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Treasury Secretary Janet Yellen on Wednesday lauded President Joe Biden's investment in electric vehicles for accelerating the sector, even as the industry cools off from its yearslong hot streak. Yellen touted Biden's EV actions in Kentucky at a new $49 million EV battery factory built by Advanced Nano Products, a battery supplier that will receive tax credits from Biden's Inflation Reduction Act for the new clean energy facility. "It's part of a boom in EV-related investments in Kentucky," Yellen said. "The Biden Administration's policies and federal funds are fueling private sector investments." The secretary's EV bullishness comes as the private sector tempers its mood on all-electric vehicles.
Persons: Janet Yellen, Joe Biden's, Yellen, Biden, optimistically Organizations: Treasury, Financial, Washington , D.C, EV, Nano Products, bullishness, CNBC, Ford, General Motors, IRA Locations: Washington ,, Kentucky, EVs, Michigan
Investing apps that encourage you to invest like the rich are focused on active trading. The wealthiest 10% of US households own nearly 67% of the wealth in our stock market, according to data from the Federal Reserve. Investment apps are made for trading, not savingI put investors into two buckets: traders and savers. Most investment apps are designed to make users act like traders: They encourage you to pick individual stocks, trade them frequently and keep a close eye on their performance. Unless you're investing for the thrill of big wins and losses, stop seeking get-rich investment strategies from people who were already rich.
Persons: , Michael Jordan, Read, Stephen King, Gary Vee, I'm, Rich Organizations: Service, TikTok, Echo Trade, Federal
AdvertisementSome gig work services are offering a perk usually associated with traditional jobs: retirement savings accounts with matching contributions. Alexandrea Ravenelle, an assistant professor in sociology at the University of North Carolina, Chapel Hill, told BI she would like to see gig workers classified as employees of the platforms, not independent workers. Ravenelle said a better plan would be for companies to extend similar types of retirement benefits to gig workers as employees of those companies enjoy. The Robinhood program also offers gig workers on these platforms access to free financial counseling through GreenPath Financial Wellness, a nonprofit. AdvertisementSergio Avedian, a Los Angeles-based industry advocate for gig workers who drives for an app himself, often encourages gig workers to set aside money for retirement.
Persons: Robinhood, , Alexandrea, Hill, Ravenelle, Robinhood —, Doordash, Morgan Courtney, Courtney, Taskrabbit, Steve Quirk, they'll, Quirk, Sergio Avedian Organizations: Service, University of North, Financial, Workers Locations: University of North Carolina, Los Angeles, Idaho
BABYLON, N.Y. (AP) — Four people were charged Wednesday with concealing a human corpse and tampering with evidence in connection with the discovery of body parts in parks on Long Island. All four defendants pleaded not guilty to hindering prosecution, tampering with physical evidence and concealing a human corpse and were released without bail. The next day, a cadaver dog located the head, an arm and parts of two legs. Additional remains found Tuesday in nearby West Babylon and in a state park were from the same two people, police said. The four defendants were arrested after police executed a search warrant at the Amityville home that Wallace, Mackey and Brown share.
Persons: Amanda Wallace, Jeffrey Mackey, Steven Brown, Alexis Nieves, Wallace, Mackey, Brown, Frank Schroeder, John Halvorson, , Ira Weissman, “ Steven Brown didn't, ” Weissman, Wallace's, Nieves Organizations: New York City . Police, Amityville, Newsday, Court Locations: Long, Amityville, Babylon, New York City, West Babylon, Suffolk County
Megan Jelinger | ReutersA flood of foreign solar components threatens efforts to build a domestic manufacturing base in the U.S. to support the clean energy transition, according to First Solar CEO Mark Widmar. A common type of solar panel used in the U.S. is excluded from Section 201 tariffs designed to protect domestic solar manufacturing, and a moratorium on tariffs against solar components imported from several Southeast Asian nations is in place. Biden vetoed legislation last spring that would have imposed tariffs on solar components from Cambodia, Malaysia and Thailand. "What this is doing is it's not allowing these domestic companies to scale," Widmar said. The company has intentionally overbooked to provide a buffer against the volatility in the solar market, he said.
