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☆ The 'single most important factor' for first-time investors, according to a CFP—and 3 other tips to get started
▼ + stars: | 2023-08-11 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +4 min

For first-time investors, growing your money is about playing the long game, certified financial planner and senior financial advisor Matthew Saneholtz tells CNBC Make It. "It's not timing the market, but time in the market that is the most important thing," he says. Establish your 'time horizon'For new investors, the first thing to do is define your investing time horizon, Saneholtz says. It is the "single most important" factor to consider and should be determined before you put even a dollar into the market, Saneholtz says. "There are so many different variables for a single business to become profitable, stay profitable and achieve and win their industry."

Persons: you've, Matthew Saneholtz, Saneholtz Organizations: CNBC

☆ 40% of millennials and Gen Zers think marriage is outdated—but 'it's important to be realistic' about the financial benefits, says CFP
▼ + stars: | 2023-08-11 | by ( Ryan Ermey | ) www.cnbc.com time to read: +7 min

After all, 85% of respondents in the same survey say you don't need marriage to have a fulfilled and committed relationship. "Marriage brings about 1,200 rules, tweaks and changes to how people are treated compared to unmarried people," he says. Getting married comes with tax benefits that unmarried couples don't enjoy. In the case of death or incapacitation, unmarried couples (especially those in the LGBTQ community) could have the legitimacy of their relationship questioned by family members. CHECK OUT: The ‘most successful’ relationships follow these 8 rules, say psychology experts who studied couples for 50 years

Persons: Frank Summers, Gen Zers, Summers, you'll, Couples, Kendall Meade, haven't, you've, you'd, Warren Buffett Organizations: Cetera Advisors, Psychology, SoFi, Social Security

☆ How to maximize Series I bond redemptions amid falling inflation
▼ + stars: | 2023-08-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Enes EvrenInvestors piled into Series I bonds amid record yields, and some are now eyeing an exit for higher-interest alternatives. After reaching 9.62% annual interest in May 2022, I bond yields have declined with falling inflation, reaching 4.3% interest for new purchases from May through October. However, the U.S. Department of the Treasury still needs two months of CPI readings before the next I bond rate change. "It's falling back in line with I bond inflation rates we had before the pandemic," said Ken Tumin, founder and editor of DepositAccounts.com. While longer-term investors may like the current 0.9% fixed rate portion of I bond yields, short-term investors may prefer higher-paying alternatives.

Persons: Enes, Ken Tumin, Jeremy Keil, Keil, Tumin, " Keil Organizations: U.S . Department of, Treasury, Treasury Department, Federal Reserve, Keil Financial Partners Locations: Milwaukee

☆ Here are ways to adjust your portfolio as some experts predict a soft landing for the economy
▼ + stars: | 2023-08-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesSome experts have reversed recession predictions and embraced a soft landing for the economy as the Federal Reserve continues to fight inflation. Increase bond allocations before interest rate cutsAs the Federal Reserve weighs an end to its rate-hiking cycle, some advisors are adjusting their clients' bond allocations. With expectations of future interest rate cuts, Atlanta-based CFP Ted Jenkin, founder of oXYGen Financial, has started shifting more money into bonds. watch nowTypically, market interest rates and bond values move in opposite directions. Consider extending bond durationWhen building a bond portfolio, advisors also consider so-called duration, which measures a bond's sensitivity to interest rate changes.

Persons: Barry Glassman, Glassman, Ted Jenkin, Jenkin, Douglas Boneparth Organizations: Federal Reserve, Wealth, CNBC's, CNBC's FA, Bone Locations: McLean , Virginia, Atlanta, CNBC's, New York

☆ Harvard-trained financial expert: How to let go of 'self-sabotaging beliefs and habits around money'
▼ + stars: | 2023-08-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

Thakor, a certified financial planner and a chartered financial analyst who has an MBA from Harvard, wants to help people shed work addiction and "self-sabotaging beliefs and habits around money, careers [and] accomplishments." And you feel almost compelled in a subliminal, toxic way to keep chasing after these things. ATS: Can you explain the Buddhist concept of the hungry ghosts and how it's connected to the feeling of "never enough?" My argument is that it's because people are experiencing the symptoms of a society that's been built on this false belief that the answer to our collective angst is pursuing more money, work and more prestige. Those things turn us into hungry ghosts because they have no finish line — you can never get enough of them.

