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My husband is close to retirement, and we've been thinking about the continuing cost of a mortgage. We could pay off our mortgage now and be free from interest, but it's not the best use of our money. One of those plans is to pay off our mortgage in retirement. Let's say instead of paying off our mortgage, we took $100,000 from our retirement savings, put it in a CD, and blocked it for 12 months. My husband and I also looked at the tax benefit of mortgage interest.

Persons: we've, it's, I've Organizations: Service Locations: Wall, Silicon

So I'll admit I got The Platinum Card® from American Express for the clout. Getting an Amex didn't change my finances or my life, and I knew it wouldn'tI held my Amex Platinum card as I did with my driver's license when I was 16. Financial therapist Aja Evans says my Amex credit card is one way of coping with self-esteem issues, but it's a bandage. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Products in this post: The Platinum Card® from American Express, American Express® Gold Card

Persons: Achilles, I've, wouldn't, I'm, Aja Evans, Evans, it's, Uber, Wiley, Julie Mehretu, Peacock, Uber Cash Organizations: Service, American Express, Yorker, Express, Hilton, Marriott, Saks, Entertainment, Disney, ESPN, The New York Times, Street, Walmart, TSA, Global, Saks Fifth, Shipping, American, Products Locations: Wall, Silicon, Hulu

I pulled my money out and put it in a CD with a 5% APY, and I'm happier with the guaranteed return. Irresponsible buying decisions and a lack of attention on my stock portfolio caused me to lose thousands of dollars over the past few years. That's why in 2023, my goal was to try to fix my investment strategy and eliminate risk. Since my initial lack of strategy had failed me, I decided that keeping the money in these declining stocks wasn't going to benefit me. My plan was to take some money out of the stock market and grow it in 5% APY CDs and then reinvest the money made on the CDs next year in a more thoughtful long-term stock market portfolio.

Organizations: Service Locations: Wall, Silicon

Earlier this year, I moved some funds from my high-yield savings account to several CDs. To earn the most of my savings and take advantage of all the best CD rates, I decided to employ the CD ladder strategy. Laddering CDs gives you the best of both worldsA CD ladder is when you divide up savings into different CDs, each at varying term lengths. I'm happier with the interest rates that come with early withdrawal penaltiesWhen I was researching CDs, I looked into several options, such as no-penalty CDs. While there are other ways I can earn more on cash sitting in my account, I've opted for a CD ladder.

Persons: I've, haven't Organizations: Service Locations: Wall, Silicon

I have three high-yield savings accounts that I use for my emergency fund and long-term goals. With many boasting interest rates over 5% — far greater than the average savings account interest rate — there's no question why they're on so many people's minds. This reignited interest has garnered discussion about where to find the best high-yield savings accounts rates. My first high-yield savings account was with AllyWhen I started my savings journey, I opened my Ally high-yield savings account after reading articles that compared different banks and seeing that name come up often. Using high-yield savings accounts with high interest rates helped, allowing me to get a small bonus deposit each month.

Persons: I've, Ally, it's, — Organizations: Service, Capital, Ally Locations: Wall, Silicon, Maldives

AdvertisementAdvertisementI love cruises as a vacation option with an affordable fixed price, and my Virgin Voyages cruise was great. Vacations often come with surprise expenses — cruises are a great value and make it easy to know exactly how much you'll spend in advance, and my Virgin Voyages cruise was a great value. While the cruise ship itself offered plenty to see and do, I thought the four included stops were some of the best I have ever visited on a cruise. Finally, we loved the inclusiveness the Virgin Voyages brand builds into their cruise product, which helped make the cruise more carefree and fun. Now all I have to do is start planning how we'll spend days in port on our next Virgin Voyages cruise in February.

Persons: Richard Branson's, Jeff Bezos, Katy Perry, Orlando Bloom, Usher, That's, Burger, we'll Organizations: Service, HBO, Virgin, Voyages, Virgin Voyages Locations: Wall, Silicon, Athens, Greece, Dubrovnik, Split, Croatia, Kotor, Montenegro, Corfu, Old, Montenegro Kotor, Town, San Juan , Puerto Rico, St, Croix , Puerto Plata, Dominican Republic, Bahamas

My friends and family asked for a baby registry — instead, I asked for contributions to a 529 plan. No matter what form my baby's education costs take, the money in the 529 plan will be valuable. A 529 plan is a tax-advantaged savings plan that allows people to start saving now for future education costs. Here are three ways a 529 plan is setting her up for future financial success. A 529 plan covers different types of educationThe main reason I decided to set up a 529 plan is to help fund my child's college experience.

