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☆ This 'super easy' move earned a couple over $700 to put toward a dream vacation
▼ + stars: | 2024-04-27 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Rob Scores and his wife, Julianne, had long had Puerto Rico on their dream vacation list. Here's how they were able to make their dream vacation a reality. When the friend wanted to move out, Julianne decided she didn't want to be a long-distance landlord and selling the home would be the best move. The couple decided to try to sell the jewelry — some necklaces and earrings — Julianne has had since she was a teen, Scores says. To their surprise, the jewelry scored the couple $729 they could put toward their Puerto Rico trip.

Persons: Rob Scores, Julianne, it's, — Julianne Organizations: CNBC, Google Locations: Puerto Rico, Austin , Texas, New York, Austin

☆ FAFSA delays could have some students thinking about a gap year—3 factors to consider before you do
▼ + stars: | 2024-04-26 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Many students take what's known as a gap year before attending college for a variety of reasons. While the practice is more common in the United Kingdom and other European countries, gap year interest is growing in the U.S., according to the nonprofit Gap Year Association. Others may take stock of their admission offerings and financial aid packages and decide they want to try their luck in the next application cycle. As many students and families anxiously await delayed financial aid offers due to hiccups in the Free Application for Federal Student Aid process, taking a gap year could help give some students more time to weigh their college decision. You also may be banned from applying to other colleges if your place is being held at one school.

Persons: Karen McCarthy, you've Organizations: Federal, National Association of Student Financial, CNBC Locations: United Kingdom, U.S

☆ The income everyday Americans earn in every U.S. state—see how your salary measures up
▼ + stars: | 2024-04-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

The Northeast and Western regions tend to have higher-earning populations compared with the South and some states in the Midwest. Massachusetts tops the rankings with the highest median wage of $60,690 for individual workers, while Mississippi has the lowest median wage in the country at $37,500. In Wyoming, workers have the 26th highest median wage, but the 18th lowest cost of living. Florida, similarly, has the 14th lowest median wage, but is only the 29th cheapest state to live in, according to MERIC. Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories.

Organizations: Bureau of Labor Statistics, Rhode, Missouri Economic Research, Information Center, for Community, Economic Research, CNBC Locations: Midwest . Massachusetts, Mississippi, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, Hampshire, Jersey, Mexico, York, Carolina, Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming, . Massachusetts, U.S

☆ Student loan borrowers could have up to $20,000 in interest forgiven as early as this fall—here's who qualifies
▼ + stars: | 2024-04-12 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Many student loan borrowers make payments on their loans for years without ever really putting a dent in them, due to interest that has accumulated and continues to grow. In response, President Joe Biden is taking steps to help student loan borrowers curb what his administration calls "runaway interest." As early as this fall, federal student loan borrowers could see excessive interest charges wiped off their debt, according to the Department of Education. The move is part of a broader student debt forgiveness plan that will soon be open for public comment before going into effect. Here's who may be eligible for forgiveness soon.

Persons: Joe Biden, Biden, James Kvaal, Kvaal, Here's Organizations: Department of Education, CNBC

☆ This is 'the first step to building wealth,' says financial planner—and you can start today
▼ + stars: | 2024-04-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Here are three of those habits you can start right away that can put you on a path toward building wealth. You don't need to track every single dollar you spend or make major cuts to your discretionary spending to get started. Nevertheless, to make your money work for you, you need a basic understanding of what you're spending it on. "Start small [by] tracking just a few key areas: food, entertainment, gas, and clothes." To prepare for unexpected expenses big and small, start setting aside emergency savings.

Persons: Chelsea Ransom, Cooper, Billy Hatton, Nathan Mueller, —, Will Kellar Organizations: Zenith Wealth Partners, CNBC, Human Investing Locations: New Jersey, Los Angeles, Colorado

☆ Set yourself up to build wealth, save more and get out of debt in 3 simple steps: 'Starting is critical'
▼ + stars: | 2024-04-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Once you get acquainted with financial terms and skills, though, it can still feel daunting to begin your journey toward financial wellness. Aliche went through her own "financial shenanigans" before she charted her own path to financial wellness and wrote a book about it to help others. Whether you need to pay down a mountain of debt or just don't know where to start building wealth, here are the first three steps to take to begin your financial wellness journey, according to Aliche. Recognizing that you're not alone can help you feel more empowered to try and take the next steps in your journey. "Identify what you are actually struggling with so you can ask for specific help," Aliche says.

