DIRS.INFO The most relevant business & tech news

☆ 3 indicators the job market is seeing what one economist calls an ‘unambiguous cooldown'
▼ + stars: | 2023-05-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The job market is still hot but is clearly slowing from the scorching levels seen during much of the past two years, according to labor experts. Job openings and voluntary worker departures (or, quits) declined in March, while the layoff rate increased, according to data issued Tuesday by the U.S. Bureau of Labor Statistics. "Two words: unambiguous cooldown," Nick Bunker, director of North American economic research at job site Indeed, said of the data in the Job Openings and Labor Turnover Survey. "If you're looking at the current temperature of the labor market, it's still strong, still hot," Bunker said. The Federal Reserve began raising borrowing costs aggressively last year to cool the economy and labor market, aiming to tame stubbornly high inflation.

☆ Mastering this skill is the ‘hardest part’ of personal finance, advisors say
▼ + stars: | 2023-05-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The following is an excerpt from "This week, your wallet," a weekly audio show on Twitter produced by CNBC's Personal Finance team. Being a "master of cash flow" is a key element of household finance — and also one of the most challenging, said certified financial planner Douglas Boneparth. "Balancing these two things [is] arguably the hardest part of all of personal finance," he said. While investing for long-term goals is important due to the power of compounding, "what good is investing if you can't stay invested?" Without discipline around cash flow, an unforeseen life event may arise that causes you to dip into those investments that you'd hoped not to touch for years, he added.

☆ 31% of new crypto buyers influenced by friends. Here’s why that can be 'a horrible idea,' advisor says
▼ + stars: | 2023-04-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"I don't imagine friends are talking about when they lost money," said Lee Baker, a certified financial planner and founder of Apex Financial Services in Atlanta. "The sexy sells," added Baker, a member of CNBC's Advisor Council. On one hand, crypto can be an on-ramp to more traditional investing — which is generally a good outcome, Mottola said. There's some evidence of this happening: 36% of new crypto investors said their purchase made them more interested in investing in the stock market, the study found. However, "the friends recommending [crypto], the sources of information on social media, may not be reliable," Mottola said.

☆ 3 ways to rethink old age and retirement, MIT expert says
▼ + stars: | 2023-04-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Americans are living longer — and it's changing the nature of retirement planning. The classic retirement framework aims for seniors to have enough money to fund their lifestyle in old age. While not incorrect, the framework is "incomplete," Joseph Coughlin, director of the Massachusetts Institute of Technology AgeLab, told CNBC. "Longevity planning" is a better way for society to think about old age — especially since the future is "much grayer than it's ever been before," he said. "Leisure is a story we wrote for retirement when it was short," said Coughlin, author of "The Longevity Economy: Unlocking the World's Fastest-Growing, Most Misunderstood Market."

☆ Are gas-powered or electric vehicles a better deal? EVs may win out in long run, experts say
▼ + stars: | 2023-04-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +10 min

They would pay about $84,000 total, versus $87,000 for the gas car, Woody said. Thirty-five percent of Americans say reducing their personal impact on climate change is a major reason they would buy an electric car — the No. Ingrid Malmgren policy director of Plug In AmericaSince they don't burn fossil fuels, fully electric cars don't emit planet-warming greenhouse gases from their tailpipes. "Electric vehicles are the key technology to decarbonize road transport," the International Energy Agency said. Such a vehicle costs consumers 45.3 cents per mile over a 15-year ownership period, beaten out only by hybrid electric vehicles, according to Argonne.

☆ Here are the top 3 reasons to fire a financial advisor, say experts
▼ + stars: | 2023-04-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The advisor doesn't care about your goalsMost investors who fired their advisor cite poor quality of financial advice and services or poor quality of relationship as primary drivers of their breakup, according to Morningstar. watch nowInstead, issues might arise if an advisor doesn't devote enough time to understanding who their client is as a person or their personal financial needs and goals. 3 most frequently cited motivator for firing an advisor, behind lackluster quality of advice and relationship, Morningstar found. "The way I like to frame it is, look at costs and quality," Hauptman said. Or, they can ask the advisor what their dollar fees are — and it's a red flag if they're hesitant to answer, Hauptman said.

☆ Robo-advisor Betterment settles tax charges with SEC for $9 million
▼ + stars: | 2023-04-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The U.S. Securities and Exchange Commission headquarters in Washington. Robo-advisor firm Betterment agreed on Tuesday to settle charges with the U.S. Securities and Exchange Commission for $9 million over alleged failures related to an automated tax service. The sum will be distributed among roughly 25,000 client accounts, which lost about $4 million in potential tax benefits from 2016 to 2019, the SEC alleged. The median payout for investors will be less than $100, Betterment estimated. Impacted customers will be notified of their compensation later this year when the SEC approves a distribution plan, the company said.