Persons: Roth IRAs, Roth Organizations: Service Locations: Wall, Silicon

☆ Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official
▼ + stars: | 2023-08-29 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February. "We need to ensure that the privacy is compatible with the law," he told the Reuters Global Markets Forum. Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. The Atlantic Council says 130 countries are in some process of exploring a CBDC, with 21 in the pilot stage.

Persons: Fabio Araujo, Araujo, Lisa Mattackal, Divya Chowdhury, Marcela Ayers, Lincoln Organizations: Machine, Banco Central, Reuters Global Markets, Atlantic Council, Bank for International, Thomson Locations: Brazil, Mexico, Singapore, Bangalore, Mumbai

Buying a used car is a risk but gap coverage and a warranty make me feel better about that risk. When I started looking for a used car, I weighed everything I wanted in a car, and the biggest factor in my decision was cost. But I also know that getting a used car is one of the best choices I can make for the environment. Tax credits for used electric cars are worth up to $4,000The tax credits offered for electric cars have varied over the years, but the most recent big change came in August 2022, and it came with both upsides and downsides. Most of the tax credits for new electric cars only apply to cars assembled in the US.

Persons: I've, haven't, it's, Max Energi, It's, Joe Biden's, I'm Organizations: Service, Metro, Costco, Toyota Prius Prime Locations: Wall, Silicon, Virginia, Washington

This week, a reader's roommate lost her job and can't pay her half of the rent. Honestly, I can probably cover this month, but it will be a squeeze, and I certainly can't cover her half the rent indefinitely. In other words, if your roommate doesn't have the money, she doesn't have it. From the sound of your letter, it seems that up until your roommate lost her job, she paid their share of the rent reliably. Whether you cover the full rent this month or not, you need to have that conversation with your roommate ASAP.

Persons: She's, doesn't, hasn't, there's, they'll, she's Organizations: Service Locations: Wall, Silicon

☆ I spent most of my life without a penny in savings, but learning how much I can earn with high-yield savings completely changed my approach
▼ + stars: | 2023-08-26 | by ( Chris Boutté | Avril Ayers | Freelancer | ) www.businessinsider.com time to read: +6 min

I've spent the majority of my life without a single penny in savings, but over the last few years, I've woken up and realized how ignorant I was to not take advantage of high-yield savings accounts. I didn't know much about saving moneyOnce I started educating myself about personal finance that I discovered high-yield savings accounts. Basically, high-yield savings accounts pay out a higher percentage than normal savings accounts by simply storing your money at a certain bank. I found a high-yield savings account that meets my needsThe first thing I did was start researching high-yield savings accounts to see who paid the most. All this required was a quick Google search for "best high-yield savings accounts."

Persons: I've, it's, Banks, They're, Chase, I'd, she's Organizations: Service, Bank of America Locations: Wall, Silicon, Wells Fargo

I'm a financial planner, and I remind clients to look at a long timespan and plan for the worst. A long-term financial plan that works accounts for inevitable shifts in goals, values, priorities, and circumstances. Look for ways to earn morePersonally, I've shifted from "retire as soon as possible" to a more balanced approach with my financial goals. My financial plan can accommodate this choice for two main reasons:First, I saved aggressively when I could for almost a decade. Remember, frugality will only get you so farNo matter what you want to do, you'll need money to afford your chosen lifestyle in the future.

Persons: I've, Read Organizations: Service Locations: Wall, Silicon

AdvertisementAdvertisementIn the end, I found I could save almost $600 by switching my auto insurance alone to another highly-rated insurance company, Travelers. And if I switched auto and homeowners insurance coverage to this insurer, I could save $1,335 annually. Compare auto insurance quotes from multiple providers with Coverage.com. Getting auto insurance quotesI'm a financially savvy person, but I still found shopping for car insurance quotes and switching plans rather daunting. Switching insurance companies was easier than I thoughtOne point of contention I had with switching companies is the fact I had already prepaid auto insurance coverage for the year.

