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☆ UK banks are appropriate airbag for mortgage crash
▼ + stars: | 2023-06-27 | by ( George Hay | ) www.reuters.com time to read: +4 min

Last year this was 2.9% on average for Lloyds, NatWest and Barclays. Hunt may be able to get banks to hike their savings rates merely by veiled threats. After all, the government would only be getting banks to do what they should be doing anyway. “It is taking too long for the increase in interest rates to be passed on to savers, particularly with instant access accounts,” Hunt told parliament. Around 60% of household deposits are held in instant access accounts, the committee said.

Persons: Banks, Jeremy Hunt, shouldn’t, it’s, Hunt, ” Hunt, “, Neil Unmack, Oliver Taslic Organizations: Reuters, Monday, Banking Group, NatWest, Barclays, Lloyds, JPMorgan, NatWest –, Alpha, Treasury, Bank of England, Labour Party, National Savings and Investments, of, Lloyds Banking Group, HSBC, Barclays –, Thomson

☆ How much should you have saved for retirement at your age? It’s complicated
▼ + stars: | 2023-06-05 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Please keep that in mind, especially if you’re discouraged your savings don’t currently match the recommended targets for your age. A very ballpark estimateOne of the more flexible age-based retirement savings benchmarks comes from mutual fund company and 401(k) record keeper T. Rowe Price. Among their assumptions, they presumed your retirement savings are in tax-deferred accounts like a 401(k), which means you will owe income tax on your withdrawals in retirement. But here’s the thing …Many Americans’ savings likely fall at or below the lowest end of the recommended savings range for their age. Or you may plan to work past age 65, which will give your savings more time to compound.

Persons: New York CNN —, you’re, Rowe Price, ”, Ann Minnium, ” Minnium, “, Roger Young Organizations: New, New York CNN, Research Locations: New York, United States, New Jersey

☆ How to invest ahead of the market's next challenges, according to a top financial advisor
▼ + stars: | 2023-06-01 | by ( Kiley Lambert | ) www.cnbc.com time to read: +3 min

A member of the CNBC Financial Advisor Council, Sun is a regular media on-air contributor for a variety of local and national programs. Sun recently shared her thoughts on a number of savings and investment topics ahead of the CNBC Financial Advisor Summit on June 15. Sun: The most important advice we are giving our clients right now is to stay aware of the current market environment but prepare for more challenges ahead. As financial advisors, it is crucial for us to not only hear but truly listen to cues of stress and emotions from our clients. While we may perceive a financial decision as clear and straightforward, our clients may still feel hesitant.

Persons: Winnie Sun Organizations: Sun, Wealth Partners, CNBC, Summit Locations: Irvine , California

☆ The biggest money mistakes that could change your future — and how to get ahead of them right now
▼ + stars: | 2023-05-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Making money mistakes can be scary and seem catastrophic. A lack of planning and not having specific goals are two of the most common mistakes, experts say. "You might be more likely to maintain contributions or ride out short-term market volatility if that new home, dream trip or once-in-a-lifetime experience is clear in your mind," he added. But plenty of common money mistakes are related to losing or spending money rather than making it. Paying off debt, such as your rent and bills, should be prioritized — not doing so could have serious consequences, Myron Jobson, senior personal finance analyst at interactive investor, tells CNBC Make It.

☆ Investing in AI: how to avoid the hype
▼ + stars: | 2023-05-26 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

SummarySummary Companies AI boom brings fresh challenge for investorsAI-themed stocks highly valuedStick with big tech not AI stocks - investorsLONDON, May 26(Reuters) - Experienced tech investors are hunting for undervalued opportunities in an over-valued space. Investors are chasing exposure to generative AI, the technology run by ChatGPT that learns from analysing vast datasets to generate text, images and computer code. Businesses are trying to use generative AI to speed up video editing, recruitment and even legal work. GAM's Hawtin said he has also hunted out companies that provide the "picks and shovels," necessary for enabling new AI technology. Amazon's Bedrock service, for example, lets companies customise generative AI models rather than invest in developing them themselves.

Debate over the US debt ceiling puts the potential of a US Treasury default in focus. Failing to do so could lead to a US Treasury default if the government becomes unable to make payments on all of its outstanding debts. "This type of default — one that occurs due to not being able to raise the debt ceiling — would be unprecedented," Steeno says. 6 ways a US Treasury default could hurt your financesHere are some of the biggest financial impacts Americans would feel in the event of a US Treasury default:1. But a Treasury default could undo any progress they've been made.

The young entrepreneur made waves as a teenager by scoring over $2 million in college scholarships, which allowed her to graduate debt-free from Princeton University in 2022. Through brand deals, digital products and private consultations, her business, Growing With Gabby, earned $177,000 in 2022. Gabby Carter, 22, earned $133,000 last year from her corporate job and her business, Growing with Gabby. But throughout high school and during college, she won 35 different scholarship awards totaling over $2 million — enough to graduate debt-free and with over $100,000 in savings. "That made people very curious about how I was able to have scholarship success."