☆ Fewer cars qualify for $7,500 EV tax credit. Here are 2 alternatives
▼ + stars: | 2023-04-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

A $4,000 tax credit for used EVswatch nowThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect this year, is worth $4,000 or 30% of the sale price, whichever is less. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me? A tax break for leased EVsAlternatively, consumers also appear poised to get a tax break worth up to $7,500 for leasing new electric passenger vehicles.

☆ Some travel is 'off the charts' expensive, experts say. Here are 3 ways to cut some costs
▼ + stars: | 2023-04-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

D3sign | Moment | Getty ImagesInternational travel costs have hit record highsThe Eiffel Tower and Seine River at sunrise in Paris. The so-called "revenge travel" dynamic has helped to push up prices, perhaps most acutely for travel abroad. These are record-high prices, Berg said. People should be prepared not just for a busy travel season, but an expensive travel season. Sally French travel expert at NerdWalletThis summer is expected to be the busiest on record for international travel, the U.S. State Department said in March.

Catherine Mcqueen | Moment | Getty ImagesInflation is gradually falling but remains high, meaning consumers' budgets continue to be stressed by fast-rising prices. "The best defense against inflation is being true to knowing your necessities and accepting the fact that [prices have] increased," said Braxton, a member of CNBC's Financial Advisor Council. Inflation is a measure of how quickly the prices consumers pay for goods and services are rising. When inflation is high — and outpacing wage growth — there are two basic financial adjustments for households to make ends meet: increase income or decrease expenses, Braxton said. Hourly earnings fell 0.7% in the past year after accounting for inflation — meaning consumers' dollar is getting stretched a bit further.

☆ Egg prices crashed 11% in March — and more relief may follow
▼ + stars: | 2023-04-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Egg prices fell by almost 11% in March, the U.S. Bureau of Labor Statistics said Wednesday, following a 7% decline in February and delivering relief from record-high prices over the winter. The decrease is largely due to a recovery in egg production and weaker consumer demand, said Brian Moscogiuri, global trade strategist at Eggs Unlimited, an egg supplier. Egg prices rose more than those of almost any other consumer good or service last year, in percentage terms. In a sign of the times, comedian Trevor Noah asked popstar Taylor Swift at the Grammy Awards in February if her fans could help reduce the high price of eggs. That's more than double the price in February 2022, when a dozen eggs cost $2, but is down 61 cents from $4.82 in January 2023, which was a record high.

☆ Here’s the inflation breakdown for March 2023 — in one chart
▼ + stars: | 2023-04-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

But swings in gasoline and other energy mask price pressures that, while easing, remain under the surface, economists said. "It's improving and the economy is cooling, but it's still far from tepid," Diane Swonk, chief economist at KPMG, said of inflation. What drove inflation in March 2023Housing was a "notable" inflation driver in March and over the past year, according to the BLS. The shelter index increased 8.2% in the last year, accounting for over 60% of the total increase in consumer prices after stripping out the volatile energy and food categories. "It signals the food inflation fever has been broken," Zandi said.

☆ That $7,500 electric vehicle tax credit may soon be harder to get. Here are 2 workarounds
▼ + stars: | 2023-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Why the new EVs credit may be harder to claim$4,000 credit for used EVs has fewer conditionsKrisztian Bocsi/Bloomberg via Getty ImagesThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect in 2023, is worth $4,000 or 30% of the sale price, whichever is less. watch nowThe used vehicle credit applies to a broad selection of cars, she said. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, however, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me?

☆ Here's why travel to Europe is no longer a 'screaming, bargain-basement' deal
▼ + stars: | 2023-04-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Not all European countries use the euro — it's the official currency for 20 out of 27 European Union members. By the end of September, Americans could buy one euro with just 96 cents. "Europe for much of last year was a screaming, bargain-basement deal for Americans," said Mark Zandi, chief economist at Moody's Analytics. International trips account for about 56% of search demand among U.S. travelers, up from 46% last year, according to travel app Hopper's Consumer Travel Index published in February. Foreign travel for Americans is still a bargain.

☆ The job market is cooling but remains 'red hot,' economist says. What to expect as a job seeker
▼ + stars: | 2023-04-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The job market continued a gradual cooling in February but largely remains advantageous for workers, according to labor data issued Tuesday. There were about 1.7 job openings per unemployed worker, the lowest ratio since November 2021. Prior to 2021, job openings had never before reached 8 million. "The job market is cooling," said Daniel Zhao, lead economist at Glassdoor, a career site. Indeed, by any measure, the job market is hotter than it was in 2019 — which itself was known as a job seeker's market characterized by factors such as low unemployment and strong wage growth, Zhao said.

