DIRS.INFO The most relevant business & tech news

☆ Retirement crisis looms as Americans struggle to save
▼ + stars: | 2024-04-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

“However, I am fully aware that I’m creating another problem for myself down the road.”For now, his retirement plans sit on the back burner. Retirement savings in the United States were long thought of as a three-legged stool. Americans had pension plans, Social Security benefits, and defined contribution plans like the 401(k). Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys. She’s had to rely on her 401(k) retirement savings to support her and her son more than once.

Persons: Eric Payne, there’s, ”, Payne, I’ve, he’ll, What’s, Larry Fink, “, –, ” Fink, Fink, Jamie, She’s, – Jamie, wasn’t, Donald Trump, ” Trump, Joe Biden, Karoline Leavitt, Trump, Biden, Bernie Sanders, Sanders, BlackRock’s Fink, Beth, ” Beth Organizations: New, New York CNN, CNN, Social Security, Social, Social Security Agency, Security, Lawmakers, BlackRock, CNBC, Vermont Independent, Medicare Locations: New York, Portland , Maine, United States, Central Texas, Pittsburgh

☆ Here's what salary you need to make in every state to afford its median-priced home, from $63,000 to $197,000, according to Bankrate
▼ + stars: | 2024-04-02 | by ( William Edwards | ) www.businessinsider.com time to read: 1 min

Housing affordability has significantly declined as home prices and mortgage rates have surged. The average salary required for a median-priced home in the US has jumped 45.5% since 2020. A $100,000 annual income is now needed in almost half of US states to afford a median-priced home. This means that across the board, the salary needed to afford a home has risen. According to a Bankrate analysis, the average salary required to be able to afford a median-priced home in the US has jumped by 45.5% since 2020, from $76,191 to $110,871.

Organizations: US, Business

☆ Map shows how much income you’ll need to buy the median-prices home in your state
▼ + stars: | 2024-04-01 | by ( Jeanne Sahadi | Rachel Wilson | ) edition.cnn.com time to read: +1 min

(The median is the price at which half of homes for sale in an area are more expensive and half are less expensive.) Back in January 2020, a six-figure income was needed in only six states and the District of Columbia. Assuming you make a 20% down payment and get a 30-year fixed-rate mortgage at the average 52-week rate, this map shows you how much household income Bankrate’s analysis found you’ll need to afford the median-priced home in your state. “Manageable” means it won’t exceed 28% of your gross household income. It’s worth noting, too, that the median price of a home in a given state won’t necessarily reflect the median price in the part of the state you’re seeking to buy.

Persons: Bankrate.com Organizations: New, New York CNN, District of Columbia Locations: New York

☆ In these 22 states, you need a six-figure income to afford a typical home, analysis finds
▼ + stars: | 2024-03-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —Buying an affordable home in the United States has gotten a lot harder for many people since 2020. A new analysis from Bankrate.com finds that in 22 states and Washington, DC, buyers need a six-figure household income to comfortably afford a typical median-priced home. That’s a lot more than in January 2020, when Bankrate found buyers needed a six-figure income in just six states and the District of Columbia. For instance, Bankrate found that the income needed to buy a median-priced home rose the least in North Dakota (up 9.2%); Illinois (up 27.2%); and Kansas (up 29.3%). The complete Bankrate analysis can be found here.

Persons: Bankrate, ”, Jeff Ostrowski, –, Redfin –, homebuyers, ” Ostrowski Organizations: New, New York CNN, District of Columbia, “, United States –, of Columbia, Washington State Locations: New York, United States, Washington, DC, West, California, Hawaii, Massachusetts, Arizona, Colorado, Connecticut, Florida, Idaho, Maine, Maryland, Montana, Nevada, New Hampshire, New Jersey, Oregon, Rhode, Texas, Utah, Vermont, Virginia, South, Midwest, Mississippi, Ohio, Arkansas, Indiana, Kentucky, Tennessee, South Carolina, North Dakota, Illinois, Kansas

☆ 3 smart money moves to make in your 20s to be more successful
▼ + stars: | 2024-03-27 | by ( Annie Probert | ) www.cnbc.com time to read: +3 min

If you're questioning how to put your money to use in your 20s, here are three smart money moves to set yourself up for success later in life, according to two certified financial planners. The most common forms of debt for twentysomethings include credit cards, auto loans, student loans and personal loans. High interest rates have made paying off debt even harder, and in 2023 people under 29 carried an average of nearly $3,000 in credit card debt. To tackle credit card debt, Rossman recommends either signing up for a 0% balance transfer card or consolidating your credit card debt if you have several balances on different cards. Student loans are another common burden for many young people, with nearly 35% of adults ages 18 to 29 carrying student loan debt, according to the Education Data Initiative.

