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A national debt crisisAmericans are facing a credit card debt crisis, with millennials and Gen Z at the forefront of the struggle. If you're a consumer with average credit who tends to carry a credit card balance, McCarthy recommends seeking options for lower-interest repayment. If the Fed lowers interest rates as anticipated, you can expect personal loan interest rates to drop slightly, regardless of your credit score. "Many consumers struggling with high-interest debt have expressed confusion surrounding credit card APRs, and credit card companies are happy to keep it that way." "Many consumers believe that making the minimum payment is an effective way to manage their credit card debt," Elliot said.

Persons: —, Z, James McCarthy, McCarthy, Jeremy Schneider, Schneider, Sophia Bera Daigle, Daigle, you've, Mark Elliot, Elliot Organizations: Federal, Service, Federal Reserve, Consumer Financial Protection Bureau, National Foundation, Credit, JPMorgan Chase, Capital Locations: millennials, U.S

Typically if one bank account owner dies, the surviving owner gets sole control of the account. IntroductionOpening a joint bank account is different from opening up an individual bank account. Both owners have full access to a bank account, and joint bank account rules also dictate specific actions if one owner dies. Rights of survivorshipWhen you're opening up a new bank account, you'll receive a bank account agreement that lists the bank's conditions and rules. A joint bank account beneficiary can't set up direct deposits, make withdrawals, or view your bank account when you're alive.

Persons: you'll, Sophia Bera Daigle, —, Bera Daigle, Bera Daigle doesn't, there's Organizations: Gen, Insurance

☆ Some boomers aren't waiting to die to pass on their wealth — their millennial kids need it now
▼ + stars: | 2024-07-07 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Recently, the client's parents told him they were going to up that amount — to $60,000 a year for the next 10 years — but that would be it. Boomers waiting to pass down their wealth until their kids are much older has partially contributed to the rise in geriatric millionaires, BI previously reported. Related storiesGideon Drucker, president and financial planner at Drucker Wealth, said he is also seeing more older people proactively passing down their wealth. He tends to work with clients in their 30s and 40s, while his dad, who leads their senior division, works with those clients' parents, figuratively and, in some cases, literally. One thing Drucker cautions against is giving your kids money in a way that might up their standard of living to a level they can't actually sustain.

Persons: —, Sophia Bera Daigle, Daigle, Gideon Drucker, Drucker Organizations: Service, Business, grandkids, Boomers, millennials, Drucker Wealth

☆ 'A budget is a picture of what your money is doing,' The Budgetnista says. Here's where to start
▼ + stars: | 2024-03-03 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Karan Kapoor | The Image Bank | Getty ImagesHaving a strong budget can help you build financial wellness. "A budget is a picture of what your money is doing," Tiffany Aliche, also known as The Budgetnista, told CNBC during a Women & Wealth livestream. You have to understand what your money is doing," said Aliche, a personal financial educator and author of "Get Good with Money." Make a list of expenses: The first thing to do is write a list of all the things you spend money on within a given month, said Aliche. It can also help to list out expenses you don't pay every month, such as annual memberships or quarterly taxes.

Persons: Karan Kapoor, Tiffany Aliche, Sophia Bera Daigle, who's Organizations: Bank, Getty, CNBC, Wealth, Gen, CNBC Financial Locations: Austin , Texas

Opening a joint bank account is different from opening up an individual bank account. Both owners have full access to a bank account, and joint bank account rules also dictate specific actions if one owner dies. When you're opening up a new bank account, you'll receive a bank account agreement that lists the bank's conditions and rules. Additional rules to keep in mind with joint bank accountsWhen you open a joint bank account, Bera Daigle also suggests being mindful of another bank account rule — equal withdrawal rights. A joint bank account beneficiary can't set up direct deposits, make withdrawals, or view your bank account when you're alive.

