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That's why I reached out to my accountant, Katie Gallo, and asked if there's anything I can do now to help reduce my 2022 tax bill. 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.

Treasury Secretary Janet Yellen on Friday notified Congress that the U.S. will reach its statutory debt limit next Thursday. Yellen said it is "critical that Congress act in a timely manner to increase or suspend the debt limit." Congress in December 2021 increased the federal debt limit to about $31.4 trillion. This can extend the clock for weeks or months while Congress hashes out a bill to raise the borrowing limit. Yellen added, "Increasing or suspending the debt limit does not authorize new spending commitments or cost taxpayers money.

☆ Debt bomb, biotech bump and a bond rally: 2023 money predictions
▼ + stars: | 2023-01-12 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

What does 2023 hold for investors? Prediction: Debt bombSarah NewcombSarah Newcomb, director of financial psychology at Morningstar“I’m concerned about the lack of saving in America as a whole. We had a moment of higher savings rates when the pandemic first hit, and people realized they needed to be prepared for anything. The optimism of these entrepreneurs for continued growth in the new year points to resilience amid some tough financial decisions they’ll likely make in 2023. “For instance, we expect to see a rise in debt consolidation as business owners look to combat the rate environment.

US House Majority Leader Steve Scalise, Republican of Louisiana, speaks alongside House Republican Conference Chair Representative Elise Stefanik (L), Republican of New York, as they speak during a press conference on Capitol Hill in Washington, DC, January 10, 2023. House Republican Majority Leader Steve Scalise sidestepped thorny questions Tuesday on whether Congress would allow the U.S. to default on its debt after lawmakers adopted new rules making it more difficult to raise federal limits. It includes the total amount of federal debt outstanding, about $24.5 trillion, as well as the nearly $6.9 trillion the government has borrowed from itself. "America over time occasionally hits the debt ceiling because it's like a credit card limit," Scalise, R-La., said at a press conference in the Capitol building. The last major rift over the debt ceiling was in late 2011, driven by holdout from a newly-elected Republican congressional majority.

☆ How to balance retirement and emergency savings in a shaky economy
▼ + stars: | 2023-01-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

It's not easy to prioritize financial goals, especially when choosing between two essentials in an unsteady economy: saving for retirement or building your emergency fund. Indeed, more than half of savers are prioritizing short-term financial goals in 2023, including emergency savings, according to a recent study from Fidelity Investments. While maxing out your 401(k) should be the goal, your emergency savings is also important, she said. Leslie Beck, a Rutherford, New Jersey-based CFP and owner of Compass Wealth Management, said she has a "rule of thumb" for how to decide between retirement and emergency savings. Then, if your emergency savings are short after that, you should "definitely" divert the funds, she said.

☆ How to create some financial freedom to do what matters most to you
▼ + stars: | 2022-12-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

Maybe you want to step out of the workforce for a few years to be home with your kids. “For a lot of people [saving to buy] a first house is a catalyst for getting their whole financial life in order. Setting up your finances to support that goal can transform saving and investing from fulfilling an obligation to creating a financial freedom fund for yourself. Are you making smart decisions to deploy that capital across your financial opportunities?” Benz said. Or do you get satisfaction from cleaning and saving money?

Below, Select shares insight on what you should consider to stay on track with your retirement savings as we close out 2022. So it's important to consider this carefully so you can avoid outliving your retirement savings — or even over-sacrificing when you're younger. Or perhaps you actually don't need to be as aggressive in your retirement savings next year. Wealthfront Learn More On Wealthfront's secure site Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. Betterment Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected.

When the Fed increases the interest rate, or the federal funds rate, it alters the interest rate on interbank lending. Now, the Fed's target interest rate range is around 4%, up from near-zero interest rates during the pandemic. High-yield savings accounts differ from traditional savings accounts because they offer significantly higher interest rates. Meanwhile, the high-yield savings accounts with the highest APYs have rates that are 18 times higher than the average APY on traditional accounts. Select ranked LendingClub High-Yield Savings and UFB High Rate Savings as some of the best high-yield savings accounts.

☆ People with perfect credit scores have 3 key traits in common, Experian reports
▼ + stars: | 2022-12-02 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +4 min

The few people who do manage to achieve perfect credit scores tend to share three key traits, according to Experian's latest analysis. People with perfect scores are typically older"You're not likely to see many 25-year-olds with a perfect credit score," Matt Schulz, chief credit analyst for LendingTree, tells CNBC Make It. People with 850 credit scores tend to carry about $2,588 in credit card debt, compared to the national average of $5,221. A near-perfect credit score is good enoughAlthough having a perfect 850 credit score may earn you bragging rights, it doesn't come with many additional benefits. "The reality is that you're not going to get anything with an 850 credit score than you wouldn't be able to get with an 830 credit score, or really even a 780 or 790 credit score," says Schulz.

