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☆ 3 U.S. cities where it's cheaper to buy a home than to rent one—none are in Florida
▼ + stars: | 2023-06-29 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Redfin ranked the only four cities in the U.S. where it's cheaper to buy than rent. But there are a few cities where taking on that mortgage — instead of paying monthly rent — is the smarter financial decision. Top 3 cities where it's cheaper to buy than to rentDetroit, Mich. Philadelphia, Pa. Cleveland, Ohio In Detroit, the number one city on the list, the typical home is 24% less expensive to buy than rent. The average estimated monthly mortgage payment for homebuyers is $1,296, compared with an average estimated monthly rent of $1,697. Philadelphia, Pennsylvania ranked as the second city in the U.S. where it's cheaper to buy a home than rent.

Persons: Redfin, Taylor Marr, Marr, Jon Lovette, Cleveland , Ohio Ken Redding Organizations: Detroit, Istock, U.S, General Motors, Ford, America, Chrysler, DigitalVision, Cleveland, Bank, Getty Locations: U.S, Mich, F11photo, Detroit, Philadelphia, Pa . Cleveland , Ohio, Chicago, Philadelphia , Pennsylvania, New York City, Ohio, Cleveland , Ohio

watch nowA lot of financial planning is, of course, about the future. But people's goals can backfire if they neglect themselves in the present, says Preston Cherry, a certified financial planner and founder and president of Concurrent Financial Planning in Green Bay, Wisconsin. "Starving your current self ... could be discouraging," said Cherry, who is also a member of CNBC's Financial Advisor Council. But people shouldn't have to pick between a good life now and a good life later, Cherry said. 'Wants are needs, too'The division between "wants" and "needs" is often too rigid for people, Cherry said.

Persons: Preston Cherry, Cherry, it's Organizations: CNBC's, Council, Getty Locations: Green Bay , Wisconsin

☆ How many credit cards should you have? The answer isn’t zero, say experts
▼ + stars: | 2023-06-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Eighty-two percent of American adults had a credit card in 2022, according to the U.S. Federal Reserve. Benefits to having more than one credit cardHowever, there can be drawbacks to having just one credit card. In addition, having a second credit card, or more, can help build a person's credit utilization ratio, said Curtis, founder and CEO of Curtis Financial Planning. Credit utilization is an important determinant in one's credit score and having one that's too high can reduce your score. Having more than one card raises one's overall credit limit, and with responsible use, can reduce one's credit utilization ratio.

Persons: Jose Luis Pelaez, Ted Rossman, Strong, cardholders, Bruce McClary, McClary, Rossman, Cathy Curtis, Curtis, Xavier Lorenzo, Cardholders Organizations: Jose Luis Pelaez Inc, CreditCards.com, Consumer Federation of America, U.S . Federal, National Foundation, Credit, Mastercard, Curtis, Curtis Financial

☆ Here's how much you can make and still pay 0% capital gains taxes for 2023
▼ + stars: | 2023-06-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Marko Geber | DigitalVision | Getty ImagesHow to calculate your capital gains tax bracketWith higher standard deductions and income thresholds for capital gains, it's more likely you'll fall into the 0% bracket in 2023, Lucas said. For 2023, you may qualify for the 0% long-term capital gains rate with taxable income of $44,625 or less for single filers and $89,250 or less for married couples filing jointly. The rates use "taxable income," which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. For example, if a married couple makes $100,000 together in 2023, their taxable income may easily fall below $89,250 after subtracting the $27,700 married filing jointly standard deduction. Other tax-planning opportunitiesWith taxable income below the thresholds, you can sell profitable assets without tax consequences.

Persons: Marko Geber, Lucas, Jim Guarino, Baker Newman Noyes Organizations: DigitalVision Locations: Woburn , Massachusetts

Recessions haven't always resulted in declining stock markets, and good opportunities can be found amid them. Sectors for recession naysayersThe best sectors for recession disbelievers are the most economically sensitive ones: industrials, materials and financials. Well-positioned companies with good growth prospects currently include: Corteva, Dow Chemical, Ecolab, Linde plc, Martin Marietta Materials, Nucor Corp., PPG Industries and Sherwin-Williams. Currently buyable names include: Campbell Soup Co., General Mills, The Hershey Co., Kellogg's, Kimberly-Clark Corp., Kroger, Procter & Gamble and Walmart. Sector names with reasonable risk levels and good growth prospects include: Vertex Pharmaceuticals, IDEXX Laboratories, DaVita Inc., Veeva Systems Inc., IQVIA Holdings Inc., Cigna Group and Zoetis Inc.

