Another finding that might have you start Googling “colleges in Utah,” is that just 43 percent of Utah graduates had any debt. For comparison, 77 percent of new graduates coming out of West Virginia were in debt. How much debt a student accrues has a lot to do with the cost of tuition, Cheng said.
Worrying about your wallet can mess up your head. Weighing whether to buy a house or a car or even how to budget for the week doesn’t just take a mental toll — those decisions actually impact brain function, according to a new study by Northwestern Mutual. Eight in 10 Americans are anxious about their
“I really wanted to be in an industry that no one else wanted to be in,” he said. “Silicon Valley isn’t really chasing us because at the end of the day you got to clean dirty toilets.” Still, Holt had plenty of competition. Large cleaning service franchises include Merry Maids, Molly Maid and MaidPro. Small
About nine in 10 employers offer dependent care FSAs, according to benefits administrator Alight Solutions. (It ran numbers based on its portfolio of 250 mid-size and large employers.) About 3 percent of eligible employees use them, with average annual contributions of $3,500, said Nicole Wruck, Alight’s national health practice leader. (Midway through open enrollment this
The second-most common reason given is debt consolidation (23 percent), followed by other (16 percent), moving (9.1 percent) and medical (7.8 percent). Total household debt reached $12.84 trillion as of June 30, according to data from the Federal Reserve of New York. That’s $164 billion higher than the peak of $12.68 trillion in the third
Men are more likely than women to splurge on their biggest gifts for their loved ones, despite an overall atmosphere of frugality this holiday season, according to a new survey from CreditCards.com. Just 29 percent of men plan to spend less than $50 on the most expensive present they buy, compared to 40 percent of
It’s open enrollment season, which for many workers, might not mean much. That’s a costly misconception. About half of employees don’t understand their benefits materials, according to a report by the International Foundation of Employee Benefit Plans. As a result, most workers just stick with what they’ve previously picked — 92 percent of workers last
Currently, savers can undo, or “recharacterize,” their Roth, or post tax, individual retirement account contributions to traditional IRAs, or pretax contributions, and vice versa. Savers usually have until Oct. 15 of the year following the conversion to undo the transaction. But the tax bill includes a repeal of the rule that allows for those transactions.
Getty Images Flanked by Speaker of the House Paul Ryan and House Ways and Means Committee chairman Rep. Kevin Brady (R-TX), President Donald Trump speaks about tax reform legislation in the Cabinet Room at the White House, November 2, 2017 in Washington, DC. Under the current system, a single filer can take a standard deduction
The new tax legislation essentially would shift much of the taxation from the recipient to the alimony payer. “Due to the disparity in tax rates that exist in these cases, this would have a negative effect on the payee. That’s the bottom line,” said Malcolm Taub, co-chair of Davidoff Hutcher & Citron’s Divorce & Family
John Giustina | Getty Images A couple fishing in Vancouver, Washington. Not all seniors dream of kicking back in sunny destinations. Ideal retirement spots are a lot more diverse than you may realize, according to a recent study by Livability.com. The company analyzed U.S. cities on characteristics of livability that its research has shown to
Saul Loeb | AFP | Getty Images Jerome Powell listens as US President Donald Trump announces Powell as nominee for Chairman of the Federal Reserve in the Rose Garden of the White House in Washington, DC, November 2, 2017. “I wouldn’t expect any material deviation of that path,” said Jonathan Wright, an economics professor at
Under the new proposal, coined the Tax Cuts and Jobs Act, the estate tax exemption will double and then be repealed as of 2024. In addition, there would continue to be a “step-up in basis,” which means if you inherit shares of stock, for example, and turn around and sell those shares, you wouldn’t pay
For many borrowers who can claim it, the student loan interest deductiondoesn’t amount to much. Looking at those 2015 IRS records, the average amount of interest is roughly $1,100, saving someone in the 25 percent tax bracket about $275, said Mark Kantrowitz, vice president of strategy for college and scholarship search site Cappex.com. “If you
Who uses the mortgage interest deduction, by income 0 to $50,000 2.32 million $1.11 billion $50,000 to $100,000 9.77 million $9.19 billion $100,000 to $200,000 14.6 million $24.85 billion $200,000 & up 7.18 million $29.78 billion Totals: 33.87 million $64.93 billion Source: 2016 data from Joint Committee on Taxation report. *Income ranges include AGI plus
As part of the tax overhaul, House Republicans are cutting the current income tax brackets to four. Currently, there are seven tax brackets: 10 percent, 15, percent, 25 percent, 28 percent, 33 percent, 35 percent and 39.6 percent. Under the House bill, The Tax Cuts and Jobs Act, there will be four: 12 percent, 25
If you’re about to retire, the last thing you need is a lot of bills. Over the past 30 years, American families have taken on increasing amounts of debt, even as incomes failed to keep pace. About 80 percent of American households now have some form of debt, according to the Pew Charitable Trusts’ survey
The trick is knowing where to apply. Guy Cecala, publisher and chief executive officer of Inside Mortgage Finance, recommends comparing interest rate and underwriting information from a credit union, a big bank such as Wells Fargo or JPMorgan Chase, and a non-bank lender. “There’s nothing wrong with getting a loan from a non-bank,” Cecala said.
