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☆ 5 places where you should always tip—except for in these scenarios, according to etiquette experts
▼ + stars: | 2024-06-13 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

"But at places like sit-down restaurants, hair salons, barber shops or getting food delivered, tipping is customary." Just 67% of adults in Bankrate's survey say they always tip at restaurants. "So if you're not tipping in those scenarios, you're really taking money out of the server's pocket." When it comes to those who cut your hair and deliver your food, you should just about always tip, etiquette experts say. In other words, if you asked for a service and out-and-out didn't receive it, you're OK reducing or withholding a tip, etiquette pros say.

Persons: they're, Ted Rossman, Thomas Farley, Mister Manners, Farley, Elaine Swann, Diane Gottsman, Gottsman Organizations: Swann School of, CNBC, Protocol, of Texas Locations: Bankrate, …

☆ A man born in Japan — where tipping is rude — is part of a growing number of Americans rejecting tipping in the US
▼ + stars: | 2024-06-13 | by ( Jane Ridley | ) www.businessinsider.com time to read: +5 min

Still, back in the US, he recognized the argument that low-paid workers in the service industry have traditionally relied on tips to earn a living wage. Ozeki never ordered food for deliveryBut he said that recent increases in the minimum wage have changed the landscape — at least in certain states. AdvertisementIn California, for example, the minimum wage for fast-food workers rose by law this year from $16 to $20 an hour. "The current minimum wage at a fast food place is higher than my starting salary 15 years ago," Ozeki said. Have you seen your tips dip recently as a service industry worker?

Persons: —, Ken, Ted Rossman, Rossman, jridley@businessinsider.com Organizations: Service, Business, Franciscan Locations: Japan, California

☆ Maintenance and repair costs can be an unwelcomed surprise for first-time homeowners. Here are some ways to avoid bill shock
▼ + stars: | 2024-06-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

Experts say the "hidden costs" of owning a home, especially repairs and maintenance, can come as a shock for homeowners. Based on that calculation, Bankrate estimated, annual maintenance costs in some of the states with the highest home prices — like California, Hawaii and Massachusetts — can go over $26,000 annually. Keep your 'critical eye' as a homeownerOnce you become a homeowner, it will be important to keep up with routine maintenance in your house. To avoid surprises, try to regularly inspect your home and look for spots or corners that may need to be fixed. While homeowners are "the most critical" of a house when they're buying, they often don't keep the "critical eye" after moving in, said Hicks.

Persons: Alex Marrero, " Marrero, expats, Marrero, Angi.com, they're, Angie Hicks, Bankrate.com, Massachusetts —, you've, Jeff Ostrowski, Hicks, Dan Bawden, That's, Bawden, Tom Grill Organizations: Finance, Bankrate.com, CNBC, National Association of Realtors, Legal Eagle Contractors, Co Locations: Coral Springs , Florida, California, Hawaii, Massachusetts, Kentucky, Bellaire , Texas

☆ Earning $100,000 a year isn't enough to feel 'rich' in the US anymore
▼ + stars: | 2024-06-12 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +6 min

Yet, we hardly feel rich." Americans say they'd need to earn $233,000 a year to feel financially secure and $483,000 to feel rich, according to a Bankrate survey conducted in June 2023. For Driver, getting rich isn't only about boosting one's income — it's about reducing one's expenses. To feel "rich," he guessed that he'd need an annual income of about $400,000 to $500,000 a year — more than triple his 2023 earnings. A high income can come with "lifestyle inflation"It's not just high-earning Americans who say they feel far from rich.

