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☆ DINKs, Couples With No Kids, Are Living the New American Dream
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | Bartie Scott | ) www.businessinsider.com time to read: +12 min

DINKs are proudly emerging as an aspirational class for young people — and they're ready to live it up. So when she set up her dating profile, Johnson included in her bio that she didn't want to have kids of her own. Amy Blackstone, the author of the 2019 book " Childfree by Choice ," said that the financial gap between DINKs and couples with kids wasn't solely because of the choice about children. DINKs, GINKs, " rich aunties ," and DINKWADs — DINKs with a dog — have become aspirational identities for younger generations. There are the DINKs who can seize the American dream and the parents who are struggling to stay afloat in a country without guaranteed paid leave or affordable childcare .

Persons: Elizabeth Johnson, Johnson, DINK, DINKs, they've, there's, Amy Blackstone, it's, Alex Killingsworth, Killingsworth, Marcia Drut, Davis, Drut, Blackstone, she'd, Gen Z, That's, X didn't, Zachary P, Neal, Jennifer Watling Neal, millennials —, I've, Marcia, she's Organizations: of, Johnsons, Minneapolis townhome, Federal, Consumer Finances, Broadway Locations: Florida, Swiss, Hawaii, Oregon, Canada, Alaska, Dominican Republic, of America, Minneapolis, Texas, New York, Michigan, Drut

☆ DINKs in their 50s who are on track to retire early explain what being childfree has meant for their lifestyle and finances
▼ + stars: | 2024-01-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

They didn't necessarily set out to become DINKs, but it's a lifestyle that's worked well. AdvertisementWendy and Steve Thomas didn't necessarily set out to be DINKs, but it's a lifestyle that's worked out for them. Wendy Thomas, 55, and Steve Thomas, 51, are a California-based couple in a growing legion of Americans who are DINKS — households that are double income, with no kids. It's a lifestyle they "fell into," according to Steve Thomas, who works in the golf maintenance industry. AdvertisementAnd the couple isn't out proselytizing the DINK lifestyle, although it can elicit a lot of questions from strangers.

Persons: Wendy, Steve Thomas, that's, —, Steve Thomas didn't, Wendy Thomas, They've, DINK, she's, Steve, they're, Gen, Zers, DINKs, there's, it's Organizations: Service, redwoods, Census Bureau, Federal Reserve's Survey, Consumer Finances Locations: California, Southern California

The business group’s consumer confidence index rose to 114.8 from a revised 108 in December. The present situation Index – a measure of current business and labor market conditions – surged to 161.3 from 147.2 last month. And it comes as the Federal Reserve is meeting in Washington to set interest rate policy, with economists forecasting the central bank will hold interest rates steady. But, he adds, “The Fed’s not going to change” at its first meeting of 2024 that began on Tuesday and do anything other than hold interest rates steady for the fourth meeting in a row. The index often leads other consumer sentiment surveys by two to three months, says Legal Shield CEO Warren Schlichting.

Persons: ”, Dana Peterson, Stephen Rich, Melissa Brown, Jerome Powell, Gene Goldman, Warren Schlichting, Schlichting, it’s Organizations: Conference, Mutual of America Capital Management, Federal Reserve, Investment Management, “, Labor Department, ADP Locations: U.S, Washington

☆ Opinion | What Trump Voters Understand About the Economy
▼ + stars: | 2024-01-15 | by ( Roger Lowenstein | ) www.nytimes.com time to read: +1 min

Why is Donald Trump continuing to poll so strongly with voters? As unpalatable as a second Trump term would be, many pundits who tackle this question have ignored a striking fact: The typical household’s living standard improved during the three Trump years before the pandemic. The old saw that Mussolini got the trains to run on time should not be understood as an endorsement. But it is one thing to loathe Mr. Trump and hope for his defeat. The leitmotif in such arguments is that blue voters are rational political actors voting on merit while Trump is appealing primarily, if not exclusively, to irrational semi-citizens devoid of even self-interested calculation.