Persons: Manisha Thakor, Ana Teresa Solá, it's, they're, — Organizations: Getty, World Health Organization, International Labour Organization, Harvard, Finance, Workers, Bank of America, ATS Locations: overworking, U.S

☆ 1 in 5 Americans have inactive 401(k)s worth thousands of dollars—here's how to reclaim yours
▼ + stars: | 2023-08-09 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

But in doing so, they've left behind inactive 401(k) accounts with average balances of $55,400, a new study reveals. An estimated 1 in 5 U.S. workers have left behind or forgotten 401(k) retirement accounts, according to estimates by Capitalize, a financial services company. While funds in old 401(k)s can still grow over time, they're typically considered inactive if you're no longer on the payroll. The problem with inactive 401(k) accounts is that they are easily lost or forgotten over time, especially since most account holders don't regularly update their contact information with old employers. To consolidate your 401(k)s, you'll first need to track down all of your accounts, including ones you may have forgotten about.

Persons: they've, Cash, Kevin Brady Locations: U.S, New York City

☆ Soft landing vs. mild recession: What advisors are telling their clients about the economy
▼ + stars: | 2023-08-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

These shifts have sparked conversations among financial advisors and their clients, who may have varying levels of optimism about the country's economic outlook. Of course, with recessions notoriously difficult to predict, even for economists, advisors have warned clients about making fear-based investing decisions. Recession 'highly unlikely' in the next 12 monthsOne definition of a U.S. recession is two consecutive quarters of negative gross domestic product, or GDP, which happened during the first two quarters of 2022. 'We constantly educate our clients'Whether the economy is heading for a mild recession or soft landing, experts emphasize the need for ongoing client education. "We constantly educate our clients and make them prepared for whatever the world's going to throw their way," she added.

Persons: buzzword, Douglas Boneparth, Boneparth, Ted Jenkin, Jenkin, Carolyn McClanahan Organizations: Federal Reserve, Bone, CNBC's, U.S . Bureau of Labor Statistics, U.S . Labor Department, National Bureau of Economic Research, CNBC's FA, Planning Partners Locations: U.S, New York, Atlanta, CNBC's, Jacksonville , Florida

You're a lot more likely to be able to buy a house in a competitive market if you can pay with cash. Reduce your risk when you buy before you sell with a guaranteed backup offer from Calque. If you're eager to buy a new house and want to make a cash offer but haven't sold your current house yet to have the cash on hand, there are ways to do it. Certified financial planner Taylor Kovar shared three pieces of advice for anyone who wants to make this happen in 2023. Also, it's important to note that you typically cannot make 401(k) contributions while you have an outstanding 401(k) loan.

Persons: there's, haven't, Taylor Kovar, Kovar, you've Organizations: Calque, Service Locations: Wall, Silicon, Calque

Here are four important steps to take to determine just how much money you'll need to save:1. Calculate how much you'll need to save during retirementUnderstanding what you expect retirement to look like will help determine how much you'll need in order to fund that lifestyle. In retirement, your savings will cover many of the same expenses that you had prior to retirement. This rule states that retirees can withdraw up to 4% of their retirement savings in year one of retirement. So, if you have $2,000,000 in retirement savings, you would withdraw $80,000 that first year.

Persons: you'll, it'll, Jim Ludwick, They're, Roth, Ludwick, Tolen Teigen, Everyone's, Charles Schwab Organizations: Service, Gallup, Utilities Insurance, Inc, Fidelity, Social Security, IRA, Roth IRA, Consulting, Security Locations: Wall, Silicon, Chevron

☆ Majority of parents spend 20% or more of household income on child care, report finds
▼ + stars: | 2023-08-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Jenny Goff, right, reaches out to a child at Central Park Child Care Center in Vancouver, Washington. Ariane Kunze | The Columbian via APWhy child care costs are so highRising fees at child care centers are contributing to the growing costs of child care, as well as inflation and changes in parents' work status, according to Care.com. Many day care centers shuttered during the pandemic, leaving the few that stayed open with limited slots available. The new child fee is usually used to fund teachers' education, books and materials for the classes, she added. Financial advisors say there are several other ways parents can plan ahead to help cover child care costs.

