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In my advice column, For Love & Money, I get a lot of big questions about paying for weddings. The key to all my advice is that a wedding is about exactly two people — and that's OK.Do you have your own questions about money and relationships? It seemed that what hurt the aunt most was that this niece later married the guy anyway, without a big wedding, inviting the aunt, or repaying her. I encouraged the bride to lean into the universally acknowledged truth that a person's wedding day is their own. Looking for advice on how your savings, debt, or another financial challenge is affecting your relationships?
Persons: , Big, she'd, doesn't Organizations: Service Locations: United States
As a single person, you'll need an annual income of $40,000 to cover basic expenses in the cheapest U.S. states, according to a recent SmartAsset analysis. The state with the lowest costs of living is West Virginia, closely followed by Arkansas and Oklahoma, the analysis says. In contrast, the most expensive state for a single person is Massachusetts, where a single person needs $58,009 per year to cover basic costs. The difference in basic costs between states is largely due to housing, which tends to be most affordable in rural states. MIT's Living Wage calculator is based on data from various federal agencies, adjusted for inflation as of December 2023.
Organizations: MIT, Bureau of Labor Statistics, CNBC Locations: West Virginia, Arkansas, Oklahoma, West, U.S, Dakota, Kentucky, Ohio, Louisiana, Mississippi, Iowa, Mexico, Nebraska, Alabama, Missouri, Wisconsin, Massachusetts, New York, California
This week, a reader who realized marriage is a dealbreaker doesn't want to actually break the deal. AdvertisementDear For Love & Money,My boyfriend of nine years says he doesn't believe in marriage because his parents had an ugly divorce. But now we're nearly a decade in, talking about having kids, and I realize that getting married is a dealbreaker for me. AdvertisementThere are obviously tax advantages to getting married and financial disadvantages to having kids with someone who isn't your spouse. After all, if your authentic self wants to get married and his authentic self doesn't, what other options do you have?
Persons: , They're, there's, you've, doesn't Organizations: Service
Half of the 10 most expensive places to buy a home in the U.S. in 2024 are in California, according to a recent study by SmartAsset. The study, which analyzed Zillow's housing data of the 100 largest metro areas in 2019, 2023 and 2024 found that median home sale prices have increased this year in all of the most expensive metro areas. While the Golden State is home to some of the country's wealthiest zip codes, it is also currently experiencing a housing shortage. What's happening in California is a snapshot of a larger national trend, with home prices now 47% higher than they were at the beginning of 2020. Here are the top 10 most expensive places to buy a home in the United States.
Organizations: National Association of Realtors, Golden State Locations: U.S, California, San Jose, Silicon Valley, Golden, United States
My dad taught me to live within my means and never to carry credit card debt. Below, you'll find a few things my father taught me about money ... and one thing I wish he had. Pay off credit cards at the end of the monthWhile Dad made his opinions clear on debt, he was okay with credit cards. Dad taught me to be generous but wise in my giving. What my dad missedMy dad did a lot of things right in teaching me about finances.
Persons: , Dad, Dave Ramsey, I've, Warren Buffet's, He's, doesn't Organizations: Service, World, IBM, Apple, Microsoft Locations: St, Ignace , Michigan
I started investing a lot of my savings in CDs this year when I saw how high APYs are right now. In order to make sure I'm getting the most out of my CD strategy when average CD rates are high, I decided to chat with two financial advisors to hear their best tips. "CD rates can vary wildly between banks, credit unions, and investment firms, so be sure to shop around whenever you are ready to buy one," he said. "The last thing you want to do is have to pull out your CD money right before it matures because you need to purchase new tires." Consider a CD ladderIn order to really maximize the current high APY offerings from CDs, Kovar suggested considering a CD ladder.
Persons: Taylor Kovar, I've, Kovar, Patrick O'Leary, doesn't
That figure includes estimates for how much a single-person household needs to cover housing, transportation, health care, taxes and other common expenses, as tracked by the MIT Living Wage calculator. At a median of $17,000, housing costs in the 15 most expensive states are nearly double that of the 15 least expensive states. Unsurprisingly, housing costs are higher in states with large cities, like California and New York. Unfortunately, minimum wage won't cover basic expenses in any state, even for states that far exceed the federal minimum hourly wage of $7.25. MIT's Living Wage calculator is based on data from various federal agencies, adjusted for inflation as of December 2023.
