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☆ Nearly half of Americans say they live paycheck to paycheck—only 30% actually do, new Bank of America data finds
▼ + stars: | 2024-11-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

As a result, the share of Americans saying they live paycheck to paycheck has been growing fairly steadily for the past two years, a recent Bank of America survey found. Nearly half of Americans at least somewhat agree with the statement, "I am living paycheck to paycheck," as of the third quarter of 2024. Importantly, how each respondent defines living paycheck to paycheck may vary. By that measure, around 30% of American households are living paycheck to paycheck, according to Bank of America's internal data. If it becomes unaffordable, that person may feel like they're living paycheck to paycheck, Tinsley says.

Persons: that's, David Tinsley, Tinsley Organizations: of America, Bank of America, Bank of, Bank of America Institute Locations: Bank

☆ The 2025-26 FAFSA is open ahead of schedule—how to apply for aid
▼ + stars: | 2024-11-18 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Just ahead of the official Dec. 1 launch date, the Department of Education announced all students and families can now access the 2025-26 Free Application for Federal Student Aid. Select students and families were invited to fill out the 2025-26 FAFSA starting on Oct. 1 as part of a beta testing period. The application is still in beta testing as the department ensures it still functions successfully with a greater influx of applicants. But those who submit a form now while in beta mode will not need to submit another application after Dec. 1. "Students who submit a FAFSA form during any beta period…will be able to make any needed corrections to the form and will not need to submit a subsequent 2025–26 FAFSA form."

Persons: studentaid.gov Organizations: Department of Education, Federal Student Aid

☆ Couple has $3 million in assets, but $40,000 in credit card debt due to 'sloppy' financial management, says money expert
▼ + stars: | 2024-11-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

When asked how they racked up so much debt, the couple mentioned emergencies like a flood, a car accident and other unexpected costs. They could feasibly tap their savings and investments to wipe out their credit card debt almost immediately. Yet they also owe $40,000 in credit card debt, they told self-made millionaire and money expert Ramit Sethi on a recent episode of his "Money for Couples" podcast. Even high earners can find themselves under a mountain of credit card debt if they let their spending go unchecked. Then, they can institute a standard operating procedure with rules, such as putting cash windfalls toward their credit card debt or discussing purchases over a certain price.

Persons: Sethi, Megan, Ramit Sethi, Jason, You've, Jason wasn't, it's Organizations: Formula, CNBC

☆ President Joe Biden has forgiven over $166 billion in student debt—see how much in each state
▼ + stars: | 2024-11-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

President Joe Biden made student debt relief a focus of his administration. The mass forgiveness he promised on the campaign trail was struck down by the Supreme Court, and some of his other debt relief initiatives, like the Saving on a Valuable Education plan and his negotiated rulemaking plan, are currently tied up in court. But his administration has still managed to clear $166.5 billion in student loans, according to Department of Education data. Borrowers had an average of $38,207 of debt forgiven. "From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity," Biden said in an October statement.

Persons: Joe Biden, Biden Organizations: Supreme, of Education, Biden

☆ 'Do not hoard points' and 2 other travel myths you can ignore, according to travel planning experts
▼ + stars: | 2024-11-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

In fact, over a third of Americans planning a summer vacation planned to use debt to pay for their trip, according to an April Bankrate survey. "You have to really think ahead when you're planning a big, big dream trip and ask yourself, 'How much is it going to cost?'" Yanely Espinal, director of educational outreach at Next Gen Personal Finance, told CNBC at a Your Money event on Oct. 24. There are myriad resources you can turn to for money-saving advice, from personal blogs to professional travel agents. Here are three common travel planning myths you can ignore, from Espinal and Cameron Sperance, senior hotels reporter at The Points Guy.