Persons: Jenny Goff, Ariane Kunze, Sophia Bera Daigle, Daigle, Carolyn McClanahan, McClanahan, Care.com Organizations: Central, Child Care Center, AP, CNBC FA Council, Planning Partners, CNBC FA Locations: Vancouver , Washington, Jacksonville , Florida

☆ The Mega Millions jackpot hits $1.55 billion. What's the best payout option? Experts weigh lump sum vs. annuity
▼ + stars: | 2023-08-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot hit a record $1.55 billion on Aug. 7, 2023. VIEW press | GettyThe Mega Millions jackpot has ballooned to an estimated $1.55 billion after months without a winner. If you pass away before collecting all 30 payments, Mega Millions will make the remaining payments on schedule to your designated beneficiary or your estate. Picking the lump sum payout is a 'big mistake'Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners, says 95% choose the lump sum option, which he describes as a "big mistake." Tuesday's Mega Millions drawing comes about three weeks after a single ticket sold in California won Powerball's $1.08 billion jackpot.

Persons: Andrew Stoltmann, Tommy Lucas, Moisand Fitzgerald Tamayo Locations: Chicago, Orlando , Florida, California

☆ Money market funds are paying above 5%. What to know before ditching your savings account
▼ + stars: | 2023-08-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Money market funds — which are different than money market deposit accounts — are a type of mutual fund that typically invests in shorter-term, lower-credit-risk debt, such as Treasury bills. Currently, some money market mutual funds are outperforming assets such as high-yield savings accounts or newly purchased Series I bonds. Money market funds have less liquidity than savingsChristopher Lyman, a certified financial planner with Allied Financial Advisors in Newtown, Pennsylvania, said he's still proposing money market mutual funds for certain clients, with the caveat of higher risks or more stipulations for accessing the money. What's more, the U.S. Securities and Exchange Commission recently adopted "liquidity fees" for certain money market funds for withdrawals when daily outflows exceed 5% of the fund's value. Money market funds aren't risk freeWhile money market funds typically invest in lower-risk assets, experts say it's important to know the funds aren't risk free.

Persons: dowell, Christopher Lyman, he's, Lyman, Randy Bruns, Bruns Organizations: Federal Reserve, Data, Investment Company Institute, Financial Advisors, U.S . Securities, Exchange Commission, Fund, Federal Deposit Insurance Corporation Locations: Newtown , Pennsylvania, it's, Naperville , Illinois

Darya Komarova | Moment | Getty Images'The dots need to be connected for consumers'Exposure to our older selves is only part of the process of making decisions for retirement, experts say. While the TikTok filter has recently made it popular to look at our future selves, this type of application has been around since the early 2000s, said Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab. Once people see an image of their older selves, they tend to feel differently about their future decisions. Successful, lasting behavioral changes typically come with incentives to work toward, such as saving money or exercising, Coughlin said. Pairing the videos with prompts to save more money or invest more toward retirement may be effective, according to UCLA's Hershfield.

Persons: Darya, Joseph Coughlin, Coughlin, UCLA's Hershfield, Hershfield, Victor Ricciardi, Ricciardi, Carolyn McClanahan, Drazen Zigic Organizations: Massachusetts Institute of Technology AgeLab, Ursinus College, Behavioral Finance, Planning Partners, CNBC FA, Istock, Getty Locations: Jacksonville , Florida

☆ The 5 U.S. metro areas with the highest single-family rents — 3 are in California
▼ + stars: | 2023-08-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Downtown Los Angeles. However, financial experts warn consumers about some of the unexpected expenses. "Probably the most overlooked hidden cost is when you are looking for the next job," said certified financial planner Michael Hansen, co-founder and managing partner of Frontier Wealth Strategies in Walnut Creek, California. What you might save in dollars, you may lose in connection, collaboration and community. Eric Roberge Founder of Beyond Your Hammock

Persons: Michael Hansen, Eric Roberge Organizations: Downtown, TheCrimsonRibbon, Getty, U.S Locations: Downtown Los Angeles, Los Angeles, Long Beach , California, Anaheim , California, Diego, Carlsbad , California, Naples, Florida, Immokalee , Florida, Marco Island, Bridgeport , Connecticut, Stamford , Connecticut, Norwalk , Connecticut, Jose , California, Sunnyvale , California, Santa Clara , California, Rock , Arkansas, North, Conway , Arkansas, Montgomery , Alabama, Birmingham , Alabama, Hoover , Alabama, Louisville , Kentucky, Jefferson County , Kentucky, Indiana, Cleveland , Ohio, Elyria , Ohio, Walnut Creek , California

