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☆ ‘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

☆ FBI: 'Financial sextortion' of teens is a 'rapidly escalating threat.' How parents can protect their kids
▼ + stars: | 2024-02-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Cavan Images | Cavan | Getty Images"Financial sextortion," a type of cybercrime that targets teens and tweens, is on the rise. "Sextortion is a rapidly escalating threat," FBI Director Christopher Wray told the Senate Judiciary Committee in December. Financial sextortion is the fastest-growing crime targeting children in North America and Australia, according to the Network Contagion Research Institute. Wealthy parents are more likely to be lenient about social media use. How to protect your kids from sextortion

Persons: Christopher Wray, Sen, Dick Durbin, Criminals, Tracy Kitten, Kitten, didn't, Oladosu, sextortion Organizations: Getty, FBI, Finance, Network, Research, Yahoo Boys, Meta, Strategy, U.S, YouTube Locations: Cavan, North America, Australia, African, U.S, Nigerian, bitcoin, sextortion

☆ It’s National Plan for Vacation Day. Here are 4 big ways to save on your next trip
▼ + stars: | 2024-01-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Travelcouples | Moment | Getty ImagesJan. 30 is National Plan for Vacation Day — and travelers mapping out their next excursion have a few reliable money-saving hacks at their disposal. Avoid peak seasonTraveling during a destination's shoulder or off season — and avoiding its busiest periods — is a surefire way to save big bucks, experts said. "Shifting away from the peak, peak months, even weeks, is key," said Hayley Berg, lead economist at Hopper, a travel app. June through August are generally among the busiest months for domestic and overseas trips — and that often means higher prices. watch nowFor example, on average, travelers can save 32%, or $112, on round-trip domestic airfare by going during September and October instead of peak summer months, according to Hopper data.

Persons: Hayley Berg, Hopper, Berg, Sally French Organizations: —, Savings, Finance, Google Locations: New Europe, Oceania, Las Vegas, Miami, Cancun

☆ Workers are sour on the job market — but it may not be warranted
▼ + stars: | 2024-01-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty ImagesWorkers are sour on the job market — but that pessimism may be somewhat misplaced. So far in 2024, for example, big technology firms including Amazon, eBay, Google and Microsoft have announced job cuts. U.S.-based companies planned about 722,000 job cuts in 2023, almost double those announced in 2022, according to Challenger, Gray & Christmas, an outplacement and executive coaching firm. watch nowHowever, those recent headlines mask strength in the overall job market, economists said. "It's still a very robust and resilient labor market overall," Pollak said.

Persons: Daniel Zhao, Zhao, it's, Mark Zandi, Zandi, they've, Julia Pollak, " Pollak Organizations: Digitalvision, Getty Images Workers, Amazon, eBay, Google, Microsoft, Citigroup, Universal Music Group, U.S, Challenger, Moody's, Federal Reserve Locations: BlackRock, U.S

☆ 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

☆ Workers are paying to get part of their paychecks early. It's 'payday lending on steroids,' one expert says
▼ + stars: | 2024-01-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +12 min

Fotostorm | E+ | Getty ImagesMillions of American workers are paying for early access to their paychecks. So-called "earned wage access" programs, which operate either directly to the consumer or through employers, let workers tap a portion of their wages before payday, often for a fee. Earned wage access has gotten more popularEarned wage access goes by various names: daily pay, instant pay, accrued wage access, same-day pay and on-demand pay, for example. "It's another version of payday loans," Monica Burks, policy counsel at the Center for Responsible Lending, a consumer advocacy group, said of earned wage access. However, a recent study by the U.S. Government Accountability Office found that earned wage access products "generally cost less than typical costs associated with payday loans."

Persons: it's, Marshall Lux, Lux, hasn't, Cherie Chung, EarnIn, MoneyLion, Monica Burks, —, Thad Peterson, There's, EWA, Peterson, Harvard's, we're, Stacy Greiner, Dave, Ben LaRocco, Miranda Margowsky, Margowsky, Atif Siddiqi, Siddiqi, Safwan Shah, Shah, doesn't, Harvard's Chung Organizations: Harvard University, Finance, Harvard Kennedy School, Lux, Harvard, Hilton, Uber, Walmart, Companies, Center for, California Department of Financial Protection, Center for Responsible, U.S, Government, Office, GAO, Datos, Commerce, Economic, Financial Technology Association Locations: Kroger, McDonald's, California, Vermont

