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☆ 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

☆ Couple grew their basement side hustle into a business bringing in $4.5M/year: We'd 'never seen anything like that in a bank account'
▼ + stars: | 2024-04-22 | by ( Annie Probert | ) www.cnbc.com time to read: +4 min

They built the wooden cart with bicycle tires and a kickstand in her parents' basement in 2016, maxing out her credit card's $1,500 limit to afford materials, and called it The Nitro Cart. That summer, they took it to any event that would take them, from sheep shearing events to farmers markets across Rhode Island, serving small batches of nitrogen-infused cold brew. To survive the winter, they partnered with local restaurants to install their nitro cold brew on tap. Here's how they built The Nitro Bar, from 80-hour workweeks to some TikTok virality and a lot of luck. They both worked "insane hours, usually seven days a week" to turn their cart into The Nitro Bar, says Finocchiaro.

Persons: Audrey Finocchiaro, Sam Lancaster, maxing, Sam, Lancaster, Finocchiaro, —, they'd, it's, it'll Organizations: Brown University, CNBC, Finocchiaro Locations: Rhode Island, Rhode Island and Massachusetts, Lancaster

☆ This Ohio cabin was just named one of the top 10 vacation rentals in the world—check it out
▼ + stars: | 2024-04-20 | by ( Annie Probert | ) www.cnbc.com time to read: 1 min

Tucked away in the forests of Hocking Hills, Ohio, is a luxury cabin that was recently named one of the hottest vacation rentals in the world by a panel of judges selected by eviivo, a property management system for hotels, vacation rentals and bed and breakfasts. The properties were chosen from hundreds of submissions and ranked against features like "design, history, amenities and visual aesthetics," according to eviivo's press release announcing the list. Known as The Rocky Villa, the Ohio property includes a two-bedroom, two-bathroom cabin and offers "the perfect blend of luxury and tranquility," according to the rental's website. It also features two waterfalls, "creating a serene and picturesque backdrop for your stay," the website says.

Persons: Rocky Villa Organizations: eviivo Locations: Hocking Hills , Ohio, Ohio

☆ 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

☆ 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

☆ 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

☆ This is the No. 1 state for working from home, according to WalletHub
▼ + stars: | 2024-04-11 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

But some states are better than others when it comes to offering the ideal remote work environment, according to a new WalletHub report that identified the best and worst states for working from home. To create this list, WalletHub compared the 50 states and the District of Columbia across two main dimensions, work environment and living environment. New Jersey was named the best state for working from home thanks to its cheap internet costs and high access to broadband internet. Utah ranked second in part because it has the largest homes in the country, preventing remote workers from feeling confined. Here are the 10 best states for working from home, according to WalletHub:

Organizations: District of Columbia, New, Utah Locations: New Jersey

☆ How much money Americans in their 20s saved in 2023—and how to save more
▼ + stars: | 2024-04-02 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

From a busy social life to beginning to pay off student loans, your 20s can be a hard time to save for the future — especially with retirement decades away. "In your 20s, maybe you're just out of college, have some student loans, have your first job," says Nia Gillett, certified financial planner at Gen Y Planning, a firm that focuses on young professionals. "It can be easy to say, 'Oh, I finally have money,' and just start spending it." That's less than the average amount of $7,148 people in their 20s aimed to save, but how much should you really be saving? Social media in particular can make it hard for young people to save more, she adds.

Persons: Nia Gillett, Gillett Organizations: New York, Social Locations: New

☆ 26-year-old made $11,000 in 100 days from more than a dozen side hustles—her No. 1 piece of advice
▼ + stars: | 2024-04-02 | by ( Annie Probert | ) www.cnbc.com time to read: +6 min

To make that number less daunting, she broke it down into a daily goal — $100 per day. Mitchell challenged herself to make an extra $100 a day for 100 days, and documented her journey on TikTok . "And if I can help one person earn an extra $100 a month, why would I not post that?" In many of her videos, Mitchell does data annotation as a side gig before or after her day job. Be realistic with your timeMaking nearly $11,000 in 100 days might sound amazing, but the challenge didn't come without sacrifices.

Persons: Mitchell, It's, Jackie Mitchell's, you've, it's, hustles Mitchell, they're Organizations: CNBC Locations: Columbus , Ohio, Paris

☆ 25% of Gen Zers say they'll need a therapist to deal with tax filing stress—here's the first step to take to make it easier
▼ + stars: | 2024-04-01 | by ( Annie Probert | ) www.cnbc.com time to read: +4 min

You will receive a W-2 form from your employer if you worked for a paycheck or earned at least $600 in 2023. You can find the 1099-INT form by logging into your bank account and following directions to tax documents. But even if you don't get a form from your exchange, "that doesn't mean you don't need to report it," says Pianoforte. The IRS's frequently asked questions on crypto transactions is also helpful for answering more detailed questions about how to report crypto on your taxes. Form 1098-TIf you're paying college tuition, a 1098-T form will help determine which education-related tax credits you're eligible for.