Buying a new home before you've sold the old one is hard, but planning early makes it easier. Lenders are salespeople, so it's a good idea to talk to an expert who can offer objective advice. Reduce your risk when you buy before you sell with a guaranteed backup offer from Calque. She offered this advice to anyone trying to sell their first home in order to afford a new one. Next Steps: Calculate how much equity you could convert into a down payment on your next home if you buy before you sell with Calque.

Persons: you've, Tammy Trenta, Trenta Organizations: Calque, Family Financial Locations: Calque

☆ Mega Millions jackpot hits $1.05 billion. Here's the possible tax bill for the winner
▼ + stars: | 2023-07-31 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot soared to $1.05 billion on July 31, 2023. Shannon Stapleton | ReutersThe Mega Millions jackpot has soared to more than $1 billion for the fifth time in the game's history. Currently, the 30-year annuitized payout is worth $1.05 billion, Mega Millions' fourth-largest prize to date. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. watch nowHow federal tax brackets workThe Mega Millions jackpot easily pushes the winner into the top federal income tax bracket, which is currently 37%.

Persons: Shannon Stapleton, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, that's Organizations: Mega Locations: Orlando , Florida

☆ 37% of baby boomers have more stock exposure than they should, Fidelity says. These 4 tips can help
▼ + stars: | 2023-07-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Simon Potter | Getty ImagesWhen it comes to stocks, investors face a big question: How much exposure is enough? At Fidelity, the allocations to equities in retirement funds are about 10% higher than where they should be, Shamrell said. watch nowSome of those investors with excess stock exposure may simply need to rebalance after recent market highs, Shamrell said. Experts say having the right mix of equities can go a long way toward helping retirees meet their financial goals. Importantly, a client's personal circumstances drive these goals, McClanahan noted.

Persons: Simon Potter, Mike Shamrell, boomers —, Shamrell, Carolyn McClanahan, McClanahan, Carl Smith, Sri Reddy Organizations: Getty, Fidelity Workplace, Security, Fidelity, Planning Partners, CNBC's, Principal Financial, iStock Locations: Jacksonville , Florida

I didn't really know all the details when I first set up my retirement plan years ago. My retirement plan focuses on a variety of index funds with low fees now. I rolled my old 403(b) into a traditional IRA plan at Fidelity, where my Roth IRA was housed. My Roth IRA was in a targeted retirement plan then, meaning the investments would rebalance to become less aggressive as I neared retirement. Once I made the index funds switch for my IRAs, I got started on my husband's retirement accounts.

Persons: Roth, IRAs, Roth IRAs, that's, R.J, Weiss, It's Organizations: Service, Fidelity, Roth IRA Locations: Wall, Silicon, Minneapolis

☆ Mega Millions jackpot hits $940 million. If you win, here's the tax bill
▼ + stars: | 2023-07-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to $940 million on July 27, 2023. OLIVIER DOULIERY | GettyThe Mega Millions jackpot has ballooned to an estimated $940 million ahead of Friday's high-stakes drawing at 11:00 p.m. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. About $113.4 million immediately goes to the IRSBefore collecting a dollar of the Mega Millions jackpot, there's a 24% federal withholding. watch nowHow to calculate federal taxesThe multimillion-dollar Mega Millions jackpot bumps the winner into the top federal income tax bracket, which is currently 37%.

Persons: OLIVIER DOULIERY, John Loyd, Loyd Organizations: IRS, Mega Locations: Fort Worth , Texas

If you can sublet rooms in your apartment, you can make passive income each month. You could instead invest that money in stocks or an entrepreneurial passive income stream. Certified financial planner Christopher Manske has three ways that renting can make you wealthier than owning a home does. You would then be able to pay the rent and earn an additional $2,000 a month in passive income. If you want to live in one of those rooms, your cost of living could be covered by renting out the rooms for more money.