Persons: Donald Trump, Biden, Mussolini, Mr, Trump, ” Organizations: Trump, Survey, Consumer Finances

☆ Boomers Haven't Saved Enough for Retirement; Gen Z Will Have to Pay
▼ + stars: | 2024-01-10 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +11 min

According to Census Bureau data, 44% of boomers are at retirement age and millions more are soon to join them. And since younger boomers are less financially prepared for retirement than their older boomer siblings, the problem is bound to get worse. AdvertisementAs boomers continue to age out of the workforce, it's going to put strain on the healthcare system, government programs, and the economy. Not all boomers are richIt's undeniable that some boomers will enjoy a cushy retirement. The median retirement account for that age group has only $200,000 — meaning that half of 65- to 74-year-olds have even less saved up.

Persons: —, it's, Rita Choula, Stevie Kuenn, Kuenn, Choula, Caregiving, Gen Organizations: Federal, AARP, Institute, Consumer Finances, Social Security, National Council, Medicare, Pew, National Alliance, American Health Care Association, Department of Homeland Security Locations: —, Chicago, Ohio, America

☆ From student loan forgiveness to tech layoffs, 7 of the biggest money stories from 2023
▼ + stars: | 2023-12-30 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Mortgage rates hit 8%When average rates on 30-year fixed-rate mortgages hit 8% in October, those already exhausted with the state of the housing market may have seen their stress hit new levels, too. While they're not rising as quickly as in 2022, prices on everyday items from groceries to gas remained high through 2023.Credit card debt hit $1.08 trillionContrary to a boost in household wealth, consumer credit card debt hit a new high. In November, Americans' cumulative credit card debt crossed the trillion-dollar mark as spending remained strong despite still-elevated prices. The average net worth among U.S. households rose to $1.06 million in 2022, up from $868,000 in 2019, the survey found. Keep in mind that average net worth can be skewed by ultra-wealthy households, which are few in numbers but rich in assets.

Persons: Jerome Powell, Joe Biden's, It's, they're Organizations: Federal Reserve's Division of Research, Statistics, Conference, New York Fed, Fed, U.S . Bureau of Labor Statistics, U.S ., Consumer, Federal Reserve, Tech Locations: U.S

But is there a way to figure out exactly how much you should save each month? Around 20% of your income (after taxes) is a good amount to save each month, according to the 50-30-20 budget and 70-20-10 budget. Over time, you can may find that you can save more each month — going from $20 to $30, and so forth. A person with that income would need to save around $660.50 per month if they are using the 50-30-20 budget rule. The amount each person should save per month will likely depend on their savings goals and current budget, though.

Persons: Patrina Dixon, Dixon, You'll Organizations: Quicken, Fidelity Investments, United States Census Bureau, Consumer Finances Locations: CFEI, U.S

☆ Millennials say they need $525,000 a year to be happy. A Nobel prize winner's research shows they're not wrong.
▼ + stars: | 2023-11-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

For millennials, happiness would come from a $525,000 annual salary. Still, high inflation, interest rates, and student loans damper Americans' financial happiness. Here's what each generation said they need to earn annually, as well as the net worth required, to achieve happiness:Gen Z: $128,000, with a net worth of $487,711Millennials: $525,000, with a net worth of $1,699,571Gen X: $130,000, with a net worth of $1,213,759Boomer: $124,000, with a net worth of $999,945AdvertisementMen said they needed to earn $381,000 annually, while women said $183,000 would make them happy. The latest economic data could make Americans' financial happiness goals more achievable. AdvertisementThe latest Survey of Consumer Finances from the Federal Reserve, however, had a glimmer of hope for millennials when it comes to net worth.

Persons: —, Daniel Kahneman, Matthew Killingsworth, Angus Deaton, millennials Organizations: Service, Penn's Wharton School, Federal, Consumer Finances, Federal Reserve

☆ Now that inflation is slowing, here's when 10 experts think we'll see a recession
▼ + stars: | 2023-11-16 | by ( Jacob Zinkula | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

High interest rates could slow consumer spending and lead to layoffs. Since March 2022, the Federal Reserve has hiked interest rates 10 consecutive times to fight inflation as the country emerged from its pandemic recovery. Here's how experts are feeling about the economy headed into the new year, and whether they think a recession is on the horizon. Some think a recession is likely in 2024Some experts predict high interest rates will take a toll on the economy, making a recession likely sometime next year. AdvertisementOthers think a recession is unlikely in 2024Other experts don't see a recession hitting the US economy in the next year.