It's never too early to start thinking about retirement. While the thought of funding your retirement adequately might be daunting, if you start planning now you'll certainly be thankful later. Retirement usually entails replacing your annual salary from a workplace with other income sources to maintain your current lifestyle. While Social Security may cover part of your budget, the rest of your money will most likely need to come from your savings and investments. CNBC crunched the numbers, and we can tell you how much you need to save now to get $60,000, $70,000 and $80,000 every year in retirement — without taking a bite out of your principal.

Getting more money when I was struggling with mental health didn't fix my problems. My depression led me to self-medicating with drugs and alcohol, and I thought that once I finally had money, everything would be alright. More money didn't solve my problemsGrowing up, I lived with my dad. Every time I received a raise or a promotion, I thought that would be what would remedy my depression. I'm grateful for everything I've been through, because it taught me that I don't need money to be happy.

☆ A millennial who grew his net worth to $600,000 explains what it took to dig his way out of debt after overcoming a gambling addiction
▼ + stars: | 2023-04-10 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Ambus Hunter, 36, said he almost went broke when he became addicted to gambling over a decade ago. His net worth is now about $600,000, and he works part time as a financial coach. Over the course of just four weeks, he said he lost roughly $10,000 — almost all his savings — playing roulette. Hunter said he'd had one major hiccup since he committed to quitting gambling but that he was able to get back on track. He said he set out to quickly replace the roughly $10,000 he'd lost.

ABLE accounts provide those with disabilities an opportunity save enough to purchase a house without putting their benefits at risk. Can ABLE account funds be used for a down payment on a house? Tim Elliot, another ABLE account owner and ABLE NRC ambassador, found out about these accounts through an internet search. Home-related expenses an ABLE account can coverOne of the more popular uses of an ABLE account for hopeful homeowners is saving for a down payment. How to open an ABLE account and start saving to buy a homeTo open an ABLE account, you'll need to choose a state program to participate in.

☆ Banks' internship and analyst programs could be in flux, and that might spell bad news for senior dealmakers
▼ + stars: | 2023-03-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But before we get started, First Citizens BancShares has agreed to buy Silicon Valley Bank, according to a statement from the FDIC. Some of the ripples from the fall of Silicon Valley Bank have felt particularly significant (Credit Suisse bankers nod ominously). Some banks had to even break a cardinal rule of Wall Street: Turn away business. Click here to read more about how college students are feeling on edge about their upcoming Wall Street jobs and internships. You don't necessarily need seven-figures in assets to call it quits, per The Wall Street Journal.

☆ M&G's FY assets under management drop by 28 bln pounds on weak investor sentiment
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - British insurer and asset manager M&G Plc (MNG.L) reported a 28 billion pounds ($33.20 billion) drop in full-year assets under management on Thursday, as a global market rout last year curbed investor appetite for riskier assets. M&G's assets under management and administration dropped to 342 billion pounds for the year ended Dec. 31, compared with a company-compiled consensus of 340 billion pounds. Net client inflows stood at 300 million pounds. The company reported a 26.6% fall in full-year total adjusted operating profit to 529 million pounds, beating the company-compiled analyst consensus of 477 million pounds. ($1 = 0.8434 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ House Democrats push back against GOP bill to abolish IRS, impose national sales tax
▼ + stars: | 2023-03-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

WASHINGTON — Three Democrats in the U.S. House introduced a measure to push back against a controversial Republican tax proposal that would abolish the IRS, eliminate income taxes and impose a national sales tax. House Republicans introduced the Fair Tax Act in January shortly after Kevin McCarthy, R-Calif, was voted in as speaker. The three Democrats introduced a House resolution opposing a national sales tax on working families and, instead, supporting a tax cut to benefit middle-class families. Buddy Carter, R-Ga., who introduced the Fair Tax Act, said it would simplify the tax code. Pettersen said the sales tax would hurt the most those who are unable to save, such as seniors and low-income families.

While the thought of funding your retirement adequately might be daunting, if you start planning now you'll certainly be thankful later. It also might not be as difficult as you think. Retirement usually entails replacing your onetime annual salary from a workplace with other income sources to maintain your current lifestyle. While Social Security may cover part of your budget, the rest of your money will most likely need to come from your savings and investments. CNBC crunched the numbers, and we can tell you how much you need to save now to get $70,000 every year in retirement — without taking a bite out of your principal.