Persons: Sherwin, Williams, Mayur, Martin Marietta, JPMorgan Chase, Rowe Price, Willis Towers Watson, Campbell, General Mills, Clark, Willie B, Thomas, Digitalvision Organizations: Westend61, University of Michigan Consumer, Investors, Westinghouse Air Brake Co, Cummins Inc, CSX, Emerson Electric, Otis Worldwide, Carrier, Caterpillar, Honeywell, Illinois Tool, Lockheed Martin Corp, Dow Chemical, Ecolab, Linde plc, Martin, Martin Marietta Materials, Nucor Corp, PPG Industries, XLF, JPMorgan, Rowe Price Group Inc, American International Group, Allstate, The, McLennan, Sectors, Co, Hershey Co, Clark Corp, Kroger, Procter, Gamble, Walmart, Getty Images Health, iShares U.S, Medical Devices, Vertex Pharmaceuticals, IDEXX Laboratories, DaVita Inc, Veeva Systems Inc, IQVIA Holdings Inc, Cigna, Zoetis Inc Locations: American, The Hartford, Marsh, Kimberly

☆ Americans’ buying power rose for first time since March 2021 amid falling inflation
▼ + stars: | 2023-06-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Images By Tang Ming Tung | Digitalvision | Getty Images"This is clearly a function of inflation starting to come down," Terrazas said. 'Unprecedented' pay jumps during pandemicWage growth started to spike in 2021 as workers enjoyed the benefits of a hot job market. In some cases, workers' pay growth was strong enough to outrun inflation's impact — especially for those who quit their jobs for higher-paying gigs elsewhere. Meanwhile, wage growth has also declined but at a slower pace — translating to a net boost to Americans' financial well-being in May relative to last year. These data sets are more inclusive than that of wage growth.

Persons: Tang Ming Tung, Terrazas, Julia Pollak, Pollak, Mark Zandi, Aaron Terrazas, Zandi Organizations: ZipRecruiter, CPI, . Bureau, Moody's, Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York

☆ Companies are learning that Gen Z isn’t the easiest generation to work with
▼ + stars: | 2023-05-26 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +3 min

By 2025, Gen Z will account for one-third of the workforce, according to the World Economic Forum. Companies need to refine their approach to working with Gen Z, Salinas said, and tech tools like ChatGPT and social media like TikTok could help make them successful. In return, Gen Z can provide companies with indispensable knowledge of social media and newer artificial intelligence tools like ChatGPT. "A lot of companies see culture as a secondary thing," Salinas said, but with Gen Z it is front and center. "Self-care, mental health, and global issues are important to them and, if it isn't a part of your company culture, that's a huge turnoff to Gen Z employees."

☆ Auto giants are setting their sights on a new growth market for EVs: India
▼ + stars: | 2023-05-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

When it comes to electric cars, however, the country is playing a game of catch up. During a recent interview with CNBC's Charlotte Reed, Thierry Koskas accepted that the market in India was "just starting." Citroën India, which launched the fully electric ë-C3 in Feb. 2023, is not alone when it comes to making a move in India's nascent electric car sector. According to the IEA, Tata was responsible for more than 85% of battery electric vehicle sales within India last year. Other Indian firms jostling for position in the sector include Mahindra and Mahindra and Ola Electric.

☆ What is the debt ceiling? Why it's important and how it affects you
▼ + stars: | 2023-05-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

To avoid that outcome, lawmakers are trying to find a path forward to raise or suspend the debt ceiling, which would enable the U.S. to pay its bills on time. What is the debt ceiling? The debt ceiling is the amount of money the U.S. Department of the Treasury is authorized to borrow to pay the nation's bills. The debt ceiling wouldn't be an issue if U.S. revenues — i.e., tax proceeds — exceeded its costs. Congress can raise or temporarily suspend the debt ceiling in the interim to avert a debt-ceiling crisis — something lawmakers have done many times in the past.

