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☆ An early retiree shares 3 money moves he made to save seven figures, quit work at 48, and still live comfortably: 'You don't have to live on ramen'
▼ + stars: | 2024-05-22 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewFor most of his career, Eric Cooper wasn't pursuing early retirement or financial independence. He used most of his part-time job earnings to pay off the mortgages on his four rental properties. Here are three money moves he made in his 20s and 30s to retire by 48 while still living comfortably. "My net worth was really starting to take off with four rental properties and a nice paying job," he said. So those rental properties buffered that a bit because they allowed me to have that income coming in still and some extra peace of mind."

Persons: —, Eric Cooper wasn't, Cooper, Eric Cooper, I've Organizations: Service, FI, Business, EconoMe Conference, FIRE Locations: Louisville, Egypt

☆ A 50-year-old retiree says his 'biggest mistake' was saving too much in his 401(k). He explains what he would do differently and his work-around for being illiquid when he retired.
▼ + stars: | 2024-05-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewIn his early 20s, one of Eric Cooper's first bosses gave him some sound money advice: Contribute as much as you can to your 401(k). AdvertisementCooper maxed out his 401(k) for more than two decades and accumulated enough to retire in his late 40s. While there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. At some point, we're going to have to start spending that money, and the IRS is going to start taxing it," he said.

Persons: —, Eric Cooper's, maxed, Cooper, maxing, I'm, Cooper maxed, Eric Cooper Organizations: Service, Business, Independence, IRS Locations: Louisville, I'm

☆ Wealthy Americans are starting to spend more carefully
▼ + stars: | 2024-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.

Persons: they’ve, “, ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, ”, Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington

☆ 1 in 7 Gen Z credit card users are ‘maxed out’
▼ + stars: | 2024-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape. Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt. Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York. For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said. There’s never a good time to carry a credit card balance, but right now is arguably the worst time.

Persons: CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace Organizations: CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal Locations: Jackson , Mississippi, Federal Reserve Bank of New York

Social Security trust fund reserves are projected to be depleted by 2035. The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk." The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration. Without sufficient action, reduced Social Security benefits might not be able to keep pace with rising costs.

Persons: Emily Millsap, you've, Roth, HSAs Organizations: Social Security, Avantax Wealth Management, Social, Social Security Administration, Workers

☆ Average consumer carries $6,218 in credit card debt, as more borrowers are falling behind on their payments
▼ + stars: | 2024-05-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Americans now owe $1.12 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. Keeping up with credit card debt is getting more difficult. "Rent, when you have it, auto loans, utilities, these are all things consumers prioritize ahead of credit cards." As a result, credit card delinquency rates are higher across the board, the New York Fed and TransUnion found. Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed reported.

Persons: Charlie Wise, TransUnion's, Young, Wise, TransUnion, Kassandra Martinchek Organizations: Federal Reserve Bank of New, New York Fed, Finance, Fed, Urban Institute Locations: TransUnion, Federal Reserve Bank of New York, , New

☆ Netflix and the N.F.L. Sign a Three-Season Deal
▼ + stars: | 2024-05-15 | by ( Nicole Sperling | ) www.nytimes.com time to read: +1 min

On Wednesday, the streaming giant announced a three-season deal with the National Football League that will include showing two Christmas Day games on its service this year. It’s the first time Netflix has become partners with a major sports league, and it likely won’t be the last. The move follows Netflix’s increasingly aggressive push into the business of live events. “There are no live annual events, sports or otherwise, that compare with the audiences N.F.L. football attracts.”The streaming business has matured in the United States, and though Netflix is the dominant service, it still needs to keep growing.

