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☆ How one nonprofit is turning to AI to help boost women's financial literacy
▼ + stars: | 2024-04-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

One women-focused nonprofit has launched a new way to help them get faster answers to their queries through the use of an online AI chatbot. The organization, Savvy Ladies, was founded more than 20 years ago by Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York City. After seeing her grandmother stay in an abusive situation because she lacked financial resources, Francis created the nonprofit with the goal of helping other women avoid similar situations. watch nowThe new chatbot — provided through Microsoft Copilot — allows visitors to the Savvy Ladies website to type in their financial questions and receive immediate answers curated from the website's content written by CFPs and other financial professionals. Investors are more likely to trust advice from generative AI tools than from social media, according to a survey released last year from the CFP Board, a professional organization representing professional financial planners.

Persons: Stacy Francis, Francis, CFPs, Judy Herbst, Michael Roberts, William H, Lawrence, Roberts Organizations: Francis Financial, Microsoft, CNBC's FA, Wharton School, University of Pennsylvania, CFP Locations: New York City, CNBC's

☆ 'You can live like a king' by retiring in Europe, says CFP—but make these 3 moves first
▼ + stars: | 2024-04-28 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

"If you have that money in southern Italy, you can live like a king, including renting or purchasing a property." If you're hoping to retire in style while keeping costs low, a European retirement may be right for you. That's true for luxury vacation hotspots such as Lake Como and Saint-Tropez, though you may not find what you're looking for in those places anyway. So they have beaches, a walkable town, restaurants, bars, trains — they live on the main line," Sikes says. "There are zero restrictions on Americans buying property in Italy or France," Sikes tells CNBC Make It.

Persons: Tommy Sikes, Sikes Organizations: CNBC, European Union Locations: France, Italy, United States, U.S, York, Los Angeles, Europe, Paris, Rome, Milan, Como, Saint, Ireland, Cyprus

☆ How much money Americans in their 40s saved in 2023—and 3 strategies to save more
▼ + stars: | 2024-04-24 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

In your 40s, you're likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it's for retirement or your children's future. In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that's lower than the $8,911 people in this age group aimed to save last year, it still puts them second on the list of age groups who managed to save the most in 2023. "It could be kids activities, it could be child care, or it could be college, all those areas take a lot of people's cash flow." Here are three tips from Cheng on how people in their 40s can save more this year.

Persons: Marguerita Cheng, Cheng Organizations: New York Locations: New

It shows a curated look at women embracing domesticity as the antithesis of what other young women are experiencing, who are "working hard and barely scraping by," said Casey Lewis, a social media trend forecaster. Evidence shows this is something few women are actually doing, and it's not a realistic lifestyle to aspire to. Young women, whether they're married or not, are expressing a desire to "take a step out of the professional rat race," Lewis said. "There's a lot of pressure on young women," she said. In cases where men are the primary breadwinners, it's more often women who take on the bulk of the caretaking responsibilities, experts say.

Persons: Casey Lewis, it's, Stacy Francis, Eve Rodsky, tradwives, Rodsky, Francis, Heather Boneparth, they're, Lewis, Julia Pollak, Pollak Organizations: Francis Financial, CNBC's, Berkeley Haas Center for Equity, Gender, Pew Research Center, Intuit, ZipRecruiter, Bureau of Labor Statistics Locations: New York, millennials, U.S

☆ Saving in a 401(k) can come with unexpected tax bills. Here's what to check right away to avoid a surprise and 4 ways to reduce your taxes as you withdraw.
▼ + stars: | 2024-04-24 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Depending on your tax bracket at the time of withdrawal, your 401(k) money could be taxed at around 20% or 30%. Note that if you have a Roth 401(k), which is funded with after-tax dollars, you won't be taxed when withdrawing. The longer you can wait to touch your 401(k) money, the longer you'll delay owing taxes. Finally, there's the "non-taxable portion," he said, which would be money in accounts like a Roth 401(k), Roth IRA, and HSA. Or do they have a Roth IRA that they can take it from tax-free to benefit them?"