Organizations: MIT, Rhode, CNBC Locations: Massachusetts, U.S, West Virginia, Hawaii, California, York, Washington, Colorado, Jersey, Maryland, Oregon, Connecticut, Virginia, Hampshire, Arizona, Georgia, New York, Big
Then, in 2008, the California Supreme Court legalized same-sex marriage, and we were legally married in our home state. Prop 8 passed in November 2008, making same-sex marriage once again illegal in California. In 2015, the U.S. Supreme Court legalized same-sex marriage nationally, and that's when my wife and I started to truly reap the benefits of marriage. Owning property togetherWhen we bought our condo in 2004, we weren't legally married, so we couldn't just let the title company take care of the deed. Freedom from financial fearAfter the decision to legalize same-sex marriage in 2015, I felt like a full citizen for the first time.
Persons: , It's, that's, doesn't Organizations: Service, California Supreme, U.S, Supreme, Social Security Locations: California
Indianapolis has the highest birth rate among major US cities, per SmartAsset analysis. It used US Census data from 2021-2022 to compare birth rates in 37 large cities. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIndianapolis is the US city with the highest birth rate, according to a new analysis by the financial technology company SmartAsset. SmartAsset analyzed the most recently available US Census data for 37 of the largest US cities to determine where birth rates and family sizes are the highest and lowest.
Persons: , SmartAsset Organizations: Indianapolis, Service, Business Locations: Indianapolis
It's a difficult housing market for new homebuyers as prices continue to increase. Home prices across the top 100 US metro areas rose 6% on average in the past year, SmartAsset found. We've listed the 19 cities where home prices have risen the most, with an increase of 10% or more. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementInflation might have come down, but the housing market is one area where prices are still rising, a recent analysis by the financial-education site SmartAsset found.
Persons: SmartAsset, , we've Organizations: Service, Business
It's a difficult housing market for new homebuyers, as prices continuing increasing. We've listed below the 19 cities where home prices have risen the most, increasing 10% or more. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementInflation might have come down, but the housing market is one area where prices are still rising, according to a recent analysis by financial education site SmartAsset. Nineteen of these cities saw price increases of 10% or greater, which we've compiled below.
Persons: SmartAsset, , we've Organizations: Service, Business
A family of four needs to earn at least $106,903 a year to cover their necessities in most U.S. states, a recent SmartAsset study reveals. The findings are based on cost estimates for housing, child care, transportation, health care, taxes and other common expenses, as tracked by the MIT Living Wage calculator. That said, basic expenses for a family of four in all states exceeds what most U.S. households typically earn, which is estimated to be a median of $78,171, according to data consulting firm Motio Research. And about 1 in 5 parents say they've relied on a relative to help out with child care. Here's a look at the minimum amount a family of four would need to cover basic needs, including child care, in each state.
Persons: it's, they've Organizations: MIT, Motio, Census Locations: Massachusetts, Hawaii, Connecticut, York, California, Mississippi, Los Angeles, New York City, U.S
Working couples with no kids need to earn at least $62,766 to cover their basic needs in the U.S. — far less than families who also need to cover additional expenses like child care. In contrast, working couples with one child require a median income of $86,459 to cover their needs. Couples who are dual-income, no kids — otherwise known as DINKs — also tend to have lower costs for expenses aside from child care, particularly food, housing and transportation. These extra savings — roughly 20% for each category — come from having one less mouth to feed, but also because couples tend to live in smaller homes and spend less on transportation than they would otherwise. But of course, having kids is not entirely a financial decision.
Persons: Organizations: MIT Locations: U.S
For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a reader's neighbor expects them to help pay for a garden between their homes. Write to For Love & Money using this Google form. Not to say your neighbors are scheming over their morning coffee for ways to force you to share a garden with them. Write to For Love & Money using this Google form .
Persons: , they're, We've, doesn't Organizations: Service
However, the amount of money you need to make ends meet can vary significantly depending on where you live. That is largely due to housing prices and taxes, which vary the most out of the basic expenses examined. To cover basic expenses, minimum wage workers are often reliant on tips, or are forced to cut costs in other ways. Even in states where the minimum wage is higher than $7.25, it is often still not commensurate with the estimated living wage. Here is a look at the minimum income a single person needs to get by in every U.S. state.
Persons: That's Organizations: MIT Locations: Massachusetts, California, Hawaii, York, Washington, West Virginia
But some markets are still very affordable relative to national median cost levels. A recent SmartAsset analysis reveals 19 cities with median monthly mortgage costs under $1,200. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
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Renting is cheaper than owning in many cities due to high prices and mortgage rates. SmartAsset ranked 343 cities on monthly cost differences between renting and owning a home. In cities like Los Angeles and New York, renters can save thousands per month vs. homeowners. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That means in many places, it's cheaper per month to rent versus own.
