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☆ I'm a HENRY financial planner who makes $125,000. Here's how I manage my money — and the mistakes I see others making.
▼ + stars: | 2024-02-22 | by ( Jamie Killin | ) www.businessinsider.com time to read: +4 min

This as-told-to essay is based on a conversation with Georgia Lord, a 27-year-old certified financial planner and HENRY in New York City. I have a few financial goalsOne of my financial goals is to save up for the professional designations available in my field since they can be expensive. To reach my savings goals, I automate at least 20% of my paycheck every two weeks and deposit it in a high-yield savings account. For example, some stock market returns might've been 3% last year, but some high-yield savings accounts have a return of 4.5%. That's just as important as putting $100 into the stock market every week.

Persons: HENRY, Georgia Lord, I've, That's, Ally, CapitalOne360, There's, might've, Roth, We're Organizations: Morningstar, Business, Roth IRA, — Locations: Georgia, New York City, Brisbane, Australia, New York

☆ 52% of Black Americans say homeownership is a mark of success, report finds. But it can conflict with other goals
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty Images'Homeownership has a lot more expenses than renting'"Homeownership has a lot more expenses than renting: taxes, insurance, maintenance, down payment. All these factors need to be considered," said Cherry, a member of CNBC's Financial Advisor Council. "Understand what it is to be a homeowner and how things work," said Elliott, also a member of CNBC's Financial Advisor Council. "The cost of homeownership versus renting has been made [it] daunting to become a homeowner. "At the end of the day, what good is being a homeowner when you can't provide basic necessities for yourself and your loved ones?"

Persons: Cherry, Kamila Elliott, Elliott, Susan M, Wachter, Preston D, Jacob Channel Organizations: Digitalvision, Getty, CNBC's, CFP, Wealth Partners, CNBC, Council, The Wharton School, University of Pennsylvania, Cherry Locations: Atlanta, U.S

☆ Americans making student loan payments have up to 36% less saved for retirement
▼ + stars: | 2024-02-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

The study examined the retirement savings habits of more than 50,000 participants between 2017 and 2019 to see how student loan payments affected their contributions. While a higher salary does correlate with higher 401(k) balances and contribution rates overall, it doesn't close the gap between those making student loan payments and those who aren't making such payments. For employees earning less than $55,000 a year, those without student loan payments had balances about 4.5% higher on average than those with student loan payments, regardless of tenure. Lower earners were also less likely to reduce their contributions when they started making student loan payments. "[It's] less disposable income that [borrowers] have, so it's likely a fear reaction," Sam Silberstein, a certified financial planner and certified student loan professional with Student Loan Planner, tells CNBC Make It.

Persons: aren't, Sam Silberstein Organizations: Research Institute, CNBC

☆ Here's how to reduce your health-care costs during Medicare Advantage open enrollment
▼ + stars: | 2024-02-16 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Certain retirees can now change their health coverage during Medicare Advantage open enrollment, which runs until March 31. Medicare Advantage is health coverage provided through private companies that are paid by Medicare to cover your benefits. If you're already on a Medicare Advantage plan, you can take advantage of the open enrollment period to switch to another Medicare Advantage plan or drop your Medicare Advantage plan and switch to original Medicare and perhaps also a separate Medicare drug plan. However, those enrolled in Medicare Advantage may need lower savings targets, the research found. Medicare open enrollment periods can be an opportunity to identify potential ways to save.

Persons: Carolyn McClanahan, McClanahan Organizations: Medicare, Finance, Social Security, Research Institute, Planning Partners, CNBC FA Locations: Jacksonville , Florida

☆ This type of ETF offers portfolio income along with some complexity. How to determine if it’s right for you
▼ + stars: | 2024-02-15 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

These so-called derivative income funds — which include popular covered-call offerings such as the JPMorgan Equity Premium Income ETF (JEPI) — gathered $22 billion in flows last year , according to Morningstar. "I don't see volatility drying up, especially with where inflation is and this being an election year," said Barry Martin, portfolio manager of the Shelton Equity Income Fund (EQTIX) . "Instead of owning a covered call fund, you can buy a dividend fund that's paying 3% in dividend income," said John Rekenthaler, vice president, research at Morningstar. Be tax conscious: Derivative income funds can bring tax complexity because they can spin out income that's subject to short-term capital gains treatment. Comparison shop: Morningstar labels covered call funds and their ilk as "derivative income funds," but each offering will have its quirks, and this could affect its risk-return profile.