Persons: Megan Jelinger, Mark Widmar, Widmar, Biden, Trump, Joe Biden, wasn't Organizations: Reuters, Solar, CNBC, U.S . Commerce Department, Commerce Locations: Perrysburg , Ohio, U.S, Cambodia, Malaysia, Thailand, Vietnam
I wondered if ChatGPT would give me good retirement adviceSpeaking of tiresome work, I've spent many years putting off my retirement plan beyond my husband's 401(k). First, I asked Rush and ChatGPT the same question: What are the best retirement strategies for self-employed people? They recommended similar types of accountsRush and ChatGPT had similar suggestions regarding which kinds of retirement savings accounts freelancers should consider. ChatGPT also mentioned determining your risk tolerance and diversifying your investment portfolio accordingly, as well as including healthcare expenses in your retirement plans by contributing to an HSA, and reassessing and adjusting your retirement plans regularly. I'm happy getting retirement advice from a humanBut Rush had a few other suggestions that ChatGPT didn't list in its response to my question.
Persons: ChatGPT, I've, Justin Rush, Rush, it's, they've, doesn't Organizations: Service, Business, Google, IRA
New York CNN —It’s no secret that commercial real estate (CRE) has become a source of stress for banks. Regional banks were on high alert recently after New York Community Bancorp (NYCB) reported steeper-than-expected future losses on commercial real estate loans. So why is it that the smaller, regional banks are so much more exposed to commercial real estate? Office real estate is among the bank’s smaller commercial real estate subcomponents. Robbins of Valley National Bank told CNN “we remain comfortable with our diverse and granular commercial real estate portfolio.”Office real estate is just one component of commercial real estate, albeit the most worrisome to banks and economists.
Persons: New York CNN —, Goldman Sachs, Fitch, Banks, BankRegData, Flagstar, , JPMorgan Chase, , Michael Brochstein, it’s, Ira Robbins, Robbins, CNN “, Carlos Barria, Organizations: New, New York CNN, New York Community Bancorp, Flagstar Bank, Federal Deposit Insurance Corporation, National Bank, JPMorgan, Getty, Valley National Bank, CNN, Fitch, FDIC, Reuters Locations: New York, Morristown , New Jersey
Investors are celebrating a year of easy-to-obtain interest income, but the Tax Man will want his slice this spring. Institutions report interest income of $10 or more to their customers and the Internal Revenue Service on Form 1099-INT . For instance, you can be on the hook for an accuracy-related penalty of 20% of the underpayment of the tax. Interest income from these I bonds is subject to federal income tax, but investors don't receive it until they redeem the bond or it matures. "It might be worth it to buy the MLP and pay the tax," Kearns said.
Persons: Elizabeth Buffardi, Buffardi, you'll, Jerrod Pearce, Adam Markowitz, Brian Kearns, Kearns Organizations: Internal Revenue Service, IRS, CPA, Creative Planning, Luminary, CFP, Haddam, Advisors, MLP Locations: Oak Brook , Illinois, Overland Park , Kansas, Windermere , Florida, Evanston , Illinois
"Review your 401(k) balance, review your bank balances, review your credit limits, and yes, check on your Social Security Statement." Just create an account on the Social Security Administration's website (you'll have to submit some identifying documents) and download your form. The strategies around timing when to claim Social Security depend on myriad factors. "That way you can look at [your estimated retirement income] in total with your 401(k), Roth IRA and Social Security benefits." Why now's a good time to check your Social Security statement
Persons: Jared Friedman, isn't, aren't, Friedman, you'll, Roth, you've Organizations: Social Security, Redwood Financial, Security, Roth IRA Locations: Scotch Plains , New Jersey
New York CNN —A Texas man is facing insider trading charges and jail time after he used information gleaned from eavesdropping on his wife’s work-from-home calls, netting him $1.76 million from an upcoming oil industry acquisition. Loudon purchased 46,450 shares of TravelCenters stock after learning of the impending merger, according to an SEC filing. When the share price popped 71% following the announcement, he sold all of his shares, raking in more than $1.76 million. The SEC’s complaint, filed in the US District Court for the Southern District of Texas, charges Loudon with violating the antifraud components of federal securities laws. She reported the trading to her supervisor and was later terminated from the company, according to the filing.
