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☆ Most Americans aren't interested in AI tools like ChatGPT for money advice—why that's probably a good thing
▼ + stars: | 2023-09-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Nearly 60% of Americans say they're not interested at all in using AI tools to help them manage their money, according to a new CNBC Your Money survey conducted by Survey Monkey. In fact, only about 4% say they've already used AI to help them with their finances. Americans are using artificially intelligent chatbots like ChatGPT to boost their resumes and accelerate their side hustles , but it doesn't look like they're turning to the tool for financial advice. Publicly traded companies publish quarterly earning reports, which can be a good source of information about the financial health of a company. Also, OpenAI warns users that ChatGPT may write "plausible-sounding but incorrect or nonsensical answers" and the tool isn't intended to give advice.

Persons: they're, Douglas Boneparth, it's, OpenAI, Warren Buffett Organizations: CNBC, Survey, Publicly Locations: U.S

☆ 'My wife and I have almost entirely separate finances,' says CFP—'it really helps us to have less conflict'
▼ + stars: | 2023-09-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

That's why a recent tweet from Ian Weiner, a certified financial planner and owner of Bespoke Wealth Solutions, stands out. In response to another user who said, "Don't marry someone you wouldn't share a credit card with," Weiner posted, "My wife and I have almost entirely separate finances, AMA." CNBC Make It caught up with Weiner to ask about how he and his wife, Jes — a muralist based in Bentonville, Arkansas — divvy things up. CNBC Make It: You seem to be bucking the trend a little bit by keeping everything separate. She doesn't disregard the future, but I think she would say that, that's not that's not guaranteed, that's not promised.

Persons: Ian Weiner, Weiner, Jes, she's, We've, it's, It's, We're, we've, that's, She's Organizations: CNBC Locations: Bentonville , Arkansas

☆ Your 401(k) could have these hidden risks, experts say. Here’s what employees need to know
▼ + stars: | 2023-09-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

mapodile / GettyAfter several interest rate hikes from the Federal Reserve, many have braced for stock market volatility in their 401(k) plans. But experts say some plans could face another risk: employer bankruptcy. The risks of guaranteed interest accountswatch nowGalli said there's also a hidden risk with "guaranteed interest accounts," a common 401(k) asset that provides interest for a set amount of time. When a 401(k) plan shuts down, employees may see "adjustments" to their guaranteed interest accounts, which reduce the assets' value. Consider rolling over old 401(k) accounts

Persons: Dan Galli, Daniel J, Galli, Ashton Lawrence, there's Organizations: Getty, Federal Reserve, Galli & Associates, Ashton, Mariner Wealth Advisors Locations: Norwell , Massachusetts, Greenville , South Carolina

☆ Employee benefits season is coming. Prepare these tax-advantaged accounts for growth
▼ + stars: | 2023-09-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

An opportunity to maximize tax-favored growth in your investment account is around the corner: employee benefits season. But it's also prime time to check in on contributions to and the underlying investments in 401(k) plans, individual retirement accounts and health savings accounts, which can offer a bevy of tax benefits. Enter asset location, which involves positioning the assets with the highest growth prospects and yield for growth and tax efficiency. "And too many people in my opinion are unlikely to touch their retirement accounts for more than a decade, and yet a lot of it is in cash or cash-like investments." In contrast, tax-deferred retirement accounts could be split 80/20 for workers who are early to mid-career, McLoughlin said.

Persons: it's, Barry Glassman, Glassman, Sam, Roth, Roth IRAs, Brenna McLoughlin, McLoughlin Organizations: Wealth Services, CNBC's, Wealthstream Advisors

☆ The 'time gap' in unpaid caregiving costs women an extra $321.56 billion a year, report finds
▼ + stars: | 2023-09-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Women spend an average 51.6 minutes a day caring for household children, other household members and nonhousehold members, according to a new analysis from the National Partnership for Women and Families. Men spend an average 26.4 minutes daily on such tasks. On a broader level, unpaid caregiving is worth $305.01 billion a year for men and $626.57 billion for women, the National Partnership for Women and Families estimates. In other words, the caregiving time gap costs women an extra $321.56 billion a year. About 38 million people provided unpaid care to an adult family member or friend in 2021, according to the latest data from AARP.

Persons: Katherine Gallagher Robbins, Caregiving, Carolyn McClanahan, McClanahan Organizations: National Partnership for Women, Partnership for Women, AARP, Planning Partners, CNBC, U.S . Bureau of Labor Statistics Locations: Jacksonville , Florida

☆ All smoke and no FIRE: Early retirees open up about the struggles of ditching their paychecks in exchange for freedom and the new ways they're generating extra income
▼ + stars: | 2023-09-13 | by ( Laila Maidan | Kathleen Elkins | ) www.businessinsider.com time to read: +14 min

Members pose questions from how to save and invest to how to raise a family while on the path to early retirement. Early retirement doesn't mean never working againBut the FIRE movement can be more smoke than fire. Think about what's important to you and what you want your lifestyle in early retirement to look like, Cheng said. One message he shares with his community is that early retirement may not be the ultimate finish line for everyone. He also started coaching high school tennis and grew his online blog that offers tips on early retirement.