Persons: —, Grant Neiland, there's, you'd, Roth, Neiland, you've Organizations: Service, Business, Carson Wealth, IRS, Roth IRA

☆ You can buy a home in France or Italy for 'the price of a new truck'—but take these 3 steps before retiring abroad
▼ + stars: | 2024-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

We love Italy and France and started thinking, 'What's our next step?'" These days, Sikes sends properties to some 25,000 followers and subscribers across X, YouTube and via a weekly newsletter. Here are three steps Sikes says you need to take before you buy a property abroad. "France and Italy both have tax treaties with the U.S., so you avoid double taxation," Sikes says. "There are zero restrictions on Americans buying property in Italy or France," Sikes says.

Persons: Tommy Sikes, Sikes, —, Italy, You'd, Roth, they've, I've, haven't Organizations: CNBC, YouTube, Security, U.S Locations: Europe, France, United States, U.S, Italy

☆ If you’re investing in the AI theme for the long haul, here’s how to pick the winners
▼ + stars: | 2024-04-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Artificial intelligence has shaken up the investing landscape since the groundbreaking launch of ChatGPT in November 2022. Since then, investors have poured money into all things related to AI as they hunt for the next big winners. AI is poised to be a central theme as the technology transitions from early-stage winners to second-stage adopters. When it comes to chip stocks, Schleif also recommends taking a look at government grants. She highlighted the Global X Robotics and Artificial Intelligence ETF (BOTZ) , the First Trust Nasdaq AI and Robotics ETF (ROBT) and the Global X Artificial Intelligence & Technology ETF (AIQ).

Persons: Tesla, Nvidia —, Jay Woods, Carol Schleif, Schleif, Joe Biden, Nancy Tengler, Marguerita Cheng, BMO's Organizations: ChatGPT, Apple, Microsoft, Nvidia, Big Tech, Nasdaq, Freedom Capital, BMO Family Office, Samsung Electronics, Intel, Investors, Tengler, IBM, Blue, Global Wealth, Robotics, Intelligence, Technology Locations: Texas, Gaithersburg , Maryland

☆ Bitcoin halving isn't a big deal for long-term investors, but may have a 'huge' impact on one key group, says Columbia professor
▼ + stars: | 2024-04-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Bitcoin's "halving" is expected to happen soon. But its potential impact depends on your relationship to the coin; it's likely to affect miners and investors differently. "To the people who own bitcoin because they think it's a good store of value, this halving is not that big of a deal. Miners receive bitcoins, known as block rewards, for verifying and validating transactions and helping keep the blockchain network secure. What the bitcoin halving may mean for investorsWhile the halving itself doesn't directly impact bitcoin's price, investors' anticipation of the event can lead to highly erratic price movements, says Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth.

Persons: Douglas Boneparth, Boneparth, Malekan Organizations: Columbia Business School, Architecting, Money, CNBC, Bone, Miners

☆ By 2054, there will be 422,000 Americans over age 100. That poses a financial challenge
▼ + stars: | 2024-04-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

By 2054, there will be an estimated 422,000 Americans age 100 and older — more than four times the 101,000 in 2024, according to a Pew Research Center analysis of U.S. Census Bureau data. What's more, the centenarian population has nearly tripled in the last three decades alone, according to Pew. Among the best ways to hedge against outliving one's savings is by working longer, according to retirement experts. That may be more necessary as employers have offloaded responsibility for retirement savings onto workers' shoulders, by shifting from pensions to 401(k)-type retirement plans. "People need to be prepared to work longer," he said.