Persons: I'm, Ashley Brown, Connor, That's Organizations: Allstate, Service, Travelers, Cincinnati Financial, Connor Insurance, Company Auto, Travelers Insurance Locations: Wall, Silicon, Indianapolis

☆ UAW wins 25% raises for workers at Ohio EV battery plant
▼ + stars: | 2023-08-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The United Auto Workers union reached a tentative deal Thursday to raise wages 25% at Ultium Cells, a company that makes batteries for General Motors’ electric vehicles. The agreement announced Thursday is significant since the Ultium plant is the first US EV battery plant to be represented by a union. The joint statement from the company and the union did not say what the workers are currently paid. Even with the raise, Ultium Cells’ workers will still earn far less than UAW members at unionized auto plants currently making up to $32.32 an hour. Union members at the plant are expected to decide whether or not to ratify the deal on Sunday.

Persons: ”, Josh Ayers, “, Kareem Maine Organizations: New, New York CNN, United Auto Workers, General Motors, GM, LG, EV, UAW, Ultium, Ford, Jeep, Dodge, Chrysler Locations: New York, Warren , Ohio, Warren

☆ GM's Ultium agrees to increase EV battery worker pay by 25% on average
▼ + stars: | 2023-08-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

General Motors revealed its all-new modular platform and battery system, Ultium, on March 4, 2020 at its Tech Center campus in Warren, Michigan. DETROIT — General Motors' Ultium Cells has agreed to increase worker pay at its battery plant in Ohio by an average of 25%, the company and United Auto Workers union said Thursday. The deal is a major win for the union, as it's the first major organized battery plant in the country. The union previously argued the battery workers should make the same wages as their traditional counterparts assembling engines and cars. Ultium workers currently make between roughly $20 and $25 an hour for production workers and $25 to $34.60 an hour for maintenance employees.

Persons: Josh Ayers Organizations: Motors, Tech Center, DETROIT —, United Auto Workers, LG Energy, UAW, Detroit automakers, GM, Ford Motor Locations: Warren , Michigan, DETROIT, Ohio

The ERC, part of the CARES Act, gives employers affected by COVID-19 a tax credit if they qualify. Depending on when your small business filed and paid taxes, it may still be eligible to receive the credit. In response to the financial hardships of the pandemic, the IRS enacted the Employee Retention Credit. What is the Employee Retention Credit (ERC Credit)? Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you.

Persons: There's, It's, you've Organizations: ERC, IRS, ERC —

Now, we're saving $1.2 million and investing in real estate to retire early. Another alluring aspect of real estate was that elements of the investment were under our direct control. Yieldstreet is one of the best real estate investing apps for those interested in real estate and alternative investments. A balanced approachWhile building up our real estate portfolio, we've continued to save in our 401(k) and Roth IRA accounts. There are no guarantees in investing, and we didn't want all of our proverbial eggs in the real estate basket.

Persons: Roth, Stocks, hadn't, they'd, we'd, We've, we've Organizations: FIRE, Service Locations: Wall, Silicon

When my husband and I were buying our first house, we had to figure out what we could afford. What a person can afford means something different to almost anyone you ask. As a couple, what we can afford is one of the most important financial questions we've answered, and we're still answering it. Here are the specific steps we took to figure out how much mortgage we could afford and how anyone can use these principles to save hundreds or even thousands of dollars a month. In this step, you're answering the question: What is important to us individually and as a family?

Persons: Ryan, we've, we're, it's Organizations: Service Locations: Wall, Silicon

My husband and I are looking at houses to buy, but we both have variable income. We then decided how much of that income we were comfortable devoting to a mortgage payment (including insurance and taxes). Equipped with our monthly payment number, we could play with the other variables in the housing equation: the mortgage rate, the home price, and our down payment. When toying with the numbers, we realized that a larger down payment dropped our monthly mortgage amount significantly. So we've decided to sell our two rental properties to have a larger down payment and a lower monthly payment.

