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For example, your company may offer a 401(k) match of 3% up to $3,000 annually. Experts say taking advantage of a 401(k) match is one of the easiest ways to grow your money in the stock market. Start maxing out your 401(k) deferralAnother strategy that Alba suggests for millennials with full-time jobs is to max out your 401(k) deferral. A 401(k) deferral rate is the percentage of wages contributed to a 401(k) plan through your employer. Alba recommends working with a financial planner to gradually increase your contributions to max out the 401(k) deferral limit.

If you've been laid off, look closely at your last three months of spending to understand where to cut back. First, understand exactly how much you're spending every monthYang says auditing your monthly spending is the first step. Getting clarity on how you're spending your money, what you're willing to give up, and what areas need to be trimmed from your budget moving forward sets the foundation for your next steps. Understand how long your severance package will lastA severance package is pay or benefits that an employee is given after being laid off from their job. Yang recommends dividing the total $20,000 severance package by six months, which means you have roughly $3,333 per month to spend until you find your next job.

45% of consumers will use Buy Now, Pay Later for holiday gifts, and the average consumer will charge $663 on their credit card. Before using BNPL, know what the late fees and interest rates are. "But if it were me and I didn't have that money, I would probably try to find an alternative gift instead of using BNPL." Here are three things you should know before buying an expensive Christmas gift using BNPL. Understand your interest rateYang says the key to using BNPL is understanding the terms of the agreement, starting with interest rates.

33-year-old nonprofit worker Micah H. paid off six figures of student loans in 13 years. She started paying them off while she was in college, then continued for the next several years. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Micah used the money she was saving on eating out to pay off her student loan debt faster. Once her housing costs were down from $1,600 to $750, she was able to put the $850 savings each month toward her student loans.

Refinancing your federal student loans with a private lender makes you ineligible for the Public Service Loan Forgiveness program. You will also lose access to income-driven repayment plans and economic hardship forbearance by refinancing your federal student loans. There are three reasons she decided to skip PSLF altogether and pay off her student loans on her own. Micah didn't want to go through 10 years of service and paperwork just to be denied at the end. She waited to finish paying off her undergraduate student loans before going to grad school at Columbia.

On a live-streamed Twitter Spaces call, Elon Musk announced that he may add a high-yield savings feature to Twitter. Money earned from paywalled content would sit in the creator's account, which would function like a high-yield savings account. A high-yield savings account helps you earn passive incomeA high-yield savings account is a type of savings account that pays much higher interest rates than a regular savings account. Musk apparently plans on offering high-yield savings account to Twitter users who plan on keeping their cash there, once Twitter's content paywalls are established. The Tesla CEO's plans to add paywalled content, new payment systems, and a high-yield savings account could incite further backlash.

In May, I started putting $21.27 from every paycheck toward my commuter and parking benefits. Sometimes, I park my car at a nearby train station and take the train to the office downtown to save money on gas. I decided to sign up for commuter benefits through work to try to lower some of those expenses. For me, saving money usually comes with grumbling and whining over what I'm going to have to give up. After feeling the effects of saving small through my commuter benefits, I'm going to set up an automatic $25 transfer to a separate savings account for future travels.

Side gigs don't have to eat up your family time; these jobs take just 10 hours or less. If you have 1,000 followers on social media, you may be a "nanoinfluencer" ripe for paid posts. That's why we found three side jobs that can earn you $1,000, working 10 hours per week or less. Content creatorYou don't need to have a ton of followers to cash in on the content creator train. In the age of digital media, brands need user-generated content (UGC) that looks natural and organic.

Many financial experts recommend finding a side hustle to save more and pay off debt. However, recruiter Niani Tolbert says getting a side hustle isn't the best financial decision for everybody. Instead, Tolbert suggests using your time and energy to cut back expenses and hone your skills. But 29-year-old recruiter and founder of #HIREBLACK Niani Tolbert says side hustles can actually prevent you from making more money in the long run. Here are three reasons Tolbert recommends ditching your search for side hustles.

