DIRS.INFO The most relevant business & tech news

AdvertisementAdvertisementA report from the National Institute on Retirement Security found that Gen X is woefully unprepared for retirement. However, Gen X is increasing retirement savings now, and government programs could provide extra help. Gen X and retirement: The statisticsThe oldest Gen Xers turn 58 this year — only a few years away from retirement and claiming Social Security benefits . AdvertisementAdvertisementMost Gen Xers are failing to meet retirement savings targets regardless of race, gender, marital status, or income. This meant that there was no longer a guaranteed benefit amount from the employer upon retirement; retirement savings became solely the responsibility of the employee.

Persons: X, Gen Xers, Gen X, —, millennials, Xers, haven't Organizations: National Institute on Retirement Security, Service, Boomers, Social, Fidelity Investments, Gen, National Institute on Retirement, Social Security

An emergency fund can even be useful if you're already in debt, because it can help you avoid borrowing more. But an emergency fund can also be a financial buoy in everyday life, not just when there is an emergency. Having an emergency fund in addition to your down payment account can provide some extra padding when you purchase a home. An emergency fund gives you a cushion so that you can handle the needs of your new home without living paycheck to paycheck. Start an Emergency Fund SoFi Checking and Savings is one of the best checking account options if you want to keep your savings and checking with one bank.

Persons: —, I've Organizations: Service Locations: France, Spain

I have different accounts for my three main savings goals: an emergency fund, retirement, and travel. It works best when you have a strategy to consistently save money and continue to grow it over time. In the beginning, I focused heavily on my emergency fund because I wanted to have six to nine months of emergency savings. Saving Made Easy SoFi Checking and Savings is one of the best checking account options if you want to keep your savings and checking with one bank. This means you're able to easily track where you are with each of your savings goals.

Persons: —, isn't, I'd, It's Organizations: Service Locations: Germany, airfare, New York

To build good credit, pay bills on time, keep your credit utilization low, and reduce your debt. Gen Z is faced with paying back larger loans and more credit card debt, especially for those carrying a balance every month. Why good credit mattersGenerally, a good credit score falls between 670 to 739, according to the FICO model. The benefits of a good credit score include better approval odds when applying for a loan, credit card, or line of credit. Keep your credit utilization lowRemember, your credit utilization — the amount of available credit you are actually using — is one of the factors that determines your credit score.

Persons: —, Zers, it's, Gen Z, wouldn't, Gen Zers Organizations: Service, Federal Reserve, Self

☆ The author of 'I Will Teach You to Be Rich' says 'phantom costs' add 50% to the monthly expenses of owning a home
▼ + stars: | 2023-10-05 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +4 min

AdvertisementAdvertisementRamit Sethi cautions that owning a home costs much more than just your monthly mortgage payment. "Phantom costs" like home insurance and maintenance can add up to 50% extra in monthly expenses. Run the numbers to determine if owning or renting is a better decision for your wallet right now. Ramit Sethi, author of "I Will Teach You to Be Rich", cautions potential homebuyers about the very real costs that come with owning a home. Sethi states, "because of these costs I add 50% per month to the cost of owning a home."

Persons: Ramit Sethi, —, We've, Rich, Sethi, we've Organizations: Service, homeownership Locations: New York

Check in on your retirement, credit, and healthcare and make any necessary adjustments. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Prepare for tax seasonMany people would prefer to avoid thinking about tax season until the deadline on April 15. These include mortgage interest, out-of-pocket medical expenses, state and local taxes, property taxes, and charitable donations to tax-exempt charities.

Persons: —, transpire, it's Organizations: Service

The first week of October is considered the best week in 2023 to buy a home. If you're in the market for a home, this week, the first week of October, may be the best time in 2023 to buy. This week represents a peak week for price reductions with an average of 5.5% of homes seeing price reductions this week. So with all of these positive factors in play, is this the best week for you to buy a home? However, if you are carrying significant credit card debt or student loans, adding a mortgage payment may not be right for you right now.

Persons: —, homebuyers Organizations: Service

☆ When I graduated college, my dad told me exactly what to do with every paycheck. More than a decade later, I'm still doing it.
▼ + stars: | 2023-09-30 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +5 min

He told me, "If you're working, there are steps you should take so you are always comfortable." Save as much money as you canI save money now automatically so it's in my savings account before I even see it. Pay all of my household bills first, including that cell phone billSometimes we have to learn these money lessons the hard way. I pay every bill in my home first: rent, cable, electric, water, and my cell phone bill. Our cell phones are such a big part of our lives, and you may even use your cell phone for work.