Persons: Rachel Covert, Isaac Mizrahi, Covert, That's, subreddit, Gwendolyn Merz, Merz, She'd, Marguerita Cheng, Cheng, It's, Michael Quan, Quan, Winnie Jiang, Sam Dogen, Dogen, Sam Dogen Dogen, Shan Fu, Fu, I'm Organizations: Financial Independence, Social Security, Lean FIRE, FIRE, Fortune, Bureau of Labor Statistics, Credit Suisse, Millennials Locations: NerdWallet, New York City, Mexico, Portugal, Asia

☆ The CNBC FA 100 ranking recognizes advisory firms that help clients navigate big financial decisions
▼ + stars: | 2023-09-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Our mission is the primary driver behind the CNBC FA 100 list, now in its fifth year, which ranks the nation's top financial advisor firms. The CNBC FA 100 highlights firms that help clients navigate decisions beyond their investment portfolio. However, "it's that volatility where I think the value of a CFP professional or a professional advisor really makes a difference," he added. It's that volatility where I think the value of a CFP professional or a professional advisor really makes a difference. 10 questions to ask your next financial advisor

Persons: we're, what's, Kevin Keller, Goldman Sachs, there's Organizations: CNBC, AccuPoint Solutions, SEC, CFP, Federal Reserve Locations: Northwestern, U.S

☆ IRS: Meet this Sept. 15 deadline to 'avoid a surprise at tax time'
▼ + stars: | 2023-09-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Sept. 15 is fast approaching — and if you're not withholding taxes from your income, it's time to send a payment to the IRS. Many employers withhold taxes from every paycheck, but freelancers, self-employed workers, small business owners, investors and others pay on their own via quarterly estimated tax payments. Typically, you must make quarterly estimated payments if you're expecting an annual tax liability of $1,000 or more. Last week, the IRS reminded filers that these payments can help "avoid a surprise at tax time." It's important to calculate tax payments accurately, pay on time and to consider meeting the "safe harbor" rule to avoid underpayment penalties, Lovison said.

Persons: filers, homebuyers, Sean Lovison, Lovison Organizations: IRS, Finance, WJL Financial Locations: Philadelphia

☆ These safe assets offer yields exceeding 5%. Why investors shouldn’t lean too heavily on them
▼ + stars: | 2023-09-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Fed's rate-hiking campaign gave investors an opportunity they haven't seen in years: Risk-free returns are finally interesting. Six-month Treasurys are yielding 5.5%, while a bevy of money market funds are offering 7-day yields exceeding 5%, according to Crane Data . However, at some point, rates will come down — and investors hiding in short-term, high-yielding assets could find themselves with no place to go. That means investors could be left with few places to go for attractive yields in a lower rate environment as their shorter-term assets mature — known as reinvestment risk. The benefit of laddering when rates are high is that the longer-dated bonds will have already locked in the higher yields.

Persons: There's, we've, Crystal Cox, Matthew McKay, McKay, Jerrod Pearce, Pearce, Wealthspire's Cox Organizations: Federal Reserve, Data, Wealthspire Advisors, Briaud Financial, CFP, Creative Planning

☆ Social Security's trust funds are running dry. Here are 4 things to know
▼ + stars: | 2023-09-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The vast majority of older Americans get Social Security benefits, which either partially or even fully fund their income in retirement. Social Security is 'America's pension safety net'Virtually every retiree receives some sort of guaranteed income stream — and Social Security is "by far" the most prominent of these income sources, Blanchett said. About 97% of Americans age 60 and older either receive or will collect Social Security benefits, according to Social Security Administration data. Workers would continue to pay Social Security payroll taxes, and those collected funds would still be payable to retirees. There will be 'losers'Congress will almost surely tweak Social Security to fix the solvency problem.

Persons: MoMo, David Blanchett, Blanchett, Doug Boneparth, Lorie Konish Organizations: CNBC's, Finance, Security, U.S, Social Security, Prudential Financial, CNBC, Social Security Administration, Insurance, Workers, Social, SSA Locations: PGIM, New York

☆ 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

☆ Why Some Ex-Workers at Bed Bath & Beyond Face 401(k) Losses
▼ + stars: | 2023-09-09 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Federal law generally protects savings in workers’ retirement plans when a company files for bankruptcy protection or goes out of business. Yet there may still be situations when employees lose money, as some former workers at Bed Bath & Beyond have discovered. Bed Bath & Beyond, a home furnishings retailer, filed for bankruptcy protection in April and has been closing up shop and selling off assets. Some former workers, who had invested in a “guaranteed interest account” that they believed was low risk, saw losses of about 10 percent related to the plan’s termination. One saver shared a financial statement showing he had lost about $10,000 in his guaranteed interest account, while another said he had lost more than $2,000.