Persons: —, Janet Yellen, Jerome Powell, he's, Ken Griffin, we're, Griffin, Arend Kapteyn, Bhanu Baweja, Marc Lasry, Lasry, Rob Arnott, Jeffrey Gundlach, Bill Adams, Raphael Bostic, Brian Moynihan, Goldman Sachs, Jan Hatzius, Goldman, Hatzius Organizations: Service, Federal Reserve, Bloomberg, Citadel, UBS, Capital, National Bureau of Economic Research, CNBC, DoubleLine, Comerica Bank, Atlanta Federal Reserve, UCLA, Bank of America, Reuters Locations: United States, Dallas, Atlanta

☆ Why Great G.D.P. Growth Isn’t Good Enough for Bidenomics - The New York Times
▼ + stars: | 2023-11-16 | by ( Karen Petrou | ) www.nytimes.com time to read: +2 min

Bidenomics’ mortal enemy isn’t Donald Trump — it’s a reliance on aggregate and average numbers that masks the nature of the economy Americans experience. Although the Fed’s most recent Survey of Consumer Finances showed that wealth inequality has dipped a bit because of recent, generous fiscal spending, income inequality is worse than ever. In a nation this unequal, the income generated by a growing G.D.P. may look robust, but 64 percent of households live paycheck to paycheck from time to time, according to a March consumer survey. These families are barely making it through the week, let alone accumulating the wealth essential for financial resilience and, over time, financial security.

Persons: Donald Trump — Organizations: Consumer Finances, White, Harris Locations: United States

☆ Meet the typical HENRY: Urban 32-year-olds with no kids who make a six-figure income and have a college degree
▼ + stars: | 2023-11-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

The typical HENRY — high earner, not rich yet — is 32, lives in a city, and makes six figures. The typical HENRY — or high earner, not rich yet — is an urban 32-year-old without kids, makes a six-figure income, and has lots of student debt. This is according to data on 1,500 clients shared with Insider from Stash Wealth , a financial advisor for HENRYs . Five HENRYs told Insider they're saving upwards of 40% to 70% of their income each year. Given many HENRYs got an undergraduate degree, with some pursuing doctorates, student loans are particularly elevated, as the average HENRY student loan balance comes in at $80,000.

Persons: HENRY, HENRYs, —, HENRY —, Priya Malani, Savannah White, She's, White, Gen, Sherry, Zer, Malani, Sarah Baus, it's, Baus Organizations: Service, HENRYs, Shash, Federal Reserve's Survey, Consumer Finances, Bank of America Institute, Olive, SC Locations: New York City, Los Angeles, Savannah, Charleston

☆ How traders are positioning ahead of earnings this week, including an upside bet on this chip stock
▼ + stars: | 2023-11-13 | by ( Michael Khouw | ) www.cnbc.com time to read: +8 min

Let's review how options traders are positioned ahead of the key results due this week. A put seller is willing to get long the stock at the put strike in the event the stock price declines below that level — essentially they are selling insurance to other investors who are betting on a potential decline. So if you hold the stock, maybe wait until after earnings to sell covered calls, and if you don't, wait until after earnings to sell cash covered puts. We saw decent activity in the November $157.50 calls, however earnings were most likely not the catalyst that prompted the bullish activity. DISCLOSURES: (Long Home Depot, Target, TJX, Walmart, Applied Materials) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY .

Persons: Russell, Tyson, It's, Fisker Organizations: Tyson Foods, TSN, Target, Walmart, Materials, Taiwan Semiconductor, Applied Locations: LCID, 19times

That's the assessment of a new report released on Thursday by the American Academy of Arts and Sciences (AAAS). There is growing concern about a contradiction in the U.S. economy: jobs are plentiful and economic growth is strong, especially compared with other advanced economies, but surveys show many Americans are sour about the outlook. A key part of the report is a new tool developed to measure the well-being of Americans, which combines 11 different measures. Researchers around the world have long sought to find better ways to gauge the well-being of people that look beyond measures such as economic growth or unemployment. Reuters GraphicsOne unique part of the measure is an attempt to quantify the "political voice" of Americans.

Persons: Gaelen Morse, Matthew Slaughter, Nicholas Lemann, there's, Lemann, Jacob Hacker, Timothy Aeppel, Paul Simao Organizations: REUTERS, American Academy of Arts and Sciences, Dartmouth College's Tuck School of Business, Federal Reserve, U.S . Census, Columbia Journalism School, Reuters, Yale University, Thomson Locations: Columbus , Ohio, U.S, America

NEW YORK, Nov 8 (Reuters) - Bank of America (BAC.N) CEO Brian Moynihan said on Wednesday he expects a soft landing in which the U.S. economy avoids a recession even as consumer spending and commercial borrowing slow. "Our research team is the best in the business and they have moved to the soft landing category. They have a slowdown in the economy in the middle of next year," Moynihan said in a wide-ranging interview at the Reuters NEXT conference. For months, Moynihan has cited healthy consumer finances and spending as indications that the U.S. economy could avoid recession. In the so-called soft landing scenario, economic growth slows, but remains positive.

Persons: Brian Moynihan, Moynihan, Lananh Nguyen, Brendan McDermid, Morgan Stanley, James Gorman, Ted Pick, Tatiana Bautzer, Chizu Nomiyama, David Gregorio, Edward Tobin Organizations: Bank of America, Reuters NEXT, Reserve, Federal, Reuters, REUTERS, Bank of, Wall, reuters, Thomson Locations: U.S, New York City , New York

☆ It's a terrible time to be a HENRY
▼ + stars: | 2023-11-07 | by ( Juliana Kaplan | Cork Gaines | ) www.businessinsider.com time to read: +8 min

Their wage and job growth is slower than lower earners, they're piling on debt, and childcare costs are soaring. Workers with earnings in the bottom 10% of wages saw higher wage gains than those in the top 10%. AdvertisementAdvertisementWhile wage gains have stabilized a bit, the bottom half of workers are still notching greater gains than those at the top. Meanwhile, the already rich — those who make over $250,000 — only saw their childcare costs increase by about 4%. As the labor market continues to slow, and childcare costs only rise with the end of pandemic-era subsidies , it might continue to be a bad time to be a HENRY.

Persons: —, there's, Aaron Terrazas, What's, Priya Malani, HENRYs, Goldman Sachs, they're, HENRY Organizations: Service, MIT, University of Massachusetts Amherst, of Economic Research, Bureau of Labor Statistics, Bank of America Institute, Walmart, Consumer Finances, Federal Reserve, Fed

☆ Gen Z is the most financially savvy generation
▼ + stars: | 2023-11-06 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

AdvertisementAdvertisementIn a May survey from the CFA Institute, a global trade association for investment advisors, more than half of Gen Z respondents said they were already investing, and 82% of American Gen Z investors said they began investing before they turned 21. And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet. The estimated $60 billion wipeout caused many Gen Z investors to lose big. AdvertisementAdvertisementWhile Gen Z may not always be drawn to the safest investment choices, it's certainly getting some hands-on learning. In many respects, Gen Z is coming of age at a good time, graduating into a booming job market with strong wage growth.