Persons: New York CNN —, Tyler Loudon, , Loudon, , Eric Werner, “ Mr, Peter Zeidenberg, Roth Organizations: New, New York CNN, The Securities, Exchange Commission, SEC, Fort, Court, Southern, Southern District of, US, Office, CNN Locations: New York, Texas, Houston, Fort Worth, Southern District, Southern District of Texas
The SEC said that Loudon's wife acknowledged occasionally discussing the acquisition with her husband in "normal" married-couple types of conversations. But over the next few months, Loudon, without telling his wife, accumulated 46,450 shares of TravelCenters, according to the U.S. attorney's office. But in March, the Financial Industry Regulatory Authority requested from BP a list of people who were "in the know" about the TravelCenters acquisition before it happened. "Loudon's wife responded that they would." Loudon's wife reported her husband's insider trading to her BP supervisor but she was later fired from the company.
Persons: Tyler Loudon, Alamdar Hamdani, Loudon, Mr, Peter Zeidenberg, Loudon's, Roth, TravelCenters Organizations: BP, Southern District of Texas, Securities and Exchange Commission, CNBC, Authorities, TravelCenters, SEC, Roth IRA, Financial Industry, Authority Locations: Southend, United Kingdom, America, Houston, Southern District, Loudon, Rome, TravelCenters
South Carolina voters on Saturday are casting their ballots, deciding between former President Donald Trump or their former governor, Nikki Haley. Trump is holding a watch party in South Carolina where he is also likely to speak. "We have the resources to go the distance," a spokesperson for Haley's campaign told CNBC on Tuesday. Along with holding a polling lead, Trump has the endorsements of local South Carolina GOP chapters, South Carolina Governor Henry McMaster, South Carolina Rep. Nancy Mace and other lawmakers in the state. According to the February USA Today/Suffolk University poll, 42% of likely South Carolina GOP voters view immigration as the most important issue, while 26% prioritize the economy.
Persons: Donald Trump, Nikki Haley, Haley, Joe Biden, Trump, South Carolina Governor Henry McMaster ,, Nancy Mace, lambasting Biden, Biden Organizations: Trump, Republican, Democratic, USA, Suffolk University, CNBC, South, South Carolina GOP, South Carolina Governor, South Carolina Governor Henry McMaster , South Carolina Rep, Palmetto State, GOP Locations: Carolina, South Carolina, . South Carolina, New Hampshire, Palmetto, South, China
It's been a great month for Eaton stock. The power management company notched a series of record highs during a lengthy post-earnings rally that saw shares surge 17% in February. They include infrastructure spending, further artificial intelligence adoption necessitating the construction of more data centers, the acceleration of the transition to clean energy, and the rise of nearshoring and onshoring. The semiconductor giant's results highlighted strength and demand for data centers — a big part of Eaton's overall business and sales. AI data centers require lots more electrical components, which will likely show up on Eaton's order book down the line.
Persons: It's, what's, Eaton, Joe Biden's, Jim Cramer's, Jim Cramer, Jim, Brendan McDermid Organizations: Eaton, Infrastructure Investment, Jobs, Nvidia, CNBC, Traders, New York Stock Exchange Locations: Eaton
This as-told-to essay is based on a conversation with Georgia Lord, a 27-year-old certified financial planner and HENRY in New York City. I have a few financial goalsOne of my financial goals is to save up for the professional designations available in my field since they can be expensive. To reach my savings goals, I automate at least 20% of my paycheck every two weeks and deposit it in a high-yield savings account. For example, some stock market returns might've been 3% last year, but some high-yield savings accounts have a return of 4.5%. That's just as important as putting $100 into the stock market every week.
Persons: HENRY, Georgia Lord, I've, That's, Ally, CapitalOne360, There's, might've, Roth, We're Organizations: Morningstar, Business, Roth IRA, Locations: Georgia, New York City, Brisbane, Australia, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailValley National Bank CEO on NYCB closure and dealings with regulatorsIra Robbins, Valley National Bank chairman and CEO, joins 'Power Lunch' to discuss the chief executive's sentiment after hearing news about New York Community Bank, how Robbins would characterize their interactions with regulators, and more.