Persons: Tom Brady ”, John Mulaney, Katt Williams, Foke ”, “, Bela Bejaria Organizations: Netflix, National Football League Locations: Los Angeles, United States, America

☆ Credit card delinquencies rise as more Gen Z cardholders are maxed out, New York Fed research shows
▼ + stars: | 2024-05-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed found. Credit card rates top 20%At the same time, credit cards have become one of the most expensive ways to borrow money. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "With the Fed likely to keep rates higher for longer, credit card rates should remain high for the foreseeable future," Rossman said. What to do if you're in credit card debt

Persons: Bankrate, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York

☆ It's possible to spend over $3,000 now for a maxed-out iPad with all the bells and whistles
▼ + stars: | 2024-05-08 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

The new iPad Pro can get pricey when it comes to upgrades. In an announcement that Apple CEO Tim Cook described as the "biggest day for iPad since its introduction," the tech giant launched brand new iPad Air and iPad Pro models along with a new Pencil Pro stylus and a Magic Keyboard. The iPad Pro comes with a new OLED display and up to two terabytes of storage. AdvertisementIf the $3,000 range is too steep, Apple also dropped the price of its 10th-generation iPad to $350 on Tuesday. Though older, it's still compatible with previous generations of the Pencil and Magic Keyboard Folio.

Persons: —, Tim Cook Organizations: Service, Apple, Business

☆ A couple that grew their portfolio by $4 million in 11 years explain how they invest their money, including the individual stocks they own
▼ + stars: | 2024-04-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

They'd been smart with their money, Carl had maxed out his 401(k) every year, and they'd made money flipping homes. With a specific early retirement goal in mind, however, they revamped their investment strategy — and they started seeing results. He and Mindy, who works part-time as a podcast host for BiggerPockets, have grown their investment portfolio from $586,000 in 2013 to $4.6 million in 2024. "Almost all of our new money goes to index funds at this point in our life." Courtesy of Carl and Mindy JensenAs for general investing advice, "If they want to be completely passive, they should do index funds," said Carl.

Persons: Carl Jensen, —, weren't, They'd, Carl, maxed, they'd, Mindy, Carl Jensen They're, who's, I'm, Let's, we're, we've, Collins, Jensen, Mindy Jensen Organizations: Independence, Business, Google, Vanguard, Fund, Vanguard Information Technology Index Fund ETF, Fidelity, MLS Locations: Longmont , Colorado, It's, Colorado

☆ US tax returns are due in two weeks, but millions of people have some extra time to file
▼ + stars: | 2024-04-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —If you haven’t sent in your 2023 income tax return yet, you have until April 15 to do so. But keep in mind, that extension only gives you more time to file your federal income tax return. The IRS has already received more than 80 million income tax returns for 2023, according to its most recent figures released Friday. Besides a refund, the IRS further notes low- and moderate-income earners also may be eligible to receive the Earned Income Tax Credit. And if you do file and are owed a refund, it may be withheld if you have yet to file your 2021 or 2022 returns.

Persons: haven’t, you’re, David Hubber, ” Hubber Organizations: New, New York CNN, Taxpayers, Patriots, Washington , D.C, IRS, “ Taxpayers, Department, DOJ, DOJ’s Locations: New York, Maine and Massachusetts, Washington ,, Idaho, Pennsylvania

☆ I managed billions at JP Morgan but lived paycheck to paycheck. I finally got control of my finances by doing these 7 things.
▼ + stars: | 2024-03-20 | by ( Anne Lester | ) www.businessinsider.com time to read: +7 min

She said she had to make more "friction" between herself and spending money to curb her bad habits. Understanding I wasn't alone helped me change my spending habitsI have always been a spender and often lived paycheck to paycheck. I was barely contributing to my retirement savings. Saving money is hard for many people at all income levels. Digital payment has removed a lot of friction from the act of spending money.

Persons: Anne Lester, Lester, —, Morgan, I'm, I've, Ofer Zellermayer Organizations: Morgan Asset Management, Service, Capitol, Chase Bank, Carnegie Mellon, Research Locations: Tokyo, Italy, J.P

☆ 'Nearing exhaustion': Top strategists warn that weaker consumer spending could cause US stocks to run out of steam — but 22 investments can thrive during a market reversal
▼ + stars: | 2024-03-16 | by ( James Faris | ) www.businessinsider.com time to read: +10 min

Eight economists, investment chiefs, and strategists that Business Insider recently spoke to credited healthier-than-anticipated consumer balance sheets and spending for the continued expansion. "Either that, or they're going to be maxed out — they can't get any more money. They're not going to have any liquidity to be able to continue to do the things they're going to do." He's also sticking with defensive stocks as consumer spending softens, including those in the consumer staples sector like Clorox (CLX) and Procter & Gamble (PG). Real estate is a "hated asset class" that's negatively correlated with interest rates, Sekera said.