Persons: Gen, Gen Zers, Gen Xers, Zers, It's, —, they'd, stashing, Gen Z, Erin Lowry, Z, there's Venmo, Lowry, Charlie Pastor, finfluencers, Pastor, Taylor Price, Price, it's, I'm, Eve Upton, Clark Organizations: CFA Institute, Federal Reserve's Survey, Consumer Finances, Transamerica Center, Retirement Studies, PayPal, YouTube, CFA, IRA, Interactive, UK Royal Mint, Barclays Smart Investor Locations: Canada, Chipotle, BlackRock

☆ It's a great time to be a boomer
▼ + stars: | 2023-11-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Millennials' financial well-being plummeted, and they're worried they won't get what they want in life. Their financial well-being score has risen by 4.04 from August 2022 to August 2023, compared to a .93 jump for all US adults. Over the last year, their financial well-being has tumbled by .94 — the biggest decline across all age groups. About 26% of millennials hold educational debt, according to Morning Consult's polling, compared to around 5% of boomers. According to Morning Consult, around 43% of millennials held credit card debt, compared to around 36% of baby boomers.

Persons: Millennials, they're, —, boomers —, millennials, Jaime Toplin, Toplin, they'll, They're Organizations: Boomers, Service, Morning, Federal Reserve's Survey, Consumer Finances

☆ UK household wealth has tanked and it's a sign of what could happen in the US
▼ + stars: | 2023-11-01 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

UK's household wealth dropped due to rising interest rates, with regions like Scotland hit hardest. The US faces a similar risk with many Americans' wealth tied up in home equity and retirement accounts. Decline in UK household wealth since the start of 2022. Scotland, Wales, and the North of England had the biggest drops of 24% to 26% in total household wealth. Similar factors are seen in the USThe factors leading to declining household wealth in the UK cast a long shadow over the US.

Persons: —, Jeremy Grantham, Grantham, Daniel Bustamante, boomers Organizations: Service, Bank of England, Foundation, Federal Reserve's Survey, Consumer Finances, Treasury, Brigade, Bustamante, Co Locations: Scotland, Wales, England, East, North

☆ Premarket stocks: American inequality is rising despite higher wages
▼ + stars: | 2023-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The median (or mid-point) net worth for households has also increased. And while the median net worth has increased significantly, it’s still under $200,000 — far short of the estimated amount Americans should have in retirement savings. Bud Light sales keep sinkingBud Light continues to drag on Anheuser-Busch InBev’s bottom line in the United States, reports my colleague Jordan Valinsky. In the summer, Bud Light lost its long-held top-selling American beer title to rival Modelo. In an effort to jumpstart sales, Bud Light has been rolling out marketing campaigns and partnerships it thinks will placate fans.

Persons: it’s, ”, “ Consumers, ” Dana Peterson, Bud, Bud Light, Jordan Valinsky, Dylan Mulvaney, Elisabeth Buchwald, Biden, ’ Organizations: CNN Business, Bell, New York CNN, Labor Department, Consumer Finances, Governors, Federal Reserve, Conference, Board, “, Conference Board, Wall, Dow, Nasdaq, Bud Light, Anheuser, Busch, InBev, Modelo, Beer Business, NFL, UFC Locations: New York, Black, United States

☆ Meet the typical millionaire: College-educated people in their 50s and 60s who own a home and lots of stocks
▼ + stars: | 2023-10-31 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Median net worth for the 80th-90th income percentile saw net worth gains of 69% from 2019 to 2022. AdvertisementAdvertisementIt's not just the top 1% that's getting richer — over 16 million American families now have a net worth over $1 million. The analysis further noted how nearly eight million families have wealth over $2 million, compared to 4.7 million in 2019. Meanwhile, the average net worth rose to over $1 million, though this is skewed by extremely wealthy Americans. Upwards of 40% of millionaire families aged 55 or above are headed by a college graduate.

Persons: — Organizations: Service, Wall, Federal Reserve's Survey, Consumer, WSJ, Fed, Commerce Department

☆ Here's Americans' net worth at every age—for people under 35, it's up 142%
▼ + stars: | 2023-10-28 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Americans under 35 increased their median net worth by a whopping 142% between 2019 and 2022 — from $16,100 to $39,000 — according to the Federal Reserve's October 2023 Survey of Consumer Finances. The report defines net worth as the difference between a person's assets and liabilities. To that point, many young people don't have assets that would push up their net worth. On the other hand, Americans between the ages of 65 and 74 have the highest median net worth out of all age cohorts, increasing their net worth from a median of $308,800 to $409,900 over the same time period. Here's Americans' median net worth, broken down by age.

