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☆ This week’s US inflation data is very important. Here’s why
▼ + stars: | 2023-09-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

All this uncertainty has led markets to lack conviction, flip-flopping as conflicting narratives around inflation rates and Fed hikes prevail. But this week’s readings — just a few days ahead of the Fed’s September policy meeting -— could give the markets direction. “Getting core inflation to 2% won’t come quickly, and upside risks remain,” said Greg McBride, chief financial analyst at Bankrate. And while the Fed generally looks at core inflation, the impact of crude prices often extends into other areas of the economy. Pensions and inflation adjustments: The UAW wants a return of traditional pension payment plans and retiree health care for all UAW members.

Persons: There’s, —, Price, Jason Pride, Michael Reynolds, Glenmede, ”, Greg McBride, David Kelly, Chris Isidore, Shawn Fain, they’re, Chris, Jordan Valinsky, Instacart, “ Organizations: CNN Business, Bell, New York CNN, United Auto Workers, Federal, Consumer, of America, JPMorgan Asset Management, UAW, Ford, Jeep, Dodge, Chrysler, Workers, Union Locations: New York, China, Saudi Arabia, Russia, America, Instacart

☆ The 10 most expensive U.S. states to retire in 2023—California isn’t No. 1
▼ + stars: | 2023-09-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

And now, the state overall ranks as the most expensive place to retire in the U.S., according to recent Bankrate data. New York moved up to the top spot from ninth place on last year's list of the most expensive states to retire. California ranks as the second-most expensive state to retire for the second year in a row, according to Bankrate. The Golden State doesn't tax Social Security benefits, but applies income taxes to withdrawals from other sources. Here are the top 10 most expensive U.S. states to retire in 2023, according to Bankrate.

Persons: Bankrate, — it’s Organizations: Tax Foundation, Council for Community, Economic Research, Fiscal, Security, State Locations: York City, U.S, New York, NYC, California

☆ High interest rates make it possible to earn 'real money' on cash now, expert says
▼ + stars: | 2023-09-10 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Just 1 in 5 savers have competitive interest rates of 3% or better on their cash, a Bankrate survey from earlier this year found. Here are several mistakes with cash that financial advisors say investors should try to avoid. For savers who are keeping large balances in accounts providing low interest rates, Harrington said he tries to explain to them that they are losing spending power over time. If you have a financial advisor, you should be talking to them about all of your cash savings, according to Lane at Flourish. While financial advisors tend to believe they manage all of their clients' money, no financial advisor truly does, Lane said.

Persons: Xavier Lorenzo, —, Gary Zimmerman, Max Lane, Lane, Tim Harrington, Harrington, they'll, Cash Organizations: MaxMyInterest, Longview Financial Advisors Locations: Longview, San Rafael , California

☆ 10 college majors to check out if you want to make a lot of money—without becoming an engineer
▼ + stars: | 2023-09-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

If you're looking for a high-paying college major, engineering degrees, including electrical and computer engineering, consistently rank as some of the options that can earn you the most money. You shouldn't force yourself into any major — or career path — you're not interested in just for the money. Broader science, technology and math majors earn a decent amount, too. Pharmacy and computer science are the best-paying nonengineering college degrees, according to a recent Bankrate analysis, which found those degree holders earn median salaries of $100,000 a year. Here are the 10 highest-paying college degrees that aren't engineering:

Organizations: American, Survey, U.S . Census, Bankrate Locations: U.S

☆ These 10 college degrees can earn you the highest salaries—over half make $100,000 or more
▼ + stars: | 2023-09-07 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

You can secure a high-paying job with just about any college major, or even without getting your degree. Electrical engineering and computer engineering lead the rankings of majors with the highest median salaries and are just two of eight engineering degrees among the top 10, according to a recent Bankrate analysis of the Census Bureau's American Community Survey data. Those with electrical engineering degrees earn a median annual salary of $110,000, while computer engineering grads earn a median of $104,000. 3 spot with a median salary of $100,000, but stands out in the rankings as one of just two non-engineering degrees in the top 10. These are the majors with the highest median salaries:

Persons: Bankrate Organizations: Survey

☆ 4 side hustles you can do with no experience: Make as much as $1,000/month in passive income
▼ + stars: | 2023-09-07 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

Nearly two fifths of Americans, 39% have a side hustle, according to an April 2023 Bankrate survey of 2,505 U.S. adults. Here are four side hustles you can do with no experience. Find house sitting gigs on sites like Rover, TrusterHousesitters and Care.com or offer your services in local groups on sites like Facebook and Nextdoor. "They wanted me to do a video survey," she says. Try signing up to take surveys and do focus groups on sites like Mindswarms, Find Focus Groups, Respondent or Fieldwork.