Persons: Ira Robbins, Robbins Organizations: Bank, National Bank, New York Community Bank
401(k) withdrawal for a home purchase: Is it a good idea? 401(k) withdrawal rules for buying a homeFirst, you'll need to check with your plan administrator to see if early withdrawals are allowed, and under what circumstances. Tax implications of a 401(k) withdrawal for a home purchaseLet's take a closer look at the penalties and taxes you might incur from a 401(k) home purchase withdrawal. 401(k) loan for buying a houseInstead of withdrawing money from your 401(k), you also have the option to take out a loan. 401(k) withdrawal for a home purchase FAQsIs buying a home considered a hardship for 401(k)?
Persons: you'll, , You'll, doesn't, Roth, you've, Brian Pirri, Pirri, Chase, Homebuyer Grant Organizations: Service, IRS, Roth IRA, Local, Rocket Mortgage Locations: Massachusetts, Chevron
Generally, if I am in a same-sex marriage, there are different eligibility requirements when it comes to Social Security retirement benefits. The money that comes out of my paycheck for Social Security goes into a specific account for me and remains there, earning interest, until I begin to receive Social Security benefits. If I get divorced, I might be able to collect Social Security benefits based on my ex-spouse's Social Security earnings history. If I file for retirement benefits and have dependent children age 18 or younger, they also may qualify for Social Security benefits. Social Security retirement benefits are subject to income tax just like withdrawals from a traditional IRA account.
Persons: Rupp, David Freitag, you've, Freitag, " Freitag, You've, that's Organizations: Social Security, spouse's, Social, Getty, Security Locations: U.S
FOURTEEN DAYS, edited by Margaret Atwood and Douglas PrestonNew Yorkers generally don’t talk to their neighbors. This is to preserve psychological boundaries while living stacked on top of one another like ice cubes in trays. A new novellus about Lower East Side neighbors called “Fourteen Days” seeps creepy, in this fine tradition, through most of its 350-plus pages. “Novellus” is Latin for new, but the “us” sounds extra-right here because this is collaborative fiction, by 36 authors of various ages, ethnicities, genres and degrees of fame (John Grisham and Scott Turow are among the higher-flying contributors). Why would anyone organize such an experiment, with its air of an overbooked open-mic night with a few surprise guest stars and peanuts scattered on the sticky floors?
Persons: Margaret Atwood, Douglas Preston, , Seinfeld, Ira Levin, , John Grisham, Scott Turow Locations: Lower East
Much of that work could go up in smoke if his likely rival Donald Trump beats him at the polls in November, according to Republican policy advisers. Reuters spoke with a dozen Republican policy consultants and former Trump administration officials who are helping lay the groundwork for a second Trump presidency to sketch out the administration's likely approach to energy and environmental issues. Trump formally withdrew the U.S. during his first term in office but Biden swiftly reversed the move in 2021. "A big lesson that everybody in the first Trump administration learned was that personnel is really important. The idea of taking a hatchet to the entire IRA could, however, give some oil industry officials and Republican politicians pause, a former Trump administration official said.
Persons: Valerie Volcovici, Gram Slattery WASHINGTON, Joe Biden, Donald Trump, Trump, Stephen Moore, Trump's, Larry Kudlow, David Bernhardt, Rick Perry, Kevin Hassett, Harold Hamm, Biden, George David Banks, Ivanka, Mike McKenna, Diana Furchtgott, Roth, Timothy Gardner, Richard Valdmanis, Deepa Babington Organizations: Republican, United Nations, Trump, Reuters, White, Heritage Foundation, Republicans, Economic, Energy, Biden, America, Policy Institute, Heritage Locations: United States, Paris, Biden's
BI verified the Schlagbaums' net worth by looking at account screenshots and a copy of their personal balance sheet. The Schlagbaums max out their HSA but don't touch the money so it can grow and compound over time. After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. While they technically can use their HSA funds for medical costs, they opt not to touch that money so it can grow. Like the Schlagbaums, the Keyses could use their HSA funds for their medical costs, but they prefer to pay out of pocket with their cash flow so their HSA funds can remain untouched.