Persons: —, Rob Schultz, JEPI, there's, Barry Martin, EQTIX, Martin, Schultz, Ashton Lawrence, Lawrence, John Rekenthaler Organizations: JPMorgan, Shelton, Income, CFP, Mariner Wealth Advisors, Investors, Morningstar Locations: Encino , California, Greenville , South Carolina

☆ After a 5-month-long 401(k) rollover process, a financial professional told me I should've asked 2 questions before even starting — and explained when it makes sense to keep your money separate
▼ + stars: | 2024-02-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

From start to finish, it took me five months to combine my retirement money into one account. Before moving your retirement money, consider the investment options at your current plan (or plans if you have multiple accounts) and the new plan. “The average 401(k) plan only has about 15 to 20 investment options, so we want to look at those options: ‘Are they good? The main ones to look into are plan administration fees, individual service fees, and investment fees. Your employer is required to provide you with information on the company 401(k) plan, including the fee structure.

Persons: Brent Weiss, Weiss, that's, ”, “, you’re, — Organizations: Fidelity, Vanguard, Business

☆ Do you have a joint account? Here’s what that says about your relationship
▼ + stars: | 2024-02-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Of those who have at least a joint account, only 12% said financial issues caused problems with their partner, compared to 15% of those who don't have a shared account. Further, 58% of those who share at least one bank account said they stayed together after a financial argument, compared to only 47% of those who don't have a shared account. "If you want your marriage and relationship to survive, at least get a joint account," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. While most experts recommend some variation of having "yours, mine and ours," completely combining finances is steadily becoming less common. According to a recent report by Bankrate, 39% of couples who are married or living together completely combine their finances, while 38% have a mix of joint and separate accounts and 24% keep finances completely separate.

Persons: Stacy Francis, Bankrate Organizations: LendingTree, Francis Financial, Finance Locations: New York

☆ S&P 500 eclipses 5,000 for the first time—but you'd be smart to ignore the headlines, says CFP
▼ + stars: | 2024-02-09 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

The S&P 500 index closed above 5,000 for the first time on Friday, with investors showing continued optimism about cooling inflation, strong earnings and a resilient economy. Aside from being a big, round number, 5,000 isn't a particularly important threshold for the broad U.S. stock market barometer in and of itself. Financial pros say you'd be wise to avoid making any wholesale changes to your strategy based on short-term moves in the stock market. "Investors in general, but especially younger investors, should ignore the headlines about all-time highs in the S&P 500," says Kevin Brady, a certified financial planner at Wealthspire Advisors in New York City. Because they are not uncommon, meaning all-time highs more often than not lead to further all-time highs in short order."

Persons: we're, Dana D'Auria, Kevin Brady Organizations: CNBC, Wealthspire Advisors Locations: New York City

☆ Why millennials' retirement outlook may be worse than older generations
▼ + stars: | 2024-02-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

'Deteriorating' retirement outlookAbout 38% of early millennials (those born in the 1980s) will have "inadequate" retirement income at age 70, according to projections from a 2022 Urban Institute study. watch now"We do see the retirement outlook deteriorating for future generations," including millennials, said Richard Johnson, director of Urban's retirement policy program and co-author of the report. Millennials' student loans dent their net worthA 2021 paper by the Center for Retirement Research at Boston College had similar findings. Meanwhile, the last major Social Security overhaul, in 1983, gradually raised the program's "full retirement age" to 67 years old. That will make it easier to save for retirement, according to a Brookings Institution report.

Persons: Jamie Grill, Craig Copeland, Gen X, Xers, Richard Johnson, Johnson, aren't, Millennials, Gen Xers, CRR, X, EBRI, Anqi Chen, Copeland, millennials, they're, William Gale, Hilary Gelfond, Jason Fichtner, there's, Sean Deviney, Deviney Organizations: Social Security, Research Institute, Urban, Center for Retirement Research, Boston College, Research, Transamerica Center, Retirement Studies, Finance, IRA, Pensions, Social, Center, Budget, Brookings Institution, Vanguard Group Locations: U.S, Fort Lauderdale , Florida

Loud budgeting is a financial trend that has gone viral as people look to save money. CFP Chloe Moore says loud budgeting can help you spend on the things that really matter to you. According to Certified Financial Planner Chloe Moore , loud budgeting can be a great way to stick to your savings goals, set financial boundaries, and even reduce anxiety around money. AdvertisementHere are 3 ways Moore says you can incorporate loud budgeting into your finances:1. Set financial boundariesWhatever your budget is for entertainment, eating out, or clothes shopping, set it and stick to it.