Persons: Tiffany Aliche, Aliche, doesn't Organizations: Global Citizen NOW Summit, CNBC Locations: Aliche

☆ 25 million student loan borrowers could see their balances shrink under Biden’s new forgiveness plan
▼ + stars: | 2024-04-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

President Joe Biden and his administration are moving forward with plans to provide student debt relief to as many people as possible. The administration announced Monday the details of its new plan to reduce student debt balances for millions of borrowers. "[The] plan is focused on the reasons that people are struggling with their student loan debt," James Kvaal, Under Secretary of Education, told CNBC Make It. As with Biden's previous student debt forgiveness proposals, it's possible this plan will come under legal scrutiny if challenged by opponents. Here's the relief borrowers may expect to see in the coming months.

Persons: Joe Biden, James Kvaal, Kvaal Organizations: Education, CNBC, Higher

☆ 10 U.S. states where Americans earn the lowest incomes—only 2 aren't in the South
▼ + stars: | 2024-04-06 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Throughout the U.S., workers earn a median annual wage of about $48,080, according to the latest available data from the Bureau of Labor Statistics. But in the three states where workers earn the least, the median annual wage sits below $40,000 a year. Check out the map below to see the median wage in every U.S. state. Mississippi has the lowest-earning population in the U.S. with a median annual wage of just $37,500, according to the BLS. These are the 10 states with the lowest median annual wages.

Persons: Louis, Louis Fed Organizations: Bureau of Labor Statistics, BLS, Louis Fed, Mississippi, CNBC Locations: . Mississippi, U.S, Mississippi, Massachusetts

☆ FAFSA is still having major issues and delaying financial aid decisions—how students and families can cope
▼ + stars: | 2024-04-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Numerous hiccups in the rollout of the updated Free Application for Federal Student Aid have upended this year's financial aid award season. By now, most of the problems with submitting the form have been resolved, but getting the FAFSA information from the ED's Federal Student Aid office to colleges has introduced another slew of issues. "Continually taking two steps forward and one giant step back is not a sustainable pathway toward getting financial aid offers out to students and families." Outside of those erroneous forms being reprocessed, FSA said as of April, schools should start receiving students' financial information within one to three business days of the student submitting their FAFSA. Still, some students may feel the pressure to commit to a school before they've seen all the financial aid offers available to them or skip the FAFSA — and potentially college — process altogether.

Persons: Justin Draeger, they've Organizations: Federal, Education, National College, Aid, Internal Revenue Service, IRS, National Association of Student Financial

☆ Millennial couple makes $850,000 a year and still worries about money
▼ + stars: | 2024-04-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Their money concerns are misplaced"This couple is going to be extraordinarily wealthy over the course of their life," Sethi said in the newsletter. That amounts to "an abysmal and pitiful 4%" of their monthly take-home pay, Sethi wrote. "This couple lacks the creativity on how to spend money meaningfully," he wrote. With this couple, it has dramatically led them astray," Sethi wrote. "In my opinion, this is a pointless pursuit of wealth without building the skill of spending money meaningfully," he wrote.

Persons: Sethi, Rich, they're, that's, They're, It's, you'll, you've, I'm, We've, Ramit Sethi Locations: India

☆ 10 U.S. states where everyday Americans earn the most money—No. 1 isn't New York or California
▼ + stars: | 2024-04-04 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

If you had to guess where America's highest earners live, you might imagine the booming metropolis of New York City or the tech-heavy cities that make up Silicon Valley. Workers in the District of Columbia have a higher annual median wage at $84,450, but Massachusetts is the highest-earning state. A number of reasons help workers in Massachusetts earn higher salaries. Top colleges like Harvard University and Massachusetts Institute of Technology, which historically churn out high earners, may also drive Massachusetts' median wages up. Check out the map below to see the median wage in every U.S. state.

Organizations: Bureau of Labor Statistics . Workers, District of Columbia, Harvard University and Massachusetts Institute of Technology Locations: New York City, Massachusetts, District

☆ People feel financially worse off than their parents—but say their kids will be better off
▼ + stars: | 2024-04-03 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +6 min

It makes sense then that just 36.5% of adults say they feel they're better off financially than their parents, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. A greater share — 42.8% — say they're worse off than their parents, while the remaining 20.7% say they're faring about the same. Here are three ways younger generations are financially worse off than their older counterparts. More equality Younger generations have navigated adulthood with more freedoms than a lot of their parents may have had. Gender and racial pay gaps, along with other barriers to wealth-building, certainly still affect Gen X and millennials.

Persons: they're, Gen, Xers, Clever, Gen X, Tara Unverzagt, I'm, millennials, Louis Fed, Unverzagt Organizations: Financial Security, SurveyMonkey, Education Data Initiative, CNBC, Pew Research Locations: U.S

☆ Why they don't teach you how to do your taxes in school—and how to actually get started
▼ + stars: | 2024-04-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Personal finance education itself is catching on, but is still pretty sparse in American schools. Just 25 states guarantee a standalone personal finance course for students before graduation, according to Next Gen Personal Finance . And there are a number of reasons taxes may not be a part of the curriculum in those programs. "Because people don't have the background in tax law, some people don't know what ordinary income is," Donnellan says. Common credits include the Child Tax Credit for parents and guardians of qualifying dependents and the Earned Income Tax Credit for low to moderate-income earners.

