Personal finance

Sophie Hinn with a pencil holder her mom made out of trash. Courtesy Sophie Hinn Using only one water bottle. Finishing that tube of makeup before buying another. Owning furniture that’s been passed down through generations. This isn’t the lifestyle that social media influencers promoting their Amazon storefront or their brand discount codes show. So-called

The Federal Reserve could start lowering interest rates as soon as next month, based on the latest inflation data. “We think that the time is approaching,” Fed Chair Jerome Powell said at a press conference after the last Federal Open Market Committee meeting in July. For Americans struggling to keep up with sky-high interest charges, a likely September rate cut may bring some

Kumikomini | Istock | Getty Images In 2004, Sabrina Finch returned to school to become a nurse. Her mother, Rebecca, was excited for Sabrina, then in her early 30s, to finally have a career. She’d watched for years as Sabrina struggled to get by working low-wage jobs, including in fast-food restaurants and factories. As a

Activists demonstrate in support of a $15-per-hour minimum wage and tips for restaurant workers in Washington, D.C. on Feb. 8, 2022. Mandel Ngan | AFP | Getty Images The federal minimum wage recently marked a new anniversary. But for affected workers, that may not be something to celebrate. The federal minimum wage has now been

U.S. Vice President Kamala Harris speaks at an event with U.S. President Joe Biden (not pictured) in Prince George’s County, Maryland, U.S., August 15, 2024.  Elizabeth Frantz | Reuters Vice President Kamala Harris on Friday unveiled an economic plan, including an expanded child tax credit worth up to $6,000 in total tax relief for families

Klaus Vedfelt | Digitalvision | Getty Images From leggings to lip gloss, there’s a dupe for almost any brand-name product. Buying a knockoff used to be a consumer’s dirty little secret, largely because a “fake” was considered inferior to the real thing, not to mention the economic cost and intellectual property rights infringement. But brand imitators,

Sakorn Sukkasemsakorn | Istock | Getty Images About 2.9 billion people may have had their personal information hacked, a new proposed class action lawsuit alleges. If true, reports suggest all Americans may have had valuable personal information compromised — including full names, current and past addresses, Social Security numbers and information on parents, siblings and

Getty Images As their retirement nears, investors need to be aware of a threat known as the “sequence of returns risk” which could jeopardize their retirement nest egg. While this risk is often an overlooked and misunderstood problem for retirees, there are ways to minimize its negative impact, experts say.  Also called “sequence risk,” the

Halfpoint Images | Moment | Getty Images With the federal government’s ability to forgive student debt up in the air, experts say it would behoove borrowers to explore the many state-level relief programs available. “Most states have one, especially if you’re in health care,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a

Pascal Broze | Onoky | Getty Images As investors face economic uncertainty, financial advisors have guidelines for how much cash they should have set aside. Despite second-quarter economic growth, nearly 60% of Americans wrongly think the U.S. is currently in a recession, according to a June survey of 2,000 adults from Affirm. While Goldman Sachs

Phoenix Wang | Moment | Getty Images Former President Donald Trump has touted a bold new idea for Social Security: ending taxes on benefit income. “Seniors should not pay tax on Social Security,” Trump wrote on July 31 in all capital letters on social media platform Truth Social, and repeated the point during an Aug.

Jj Gouin | Istock | Getty Images Most Americans rank Social Security as “one of the top” issues or a “very important” issue determining who they will vote for in the upcoming U.S. presidential election, according to a new CNBC poll. Social Security reform is also a top concern, according to a separate survey from

U.S. Vice President Kamala Harris and Republican presidential nominee and former U.S. President Donald Trump. Brendan Mcdermid | Elizabeth Frantz | Reuters Former President Donald Trump and Vice President Kamala Harris both want to end taxes on tips — and some policy experts have already criticized the idea. Harris expressed support for tax-free tips at a

By most accounts, the rollout of the new Free Application for Federal Student Aid, better known as FAFSA, was disastrous from the start. Even now, some college students don’t know the status of their aid awards for the fall. “The Department’s poor planning has led to a stunning failure: Some college students might not have

The Republican vice presidential candidate, Sen. JD Vance, speaks at a campaign rally at NMC-Wollard Inc. / Wollard International in Eau Claire, Wisconsin, Aug. 7, 2024. Adam Bettcher | Getty Images Sen. JD Vance of Ohio, former President Donald Trump‘s GOP running mate, wants to more than double the child tax credit. But the increase could be

zimmytws | iStock | Getty Images The Social Security Administration faces a “record-breaking backlog” of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. The SSA OIG, which provides independent oversight of the agency’s programs and

Jeremy Poland | E+ | Getty Images American consumers claimed $8.4 billion of Inflation Reduction Act tax breaks tied to boosting the energy efficiency of their homes in 2023, according to Internal Revenue Service data, a sum that exceeded officials’ projections. More than 3.4 million U.S. households claimed at least one of two tax breaks

Vice presidential candidate Minnesota Governor Tim Walz looks on during a campaign rally with U.S. Vice President and Democratic presidential candidate Kamala Harris in Philadelphia, Pennsylvania, U.S., August 6, 2024.  Elizabeth Frantz | Reuters As many retirees struggle to afford the basics, there’s been bipartisan support to exempt Social Security from income taxes. That policy

Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industryinsights report from TransUnion. Credit card delinquency rates are also higher

Job seekers attends the JobNewsUSA.com South Florida Job Fair on June 26, 2024 in Sunrise, Florida. Joe Raedle | Getty Images Renewed fears of a U.S. recession have put a spotlight on unemployment. However, the system that workers rely on to collect unemployment benefits is at risk of buckling — as it did during the