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I'm the last renter among my friends, so I decided to ask them about all the costs of homeownership. But when I saw the long list of hidden fees and expenses they have to pay for, I was in shock. Here are five of the fees I didn't know homeowners owe that made me realize just how much I want to rent forever. However, your property taxes can keep going up (a soaring housing market or city improvements can make this amount increase). However, the big and frequent costs they paid to keep up the appearances of their homes really did add up.

Persons: —, dishwashers, doesn't, it's Organizations: Service

I worked for a nonprofit that taught financial literacy and learned a lot about money myself. I also learned the difference between good debt and bad debt, and the most effective way to save. A lot of my work was around raising awareness of the need for financial literacy and advocating for lifelong learning. While some schools have mandatory courses in other life skills, like home economics or civics, few have financial literacy in the curriculum. There's good debt and there's bad debt — and they feel very differentYes, it's true: There's good debt and bad debt.

Persons: —, parallelograms, I'm, aren't, they're, I'd, doesn't Organizations: Service, Studies, Technology Locations: North America

Single women face unique challenges when planning for retirement, so I asked an expert for help. Plus, women are often put in a caregiving role, which means time off from work — and not contributing regularly to retirement funds. So how can single women like me juggle with inflation, a higher cost of living, dwindling income, and the gender wage gap to be on track for retirement? I asked Marie Thomasson, a certified financial planner and founder of Modern Assets, an LA-based financial advisory firm for independent, progressive women, for tips on how single women can steer the course and make sure they're on track with their goals for retirement planning. Reassess your retirement accountsOnce you have your financial bases covered, you can venture into investing and retirement planning, says Thomasson.

Persons: Marie Thomasson, —, I've, Thomasson, hadn't, doesn't, aren't, Amanda Holden's, Simran Kaur's, Erin Lowry's, Tonya Rapley's, Tiffany, We're Organizations: Service, Modern Assets, Research, Pew Locations: LA, YOLO

Black students are far less likely to have access to high school personal finance classes. But high schools with a majority of Black students are less likely to have a guaranteed personal finance course in their high schools. The student debt gapBlack borrowers are disproportionately burdened by student loan debt. Student debt can be daunting, but there are scholarships out there for Black students. 4. Credit discriminationRedlining is a well-known form of credit discrimination , but the issue goes beyond mortgages.

Persons: —, Tiffany Aliche, Pell, Biden, There's, Homeownership, doesn't, Aliche Organizations: Service, Finance, The Institute, College, NPR, National Bureau of Economic Research, Housing, Federal Reserve, Civil, Equal, The Association of African American Financial Locations: Brookings, Zillow

She started investing early, and increased her rate of investment after learning about FIRE. And these accounts are separate from Pham's husband — together their estimated net worth is just under $2 million. And when it feels easier to just spend freely, tracking her net worth has helped keep her focused. "That gives us another safety net," Pham says, noting the pension as an added benefit to working in public service. "By then, we should have at least $2 million in net worth.

Persons: Mia Pham, —, Pham, haven't, they've, Roth, maxing, doesn't, it's, they're Organizations: Service, Roth IRA, Toyota Locations: San Diego —, San Diego

☆ These countries have the most generous retirement plans in the world
▼ + stars: | 2023-10-18 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Portugal ranked at the top for the most financially adequate retirement system according to a new study. The US, however, ranked 24th in adequacy among the 47 countries studied for its retirement system. AdvertisementAdvertisementPortugal, the Netherlands, and Iceland ranked at the top for the most financially adequate retirement systems — while the US ranked 24th. AdvertisementAdvertisementMany Americans have been skeptical of the US's retirement system, funded primarily through savings in 401(k)s and individual retirement accounts, as well as Social Security. Portugal, which ranked at the top of Mercer's list, also ranked second for comfortable retirement on U.S. News & World Report's Best Countries ranking.

Persons: — Organizations: Service, US, Mercer CFA, Global, Security, U.S . News Locations: Portugal, Netherlands, Iceland, Denmark

So here I am with an investment portfolio of mutual funds that were explained to me, but I still did not really understand them. I had no real financial advisor to call to discuss investment strategy because the bank representative was really just there to sell financial products. Finding a qualified financial advisor doesn't have to be hard. Take the following hypothetical example of how knowing risk tolerance helps alleviate fear and can lead to more sound investment decision making. Mary hires a financial advisor who constructs an investment portfolio for her to invest the inheritance.