Persons: Chloe Moore, —, ” Moore, Moore, don’t, SoFi, “, you've Organizations: Service, Finance

☆ Saving for retirement in your 50s can be 'really stress-inducing,' expert says. These tips can help
▼ + stars: | 2024-02-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The median age that workers 50 and older expect to retire is 67, according to the Transamerica Center for Retirement Studies. Brush up on Social Security, Medicare rulesIt is a great time in your 50s to look at your Social Security statement to see the retirement benefits for which you may qualify, according to Jenkin. The Social Security Administration provides free access to benefit information online. For example, it may make sense for someone to retire at age 63 and a half and then use COBRA coverage for the 18 months until they reach Medicare age, Jenkin said. If you're in your early to mid-50s, it's also a great time to explore what the Social Security claiming strategy fits your particular situation best.

Persons: Silke, Dogan, Ted Jenkin, Xers, Jenkin, they're, Brush, it's Organizations: Bank, Getty, Transamerica Center, Retirement, CNBC's, federal, Savings, Fidelity, Social Security, Social Security Administration Locations: Atlanta

☆ This simple calculation will show if you’re withholding enough taxes from your paycheck
▼ + stars: | 2024-02-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Witthaya Prasongsin | Moment | Getty ImagesIf your tax refund or bill is bigger than expected, it could be time to adjust your paycheck withholding — and a simple calculation could help, experts say. How paycheck withholdings workWhen you start a new job, you fill out Form W-4, which tells employers how much to withhold from each paycheck for federal income taxes. You calculate your effective tax rate by dividing your total tax (line 24) by taxable income (line 15). If your 2024 earnings are similar to 2023, you'll want your federal paycheck withholdings at roughly last year's effective tax rate, Loyd said. For example, if your gross paycheck is $1,000 and last year's effective tax rate was 12%, you'll want about $120 withheld in federal taxes, he said.

Persons: Witthaya, John Loyd, JoAnn May, —, Loyd, you'll Organizations: Forest Asset Management Locations: Fort Worth , Texas, Berwyn , Illinois

☆ This costly withholding mistake is 'always a surprise,' tax pro says
▼ + stars: | 2024-02-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Guido Mieth | Stone | Getty ImagesAs millions of Americans start filing returns, experts warn that last year's tax withholding errors could trigger an unexpected bill. The IRS requires tax payments throughout the year and many workers do that via automatic employer paycheck withholdings. By contrast, you may see a tax bill if you didn't pay enough. For filers with multiple jobs, withholding issues are "always a surprise," according to certified financial planner JoAnn May, principal at Forest Asset Management in Berwyn, Illinois. If you didn't adjust your withholding to reflect your new single status, you may not pay enough taxes during the year.

Persons: Guido Mieth, JoAnn May, it's, you've, John Loyd Organizations: Asset Management Locations: Berwyn , Illinois, Fort Worth , Texas

☆ If you want to age in place in retirement, experts say these are the things you should consider
▼ + stars: | 2024-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Westend61 | Westend61 | Getty ImagesThere's no place like home — especially as you age. "People might say, 'I want to age in place as the default plan, because that's what I'm already doing,'" said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place. The costs of the upgrades necessary to age in place can vary, experts say. Chiang said she has seen the prices of bathroom upgrades vary within Florida, where her practice is based. To make sure your home upgrades are successful, experts say it's wise to keep several things in mind.