☆ This organization built an app to boost financial literacy among older LGBTQ+ Americans
▼ + stars: | 2023-04-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Willie B. Thomas | DigitalVision | Getty ImagesFinancial stability is a concern for many older Americans, and challenges can be greater among marginalized groups such as elders in the LGBTQ+ community. But a free financial literacy app called SAGECents is looking to change that. What's worse, 1 in 5 older LGBTQ+ adults faced poverty during the Covid-19 pandemic, a 2023 study from the Williams Institute at UCLA's School of Law found. "They've faced a lifetime of discrimination and social stigma," said Christina DaCosta, chief experience officer at SAGE, a national organization dedicated to improving the lives of older LGBTQ+ people. Older LGBTQ+ Americans are more likely to be single and to live alone, making them less likely to benefit from a partner's health insurance or other "social welfare structures," he said.

☆ Fewer cars qualify for $7,500 EV tax credit. Here are 2 alternatives
▼ + stars: | 2023-04-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

A $4,000 tax credit for used EVswatch nowThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect this year, is worth $4,000 or 30% of the sale price, whichever is less. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me? A tax break for leased EVsAlternatively, consumers also appear poised to get a tax break worth up to $7,500 for leasing new electric passenger vehicles.

☆ Some travel is 'off the charts' expensive, experts say. Here are 3 ways to cut some costs
▼ + stars: | 2023-04-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

D3sign | Moment | Getty ImagesInternational travel costs have hit record highsThe Eiffel Tower and Seine River at sunrise in Paris. The so-called "revenge travel" dynamic has helped to push up prices, perhaps most acutely for travel abroad. These are record-high prices, Berg said. People should be prepared not just for a busy travel season, but an expensive travel season. Sally French travel expert at NerdWalletThis summer is expected to be the busiest on record for international travel, the U.S. State Department said in March.

☆ Here's why travel to Europe is no longer a 'screaming, bargain-basement' deal
▼ + stars: | 2023-04-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Not all European countries use the euro — it's the official currency for 20 out of 27 European Union members. By the end of September, Americans could buy one euro with just 96 cents. "Europe for much of last year was a screaming, bargain-basement deal for Americans," said Mark Zandi, chief economist at Moody's Analytics. International trips account for about 56% of search demand among U.S. travelers, up from 46% last year, according to travel app Hopper's Consumer Travel Index published in February. Foreign travel for Americans is still a bargain.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

☆ Investing isn't free. But here's why 20% of investors think it is
▼ + stars: | 2023-03-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Investment fees may be a worthy addition to that list in the modern era — though not all investors are aware of this near-universal fact. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. watch now"And that makes you much less sensitive to the fees you're paying — in amount and whether you're paying fees at all." Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

☆ Here are a financial advisor's 4 most important money tips for parents with young kids
▼ + stars: | 2023-03-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Save for future education costsThere are tax-advantaged ways to save for your child's future education. Among the most popular is the 529 plan, which allows parents to invest money for higher education and other costs. While each state has its own 529 plan, parents can invest in a plan outside of their state. "I think parents should ask, do they want to relinquish ownership of this money when their child is an adult?" There are other avenues for parents to invest for their kids, but they may be more challenging.

☆ Two key Medicare enrollment deadlines are approaching. Here's what you should know
▼ + stars: | 2023-03-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

If you missed your initial enrollment period, sign up nowYou become eligible for Medicare at age 65, and you get a seven-month window to sign up. This initial enrollment period starts three months before your birthday month and ends three months after it. If you don't qualify for a special enrollment period or an exception, you'd generally have to wait until Medicare's fall annual enrollment period to sign up for a Part D plan. "If there isn't a valid special enrollment period that a broker can help you with, it's still worth a call to 1-800-MEDICARE as they have broader ability to approve unusual special enrollment periods," Roberts said. Also, individuals who use the general enrollment period can sign up for a Medicare supplemental plan, or "Medigap."

☆ Retirement vs. emergency savings: How to prioritize in a shaky economy
▼ + stars: | 2023-03-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jamie Grill | Getty ImagesWhen you're on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. Although the 401(k) contribution limit jumped to $22,500 for 2023, experts say you shouldn't forgo emergency savings to max out your plan. More than half of savers are prioritizing short-term financial goals in 2023, including emergency savings, according to a recent study from Fidelity Investments. While maxing out your 401(k) should be the goal, your emergency savings is also important, she said. If your emergency savings are short after that, you should "definitely" divert any additional funds to build up that cash reserve, she said.