Persons: —, Driver, they've, hasn't, Christopher Stroup, he's, haven't, he'd, Stroup, Abid Salahi, Salahi Organizations: Service, Business Locations: Pennsylvania, Santa Monica , California, Santa Monica, Cincinnati, Vancouver, Canada

☆ What the Fed’s interest rate decision means for your savings
▼ + stars: | 2024-06-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Online high-yield savings accountsThe best bang for your savings can still be had in online high-yield savings accounts at FDIC-insured banks, which yield way more than today’s 0.58% overall average savings rate. As of June 11, the average online savings account rate was 4.40%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsMoney market deposit accounts and money market mutual funds are generating yields competitive with the best high-yield savings accounts.

Persons: ’, ”, Greg McBride, ” McBride, you’ll, —, McBride, “, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ The Federal Reserve holds interest rates steady — here's what that means for your money
▼ + stars: | 2024-06-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The Federal Reserve announced Wednesday that it will leave interest rates unchanged. The central bank projected it would cut interest rates once in 2024, down from an estimate of three in March. For consumers already strained by the high cost of living, there is an added toll from persistently high borrowing costs. The Fed responded with a series of interest rate hikes that took its benchmark rate to the highest level in decades. The spike in interest rates caused most consumer borrowing costs to skyrocket, and now, more Americans are falling behind on their payments.

Persons: Greg McBride, that's Organizations: Federal Reserve, Finance, U.S

☆ The hidden costs of owning a home are surging for Americans
▼ + stars: | 2024-06-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).

Persons: we’re, That’s, Bankrate, Jeff Ostrowski, ”, Jennifer Schauer, Schauer, wasn’t, “, Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho

☆ What you'll pay in every U.S. state in hidden homeownership costs: It's like 'buying a used car every year'
▼ + stars: | 2024-06-10 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

That's how much the average "hidden costs" of homeownership will set you back for a median-priced U.S. home worth $436,291, according to a new analysis by Bankrate. Hidden costs include property taxes, homeowners insurance, home maintenance costs, as well as electricity, internet and cable bills, per Bankrate's study. "The [hidden] costs of owning a home are at the same level as buying a used car every year," says Bankrate analyst Jeff Ostrowski. While many online mortgage calculators include property taxes and homeowner insurance as part of a bundled mortgage payment estimate, not all do. As such, at least some of the hidden costs can be overlooked when budgeting for a new home.

Persons: you'd, Jeff Ostrowski

☆ Americans are sick of tipping culture and scaling back everywhere from restaurants to hair salons
▼ + stars: | 2024-06-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Many Americans are not willing to leave a tip all the time, and they're becoming less likely to do so. The 2024 survey of US adults conducted from April 29 to May 1 found that 67% percent of those who go to sit-down restaurants always give tips to servers. Thirty-five percent of adults said "tipping culture has gotten out of control," per the Bankrate post. Still, the survey found 78% of Gen Xers and 86% of baby boomers who go to sit-down restaurants always give a tip. AdvertisementAnd younger Americans are less likely to tip at sit-down restaurants.

Persons: Bankrate, Ted Rossman, it's, Xers, culture's, Gen Xers, Gen Zers, millennials, Rossman, that's Organizations: Service, Business, Pew Research Center

☆ Sick of 'tip creep'? 5 times it's OK not to tip, according to etiquette experts
▼ + stars: | 2024-06-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

"So if you're not tipping in those scenarios, you're really taking money out of the server's pocket." Still, etiquette experts say there are situations where you may feel pressured to tip but are by no means required to. To be clear, the etiquette experts aren't saying to avoid tipping at the counter — merely that it's at your discretion. "It's a nice gesture to offer a tip to a worker who goes above and beyond the service," Swann says. "From an etiquette standpoint, we still tip the servers who are bringing us our food," he says.