☆ Don’t let this passport quirk upend your next vacation. It 'trips a lot of people up,' expert says
▼ + stars: | 2024-01-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

However, another common passport snafu threatens to upend your trip overseas — and it involves passports that haven't yet expired but are close to doing so. Many countries require that Americans have at least a few months of validity remaining on their U.S. passport in order to travel there, or to secure a visa to that country. Many countries in the Asia-Pacific and Middle East regions require at least six months of validity for permission to enter. What this means: Gatekeepers like border officials will deny travel if your passport doesn't have a certain amount of validity remaining. The requirement "trips a lot of people up," said Charles Leocha, president and co-founder of Travelers United, a nonprofit advocacy group.

Persons: Charles Leocha Organizations: Finance, State Department, Travelers United Locations: New Europe, Schengen, Asia, Pacific, Hong Kong

☆ Why that ‘last mile’ of the inflation fight may be more challenging
▼ + stars: | 2024-01-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Inflation measures how fast prices are rising for goods and services — anything from concert tickets and haircuts to groceries and furniture. That means further broad disinflation likely won't come from consumer goods, economists said. In fact, attacks by Houthi rebels on ships in the Red Sea threaten to disrupt a key transit corridor and may trigger higher goods inflation if it persists, El-Erian explained. While down from more than 7% last year, services inflation still sits at 5.3%. Why this may all be 'nonsense'Not all economists think the last mile of disinflation will be harder than what came before, however.

Persons: Robyn Beck, Mohamed El, We're, Gargi Chaudhuri, Houthi, Erian, Chaudhuri, Mark Zandi, Sarah House, Paul Ashworth Organizations: Afp, Getty, Allianz, Queens ' College, University of Cambridge, CNBC, Americas, BlackRock, Finance, of Labor Statistics, Labor, Moody's Analytics, Wells, Wells Fargo Economics, Capital Economics Locations: Los Angeles, U.S, Wells Fargo

☆ Egg prices are on the rise again. Here's why
▼ + stars: | 2024-01-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Brandon Bell | Getty Images News | Getty ImagesEgg prices are on the rise again, after having fallen from record highs in 2023. Average egg prices jumped 8.9% from November to December, following a 2.2% rise the prior month, according to the consumer price index. December's egg price move was the largest relative to other items in the CPI basket, which measures prices of everything from concert tickets to furniture, electricity and prescription drugs. There are more than 368 million egg-laying chickens in the U.S., the USDA said. At the time, a farm group alleged that price gouging and profiteering among major egg suppliers also drove high prices in 2022, though some economists were skeptical that factor was at play.

Persons: Brandon Bell, Matthew Hatcher, Rispoli Organizations: Kroger, Getty, U.S . Department, Labor, Afp Locations: Houston , Texas, U.S

☆ State-run 'auto-IRA' programs aim to close retirement savings gap
▼ + stars: | 2024-01-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

They save about $165 a month, on average, said John Scott, director of Pew's retirement savings project. It's unclear how many other companies instead opted to sponsor their own 401(k) plan or other workplace plan. Why states are stepping inThere's a common thread here: A realization that people aren't saving enough for retirement, Scott said. The typical saver age 55 to 64 has just $71,000 of 401(k) savings, according to Vanguard data. Pew estimates that state spending will rise by $334 billion from 2021 to 2040 due to insufficient retirement savings.

Persons: John Scott, Scott, Pew, Washington —, Roth, they've Organizations: Auto, Workers, Trusts, Center for Retirement, Companies, Vanguard, Social Security Locations: Delaware, Hawaii , Maine, Minnesota , Nevada , New Jersey , New York, Vermont, Massachusetts , Missouri, New Mexico, Washington, U.S

☆ Why the $7,500 electric vehicle tax credit may be easier — and harder — to get in 2024
▼ + stars: | 2023-12-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Praetorianphoto | E+ | Getty ImagesThe $7,500 tax credit for new electric vehicles will be easier for many consumers to claim in 2024, but it may be more difficult for others. These opposing dynamics are due to federal policies taking effect at the same time. Under the new mechanism, consumers would essentially "transfer" their federal tax credit to the car dealer. watch nowFurther, consumers would be eligible for the tax break regardless of their tax burden, which isn't the case now. Why claiming a $7,500 EV tax credit may be tougherThere are some caveats