But rental real estate isn't a part of their long-term plan. The couple also bought a move-in-ready condo in Marietta, Georgia, in 2014 for additional rental income. Below, the six reasons the Saunderses sold their properties, and why they're relieved they weren't landlords at the height of the pandemic. The couple soon started to notice that their creator income surpassed their income from rental properties. Seeing how much they could earn as creators, it just didn't make sense to keep pouring their energy into managing rental properties.

The beneficiary listed on your life insurance policy will get your benefits, not your next of kinWhen choosing your life insurance plan, you can choose one or more beneficiaries. Know the difference between term life and whole life insuranceTerm life insurance typically lasts for 10, 20, or 30 years. It's the most affordable kind of life insurance, although premiums may increase over time depending on your policy. Whole life insurance, on the other hand, is a type of permanent life insurance that covers you for your entire life. Life insurance coverage from your employer ends when you leave your jobMany people are offered life insurance as a part of their employer's benefits package, but, says Betts, it's important to understand that those types of life insurance policies end when you leave your job.

Recruiter Niani Tolbert says three money habits can help you prepare to leave your job. To start: Take an inventory of your current benefits so you can save up to quit, or find a comparable package elsewhere. In November 2021, 4.5 million Americans quit their jobs, the highest quitting rate on record over the last 20 years. With your well-being in mind, here are three money habits to start if you're thinking about quitting your job. Use all the benefits you can before leavingWhile taking inventory of your benefits, Tolbert suggests using up all the benefits you can, like your flexible spending account or commuter benefits.

Fraudsters will try to get your personal information and answers to security questions on social media. "The reason fraudsters are so interested in social media and social engineering is because they can get answers to those questions." Insider's Featured Identity Theft Protection Services Aura – All-In-One ID Theft ProtectionIDShield 3 Bureau Individual PlanIdentityForce Ultra Secure+Credit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.8/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Aura's website Learn more On IDShield's website Learn more On IdentityForce's websiteHere are five tips to help you avoid identity theft scams on social media. Anytime anyone's asking for personal information, find a different way of getting in contact with that individual," says Lord.

But wealthy investors between ages 21-42 are still investing in crypto, says a new study by Bank of America. Over half of young people investing in crypto get their advice from social media platforms, like TikTok. But according to Bank of America's 2022 Private Bank Study of Wealthy Americans, wealthy millennials are still pouring cash into crypto. Rich young investors believe crypto can help them build more wealthIn the study, 29% of wealthy young investors said crypto presents a leading opportunity to build wealth, with real estate as a close second at 28%. Despite the volatility of cryptocurrency, three times as many young investors believe that cryptocurrency is an effective long-term investment vehicle compared to older investors.

☆ A 40-year-old physical therapist got $222,000 in student loans forgiven through PSLF and used 2 tax strategies to pay as little as possible along the way
▼ + stars: | 2022-10-27 | by ( Leo Aquino | Read More | Read Less | ) www.businessinsider.com time to read: +8 min

Pros Check mark icon A check mark. Low annual fee for investment accounts; crypto trust investments available Check mark icon A check mark. Tax-loss harvesting Check mark icon A check mark. Mobile app and investing and retirement tools Check mark icon A check mark. Retirement contributions work to lower AGI in a similar way.

Here are the requirements for forgiveness under PSLF, the limited PSLF waiver, and IDR:Normal PSLF requirements PSLF requirements under the limited waiver Student-loan forgiveness under one-time IDR adjustment Work requirements You must work full-time at a nonprofit, government, or tribal organization at the time of application and forgiveness. You must have made 120 eligible payments while you were employed by a nonprofit, government, or tribal organization. Accepted payment types Only payments made on time and in full count toward the 120 eligible payments needed for forgiveness. Past partial or late payments count toward the 120 eligible payments needed for forgiveness. Forbearance and deferment eligibility Forbearance and deferment periods do not count toward 120 eligible payments needed for forgiveness.

