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The Balance study asked 1,405 respondents across Gen Z, millennials, and Gen X to share how they view credit and debt, as well as who taught them about money and how that education influences where they spend, save, and invest. We defined an affluent millennial as someone between 23 and 38 years old with an above-average household income. Due to the volume of debt across categories, affluent millennials report spending an average of more than 17% of their take-home pay on debt repayment, coming in second only to fixed expenses such as rent, utilities, and food....

Why Lenders Want an Appraisal An appraisal is an unbiased, professional estimate of the value of a property for sale. Lenders always require a home appraisal before they’ll issue a mortgage because they want to protect their investment; if the actual market value of a property is lower than the sales price and if the buyer defaults on the mortgage, the lender won’t be able to sell the property for enough money to cover the loan....

Learn what the cost of home insurance is, how the price is impacted, and ways to save. How Much Is Home Insurance? The national average cost of homeowners insurance was $1,249 in 2018, according to the latest data from the Insurance Information Institute. The average cost of renters insurance was $179. While all of this gives you a good idea of what the national average costs are for home insurance, you need to look at more information before deciding what the average cost of home insurance will be for you....

According to the latest jobs figures from the payroll software company ADP, private employers are still hiring, but they only added 132,000 jobs in August—less than half of what economists had expected. That’s the second straight month of job growth declines. ADP’s report comes just days before the Labor Department releases its more detailed report on the jobs market. So you would think that if today’s job numbers weren’t great, then Friday’s won’t be too good either, right?...

San Francisco Fed President Mary Daly suggested in an interview this week that slower rate increases might be a good idea, but that the Fed would need to continue boosting rates “until the job is well and truly done.” Investors are holding their breath. They remain concerned that the central bank might be raising rates too far and too fast in its inflation fight, potentially slowing the U.S. economy down too much and sending us on a path to recession....

But supply and demand in real estate aren’t easy to balance. Creating more saleable properties takes time, considerable work, and a lot of effort. It’s not possible at all in some cases, and even when it is, it might not be possible for supply to increase in time to meet consumer demand, as we saw during the housing market boom in 2021. Understanding the basic economic principle of supply and demand can help consumers decide the best time to buy or sell their properties....

Their steady growth makes them good choices if you’re investing for the long term. Learn more about why you might want to add these stocks to your portfolio. What Are Blue-Chip Stocks? The term “blue-chip stock” comes from poker, where the most valuable playing chip color is blue. There are many ideas about what, precisely, makes up a blue-chip stock. Generally, blue-chip stocks and companies have records of stable earning power over several decades....

Your resume offers a window into your professional history and is one of the most important documents in your job search, since it provides the vital first impression to a hiring manager. Choose the Right Resume Type Before you start putting your resume together, it’s helpful to determine which type of resume highlights your strengths and achievements. Likewise, when reviewing templates and examples, choose the format that is best for your situation....

However, the nation has many other very large banks, all with total assets in the billions. These banks easily fall under the definition of “big banks,” and would presumably be considered by some as too big to fail. Become familiar with these banks so you can make better choices for your banking needs. After all, if you haven’t already, you’ll probably be doing business with one (or several) of the top 15 biggest banks in the future....

The unemployment rate held steady at 3.7%—a number that is low by historical standards. Not only that, but increased earnings indicate employers are still competing fiercely for workers. Hourly earnings rose the most since January, making for a 5.1% boost over the last 12 months. The continued high demand for labor is remarkable because the Federal Reserve has been trying since March to cool down the job market, fearing that wage hikes will stoke the fires of inflation....

Debt held by the public is what the government owes to Treasury investors. These investors include people in the U.S., international investors, and foreign governments. Intragovernmental debt is what the federal government owes to other government departments. It funds pensions and other programs, such as Social Security in the U.S. What Causes the National Debt? The federal government adds to the national debt whenever it spends more than it receives in tax revenue....

You won’t accumulate any Social Security credits for the unreported income if your earnings aren’t reported within this time period. This three-year-plus period is especially crucial for self-employed individuals who file tax returns past the usual April 15th tax-filing deadline or who need to amend a previously filed tax return. What Are Social Security Credits? Individuals earn a certain number of “credits” each year based on their wages and net self-employment earnings....

Discounting cash flow is one of the core principles of small business financing operations. It has to do with interest rates, compound interest, and the concepts of time and risk with regard to money and cash flows. Underlying Principle of Time Value of Money The underlying principle is that the value of $1 that you have in your hand today is greater than a dollar you will receive in the future....

Despite higher prices, most parents still consider school supplies to be essential. And according to the National Federation of Retailers, the average family plans to spend $864 on school items during the 2022 school year. While it may be expensive, back-to-school shopping can be an opportunity for families to find new ways to save, and for parents of teens to teach some valuable financial lessons. In this article, learn financial tips you can share as you embark on back-to-school shopping with your teens....

To increase your chances of buying the home you want, it’s important to have a strategy that will give you an edge when many other buyers are in the market. Defining Spring The normal spring home-buying season for most of America is typically April, May, and June because many Americans take vacations during July and August. However, springtime home buying can apply to different months of the year, depending on where you live....

Fed Innovated to Replace a Failed Banking System In 2008, Federal Reserve Chair Ben Bernanke used innovations to allow the Fed to shore up the failed financial system. In March, the Fed launched the Term Auction Facility. It made short-term loans available to cash-strapped banks who wouldn’t lend to each other. In October, the Fed made $540 billion in loans to bail out money market funds. In November, the Fed agreed to buy $800 billion in mortgage-backed securities in an attempt to lower interest rates....

The main difference between these two IRAs comes down to when your money is taxed: before you contribute or after you withdraw. You contribute to a traditional IRA with pretax money, but you’re taxed on your withdrawals. You contribute to a Roth IRA with after-tax money and enjoy tax-free withdrawals. Here’s a closer look at what that means to help you make the right choice for your financial situation....

Here are the Trump administration’s most significant economic actions in its first 100 days. You will see why Trump was not a typical Republican. January 20: Trump signed an executive order to “ease the burden” of Obamacare. It directed federal agencies to do what they can within the existing law to lift the ACA’s mandates. It was the first move to implement Trump’s health care agenda. The same day, he signed an order to remove a discount on Federal Housing Administration mortgages for low-income homebuyers....

Paper Boat Creative / Getty Images In this article, we dig down to the fundamentals of mutual fund yields and make yields easy to understand. What Is the Trailing Twelve Month (TTM) Yield? A mutual fund’s TTM yield refers to the percentage of income the fund portfolio returned to investors over the past 12 months. The TTM is an acronym referring to “trailing twelve months.” It is calculated by taking the weighted average of the yields of the holdings—such as stocks, bonds, or other mutual funds—that are in the fund portfolio....

If you need to alert your boss to your resignation right away, you might have to send a resignation email instead of a letter. Even if you send an official letter or tell your boss in person, you may choose to send a follow-up email to confirm the details. Read below for information on why you should give two weeks’ notice, how to write a resignation email, and review a sample email message....