Persons: Espinal, Cameron Sperance, Guy, there's, Sperance Organizations: Finance, CNBC, Google Locations: Espinal

☆ The 10 most livable cities in the U.S. where costs are low, incomes are growing and there's plenty to do
▼ + stars: | 2024-11-04 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

If you're looking for a livable city with a lower cost of living that offers a solid work-life balance and abundant recreational opportunities, consider Portland, Maine. Portland earned high marks for both quality of life and location and community. Cities in this region generally scored highly on cost of living. In Lincoln, Nebraska, for example, residents enjoy a cost of living about 6% lower than the national average, RentCafe found. But Portland's high quality of life may make up for the cost of living and give it an advantage in the overall rankings.

Persons: You'll, RentCafe, Portland , Maine Lincoln , Nebraska Des Moines , Iowa Minneapolis , Minnesota Ann, Pittsburgh Green Bay , Wisconsin Harrisburg , Pennsylvania RentCafe, Hurricane Helene, It's Organizations: Portland, Council for Community, Economic, D.C, Midwest . Cities, CNBC Locations: New York, Los Angeles, Portland , Maine, U.S, Portland, RentCafe, Portland , Maine Lincoln , Nebraska Des Moines , Iowa Minneapolis , Minnesota, Portland , Maine Lincoln , Nebraska Des Moines , Iowa Minneapolis , Minnesota Ann Arbor , Michigan Milwaukee , Wisconsin Washington, Pittsburgh Green Bay , Wisconsin Harrisburg , Pennsylvania, Asheville , North Carolina, Hurricane, , Wisconsin, Midwest, Lincoln , Nebraska, Des Moines , Iowa, Des Moines, Minneapolis

☆ Venus Williams says to be proud of your money decisions, even if they turn out to be mistakes—financial experts agree
▼ + stars: | 2024-11-03 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Tennis icon and entrepreneur Venus Williams has racked up more than a few wins in her life, both on and off the court. Throughout her career, she's learned plenty about making smart investments and starting her own ventures, like her interior design firm, V Starr. But overall, one of the most important money lessons she's learned is "to have confidence in your own financial decisions," she says. Building that confidence comes from having the ability to make your own financial decisions, a privilege women didn't always have. "It's important to understand the significant power of financial planning," Williams told CNBC Make It in an email.

Persons: Venus Williams, she's, V Starr, didn't, Williams Organizations: SoFi, CNBC

☆ You can contribute even more to your 401(k) in 2025—here's what to know
▼ + stars: | 2024-11-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

You can put even more of your pre-tax dollars toward saving for retirement in 2025. The Internal Revenue Service announced the new 401(k) contribution limits for 2025 on Friday. Individuals can contribute up to $23,500 to employer-sponsored retirement accounts including 401(k)s, 403(b)s, most 457 plans and federal Thrift Savings Plans. People in that age range can contribute an additional $11,250 in 2025 to hit a maximum contribution of $34,750. If you don't have access to a 401(k) or want an additional retirement account, savers can contribute up to $7,000 to an individual retirement account in 2025, plus an additional $1,000 for those ages 50 and older, the same limits as in 2024.

Persons: Roth Organizations: Internal Revenue Service, Savings, People

☆ There's no 'secret sauce' to real estate investing, says Property Brothers' Jonathan Scott—how to tell if you're ready to buy
▼ + stars: | 2024-10-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Property Brothers Jonathan and Drew Scott still believe in the opportunity to grow wealth through real estate investing, but there are important factors to consider in today's market, they told CNBC's Diana Olick at a recent CNBC Your Money event. "I absolutely do believe in homeownership as a good investment," Jonathan said. One of those key factors: Individuals should only invest in property on their own timeline, Jonathan said. "As soon as you're desperate to get into a property, you're going to make a bad decision." Buyer's remorse is common among recent homebuyers: 82% of people who bought homes in 2023 or 2024 have at least one regret, a recent survey from real estate company Clever found.