Persons: It's, Ted Rossman, There's, Thomas Farley, Mister Manners, Elaine Swann, Swann, they've, Farley Organizations: Newark Airport, Swann School of Protocol . Service Locations: Bankrate, Denver

☆ Don't be so quick to take money advice from TikTok — here's why
▼ + stars: | 2024-06-02 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Before passing on a movie or dinner date, consider that turning down those invitations can "lead to frustration and emotional distress," he said. watch nowThere may be better ways to cut back, Hoffman advised, without sacrificing time with the people close to you. This seems like a good idea "with a relatively low ceiling," according to Matt Schulz, chief credit analyst at LendingTree. In this case, if you had $5,000 in a high-yield savings account earning 5%, you would have made roughly $250 in interest in a year. 'Cash stuffing' also forfeits interestAnother envelope method, called "cash stuffing," advocates for dividing up your spending money into envelopes representing your monthly expenses, such as groceries and gas, to stay on budget and out of debt.

Persons: Paul Hoffman, Hoffman, you'll, Matt Schulz, Bankrate.com Organizations: Getty, Federal Reserve, FDIC

☆ Hurricane season will bring 4 to 7 major storms, NOAA predicts. How to prevent catastrophic damage to your home
▼ + stars: | 2024-06-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +12 min

With scientists predicting yet another active year for storms, making your home hurricane resistant has become a more valuable precaution. "Already, we are seeing storms move across the country that can bring additional hazards like tornadoes, flooding and hail," he said. A separate forecast from hurricane researchers at Colorado State University predicts an "extremely active" hurricane season in 2024 due to record-warm tropical and eastern subtropical Atlantic sea surface temperatures. If installing new hurricane windows isn't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.

Persons: Irma, Warren Faidley, Alicia Silverstone, Erik A, Hooks, Phil Klotzbach, Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Getty, Atmospheric Administration, NOAA, Finance, Federal Emergency Management Agency, Hurricanes, Colorado State University, Department of Atmospheric, Fluid Dynamics, Climate, Energy Solutions, Swiss, Massachusetts Institute of Technology, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: Miami , Florida, U.S, windstorms, Florida, In Florida, Alabama, Louisiana, dsireusa.org

☆ Making $100,000 a year might not be life-changing anymore, but 3 people share how it makes things a lot less stressful
▼ + stars: | 2024-06-01 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewWhen Joshua first earned a $100,000 salary about five years ago, it didn't impact his lifestyle much. "I wasn't able to splurge or to afford luxurious things," the 30-year-old fintech professional, who's based in Georgia, told Business Insider via email. This story is available exclusively to Business Insider subscribers. Business Insider asked three people who've made over $100,000 a year how becoming a six-figure-earner did — and didn't — change their lives and relationships. For many of these people, a $100,000 salary could, in fact, be life-changing.

Persons: —, Joshua, doesn't, What's, who've, Cole H, Mattes, it's, ALICE, Maksim Sonin, — he's, he's Organizations: Service, Business, New York Fed, New, Fed, eBay, Monarch Media, United, Stanford University Locations: Georgia, California

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

☆ Zero-down mortgages are making a comeback
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

That massive roadblock is being removed by a new zero-percent down mortgage program launched two weeks ago by one of the nation’s largest mortgage lenders. ‘Demand has been huge’These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income. That’s because in order to refinance at a lower rate, the homeowner would need to fully pay off that second mortgage. For instance, Bank of America launched a zero-down payment mortgage program in 2022 for first-time homebuyers in certain Black and Hispanic neighborhoods. “These mortgages are going to be ticking time bombs – just like subprime mortgages –unless home prices continue to increase very substantially,” Kelleher said.

Persons: Mat Ishbia, homebuyers, Christian Petersen, refinances, UWM, ” Alex Elezaj, they’d, ”, Patricia McCoy, McCoy, won’t, Bankrate, ‘, Anneliese Lederer, ” Lederer, ” Dennis Kelleher, ” Kelleher, Jonathan Adams, ” UWM, Elezaj, “, ” Elezaj, ” It’s, “ We’re, Greg McBride, Adams, ” Adams Organizations: CNN, United Wholesale Mortgage, Phoenix Suns NBA, Phoenix Suns, NBA, Oklahoma City, Footprint Center, Boston College Law School, Consumer Financial Protection Bureau, Federal Reserve, Bank of America, US Department of Agriculture, US Department of Veterans Affairs, Center for Responsible, Better, Saint Joseph’s University, Bankrate, “, Wall Street Locations: Phoenix , Arizona