Persons: Latasha Peterson, Peterson, Julie Berninger Organizations: Facebook, PayPal Locations: ShareASale

☆ The real reason you're using 'Girl Math' isn't as funny as the TikTok trend would make you think
▼ + stars: | 2023-09-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +5 min

"Girl Math" is the humorous TikTok trend where users justify expenses with tricks. "Girl Math" may just be "Buy Now, Pay Later" in disguise, the experts said. "To me, the popularity of the "Girl Math" trend indicates a lot of pent-up guilt around our purchases," said Barrow. That's why it's important to disclose when "Girl Math" is humor instead of fact, said Sara Samuels, a wealth management advisor at Northwestern Mutual. AdvertisementAdvertisementFinancial educator Ellis even suggests setting aside money for savings or an emergency fund every time you make a "Girl Math" purchase.

Persons: Sam James, —, Ashley Morris, Isabel Barrow, Barrow, Erin Ellis, Ellis, Edelman's Barrow, Sara Samuels, Morris Organizations: Service, Consumer Financial Protection Bureau, Philadelphia Federal Credit Union, Northwestern Mutual Locations: Wall, Silicon, Philadelphia, Barrow

☆ Women will accept $66,000 a year to take a new job — while men hold out for more than $90,000
▼ + stars: | 2023-09-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

For men, the average lowest wage they would be willing to accept for a new job is $91,048, about $25,000 more than the average women would accept, which currently stands at $66,068. Regarding her first job as a senior analyst in 2017, El-Amin said, "I was offered $68,000, I countered and asked for $72,000," she said. In her most recent role, El-Amin, now 28, earned $200,000, she said. Negotiate for higher pay Differences in the way women and men approach negotiating their pay has played a role in the gender pay gap, research shows. "Women tend to look for mentors and men tend to look for sponsors who will help them negotiate," she said.

Persons: Cinneah El, Amin, I've, El, Barnard, Aronstein, Trevor Bogan, Bogan, Laurie Chamberlin, Chamberlin, Alex Gailey Organizations: New, Federal, Barnard, Columbia University, Finance, Pew Research Center, Top Employers Institute, Adecco, Mentors, Gallup Locations: El

Money market funds, on the other hand — while also generally safe — are a bit riskier, experts said. Investors who prefer money market funds may opt for government money market funds, which carry slightly less risk, Elliott said. YieldMoney market funds tend to pay a slightly higher interest rate relative to high-yield savings accounts, Elliott said. TaxesInterest income for both high-yield savings and money funds is taxed as regular income, experts said. However, some money market funds may carry tax benefits, said Eric Bronnenkant, head of tax at Betterment.

Persons: Kamila Elliott, Elliott, Greg McBride, They've, McBride, Treasurys —, Eric Bronnenkant, Bronnenkant Organizations: Wealth Partners, CNBC, Bankrate, Federal Reserve, Deposit Insurance Corporation, Treasury, Lehman, Federal Reserve Bank of Boston, Investor Protection Corporation, Investors, Data, Federal, Consumers, U.S Locations: Atlanta

☆ Mortgage rate tipping point: Homeowners say roughly 5% is the magic number to move
▼ + stars: | 2023-09-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Higher interest rates created a 'golden handcuff' effectSince it's unlikely rates will drop anytime soon, this has created a so-called golden handcuff effect. Similar to the financial incentives employers may offer to discourage employees from leaving a company, homeowners are now bound by their low mortgage rate. They don't want to move now and give up that low rate to buy at a higher rate. Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes. However, "mortgage rates weren't at record lows in the late 70s before they started to skyrocket in the early 80s, nor did home prices increase as rapidly," Channel said.