☆ U.S. passport delays may be four months long — and could get worse. Here's what to know
▼ + stars: | 2023-04-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The U.S. State Department must also restaff positions that were reassigned or eliminated as passport demand cratered in 2020. U.S. Secretary of State Antony Blinken testifies during a House Appropriations Committee hearing on the State Department 2024 budget on March 23, 2023 in Washington. (A traditional passport — a passport book — costs $130 to renew; there's an additional $35 acceptance fee for first-time applicants.) Importantly, Americans may not be allowed to travel if their passport expires within a few months after their trip. The State Department website has information about passport and visa requirements for specific countries.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

☆ Why you may be subsidizing a co-worker's 401(k) fees
▼ + stars: | 2023-03-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Workers who participate in a company 401(k) plan pay fees for a host of associated services. But based on how your employer structures its retirement plan, you may unknowingly be subsidizing colleagues' 401(k) fees. The dynamic is a function of the investments you choose and how the 401(k) plan pays costs for administrative expenses. The overall cost of those funds may include a "revenue-sharing" fee (also known as a 12b-1 fee, a distribution fee or shareholder services fee, for example). The fund manager collects this fee and then passes it along to the 401(k) plan's administrator.

☆ Investing isn't free. But here's why 20% of investors think it is
▼ + stars: | 2023-03-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Investment fees may be a worthy addition to that list in the modern era — though not all investors are aware of this near-universal fact. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. watch now"And that makes you much less sensitive to the fees you're paying — in amount and whether you're paying fees at all." Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

☆ Here are a financial advisor's 4 most important money tips for parents with young kids
▼ + stars: | 2023-03-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Save for future education costsThere are tax-advantaged ways to save for your child's future education. Among the most popular is the 529 plan, which allows parents to invest money for higher education and other costs. While each state has its own 529 plan, parents can invest in a plan outside of their state. "I think parents should ask, do they want to relinquish ownership of this money when their child is an adult?" There are other avenues for parents to invest for their kids, but they may be more challenging.

☆ The IRS plans to tax some NFTs as collectibles — and the rich would pay up to 28% on profits
▼ + stars: | 2023-03-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Noam Galai | Getty Images Entertainment | Getty ImagesHow the IRS plans to tax NFTsNFT enthusiasm swelled in recent years along with the popularity of cryptocurrencies such as bitcoin . An NFT offering a right to use or develop that virtual plot also generally isn't a collectible, the IRS said. Profit on those sales is taxed at ordinary income tax rates, which apply to wages, for example. (There are seven marginal tax rates, ranging from 10% up to 37%.) These tax rates are generally lower than ordinary income tax rates.

☆ Biden used first veto to save a 401(k) investment rule. Here's what it does
▼ + stars: | 2023-03-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

watch nowFew 401(k) plans — about 5% — offer an ESG fund, according to PSCA survey data. The [Biden] rule doesn't force you to consider ESG. Under the Biden rule, employers must still consider ESG factors within the context of what is in investors' best interests. "The [Biden] rule doesn't force you to consider ESG," Chao said. The Biden administration issued the final text of its investment rule in November, shortly before Republicans assumed control of the House.

☆ What happens during a ‘credit crunch’ — and how you can prepare for one
▼ + stars: | 2023-03-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

But what is a credit crunch and how might you prepare? Loans would be tougher to getDuring a credit crunch, banks significantly tighten their lending standards. Banks may prioritize a healthier balance sheetA credit crunch seems likely given banking woes that have unfurled over the past two weeks. A severe credit crunch isn't a foregone conclusion, though. How to prepare for a credit crunchThere are some steps consumers can take now to prepare for a possible credit crunch.

☆ Why our brains are hard-wired for bank runs like those that toppled SVB, Signature
▼ + stars: | 2023-03-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Rebecca Noble | AFP | Getty ImagesCustomer fear became a self-fulfilling prophecyOur brains are hard-wired for a bank run. Last week, bank customers saw their peers run for the exits; sensing danger, that herd mentality meant they also rushed to withdraw their cash. More from Personal Finance:What small businesses should look for when choosing a bankWhat Signature Bank, Silicon Valley Bank failures mean for consumers and investorsWhat to know about FDIC insuranceWhy the bank run on SVB seemed 'rational' for someThere are firewalls against this kind of behavior. The Federal Deposit Insurance Corporation, or FDIC, backstops bank customers' savings up to $250,000. "If you don't rationally understand the way the market interprets signals, you can make a mistake like Silicon Valley Bank," Shefrin said.

☆ Here's when taking out a 401(k) loan actually 'makes sense,' says advisor
▼ + stars: | 2023-03-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

"I've always been very anti-401(k) loan," duQuesnay said. DuQuesnay, an investment advisor at Ritholtz Wealth Management and member of CNBC's Advisor Council, used a 401(k) loan as a short-term pot of cash for a down payment. watch nowBorrowing against retirement savings served as a bridge loan that duQuesnay plans to pay back after selling her old house. This may be a good strategy for those whose budget can absorb the monthly mortgage and 401(k) loan payments, she said. People should generally try to avoid borrowing from retirement savings if they can avoid it, though, duQuesnay cautioned.

Search resuls for: "Greg Iacurci"

25 mentions found