Persons: ”, Cheryl Costa Organizations: Bed Locations: Framingham, Mass

☆ Investors should know these two risks: 'It's kind of like yin and yang,' says advisor
▼ + stars: | 2023-09-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

There are two kinds of risk that investors should understand when building a portfolio: risk tolerance and risk capacity. Safer assets, like cash or money market funds, are stable but have relatively low returns that may not deliver much if any growth after inflation. Risk tolerance is essentially an investor's comfort level with short-term market gyrations. It's a willingness to take risk and is personal, subjective and guided by emotion, experts said. Such a person would have a low risk tolerance.

Persons: Charlie Fitzgerald III, Fitzgerald, Moisand Fitzgerald Tamayo, It's Organizations: Finance Locations: Orlando , Florida

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

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

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

☆ Joe Jonas and Sophie Turner's prenup isn't just for celebrities—why you might want one too
▼ + stars: | 2023-09-08 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

With singer Joe Jonas and actor Sophie Turner announcing an "amicable" divorce Wednesday, an apparent prenuptial agreement will ensure that they won't have to fight over how to split their wealth. "I would absolutely advise having an attorney draw up an ironclad prenuptial agreement," says Crystal Cox, a certified financial planner in Wisconsin. "I always say you have a prenuptial agreement one way or another, the only difference is whether you decide the terms or if you let the state decide." How prenups workA prenuptial agreement is a legally binding contract made between two people before they get married. There are all sorts of reasons to sign a prenuptial agreement even if you aren't rich, says Scott Bishop, a CFP in Houston.

Persons: Joe Jonas, Sophie Turner, Kevin Costner, Tom Brady, Gisele Bündchen —, Crystal Cox, Jacqueline Newman, Scott Bishop, Sara Stolberg Berkowicz, Newman Locations: Wisconsin, New York, Houston, Illinois

☆ This year’s hot yields could be 2024’s tax hit. Here’s how to prepare
▼ + stars: | 2023-09-08 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Crane 100 Money Fund Index has an annualized 7-day current yield of 5.16% as of Thursday. This way, you're deferring the tax hit on the income until you begin to draw down from the account. To that effect, some money market funds invest in municipal bonds and thus produce tax-exempt income. Investors in high-tax locales may be especially interested in state-specific tax-exempt money market funds. The Fidelity New York Municipal Money Market Fund (FAWXX) carries an expense ratio of 0.42%, and it has a 7-day yield of 3.34%.

Persons: US3M, Tim Steffen, Baird, you've, Jerrod Pearce, Pearce, Steffen Organizations: Internal Revenue Service, Creative Planning, Vanguard, Money Market Fund, SEC, Fidelity New York Municipal Money Market Fund Locations: Vanguard California

☆ I make $250K a year but still have financial anxiety and debt. A financial therapist is helping me let go of my shame — and set myself up for the future.
▼ + stars: | 2023-09-08 | by ( Megan Dematteo | ) www.businessinsider.com time to read: +10 min

So why did a couples-focused financial planner agree to meet with me — a single, childless, 33-year-old with debt and trust issues? As I signed off Zoom that day, I realized I would only see progress with a financial planner if I showed up with courage and sincerity. (A tip for anyone hiring their first financial planner : A fee-only structure is meant to avoid conflicts of interest.) But in sessions with a licensed therapist and certified financial planner like Coambs, clients are encouraged to talk through their feelings. Becoming more financially transparent — and more emotionally availableWorking with a therapy-informed financial planner is good practice for letting another human being into my emotional and financial worlds.

Persons: Peter Pan, Ed Coambs, Coambs, I've, I'm, —, we're, we've, I'd Organizations: Service Locations: Wall, Silicon, New York

☆ What Is the 50/30/20 Rule?
▼ + stars: | 2023-09-07 | by ( Kevin J. Ryan | ) www.wsj.com time to read: +7 min

Perhaps the most popular method is the 50/30/20 rule, which is a simple and effective way to take control of your money. The 50/30/20 budget rule was popularized by Sen. Elizabeth Warren—then a Harvard Law professor—and her daughter, Amelia Warren Tyagi, in their 2006 book “All Your Worth: The Ultimate Lifetime Money Plan.” They called it a “good rule of thumb” for getting your budget in order. What is the 50/30/20 rule? Alternatives to the 50/30/20 budget methodOf course, no one budgeting method is for everyone. For example, like the 50/30/20 rule, the 70/20/10 rule also divides your after-tax income into three categories but differently: 70% for monthly spending (including necessities), 20% for savings and for 10% donations and debt repayment above the minimums.