Persons: I'm, Carol Chiang, Chiang, Carolyn McClanahan, Curt Kiriu, Kiriu, there's, Thomas West Organizations: Westend61, Getty, AARP, Finance, Social Security, CNBC's FA, CK, Builders, National Association of Home Builders, Signature Estate, Investment Advisors Locations: CNBC's, Florida, Mililani, Hawaii, Oahu, Tysons Corner , Virginia

☆ ‘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

☆ The 'mob wife' trend takes over after quiet luxury — and it's easier on the wallet
▼ + stars: | 2024-02-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

James Gandolfini as Tony Soprano and Edie Falco as Carmela Soprano seek counseling in HBO's hit television series, "The Sopranos" (Year 3). HBO | Hulton Archive | Getty ImagesQuiet luxury is out and the 'mob wife' era is in, according to Kayla Trivieri's viral TikTok video. Think: Carmela Soprano in HBO's "Sopranos," cheetah print and lots of eye liner. How we got to the 'mob wife' eraHow to achieve the 'mob wife' lookAlthough the character Carmela Soprano wasn't necessarily frugal, appropriating her style costs a lot less than the quiet luxury looks that emerged after Gwyneth Paltrow's ski accident trial last March. watch nowToday's 'mob wife' aesthetic is less about cashmere sweaters and camel-hued coats and more about bold accessories such as gold hoop earrings, a leopard print jacket or vintage fur.

Persons: James Gandolfini, Tony Soprano, Edie Falco, Carmela Soprano, Kayla Trivieri's, HBO's, Thomaï Serdari, University's, Carmela Soprano wasn't, Gwyneth Paltrow's, Paltrow, Celine, Prada, Carolyn McClanahan Organizations: HBO, University's Stern School of Business, Planning Partners Locations: New, thrifting, Jacksonville , Florida

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Apartment credit score requirements frequently asked questionsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Will, Jamela Adam, Read Organizations: Fair, Childfree, Forbes, . News, Mint Intuit Locations: AnnualCreditReport.com, SoFi, Chevron

☆ Tax season is underway. Here’s what investors should know to prepare
▼ + stars: | 2024-02-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Tax filing season officially started on Monday, and investors could pay the price following last year's stock market bonanza. Meanwhile, investors collected yields exceeding 5% in money market funds, certificates of deposit and high yield savings accounts. In New York, the top income tax rate is 10.9%, and it's 13.3% in California. Vanguard's New York Municipal Money Market Fund (VYFXX) has a 7-day SEC yield of 4.25% and an expense ratio of 0.16%. Fidelity offers the California Municipal Money Market Fund (FSPXX) , which has a 7-day yield of 3.54% and an expense ratio of 0.3%.

Persons: Tim Steffen, Brenna McLoughlin, you've, McLoughlin, Vanguard's, Sam Nofzinger, Steffen, it's, There's Organizations: Baird, Wealthstream Advisors, York Municipal Money Market Fund, SEC, Fidelity, Money Market Fund, Public Locations: Milwaukee, New York, California, York, –

☆ 'How much am I willing to change my lifestyle?'—and 4 other money questions to ask yourself before having kids
▼ + stars: | 2024-01-31 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +3 min

Her mix of expertise in money and health give her unique insight into the financial stressors that come with having a baby. Here are five questions she says every person should ask themselves before deciding to have children. The average cost of a vaginal birth in a hospital without health insurance is $13,024, according to data from ValuePenguin. With health insurance, having a baby in a hospital could cost up to $8,224, depending on what type of insurance you have. "If you love to travel, now you'll have to bring extra people along and it's a lot of money," McClanahan says.

Persons: Carolyn McClanahan, McClanahan, you'll Organizations: Planning Partners, OB

☆ No emergency fund? These tips can help you build savings and find extra cash in your budget, advisors say
▼ + stars: | 2024-01-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

If you're like most people, you may not have an emergency savings fund. It's not necessarily our fault, experts say, as our brains are programmed to focus on our needs today. He and other financial advisors typically recommend having at least three to six months' living expenses set aside in case of an abrupt change in income or unexpected event. At that point, it doesn't feel like as much of a stretch to set aside 20% of your income toward retirement and 5% toward an emergency fund. Financial advisors often see this barrier to savings with their clients and have their own tactics for nudging clients to set aside more cash and free up flexibility in their budgets.