Persons: , Brennan Schlagbaum, Erin, Brennan, Erin Schlagbaum, HSAs, It's, Schlagbaum, Lauren, Steven Keys, I'm Organizations: Service, Business, Medicare
Sam Dogen is one of the pioneers of the FIRE movement — short for financial independence, retire early. "It's having enough in investments and passive income to cover your basic living expenses," Dogen says. By the time he left his investment banking job in 2012 at age 34, Dogen had exactly that — $80,000 a year in passive income, plus a $3 million net worth. If you think you can live on $40,000 a year, multiply by 25, and you need to save $1 million. Under Dogen's model, you haven't achieved FIRE until you've saved the $1 million, built $40,000 in annual passive income, or some combination of the two.
Persons: Sam Dogen, Dogen, you've, haven't Organizations: FIRE
These so-called derivative income funds — which include popular covered-call offerings such as the JPMorgan Equity Premium Income ETF (JEPI) — gathered $22 billion in flows last year , according to Morningstar. "I don't see volatility drying up, especially with where inflation is and this being an election year," said Barry Martin, portfolio manager of the Shelton Equity Income Fund (EQTIX) . "Instead of owning a covered call fund, you can buy a dividend fund that's paying 3% in dividend income," said John Rekenthaler, vice president, research at Morningstar. Be tax conscious: Derivative income funds can bring tax complexity because they can spin out income that's subject to short-term capital gains treatment. Comparison shop: Morningstar labels covered call funds and their ilk as "derivative income funds," but each offering will have its quirks, and this could affect its risk-return profile.
Persons: , Rob Schultz, JEPI, there's, Barry Martin, EQTIX, Martin, Schultz, Ashton Lawrence, Lawrence, John Rekenthaler Organizations: JPMorgan, Shelton, Income, CFP, Mariner Wealth Advisors, Investors, Morningstar Locations: Encino , California, Greenville , South Carolina
Or with Robinhood Gold, you'll get 3% (rollovers and transfers get 3% until April 30). Earn a 3% match on Robinhood IRA contributionsIf you're a Robinhood Gold customer with a Robinhood IRA, you have an opportunity to make these things a little sweeter. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Robinhood does not provide tax advice; please consult with a tax adviser before taking an action that may entail tax consequences. The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.
Persons: You'll, you'll, Robinhood, rollovers, Roth Organizations: Robinhood, IRA, Robinhood Securities, LLC, Inc
Red states are big winners of Biden’s landmark laws
  + stars: | 2024-02-14 | by ( Matt Egan | ) edition.cnn.com   time to read: +7 min
Fitch defined red states as those that voted for former President Donald Trump in 2020 by more than three percentage points. “The reality is manufacturing was migrating to those states even before the CHIPS Act and the IRA. Relative to the size of their state economies, Arizona, Idaho and West Virginia are the biggest winners from the IRA and CHIPS Act investments, according to Fitch. New York leads blue state winnersNone of this is to say blue states aren’t benefiting from the IRA and the CHIPS Act. Micron cited the tax credits in the CHIPS Act as well as incentives provided by New York state aimed at luring semiconductor companies.
Persons: Joe Biden, Biden, Fitch, Donald Trump, Olu Sonola, Sonola, , ” Natalie Quillian, , , Lauren Boebert, Quillian Organizations: New, New York CNN, Redwood Materials, Redwood, America’s, IRA, Republican, CNN, Fitch, Trump, Micron, White House, White, Lonestar, Samsung, Intel, IBM, Central, , CS, Colorado Republican Locations: New York, South Carolina, Arizona, Georgia, Nevada , North Carolina , Michigan, Pennsylvania, Wisconsin, Idaho, Boise, America, Texas, Taylor , Texas, Austin, Russia, Canada, Arizona , Idaho, West Virginia, Chandler , Arizona, “ Arizona, . New York, Hudson Valley, Central New York, “ New York, Colorado, Pueblo , Colorado
Growing up in New York as the eighth of nine kids, my immigrant parents had big homeowner dreams for me. Over the course of a decade, we bought and sold three properties: our first home, a four-bedroom house, and a two-bedroom condo. Here's why I'm so much happier now and don't regret leaving homeownership behind. At my rental, I can easily stroll to restaurants and parks, and I'm a five-minute drive to theaters, museums and galleries. I'm glad we didn't settle for something we didn't like as much, just to say we're homeowners.
Persons: We've Locations: New York, Charlotte , North Carolina, Charlotte
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