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☆ Credit expert with over 20 years experience: 'Nothing good' comes from maxing out your card
▼ + stars: | 2024-11-20 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Nearly 40% of cardholders in the U.S. have maxed out a credit card or come close to doing so, according to Bankrate's October credit utilization survey. "Nothing good comes out of running up large balances on credit cards," says John Ulzheimer, a credit expert with over 20 years experience who formerly worked for FICO and Experian. It accounts for 30% of how your FICO credit score is calculated and is an "extremely influential" factor used to generate your VantageScore credit score. Maxing out your credit card can throw off your credit utilization ratio, thus harming your overall score. Why it's worth keeping your credit utilization lowThe credit scoring agencies didn't arbitrarily decide to make your credit utilization ratio an important part of your score, Ulzheimer says.

Persons: John Ulzheimer, Bankrate, Ulzheimer, They've Organizations: FICO Locations: cardholders, U.S

☆ How much money you’d have now if you invested $1,000 in Walmart 10 years ago
▼ + stars: | 2024-11-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On Tuesday, Walmart announced its fiscal third quarter results as the retail giant promotes its ongoing Black Friday and Cyber Monday holiday shopping events next week. Additionally, Walmart reported earnings per share of 58 cents, adjusted, compared with the 53 cents analysts' predicted. Notably, the company appears to be optimistic heading into the holiday spending season and says Walmart customers have been purchasing more general merchandise outside of groceries. "In the U.S., in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster than that," Doug McMillon, Walmart president and CEO, said in a Nov. 19 press release. "Our teams are executing and delighting our customers and members with the value and convenience they expect from Walmart."

Persons: Doug McMillon Organizations: Walmart Locations: U.S

☆ 7 U.S. cities where you need to earn more than 4 times the minimum wage to comfortably afford rent
▼ + stars: | 2024-11-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

However, that's not feasible for workers earning the minimum wage in many large U.S. cities, according to a recent Clever Real Estate report. In seven major cities, you'd need to earn more than quadruple the federal minimum wage of $7.25 to afford the fair market rent without spending more than 30% of your income on housing or working a second job, Clever found. To determine the minimum wage needed to afford a fair market priced rental in the 50 largest U.S. metros, the report analyzed wage and housing data from a variety of sources, including the U.S. Department of Labor and the Department of Housing and Urban Development. Clever follows HUD's definition of fair market rent, which is the price at which 60% of similar units in the area rent for more than the listed amount and 40% rent for less. Here are seven major U.S. metros where workers would need to make quadruple the minimum wage in order to comfortably afford rent, according to Clever Real Estate.

Persons: Clever Organizations: U.S, metros, U.S . Department of Labor, Department of Housing, Urban Locations: U.S

☆ The average amount Americans have saved for retirement in every U.S. state—see how you compare
▼ + stars: | 2024-11-14 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The average household retirement savings balance in Massachusetts is $448,500, according to an October study by DepositAccounts. On the other hand, Americans in Louisiana and Mississippi have the lowest average household retirement savings of $128,900 and $131,500, respectively. And Florida, a popular retirement destination, ranks 19th with average savings of $287,200. But remember, while averages can provide an interesting snapshot of retirement data, they don't always tell the whole story. Here are the average amounts households have saved for retirement by state, according to DepositAccounts.

Persons: IRAs, Keogh Organizations: CORE, of Columbia Locations: Massachusetts, U.S, Louisiana, Mississippi, Florida, Alaska , Delaware, of Columbia , New Hampshire , North Dakota, Rhode Island , South Dakota , Vermont, Wyoming

☆ This city has the largest percentage of $1 million homes—it's not New York
▼ + stars: | 2024-11-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The number of million-dollar homes is increasing across the U.S., but they're highly concentrated in certain places, according to a November LendingTree analysis. San Jose, California, tops the list of U.S. metros with the highest share of million-dollar homes with 72% of owner-occupied homes worth over $1 million, according to LendingTree. San Jose isn't the only California metro area with a large share of million-dollar homes. However, it's worth pointing out while New York has a lower percentage of million-dollar homes, it has a higher total number of them than San Jose or San Francisco. Here are the 10 U.S. metro areas with the highest share of $1 million homes, according to LendingTree.

