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☆ Austin experimented with giving people $1,000 a month. They spent the no-strings-attached cash mostly on housing, a study found.
▼ + stars: | 2024-01-28 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A guaranteed basic income program in Austin gave people $1,000 a month for a year. AdvertisementA guaranteed basic income plan in one of Texas's largest cities reduced rates of housing insecurity. Austin was the first city in Texas to launch a tax-payer-funded basic income program when the Austin Guaranteed Income Pilot kicked off in May 2022. On average, program participants spent more than half of the cash they received on housing, the report's authors wrote. Harris County, which includes Houston, earlier this month launched a guaranteed basic income program that gives low-income residents up to $500 a month.

Persons: —, Austin, Taniquewa Brewster, KXAN, it's, Sen, Paul Bettencourt, Bettencourt, Tonaeya Moore Organizations: Service, Austin, Urban Institute, Washington DC, NBC, Houston Chronicle, Baltimore Young Locations: Austin, Texas, City, Washington, Houston, Harris County, United States, Baltimore

☆ Austin experimented with giving people $1,000 a month. They said they spent the no-strings-attached cash mostly on housing.
▼ + stars: | 2024-01-28 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

Read previewPeople who received guaranteed basic income in one of Texas' largest cities reported reduced rates of housing insecurity. Austin was the first city in Texas to launch a taxpayer-funded guaranteed-income program when the Austin Guaranteed Income Pilot kicked off in May 2022. On average, program participants said they spent more than half of the cash they received on housing. While Austin was the first city in Texas to test a guaranteed-income program, it's now not the only one. AdvertisementAnd in Denver, a basic-income program that gives some people up to $1,000 a month was recently extended after participants reported increased housing security .

Persons: —, Austin, Taniquewa Brewster, KXAN, it's, Sen, Paul Bettencourt, Bettencourt, Tonaeya Moore Organizations: Service, Business, Austin, Urban Institute, NBC, Houston Chronicle, Baltimore Young Locations: Texas, City of Austin, Washington, DC, Houston, Harris County, United States, Baltimore, Maryland, Denver

☆ Australia's Labor Government Defends Shift in Personal Tax Policy
▼ + stars: | 2024-01-24 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

The government has reached a "different view" about the already-legislated tax cuts, Treasurer Jim Chalmers said, as the conservative opposition coalition criticised the government for breaking an election pledge of retaining the tax cuts. Chalmers said the tax policy shift would help build trust as it was designed to provide more cost-of-living relief for more people without stoking inflation. Under the new policy, people earning up to A$140,000 ($92,050) will enjoy lower taxes from July 1, Australian media reported. A 37% tax band would be retained for some high earners, with the savings redirected to those on low incomes. That has dented Albanese's ratings since his 2022 election win.

Persons: Renju Jose SYDNEY, Jim Chalmers, Chalmers, Anthony Albanese, Albanese, reneging, James Paterson, Renju Jose, Richard Chang Organizations: Labor, Channel, National Press, Labor Party, Home Affairs, Sky News Locations: Sydney

NEW YORK (AP) — New York City intends to wipe out more than $2 billion in medical debt for up to 500,000 residents, tackling a top cause of personal bankruptcy, Mayor Eric Adams announced Monday. The city is working with RIP Medical Debt, a nonprofit that buys medical debt in bulk from hospitals and debt collectors for pennies on the dollar. He called the debt relief program the largest municipal initiative of its kind in the country, though RIP Medical Debt has worked with other municipalities. Political Cartoons View All 253 ImagesRIP Medical Debt president and CEO Allison Sesso said there will be no application process for the program. Though New York City is facing financial strains, Adams said the $18 million commitment over three years is a great investment for the city.

Persons: Eric Adams, ” Adams, ”, Allison Sesso, Adams, “ They’re Organizations: —, New Locations: — New York, United States, New York City

☆ As Climate Shocks Worsen, U.S. Disaster Agency Tries a New Approach to Aid
▼ + stars: | 2024-01-19 | by ( Christopher Flavelle | More About Christopher Flavelle | ) www.nytimes.com time to read: +1 min

Those changes would especially help renters and people with low incomes, according to Frank Matranga, who runs the agency’s aid programs for disaster survivors. And because people in those groups are more likely to be people of color, the changes should reduce the racial inequity in federal disaster aid, he said. About one million Americans each year receive some sort of direct aid from FEMA, according to the agency. Weather-related disasters pushed more than 3.3 million American adults out of their homes in 2022, census data shows. “We heard that survivors found it confusing and challenging to apply for an S.B.A.