Persons: It's, We're, Brad Klontz, CNBC.com, Klontz Organizations: Finance, CNBC FA

☆ 5 caregiving terms to help you access essential services and reduce expenses for an aging parent
▼ + stars: | 2024-01-30 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +5 min

The highest level of care is "skilled nursing care" for those who are chronically ill or disabled and can no longer care for themselves. Medicaid pays for most long-term care services — but only for people with low incomes and little savings. Long-term care insuranceDepending on the plan, long-term care insurance pays for services from at-home care to assisted living, memory care, skilled nursing care, and hospice. Long-term care insurance may have annual premiums that increase over time or may be included as a rider to a life insurance policy. Employers are increasingly offering long-term care insurance as a workplace benefit.

Persons: Abbe Udochi, AARP's Goyer, Ivory Johnson, Johnson, Couples, Goyer Organizations: Maskot, Getty, Healthcare Consulting, National Investment Center, Seniors Housing & Care, Medicare, Delancey Wealth Management, Washington , D.C, CNBC FA, American Association for, Care Insurance, Employers Locations: New York, Washington ,

☆ Having too many options can paralyze investors. Here's how you can overcome 'choice overload'
▼ + stars: | 2024-01-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Humans get overwhelmed by too many options, a behavioral finance concept known as "choice overload." How investors encounter choice overloadChristopher Ames | E+ | Getty ImagesIt's not just investing: The choice paradox can extend to things like ice cream flavors and apparel, for example. Given these behavioral biases, retailers and others have evolved, making it less likely consumers will experience choice overload "in the wild" today, said Dan Egan, vice president of behavioral finance and investing at Betterment. Do-it-yourselfers may have about one to two dozen investment options, at most, from which to choose, reducing the choice friction. If you don't give people an easy choice, "it's really hard for them," Blanchett said.

Persons: Philip Chao, Brian Scholl, David Blanchett, Samantha Lamas, Christopher Ames, Sheena Iyengar, Mark Lepper, Dan Egan, Egan, that's, Blanchett Organizations: Sdi, U.S . Securities, Exchange Commission, Investor, Morningstar, Finance Locations: John , Maryland

☆ ‘I don’t want to spend’: How a TikTok comedian’s call for ‘loud budgeting’ can help your wallet
▼ + stars: | 2024-01-29 | by ( Victoria Feng | Special To Cnbc | ) www.cnbc.com time to read: +2 min

But he sees the very real financial consequences that influencers and TikTok trends like quiet luxury have, especially on younger consumers. "There was this idea of keeping up with the Joneses," said Daigle, a member of the CNBC Financial Advisor Council. Nearly two-thirds, 62%, of Americans are living paycheck to paycheck, according to LendingClub. For loud budgeting to be effective rather than gimmicky, Daigle suggests that people focus on their financial priorities and practice moderation with their spending changes. To help stay on track, she recommends using a budgeting tool like YNAB, also known as You Need a Budget.

Persons: Thomas Barwick, Steven Sierra, Sophia Bera Daigle, That's, I'm, Daigle Organizations: Digitalvision, Getty, Lukas, CNBC, Gen

☆ 36-year-old quit her job to write novels—how she and her husband are making it work on one salary
▼ + stars: | 2024-01-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Soon after they got married in 2022, Heather MacLean and Scott Kyrish decided they needed a financial advisor. "We were both making good money, and we realized we were just putting it in savings," says MacLean. "It didn't take long before Jay started trying to convince me to quit my job," MacLean says. She was making about $52,000 a year and her husband had recently received a salary bump from about $65,000 to about $80,000. "I remembered how much I loved it and thought, 'Maybe I'll give this a shot and see if it can turn into something,'" MacLean says.

Persons: Heather MacLean, Scott Kyrish, MacLean, Kyrish, How's, Jay Zigmont, Zigmont, Jay, NaNoWriMo, She's Locations: Rock , Texas, Hale Harbor

☆ The S&P 500 hit another all-time high—but don't switch up your retirement saving strategy, says CFP
▼ + stars: | 2024-01-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Your 401(k) may look a little better than usual as tech stocks pushed the S&P 500 index to another all-time high as of market close on Thursday. But now's not the time to change up your retirement saving strategy. Your retirement saving strategy should be proactive rather than reactive. Since the stock market is, by nature, unpredictable, it isn't wise to base your long-term investment strategy on how the market is performing in the short term. "You can't predict exactly when that bull market becomes a bear market and vice versa," Shamrell says.

Persons: now's, You've, Douglas Boneparth, Mike Shamrell, Shamrell Organizations: Bone, CNBC

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