Persons: shouldn't, Kevin Gordon, Charles Schwab, they're, Sue Crotty, Ed Clissold, Ned Davis, Clark Bellin, Bellin, David Rosenberg, They're, Rob Swanke, Swanke, Preston Caldwell, Morningstar's, Dave Sekera, Sekera, Christopher Barto, Gordon, Clissold, He's, Morningstar's Sekera, Crotty, Segal Marco Advisors, She's, Barto, that's Organizations: Business, Consumers, Segal Marco, Ned, Ned Davis Research, Commonwealth Financial Network, Nasdaq, Morningstar, Fort Pitt Capital Group, Procter, Gamble, Federal Reserve, Exxon, APA Corp, Duke Energy, Segal, Energy, Healthcare Locations: Devon, Real, NiSource

☆ A wardrobe consultant says the No. 1 item you should invest in is a quality T-shirt
▼ + stars: | 2024-03-15 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +4 min

Wardrobe consultant Kenzie Welch encourages her clients to invest in quality T-shirts. She recommends the Tomboy Tee, which usually retails for around $50, from Cuts Clothing. But fashion stylist and wardrobe consultant Kenzie Welch told Business Insider the No. 1 item she always tells her clients to invest in is a great quality T-shirt. "I do think that sometimes there's some value in having less but spending a little more," she added.

Persons: Kenzie Welch, Tee, Patrick Mahomes, AdWeek, Welch, I've, there's, you've, it's Organizations: Service, Business Locations: Atlanta, Instagram, Los Angeles

☆ I made almost $6,000 in 2 weeks doing nothing in a clinical trial. I was desperate to get out by the end, but I'll do it again.
▼ + stars: | 2024-03-13 | by ( Daisy Schofield | ) www.businessinsider.com time to read: +6 min

AdvertisementThis as-told-to essay is based on a conversation with Faith Larkum, a student who participated in a FluCamp trial. How a clinical trial testing flu medicine worksFluCamp called the next day, inviting me for a blood test and explaining how the trial worked. The premise of the trial is you're injected with a diluted flu virus and then given either medicine or a placebo. AdvertisementThe only entertainment you're given is a PS4 and a few different games. I enjoy films and series as much as the next person, but after the trial, I'd completely maxed out my capacity for TV.

Persons: Faith Larkum, Faith, —, FluCamp, I'd, me, you've, escapism would've, I've Organizations: Service Locations: Bali

☆ Ex-Amazon engineers lose 6-figure 'Shark Tank' deal off 1 blunder: 'That's the biggest mistake startups make'
▼ + stars: | 2024-03-11 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

They still couldn't land a deal on Friday's episode of ABC's "Shark Tank" due to making what billionaire investor Mark Cuban referred to as "the biggest mistake startups make": trying to grow their brand too quickly. Skaloud and Feiereisen co-founded Boona, a Seattle-based company that makes a $249 showerhead called the "Tandem." "We want to build a brand," Feiereisen said. "Some of the greatest deals in 'Shark Tank' history [are] when the entrepreneur focused on that one application and maxed it out." And if we do create new products, it's to support Tandem," Feiereisen said, trying to reel investors back in.

Persons: Brett Skaloud, Jeff Feiereisen, Mark Cuban, Feiereisen, Kevin O'Leary, Skaloud, I'm, O'Leary Organizations: Amazon Locations: Seattle, Cuban

☆ I finally invested my HSA money after writing about millionaires who take advantage of a 'triple tax threat strategy.' I could pocket an extra $233,000 by the time I retire.
▼ + stars: | 2024-03-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +12 min

After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. I happily used my HSA money to cover the $1,075 bill. An even smarter move would have been to invest my HSA funds (which I eventually did) and not touch them until age 65. I was relieved when Weiss told me that he also invests his HSA money in a retirement date fund. I asked about how often I should be transferring money from my cash account, where my HSA funds land automatically, to my investment account.