Persons: Jonathan, Drew Scott, CNBC's Diana Olick, Jonathan said, Clever Organizations: CNBC Locations: homeownership

☆ She makes $148,000 a year. Her partner makes $29,000. Here’s how it affects their relationship
▼ + stars: | 2024-10-27 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

At the time of the podcast's recording, Mindy was earning around $148,000 annually while Victor, the owner of a boxing gym, was bringing in $28,800. "And I tell him all the time, step up your game because I don't want to be carrying your weight. She and her boyfriend, Victor, 25, came on Sethi's show to better understand how to handle money as a couple . While love is a deeply important aspect of romantic relationships , it isn't everything — and relying on love alone may not lead to a successful relationship . "It is you being a partner in the relationship…It's getting educated about money because there's a whole language you don't understand about money right now."

Persons: Mindy, Victor, Sethi, she's, We're, We've, Ramit Sethi, —, isn't, It's, I'm

☆ These 17 factors could soon make you eligible for student loan forgiveness
▼ + stars: | 2024-10-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

After a months-long negotiated rulemaking process, President Joe Biden and his administration have unveiled a new proposed regulation to provide debt relief to student loan borrowers facing financial hardship. It goes on to list 17 non-exclusive factors that could substantiate hardship. The other pathway will likely be primarily application-based and will see the department considering individual cases for debt relief using these factors or other evidence of hardship. The proposal will soon be entered into the Federal Register where it will undergo a 30-day public comment period. This debt relief action stems from the Supreme Court's ruling against President Biden's plan to enact broad student loan forgiveness in June 2023.

Persons: Joe Biden, Pell Grant, Biden's Organizations: Federal, Federal Student, Department of Education, CNBC

☆ 8 million borrowers facing financial hardship could have their student debt forgiven under new Biden proposal
▼ + stars: | 2024-10-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

President Joe Biden is moving forward with another student debt relief plan. An estimated 8 million federal student loan borrowers experiencing financial hardship may be eligible to have their loans forgiven — some even automatically — if the regulation is finalized as proposed, the Department of Education announced Friday. The proposed regulation is the result of a months-long process known as negotiated rulemaking where the Biden administration worked with stakeholders, experts, advocates and more to develop a plan to deliver debt relief to borrowers facing financial hardship. In the coming weeks, the proposal will head to the Federal Register where it will have a 30-day public comment period before it's finalized. Here's what borrowers may expect if the proposal is finalized as currently written.

Persons: Joe Biden, —, Biden, Harris, Education Migel Cardona, it's Organizations: Department of Education, Biden, Harris Administration, Education, Federal

☆ Making Vacation Dreams a Reality
▼ + stars: | 2024-10-24 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaking Vacation Dreams a RealityIt's easy to pick an amazing, far-off place to travel to, but funding the trip is often another story. To help you jet off to new places without breaking the bank Next Gen Personal Finance Director of Educational Outreach Yanely Espinal, and The Points Guy Senior Hotels Reporter Cameron Sperance discuss saving strategies, how to maximize your rewards points and other affordable travel tips.

Persons: Yanely, Cameron Sperance

☆ Here are the new federal income tax brackets for 2025—the standard deduction is now up to $30,000
▼ + stars: | 2024-10-22 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

On Tuesday, the Internal Revenue Service announced its annual inflation adjustments for 2025, including updates to the federal income tax brackets and standard deduction. The standard deduction — which is the amount of money you can reduce from your income before it's taxed, if you choose not to itemize your deductions — will increase to $15,000 for individual filers, $30,000 for joint filers and $22,500 for heads of household in 2025, the IRS says. While you may not feel the difference until you file your taxes in 2026, the 2025 tax year will also use updated federal income tax brackets. You can see the tax rates single filers will pay on their taxable income below. Taxable income is calculated by subtracting your itemized deductions or the standard deduction, whichever is greater, from your adjusted gross income.

Organizations: Internal Revenue Service, IRS

☆ 'Love is Blind' contestant draws criticism for bringing up his wealth on first dates—how to actually bring up money when dating
▼ + stars: | 2024-10-20 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

On the latest season of Netflix's reality dating show "Love is Blind," one male contestant immediately caught the attention of several female contestants with his forthright admission: he has money. The goal is to find a match and get engaged, at which point the couple gets to see each other's faces. "If Leo doesn't want girls to date him for his wealth and career, why does he constantly mention it?" But how to bring up money on a date or in a new relationship is a tricky topic for many people. While dating and etiquette experts alike generally advise against bringing up finances on a first date, money is an important topic to discuss if you're thinking about a long-term partnership with someone.