Persons: Artur Debat, Pew . Irving Piken, Piken, Mark Rightmire, John Scott, Barry Glassman, Glassman, Pew's Scott, Scott Organizations: Pew Research, Census, Pew ., Woods Community, MediaNews, Orange, Getty, Finance, Wealth Services, Reference, Workers, Social Security, Security Locations: U.S, California

☆ How much money Americans in their 30s saved in 2023—and how to save more, according to a CFP
▼ + stars: | 2024-04-19 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

In your 30s, your list of financial burdens is probably growing, including everything from paying for child care to saving up for a first home. Despite these challenges, Americans in their 30s managed to save the most money out of any age group in 2023, according to data from New York Life. Parents in the U.S. spend around 24% of their household income on child care each year, a recent report from Care.com found. "But child care, we have to pay for that once the baby's born. If you're in your 30s and want to save more this year, here are two strategies to help stash away more cash.

Persons: it's, Shaun Melby, Care.com, you've Organizations: New York, Melby Wealth, CNBC Locations: New, U.S

☆ How much money Americans in their 50s saved in 2023—and 3 ways to save more
▼ + stars: | 2024-04-18 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

With retirement on the horizon, saving in your 50s can be more stress-inducing than in previous years of your life. In fact, when compared with those in their 20s, 30s and 40s, Americans in their 50s put away the least amount of money last year, saving an average of $4,780, according to data from New York Life. People in their 30s saved the most, with an average of over $9,800 saved. Americans in their 50s also fell short of their goal of saving around $5,630. Some people in their 50s also "still have never learned to live within their means," he says.

Persons: Wes Shannon, Read, Shannon Organizations: New York, Brazos Wealth Advisors Locations: New

☆ Here are some tips for homebuyers to save on costs with newly built homes, experts say
▼ + stars: | 2024-04-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Buyers of newly built homes can come across a number of sticker shocks. In February, the median sale price for new construction sold in the U.S. was $400,500, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Depending on what you're picking, they're adding up the tab," Fuentes said. To save on costs with a new build, it may be in a potential buyer's best interest to hire a contractor later on to add desired finishes, experts say. "Think about those elements that could be easily added at a later date," said Angie Hicks, home expert and co-founder of Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations.

Persons: Veronica Fuentes, Fuentes, Angie Hicks Organizations: . Census, Department of Housing, Urban, Finance Locations: U.S, Washington ,

☆ Investing in Trump Media is an 'act of faith,' expert says. Here are some risks involved
▼ + stars: | 2024-04-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

A screen displays trading information about shares of Truth Social and Trump Media & Technology Group outside the Nasdaq MarketSite in New York City on March 26, 2024. The former president is the majority shareholder in Trump Media, which trades under the initials of his name, DJT, on the Nasdaq. "The reason that people own this stock is because, in one way or another, they support Donald Trump," Rekenthaler said. The closest company comparison to Trump Media is Tesla, according to Rekenthaler. Trump Media is currently a $4 million business through social media, he said.

Persons: Donald Trump, Rekenthaler, John Rekenthaler, Tesla, Elon, Trump, FAFSA, Preston D, Cherry, who's, Oprah —, Ted Jenkin, Jenkin Organizations: Truth Social, Trump Media & Technology Group, Nasdaq, Trump Media, Morningstar, Elon Musk, Trump, Securities and Exchange Commission, Finance, Adidas, CNBC FA Council Locations: New York City, Green Bay , Wisconsin, Atlanta

☆ What everyday taxpayers can learn from the Biden, Harris 2023 tax returns
▼ + stars: | 2024-04-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

President Joe Biden and Vice President Kamala Harris deliver remarks about healthcare in Raleigh, North Carolina on March 26, 2024. While both couples made extra tax payments, they each incurred a small estimated tax penalty, based on underpayments from each quarterly deadline and interest. Tax planning for self-employment incomeOver the years, the Bidens have reduced self-employment taxes by receiving some wages through their companies, which are structured as S corporations. After paying "reasonable compensation" to shareholders, S corporation owners can take distributions without paying 15.3% for Social Security and Medicare taxes. Work with a tax professionalTypically, filers get a tax refund when they overpay levies throughout the year.