Persons: I've, Brent Weiss, Roth IRAs, HSAs, It's, Weiss, Max, don't, Kathleen Elkins, —, I'm Organizations: Business, Vanguard, IRS Locations: That's, Epsom

☆ Nvidia's terrible Friday gives traders a preview of what a momentum unwind would look like
▼ + stars: | 2024-03-09 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The S & P 500 Volatility Index finished the week near 15 and is in a clear three- month uptrend from its mid-December low near 12, even as the S & P 500 has gained 10% since then. In fact, Friday the market minimized the headline damage to a mere two-thirds-percent dip in the S & P 500 through its signature rotational impulse. Some indicators — such as speculators remaining net short S & P 500 futures and brokerage strategists' muted index targets — imply the helpful wall of worry is not quite fully scaled. Since then, the S & P has delivered a 16.7% annualized total return, even after two bear markets and two other severe/prolonged corrections. And the S & P is only up 7% from its high 26 months ago, hardly in thin air.

Persons: what's, Eli Lilly, Martin Marietta, Nick Colas, Scott Chronert Organizations: Federal, Nvidia, Costco, pharma, Martin Marietta Materials, Vulcan, 3Fourteen Research, NYSE, Nasdaq, DataTrek, Citi

☆ Meta's CTO replaced his Tesla with an electric Mercedes: 'I didn't know cars could be this nice'
▼ + stars: | 2024-03-05 | by ( Ana Altchek | ) www.businessinsider.com time to read: +2 min

Meta's chief technology officer, Andrew Bosworth, is a big fan of his Mercedes AMG EQS. More recently, he drove a Honda Accord for 10 years and then a Tesla Model S for another decade, Bosworth said. His Tesla Model S, Bosworth said, "had a thing happen to it while it was parked." AdvertisementSpringing for a Mercedes AMG EQS isn't cheap: The 2023 luxury sedan has a retail price of $147,550. The interior of the Mercedes AMG EQS.

Persons: Andrew Bosworth, Mercedes AMG, Bosworth, EQS, —, Mercedes, Getty Mercedes Organizations: Mercedes, Benz, Service, Getty, Honda Accord, Tesla

☆ I tried the viral 6-to-1 grocery-shopping method. I saved money and wasted less food.
▼ + stars: | 2024-02-23 | by ( Paige Bennett | ) www.businessinsider.com time to read: +5 min

I tried the viral 6-to-1 grocery-shopping method to see if it could improve my life. I saved money and minimized food waste, so I plan on using the 6-to-1 method again in the future. The 6-to-1 grocery-shopping method went viral when Chef Will Coleman posted a video on TikTok about how he grocery shops. So, I did the same when I tried the 6-to-1 method. Overall, the 6-to-1 method was handy, and I'd use it againI used almost all the groceries I purchased for this experiment.

Persons: —, you’ve, Will Coleman, Coleman, Paige Bennett, ricotta, pesto, Parmesan Organizations: Service

☆ A New ‘Holy Grail’ in the Housing Crisis: Statewide Rent Caps
▼ + stars: | 2024-02-23 | by ( David W. Chen | ) www.nytimes.com time to read: +1 min

For the last 10 years, Dominique Horn has worked for a community health organization in the fast-growing city of Vancouver in Washington State, helping people squeezed by soaring rents to try to avoid homelessness. Sometimes she wonders if she’s going to be her agency’s next client. With her husband struggling at times to find work, Ms. Horn has maxed out her credit cards to keep pace with the rent. The couple and their two children have moved so many times that she keeps sentimental items like photos and heirlooms boxed up, because no place feels like home yet. “I’m just in a constant state of waiting for the other shoe to drop,” said Ms. Horn, 42, whose current lease expires in May.