Persons: Frank Matranga, “, ” Ms, Criswell Organizations: FEMA, Small Business Administration

☆ Why the $7,500 electric vehicle tax credit may be easier — and harder — to get in 2024
▼ + stars: | 2023-12-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Praetorianphoto | E+ | Getty ImagesThe $7,500 tax credit for new electric vehicles will be easier for many consumers to claim in 2024, but it may be more difficult for others. These opposing dynamics are due to federal policies taking effect at the same time. Under the new mechanism, consumers would essentially "transfer" their federal tax credit to the car dealer. watch nowFurther, consumers would be eligible for the tax break regardless of their tax burden, which isn't the case now. Why claiming a $7,500 EV tax credit may be tougherThere are some caveats

Persons: Ingrid Malmgren Organizations: Plug

I never thought FIRE was for someone like me, from a low-income background and with a history of debt. I'm saving 30% of my income, diversifying my investments, and tracking my future net worth to work towards financial independence. I'm almost 29 years old and plan to reach the FI part of FIRE by the time I'm 45. What we're doing to reach financial independenceI used the "multiply by 25" rule to estimate how much we'll need in retirement. My goal is to reach a 50% savings rate or higher, but I'm not willing to cut my lifestyle any more than we already have.

Persons: —, I've, it's, I'm, you'll Organizations: Service, FIRE, Vanguard

I didn't learn about investing growing up so I was thrilled to read "The Simple Path to Wealth." Thanks to the book, I'm now on the path towards FIRE — financial independence/retire early. I'm thankful that, in 2017, I was able to read a book called "The Simple Path to Wealth." Here's what "The Simple Path to Wealth" taught me about managing money and building wealth. For me, "The Simple Path to Wealth" has demystified the purpose and process of building wealth in America.

Persons: Collins, I'm, —, JL Collins, I've Organizations: Service, Pew Research, FIRE, Vanguard, Market Index Locations: America

In the months leading up to a pivotal presidential election for Taiwan, candidates have focused on who can best handle the island democracy’s volatile relationship with China, with its worries about the risks of war. But at a recent forum in Taipei, younger voters instead peppered two of the candidates with questions about everyday issues like rent, telecom scams and the voting age. It was a telling distillation of the race, the outcome of which will have far-reaching implications for Taiwan. The island is a potential flashpoint between the United States and China, which claims Taiwan as its territory and has signaled that it could escalate military threats if the Democratic Progressive Party wins. A considerable number expressed disillusionment with Taiwan’s two dominant parties, the governing Democratic Progressive Party and the opposition Nationalist Party.

Organizations: Democratic Progressive Party, Nationalist Party Locations: Taiwan, China, Taipei, United States

☆ It's never been harder to build wealth. Blame high interest rates and the US housing market.
▼ + stars: | 2023-11-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

That's largely because it's become much harder to buy a home, the "big ticket" to wealth for most Americans. Less wealthy Americans have also been slammed by high inflation, high borrowing costs, and meager wage gains. An inaccessible housing market spells trouble for those looking to build up their nest eggs, according to BankRate senior industry analyst Ted Rossman. With ever-more Americans priced out of the housing market, that gap could grow wider. The struggle to build wealth — by way of the housing market or other means — has been reflected in the latest economic data.

Persons: It's, it's, —, Ted Rossman, Rossman, aren't, Fannie Mae, Michael Neal, Neal, Bankrate's Rossman Organizations: Service, Federal Reserve, Business, Federal, National Association of Realtors, Realtor.com, Urban Institute Locations: –

☆ I got a $20,000 grant to build a tiny home on my property. It was expensive to start, but I feel secure in my old age now.
▼ + stars: | 2023-11-25 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Jean Lowell, 75, needed a more accessible house and her daughter needed an affordable one. After getting a grant and refinancing her home, she built a $130,000 backyard tiny home to live in. Her daughter moved into the main home and Lowell is able to age in place on her property in Vermont. The other purpose was to try to provide a place for my husband and I to live at our old age. I feel secure in my old age now in a way that I did not before.

Persons: Jean Lowell, Lowell, —, I'd, didn't, Ray Tan Organizations: Service, Vermont Housing Locations: Vermont, Montpelier , Vermont, Montpelier

☆ Midwestern Cities Will Have Highest Winter Heating Bills, Study Finds
▼ + stars: | 2023-11-24 | by ( Eliza Relman | ) www.businessinsider.com time to read: +2 min

Residents of cities across the Midwest will be hardest hit by home heating costs this winter. A new study ranked US cities based on costs in relation to incomes, energy efficiency, and more. The study ranked heating expenses in the 500 biggest cities in the country based on several factors, including electricity and heating fuel costs relative to average income, home energy-efficiency, and things like weather and average home size and age. Cleveland and Flint have particularly energy inefficient homes, while Independence and St. Joseph ranked high on energy costs, the study reported. During the hot months, places like Florida and Georgia become the most unaffordable when it comes to HVAC costs, the study noted.