Persons: —, you'll, Sophia Bera Daigle, Bera Daigle, there's Organizations: Service, Gen

☆ ‘I don’t want to spend’: How a TikTok comedian’s call for ‘loud budgeting’ can help your wallet
▼ + stars: | 2024-01-29 | by ( Victoria Feng | Special To Cnbc | ) www.cnbc.com time to read: +2 min

But he sees the very real financial consequences that influencers and TikTok trends like quiet luxury have, especially on younger consumers. "There was this idea of keeping up with the Joneses," said Daigle, a member of the CNBC Financial Advisor Council. Nearly two-thirds, 62%, of Americans are living paycheck to paycheck, according to LendingClub. For loud budgeting to be effective rather than gimmicky, Daigle suggests that people focus on their financial priorities and practice moderation with their spending changes. To help stay on track, she recommends using a budgeting tool like YNAB, also known as You Need a Budget.

Persons: Thomas Barwick, Steven Sierra, Sophia Bera Daigle, That's, I'm, Daigle Organizations: Digitalvision, Getty, Lukas, CNBC, Gen

☆ Gen Z women spend more on TikTok as app 'drives consumption,' analyst says
▼ + stars: | 2023-12-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Filippobacci | E+ | Getty ImagesGen Z women are driving spending trends on TikTok. "TikTok is a Gen Z women-centric app and it is setting the tone and the narrative for what is 'hot' online," said Ellyn Briggs, a brands analyst at Morning Consult. A larger share of Gen Z women, 75%, use TikTok compared to their male counterparts, 62%, a separate Morning Consult report found. Sophia Bera Daigle certified financial plannerSocial media platforms like TikTok take the concept to a different level, especially for Gen Z. Two money guardrails for 20-something womenExperts say it's important for young women in their 20s to remember the following two things when it comes to observing their contemporaries exhibiting expensive lifestyles: 1.

Persons: Ellyn Briggs, Briggs, TikTok, Z's, Shaun Williams, boomers, Williams, Sophia Bera Daigle, FOMO, Gen Zers, LendingTree, Daigle, guardrails, it's, They're Organizations: Morning, Paragon Capital Management, CNBC, Gen, CNBC FA Locations: Denver, Austin , Texas

☆ 83% of Gen Z say they're job hoppers. Here's how to handle old workplace retirement funds
▼ + stars: | 2023-09-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Office communication is becoming far more casual, and Gen Z is leading the shift, new research has found. Job hoppers earned increasingly more than job stayers during the Covid-19 pandemic, but gains have languished. Wages for "job switchers" were 5.6%, as wages for "job stayers" slid 5.2%, according to Atlanta Fed data. However, job hopping won't necessarily make work difficulties disappear. As your funds keep growing for your retirement, keeping tabs on your old workplace accounts after you switch jobs can help ensure you aren't losing track of those accounts over time.

Persons: Sophia Bera Daigle, Bera Daigle, Daigle, haven't Organizations: Workers, Atlanta Fed, CNBC FA Locations: Austin , Texas

They don't split their $1,900 monthly rent 50-50 but instead according to their income levels, since it is their biggest expense. Talk about money like you do the dishesJust as cleaning the kitchen and vacuuming need to be done on a regular basis, so do certain financial tasks, Whitman said. "Include financial management as one of the chores when making a list of who does what," Whitman said. Whitman also suggests regular chats about your financial goals, big and small. Couples might have "money dates" once a month to discuss their financial anxieties and aspirations, said Daigle, a member of the CNBC FA Council.

Persons: Wynne Whitman, Whitman, Hailey Pinto, Pinto, Sophia Bera Daigle, Daigle Organizations: Pew Research, Gen, CNBC FA Locations: Connecticut, Charlotte , North Carolina, Denver, Austin , Texas

☆ Many young unmarried couples don’t split costs equally. Experts weigh in on what's 'fair'
▼ + stars: | 2023-08-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

Millennial couples are more likely to live together, with 65%, versus 37% of Gen Z couples. More than half of couples, 54%, said finances were part of their decision to move in together. Half of couples don't split the mortgage or rent equally, and 39% do not split pet costs equally, the survey found. Experts say the survey results underscore that when it comes to sharing expenses, equal isn't always equitable, or fair. "I think it's almost not fair to split finances 50-50 without taking into account your partner's financial situation," said Daigle, who is also a member of the CNBC Financial Advisor Council.