Persons: Nicole Bachaud, Bachaud, John Burns, Tomas Philipson, Bob, Terri Wood, Bob Wood Bob Wood, Terri, It's, Wood, he'd, Greg McBride, Jacob Channel Organizations: Finance, John Burns Research & Consulting, University of Chicago, White House Council, Economic Advisers, CNBC Locations: Mobile , Alabama, Tennessee, LendingTree

☆ Lucrative college degrees that can lead to salaries of more than $100,000 are largely held by men, study finds
▼ + stars: | 2023-09-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

The most lucrative college degrees are still largely held by men, a Bankrate study has found. It found that 78% of those who held the 20-highest paying bachelor's degrees were men, while only 22% were women. In electrical engineering, 85% of degree holders were men and 15% were women, with the average salary totaling $110,000. AdvertisementAdvertisementMeanwhile, bachelor's degrees where women made up the majority of degree holders were some of the lowest-paying fields. Although more women have college degrees than men and account for just over half of America's college-educated workforce, 2022 Pew Research Center Data found, they're still lagging behind men when it comes to earnings.

Persons: Rose Khattar Organizations: College, Service, Survey, New York Federal Reserve, Pew Research Center, Center for American Locations: Wall, Silicon, caregiving

☆ Here are 3 costly financial surprises for first-time homebuyers — and how to prepare for them
▼ + stars: | 2023-09-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWith record-high home prices and soaring mortgage interest rates, homeownership has become increasingly unaffordable — and hidden costs can surprise first-time buyers, experts say. Here are three of the most common surprise homeownership expenses and how to prepare for each one, according to experts. Property taxesAs a first-time homebuyer, it's easy to overlook property taxes since you've never paid those levies directly. Home maintenanceThe cost of home repairs and maintenance can also be a hidden expense for first-time homebuyers. As a first-time homebuyer, you need to make sure you have a sufficient cushion for surprises — I'd argue 5% of the home's purchase price at least.

Persons: Jonathan Ernst, homeownership, Vince Darling, you've, Richard Auxier, Kevin Brady, — I'd, Nicole Sullivan Organizations: Reuters, Stonebridge, Urban, Brookings Tax, Wealthspire Advisors, Prism Planning Locations: Alexandria , Virginia, Zillow, Forest Lake , Minnesota, New York

☆ A real-estate investor and realtor shares 2 pieces of advice for buying a rental property amid high mortgage rates — including the pros and cons of single-family homes, multifamily properties, and con
▼ + stars: | 2023-08-31 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Maryland realtor Bill Armstrong says now could be the time to get into an adjustable-rate mortgage. With mortgage rates back above 7% and home prices still high, it's not necessarily the greatest time to buy a rental property. But in every kind of market, there are opportunities, says Bill Armstrong, a realtor in Frederick, Maryland. The first piece of advice he gave is to consider getting an adjustable-rate mortgage as opposed to a fixed-rate mortgage. This means they know the market you're looking in well, but aren't considering deals for themselves first, he said.

Persons: Bill Armstrong, isn't, it's, Armstrong, that's, townhomes, you've Organizations: National Association of Realtors, Federal Reserve Locations: Maryland, Frederick , Maryland

☆ The 10 cheapest U.S. states to retire—Florida doesn't make the list
▼ + stars: | 2023-08-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

West Virginia ranks as the least expensive state to retire in 2023, according to data from Bankrate's "Best and Worst States to Retire" list. The state's light tax burden and low cost of living may make it an attractive option for retirees. West Virginia is relatively tax-friendly toward retirees, according to SmartAsset. Although Florida has long been considered a popular destination for retirees, the state didn't place among the cheapest states to retire for the second year in a row. Here are the most and least affordable states to retire in 2023, according to Bankrate.

Organizations: West Virginia, States, Council for Community, Tax Foundation, Sunshine State, National Association of Realtors Locations: Virginia, West, Florida

☆ Despite crackdown on junk fees, this banking surcharge just hit a record high
▼ + stars: | 2023-08-30 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

eclipse_images | E+ | Getty ImagesATM fees rise while overdraft, NSF fees fall"ATM fees are biting harder than ever," said Greg McBride, Bankrate's chief financial analyst. When factoring in the combined fees for using an out-of-network ATM, the average fee is $4.73, also a fresh high. On the upside, overdraft fees and non-sufficient funds fees are now significantly lower. watch nowHowever, few banks have done away with them altogether: 91% of banks still charge overdraft and 70% charge non-sufficient funds fees, Bankrate also found. "Despite recent progress in addressing overdraft fees, the job is far from complete," said Nadine Chabrier, the Center for Responsible Lending's senior policy counsel, in a statement.