Persons: —, Joseph Organizations: Service, Midwest ., Midwestern, Puget, Census Bureau, Department of Energy, National Oceanic, Atmospheric Administration Locations: Midwest, Springfield , Missouri, Cleveland , Ohio, Independence , Missouri, Flint , Michigan, St, Joseph , Missouri, Midwest . Cleveland, Flint, Independence, Northeastern, Southern, Central California, Washington State, Florida, Georgia

The scaled back package of bills known as the Reproductive Health Act will repeal regulations aimed at abortion providers, known as TRAP laws, that critics had said were designed to close abortion providers. Last November, Michigan voters overwhelmingly approved a citizen-led ballot proposal — known as Prop 3 — that enshrined abortion rights in their state’s constitution. Whitsett, a Detroit Democrat, opposed the repeal of a state law that requires patients to wait 24 hours before receiving an abortion. A group of some of the state's top abortion right advocates slammed Whitsett in a statement after the package's passage. The organization has called restrictions on Medicaid coverage for abortion “de facto abortion bans” for people with low incomes.

Persons: Gretchen Whitmer, Laurie Pohutsky, ” Pohutsky, Roe, Wade, Karen Whitsett, Whitsett, member’s, “, Whitmer Organizations: — Michigan Democrats, Gov, Reproductive, Michigan, Detroit, Democratic, Detroit Democrat, Whitsett, Democrats, Associated Press Locations: LANSING, Mich, Michigan, Detroit

☆ The 10 U.S. states where student loan borrowers have the highest monthly payments—and where they owe the most overall
▼ + stars: | 2023-11-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

Depending on your repayment plan and loan terms, your monthly student loan payment may not have much to do with your remaining balance. Accordingly, the states where borrowers have the highest monthly payments aren't inherently the states where borrowers owe the most overall. Student loan borrowers in Maryland have the highest median monthly payment at $232, according to a recent WalletHub study. On the other hand, high incomes generally lead to higher monthly payments on IDR plans, which could help explain why monthly payments are higher in certain states. Maryland has highest median household income of any state at $108,200 a year, according to Census Bureau data.

Persons: WalletHub, Jim Cramer, Ben McKenzie, Farnoosh Organizations: New York Fed, Maryland, CNBC Locations: Maryland, Georgia, Washington ,, WalletHub, Vermont, Hawaii, Massachusetts, Hampshire, Connecticut, Jersey, York, Virginia, Colorado, Carolina, Oregon, Pennsylvania, Michigan, Alabama

☆ Withdraw funds from inherited accounts now to avoid getting 'buried in taxes' later, IRA expert says
▼ + stars: | 2023-10-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Elenaval | Room | Getty ImagesIf you inherited an individual retirement account, the IRS waived penalties for some missed mandatory withdrawals this year. But there could be reasons to start taking them anyway, experts say. Prior to the Secure Act of 2019, heirs could "stretch" IRA withdrawals over their lifetime, which minimized year-to-year tax liability. By starting RMDs sooner, heirs can smooth out taxes over a number of years and possibly reduce the overall bill with proper planning, Slott said. Leverage 'pretty attractive' tax rates nowAnother reason to take RMDs sooner may be to leverage the current federal income tax rates, which could be changing in a couple of years.

Persons: Ed Slott, Slott, Ben Smith Organizations: Secure, Financial Locations: Milwaukee

TALLINN, Estonia (AP) — They were banned under Soviet dictator Josef Stalin but commonplace under later Kremlin leaders. Now, after less than a century, official attitudes about abortion in Russia are changing once again. Although abortion is still legal and widely available, new restrictions are being considered as President Vladimir Putin takes an increasingly socially conservative turn and seeks to reverse Russia's declining population. In 2012, the number of “social reasons” for allowing abortion between weeks 12 and 22 was cut to just in the case of rape. He also moved to restrict abortion pills, which are approved to be taken to end a pregnancy in the first 10 weeks.