Persons: Joe Biden, Kamala Harris, Peter Zay, David, Harris, Catherine Valega, filers Organizations: Anadolu, Getty, Eisner Advisory, Social Security, Boston, Bee Advisory Locations: Raleigh , North Carolina, New York

☆ How to manage your money in your 40s, according to CFPs: As your investments grow, 'mistakes can get bigger' too
▼ + stars: | 2024-04-16 | by ( Annie Probert | ) www.cnbc.com time to read: +4 min

In your 40s, financial priorities can range from taking care of aging parents to funding the activities and futures of your kids. Here are four steps certified financial planners recommend taking with your money throughout your 40s. You generally have two options for life insurance: term or permanent. Term life insurance provides coverage for a set amount of time, often somewhere between 10 and 30 years, while permanent life insurance, also known as whole life, provides coverage for the rest of your life. Term life insurance is generally fitting for people looking for affordable, temporary coverage, while permanent life insurance is more flexible and can earn interest.

Persons: Andrew Fincher, Fincher, you've, Joe Conroy Organizations: Financial

☆ IRS expects ‘a million returns' every hour on Tax Day, commissioner says. What last-minute filers need to know
▼ + stars: | 2024-04-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

If you're missing tax forms, the tax deadline is your last chance to file an extension, which pushes the filing deadline to Oct. 15. Sean Lovison Founder of Purpose Built Financial ServicesAccording to the IRS, those who can't pay taxes by the deadline have options. Most Americans qualify for IRS Free File, which offers free guided tax prep software from several partners. "It's a product that we're very proud of," Tim Hugo, executive director of the Free File Alliance previously told CNBC. This season, millions of taxpayers also qualify for IRS Direct File, a free tax filing pilot program from the IRS.

Persons: Sean Lovison, Werfel, Tim Hugo Organizations: IRS, Alliance, CNBC, Treasury Locations: filers, Maine, Massachusetts, Philadelphia, Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ Americans think they need almost $1.5 million to retire. Experts say to focus on another number instead
▼ + stars: | 2024-04-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

It is also up 15% from last year, when respondents said they would need $1.27 million. Likewise, a recent CNBC survey showed that 53% of Americans feel like they are behind on their retirement savings. However, experts say having a "magic number" in mind should not be a priority when planning for your retirement. The number experts say to focus onFinancial advisors agree that having a high savings rate, along with appropriate asset allocations, is one of the most significant components of building wealth. "I would much rather have clients that save 15% of their income and get a 5% rate of return than save 1% of their income and get a 15% rate of return," Roland said.

Persons: John Roland, Rita Assaf, Assaf, it's, Roland Organizations: Northwestern Mutual, CNBC, Northwestern, Financial Advisors, Fidelity Investments, Fidelity, Vanguard

☆ The No. 1 mistake people in their 50s make with their money, according to a CFP—and how to fix it
▼ + stars: | 2024-04-15 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

You might feel like your life, retirement savings and finances are set in stone at this age. But this mindset can be one of the biggest financial mistakes you make in your 50s, says Autumn Knutson, certified financial planner and founder of Styled Wealth. Here are three smart decisions to make with your money in your 50s, according to three certified financial planners. Secure long-term care insuranceAs you inch closer to retirement, your 50s are a good time to consider long-term care insurance, says Andrew Fincher, a CFP and financial advisor at VLP Financial Advisors. Separate from health insurance and Medicare, long-term care insurance covers expenses that often arise in your later years, such as assisted living care and at-home care.

Persons: —, Andrew Fincher, Fincher, Marguerita Cheng, Cheng Organizations: Financial, Blue Ocean, Fidelity Investments

☆ IRS: You have 'options' if you can't pay your taxes by the April 15 deadline
▼ + stars: | 2024-04-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

urbazonFile your return by April 15 even if you can't payIf you can't cover your taxes in full, you should still file your return by April 15 and pay what you can, according to the IRS. By comparison, the late payment penalty, or the failure-to-pay penalty, is 0.5% per month or partial month, with a maximum fee of 25% of unpaid taxes. IRS online payment plans, or "installment agreements," include: Short-term payment plan: This may be available if you owe less than $100,000 including tax, penalties and interest. However, you can't have multiple payment plans from different tax years. You can learn more about the IRS plans, including setup fees and payment options, here.