Persons: Ingrid Malmgren Organizations: Plug

☆ A 401(k) rollover is 'the single largest transaction' many investors make, expert says. What to know before doing it
▼ + stars: | 2023-12-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

That's largely because IRA investors are "retail" investors while 401(k) savers often get access to more favorable "institutional" pricing. "Are you able to pay less by staying in your 401(k) plan?" The bottom line: Compare annual 401(k) fees — like investment "expense ratios" and administrative costs — to those of an IRA. And your current employer may not accept rollovers into your 401(k) from a previous employer's plan. Many 401(k) plans may not allow retirees as much flexibility.

Persons: Ellen Lander, Lander, Carolyn McClanahan, Ted Jenkin, Jenkin, you'd Organizations: Investment, IRA, Renaissance, Planning Partners, CNBC's FA, of America, Company, Workers Locations: IRAs, Jacksonville , Florida, CNBC's, Atlanta

☆ Job data suggests ‘soft landing’ is increasingly likely, economists say
▼ + stars: | 2023-12-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Luis Alvarez | Digitalvision | Getty ImagesThe U.S. economy inched closer to a so-called "soft landing" after a new batch of labor data, economists said. Why a soft landing is like 'Goldilocks' porridge'Steaming bowl of oatmeal porridge, made with Irish oats, wheat berries and barley. A soft landing is like "'Goldilocks' porridge' for central bankers," Brookings Institution economists wrote recently. How the labor market fits inWhy the job market is already 'back into balance'The latest labor data added to encouraging news about a likely soft landing, economists said. Despite the large monthly decline, job openings are still 25% above their February 2020 level, she added.

Persons: Luis Alvarez, Jason Furman, Obama, Jon Lovette, Julia Pollak, Pollak Organizations: Digitalvision, Federal Reserve, U.S . Department of Labor, Labor, Harvard University, White House Council, Economic Advisers, Getty, Fed, Brookings, American Economic Association

Tom Werner | Digitalvision | Getty ImagesIf you elected not to participate in your company's 401(k) plan, your employer may have other ideas. The concept of 401(k) plan "reenrollment" has been gaining traction. Most companies, about 85%, direct workers' savings into target-date funds if they're automatically enrolled, according to PSCA data. Workers receive a notification from their employer ahead of reenrollments and have the chance to opt out or reduce their contribution. Employers' hope is that inertia will cause workers to stay in the plan rather than opt out.

Persons: Tom Werner, Digitalvision, reenrollments, Sean Deviney, they're Organizations: of America, Workers, Employers Locations: Fort Lauderdale , Florida, reenrollments

☆ Return to office is 'dead,' Stanford economist says. Here’s why
▼ + stars: | 2023-11-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"Return to the office is dead," Nick Bloom, an economics professor at Stanford University and expert on the work-from-home revolution, wrote this week. The share of paid work-from-home days has been "totally flat" this year, hovering around 28%, said Bloom in an interview with CNBC. "We are three and a half years in, and we're totally stuck," Bloom said of remote work. Why remote work has had staying powerThe initial surge of remote work was spurred by Covid-19 lockdowns and stay-at-home orders. While remote work is the labor market's new normal, there's significant variety from company to company, Pollak said.

Persons: Nick Bloom, Bloom, hasn't, Julia Pollak, Pollak, it's Organizations: Stanford University, Survey, CNBC, Census, Research, Finance, Employers Locations: U.S

☆ How a tax break of up to $3,200 can help heat your home more efficiently this winter
▼ + stars: | 2023-11-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Steve Smith | Tetra Images | Getty ImagesHow the tax break worksWestend61 | Westend61 | Getty ImagesThe Inflation Reduction Act, which President Joe Biden signed into law in August 2022, extended and enhanced a prior tax credit available for home efficiency upgrades. The tax credit is worth 30% of the cost of qualifying projects. The combined tax break for these projects is capped at $1,200 a year. Altogether, taxpayers can get a maximum overall credit of $3,200 a year, if they combine projects worth up to $1,200 and $2,000. The IRS published a fact sheet that gives examples of the overall tax break consumers can expect for specific upgrades.