Persons: —, Josef Stalin, Vladimir Putin, ”, Lina Zharin, we’re, Michele Rivkin, natalist ”, Rivkin, Fish, Mikhail Gorbachev's, Boris Yeltsin, Lyubov, ” Rivkin, Tatyana Golikova, Mikhail Murashko Organizations: Kremlin, Orthodox Church, University of North, Abortion, Conservative, Russian Association of Population, Health, Russian Association for Population, Development, Health Ministry Locations: TALLINN, Estonia, Russia, Kaliningrad, University of North Carolina, Chapel, —

☆ Denmark Aims a Wrecking Ball at ‘Non-Western’ Neighborhoods
▼ + stars: | 2023-10-26 | by ( Emma Bubola | More About Emma Bubola | ) www.nytimes.com time to read: +1 min

“The welfare society is fundamentally a community, which is based on a mutual trust that we all contribute,” Denmark’s prime minister, Mette Frederiksen, said in March at a summit of the country’s municipalities. That means more than 4,000 public housing units will need to be emptied or torn down. The decision of which housing remains public will be made by local governments and housing associations. The residents displaced are offered alternative public housing options in other buildings or neighborhoods. From the beginning, the program’s targeting of communities largely based on the presence of non-Western immigrants or their descendants has attracted widespread criticism.

Persons: Mette Frederiksen, Vollsmose Locations: country’s

While bad loans in India's banking sector are at a decade-low, estimated at 3.6% of assets by March 2024 by the central bank, Reserve Bank of India Governor Shaktikanta Das said this month the central bank was monitoring some categories of personal loans, without elaborating. What's worrying the regulator is a surge in tiny personal loans, particularly loans of up to 10,000 rupees ($120) taken for three to four months, often for "lifestyle" spending, according to a person familiar with the central bank's thinking. Four people discussed the central bank's concerns with Reuters but declined to be identified as they are not authorised to speak to the media. Ismail Sayyed, a 30-year old cab driver from Mumbai, took his first personal loan of 5,000 rupees this year. Central bank officials "have been ringing the bell", said an official at a large bank that has seen sharp growth in personal loans.

Persons: Francis Mascarenhas, Shaktikanta Das, CRIF, Ismail Sayyed, Kadam, Rajeev Jain, Ira Dugal, Sonali Paul Organizations: Reserve Bank of India, REUTERS, Reuters, Bajaj Finance, UBS, Thomson Locations: Mumbai, India

☆ Opinion: The people Olympic host cities don’t want you to see
▼ + stars: | 2023-10-19 | by ( Opinion David Goldblatt | ) edition.cnn.com time to read: +9 min

A Japanese policeman checks the signs to be used during the opening parade at the Olympic Games in Tokyo, 1964. Police officers stand guard at the rowing and kayak competitions venue at Lake Lanier near Gainesville, Georgia, ahead of the 1996 Olympic Games. Helsinki, which built the first permanent Olympic Village in 1952, created a successful and architecturally distinguished neighbourhood of social housing. Barcelona’s 1992 Olympic Village became the epicentre of a process of beachside gentrification and soaring house prices. Until that changes, we can expect the staging of future Olympic Games to look the same.

Persons: David Goldblatt, Read, David Goldblatt David Goldblatt, Douglas Miller, Charles Platiau, dockets, Buda Mendes, Barcelona’s, Urman Lionel, Denis Organizations: CNN, Olympic, Hulton, Getty, LAPD, Atlanta, Police, Housing Rights, Pan American Games, Rio de, City Council, Melbourne Olympic Games, Asahi Shimbun, City, Games, International Olympic Committee, Olympic Games Locations: British, Paris, Berlin, Roma, Tokyo, Moscow, Los Angeles, Lake Lanier, Gainesville , Georgia, Atlanta, Seoul, Beijing, Rio de Janeiro, Rio, Brazil, Buda, Helsinki, Melbourne, Japan, Australia, Mexico, Athens, Portakabins, London

☆ Meet the typical gig driver: A millennial earning up to $40 per hour who doesn't have another job and depends on your tips
▼ + stars: | 2023-10-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Gig drivers are likely to be dependent on the job for their main income, and need your tips. Omar FordIf the economy takes a turn for the worse and unemployment rises, the number of gig drivers could increase even further. The typical gig driver earns between $20 and $40 an hourSergio Avedian. The typical Uber driver earns $35 per active — or utilized — hour, the company said in February. In September, four ride-hailing drivers told Insider that they earn between $22 to $40 an hour after expenses.