Persons: they've Organizations: Federal, Consumer Finances

☆ Black entrepreneurs, business leaders say conservative legal challenges could hinder progress
▼ + stars: | 2023-10-28 | by ( Nicquel Terry Ellis Cnn | ) edition.cnn.com time to read: +8 min

Trigg-Jones said she applied for funding from grant groups, venture capital funds and investors, but most of them denied her. Late last month, a federal appeals court granted the Alliance’s motion to temporarily block the Fearless Fund from awarding grants exclusively to Black women entrepreneurs. Black business leaders told CNN the lawsuits, if successful, could stand to undo decades of progress toward leveling the playing field for Black and brown people in the workplace and small business sector. According to a 2019 report from American Express, Black women are the fastest growing demographic of entrepreneurs in the country. Black business owners are turned down for loans at a rate three times higher than White business owners, according to a 2020 analysis of small businesses by Goldman Sachs.

Persons: Cathleen Trigg, Jones, –, you’re, ” Trigg, Edward Blum, Blum, Fearless, ” Blum, “, Goldman Sachs, Arian Simone, ”, AAER “, Rashae Barnes, Barnes, ” Barnes, Kaycea Campbell, ” Campbell, Lenwood Long, —, Long, CNN’s Jaide Timm, Garcia, Isabel Rosales, Tami Luhby Organizations: CNN, Trigg, American Alliance for Equal Rights, Civil, American Express, “, Evals Equity, Pierce College Los Angeles, Federal, Consumer Finances, African American Alliance of Community Development Financial, Black Locations: New York, PitchBook, White

You may think the term "net worth" only applies to celebrities and CEOs, but it's something we all have — and we all should know it. Here's a breakdown of both median and average American net worth by age, according to the Federal Reserve's Survey of Consumer Finances published in October 2023. Knowing your net worth can help you assess whether your next financial move is a good one. Empower (formerly Personal Capital) and Mint are two platforms that make tracking your net worth easy. Empower has its own net worth calculator and Mint has a net worth-specific dashboard that calls out your progress each month.

Organizations: Federal Reserve's Survey, Consumer, Federal Reserve Survey, Consumer Finances, Google, Android, CNBC, CNBC Select's, Facebook, Twitter Locations: U.S

☆ There's never been a better time to be a DINK
▼ + stars: | 2023-10-22 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

One variant of the DINK is the DINKWAD , double income couples without kids — but with a dog. AdvertisementAdvertisement"Some of those savings might ripple into an accumulation and increase in net worth," Heggeness said. What's more, the cost of raising one child to their high school years is estimated to be $310,605 — the bulk of a median DINK's net worth. For instance, single Americans with children have seen their net worth more than double over the last decade, and their net worth is outpacing younger, childless singles. Now, that rise in net worth might be due to the changing dynamics of how single parents are arriving at their destination.

Persons: DINK, —, childlessness, they're, Misty Heggeness, Nobody, weren't, Heggeness, JP Morgan, Nicole Valdez, it's, Jasmen Rogers Organizations: Service, Federal Reserve's Survey, Consumer Finances, University of Kansas, Survey

☆ Net worth surged 37% in pandemic era for the typical family, Fed finds — the most on record
▼ + stars: | 2023-10-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Net worth surged for the typical family during the pandemic era, largely on the back on higher home and stock prices and government stimulus measures, the Federal Reserve reported Wednesday in its triennial Survey of Consumer Finances. Net worth is a measure of household assets after accounting for liabilities. After accounting for inflation, median net worth jumped to $192,900, a 37% increase from 2019-22, the Fed found. It was also more than double the next-largest increase on record: Between 2004 and 2007, right before the Great Recession, real median net worth rose 18%. Increases in net worth were "near universal across different types of families," the Fed said.

Persons: Gen Z, Mark Zandi, Zandi Organizations: Federal Reserve, Consumer Finances, Fed, Finance, Workers, Moody's

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