Persons: doesn't, Pianoforte, filers, Read, haven't, you've, Douglas Boneparth Organizations: Internal Revenue Service, NEC, cryptocurrency, CNBC, Bone

☆ 3 money moves to make in your 30s to set yourself up for financial success
▼ + stars: | 2024-03-31 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

Your 30s are a decade often marked by big financial steps, from buying your first home to switching jobs to saving for future children. With more working years under your belt, you're likely making more money than you did in your 20s — but it can still be confusing to know exactly what you should be doing with it to set yourself up for financial success into your 40s and beyond. A 529 plan is a tax-advantaged savings account sponsored and operated by all 50 states and the District of Columbia. If you open a 529 account when your child is born, you'll have around 18 years to save and grow your investments, says Fincher. State tax deductions for 529 contributions also make these college savings plans appealing, though every state is different.

Persons: Andrew Fincher, you'll, Fincher Organizations: Financial, District of Columbia Locations: U.S

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

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

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

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

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

Persons: Mark Hamrick Organizations: CNBC

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email25-year-old earns $11K/month working three jobs while training for the Olympic trials25-years-old Jake Spotswood is training for the pole vault in the 2024 Olympic trials. At the same time, he's working as an IT analyst from 9-5 and as personal trainer and volunteer assistant coach for George Mason University's track and field team. Jake also posts sponsored online content to his 90K followers on Instagram and TikTok. Jake says he's able to balance all of these plates by sticking to a meticulous schedule every day. Even while training, he expects to earn over $100K in 2024.

Persons: Jake Spotswood, George Mason University's, Jake, he's Locations: Instagram

☆ 25-year-old earns $11,000 a month while training for the Olympic trials: With a 'non-revenue generating sport, you have to get creative'
▼ + stars: | 2024-03-14 | by ( Annie Probert Zachary Green | Annie Probert | Zachary Green | ) www.cnbc.com time to read: +11 min

Add to that the sponsorships funding his pole vaulting season and a growing online personal training business, and Spotswood anticipates earning around $11,000 a month. "I just went home to my parents and was like, 'Where can I do pole vaulting?'" Spotswood first fell in love with pole vaulting in seventh grade and has since embarked on a 12-year career in the sport. Olympic hopefulAfter graduating from Virginia Tech, Spotswood decided to focus exclusively on professional pole vaulting and hopes to qualify for the Olympic trials in June. Looking aheadAfter 12 years of pole vaulting, 2024 is likely Spotswood's last dance.

Persons: Jake Spotswood, Spotswood, Enrique Huaiquil Spotswood, redshirting, Enrique Huaiquil, he's, George Mason, Jake Spotswood Spotswood, He's, George Mason's, I'm, I've Organizations: CNBC, George Mason University, Virginia Tech, University of Alabama, SEC, Alabama, ACC Championships, George, NCAA, Insurance Locations: Fairfax , Virginia, Fairhope , Alabama, U.S, Paris, Fairfax

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

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

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

☆ How much money Americans saved in 2023 at every age—and how you can put away more this year
▼ + stars: | 2024-02-14 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

Millennials managed to stash away more cash than any other generation last year, according to New York Life's recent "Wealth Watch" survey. Just over half of American adults — 52% — met or exceeded their savings goals in 2023, managing to save an average of $6,138 despite facing economic challenges like inflation and high interest rates. "Having a financial strategy in place plays a key role in meeting savings goals," he says. "63% of adults with a financial strategy met or exceeded their savings goal for 2023, compared to only 37% of those without a financial strategy." They're also more likely than older generations to have long-term savings goals, like purchasing a home.

Persons: Millennials, —, Donn Froshiesar, Froshiesar, Froshiesar isn't, Zers, They're, Xers Organizations: CNBC Locations: New York

Learn moreKnowledge is power, the saying goes, so you may be tempted to use wearables to track your health data in the hopes of preventing or managing an illness or hitting certain fitness goals. Plus, it's important to take the data, which might not be entirely accurate, with a pinch of salt, Probert said. That doesn't mean the best fitness trackers aren't helpful, it just means you shouldn't take their data as gospel. Fitness trackers can't know our metabolic rates and how much muscle we have compared to body fat, which affects our energy expenditure. And, Probert cautioned, it's important not to stop listening to your body and checking in with how you feel when using such devices.