☆ 37% of Americans paid a late fee in the last 12 months, report finds
▼ + stars: | 2024-05-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

If you paid late once and there's a high chance you will pay late again in the near future because of a financial issue, let the lender know, said Schulz. "It's one thing to go to the lender every other month and say, 'Hey, I was late with this, can you waive that?' If you made a one-time mistake, you can reach out to your lender and ask to have that late payment scrubbed from your credit report, experts say. "Your credit report is just a collection of a bunch of data points representing how good you are paying debts back," Schulz said. If lenders begin to "cherry pick" what goes on in the report, the data becomes unreliable, and it doesn't help lenders make decisions.

Persons: it's, Greg McBride, Schulz, McBride, " Schulz

☆ Gen Zs are spending big to travel this summer — even if it means going into debt
▼ + stars: | 2024-05-30 | by ( Monica Pitrelli | Harriet Akinyi | ) www.cnbc.com time to read: +3 min

Gen Zs are set to make the biggest splash this summer, with surveys showing they are upping their vacation plans and spending more than older travelers. The survey of more than 2,000 Americans showed Gen Zs are planning to travel for longer periods and to take more expensive vacations at higher rates too. But how Gen Zs — often defined as those born between 1997 and 2012 — plan to fund their travels differs from other age groups too. Roeschke also noted that Gen Zs will spend time finding ways to trim travel costs, rather than canceling or postponing their trips. Using debt to finance summer tripsStill, 42% of Gen Zs and 47% of millennials say they plan to use debt to finance their summer trips, according to a survey by the financial services company Bankrate.

Persons: Gen Zs, Gens Z, Zs, millennials, Gen Xers, Zs —, Lindsey Roeschke, Zers, Roeschke, Ted Rossman, Rossman Organizations: Bank of America, CNBC Locations: United Kingdom, India, Germany, China

☆ The generation that may never retire: Why some millennials are behind on savings — and how they can catch up
▼ + stars: | 2024-05-29 | by ( Jacob Zinkula | William Edwards | ) www.businessinsider.com time to read: +14 min

However, the average millennial reported roughly $63,000 in retirement savings so far. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings. How to figure out how much retirement savings you needTiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously. How millennials can get their retirement savings back on trackWhile some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.

Persons: Nathaniel Hudson, Hartman, millennials, Tiffany Bell, didn't, Bell, she's, they're, Chris Chen, Chen, Judi Leahy, it's, Leahy, NerdWallet, Bell —, —, X, What's, Nilay Gandhi, Roth, Rita Assaf, Assaf, Gandhi Organizations: Business, Northwestern Mutual, Pew, US Social Security, Fidelity, Financial, Citi, Wealth Management, Vanguard, Big, CFP, Roth IRA, Fidelity Investments, Savings, Hudson Locations: Portland, Houston, New York, Montana

☆ More than 40% of Gen Zs say they plan to go into debt to fund their summer trips
▼ + stars: | 2024-05-29 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMore than 40% of Gen Zs say they plan to go into debt to fund their summer tripsSome 42% of Gen Zs and 47% of millennials say they plan to use debt to finance their summer trips, according to an April report from Bankrate.

Persons: Gen Zs Locations: Bankrate

☆ This type of coin is 'among the riskiest of cryptocurrencies,' investing expert says—here's what to know
▼ + stars: | 2024-05-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +4 min

In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on March 5, 2024 in Paris, France. As meme stocks like GameStop temporarily surged this month, it appears meme coins are having a moment as well. But before you consider investing in cryptocurrency, it's important to understand the difference between meme coins, altcoins and bitcoin. And although every meme coin is an altcoin, every altcoin isn't necessarily a meme coin. "Meme coins are among the riskiest of cryptocurrencies because they seem to emerge from nowhere and information about them can be sparse," he says.