Persons: Jose isn't Organizations: Census, American, Survey, U.S, metros, Homes, San Diego Locations: U.S, San Jose , California, It's, San Jose, California, San Francisco , Los Angeles, New York, Jose, San Francisco

☆ How to say 'no' when family and friends ask to borrow money, from a financial therapist
▼ + stars: | 2024-11-10 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Lending money to a friend or family member can put a strain on the relationship if you're not careful. Often, close friends or family members may be aware of the things you're spending money on, like clothes or vacations, and make judgements about what you can or can't afford. But it's important to remind yourself that no one knows your money better than you, Evans says. Give what you can affordDirectly saying no when a friend or family member asks for money can be hard, especially if you've loaned them money in the past. Say a friend asks to borrow $100, but you know giving them the full amount would significantly impact your budget.

Persons: Aja Evans, Evans, you've Organizations: CNBC

☆ This Texas city is the No. 1 college town in the U.S.—here are the top 10
▼ + stars: | 2024-11-08 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Austin, the state capital of Texas, can add another title to its name: best college town in the U.S., according to a recent ranking by WalletHub. The city is home to a number of schools, including the University of Texas at Austin, which is one of the largest research universities in the U.S. and has a student population of over 51,000. The city itself is located in central Texas and home to nearly 980,000 people, with a median household income of $86,556, per the latest available U.S. Census data. To generate its list of best college towns, WalletHub used data from a number of sources, including the U.S. Census Bureau and the Bureau of Labor Statistics, to analyze 415 cities and towns of various sizes across America. Plus, the cities tend to come with a lower cost of living than larger cities like New York or Los Angeles.

☆ How much money you'd have now if you invested $1,000 in Apple 10 years ago
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: 1 min

Apple has promised to bring artificial intelligence powered features to a host of its devices since June. And this week, Apple users finally got a chance to try out Apple Intelligence for themselves just ahead of the company's latest quarterly earnings report. On Oct. 28, Apple publicly released a new software update that brought Apple Intelligence, the company's branded generative artificial intelligence model, to supported iPhones, iPads and Mac devices. This first iteration includes generative AI tools that can help users with a variety of tasks, such as rewriting things like texts, emails and notes, searching for certain photos by describing what they're looking for and creating video montages, according to the Oct. 28 press release.

Persons: Apple, iPhones Organizations: Apple, Apple Intelligence

☆ The top 10 most affordable college towns in the U.S.—nearly half are in Texas
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, a Texas locale ranks at the most wallet-friendly college town in the U.S., according to WalletHub's latest ranking. But this year, Edinburg — home to the University of Texas, Rio Grande Valley — didn't maintain its first-place position. The city is home to a number of colleges, including Texas Southmost College and Our Lady of the Lake University at Rio Grande Valley. Brownsville is located at the most southern tip of Texas, about four and a half hours south of San Antonio. Here are the 10 most wallet-friendly college town and cities in the U.S., according to WalletHub:

Persons: WalletHub Organizations: Edinburg, University of Texas, Texas Southmost College, Our, Lake University Locations: Texas, U.S, Rio Grande, Brownsville , Texas, Rio Grande Valley, Brownsville, San Antonio

☆ Here's how much money you need to make an hour to comfortably afford rent in 15 major U.S. cities
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

From coast to coast, the minimum wage is falling short of how much Americans need to comfortably afford average rent prices in major cities. The federal minimum wage has sat at $7.25 for the past 15 years. Fair market rent is based on the U.S. Department of Housing and Urban Development's fair market rent standard. Under this model, around 40% of similar units in the area rent for less than the listed fair market rental price and 60% rent for more. Here's how the minimum wage in 15 large U.S. cities compares with the hourly wage you'd actually need to earn in order to comfortably afford a one-bedroom dwelling at fair market price, per Clever Real Estate's data.