Persons: I'm, what's Organizations: Costco, Netflix, Apple Locations: Paris

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). After a three-year pause on payments due to the pandemic, student loan payments are scheduled to resume October 1 . For many, adding student loan payments to a long list of expenses might be a struggle. Understand how student loans will fit into your financesDon't just guess whether you can afford the expense — student loan payments will require you to redo your budget. What to do about private student loansIf you owe private student loans , this might be a bit trickier.

Organizations: Consumer Financial, Social, SAVE, Federal

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). By the time I finished graduate school, I had a little over $65,000 in student loan debt. I made my student loan payments on time each and every month for the first three years … and then I wanted to buy a condo. I zeroed in on my student loan debt. Paying off my student loans gave me my life back and set me on the path to financial security.

After graduating in 2010, she saw her student loans grow to a balance of over $100,000. Jean-Baptiste writes, "If I told you that my checking account had more than two thousand dollars in it at a time, I'd be lying to you and myself. Jean-Baptiste writes, "At the height of my lesson plan selling era, I had forty to sixty assets in my digital store and was making $10,000 to $12,000 a year. "I was making money, but as soon as it came in, it went out and I wasn't able to save like I wanted to, " Jean-Baptiste writes. Debt consolidation can be a useful tool to help pay down existing debt at a lower interest rate.

Persons: Melissa Jean, Baptiste, Jean, I'd

I have seen this myself when I go to the grocery store and buy five items … for $60. As we know, inflation has resulted in higher consumer costs: higher prices for groceries, gas, and other everyday goods and services. Take advantage of memberships like Costco, where you can buy items in bulk and fuel up at Costco gas stations for less per gallon than the competition. When I sat down and went through my budget, I found several items I didn't know I was even paying for. Leave room for small splurgesYou can save money and not deny yourself happiness.

Organizations: Federal Reserve, Costco, Marriott, Netflix, HULU, Apple

Before inflation and high interest rates, mortgage rates were around 3% and now they can be as high as nearly 7%. The higher interest rates have made many potential homeowners press pause, but are interest rates the only thing you should be watching when considering a home purchase? You have significant debt alreadyIn reality, everyone seems to be carrying some form of debt. To move, means you have to sell your home — and it is really hard to change your mortgage payment. If you have significant debt, maybe wait to purchase a home until that debt is paid off.

Organizations: Federal Reserve

Identify your financial habits and adjust if need be"Your financial habits will strengthen or weaken your financial health," Jean-Baptiste writes, "and your biggest and smallest life decisions impact your financial habits." She continues: "You have to intentionally develop financial habits that will be the foundational blocks that you build into your daily routines." I had to look at my financial habits and determine if my habits were putting me in a position to save." This piece of advice really resonated with me because I also had to develop financial habits that made room for me to save money. Jean-Baptiste writes, "Saving money is a skill that is developed with practice and steady financial habits.

Persons: Melissa Jean, Baptiste, —, Jean, Uber, I've Organizations: Service

Florida and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

Author Jason Vitug says we need money to be happy and it should not be a source of stress. Not having enough money is an immediate stressor and saving money protects against that." It comes down to how you want to live your life, happy and free or in-debt and stressed." Vitug writes, "Saving purposefully leads to growing your money (making money with money)." He concludes, "You need to be good with money to live a happy life.

Persons: Jason Vitug, Vitug, Vitug's Organizations: Service Locations: Wall, Silicon

I sold my home in 2018 and started renting and was surprised by how much I liked it. But for me, after owning a home for seven years and being a very engaged homeowner, I prefer to rent for right now. I learned that I prefer to rent — and not only that, but renting right now is beneficial for me. When I owned my home, I was constantly a homeowner, meaning that there were always projects, renovations or issues that came up. As soon as I sold my home and moved into a luxury apartment building, the money in my savings account increased.

Persons: Krav Maga, I'm, homeownership Organizations: Service Locations: Wall, Silicon, New York

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Student loan payments can span an entire lifetime, with more Americans shouldering the student loan burden into their later years. It's really important to understand what you are signing up for with student loans — before the payments start. Bonus: What I did right with my student loansThe aforementioned is what I wish I had known before borrowing student loans. Understanding the unwanted lifetime commitment student loans can be, the impact of student loans needs to be fully explained and understood ... and really, the last option for a student furthering their education.