Persons: you've, Z, Andrew Fincher, Joe Conroy, Ted Rossman, Rossman, Fincher Organizations: Financial, CNBC, Education Data Initiative Locations: what's

☆ Gen Z Is Primed to Succeed at Starting Their Own Small Business
▼ + stars: | 2024-03-25 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

He was able to scale the business to more than $600,000 in revenue by 2018, when he graduated from high school. Before the internet, starting a business was a serious hassle. The problem wasn't that people weren't interested in starting a business: A 2016 EY study found that 62% of 18- to 34-year-olds had toyed with venturing into business ownership. That has made starting a business all the more appealing — and affordable — for prospective entrepreneurs. And with the plethora of digital tools we have today, starting a business is more accessible than ever.

Persons: Luke Lintz, Lintz, Bernhard Schroeder, Schroeder, Gen Zers, —, Martin Warner, Warner, GoDaddy, HighKey, Nicki Minaj, Kevin Hart, Khloé Kardashian, Tom Peters, Peters, " Schroeder, ZenBusiness, Gen, Zers, he'd Organizations: Apple, Shipping, Lavin Entrepreneurship, San Diego State University, Entrepreneurship, Dynamics Statistics, Business, Fast Company, Small Business Administration Locations: North America, China

☆ Why auto insurance rates are skyrocketing in the U.S.
▼ + stars: | 2024-03-23 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Car insurance is getting more expensive. The average annual premium for full coverage auto insurance in the U.S. rose to $2,543 in 2024 — up 26% from the previous year, according to Bankrate. "That has led to an environment where the consumer, the insured, is out shopping for auto insurance and finding that they cannot find an insurer that has a lower premium for them." Around 215 million Americans carry auto insurance and the market is valued at roughly $353 billion, according to IBISWorld. So, what other factors are behind the spike in auto insurance rates and what impact are rising premiums having on consumers and large publicly traded companies such as Allstate, Progressive and Berkshire Hathaway's Geico ?

Persons: Stephen Crewdson, Berkshire Hathaway's Organizations: American, Casualty Insurance Association, Allstate, Progressive, Berkshire Locations: U.S, .

☆ After traveling in a van for 2 weeks, I saw how the lifestyle could be cheaper than my Denver life
▼ + stars: | 2024-03-23 | by ( Monica Humphries | ) www.businessinsider.com time to read: +7 min

I wanted to explore the US, but I also wanted to see if van life was something I could do full-time. I quickly realized that these small costs — eating out, gas station snacks, souvenirs — are where van life can get expensive. AdvertisementSo finding a lifestyle like van life, which includes adventure and potential savings, sounds too good to be true. Monica Humphries/Business InsiderI experienced ways that living in a van could be cheaper than my lifestyle todayThere are hidden costs that come with van life. I'm not saying van life is necessarily cheaper than city living, but I am convinced it can be if I work at it.

Persons: —, ProMaster, I've, Apartments.com, Axios, It's, Brittany Newson, Monica Humphries, it'd, Zach Nelson, Joe's, Joshua, Ram, van, I'd, I'm Organizations: Service, Denver, Mercedes, Benz, Costco, Walmart Locations: Denver , Colorado, Denver, Southwest America, Plenty, San Fransico, Joshua Tree

☆ What's behind the increase in car insurance rates
▼ + stars: | 2024-03-23 | by ( Shawn Baldwin | Jeniece Pettitt | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat's behind the increase in car insurance ratesCar insurance has gotten expensive. The average annual premium for full coverage car insurance in the U.S. rose 26% to $2,543 compared to last year, according to Bankrate. Fewer auto mechanics, a tighter supply of used vehicles and increased health care bills are fueling rising prices. As premiums have spiked so too have the number of uninsured drivers.