Persons: it's Organizations: National Conference of State Legislatures, U.S . Department of Housing, Urban Locations: New York, U.S

☆ FICO and VantageScore are the 'Coke and Pepsi' of credit scoring, says credit expert—what to know about each
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

When you view your credit score, you're likely to see a different three-digit number depending on whether you checked your score online, on your banking app or via another means. Although you have multiple credit scores, they're mainly calculated by two companies: VantageScore and FICO, which are the two main credit scoring systems used by the majority of lenders to evaluate how well you're managing your credit. "Think of those like Coke and Pepsi," John Ulzheimer, a credit expert who formerly worked for FICO and Experian, tells CNBC Make it. And your credit history needs to be at least six months long in order for FICO to generate your score. Although FICO scores are also used by lenders when you apply for credit, a mortgage or an auto loan, FICO weighs the factors it uses to calculate its credit scores differently.

Persons: John Ulzheimer, VantageScore, FICO, Matt Schulz, LendingTree's, Schulz Organizations: Pepsi, FICO, CNBC Locations: U.S

☆ Meet OpenAI’s first chief economist—3 things you may not know about him
▼ + stars: | 2024-10-28 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

[alt heds: OpenAI has hired its first chief economist – 3 things to know about him3 things you may not know about OpenAI's new chief economist]While no one knows exactly how artificial intelligence will reshape society, OpenAI plans to analyze the technology's potential economic impact. On Oct. 22, OpenAI named Dr. Aaron "Ronnie" Chatterji as its first chief economist. In this role, he will oversee research on a range of AI-related topics, including how AI innovations may impact the global economy and how the workforce can utilize AI tools both now and in the future, according to OpenAI's press release. While this move marks a first for OpenAI, it won't be Chatterji's first high-profile role. Here are three things you may not know about OpenAI's new chief economist.

Persons: OpenAI, –, Aaron, Ronnie, Chatterji, Larry Summers Organizations: U.S . Treasury

☆ Google, Adobe and IBM are aiming to help millions gain AI skills—here’s what to know
▼ + stars: | 2024-10-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On Oct. 16, Google announced that it will award $15 million in new grants to two nonprofit organizations: The Partnership for Public Service and InnovateUS. The grants are part of Google.org's $75 million AI Opportunity Fund, an initiative aimed at helping upskill the U.S. workforce. The Partnership for Public Service will receive a $10 million grant to open the Center for Federal AI in the spring of 2025, according to a press release. The center plans to offer a federal artificial intelligence leadership program to help further educate government workers on how to evaluate potential use cases for AI and increase AI literacy. In September, Google also committed to investing $25 million in nonprofits focused on training educators and students around the U.S. on AI literacy and generative AI tools.

Organizations: Google, Public Service, Opportunity Fund, Federal AI Locations: Google.org's

☆ If you invested $10,000 in Apple, Nvidia, or these 8 other stocks in 1999, you'd have over $1 million now
▼ + stars: | 2024-10-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Outside of technology giants like Nvidia and Apple, you may not have heard of many of the top 10 publicly traded companies that delivered the highest 25-year total return to their investors. A few years later, on October 22, 1999, its stock price had risen slightly to over $3. If you had invested $10,000 in the company at that time, your investment would be worth nearly $9 million as of October 22, per CNBC's calculations. Nvidia has experienced meteoric growth in the value of its stock over the past quarter century as well. A $10,000 investment in Nvidia made 25 years ago would be worth a little over $32 million now.