Persons: Leo Baudy, Baudy, Leo doesn't

☆ Are your money habits normal? See how you compare with the most common transactions on Cash App
▼ + stars: | 2024-10-17 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

On peer-to-peer payment app Cash App, "food" is the No. 1 word most frequently used in transactions, according to the company's recent trend report. "Gas" and "love" followed food as the most popular words used in Cash App transactions. "When it comes to how much people have, or how much they lend, or what they're spending money on, this snapshot gives us a really nice way to say, 'Yes, in fact, you're normal.'" Here are some of the other spending trends Cash App identified and what they can tell us about our collective money habits.

Persons: That's, who's, Lindsay Bryan, Podvin, Bryan Organizations: CNBC

☆ More money tends to make you happier—even if you're already rich, Ivy League researcher finds
▼ + stars: | 2024-10-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

His research finds that the correlation between your paycheck and your happiness holds extremely true across a vast range of incomes. Further, it shows that the psychological effect of more money is relatively the same across income brackets. In other words, if a person earning $200,000 a year and a person earning $50,000 both receive a 20% raise, the relative increase to their happiness will very likely be roughly the same. But in terms of quantifying their joy, the raise has about the same effect, Killingsworth says. "Money is one of many variables [in] the equation for happiness, and no single variable dominates," Killingsworth says.

Persons: Matthew Killingsworth, Killingsworth Organizations: University of Pennsylvania's Wharton School, CNBC

☆ 6 organizations providing relief efforts for Hurricane Milton
▼ + stars: | 2024-10-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Hurricane Milton made landfall late on Florida's West Coast Wednesday night as a Category 3 hurricane. Though downgraded from earlier forecasts, the storm still produced multiple tornadoes and caused major flooding throughout the Florida Peninsula. Local and federal governments urged residents to evacuate, but not everyone had the resources or ability to escape the storm's path. Residents in some affected areas are still recovering from Hurricane Helene, which left at least 220 people dead earlier this month. As recovery efforts get underway, these organizations are providing assistance to those affected by the storm.

Persons: Milton, Hurricane Helene, Helene Organizations: Florida's West Coast, Local, Sunshine State Locations: Florida, Hurricane, Asheville , North Carolina

☆ Moving to Amsterdam, paying off loans: 3 millennial moms on the major money moves they made to feel confident having kids
▼ + stars: | 2024-10-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +7 min

It was less a comment on my sister's personal financial situation and more reflective of the fact that having kids isn't just expensive. Some managed to follow the previously typical trajectory of getting married, buying a house and then having kids when the time felt right. Outside of Baltimore, 'having a house really made us feel comfortable having children'Achieving the major financial milestone of homeownership helped Marie Medina, 28, and her husband, Daniel, feel ready to start having kids. "Having a house really made us feel comfortable having children," Medina says. She and her husband moved from the Bronx to Portland, Oregon, in 2021, in part to make their dream of having kids more financially feasible.

Persons: you'll, it's incalculable, it's, aren't, homeownership, Marie Medina, Daniel, Medina, Marie, Daniel Medina, Yolanda Cando, Gilleran, Yolanda, Graham Cando, Alejandra Rojas, didn't Locations: Baltimore, Columbia , Maryland, New York City, Bronx, Portland , Oregon, Portland, Oregon, Amsterdam, Colombia, Netherlands, Maryland

☆ The 10 least valuable college degrees—only 1 helps grads earn more than $50,000
▼ + stars: | 2024-10-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

A college degree can help you financially get ahead, compared to a high school diploma alone. Bankrate looked at median salaries among workers and job seekers with at least a bachelor's degree, along with unemployment rates and advanced degree rates, to rank the most and least valuable college degrees. Here are the 10 least valuable college degrees in 2024, according to Bankrate:1. People with bachelor's degrees in less-common foreign languages have a slightly lower unemployment rate, but nearly half (45%) of these grads have advanced degrees. That data suggests an advanced degree — and the years of school required to to earn it — may be needed to to fare better financially in those careers.