Persons: We've, I've, wouldn't, We're, we've Organizations: Service Locations: Wall, Silicon, Paducah , Texas, Salt Lake City , Utah, Salt, Texas, Salt Lake

My friends and I aren't sure how the climate crisis will affect our retirement, only that it will. Another friend replied, "Well, the good thing about climate change is that it gives me a reason to move." The climate crisis will also affect homeowner's insurance. It's hard to know where to retireAs for where to settle down in my retirement, the climate crisis throws in another wrench. While a lot remains unknown about the effects of climate change, I've resolved to stick to a retirement savings plan.

Persons: that's, it's, It's, haven't Organizations: Service Locations: Wall, Silicon, West Coast, Pacific Northwest , Utah, Florida, Nashville , Tennessee, California, Southern California, Arizona

It's not too late to apply for the pandemic-era Employee Retention Credit for your small business. The Employee Retention Credit may be one of those tax-break opportunities for qualifying businesses that continued to pay employees while shut down due to COVID-19 or saw declines in revenue. To shed some light on this, accountant Liz Soria has some insights concerning which businesses should apply for the ERC — and just as importantly, which businesses shouldn't. Navigating the ERC tax creditOf course, the most authoritative source for information about the ERC is the IRS. Your business may be eligible for a substantial refund through the Employee Retention Credit, with no upfront cost to you.

Persons: It's, Liz Soria, Soria, it's, There's, That's, David Moadel, David Organizations: ERC, ERC —, U.S . News, Markets Locations: Soria, U.S

☆ Strong US retail sales underscore economy's resilience
▼ + stars: | 2023-08-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

SummaryCompanies Retail sales increase 0.7% in July; June sales revised upCore retail sales jump 1.0%; June sales revised downImport prices rebound 0.4%; down 4.4% year-on-yearWASHINGTON, Aug 15 (Reuters) - U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. Retail sales jumped 0.7% last month. Sales at food services and drinking places, the only services category in the retail sales report, shot up 1.4% after rising 0.8% in June. Excluding automobiles, gasoline, building materials and food services, retail sales surged 1.0% in July. Data for June was revised lower to show these so-called core retail sales increasing 0.5% instead of the previously reported 0.6%.

Persons: Goldman Sachs, Andrew Hunter, David Russell, Matthew Martin, Ben Ayers, Lucia Mutikani, Paul Simao Organizations: Commerce Department, Capital Economics, Retail, Reuters, Consumers, Market Intelligence, Wall, Treasury, Labor Department, Oxford Economics, delinquencies, New York Fed, Nationwide, Thomson Locations: WASHINGTON, U.S, New York, Columbus , Ohio

I wasn't able to get renters insurance a few years ago, but now I can bundle it with my car insurance. Being in quarantine with nowhere to go meant that switching from a standard car insurance policy to a pay-per-mile one saved me hundreds each year in insurance. However, I was reluctant to switch back to a standard car insurance policy. Here's why I found it helpful to go over my car insurance policy, and why I'll be reviewing my insurance regularly. Sure, there are more exciting things to do than pore over car insurance policy quotes, I'm glad I took the time to shop around for car insurance.

Persons: I'm, I've, haven't, It's Organizations: Service Locations: Wall, Silicon, Southern California

This week, a reader handles her family's shopping, and her husband thinks she's wasting money. Our columnist suggests having him make some shopping trips and see how far the money really goes. I've saved our family money, but my husband doesn't seem to understand how hard our budget is being hit by inflation. Have him do the grocery shopping for a few weeks. If that's only "his money," then you're working for your husband for free, which, as we all know, is about as unethical as it gets.

Persons: I'm, I've, doesn't, takeout, you've Organizations: Service Locations: Wall, Silicon

My mortgage broker demystified the homebuying process and guided me step by step. Here's how my mortgage broker and I worked out a plan to make my dreams of homeownership a reality and how I'm preparing for mortgage renewal in the not-too-distant future. See Insider's picks for the best mortgage lenders »My mortgage broker ran the numbers for different scenariosI spoke with a few mortgage brokers before deciding to work with the brilliant Lisa Okun. Compare today's 30-year mortgage rates »I know renegotiating my mortgage will be complexI like to know how much I'm going to need to spend. Because the interest rates in Canada were so low at the time (around 2.5%), I felt good about locking into that rate.

Persons: Lisa Okun, Lisa, They've Organizations: Service Locations: Wall, Silicon, Ontario, Canada

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