When it comes to auto-related bills, your credit score has mileage. CreditKarma.com, known for providing consumers with free access to their credit reports and scores, has begun an auto-assistant dashboard aiming to help drivers manage their vehicle finances. Among other features, members can check their DMV profile, view details of their loan or lease, gauge
It’s important for the self-employed to know the rules. Businesses must report all earned income and expenses. There are cases where businesses claim items that aren’t actually legitimately deductible. “They think that their personal cellphone that they may use for a few business calls, their home internet, their only car which they claim 100 percent
The scariest thing about Halloween may be the unintentional expenses. Between costumes, decorations and, of course, candy, the average American will be shelling out $169.81, according to a recent poll by LendEDU. Costume purchases made up almost half of that, with partygoers spending just over $70 on their disguises, LendEDU said. More than $60 will
Yet most people apparently don’t mind the risk. In the 2015-2016 flu season, just 43.3 percent of U.S. adults got the flu vaccine, according to the Centers for Disease Control and Prevention. For those under age 18, the rate was 59 percent. (Click on CDC chart below to enlarge.) At the same time, an estimated
Women are at risk of falling behind when it comes to personal finance and investing. And the stakes are high. Women’s median weekly earnings were 82 percent of men’s in 2016, according to the U.S. Bureau of Labor Statistics, which looked at full-time wage and salary employees. In addition to the income gap women face,
Andrew Harrer | Bloomberg | Getty Images An Equifax Inc. slide is displayed on a monitor during a House Financial Services Committee hearing in Washington, D.C., on Wednesday, Oct. 25, 2017. The next time you get home on a Friday night and find you’ve left your debit or credit card at the bar, don’t worry.
If you’ve recently graduated and skated through the summer without too much thought about your student loan debt, the jig is up. Seven in 10 seniors graduate with debt, owing over $34,000, on average, according to a recent report by Experian. However, the majority of borrowers, 56 percent, don’t know the interest rate on their
Consumers who do this: 14% “We think [a leak sensor] is one of the simplest and low-cost means people can employ to make sure they don’t have a significant water loss,” Gee said. It’s not a minor risk: 1 in 50 homes has a property damage claim related to water damage or freezing each year,
When it comes to money, millennials are less than confident about the markets. According to Wells Fargo, 20 percent of young people said they will “never” be invested in the markets and 53 percent said they will “never be comfortable investing in the markets.” The findings come from a June survey the bank conducted of
A year ago, my life changed dramatically. It took a traumatic event — a brain aneurysm to be exact — for me to truly understand how important it is to be financially prepared for the unexpected. A brain aneurysm is a bulge in an artery in the brain, and can appear with no symptoms. When
Investors worried about what will happen to rules around their 401(k) savings will have to wait a bit longer for clarity. President Donald Trump and Congress have tussled this week over what meaningful changes, if any, to these retirement plans should look like. Earlier this week, Trump maintained that rules for contributing to 401(k)s should
Older Americans are frequent targets of financial scams in general, and about 12 percent are victims, according to the BBB’s Scam Tracker Annual Risk Report. While the rate of susceptibility among retirees is lower than in younger age groups, the per-scam loss amount tends to be higher. For instance, among the 65-and-older crowd in 2016,