Persons: Greg McBride, Bankrate, Nadine Chabrier Organizations: Getty, CFPB, Bank of America, Center

☆ No one can agree on whether remote work is making employees more productive
▼ + stars: | 2023-08-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

A report from Goldman Sachs shows studies on remote work have had different conclusions. Results from different research studies don't seem to agree on what remote working means for productivity, a recent report from Goldman Sachs shows. AdvertisementAdvertisementThe different research cited in the report had different study designs. call centers) tended to find positive impacts of remote work," the report said. As studies examine the productivity gains — or losses — of remote work, people have been asked to make the trip back to the office.

Persons: Goldman Sachs, Jose Maria Barrero, Nicholas Bloom, Steven J, Davis, Grace Lordan Organizations: Service, London School of Economics Locations: Wall, Silicon

☆ Americans spend nearly $300 a year on checking fees—here's how to avoid them
▼ + stars: | 2023-08-30 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Many Americans continue to pay checking account fees — even though they don't have to, a new report from from financial services company Bankrate confirms. Common checking account charges include fees for out-of-network ATM withdrawals, overdrafts and non-sufficient funds. All told, checking account holders spend an average of $24 per month on fees, according to a Bankrate poll published earlier this year. However, many of these fees are avoidable with a no-fee checking account, a number of which are available through online banks or credit unions. Some might even pay interest on your balance, too, although the rates are usually less competitive than what checking accounts with fees offer.

Organizations: Bankrate

Zeljkosantrac | E+ | Getty ImagesWhen it comes to planning for longevity, experts say it helps to envision your future self. A new aging filter trending on TikTok can help make that a reality. Use an aging filter to overcome retirement inertiaA recent Bankrate survey found not saving for retirement early enough is the number one financial regret. Experts say increasing your retirement savings deferral rate just slightly, say by 1%, can make a big difference over time. watch nowThe TikTok aging filter may serve as inspiration, but only if savers take the necessary follow-up steps, experts say.

Persons: Hal Hershfield, Joseph Coughlin, Coughlin, Hershfield, Carolyn McClanahan Organizations: Massachusetts Institute of Technology, University of California, Planning Partners, CNBC Locations: Los Angeles, Jacksonville , Florida

☆ What to know before you take advantage of your credit card’s buy now, pay later option
▼ + stars: | 2023-08-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The offer may sound tempting, given today's record-high interest rates on debt, which now average 20.5% for credit cards, according to Bankrate. Credit card buy now, pay later plans include American Express Pay It Plan It, My Chase Plan and Citi Flex Pay. While those BNPL companies are acting more like credit card issuers, the latter, in turn, have taken on features similar to BNPL, he noted. The choices come as rising interest rates have made carrying debt more expensive. The latest data shows consumers are struggling under rising balances, with total credit card debt recently topping $1 trillion for the first time.

Persons: Ted Rossman Organizations: American, Citi, Finance

☆ At what age should kids become financially independent?
▼ + stars: | 2023-08-29 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - At what age should American kids become financially independent? In almost every category, Baby Boomers expect people to become financially independent a year or two earlier compared to what Gen Z has to say. With health insurance, for instance, adult kids can typically stay on parent plans until the age of 26. BE STRATEGIC ABOUT FINANCIAL ASSISTANCEThe reality is the parents do indeed help adult kids out financially: 68% of them have made such a sacrifice, according to Bankrate. For instance, if such help has erased your own emergency fund, or depleted your retirement accounts, that is not going to help anybody – and, in fact, will boomerang on those kids later if you become dependent on them.