Persons: Abby Donnellan, Donnellan, You'll Organizations: Finance, CNBC, Revenue, IRS, Child

Soon after leaving his job, Gallo took an acting class in New York City — which wasn't too far from his home in New Jersey — and fell in love with the craft. He decided he wanted to be an actor and moved to the Big Apple to chase his dreams. His car insurance is also fairly cheap because he's on his parents' plan and reimburses them for the cost. His only other insurance cost is renters insurance for his apartment, since he receives free health insurance through the state. "I am happier now than when I was working for the insurance company," he says.

Persons: Max Gallo, didn't, Gallo, Mickey Todiwala, he's, He's, it's, Sylvester Stallone, Stallone, —, hasn't, steadier Organizations: CNBC, New Jersey —, Apple, Screen, American Federation of Television, Radio Artists, SAG, BMW, Citi, Facebook, Netflix, LinkedIn, Spotify, Hulu, Adobe, Citi Bikes, Insurance, Honda, BMW Roadster, New York City Marathon Locations: New York, New Jersey, Brooklyn

☆ 68% of Americans feel stressed about cost when planning a date—here's who they think should pay
▼ + stars: | 2024-03-23 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Nearly everyone, regardless of gender, who's dating is stressed about the associated costs. Although the majority of people are stressed about the cost of dating, they differ on how they think about who should pick up that first tab. Overall, 44% of people think the person who earns more should pay for the first date, Self found. The remaining fifth of respondents said whoever organized the date should be responsible for the bill. Though it was the least-popular response overall, etiquette expert Diane Gottsman says deferring to the person who organized the date may be the most reasonable approach.

Persons: Diane Gottsman, Gottsman Organizations: Self, Protocol, of Texas, CNBC Locations: U.S

☆ FTC to send $4.1 million to over 27,000 borrowers defrauded by student loan forgiveness scams
▼ + stars: | 2024-03-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

The Federal Trade Commission announced on Wednesday it is refunding $4.1 million to 27,584 consumers who fell victim to student debt forgiveness scams. Fraudsters "tricked students into paying hundreds to thousands of dollars in illegal upfront fees and pretended to lower consumers' monthly student loan payments," the FTC said in a press release. Additionally, the operators claimed to take over the servicing of consumers' loans and thus, often pocketed consumers' monthly payments, the agency said. Scammers lure student loan borrowers by offering ways to lower their monthly payments or even eliminate their balances. Use these tips to avoid losing money to a student loan scammer.

Persons: Fraudsters, it's, scammer Organizations: Federal Trade Commission, Mission Hills Federal, Federal Direct Group, Data Initiative, FTC, Department of Justice

☆ 'Nobody knows the actual cost' of these 4 things, says self-made millionaire: 'People pick some arbitrary number'
▼ + stars: | 2024-03-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Many of us give ourselves a certain budget when we're planning to spend on something major, such as a vacation or a wedding. But often, despite our planning and best interests, we wind up going over that number. Author and self-made millionaire Ramit Sethi sees this over and over with guests he's spoken to on his "I Will Teach You to be Rich" podcast. "People pick some arbitrary number," Sethi said of people's budgets for weddings and other similarly large purchases. Here's why this money mistake is so common, and how Sethi recommends approaching major purchases.

Persons: Ramit Sethi, Rich, Sethi, it's

☆ 'Financially speaking, you are wealthy,' self-made millionaire tells couple—they still may not meet their retirement goal
▼ + stars: | 2024-03-13 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Brad, 55, and Angie, 56, joke that you might mistake their home for a millionaire's if they lived in a more expensive city. In reality, the couple are empty-nesters living in Wisconsin, where they earn a joint income of around $245,000 a year. The amount they earn should go further in Wisconsin than areas with higher costs of living. In fact, they owe about $430,000 between their mortgage, student loans and other debts. But that probably won't be possible, unless their spending habits and debt balances change dramatically, Sethi said.