Persons: Steve Smith, Joe Biden, Kara Saul, Rinaldi, Saul Organizations: Westend61, AnnDyl, Environmental Protection Agency, IRS

☆ U.S. passport delays have eased — but aren’t yet back to normal
▼ + stars: | 2023-11-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Tooga | Digitalvision | Getty ImagesRecord passport demand fuels delaysJordan Siemens | Digitalvision | Getty ImagesPassport processing delays resulted from high demand for international travel as pandemic-era health fears and travel restrictions loosened. Before the pandemic, it took two to three weeks for expedited passports and six to eight weeks for routine passport processing, the State Department said. Passport demand generally fluctuates throughout the year. Andrea Comi | Moment | Getty ImagesA traditional passport — a passport book — costs $130. Expedited passport processing costs an extra $60.

Persons: It's, You've, Andrea Comi Organizations: Digitalvision, Getty, Siemens, State Department, Department, Travelers, United States Postal Service

☆ More employers offer a Roth 401(k) — and a Secure 2.0 change may prompt more workers to use it
▼ + stars: | 2023-11-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

That share has increased significantly over the past decade: Just 58.2% of employers made a Roth 401(k) available in 2013, PSCA found. Workers pay tax up front on 401(k) contributions, but investment growth and account withdrawals in retirement are tax-free. High earners may also mistakenly think there are income limits to contribute to a Roth 401(k), as there are with a Roth individual retirement account. Those that don't already do so must allow Roth contributions to facilitate this change, or disallow catch-up contributions, according to Principal. When Roth 401(k), IRA savings makes senseRoth 401(k) contributions may not be wise for all workers.

Persons: Roth, PSCA, Hattie Greenan, —, Greenan, Ted Jenkin, Jenkin Organizations: Getty, of America, Finance, Workers, Companies, Employers, CNBC, CNBC's

☆ Why climate change may cost you big bucks — and what to do about it
▼ + stars: | 2023-11-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Climate change has been described as a ticking time bomb, the threats of which extend beyond ecosystems and biodiversity to big financial impacts on households and the U.S. economy. Here's what to know, according to Rumbach and David Pogue, host of the podcast "Unsung Science" and author of "How to Prepare for Climate Change: A Practical Guide to Surviving the Chaos." Both experts were interviewed by CNBC during a recent discussion about climate change and its impact on personal finance. "Over time, each incremental increase in climate change is going to up the economic cost bit by bit," Rumbach said. But there are also steps they can take to prepare for the worsening effects of climate change.

Persons: Andrew Merry, Andrew Rumbach, David Pogue, Tim Wright, Rumbach, Pogue, There's, Justin Paget, Digitalvision Organizations: CNBC's, Finance, White, Urban Institute, CNBC, Bloomberg Creative, Bloomberg, Census, Getty, Starbucks, Urban Locations: U.S, Florida, Louisiana, New Orleans

☆ More Americans can buy investments earmarked for the rich. Why doing so may be risky, say experts
▼ + stars: | 2023-11-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

Anyone can generally buy the stock of public companies on a stock exchange, or buy pools of stocks or bonds via publicly available mutual funds and exchange-traded funds. By comparison, private investments let people invest in companies that aren't listed on a public exchange. Julio Estela, 41, who lives in Wantagh, New York, made his largest private investment in 2021, in Green Coffee Company. Why private markets are 'two-tiered'Hxyume | E+ | Getty ImagesSome of the largest U.S. investors, such as pension funds, often have some exposure to private investments, proponents say. As with public stock, betting on one private investment instead of pooling risk in a fund of many private companies is an even riskier strategy, experts said.

Persons: Micah Hauptman, Charles Failla, Cassandra Borchers, Thompson Hine, Borchers, it's, Michael Cembalest, Mike Curtis, Shaka Tea, Julio Estela, he's, Curtis, Estela, Hauptman, Failla Organizations: SEC, Consumer Federation of America, Sovereign Financial Group, Sovereign Financial, Morgan, Wealth Management, Shaka, Green Coffee Company, rehabbing, American Investment Council, Pensions, Cambridge Associates Locations: Honolulu , Hawaii, Wantagh , New York, Hawaii

☆ Millennials have a gusto for bond ETFs — and that may be bad in the long run
▼ + stars: | 2023-11-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Eva-katalin | E+ | Getty ImagesMillennials are holding and buying bond exchange-traded funds with more gusto than older investors — and that's likely not an ideal strategy, experts said. That's a higher allocation than Generation X and baby boomers, who had respective allocations of 37% and 31%. Millennials investing for the long term can afford to — and generally should — take more risk than older investors by allocating relatively heavily to stocks. That's because stocks typically outperform bonds over decades, said Jenkin, a member of CNBC's Advisor Council. "Millennials in their 30s probably shouldn't have 45% of their allocation in bonds," Jenkin said.