Organizations: Nvidia, Apple, Corporation, CNBC

☆ Al Pacino calls his spending a 'crazy montage of loss' early in his career: 'I had $50 million and then I had nothing'
▼ + stars: | 2024-10-17 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Oscar winning actor Al Pacino didn't get into acting for the money. "I didn't understand how money worked, any more than I understood how a career worked," he writes. However, from paying his landscaper $400,000 a year to maintain a home he didn't live in to unknowingly paying for 16 cars and 23 cellphones, his finances began to spiral out of control. "The kind of money I was spending and where it was going was just a crazy montage of loss," he says. "I had $50 million and then I had nothing," he writes.

Persons: Oscar, Al Pacino didn't, Sonny Boy

☆ How much money you'd have now if you invested $1,000 in Netflix 10 years ago
▼ + stars: | 2024-10-17 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Netflix is helping to kick off the latest earnings season with the streaming giant set to report its third quarter earnings after market close on Thursday. The company's stock price has steadily risen since the beginning of the year. However, this upcoming earnings report may be one of the last times investors receive regular updates on Netflix's membership numbers. "This change is really motivated by wanting to focus on what we see are the key metrics that we think matter most to the business," Netflix co-CEO Gregory Peters said during the company's 2024 first quarter earnings call on April 18. "We'll periodically update when we grow and we hit certain major milestones, we'll announce those.

Persons: Gregory Peters, we'll Organizations: Netflix

☆ 24-year-old made over $162,000 from her YouTube channel in 2 years—why she decided to get a corporate job anyway
▼ + stars: | 2024-10-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Sharon Kim credits her social media earnings for giving her the ability to purchase a $750,000 home with her brother shortly after graduating from Parsons School of Design in 2023. She started her YouTube channel in 2018 when she was in high school. Although she earned around $162,000 from the channel over the course of 2022 and 2023, Kim ultimately decided to pursue a corporate career as a UX designer for one key reason: stability. Kim currently earns around $94,000 as a UX designer in New York City and maintains her YouTube channel on the side. "Something content creation gives me that corporate can't is a sense of autonomy," Kim says.

Persons: Sharon Kim, Kim Organizations: Parsons School of Design, CNBC, YouTube, Parsons Locations: New York City

☆ You'll miss out on years of 'free money' if you wait until this age to start saving for retirement
▼ + stars: | 2024-10-11 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you don't start setting aside money for retirement by the time you turn 40, you may need to rethink your long-term plan. At 40, "you really have to start thinking about solving this challenge with more than just figuring out how to save more," she tells CNBC Make It. "You either have to keep earning money or you have to stop consuming or radically change what you consume during retirement." That may involve making bigger changes to your retirement lifestyle, such as downsizing your home, moving somewhere with a lower cost of living, not traveling as much or even working longer. "You're taking choices away from future you if you don't save when you're young," Lester says.

Persons: Anne Lester, Lester Organizations: CNBC

☆ Nearly a third of Gen Zers don't feel in control of their credit score—managing it is 'actually very easy,' says expert
▼ + stars: | 2024-10-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

However, around 20% of them say they don't have the knowledge or tools to do so and nearly 30% don't feel that they're in control of their credit score. Despite that, Gen Zers' average credit score isn't too shabby. As a reminder, your FICO score can fall anywhere between 300 and 850. "Managing your credit scores and credit reports is actually very easy and, almost, can be done without any overt effort on your part," John Ulzheimer, a credit expert who formerly worked for FICO and Experian, tells CNBC Make it. Here are the two most important factors that impact your credit score and how understanding them can help you give your score a boost.

Persons: Gen Zers, aren't, John Ulzheimer Organizations: CNBC, FICO

☆ You could retire with $1 million even if you don't start saving until your 30s: How much money you need to set aside per month
▼ + stars: | 2024-10-01 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

A sizeable number of Americans hope to retire as millionaires, according to Bankrate's latest savings survey. A little over a third of American workers say they'll need $1 million or more to retire in comfort, per Bankrate's survey. The median amount they think they'll need saved up is about $875,000. And millennials are the most likely of each generational cohort to think they'll need to save up at least $1 million to retire comfortably. With that in mind, CNBC calculated how much you would need to save each month in order to retire with $1 million at 65, starting at ages 25, 30, 35 and 40.