Author Ramit Sethi says most people work towards generational wealth without knowing what it means. Here are three steps Sethi recommends taking if you want to pass down generational wealth to your children. Set concrete goalsSethi says, "You'll notice that, in our culture, we conflate generational wealth with passing down a house. Sethi encourages people who want to build generational wealth to make concrete goals around what that wealth will look like. Start investingSethi's advice to anyone looking to build generational wealth is to start investing, even in small amounts.

PSLF helps workers at nonprofit, government, and tribal organizations get their student loans forgiven after 120 eligible payments. Under a limited waiver that expires on October 31, more payments count toward the 120 eligible payments. To help you apply for PSLF before the limited waiver expires, here are three guides — two completely free, and one that costs $47 — to help you fill out your application. Chipper app (free)The Chipper app, founded by Tony Aguilar, is designed to help people with student loans chip away slowly at their balances using spare change from everyday purchases. Additionally, Chipper has helped over 5,600 people get their student loans forgiven through PSLF.

Life insurance is a contract between you and an insurance company, where the insurer promises to pay a beneficiary when you die. A financial planner recommends business owners and private student loan borrowers get life insurance. Here are four types of people who should have life insurance, according to Betts. People with private student loansFederal student loans are discharged after the borrower dies, but borrowers with private student loan debt may face different circumstances. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Now free from large monthly payments, Nadal will redirect his monthly payments toward building his kids' future. PSLF forgives the student loans of public school teachers and other nonprofit workers after 120 "qualifying payments" (about 10 years of consistent payments). At year five of making payments, Nadal called his student loan servicer to make sure he was on the right track. Finally, weeks later, his student loan account showed a zero balance and he received a letter saying $124,572 of his student loans had been completely forgiven. He says, "Before, it was a different feeling because I just had to pay off my student loans, and I couldn't save money.

I chose a health insurance plan with the lowest monthly premium. Working full-time at Insider is the first time I've had to choose between different tiers of health insurance plans. Out-of-pocket limitThe out-of-pocket limit on a health insurance plan is the amount that I have to pay before insurance covers 100% of services. Once the amount ofTruth be told, I chose the health insurance plan I have because it offered the lowest monthly premium. Now that I know better, I look forward to choosing my health insurance plan this year.

Apply for student-loan forgiveness ASAP. Spencer Platt/GettyHere's what: The student-loan forgiveness application is liveAfter lawsuits, and beta testing, and much hand-wringing, the Biden administration's student-loan forgiveness application is live and available to federal borrowers. All this to say: Student-loan forgiveness is complicated, and there's a possibility it could remain complicated for a while. Biden's student-loan forgiveness plan could lower my monthly payment from $370 to $150. All your questions about applying for student-loan forgiveness answeredStill have questions about forgiveness?

I refinanced my student loans to get a lower monthly payment and remove my mom as a cosigner. I have affordable payment plans in place for my old credit card debt, and I've been paying my student loans diligently. Transferring your federal student loans to a private lender will make you ineligible for President Biden's student-loan forgiveness plan worth up to $20,000. My credit score went up by 40 points unexpectedlyOne factor that goes into your credit score is the length of your credit history. Besides refinancing my student loans, I also opened a secured credit card with a $200 limit for my phone and internet bill.

The student-loan forgiveness application is live on the federal student aid website. Over 8 million Americans applied for student-loan forgiveness using the beta version of the application, released on Friday, October 14. Can I still get student-loan forgiveness if I haven't filed my tax return? To receive a non-filing letter from the IRS, fill out Form 4506-T.Will the amount of student-loan forgiveness I receive get taxed? Parents whose children are also applying for student-loan forgiveness must file a separate application for debt relief for their Parent PLUS loans using the same application.

Instead of waiting until you're debt-free to start investing, start the habit of investing small amounts now. The key mistake most young people make, according to Sethi: Waiting too long to start investing. Sethi advises young people to use compound interest to their advantage and start investing as soon as possible. When you're young, it feels like $100 a month wouldn't add up to that much. Waiting until your 40s to start investingInstead: Start investing small amounts on a regular basis"The No.

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