Persons: Brad, Angie, Ramit Sethi, Rich, Sethi Organizations: Auto Locations: Wisconsin

☆ The average tax refund is over $1,700—how Americans plan to spend it
▼ + stars: | 2024-03-06 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The 2024 tax season is in full swing, with some Americans already seeing refund checks hit their mailboxes or bank accounts directly. And about 20% of taxpayers plan to use the cash for fun expenses like vacations, home improvements and retail splurges. There's some debate around whether it's actually a good thing to receive a tax refund versus adjusting your withholdings and receiving larger paychecks throughout the year. Similarly, if you do receive a tax refund, it's up to you to decide the best way to use it, from covering day-to-day expenses to saving for a future goal. The best way to use your tax refund

Persons: Bankrate, Gen, it's Organizations: Internal Revenue Service

☆ I live in Manhattan and my rent keeps going up—how I negotiated a deal with my landlord that saved me $600
▼ + stars: | 2024-03-05 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

This year, I had the confidence to counteroffer when I received my lease renewal, which stated a roughly $52 monthly rent increase. I live in New York City's Manhattan borough, which is one of the most expensive areas in the U.S. to rent an apartment. The first call to my management company in early December almost deterred me. Finally, I sent an email to a general inbox with my management company asking to go straight to the source: my landlord. After quickly crunching the numbers, I realized the total cost of my rent increase over the year would be just over $600 for a 1-year lease.

Locations: New York, Manhattan, U.S

☆ Couple earns up to $70,000 a month, still feels stressed about money: 'We're not broke, but it feels like we are'
▼ + stars: | 2024-03-01 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Brad has been the primary breadwinner throughout most of their marriage, but his income varies month to month. Sandra didn't contribute much income-wise to the couple's finances until a little over a year ago, she told Sethi. Brad feels like he does all he can to achieve their goals, but will never meet the high standard she sets, he told Sethi. "Most people genuinely believe that this process of tracking every last cent puts them in control of their money," Sethi said. "The identity you have created for yourself around money might not be fully accurate with reality," Sethi told her.

Persons: Sandra, Brad, Ramit Sethi, Rich, Sandra didn't, Sethi, it's

☆ Biden Administration lists 17 factors that could qualify student loan borrowers for relief due to financial hardship
▼ + stars: | 2024-02-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

President Joe Biden and his administration are continuing their efforts to provide student debt relief to as many borrowers as possible. At this point in the process — which involves a number of discussions with various stakeholders including borrowers, advocacy groups, lawmakers and more — the rulemaking committee has identified five groups of borrowers who should be considered for debt relief. It struggled to come to an agreement on how to define hardship that would render a borrower eligible for relief. As a result, the administration extended negotiation talks and added sessions in February to address the question of hardship. You may notice there aren't explicit thresholds listed for things like "household income" or when considering debt to income ratios.

Persons: Joe Biden, haven't, Pell Grant Organizations: Higher, Federal, Federal Student, Department of Education, CNBC

☆ This New York medical school will no longer charge tuition—here are 3 other med schools where future doctors study for free
▼ + stars: | 2024-02-28 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Albert Einstein College of Medicine on Monday announced it received a historic billion-dollar donation to make tuition free. While becoming a doctor has historically been a lucrative career path, many students come out of med school under a mountain of student debt. Nearly 3 in 4 med school graduates have education-related debt when they graduate, according to Bankrate. Public med school graduates leave with an average of $194,558 in debt, while those who attend private schools graduate with an average of $222,899 in loans. "Additionally, it will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive."

Persons: Einstein, Yaron Tomer, Albert Einstein Organizations: Albert Einstein College of Medicine, Monday Locations: New York, Bronx

☆ 'Your loans will be forgiven': Over 150,000 student loan borrowers may soon get an important email
▼ + stars: | 2024-02-21 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

President Joe Biden and his administration are clearing $1.2 billion in student debt balances for 153,000 borrowers. The SAVE plan rolled out in summer 2023, with the administration touting it as the "most affordable" repayment plan available to borrowers. "Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration's SAVE Plan," the emails read. Next week, the Department of Education will begin contacting borrowers whose loans are eligible for forgiveness, but who have not enrolled in the SAVE plan yet. That means anyone who took out $21,000 or less in undergraduate loans can have their debt forgiven on a shorter timeline than the standard 20-year term.

Persons: Joe Biden, Biden, I've, they've Organizations: Department, Education

☆ Americans making student loan payments have up to 36% less saved for retirement
▼ + stars: | 2024-02-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

The study examined the retirement savings habits of more than 50,000 participants between 2017 and 2019 to see how student loan payments affected their contributions. While a higher salary does correlate with higher 401(k) balances and contribution rates overall, it doesn't close the gap between those making student loan payments and those who aren't making such payments. For employees earning less than $55,000 a year, those without student loan payments had balances about 4.5% higher on average than those with student loan payments, regardless of tenure. Lower earners were also less likely to reduce their contributions when they started making student loan payments. "[It's] less disposable income that [borrowers] have, so it's likely a fear reaction," Sam Silberstein, a certified financial planner and certified student loan professional with Student Loan Planner, tells CNBC Make It.

Persons: aren't, Sam Silberstein Organizations: Research Institute, CNBC

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