Persons: —, doesn't, Mary Organizations: Service

However, as a financial professional and homeowner myself, I still see renting as a more conducive and efficient option to invest and build wealth. In this situation, the renter would have a higher return on investment, with $1.8 million compared to the homeowner with just $617,000. Even though the homeowner's payment stops once the mortgage is paid, the return on investment from just the down payment and maintenance expense favors the renter. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Also, the homeowner still pays property taxes, which may increase over time, and still has to contend with annual maintenance.

Persons: it's, —, Joel Ohman, Jeffrey Zhou, doesn't, Get, Steven Gilbert, Gilbert, Says Ohman Organizations: Service, Gilbert Wealth, & $

Lifestyle creep can leave even extremely high earners struggling with debt, saving for retirement, or meeting other financial goals and obligations. HENRY stands for "high earner, not rich yet," a common description of those who have fallen victim to lifestyle creep. If you're expecting a raise, Castro says it's important to look at your budget and goals before it goes into effect. Create habits while you're youngAccording to Drucker, one of the best defenses against lifestyle creep is building strong saving and investing habits young. Go back to the basicsIf you've found yourself with a lifestyle creep problem, both financial planners advise going back to the basics of budgeting and planning.

Persons: Brittney Castro, Gideon Drucker, HENRY, Drucker, you'd, it's, Castro, what's, doesn't, Get, you've Organizations: Drucker Wealth Management

☆ Map: How much money you need to make to be in the top 1% in every U.S. state—it's nearly $1 million in Connecticut
▼ + stars: | 2023-09-30 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

But in one state, it means you've just crossed over into the top 1% of earners. Your household needs to bring in a whopping $952,902 to crack the top 1% in Connecticut, the highest threshold for any state, according to a recent SmartAsset analysis. That's nearly three times the income needed to be in the 1% in West Virginia, the state with the lowest threshold at $367,582. Connecticut's median household income of $90,730 is one of the highest in the country and well above the national median of $74,580, according to Census Bureau data. See how much you'd need to make to be in the top 1% of households in your state:

Persons: That's Locations: Connecticut, West Virginia

☆ 53-year-old early retiree moved his family from the U.S. to Portugal—here's why they're happier than ever
▼ + stars: | 2023-09-30 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Alex and Noki Trias retired early and moved to Portugal with their daughter in 2015. In February 2015, Alex Trias, 53, and his wife Noki took their daughter Evie on a vacation to Lisbon, Portugal, and never looked back. Alex and Noki Trias retired early and moved to Portugal with their daughter in 2015. Alex TirasJust two days into their Portugal vacation, the family started planning a move to Lisbon. Photo: Alex Trias

Persons: Alex, Noki Trias, Alex Trias, Noki, Evie, Trias, fanatically, Alex Tiras, It's Organizations: Washington , D.C, CNBC, Global Citizens Solutions Locations: Portugal, Lisbon, Washington ,, Bairro Alto, Old San Juan, Puerto Rican, Spain, Europe, U.S, Sintra

I chose to be a teacher, but despite having chosen a low-paying career field and not working full-time consistently since graduating from college, I'm on track to retire early. This is a path that is open to more people than many realize, particularly if they start investing early and continue to invest consistently throughout their careers. With life generally becoming more expensive, many people who are at retirement age today were not aware of how much they would need to retire comfortably when they started their retirement planning. Seeing this firsthand has motivated me to do what I can to ensure that I'll have the opportunity to retire when I'm ready. Retiring at 55 with $2 million would allow me to withdraw over $5,000 a month until I'm 100.

Persons: I'm, Read, Roth, I've, doesn't, Get, … Organizations: Roth IRA Locations: Maldives

☆ The top 10 cities where seniors are the most financially secure
▼ + stars: | 2023-09-21 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Mesa, Arizona, tops SmartAsset's ranking of the most financially secure cities for seniors. SmartAsset analyzed housing, poverty, income, and government assistance data for those 65 or older in 37 of the nation's largest cities. SmartAsset ranked the cities based on six metrics of financial security, such as home ownership and the senior poverty rate. On the flip side, some of the nation's largest cities ranked at the bottom. Boston came in last, with a senior poverty rate of nearly 20% and under half of seniors owning a home.