Locations: U.S

☆ How to make high interest rates work for your hard-earned savings
▼ + stars: | 2024-03-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: ”, Ted Rossman, ” Rossman, Ken Tumin, Schwab, you’d, Tumin, Doug Ornstein, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Bankrate, JPMorgan Chase, Bank of America, Fidelity, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Edelman, AAA Locations: New York, Wells Fargo, United States

☆ The Fed holds interest rates steady. What that means for your money
▼ + stars: | 2024-03-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Annual percentage rates will start to come down when the Fed cuts rates, but even then they will only ease off extremely high levels. That's up from 4.4% when the Fed started raising rates in March 2022 and 3.27% at the end of 2021, according to Bankrate. Doug Duncan, chief economist at Fannie Mae, expects mortgage rates will end the year at 6.4%, but that won't provide much of a boost for would-be homebuyers. If rates come down and it ramps up demand and there's no supply, the only thing that happens is that home prices go up." Once the Fed cuts rates, "that gives people a little more breathing room," Drury said.

Persons: Brett House, Ted Rossman, Doug Duncan, Fannie Mae, Duncan, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds

☆ The Fed hasn't touched interest rates since July, but they're still moving. What that looks like for credit cards, mortgages and savings accounts
▼ + stars: | 2024-03-20 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +4 min

It's one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. Credit cardsThe flip side to the positive environment for savers is the expensive credit card market: Consumers carrying balances on their cards face historically high rates. "The Fed is not going to come to your rescue on credit card rates," Rossman said. The Fed is not going to come to your rescue on credit card rates. Mortgage ratesWhile savings and credit card rates are very sensitive to maneuvers from the Federal Reserve, the area that might see the most movement is housing.

Persons: Ted Rossman, There's, Rossman, they've, they'd, Bankrate Rossman Organizations: Hinterhaus, Getty, U.S . Federal Deposit Insurance Corp, Federal Reserve

☆ 56% of Americans can't afford a $1,000 emergency expense: We are 'living in a paycheck-to-paycheck nation,' money expert says
▼ + stars: | 2024-03-19 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

A majority of Americans say they can't afford a $1,000 emergency expense, a recent report from Bankrate finds. Only 44% of Americans surveyed said they could use their savings to pay for an unexpected expense, instead opting to put it on a credit card or borrow cash from family or friends. "The reality is that we are, unfortunately, essentially living in a paycheck-to-paycheck nation," Bankrate senior economic analyst Mark Hamrick tells CNBC Make It. Unexpected economic events that occurred in quick succession over the past five years, from the fallout over the pandemic to high inflation, have shocked the personal finances of many Americans, says Hamrick. No matter how much you have saved up, economic conditions make now an ideal time to focus on building up your emergency savings, Hamrick says.

Persons: Mark Hamrick Organizations: CNBC

☆ The Fed still probably isn't ready to give Americans the interest rate cuts they're hoping for
▼ + stars: | 2024-03-19 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Still, the door is open for rate cuts later in the year. AdvertisementThe nation's central bank is gearing up to make its second interest rate decision of the year, and it probably won't be the relief many Americans want to see. AdvertisementStill, while Americans may not see an interest rate cut this month, they could see one later on this year. But I still think interest rate cuts of one form or the other are likely this year." A group of Democratic lawmakers are also urging Powell to develop a timeline in which Americans can expect to see rate cuts.

Persons: Jerome Powell, —, Mark Hamrick, Hamrick, Powell, there's, we've, Nick Bunker, Julia Pollak, Pollak, Congressional Progressive Caucus — Organizations: Federal, Service, Fed, Financial Services Committee, North America, Democratic, Congressional Progressive Caucus

☆ Make these 2 moves with your tax refund, says finance expert—one helped her pay off $200,000 in debt
▼ + stars: | 2024-03-18 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

The IRS has received about 54 million tax returns so far and is issuing an average refund of $3,182, according to the agency's latest data. While a refund may feel like a significant amount of new money hitting your bank account, it's actually been your money all along. That's why financial pros generally advise clients to put any refund money toward financial goals rather than spending it. "I'd start with filling up your emergency fund with your tax refund, if that's not yet filled," she tells CNBC Make It. "For paying off debt, I like to use the debt avalanche method," she says.