Persons: Eva, katalin, Charles Schwab, X, Schwab, — doesn't, Ted Jenkin, Jenkin Organizations: Millennial Locations: Atlanta

☆ Most Americans tip 15% or less at a restaurant — and some tip nothing, poll finds
▼ + stars: | 2023-11-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

When it comes to dining, tipping at least 15% to 20% is traditional etiquette, say experts. Almost 1 in 5, 18%, of people tip less than 15% for an average meal at a sit-down restaurant — and an additional 2% tip nothing at all, according to a Pew Research Center survey, which polled 11,945 U.S. adults. More than a third, 37%, said 15% is their standard tip. "That did surprise me," Drew DeSilver, co-author of the study, said of finding that more than half of people, 57%, tip 15% or less. Pew hasn't done historical polling on tips, so it's unclear how these shares have trended over time.

Persons: Drew DeSilver Organizations: Pew Research Center, Finance

☆ Where prices fell in October 2023 — in one chart
▼ + stars: | 2023-11-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Bloomberg | Bloomberg | Getty ImagesInflation continued its broad moderation in October, down significantly from pandemic-era highs that hadn't been seen in more than 40 years. Why some prices are deflatingwatch nowSome prices, like those for airline tickets and eggs, have also declined off record-high levels. Egg and airline ticket prices are down about 22% and 13% in the past year, according to CPI data. How measurement quirks affect pricesSome of the declines are due partly to measurement quirks. Consumers get more for roughly the same amount of money, which shows up as a price decline in the CPI data.

Persons: hadn't, Andrew Hunter Organizations: Bloomberg, Getty, Capital Economics, CNBC, U.S . Bureau of Labor Statistics, CPI Locations: New, U.S

☆ Here’s the inflation breakdown for October 2023 — in one chart
▼ + stars: | 2023-11-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The Fed aims for a 2% annual inflation rate over the long term. Gasoline prices fell in OctoberWhat's happening under the surfaceEnergy prices can whipsaw inflation readings due to their volatility. That's why economists like to look at a measure that strips out these prices when assessing underlying inflation trends. This pared-down measure — known as the "core" CPI — fell to an annual rate of 4% in October from 4.1% in September. Housing inflation declined in October, to 6.7% relative to a year earlier, and has fallen from a peak over 8% in March 2023, according to BLS data.

Persons: Joe Biden, David Paul Morris, Sarah House, Mark Zandi, Zandi, It's Organizations: Bloomberg, Getty Images Bloomberg, Getty, Wells, Wells Fargo Economics, U.S . Bureau of Labor Statistics, Moody's, CPI, BLS Locations: Hercules , California, U.S, Wells Fargo, American, Russia, Ukraine

☆ The ‘dupe’ trend hit travel in 2023. It's a good way to save on your next trip, experts say
▼ + stars: | 2023-11-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

For example, flight searches more than doubled for several "dupe" destinations internationally, according to Expedia data. watch nowLikewise, flight searches to the island Curaçao, a stand-in for St. Martin, were up 228% in the U.S. and 185% worldwide. "TikTok popularized the idea of dupes … and the concept is increasingly taking off in the world of travel," Expedia said in a report published Wednesday. Internet search traffic in the U.S. for travel dupes spiked throughout 2023, peaking in July, according to Google Trends data. It's more than just the flight priceHowever, Hopper flight data indicates that not all dupes will necessarily pay off for travelers.

Persons: Klaus Vedfelt, Martin, TikTok, dupes …, Expedia, Hayley Berg, Hopper, Ho, Jon Gieselman, dupes, Sara Rathner Organizations: Digitalvision, Getty, Sydney, Expedia Brands, Auckland , New Zealand — Locations: Taipei, Seoul, U.S, Pattaya, Thailand, Bangkok, St, Perth, Australia, Liverpool, England, London, Hanoi, Vietnam, Ho Chi Minh City, Spain, Tenerife, Canary Islands, Barcelona, Phuket, Europe, Sydney, Nadi, Fiji, Auckland , New Zealand

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