Garcia tells Insider, "I was inputting some numbers into a retirement calculator, and it let me put in my age. 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.

☆ Fintechs are opening up access to alternative investments previously reserved for sophisticated investors, but some VCs question if that's a good thing
▼ + stars: | 2022-11-28 | by ( Asia Martin | ) www.businessinsider.com time to read: +8 min

But some don't think retail investors are ready for the level of risk in the asset class. Alternative investments, as the name suggests, is an asset outside of traditional investments like stocks, bonds, and cash. Investors choose from private-equity funds, venture capital, hedge funds, real estate, and art, among other areas. Such returns have attracted state pension funds, university endowments, and, most recently, individual investors from the ultra-high-net-worth to the Joe Schmoes. Companies like iCapital, Allocate, RealBlocks and CAIS (pronounced case) launched to help wealth-management firms usher their clients into sought-after private market funds.

They fired their financial advisor and decided to manage their investments independently. "Investing in index funds had been around for decades but had been cast as a boring, predictable, and lazy approach to investing. While Julien's financial advisor wasn't intentionally malicious, Julien was shocked to learn that his financial advisor wasn't legally obligated to make recommendations in his best interest. That's index funds — kind of boring, but a safer place for your cash over the long run. "When you're investing in index funds, you're betting on the fact that overall a given index will continue to deliver favorable results," the couple writes.

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.

☆ How this 27-year-old entrepreneur built his $8 million dessert empire after leaving Wall Street
▼ + stars: | 2022-11-16 | by ( Nancy Luna | ) www.businessinsider.com time to read: +7 min

With the help of a business loan, the Wall Street analyst turned food entrepreneur bought a 16 Handles franchise in Manhattan in 2019. Taking advantage of a depressed real-estate market amid the pandemic, he negotiated favorable long-term leases and opened several 16 Handles locations. Last month, I closed on the acquisition of 16 Handles, the frozen-yogurt and soft-serve franchise with over 30 units across five states. Buying 16 Handles and growing it to a national brandAs the largest franchisee working with the franchisor, we were misaligned on what we saw as the vision for 16 Handles. A key reason for my success with 16 Handles is that I found creative solutions to what otherwise seem like impossible obstacles.

☆ How to start an e-commerce business with less than $2,000 upfront, according to a 34-year-old entrepreneur who does up to $42,000 a month in Amazon sales
▼ + stars: | 2022-11-10 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Fu believes that anyone can start a successful e-commerce business with less than $2,000 upfront. The 34-year-old entrepreneur believes that anyone can build a profitable e-commerce business with less than $2,000 upfront. Watch 200 educational e-commerce YouTube videosThis is exactly how Fu learned the ins and outs of running an e-commerce business. At this point, you've learned the basics of running an e-commerce business and have made sales on Poshmark and Etsy. Starting an e-commerce business as a side hustle is probably the most risk-averse way to do it, she said.

☆ Inflation bonds have surged in popularity amid a flight to safety. Why they may also be a good opportunity for younger investors
▼ + stars: | 2022-10-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Investments in the U.S. Treasury's Series I savings bonds have surged this year as prices climbed and so far show few signs of easing. I bonds offer holders a standard fixed rate together with a variable rate that shifts every six months, the latter depending on the latest consumer price index numbers. Even putting a few thousand dollars in the bond could offer a decent cash cushion for times ahead, she said. While a safe haven for cash, I bonds are not an alternative to investing, McLoughlin said. Despite the market's dismal performance this year, equities offer much better returns for those with longer time horizons, she said.

☆ Inflation and bond yields are peaking as demand destruction starts to dominate, economist says
▼ + stars: | 2022-10-13 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Inflation and bond yields are close to peaking, according to top economist Komal Sri-Kumar. He also told CNBC that he expects a severe recession in the wake of monetary tightening and inflation. "I think we are reaching the point where demand destruction is going to dominate over supply uncertainties, and that's what is happening." "The only thing unknown is, what is the top for inflation and what is the top for the bond yield? "The question now in terms of controlling inflation [and] keeping bond yields under manageable levels is if Jerome Powell can do that, and I doubt it very much," Sri-Kumar said.