☆ How to get over writer's block, unlock your creativity, and brainstorm great ideas
▼ + stars: | 2023-03-22 | by ( Cindy Perman | ) www.cnbc.com time to read: +10 min

Whether you're trying your hand at a screenplay like Charlie or brainstorming ideas for an upcoming meeting, there are a few things you can do to unlock your creativity and get the ideas flowing. Sometimes, connecting with someone else is the catalyst that unlocks our own creativity and gets the ideas flowing. "However, I find that once I just start, it creates momentum, because then I have something to work with, and the ideas start to flow and with progress comes confidence!" In her book "Bird by Bird," on the art of writing, Lamott describes the SFD this way: All good writers write them. A former colleague and I used to joke that our ideas were so good, it was bigger than a brainstorm.

☆ The last chance for some retirees to avoid a 25% tax penalty is April 1
▼ + stars: | 2023-03-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

In 2022, Secure 2.0 raised the age to 73, which starts in 2023. RMDs apply to both pre-tax and Roth 401(k)s and other workplace plans, along with most individual retirement accounts. Secure 2.0 reduced the RMD penaltyIf you skip your RMD or don't take out enough, there's a 25% penalty, levied on the amount you should have withdrawn. Secure 2.0 dropped the penalty to 25% from 50% starting in 2023, with the possibility of reducing it further to 10% if you take your missed RMD during the "correction window." "In the past, the IRS was lenient about missed RMDs, but with the new reduced penalties, they may get more aggressive," he said.

☆ You’ve heard about the 4-day workweek — but what about the 9-day fortnight?
▼ + stars: | 2023-03-17 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Enter the nine-day fortnight. The nine-day fortnight working pattern effectively means that across 14 calendar days, nine of them are working days and five are days off. The 9-day fortnight in practiceMany of the benefits are similar to those of the four-day week, according to those who have tested it. Ben Branson-Gateley, CEO and co-founder of human resources software firm Charlie HR which also follows a nine-day fortnight, says he has noticed additional benefits compared to the four-day week. Both Branson-Gateley and Franklin have seen their employees change the way they approach work as a consequence of the nine-day fortnight.

☆ Retailers see a tough year ahead, so they're rolling out the recession playbook
▼ + stars: | 2023-03-16 | by ( Melissa Repko | ) www.cnbc.com time to read: +8 min

Now, major retailers are dusting off their playbook for a recession — or at least for a period of slower sales. Target shoppers can soon get a Starbucks coffee, make a return and retrieve an online purchases without leaving their cars. Some retailers are rethinking their approach to discounts while questioning other costs, such as giving away free shipping or deliveries without strings attached. Some retailers have also turned free shipping into a perk for only engaged or higher spending customers. Nike , for instance, offers free shipping for shoppers – if they share their personal data by joining its membership program.

☆ Women aren't investing at the same rate as men. Here's why it matters—and how the gap can be closed
▼ + stars: | 2023-03-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

BNY Mellon also interviewed 100 global asset managers with $60 trillion in assets under management. One is that the investment industry isn't engaging women to the same degree as men, BNY Mellon's research found. Then there is the high hurdle of the disposable income women think they need to have before they invest. On average, women around the world believe they need $4,092 a month before they would consider investing any of it, BNY Mellon found. "Once you control for income, many of those differences between men and women and investing behaviors kind of disappear.

☆ Schools want to close the Covid learning gap before federal funds run out — here’s how it’s going
▼ + stars: | 2023-03-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

The pandemic disproportionately impacted the lowest-performance schools and students, the McKinsey report also found, putting them further behind their high-performing peers. "The schools that had the greatest need suffered the greatest losses," Baker said. "Each district is so different," said Kusum Sinha, superintendent of Garden City Public Schools in New York, which is considered high performing. With federal funding, the Garden City school district hired more staff, added before- and after-school tutoring in math and reading, and created an in-person and online summer program. "If we run out of money, we're going to have to figure out a way to continue," Sinha said.

☆ Full-time office work is 'dead': 3 labor experts weigh in on the future of remote work
▼ + stars: | 2023-03-03 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

watch nowInitially, remote work was seen as a necessary measure to contain the spread of the virus. Twitter recently shut its Seattle offices as a cost-cutting measure and told employees to work from home, a reversal from an earlier position that employees work at least 40 hours a week in the office. "It's still an evolving trend, but the movement is very much toward increased remote work," Pollak said. Remote work may endure even in a recessionNot everyone agrees that the benefits of working from home outweigh costs. Evidence suggests employee mentoring, innovation and company culture may suffer if jobs are fully remote, Bloom said.

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