sethi recommends budgeting for "phantom expenses." Calculate the 'phantom costs' of owning a homeFirst, Sethi says it's important to understand what percentage of your income should go towards housing. Sethi recommends factoring in "35% to 50% of your mortgage to factor in all the phantom costs of homeownership, like maintenance, taxes, interest, and closing costs. Start saving for big-ticket home repairsOnce you buy a home, Sethi recommends immediately starting an emergency savings fund specifically for home repairs.

Instead of waiting until you're debt-free to start investing, start the habit of investing small amounts now. The key mistake most young people make, Sethi told Insider in fall 2022: Waiting too long to start investing. Sethi advises young people to use compound interest to their advantage and start investing as soon as possible. When you're young, it feels like $100 a month wouldn't add up to that much. Waiting until your 40s to start investingInstead: Start investing small amounts on a regular basis"The No.

Netflix star Ramit Sethi says most people work towards generational wealth without knowing what it means. Here are three steps Sethi recommends taking if you want to pass down generational wealth to your children. Set concrete goals"You'll notice that, in our culture, we conflate generational wealth with passing down a house. Sethi encourages people who want to build generational wealth to make concrete goals around what that wealth will look like. Start investingSethi's advice to anyone looking to build generational wealth is to start investing, even in small amounts.

Insider asked four CEOs of fintech companies for advice they'd give immigrants who are new to the US. Compared to someone born and raised in the US, immigrants face unique challenges when meeting financial goals. Insider spoke with four CEOs in the fintech industry who are immigrants or children of immigrants. Here are their five tips for immigrants trying to gain financial footing in the US. He also suggests working with a credit union to set up multiple accounts — for example, a checking account for everyday expenses, a savings account for future goals, and another savings account for your emergency savings fund.

Because of severe winter storms in California, taxpayers can file taxes until October 16, 2023. To accommodate individual taxpayers and businesses affected by the storm, the IRS has extended California taxpayers' filing deadline by six months, to October 16, 2023. According to the State of California Franchise Tax Board, an extension to file your tax return does not mean you also have an extension to pay your 2022 taxes. But Ellis says you can use the tax extension to max out your IRA contributions and lower your annual gross income. She says that the tax extension creates a unique situation where a taxpayer is filing their 2022 taxes while preparing for 2023 at the same time.

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). The Secure Act 2.0, signed into law last year, makes it easier to prepare for retirement when you have student loans. Secure Act 2.0 allows employers to match employees' student loan payments with retirement contributions. The average monthly student loan payment is $460, according to the Education Data Initiative. Personally, I have [ insert student loan total here ] in student loans, and my monthly payments are [ insert monthly student-loan payments here ] .

DEI executive Netta Jenkins says women typically overlook their 401(k) match or family care benefits. Jenkins adds that women of color are less likely to trust HR and speak openly about their benefits. Here are three workplace benefits that Jenkins says women often overlook — and how to take advantage of them. Expense reimbursementsJenkins adds that expense reimbursements, like the cost of parking or travel, can cause friction for women in the workplace — especially women of color. Some women of color care for both.

☆ The parents of an 8-year-old trans girl say they're moving from Florida to Minnesota, fearing an anti-trans law that could threaten the custody of their daughter
▼ + stars: | 2023-04-07 | by ( Leo Aquino | Lloyd Lee | ) www.businessinsider.com time to read: +8 min

The bill would restrict funding and protections for healthcare providers that offer gender-affirming care to trans patients. "I thought the worst they would do is restrict gender-affirming care," Amanda said. This would prohibit universities or health insurance plans for government workers from using public funds to provide gender-affirming care. In February, the Board of Medicine expanded on the restrictions and banned gender-affirming care for minors, including in clinical trials. In a previous story about SB 254, representatives for DeSantis declined to comment on SB 254 until it makes its way to the Governor's desk.

Women still earn 18% less than men, but a new report shows a rise in homeownership for single women. Fintech CEOs say that increased advocacy for women's rights contributed to the rise in single women's homeownership. See 30-year mortgage rates right now »Here are the top three states where single women own more homes than men:In Florida , 4.55% more single women than single men own homes, with a total of 854,297 single women homeowners in the state. In Maryland , 4.53% more single women own homes, with a total of 141,740 single women homeowners in the state. In Delaware, 4.5% more single women own homes, with a total of 28,551 single women homeowners in the state.

I asked a financial therapist and a financial behaviorist why the cash envelope system is making a comeback. Cash-stuffing is a new name for the old-school cash envelope system, which involves putting cash into envelopes labeled for specific budget categories like rent, groceries, gas, insurance, healthcare, and more. Most of the people who post cash-stuffing videos are women who are trying to curb compulsive spending and refuse to rack up any more credit card debt. For example, if going out to the bar and spending money on drinks with your friends makes you really happy, why not plan to spend money on it? Cash-stuffing videos are fun, but it's not the right strategy for everyoneI'll be the first to admit that even though I love watching these cash-stuffing videos, I probably will never try it.

On TikTok, trans adults and supportive parents of trans youth have spoken emotionally about the heartbreaking decision to move. I moved to 3 major cities, each time with $400 or less in my pocketIn 2010, I moved to Chicago for college at 19 years old. Five years later, in 2015, I moved to New York City with no job, housing plans, or savings. Call LGBTQ organizations in your desired state to find housing supportMany LGBTQ organizations across the country, like the Los Angeles LGBT Center, offer social services and housing for people experiencing homelessness or housing instability due to these anti-trans bills. When you arrive to your destination, connect with local LGBTQ organizations or organizations that help the unhoused in that city.

Financial planner Nicole Morong says buying a house isn't the best decision for six types of people. But financial planner Nicole Morong at Peterkin Financial says buying a house isn't the best financial move for everyone, and most people who feel pressured to do so can't actually afford it. See Insider's picks for the best mortgage lenders for first-time buyers >>"Affordability is more than whether or not you can pay the monthly mortgage," Morong says. If you do, Morong says you're probably better off renting than owning a home. You don't have an emergency savings fundAn emergency savings fund is three to six months worth of living expenses, typically kept in a high-yield savings account so that it's easily accessible in case of an emergency.

While Joe Bogumill was in college, he received a monthly GI Bill educational stipend of $2,232 per month. Bogumill decided to take a yearlong break from school, which meant that roughly a third of the couple's monthly income would be cut. The couple shares one car and uses public transit"I think a lot of people have this desire to look at little things they can cut," Weir says. The couple audited all of their monthly subscriptionsAfter cutting costs in the "big three" categories, Weir and Bogumill audited their monthly subscriptions. Splitting costs with their community helps Weir and Bogumill cut costs on subscriptions altogether.

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