Persons: Gen Z, Michael Kraus, Cathy Curtis, Curtis, Sophia Bera Daigle, Daigle, Carli Blau, Blau, Kraus, Couples Organizations: Istock, Getty, of Psychology, Finance, Yale University, Curtis Financial, CNBC, Society Locations: U.S, Oakland , California, Austin , Texas, New York

☆ Majority of parents spend 20% or more of household income on child care, report finds
▼ + stars: | 2023-08-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Jenny Goff, right, reaches out to a child at Central Park Child Care Center in Vancouver, Washington. Ariane Kunze | The Columbian via APWhy child care costs are so highRising fees at child care centers are contributing to the growing costs of child care, as well as inflation and changes in parents' work status, according to Care.com. Many day care centers shuttered during the pandemic, leaving the few that stayed open with limited slots available. The new child fee is usually used to fund teachers' education, books and materials for the classes, she added. Financial advisors say there are several other ways parents can plan ahead to help cover child care costs.

Persons: Jenny Goff, Ariane Kunze, Sophia Bera Daigle, Daigle, Carolyn McClanahan, McClanahan, Care.com Organizations: Central, Child Care Center, AP, CNBC FA Council, Planning Partners, CNBC FA Locations: Vancouver , Washington, Jacksonville , Florida

☆ These home improvement projects pay off most — major kitchen and bath remodelings don't make the cut
▼ + stars: | 2023-05-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowMost homeowners are planning to remodel at some point down the road, but not everyone will get their money's worth in improved home value. Of all home improvement projects, the most popular are sparkling bathroom overhauls, according to newly released data from the Contractor Growth Network, followed by big-ticket kitchen and basement renovations. The projects offering the greatest returns in resale value are not new kitchens and baths, but rather projects related to a home's curb appeal. A minor kitchen remodeling — such as painting and updating the backsplash — did provide high returns, but major kitchen and bathroom renovations did not, the Zonda survey found. The average homeowner shelled out $3,890 on renovations and remodeling in the past year alone, the report found.

Persons: Todd Tomalak, Tomalak, They'll, Sophia Bera Daigle Organizations: Finance, Zonda Media, HGTV, CNBC, Homeowners, Federal Reserve, Real, Gen Locations: Austin , Texas

☆ Financial experts share their greatest money regrets — all have one thing in common
▼ + stars: | 2023-04-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Here, CNBC Financial Advisor Council members share their greatest money mishaps, and what they do differently now. "For my first five years in financial planning, I made the same amount of money." Money mistake: Leasing 'too much' carThianchai Sitthikongsak | Moment | Getty Images"My biggest money mistake was back when I was working at Smith Barney as an early financial advisor," said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. So, Sun, a member of the CNBC Financial Advisor Council, splurged on her dream car. Money mistake: Unloading inherited stock "My wife had inherited shares of Phillip Morris stock from her father," said Lee Baker, a CFP based in Atlanta.

☆ Don't want to return to the office? Here's how to work remotely indefinitely, according to a digital nomad
▼ + stars: | 2023-04-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"The nature of work is shifting for a lot more people," said Sophia Bera Daigle, CEO and founder of Gen Y Planning, a financial planning firm for millennials. watch nowEven before the pandemic, Bera Daigle, a certified financial planner and a member of CNBC's Advisor Council, knew that the daily grind wasn't for her. After working at traditional financial planning firms since 2007, she quit to become a location-independent entrepreneur. Pad your retirement plan. (Although brokerage accounts don't have the same tax benefits as a workplace retirement plan, there are no income or contribution limits or restrictions on when funds can be withdrawn.)

☆ Ready to remodel? Here are the home projects that will get you the best return on your investment
▼ + stars: | 2023-03-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

The average homeowner shelled out $3,890 on renovations and remodeling in the past year alone, the report found. In some cases, they may get that money back when it's time to sell, but not all home renovations deliver the same return on investment. Overall, homeowners are getting just a 60% return on their renovation investments, according to the recently released 2023 Cost vs. Value report from Zonda Media, a housing market research and analytics firm. A minor kitchen remodel — like painting and updating the backsplash — did provide high returns, but major kitchen and bathroom remodels did not, the Zonda survey found. Even though both construction and financing costs are up, this decade could be "the golden age of remodeling," Tomalak said.

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