Persons: Bankrate, Get Organizations: National Center for Education Statistics, Survey, —, New York Fed, Communications, CNBC Locations: New York

☆ Maryland has the best 529 college savings plan—and you don't have to live there to use it
▼ + stars: | 2024-10-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

If your student is still years away from filling out applications, it may be wise to start contributing to a 529 savings plan. You won't owe taxes on withdrawals for qualified education expenses which include kindergarten through 12th grade tuition, college or trade school tuition and supplies and even student loans. Anyone can open a 529 plan for a beneficiary they choose — it doesn't have to be your own child and it can even be yourself. Nearly every state and the District of Columbia sponsors its own 529 plan. Your contributions may be deductible on your state taxes if you contribute to your home state's plan, for instance.

Organizations: Data Initiative, Students, Business, District of Columbia

☆ These are the 10 most valuable college degrees—all but 1 help grads earn six figures
▼ + stars: | 2024-10-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Electrical engineeringMedian salary: $115,000$115,000 Unemployment rate: 1.9%1.9% Percentage of workers with advanced degrees: 47.6%2. Computer engineeringMedian salary: $112,000$112,000 Unemployment rate: 2.1%2.1% Percentage of workers with advanced degrees: 38.8%3. Petroleum engineeringMedian salary: $100,000$100,000 Unemployment rate: 0.9%0.9% Percentage of workers with advanced degrees: 39.2%4. Aerospace engineeringMedian salary: $105,000$105,000 Unemployment rate: 1.9%1.9% Percentage of workers with advanced degrees: 48.9%5. Mechanical engineeringMedian salary: $100,000$100,000 Unemployment rate: 1.9%1.9% Percentage of workers with advanced degrees: 38.9%7.

Persons: Bankrate, It's, Get Organizations: Survey, Computer, Petroleum, Aerospace, Bureau of Labor Statistics, Actuaries, CNBC

☆ This 25-year-old has one of the most fulfilling college degrees available—'I wouldn't trade it'
▼ + stars: | 2024-09-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

But once she got there, she discovered the discipline of music therapy and immediately switched her major. After finishing her degree in 2021, she started working as a music therapist full-time. While not everyone with a music therapy degree may be working as a therapist, everyone who is a board-certified music therapist has a music therapy degree, per the profession's requirements. Just 30% of current music therapists said they can live comfortably on their music therapy income alone, according to a 2022 survey by the American Music Therapy Association. In their first five years of working, music therapy degree-holders earn a median salary of $49,400, Payscale finds.

Persons: Dannielle Caldwell, Payscale, Caldwell Organizations: Belmont University, CNBC, American Music Therapy Locations: Nashville

☆ Self-made millionaire's advice to help a couple rein in their spending after racking up $65,000 in credit card debt: 'It's not about whack-a-mole'
▼ + stars: | 2024-09-28 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Kathleen said that her principles have been, "It was all going to work out eventually," and "Let's not worry about it." "It's not simply one decision or two, because if we simply try to do it by decisions, it's like playing whack-a-mole," Sethi said. He walked the couple through a few exercises to see how they feel and think about money. They want to feel proud, empowered and like they actually are as well off as their salary and lifestyle suggests. They say they're committed to making the necessary changes to get there, but they also accepted that it's not going to be easy.

Persons: Sethi, Kathleen, it's, It's, They're, they're Locations: Montana

☆ Psych Up Your Finances
▼ + stars: | 2024-09-25 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPsych Up Your FinancesWhy is it that some people impulsively spend their money on the newest luxury item while others save every cent, too afraid to even invest it? Our relationship with money is often shaped at an early age and can have a big impact on how we handle our finances well into adulthood. Financial therapist Jasmine Ramirez talks about how to identify where these spending habits come from and if they are holding you back.

Persons: Jasmine Ramirez

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