☆ As 62% of workers cut back on savings amid concerns about the economy, employers emphasize financial wellness
▼ + stars: | 2022-09-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

watch now"Employees still see the 401(k) plan as the central thing they think about when they think about benefits at work," McDonald said. Start by maxing out the most that you can do — not the most that's allowed, but the most you can do — in your 401(k) plan. "Start by maxing out the most that you can do — not the most that's allowed, but the most you can do — in your 401(k) plan," McDonald said. The survey found 60% of employees are paying more attention to reviewing their financial benefits compared to a year ago. Moreover, 84% of human resource leaders say employees have requested financial benefits their companies do not offer, up from 78% in 2021.

☆ Irene Gakwa moved to the US to attend nursing school in Wyoming. Then she vanished
▼ + stars: | 2022-09-04 | by ( Faith Karimi | ) edition.cnn.com time to read: +15 min

CNN —Irene Gakwa’s last WhatsApp video call with her parents was filled with gentle ribbing. After Gakwa’s brothers could not reach her, they looked through her phone records and called a close friend she’d talked to numerous times. A group formed to help find Irene Gakwa prepares to post signs seeking information about the missing woman in Gillette, Wyoming, on June 18. Lacey Ayers talks to Stacy Koester, left, and Melissa Bloxom as they place signs with an image of Irene Gakwa in a yard in Gillette, Wyoming. Gakwa and Hightman eventually moved in together in Meridian, and she started nursing school at College of Western Idaho.

☆ Why tech workers are quitting great jobs at companies like Google to fight climate change
▼ + stars: | 2022-07-26 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +14 min

"What bigger problem is there to solve for our generation than climate change?" Not only is climate change an existential-level threat to humanity, it is especially dangerous for the poorest communities around the world. "Eventually, it just got to the point where I couldn't justify to myself why I'm still doing something that isn't climate," Kirpichov told CNBC. "It turns out that there are just so many people who are in the same boat," Kirpichov told CNBC. We know Southeast Asia is going to get hit really hard with climate change.

You can earn more cash back for online purchases when you stack credit card rewards with shopping portal deals. Crystal Cox/Business InsiderOpening and using a rewards credit card can help you earn extra cash back when you shop. In fact, stacking credit card rewards with online deals is one of the best ways to save money when you shop. Register your credit card with a cash-back appSome cash-back apps award you with more cash back when you register your credit card. The key to using rewards credit cards responsibly is to treat them like debit cards, so don't use them as an excuse to overspend.

There's some cliché financial advice I've heard over and over that financial planners say to ignore. "Renting is throwing money away" and "a credit card balance is good for your credit score" are examples. That made me wonder if frequently passed-along financial advice always rings true. Crypto is the futureLately, all the financial advice my friends are giving me has to do with cryptocurrencies. "Since credit utilization is responsible for 30% of your credit score, it's a good idea to keep it as low as you can."

☆ 5 mistakes millennials are making when building their financial life
▼ + stars: | 2022-04-14 | by ( Kunyi Yang | ) edition.cnn.com time to read: +5 min

Our seven-part guide has helpful hints for paying off student loans, negotiating your salary, building credit, and more. The road to financial independence is not easy, and usually requires patience and diligence early on. Here are the five most common mistakes young adults are making when building their financial lives:1. Waiting too long to start retirement savingPlanning for retirement is about finding a balance between putting money aside for later and having enough to pay for stuff now. “Social media creates the desire to keep up with others,” said Nick Reilly, a certified financial planner based in Seattle.

High-yield savings accountsA regular savings account can have interest rates as low as 0.03%, while a high-yield savings account can yield up to 5% (although rates do fluctuate). Pros Check mark icon A check mark. Open accounts you might not be able access outside of SaveBetter Check mark icon A check mark. Pros Check mark icon A check mark. Great for those who want to invest in low-risk, short-term investments Check mark icon A check mark.

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☆ 'The investments just grew so much': A single mom quit her job after reaching financial freedom in 4 years with a $900,000 portfolio. She shares 3 steps every woman should take to reach earlier retire
▼ + stars: | 2022-01-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

She started her career in 2002 but had contributed only about 10% of her salary to her retirement accounts — and not every year. Before 2017, she had $125,000 saved in her retirement accounts, she said. Everything changed that year when she decided to start maxing out her tax-deferred accounts. Her process didn't involve any strategic maneuvers in the stock market like swing or options trading. The second key step is you need to max out your tax-deferred accounts, such as a 401(k), 403(b), and 457(b), she said.

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