Persons: Mesa Organizations: Louisville, Oklahoma City, Seniors, Service, Mesa, SmartAsset, Kansas City, Boston, — Northwestern Locations: Mesa , Arizona, California, New York, Wall, Silicon, Arizona , Kentucky, Oklahoma, Louisville , Kentucky, Louisville, Indianapolis, Albuquerque, Kansas, Midwest, New York City, Los Angeles, Jose, San Francisco

☆ This Montana college town ranks No. 1 as the most fun city for young people—what it's like to live there
▼ + stars: | 2023-09-21 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +5 min

The metro area around Missoula, Montana, ranked No. Tucked away in western Montana is America's most fun city for young adults. "There are so many big names, it doesn't make sense for how big the area is," Tong says. Don't miss: These are the top 10 states for young workers to find jobs, live affordably and have funMissoula ranks No. Tong says one big misconception of living in Missoula is that college students are everywhere, but she hasn't found that to be the case.

Persons: DeJohn, Jaclyn DeJohn, Sturgell, Tong, Brandon Sturgell, Summer Tong, Bon Iver, Jimmy Eat, Elton John, hasn't, we've Organizations: University of Montana's, MIT, Wilma Theatre downtown, Missoula, CNBC Locations: Missoula, Missoula , Montana, Montana, U.S, Tulsa, Okla, Mont, Portland ,, Denver

As a financial planner, I have to be honest with you and say passive income is a bit of a myth. This is a realistic, achievable, and accessible way for most people to build passive income. Start a business (or invest in one)You can create passive income if you can build a business that operates without you. This path to passive income is one of the most narrowly available to a small group of people, though. But if your goal is passive income, earning royalties provides an avenue to achieving that for your future self.

Persons: it's, Read, doesn't Organizations: Service Locations: Wall, Silicon

I didn't want to have to sacrifice to the point of deprivation to live my ideal life. Then I learned about Slow FIRE — living your ideal life now while saving to reach your FIRE number. The idea that if you understood your numbers, you could aggressively invest, save, and reach retirement over a short period of time and begin living your best life when you hit your ideal retirement number. In retrospect, I'm surprised I felt so strongly about the FIRE movement, because nothing about my financial life would indicate that FIRE would ever be right for me. You don't have to be an entrepreneur to design your best life now.

Persons: I'm, weren't, hasn't, Read, It's, COVID, I've, doesn't, Get Organizations: Service, FIRE Locations: Wall, Silicon, Colorado

☆ The 10 most expensive U.S. states to retire in 2023—California isn’t No. 1
▼ + stars: | 2023-09-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

And now, the state overall ranks as the most expensive place to retire in the U.S., according to recent Bankrate data. New York moved up to the top spot from ninth place on last year's list of the most expensive states to retire. California ranks as the second-most expensive state to retire for the second year in a row, according to Bankrate. The Golden State doesn't tax Social Security benefits, but applies income taxes to withdrawals from other sources. Here are the top 10 most expensive U.S. states to retire in 2023, according to Bankrate.

Persons: Bankrate, — it’s Organizations: Tax Foundation, Council for Community, Economic Research, Fiscal, Security, State Locations: York City, U.S, New York, NYC, California

☆ Cash-strapped New Yorkers are doing the unthinkable: Moving to Jersey City
▼ + stars: | 2023-09-10 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +12 min

New Yorkers fed up with a tough housing market are making the pilgrimage to Jersey City. New York City housing is becoming more elusive and expensive, and Jersey City is an attractive option. That's not to say that Jersey City is much cheaper, but there are more options: Along the Hudson River waterfront in Jersey City, dozens of luxury high-rises have sprouted up within the last 10 years, some filled with their own coffee shops, heated pools, and rooftop dog runs. Now, he knows at least eight to 10 acquaintances who have taken the Jersey City plunge since he moved. When it comes to the space and amenities that Jersey City provides, "once you have it, you can't go back."

Persons: Chelsea Vaughn, I'm, Vaughn, brownstones, Vaughn isn't, Steven Fulop, Fulop, cringes, Alexa Lacayo, would've, She'd, Susannah Byrne, Byrne, should've, Joey Politano, Zack Chibane, he's, Chibane Organizations: Service, Bushwick, Jersey City, New, Apple, Jersey, NYC, Income Housing Association, Alexa, New York's Financial, York, New Jersey, New York Locations: Jersey City, While Jersey, York, New York City, Jersey, Wall, Silicon, Brooklyn, Brooklyn , Manhattan, Vaughn, Harlem, New York, Grove, —, It's, Florida, New, Manhattan, Hoboken, Murray Hill, Hudson, NYC, New Jersey

I made a ton of money mistakes in my 20s and have been trying to clean things up. I finally sat down with a financial planner, and he pointed out five mistakes I'm still making. I had spent most of my 20s making all kinds of money mistakes (from not saving for retirement to racking up credit card debt). I'm making this mistake because I'm not sure what else to do with that money and I'm scared to lose it. "To do so, you'd open a traditional IRA account and a Roth IRA account, then make 'nondeductible traditional IRA contributions' and convert the funds over to the Roth IRA."