Persons: You'd, Livvy Probert, Probert Organizations: Stanford University

☆ This company is offering $10,000 if you can stay off your phone for a month—here's how to apply
▼ + stars: | 2024-01-24 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

Siggi's Dairy, an Icelandic-style yogurt company, is encouraging those who think they have what it takes to put down their smartphones for 30 days to apply to its digital detox program. "We believe in the power of living a simpler life with fewer distractions," the New York-based company said in its announcement. "One of the biggest distractions in our lives today is our phone. Participants must be 18 or older, and the submission form is due by the end of the day on Jan. 31. On Feb. 15, 10 potential winners will be selected to participate in the no-smartphone challenge, and will receive $10,000, a smartphone lockbox, a flip phone, a one-month prepaid sim card for the flip phone and three months of Siggi's yogurt.

Locations: Siggi's, York

☆ Worth the money: 4 items that will upgrade your work-from-home setup
▼ + stars: | 2023-12-02 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

With at least 40% of U.S. employees working remotely at least one day a week, chances are your work-from-home setup is in need of a little sprucing up. Ever since I got my first cell phone back in 2007, I've been charging my devices with a cable that plugged right into the charging port. Recently, however, I've been using the CATCH:3 from luxury charging brand Courant, and I might never go back. The sleek charging mat doubles as a tray, holding my glasses and watch while my phone charges on my nightstand. The material is ultra-soft and I love that they look more put together than my old sweatpants from college.

Persons: it's, I'd, — Hanna Howard, I've, — Nicolas Vega, Vuori, — Emmie Martin Organizations: Pop Locations: Bisley

☆ 29-year-old only spends $50 a month on non-essentials: 'A limit on your finances doesn't have to mean a limit on your happiness'
▼ + stars: | 2023-11-29 | by ( Annie Probert | ) www.cnbc.com time to read: +3 min

"Your overall wealth really starts with behavior and your budget," Howard says. But 29-year-old Alexis Howard has been doing it for over 10 months, ever since she challenged herself to limit her non-essential spending to $50 each month. Essentials like rent, utilities, groceries and medical costs aren't included in Howard's $50 limit. "What I've really tried to stress on this challenge is that just because you have a tight budget doesn't mean you can't engage with your loved ones, doesn't mean you can't go to free events, doesn't mean you can't substitute quality time with people that matter to you," she says. But she's still spending considerably less than she would in a normal month living in the Bay Area, where she estimates her non-essential spending used to total around $400 to $500.

Persons: Howard, spender, Alexis Howard, Lyft, Howard's, she's, It's, there's, I've Organizations: CNBC Locations: Bay, San Francisco

☆ 47% of Americans say inflation will affect their charitable giving—how to donate without breaking the bank
▼ + stars: | 2023-11-28 | by ( Annie Probert | ) www.cnbc.com time to read: +1 min

With high prices continuing to squeeze budgets, 47% of Americans say their charitable giving will be affected by inflation as the holidays approach, a recent WalletHub survey found. WalletHub's finding comes amidst a larger drop in individual charitable giving: Last year, Americans gave the smallest percentage of their disposable income to charity in nearly three decades, according to data from Giving USA. But this year, figuring out how you can donate may be difficult. 1 is to make sure that you're meeting all of your own basic needs," she says. As we enter giving season, here are three tips for those looking to donate to charity without breaking the bank.

Persons: Sara Young, Young Organizations: CNBC

☆ 'You can't trust your instincts,' says financial psychologist—here's how to avoid emotional spending
▼ + stars: | 2023-11-27 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

When it comes to emotional spending, "the deck is stacked against us," says financial psychologist and certified financial planner Brad Klontz. Roughly 75% of both millennials and Gen Z admit to emotional spending, possibly because they're less likely to think about their retirement funds when clicking "buy." "But as you're pulling the trigger, you're pretty excited about this thing you're buying." While emotional spending is a common habit, it's not one you want to turn into a bigger problem. Nearly 40% of emotional spenders say they've gone into debt because of it, and Klontz warns of the stress that emotional spending can put on your finances and relationships.

Persons: Brad Klontz, Gen Z, they're, That's, Klontz, spender Organizations: CNBC

☆ Millennials are flocking to these 10 U.S. cities—New York and Los Angeles aren’t on the list
▼ + stars: | 2023-11-21 | by ( Annie Probert | ) www.cnbc.com time to read: 1 min

Millennials are relocating to new cities in droves, with 25% of the generation moving to a different metropolitan area in 2022 alone. Cambridge, Massachusetts, had the highest rate of millennials moving in, with members of the generation making up nearly 38% of the total population. That's all according to a recent SmartAsset study, which used data for 268 cities pulled from the Census Bureau's 1-year American Community Survey for 2022 to determine where people ages 25 to 44 had migrated. The study then ranked the cities based on the rate at which millennials moved in as a percentage of the total population. These are the top 10 cities where millennials are moving the most, according to SmartAsset.

Persons: millennials Organizations: Survey Locations: Cambridge , Massachusetts

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