Persons: Organizations: Service, Business Locations: Los Angeles and New York
New York City is the No. 10 city where homeowners are paying more than renters, according to a May SmartAsset report. The report assessed the difference in monthly costs between owning a home and renting in 343 cities with a population of over 100,000 people. In the top two cities, Berkeley and California, owning costs are up to $2,000 or more per month compared to renting. Homeowners in these areas often pay twice as much as renters, the report states.
Organizations: New, Survey Locations: U.S, New York City, California, Berkeley
CFP Daniel Masuda Lehrman says the two biggest contributors to poverty are housing and cars. I spoke with certified financial planner Daniel Masuda Lehrman founder of Masuda Lehrman Wealth, a Honolulu, Hawaii-based financial planning firm, on how Asians living in poverty can handle several money challenges at once. That's because housing is usually the biggest expense in your budget, says Masuda Lehrman, who specializes in multigenerational wealth. If you have credit card debt, see what hardship options the card issuer offers. Consider a credit card balance transferCredit card debt is expensive.
Persons: Daniel Masuda Lehrman, Masuda, Masuda Lehrman, there's, , doesn't Organizations: Pacific Islander Heritage, Pew Research Locations: American, America, U.S, Honolulu , Hawaii
SmartAsset identified 12 US cities with the cheapest home prices relative to local incomes. Median home prices in these cities are below $175,000, much lower than the US median. But they're also cheap on a relative basis, with homes costing less than 2.5 years of income. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: SmartAsset, Organizations: Service, Business
For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a reader's husband spent thousands on another woman during an affair. Write to For Love & Money using this Google form. It must feel like your husband spent all this money on this other woman because he liked her better, but he didn't. Write to For Love & Money using this Google form .
Persons: , I've, — Taylor Swift, it's, doesn't Organizations: Service
I've been working with wealthy clients for nearly 15 years, and I've noticed a few common habits. I've been advising wealthy clients for nearly 15 years, and I'm often asked for the secret sauce, or the commonalities I see in my wealthiest financial-planning clients that make them successful. My most successful clients lean on us to help them separate those emotions and make sound financial decisions. My most successful clients value receiving comprehensive financial plans specific to their goals and situations. My most successful clients value receiving comprehensive financial plans specific to their goals and situations.
Persons: I've, , I'm, that's, they've, doesn't Organizations: Service, Everest, Google, Jobs, Relief, Economic Security Locations: Policygenius
US home prices are set to rise by 1.6% over the next 12 months, Zillow forecasts. Factors include population growth, mortgage rates, and cost of construction supplies, and more. AdvertisementHome prices in the US are set to rise by 1.6% on average over the next 12 months, according to Zillow forecasts. In a recent analysis, financial information site SmartAsset compiled Zillow's price growth forecasts for 192 US metropolitan areas over the next year. Below, we've listed 22 cities where Zillow expects to see the largest price growth through the end of March 2025.
Persons: Organizations: Service, Business
Investing can be intimidating, but financial planners recommend index funds to make things easier. Index funds are generally low-cost, but make sure you understand what fees are involved. Instead, experts have a suggestion to reduce the overwhelm for new and experienced investors alike: total stock market index funds, which give you exposure to the stock market more broadly. AdvertisementWhen you're picking your total market index fund, keep in mind that many of the funds are tracking the same indexes. Susan Dziubinski, an investment specialist at investment research firm Morningstar, identified total market funds as one of the five best ways to invest money.
Persons: Bryan Hasling, Hasling, there's, Charles Schwab, Susan Dziubinski, Morningstar, Dziubinski, doesn't Organizations: Apple, Financial, Fidelity Investments, Wall Street Locations: U.S
Retirees are moving to warmer cities in Arizona, Texas, and Tennessee, many for lower living costs. Mesa, Arizona had the highest net movement of retirees, according to a SmartAsset analysis. Cities like New York, Los Angeles, and Chicago saw a significant net loss of retirees in 2022. AdvertisementRetirees are flocking to cities in Arizona, Texas, and Tennessee — and fleeing New York and California. Out of 182 cities SmartAsset analyzed, every city in the top 10 for net movement of Americans aged 60 and older was in the South.
Persons: , Tennessee — Organizations: Service, American, Survey, Business Locations: Arizona , Texas, Tennessee, Mesa , Arizona, New York, Los Angeles, Chicago, California
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