Organizations: Service Locations: Wall, Silicon

In retrospect, I wish I had asked more questions about the mortgage process, homeowners insurance, and more. There are definitely things I wish I had known earlier in the process, and I certainly would have done things a bit differently if I had known these things in advance. Here are five things I wish I knew before buying my home:1. If I had purchased a home for that amount, it would have been quite a large monthly mortgage payment. This is why you must consider the total cost of owning a home, not just the mortgage payment.

Persons: It's Organizations: Service Locations: Wall, Silicon

Sometimes, I've made my January mortgage payment in December to deduct the interest for that year. So heading into fall, I review my budget, income, and expenditures and target areas where I can cut back. Do an insurance reviewI check all insurance policies: homeowners insurance, renters insurance, car insurance (when I owned a car), and health. This is a great time to do a comprehensive insurance review. Bonus: Plan for an extra mortgage payment and charitable contributionsIf you can, plan to make your January mortgage payment in December.

Persons: I've, it's, TransUnion —, transpire, you'll Organizations: Service Locations: Wall, Silicon

Automating your savings helps you grow and increase your money over time. Typically, a good plan is to set up an individual savings account for each savings goal (like an account for travel, emergency fund, or down payment) and then automate deposits to each account on payday. Avoiding the temptation to spendThe hardest part about saving money is overcoming the temptation to dip into savings for non-essential purchases. By setting up automated transfers to your savings account, you create a barrier between your discretionary income and the money you have saved. But building the habit of saving can be the best thing that you can do for your financial journey, and automating it makes the habit much easier.

Persons: isn't, that's, it's Organizations: Service Locations: Wall, Silicon

It may seem like a lot, but my five bank accounts help me manage and organize my money. I have a checking account , an emergency fund savings account, a business checking account, a travel account, and an everyday savings account. When I first moved to New York, I already had three bank accounts, but I knew that I needed a local bank to receive my income and to have accessibility to funds. Figure out how I will get my moneyIn choosing my emergency fund savings account and my everyday savings account, I considered account accessibility. Look into specific accounts made for my needsSpecialty accounts are accounts built for a specific purpose, and I have two.

Organizations: Service Locations: Wall, Silicon, New York, Mexico

☆ A millennial private equity founder explains how the 'girl math' taking over social media can help more than it hurts
▼ + stars: | 2023-08-29 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +4 min

Girl math is a viral Tiktok trend where women justify spending with their discretionary income. Girl math is often about quality of life decisions and the impact of your spending's value. Maybe girl math isn't the trap it seemsFinancial expert Kelly Ann Winget, the millennial founder of a solo-female-founded private equity fund, says that girl math isn't exactly what its critics describe. "If women are using girl math to justify spending that doesn't derail their financial well-being, that is a good thing. "Instead of focusing on girl math so much, think about ways to secure your income," Winget tells Gen Zers.

Persons: Kelly Ann Winget, you've, it's, Christopher Bechler, Huang, Joshua I, Morris, Taylor Swift, Winget, Gen Zers Organizations: Service, Stanford Graduate School of Business Locations: Wall, Silicon

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). I had my own student loan repayment journey after amassing nearly $70,000 in student loan debt. I realized that my student loan payment amount could be used to pay my condo fees on a home that I owned and in which I was building equity. 3 steps I took to pay off $70,000 in student loan debt1. I chose to double my paymentsMy student loan payment was $450 and I doubled it every month.

Persons: — Organizations: Service, College of Charleston, Harvard, Princeton, Stanford Locations: Wall, Silicon, Charleston , South Carolina, Charleston, New York

After paying off $50,000 in debt, Berna Anat started saving money seeking financial freedom. "Saving is one of the best things that you can do for your life," writes Anat, who started saving money to reach her life goals after paying off over $50,000 in debt. Anat writes, "Saving money unlocks your wildest dreams. View offers and start saving today »How to save money the right wayIt's easy to find saving tedious or punitive when you're saving just to save. Saving money is the ultimate pay yourself first move, and being specific about what you are saving for gives you something tangible to reach for.

Persons: Berna Anat, Anat, we've, — Organizations: Service Locations: Wall, Silicon, New York

Search resuls for: "Senior Personal Finance Reporter"

25 mentions found