Persons: Kevin J, Ryan, Sen, Elizabeth Warren —, —, Amelia Warren Tyagi, “ It’s, ”, Akeiva Ellis, Greg Giardino, “, “ You’ve, You’ve, Austin, Jordan Benold, that’s, it’s, There’s Organizations: Harvard Locations: Tarrytown, N.Y, San Francisco, New York, Frisco , Texas, you’ll

☆ Income investors go back to school. These munis offer an opportunity as property values rise
▼ + stars: | 2023-09-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Local municipal general obligation bonds help fund operations or specific projects. Right now, yields for local general obligation munis are historically attractive at about 3.7%, said Cooper Howard, fixed income strategist for the Schwab Center for Financial Research. In general, the credit quality of local general obligation munis are pretty solid, said Richard Schwam, a municipal credit research analyst at AllianceBernstein. "There are so many general obligation bonds in the country that you can stay away from anything too tiny. Weinberg also recommended diversifying with multiple states, but cautioned that buying a bond outside of your state means you'll likely be subject to state income tax.

Persons: It's, Cooper Howard, Howard, Richard Schwam, Schwam, Schwab's Howard, bode, Ian Weinberg, Weinberg Organizations: Schwab Center, Financial Research, AAA, San, Family Wealth, Pension Management, Schwab's Municipal, Bond Locations: California, New York, San Francisco

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

☆ More unmarried couples are buying homes together. What to know before you do
▼ + stars: | 2023-09-03 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

'Housing affordability really is a struggle'Many young, unmarried couples live together, often for financial reasons. About 3 in 5 unmarried couples in the U.S. live with their partners, according to a report by the Thriving Center of Psychology. But unmarried couples should carefully approach making a commitment of this scale. To protect their investments in the property, unmarried couples ought to carefully consider how it is titled. Four factors unmarried homebuyers should considerHere are four things that certified financial planner Cathy Curtis, founder and CEO of Curtis Financial Planning, in Oakland, California, says unmarried couples should think about before buying property together: 1.

Persons: Gary Burchell, homebuyers, Jessica Lautz, Lautz, Melissa Cohn, William Raveis, they're, it's, Cohn, Cathy Curtis, millennials, Curtis, Roth Organizations: Getty, National Association of Realtors, D.C, NAR, William Raveis Mortgage, Curtis Financial, CNBC Financial Locations: Washington, U.S, New York, Oakland , California

☆ 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

☆ The SAVE plan is touted as the most affordable student loan repayment option—how to know if it's right for you
▼ + stars: | 2023-08-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

The Biden administration has touted the new Saving on a Valuable Education repayment plan as the "most affordable repayment plan ever," boasting that it can cut federal student loan borrowers' payments in half and save them thousands of dollars a year. But the SAVE plan may not be the best option for you. Depending on your repayment goals and income, you might be better off sticking to the standard repayment plan or another income-driven plan. Here's a look at the factors to consider before you apply for the SAVE repayment plan. Cons of the SAVE repayment plan

Persons: Biden, you've, Lauryn Williams, who's, Williams, they've Organizations: of Education, Federal, CNBC

☆ 'I was financially healthy and emotionally bankrupt,' says Harvard MBA: How 'joy-based spending' helped her feel rich and happy
▼ + stars: | 2023-08-30 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

Despite being financially well-off, many Americans feel they don't have enough money. One in four people who earn at least $175,000 a year describe themselves as either "very poor," "poor," or "getting by but things are tight," according to a recent Bloomberg survey of 1,000 Americans. This incongruence between salary and happiness might be the product of spending money on all the wrong things, says Manisha Thakor, author of the recently released book "MoneyZen: The Secret to Finding Your 'Enough.'" "I was financially healthy and emotionally bankrupt," she says. There are three tools, which she describes in her book, that have helped her embrace what she calls "joy-based spending."

Persons: Manisha Thakor, Aston Organizations: Bloomberg, Bugatti Locations: Aston Martin

That's because the Federal Reserve has been hiking interest rates since March 2022 in an effort to cool inflation. So the question remains: When will we finally see interest rates start to come down? CNBC Select asked three experts to give their take on what lies ahead for interest rates. What we'll coverWhen will interest rates come back down? Existing loans with a variable rate may also start charging less interest as the Fed lowers interest rates.

Persons: Amy Hubble, hasn't, Preston Caldwell, Caldwell, Hubble, Elliot Eisenberg, you'll, it's Organizations: Federal Reserve, CNBC, Federal, Market, Morningstar Research Services, Ally Bank, Navy Federal Credit Union, Jumbo, Navy Federal Credit, PNC Bank, PNC Bank Mortgage, Savings, Axos Bank, FDIC, CNBC Select's, Facebook, Twitter Locations: U.S

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