☆ Can't figure out this economy? Walmart, Home Depot are having trouble, too
▼ + stars: | 2023-02-26 | by ( Tim Mullaney | ) www.cnbc.com time to read: +7 min

Joe Raedle | Getty Images News | Getty ImagesIf you think the economy is confusing right now, consider how baffling it must look to Home Depot and Walmart. Home Depot said consumer spending is holding up, but that it expects a flat sales-growth year overall, with declining profits. Friday's PCE showed consumer spending rose more than expected as prices increased, jumping 1.8% for the month compared to the estimate of 1.4%. It wasn't a good week for the retail sector or consumer stocks, either. "The outlook for sustained consumer spending growth remains," wrote consumer analyst Jason English.

While the thought of funding your retirement adequately might be daunting, if you start planning now you'll certainly be thankful later. Retirement usually entails replacing your former annual salary with other income sources to keep up with your lifestyle. While Social Security may cover part of your budget, the rest of your money will most likely need to come from your savings and investments. CNBC crunched the numbers, and we can tell you how much you need to save now to get $30,000 every year in retirement — without taking a bite out of your principal.

Retirement usually entails replacing your annual salary with other income sources to keep up with your lifestyle. While Social Security may cover part of your budget, the rest of your money will most likely need to come from your savings and investments. NerdWallet crunched the numbers, and we can tell you how much you need to save now to get $65,000 every year in retirement, without taking a bite out of your principal. The numbers assume you will retire at age 65 and that you currently have no money in savings. For investing, we assume an annual 6% return when you are saving and a more conservative 3% rate during your "interest-only" retirement.

☆ Unemployment is lasting longer for more Americans—here are 3 ways to boost your savings
▼ + stars: | 2023-01-27 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Layoffs and extended periods of unemployment are a few of the many reasons you might have to use your emergency fund. Use these tips to beef up your emergency fund, whether you're just getting started or looking to add extra cushioning. Ideally, you'll be able to routinely put money toward both your emergency fund and retirement savings, but if you have to pick one, prioritize emergency savings first. Your emergency savings, on the other hand, should be readily available, such as in a high-yield savings account. Plus, when you're young, you have time to catch up on your retirement savings.

You can also get a rewards credit card to get cash back or travel miles on everything you buy. Capital One Venture Rewards Credit Card Learn More Information about the Capital One Venture Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. The Capital One Venture X Rewards Credit Card is one of the more affordable cards in this category. Capital One Venture X Rewards Credit Card Learn More Information about the Capital One Venture X Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. There are many types of coverage you can get with credit card travel insurance.

I used to set unrealistic New Year's resolutions, like swearing I won't eat out all year to save more money. This year, I'm setting five microsavings goals to help me save $2,750 and invest $1,050 by the end of the year. That surprise money made such an impact on me that I decided to apply it to my 2023 savings goals. To meet that savings goal, I'm saving 10% of my paycheck, roughly $200, until April 2023. After buying my laptop in April 2023, I plan on saving 5% of my paycheck, roughly $100, toward my Oaxaca trip.

☆ I've interviewed dozens of self-made millionaires, early retirees, and 'super savers' — here are 2 of their top strategies I plan to employ in 2023 to improve my finances
▼ + stars: | 2022-12-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

One is to diversify my income and the other is to set specific money goals. Continue diversifying income and build at least one passive income streamOne of the most common strategies that comes up in interviews is to focus on increasing your income. How do I go about making passive income? Set specific money goalsWhen it comes to managing my own money, I like to be pretty hands off. Part of that is because of the out-of-sight-out-of-mind principle, but it's also because I don't have super specific money goals.

Hector Carvajal, 26, is the founder of Don Carvajal Cafe, a Dominican-sourced coffee roaster, and lives on $25,000 a year just outside New York City. Today, the 26-year-old runs Don Carvajal Cafe, a coffee roasting company out of the South Bronx that sources its beans from the Dominican Republic. "In the countryside of the Dominican Republic, we farm, we harvest, we roast coffee," he says. For the first three years of running his business, Carvajal lived rent-free with his mom in the Bronx in her rent-stabilized apartment. It's also why it's so important to him to source his coffee from farmers in the Dominican Republic.

As a teenager, I learned to manage money making $8 an hour babysitting. Even as I made more money, I tried to pretend that I was still living on an $8 an hour salary. Rather than budgeting around my current income, I like to pretend that I'm making 30% to 40% less than I am. That way, I can always spend less money than I'm making to meet my savings and investment goals every month. I picked up three additional families and was able to triple my weekly income.

☆ Making these 5 money moves now can set you up for financial success in the new year
▼ + stars: | 2022-12-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +4 min

Increase your 401(k) plan contributionsA 401(k) retirement savings plan is one of the most highly sought-after workplace benefits. You can contribute up to $20,500 to a 401(k) plan in 2022 — or up to $27,000 if you're 50 or older. Boosting contributions to a traditional 401(k) plan can lower your adjusted gross income while padding your retirement savings. By paying cash, you could in some cases, wind up paying 3% less than the purchase price. You can no longer automatically tax an above-the-line deduction for cash donations; you must itemize deductions on your 2022 tax return.

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