Persons: Eric Bronnenkant, Bronnenkant Organizations: IRS

☆ With interest rates expected to be higher for longer, here's what to do with your cash
▼ + stars: | 2024-04-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

That means those saving cash in money market funds and Treasury bills can expect to see their rates stay higher for longer. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.13%. The appetite for money market funds is evident in the record amount of cash pouring into the products. Last week, there was $6.11 trillion sitting in money market funds, according to the Investment Company Institute , up from $5.87 trillion in mid-December. Then there are moderate risk investors with longer time horizons, which Vanguard surveys show are the majority of investors, he said.

Persons: They've, Peter Crane, Shelly Antoniewicz, Marguerita Cheng, you'll, Cheng, Roth, Barry Glassman, Glassman, he's, Roger Aliaga, Diaz, Vanguard's, Cash, Aliaga Organizations: Federal, Crane, Investment Company Institute, Blue, Global, CNBC, Wealth, Treasury, Vanguard

☆ Income investing opportunities emerge as the outlook for rate cuts moves to September
▼ + stars: | 2024-04-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

IEI has a 30-day SEC yield of 4.26% and carries an expense ratio of 0.15%. BINC, which is actively managed, has a 30-day SEC yield of 5.6% and a net expense ratio of 0.4%. Investors can use ETFs to tackle that space: Vanguard's Intermediate-Term Corporate Bond ETF (VCIT) has a 30-day SEC yield of 5.33%. There's also the iShares 5-10 Year Investment Grade Corporate Bond ETF (IGIB) , offering a 30-day SEC yield of 5.4%. Hunting dividend payers Higher rates have overshadowed opportunities among dividend-paying stocks, which look less attractive to income investors who can find risk-free yields easily.

Persons: it's, Michael Carbone, Carbone, Gargi Chaudhuri, Collin Martin, There's, Michael Clarfeld Organizations: Dow Jones, Traders, Federal, Treasury Bond ETF, SEC, Schwab Center, Financial Research, Corporate Locations: Chelmsford , Massachusetts, BlackRock, ClearBridge

If you choose to forgo life insurance, it might still make sense to include an unmarried partner in a will. Compare life insurance rates online with Ethos Life. If so, then you may need life insurance. Term life insurance is a better choice for most individuals since they don't need coverage for their entire lives. Get Life Insurance Quotes Compare the best life insurance companies with a quote from Ethos Life.

Persons: —, Justin Pritchard, doesn't, Pritchard, Jay Zigmont Organizations: Service, CFP, Childfree

☆ This is 'the first step to building wealth,' says financial planner—and you can start today
▼ + stars: | 2024-04-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Here are three of those habits you can start right away that can put you on a path toward building wealth. You don't need to track every single dollar you spend or make major cuts to your discretionary spending to get started. Nevertheless, to make your money work for you, you need a basic understanding of what you're spending it on. "Start small [by] tracking just a few key areas: food, entertainment, gas, and clothes." To prepare for unexpected expenses big and small, start setting aside emergency savings.

Persons: Chelsea Ransom, Cooper, Billy Hatton, Nathan Mueller, —, Will Kellar Organizations: Zenith Wealth Partners, CNBC, Human Investing Locations: New Jersey, Los Angeles, Colorado

☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

But occasionally, I'll stumble upon a Gen Z financial influencer serving up advice on what I should do with money. AdvertisementTo make sure I don't get influenced by someone sharing faulty financial advice, I asked Secco to share how a person can vet a financial influencer. Remember that financial advice is not one-size-fits-allI often find myself fixated on a financial influencer's content, especially when it's about how to invest my cash to double my money. Check the person's background to learn more about themBefore seriously considering taking financial advice from an influencer's content, Secco recommended vetting them to understand their credentials. "I don't recommend taking advice from a financial influencer who doesn't have any certifications or designations," she said.

Persons: I'm, Hazel Secco, Secco, it's Organizations: Triple

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