Persons: shiba, Pepe, Bitcoin, Satoshi Nakamoto, Nakamoto, Altcoins Altcoins, James Royal, you'll Organizations: GameStop, U.S ., CNBC, Federal Trade Commission Locations: Paris, France, cryptocurrency, stablecoins

☆ Why groceries are so expensive — and how consumers may start to see relief
▼ + stars: | 2024-05-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

High inflation is subsiding, but many Americans have yet to see relief from elevated prices at the grocery store. "Grocery prices are up because of good old-fashioned corporate price gouging," Warren said. "And they can gouge consumers on prices because there's only a small number of companies controlling every level of the food chain." "When you spend this kind of money, you're going to have inflation," Kennedy said. "Inflation is coming down, but prices remain elevated," said Mark Hamrick, senior economic analyst at Bankrate.

Persons: they've, Sen, Elizabeth Warren, Warren, John Kennedy, Joe Biden, Kennedy, Harris, Mark Hamrick Organizations: Senate, Finance

☆ 36% of Americans say real estate is the best long-term investment—financial pros say they may be wrong
▼ + stars: | 2024-05-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

For years, Gallup has asked investors exactly that question, and since 2013 the most popular answer has been the same: real estate. It's tough to say what the best long-term investing option is without knowing the desired outcome." You can invest in real estate via real estate investment trusts, which trade like stocks, or ETFs that hold them. As you pay down your mortgage, you build equity in a piece of real estate that also appreciates in value. Among Americans making less than $40,000 per year, 33% choose real estate as their No.

Persons: Gallup, Stocks, Nick Foulks, Andrew Briggs, Briggs, Gold Organizations: cryptocurrency, Great Waters, National, Advisory, presto

☆ 60% of Americans say reaching this milestone makes them financially successful—it's not becoming a millionaire
▼ + stars: | 2024-05-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Most Americans don't think they need to be millionaires in order to achieve financial success. Fewer than 20% of Americans define being "financially successful" as "being a millionaire," according to Bankrate's 2024 Financial Success survey. Nearly 60% of Americans say they would feel financially successful if they were able to "live comfortably," according to the survey. "Salary is often not the best barometer for financial success," Foster says. Increased prices for everyday necessities such as food and housing may also shape the way Americans picture financial success.

Persons: Gen, Sarah Foster, Bankrate's, wouldn't, Foster Organizations: Millionaires, CNBC Locations: U.S

☆ I bought my first home this year: 7 things I wish I'd done before getting serious about my search
▼ + stars: | 2024-05-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +9 min

When my partner and I signed a two-year lease to move into our second New York City apartment together in 2021, we agreed that the next place we lived in would be ours. New York City is where I grew up, and I am not ready to give up my status as a "passenger princess" — yes, I'm 31 and don't have a driver's license. "There are four things that go into getting a mortgage: your credit, your income, your assets, and the property," Forbes says. The application process for a program like the New York City HomeFirst Down Payment Assistance Program or the NYS AHC grant can take several months. My partner and I bought a co-op, which is very common in New York City.

Persons: We've, Dave Forbes, Forbes, you've, Z, Gen Zers, millennials, wouldn't Organizations: New, Chase, NYS, Qualtrics, National Association of Housing Cooperatives, Rocket Mortgage Locations: New York City, Riverdale, Bronx , New York, Manhattan, Midtown, New York State, New York, That's, millennials, .

☆ 1 in 7 Gen Z credit card users are ‘maxed out’
▼ + stars: | 2024-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape. Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt. Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York. For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said. There’s never a good time to carry a credit card balance, but right now is arguably the worst time.

Persons: CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace Organizations: CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal Locations: Jackson , Mississippi, Federal Reserve Bank of New York

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