Persons: —, DoorDash, Lyft, Omar Ford, Uber, he'd, Robert Alexander, Gen Zers —, Sergio Avedian, Guy, doesn't, New York City, they've, Nathaniel Hudson, Hartman Nathaniel Hudson, Hartman, Jeff Hoenig, Avedian Organizations: Service, Morning, Pew, New York Daily News, Tribune, Getty, Bank of America, The New York Times Locations: Los Angeles, New York, New York City Ribeiro, New, South Carolina, Portland

☆ 'Time to set the record straight': Saudi minister defends China's lending to developing nations
▼ + stars: | 2023-10-13 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund (left), Ajay Banga, president of the World Bank Group (center) and Mohammed Al-Jadaan, Saudi Arabia's finance minister, during a panel session at the annual meetings of the International Monetary Fund and World Bank in Marrakesh, Morocco, on Thursday, Oct. 12, 2023. "Maybe it's time to set the record straight," Finance Minister Mohammed al-Jadaan said Thursday at the World Bank and International Monetary Fund joint conference in Marrakesh, Morocco. China built infrastructure that they cannot carry with them to China, it will actually be in Africa. China took the risks, when people didn't want to take the risks," he said at a panel discussion on debt reform priorities. He was speaking on a Marrakesh panel discussion, which included the heads of both the World Bank and International Monetary Fund, as well as Zambia's Minister of Finance and National Planning, Situmbeko Musokotwane.

Persons: Kristalina Georgieva, Ajay Banga, Mohammed Al, Mohammed al, Jadaan Organizations: International Monetary Fund, World Bank Group, World Bank, Finance, National Locations: Saudi, Marrakesh, Morocco, Saudi Arabia, China, Beijing, Africa, Musokotwane

☆ The cost of homeownership spiraled upwards last year. Here’s what happened
▼ + stars: | 2023-10-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

“These trends are likely to continue, given further increases in interest rates in 2023.”What’s going onWhile the Fed doesn’t directly set mortgage rates, what it does with its benchmark lending rate influences mortgage rates — and they were hit hard last year. As mortgage rates rose, more buyers began purchasing discount points as a way to “buy down” a rate. Typically, each point is equal to 1% of the borrower’s mortgage cost. A borrower with a $400,000 loan could, for example, buy down a 7.5% mortgage rate to 7.25% for $4,000. By reducing the mortgage rate upfront, the monthly costs are lower going forward and will be smaller for the life of the loan.

Persons: ”, Rohit Chopra, ” What’s, — Organizations: DC CNN, Consumer Financial, Federal Reserve Locations: Washington, White

☆ This single mom lives in a 700-square-foot cabin she built by hand. Now, she's teaching other women how to do the same.
▼ + stars: | 2023-10-04 | by ( Amanda Goh | ) www.businessinsider.com time to read: +11 min

Natalie Bogwalker, 44, built a 400-square-foot log cabin in rural Western North Carolina by hand. She loved being in the woods and was always interested in building things, although she didn't consider pursuing it professionally. "They were just happy to have other people living on it who wanted to do cool things," Bogwalker said. AdvertisementAdvertisementShe said anywhere between 15 and 30 people can show up for these work parties, including friends, friends of friends, and even others who are part of the DIY and off-grid living community. AdvertisementAdvertisementIt was about a year and a half between the first cutting of the trees and her moving into the cabin, Bogwalker said.

Persons: Natalie Bogwalker, —, didn't, Jenny Tenney, Bogwalker, Hazel, they're, it'll, It's Organizations: Service, Humanity Locations: Western North Carolina, Washington, Spain, Guatemala

☆ At 19, a car crash changed her view on the American Dream — so she and 2 friends bought a parcel of land and built a life on their own terms
▼ + stars: | 2023-10-04 | by ( Amanda Goh | ) www.businessinsider.com time to read: +11 min

☆ Why paying off your student loans won't get easier anytime soon
▼ + stars: | 2023-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +14 min

Student-loan borrowers are entering uncharted territoryThe Education Department has never had to reenter 28 million people into payments at the same time. Plus, federal servicers' technology may not be up to the task. In contrast, federal student-loan servicing has been contracted out to five companies, and the government doesn't have the resources to fully keep tabs on the industry. "So there really were deep-rooted structural problems in the loan programs on the policy design but also on the execution side," Kvaal said. As the years went on, the GAO continued to identify flaws in student-loan programs that were hurting borrowers.

Persons: Greg Ogden, Ogden, I've, servicer, he's, he'd, We're, Sen, Elizabeth Warren, James Kvaal, —, Kvaal, Barack Obama's, Obamacare, servicers, Scott Buchanan, servicers —, servicer MOHELA, MOHELA, Biden, Virginia Foxx, she's, Cardona, it's, Foxx, Carolyn Fast, Joe Biden's, Buchanan, Warren, Pamela Herd, Herd, Melissa Emrey, that's, Miguel Cardona, we're Organizations: Public, Education Department, Department, Student Loan, —, GOP, The Century Foundation, Federal Student Aid, Georgetown University, Medicare, Student Aid, Office, Biden, Social, Education, Consumer Financial, Emrey, Federal, Aid Locations: servicers, Arras

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