Persons: I'm, Adam Scherer, Scherer, it's, doesn't, Get, I'd, Roth, we've, we're Organizations: Service, Greenbeat, Roth IRA, Roth Locations: Wall, Silicon

☆ This is the state with the highest share of young, rich workers—it isn't New York or California
▼ + stars: | 2023-09-08 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +1 min

Young, rich Americans are leaving places like New York and California for more affordable living in Florida and Texas. But to find the highest concentration of wealthy young people, Washington is the place to be. The state just edges out California, where 10% of high-earners are young professionals. New York, Massachusetts and New Jersey also have high rates of high-earning young people. Washington's young and wealthy demographic is buoyed by Seattle, where early-career workers can earn a lot in the high-paying tech and health care sectors.

Persons: Young, Jaclyn DeJohn, SmartAsset's, DeJohn Organizations: U.S, Washington Locations: New York, California, Florida and Texas, Washington, New York , Massachusetts, New Jersey, Seattle, U.S, Manhattan, San Francisco

One successful friend told me to automate my finances, a strategy often recommended by experts. I didn't, and managing my money manually has been a major learning experience. However, some of the advice I received wasn't the right advice to follow, and I'm glad I didn't — especially the advice that came from a friend of mine who was on a mission to become a millionaire by age 40. Get started achieving your financial goals! I learned finances aren't one-size-fits-allA big lesson I learned in my own personal finance journey is that managing your money is not a generic process.

Persons: doesn't, Get Organizations: Service Locations: Wall, Silicon

As a financial planner, there's certain tough advice my clients never want to hear. Advice like, buy less house — and don't expect your home to be a good investment. As a financial advisor, I'm constantly giving people good advice they don't want. I know no one wants to hear this kind of money advice. No one wants to imagine a worst-case scenario, but if something actually went sideways in your financial life, you'll be glad you had multiple levels of safety net built into your overall plan.

Persons: I'm, it's, We'd, doesn't, Get, you'll, It's Organizations: Service Locations: Wall, Silicon

I've been worried about how inflation will affect my money, so I asked financial planners. I decided to find financial advisors who can give me their advice on what to do with my cash. "The combination of inflation and rising interest rates mean that debt will be taking a much bigger bite out of most people," says Zigmont. He says average credit card interest rates are expected to rise. "When interest rates rise, bond prices decline due to the fact that new bonds will be issued offering higher interest payments," says Tolitsky.

Persons: I've, they've, Eric Brotman, Marigny, Brotman, Cash, Jay Zigmont, doesn't, Get, deMauriac, Haley Tolitsky Organizations: Service, overspending Locations: Wall, Silicon

I want to retire a millionaire, so I asked a financial planner to look at my strategy so far. He said I need more tax diversification and income streams, and a plan for retirement income. He told me I need to contribute to my retirement account more often, not randomly throughout the year. That's why I found a financial advisor: I asked financial planner Adam Scherer to review my retirement portfolio and tell me if I'm on track to retire as a millionaire. To begin figuring out this strategy, Scherer recommends using a retirement calculator or working closely with a financial planner.

Persons: I've, Adam Scherer, Scherer, Roth, doesn't, Get Organizations: Service, Roth IRA Locations: Wall, Silicon

☆ These are the most and least expensive U.S. airports to fly out of—JFK, LAX didn’t make either list
▼ + stars: | 2023-09-01 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

SmartAsset, a financial advisory website, compared data from the Bureau of Transportation Statistics to rank the average cost of a domestic flight departing from 72 major U.S. airports with more than 100,000 passengers. The Ted Stevens Anchorage International Airport in Alaska took the top spot on the list of most expensive airport to fly out of in the U.S. According to SmartAsset, the Alaska airport saw an 11.61% change in airfare from the first quarter of 2022 to the first quarter of 2023. The Ted Stevens Anchorage International Airport serves over five million passengers annually. According to the airport's website, Ted Stevens Anchorage International is responsible for approximately 15,577 airport & community jobs, which equals one in 10 jobs in Anchorage, Alaska.

Persons: Ted Stevens, SmartAsset Organizations: Bureau of Transportation Statistics, International, International Airport Locations: Alaska, U.S, Anchorage , Alaska

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