Persons: Dado Ruvic, ”, Ted Rossman, Amy McGahan, –, Lauren Young, Diane Craft Organizations: REUTERS, Boomers, Pew Research Center, Thomson Locations: Cleveland

☆ Amid a return-to-office push, it's still possible for workers to get flexible schedules. 'Think about it like a salary negotiation,' expert says
▼ + stars: | 2023-08-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Most workers are hoping that flexible Covid-era work policies will stay in place. A new survey from Bankrate found 89% of full-time workers, or those looking for full-time work, are in favor of remote and hybrid work or four-day work weeks. The results of the survey, which was fielded in July, come as a remote work reckoning may be brewing. Most sectors are more likely to advertise remote work than they were before the pandemic, Bunker said. But the sectors most likely to be open to remote work then are more likely to advertise those kinds of positions now, he said.

Persons: Bankrate, —, Goldman Sachs, Nick Bunker, Bunker Organizations: Finance

☆ The Fed isn't done fighting inflation — but it'll ensure its next big decision won't bring 'unnecessary harm' to consumers
▼ + stars: | 2023-08-25 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

He did not specify what the bank's next move will be and committed to reaching the 2% inflation target. On Friday, Powell took the podium for the Fed's annual economic policy symposium hosted by the Kansas City Fed. Doing too much could also do unnecessary harm to the economy," Powell said during his remarks. The unemployment rate has offered another promising sign for the Fed in its inflation fight. Chair Powell must maintain the Fed's pause on rate hikes and avoid further rate increases that threaten our economy and risk throwing Americans out of work."

Persons: Jerome Powell, Jackson, Powell, —, it's, Massachusetts Sen, Elizabeth Warren, Greg McBride Organizations: Service, Kansas City Fed, Fed, Democratic Locations: Wall, Silicon, Jackson Hole , Wyoming, Massachusetts

☆ Working in an office full time is a no-go for some people who desperately want remote work
▼ + stars: | 2023-08-24 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Working adults or job seekers tend to prefer remote work over being in the office full time, per Bankrate. New survey results from Bankrate found 64% of US adults who are part of the workforce are in favor of fully remote work instead of work done all in person. AdvertisementAdvertisementOne person who is in a new fully remote position had previously been working remotely as an ad tech contractor. "I think fully remote work is going to be tough for them to find," Pozen said. AdvertisementAdvertisementAre you thinking about switching jobs or have already quit because of return to office requirements or a desire for flexible work?

Persons: Bankrate, YouGov, Mark Hamrick, it's, Robert C, Hamrick, Pozen, Paul Rubenstein, Visier, you've, Rubenstein, Robert Half Organizations: Service, MIT Sloan School of Management, Workers Locations: Wall, Silicon, Bankrate

☆ Popular online side hustles can earn up to $9,750 a month—the No. 1 downside few people warn you about
▼ + stars: | 2023-08-24 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Jim Battan, pictured with his wife, Lisa Battan, beside their backyard pool in West Linn, Oregon. Those earnings can significantly outpace the average U.S. side hustle's $810 per month, according to a May Bankrate survey. CNBC Make It spoke to a group of high-earners across multiple online platforms, some of whom bring in six figures per year from their side jobs. While it is true we have more pools being hosted on the platform, popular pools continue to see their pools booked out in well in advance." Kingsley OnyemaliIn the fall of 2022, he noticed a change: The site was organizing search results by lowest prices, instead of customer feedback.

Persons: Jim Battan, Lisa Battan, Jim Battan Battan, Battan, Swimply, Bunim Laskin, Kingsley Onyemali, Onyemali, it's, Tasker Organizations: CNBC, Facebook, TaskRabbit Locations: West Linn , Oregon, Etsy, Linn , Oregon, Austin , Texas, Tasker

☆ Gen Z investors sway harder to the beat of rising inflation and higher interest rates than their older peers. But passive investing beats pro trading, says an analyst.
▼ + stars: | 2023-08-24 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Gen Z outpaces all other age groups in active stock trading, according to a Bankrate survey. However, a Bankrate analyst says they should become more passive investors. Gen Z investors aren't just bailing out of the market either. The same survey notes that Gen Z investors aren't just bailing out of the market. Over half, or 53%, of Gen Z investors said they expect to invest in stock-related investments in 2023, compared to just 19% of Gen X investors and 9% of baby boomer investors.

Persons: Z, Gen, Gen Z, James Royal, — Organizations: Service, CFA Institute, Financial Industry, Authority Investor Education Foundation Locations: Wall, Silicon, Canada

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