Persons: Christopher Manske, Manske Organizations: Service Locations: Wall, Silicon

☆ What 'Shark Week' can teach investors about a money 'survival instinct'
▼ + stars: | 2023-07-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Aaronp/bauer-griffin | Gc Images | Getty ImagesIt's "Shark Week," the annual television-programming event on Discovery that stars the ocean's apex predators. Specifically, investors have a tendency to get swept away by the fear or euphoria of the recent past. This is called "recency bias," and it's often accompanied by financial loss. "People need to understand that recency bias is normal, and it's hard-wired," said Charlie Fitzgerald III, an Orlando, Florida-based certified financial planner. Investors are most vulnerable to recency bias, he said, when on the precipice of a major life change such as retirement, when market gyrations may seem especially scary.

Persons: bauer, Charlie Fitzgerald III, Steven Spielberg's, Omar Aguilar, Fitzgerald, I'm, Moisand Fitzgerald Tamayo, FOMO Here's, Aguilar, Christopher Polk Organizations: San Diego Convention Center, Aaronp, GameStop, Schwab Asset Management, Universal Studios Home Entertainment, Filmmagic, Getty, Finance Locations: Orlando , Florida

☆ Mega Millions jackpot hits $910 million. Here's the tax bill if you win
▼ + stars: | 2023-07-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to $910 million on July 26, 2023. Tayfun Coskun | Anadolu Agency | Getty ImagesThe Mega Millions jackpot has grown to an estimated $910 million, with the next high-stakes drawing on Friday at 11:00 p.m. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. More than $111.4 million goes straight to IRSBefore collecting a dollar of the Mega Millions jackpot, there's a 24% federal withholding. watch nowHere's how federal taxes workThe multi-million dollar Mega Millions jackpot bumps the winner into the top federal income tax bracket, which is currently 37%.

Persons: Tayfun, John Loyd, Loyd Organizations: Anadolu Agency, Getty, Mega Locations: Fort Worth , Texas

☆ Should you pay your car loan off early? With interest rates rising, it may be a smart move
▼ + stars: | 2023-07-26 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

If the interest rate on your auto loan is within that range, or exceeds it, here's why it might be a smart move to work toward paying it off early. For used cars, financing costs are steeper, with average rates climbing from 7.4% to 11%. Deciding to pay off a car loan early depends on a number of factors, but lately, rising interest rates have made it more appealing than ever. However, average interest rates have changed: Now that auto loan rates are much higher, the amount you'd be able to earn in the market wouldn't outweigh how much you'd lose to interest on your loan. "I encourage people to pay off car loans early if their interest rates are higher than 5%," says Byrke Sestok, a CFP in New York.

Persons: Kevin Brady, Byrke Sestok Organizations: Bloomberg Locations: Edmunds, New York

If you're moving into a more expensive house, remember that utilities and other expenses may be higher. And how do you handle the transaction if you need to buy another home before you sell your current property? Financial planners have three tips for anyone thinking about buying a new house before selling their current house. That said, there are notable downsides that come with buying a home before you sell from a financial standpoint. A bridge loan is a short-term loan that helps "bridge the gap" when you're buying a new home before selling your old one, and it typically lasts for around one year.

Persons: Glen Hedrick, Brandon Juodikis, you'll, Hedrick, Juodikis, There's Organizations: Calque, Wealth Management, BRJ Wealth Management Locations: Old, Calque

☆ Despite interest rate hikes, nearly 70% of middle-income Americans haven't switched to higher-yield savings
▼ + stars: | 2023-07-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Andresr | E+ | Getty ImagesAfter years of low interest payouts, savings accounts now are paying higher yields, after a series of interest rate hikes from the Federal Reserve. Despite inflation concerns, nearly 70% of middle-income Americans haven’t moved savings to higher-yielding accounts, according to a new survey from Santander. Meanwhile, the top 1% of savings accounts were paying above 4.5%, as of July 25, according to DepositAccounts, compared to a 0.42% average for traditional banks. "For many of them, the juice just isn't worth the squeeze," said Dallas-based CFP Brandon Gibson, wealth manager at Gibson Wealth Management. Brandon Gibson Wealth manager at Gibson Wealth Management

Persons: Kevin Brady, Brandon Gibson, There's Organizations: Federal Reserve, U.S . Bureau of Labor Statistics, Wealthspire Advisors, Gibson Wealth Management, Brandon Gibson Wealth, Gibson Wealth Locations: Santander, New York, Dallas

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