Persons: it's, —, Erika Kullberg, that's Organizations: IRS, CNBC

☆ The Federal Reserve may not cut interest rates just yet, here's what that means for your money
▼ + stars: | 2024-03-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"Interest rates took the elevator going up; they are going to take the stairs coming down," he said. Annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. "The reality of it is, a lot of borrowers are paying double-digit interest rates on those right now," McBride said. Federal student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Greg McBride, McBride, Sam Khater, Freddie Mac's, that's, Ivan Drury, Edmunds, Drury Organizations: Reuters, Treasury, Fed Locations: Edmunds

☆ 2 experts suggest these 8 side hustles to try this year if you're looking to make money outside your job
▼ + stars: | 2024-03-16 | by ( Madison Hoff | ) www.businessinsider.com time to read: +10 min

AdvertisementSide hustles can include building a profitable business, spending a few minutes on an online gig like survey work, or working a job that falls outside your typical 9-to-5. AdvertisementPet sitting or other kinds of care workAnother side job could be watching someone's pets or care-related side hustles. AdvertisementFood deliveryThere are several food delivery platforms people can try as a side job, such as Uber Eats. "You may be really passionate about art or that creative side, but that's not something that you do in your day job," Caban said. Have you made money from a side job or a side hustle?

Persons: Instawork's Kira Caban, Ted Rossman, —, Kira Caban, it's, Gen Zers, Rossman, Caban, Davis, Taylor Swift, Scott, Meghan Lim, Lim, Uber, Erin Couch, Couch Organizations: Service, Instawork, Business, BI, Baseball, Connect Locations: Nashville

☆ Car insurance costs are up 21%—but this is 'the worst thing to do' if you're looking for ways to save
▼ + stars: | 2024-03-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

One cost pulling the average way up: car insurance, which rose 20.6% over the past 12 months. For drivers, the question isn't why rates are up across the board, but how they can keep their auto insurance costs from breaking the budget. How to keep your car insurance costs downSome reasons for rising premiums are unique to you, experts point out. But if your car insurance costs are going up as a matter of course, there are a few steps you can take to bring things down. "The best way to save money on your car insurance is to compare quotes from multiple companies to make sure you are getting the lowest possible rate," she says.

Persons: Loretta Worters, it's, Mark Hamrick, It's, Rachael Brennan, You'll Organizations: of Labor Statistics, Insurance, Institute, District of Columbia

☆ The average tax refund is over $3,000. Here are 7 ways to put it to good use
▼ + stars: | 2024-03-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —The average federal tax refund is more than $3,000, according to the latest data from the IRS. … They don’t understand how much interest they’re paying,” Russ said. Create or add to an emergency fundYou can use your refund to start or bolster an emergency fund. If you have high-rate debt and you’re lacking emergency savings, Russ suggested you might use a portion of your refund to attack your debt and the other portion to create an emergency fund. If you need the money within three years, you might consider putting your refund in certificates of deposits and US Treasury bonds.

Persons: you’re, ”, Eric Bronnenkant, Keyana Russ, ” Russ, Russ, Bronnenkant, Roth, Bronnenkant, Charles Schwab, ” Bronnenkant Organizations: New, New York CNN, Ponds Financial, Invest, Roth IRA, Treasury Locations: New York, Ponds

☆ 1976 was the last time car insurance rates rose this fast
▼ + stars: | 2024-03-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But here’s something that hasn’t changed much: the pace at which car insurance rates are rising. Car insurance rates are up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was 1976, not counting January, which saw the same annual rate increases. The rise in car insurance rates alone contributed half a percentage point to the overall 3.2% inflation rate last month. Meanwhile, drivers in North Carolina saw the smallest bump in car insurance rates, up just 5.5% over that same timeframe.

Persons: Gerald Ford, Steve Jobs, Steve Wozniak, hasn’t, it’s, Tim Zawacki, Zawacki, ”, Robert Passmore, “, ” Zawacki Organizations: New, New York CNN, Apple, P Global Market Intelligence, CNN, National, LexisNexis, Casualty Insurance Association, Silver State Locations: New York, Nevada, Wyoming, Silver, North Carolina

☆ The minimum amount of money to save in case of an emergency, according to a CFP
▼ + stars: | 2024-03-12 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

Experts generally say emergency savings should cover three to six months of living expenses. In fact, nearly 1 in 4 U.S. adults say they have no emergency savings, a recent Bankrate survey found. "Emergency savings demands a personalized approach," he says. "While the conventional wisdom endorses three to six months of living expenses, I persistently advocate that any amount is superior to none." Kellar recommends breaking down your emergency savings goals into bite-sized amounts — and celebrating wins where you can.