Persons: Dominique Horn, Horn, heirlooms, “ I’m, ”, “, Ms Locations: Vancouver, Washington State, Washington, Olympia

☆ Robinhood is running a 3% IRA match that can boost your retirement savings and reduce your tax payment
▼ + stars: | 2024-02-14 | by ( Business Insider | Sarah Silbert | ) www.businessinsider.com time to read: +7 min

Or with Robinhood Gold, you'll get 3% (rollovers and transfers get 3% until April 30). Earn a 3% match on Robinhood IRA contributionsIf you're a Robinhood Gold customer with a Robinhood IRA, you have an opportunity to make these things a little sweeter. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Robinhood does not provide tax advice; please consult with a tax adviser before taking an action that may entail tax consequences. The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.

Persons: You'll, you'll, Robinhood, rollovers, Roth Organizations: Robinhood, IRA, Robinhood Securities, LLC, Inc

☆ 32-year-old former Google employee: I saved $400,000 living at home with my parents—why I don't regret it
▼ + stars: | 2024-02-13 | by ( Claudia Chee | ) www.cnbc.com time to read: +3 min

Even though I planned to get my own place at some point, I ended up living at home for 12 years. When I moved out this past December, I had $400,000 saved and invested from both my 9-to-5 income and earnings as an entrepreneur. In my early 20s, my meals were split 50/50 between my parent's cooking and the Google cafeterias. So in 2017, I left Google and the 9-to-5 grind, to focus on what I was really passionate about. In 2018, I started teaching yoga, and five years later, I pivoted to another passion of mine: music.

Persons: John Bogle's, Costco Claudia Organizations: Google, San Francisco Bay Area, Costco Locations: San Francisco Bay, U.S

Vita Coco started with a leap of faith, a $75,000 investment and "several" maxed-out credit cards. Today, the bestselling coconut water company is worth $1.1 billion. They paid mostly with Kirban's money, which he'd obtained by founding and running a real estate software business after dropping out of college. That software business still exists, and Kirban still helps run it on the side, he says. It was only the beginning of Vita Coco's long journey to financial success, with more stumbling blocks along the way.

Persons: Vita Coco, Michael Kirban, Ira Liran, Liran, Kirban, There's, he'd, hadn't, Vita Organizations: Southern, U.S, CNBC, U.S . Food, Drug Administration Locations: Manhattan, Brazil, U.S, Bahamas

“America's Team.”The team that much of America loved, and perhaps just as much loved to hate. The title these days has fallen on the Kansas City Chiefs, who play the San Francisco 49ers next weekend in their fourth Super Bowl in five years. Just like so many versions of “America's Team," though, a certain amount of fatigue also is setting in. They can make it four next Sunday, when they play the 49ers in a Super Bowl trending to be the most expensive ticket in history. We’ve got an even bigger target on our back than we did last year,” Chiefs safety Justin Reid said.

Persons: Troy Aikman, Michael Irvin, Emmitt Smith, ”, Terry Bradshaw, Lynn Swann, Joe Greene, Joe Montana, Roger Craig, Jerry Rice, Tom Brady, Troy Brown, Rob Gronkowski, Patrick Mahomes, Andy Reid, Travis Kelce, Taylor Swift, “, Mahomes, he's, Reid, Kelce, Steph Curry, Klay Thompson, we've, ” Reid, Pat, Ken Goldin, Jason Sudeikis, Paul Rudd, Eric Stonestreet, Heidi Gardner, Ryan Reynolds, Blake Lively, Swift, Brad Pitt, Henry Winkler, Melissa Etheridge, Chris Wallace, Etheridge, I’m, he’s, hadn't, Kermit, Justin Johnson, Johnson, ” Mahomes, We’ve, Justin Reid Organizations: KANSAS CITY, Dallas Cowboys, Steelers, 49ers, Patriots, Kansas City Chiefs, San Francisco 49ers, Hall of Fame, Chiefs, State Farm, Warriors, Wynn Golf Club, Allegiant, NFL, Eagles, AFC, Bengals, Arrowhead, Nielsen, NFL Shop, Raiders, “ Chiefs, Goldin, Kansas City, CNN, Ravens, Baltimore, New England, ” Chiefs Locations: KANSAS, Mo, America, Hollywood, London, Mexico City, Frankfurt, Germany, Italy, Leavenworth , Kansas, Tokyo

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