Persons: Matt Schulz Organizations: CNBC

☆ The No. 1 misconception most people have about feeling rich—and how to combat it, from a financial psychologist
▼ + stars: | 2024-09-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Many Americans believe they need to earn a certain dollar amount to feel rich. But even if they hit that goal or surpass it, they may be disappointed to find out they still don't feel satisfied with their finances, says Charles Chaffin, co-founder of the Financial Psychology Institute and a professor at Iowa State University. "The misconception is that there's an actual number and when people hit that number, they'll suddenly feel wealthy," he tells CNBC Make It. In fact, even millionaires don't always feel well off financially, according to recent data from Northwestern Mutual's 2024 Planning & Progress study. Here's one reason why that happens and what to focus on instead to feel more satisfied with your money, according to Chaffin.

Persons: Charles Chaffin, they'll Organizations: Financial Psychology Institute, Iowa State University, CNBC Locations: Northwestern, Chaffin

☆ How a 24-year-old bought a $750,000 house with her brother
▼ + stars: | 2024-09-26 | by ( Eric Clark | Cheyenne Devon | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow a 24-year-old bought a $750,000 house with her brotherSharon Kim, 24, saw her homeownership dreams come true in early 2024. She partnered with her older brother and his wife to purchase a $750,000 home in New York. Here's how they did it. 08:39 2 hours ago

Persons: Sharon Kim Locations: New York

☆ The majority of this generation feels behind on their retirement savings—how they can catch up
▼ + stars: | 2024-09-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The oldest Gen Xers are turning 59 this year, and once they reach 59½, they can begin making penalty-free withdrawals from their 401(k)s and individual retirement accounts. However, nearly 70% of Gen X, which is comprised of Americans between the ages of 44 and 59, feel behind on their retirement savings, according to a new retirement savings survey from Bankrate. The average 401(k) balance for people in their 50s, who make up the majority of Gen X, is $214,100. The good news: Many Gen Xers are already taking strides to get their retirement savings where they want them to be. Plus, they've increased their IRA contributions by 30% to the highest level in five years, per Fidelity's second quarter retirement analysis.

Persons: Xers, Mark Hamrick Organizations: Fidelity Investments Locations: Bankrate

Sharon Kim partnered with her oldest brother and his wife to purchase a home in the suburbs of New York City for around $750,000. Mickey Todiwala | CNBC Make ItKim and her brother weren't very close growing up, thanks to a seven-year age gap. Mickey Todiwala | CNBC Make ItThe increased down payment gave them the leverage they needed. Kim, her brother and his wife decided to complete the majority of renovations to the home themselves to cut down on costs. Mickey Todiwala | CNBC Make ItKim estimates they've spent around $40,000 on renovations so far.

Persons: Sharon Kim, Mickey Todiwala, Kim, weren't, homeownership, they've Organizations: CNBC, Parsons School of Design, YouTube, Parsons, Spotify, Amazon Prime, Apple Locations: New York City, Manhattan, Queens, New Jersey, South Korea

☆ Americans have an average of $6,300 in credit card debt: Here's how much you'd pay monthly to clear it in 1, 2 or 3 years
▼ + stars: | 2024-09-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The average American has thousands of dollars of credit card debt. As a whole, Americans hold a record $1.14 trillion in credit card debt as of the second quarter of this year, according to the Federal Reserve Bank of New York's August report. "Credit card debt is easy to get into and hard to get out of," Rossman says. Carrying credit card debt can cost youCarrying a balance from month to month can make your credit card debt more expensive in the long run due to accruing interest. How to pay off your credit card debt

Persons: Ted Rossman, Bankrate, Rossman, it's Organizations: Federal Reserve Bank of New, CNBC Locations: LendingTree

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