Persons: Will Kellar, Kellar Organizations: Human Locations: U.S

☆ Premarket stocks: The rent is too damn high. It’s keeping interest rates elevated, too
▼ + stars: | 2024-03-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

In short, the rent is too damn high — and it’s keeping inflation and interest rates elevated alongside it. We’ll see if they’re right on Tuesday morning when February’s CPI data is due out. “Shelter inflation has been a big focal point for the market,” they wrote in a note on Monday. “We remain confident that [rent prices] will flatline in 2024, rather than fall,” Capital Economics analyst Thomas Ryan wrote in a recent note. That means a current deceleration in rent prices won’t be fully factored into inflation data until February 2025.

Persons: Greg McBride, ”, Jerome Powell, “ It’s, Powell, aren’t, “, Thomas Ryan, Ritti Singh, Singh, won’t, isn’t, Goldman Sachs, Clare Duffy, Reddit, it’s, That’s, Matt Egan, Joe Biden, Bespoke’s Paul Hickey, ” Hickey Organizations: CNN Business, Bell, New York CNN, Federal Reserve, CPI, Bank of America, ” Capital, Housing Justice, Fed, Dallas Fed, AAA, Federal, Investment Locations: New York

☆ Here’s the inflation breakdown for February 2024 — in one chart
▼ + stars: | 2024-03-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Inflation is down from its hottest point in 2022, but is still warm, considering the Federal Reserve's 2% inflation target. Real wages are on the rise, said Hamrick, which means people are seeing wages adjusted for inflation. When interest rates may subsideOne factor that affects how well Americans are doing — for better or for worse — is interest rates. The Federal Reserve is expected to cut interest rates this year, after having executed a series of rate increases to tamp down inflation. "We don't perceive there to be like an imminent pressure on the Fed to cut rates," such as a recession or sudden rise in unemployment, Doyle said.

Persons: Elijah Nouvelage, Mark Hamrick, David Doyle, Doyle, Hamrick Organizations: Kroger, AFP, Getty, Bureau of Labor Statistics, Federal Reserve, Federal Locations: Atlanta, Macquarie

☆ Inexpensive ways to access emergency funds
▼ + stars: | 2024-03-11 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

And while surveys indicate that there are plenty of people in just such a situation, there are some inexpensive and safe ways to access emergency funds. putting it on a credit card but paying that bill in full when it comes due). An earlier survey by Bankrate, meanwhile, found that two-thirds of US adults worried they don’t have enough emergency savings to cover them if they lost their primary source of income. Her bills were piling up and she had already accrued high credit card balances from her years in school. To make the next emergency expense less stressful and costly, you can build emergency savings with small amounts consistently over time.

Persons: Bankrate.com, Bankrate, Noah Damsky, ”, Marcel Miu, ” Miu, Daisy Martini, she’d, Rodney Williams, Martini, “, Damsky, Linda Grizely Organizations: New, New York CNN, Federal Reserve, Marina Wealth Advisors, New York City’s Department of Education, Financial Locations: New York, New

☆ From Stanley Cups to snail mucin skin care—here’s the No. 1 way to keep viral TikTok products from draining your wallet
▼ + stars: | 2024-03-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've spent any amount of time on social media apps like TikTok and Instagram, you're probably familiar with the seemingly endless stream of viral products popping up on your feed. And while something like a $45 Stanley Quencher cup or $25 bottle of COSRX Snail Mucin skin-care essence probably won't break the bank, regular, impulsive spending can seriously damage your finances if you're not careful. Americans spend hundreds on social-media driven impulse buysAmericans spend around $754 a year on spur-of-the-moment purchases made on social media platforms, according to Bankrate's September survey, the latest available data. While you shouldn't feel bad for treating yourself every now and then, you should be aware of how those purchases may be impacting your long term financial stability. How to get impulse spending under control

Persons: you've, Stanley Quencher, Gen Zers

Search resuls for: "Bankrate"

25 mentions found