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Financial Freedom Countdown
Retirement Wealth Soars as 401(k) and IRA Millionaires Thrive While Others Struggle
Fidelity’s analysis of 24 million 401(k) accounts across 26,000 employer-sponsored plans revealed that the number of 401(k) “millionaires” reached 497,000 last quarter, marking a 2.5 percent increase from 485,000 in the first quarter.
Undocumented Immigrants Set to Receive State-Funded Home Loans Under California’s New Bill
California's housing market is poised to face a seismic shift if a newly introduced bill, Assembly Bill 1840, passes through the legislature. The bill, spearheaded by Assembly member Joaquin Arambula (D-Fresno), seeks to expand eligibility for the California Dream for All Shared Appreciation Loans program to include undocumented immigrants. This proposal has ignited a heated debate, raising questions about fairness, resource allocation, and the broader implications for California's housing crisis.
Massive Jobs Data Revision, Largest Since the Financial Crisis, Spells Trouble for Kamala Harris
Each year, the BLS revises the data from its monthly payroll survey of businesses and benchmarks the March employment level against figures from the Quarterly Census of Employment and Wages (QCEW) data.
Massive Data Breach Likely Exposed Social Security Numbers of Many American. Here’s What You Can Do
Approximately four months after a notorious hacking group claimed responsibility for stealing an unprecedented amount of sensitive personal information from a major data broker, a member of the group has reportedly released the majority of it for free on an online marketplace specializing in stolen personal data.
Extensive 3-Year Study Reveals Why Universal Basic Income Handouts Don’t Work
The results of the largest American-controlled Universal Basic Income (UBI) experiment have been released. Funded by the founders of OpenAI, this study was likely intended to address potential job losses anticipated due to Artificial Intelligence.
Retirees Brace for 2025 Social Security COLA Forecast as a 2.63% Increase May Not Be Enough
As we await the official Social Security cost-of-living adjustment (COLA) numbers, the Senior Citizens League (TSCL) has revised its long-term Social Security COLA forecast for 2025 to 2.63%. While this is an increase from the June 2024 forecast of 2.57%, it might not be enough for seniors struggling to keep up with inflation.
Retirement Crisis: Dwindling Savings and Social Security Insolvency
As millions of Americans approach retirement age, a recent AARP survey reveals a troubling reality—1 in 5 adults over 50 have no retirement savings, and more than half worry about outliving their funds. Adding to this concern, Social Security is projected to become insolvent within the next decade, leading to significant benefit cuts. Meanwhile, many recent retirees are returning to work, driven by financial necessity or the search for social and emotional fulfillment.
Buy, Borrow, Die: The Controversial Tax Loophole The Rich Use To Build Generational Wealth
The “Buy, Borrow, Die” strategy is a favorite among the affluent, who work with financial planners to sustain their lavish lifestyles while slashing their tax bills. Though it seems like a modern trend, Professor Ed McCaffery coined the term in the mid-1990s to explain how the wealthy legally avoid paying taxes.
New Taxes Threaten To Spike Gas Prices By 47 Cents And It’s Just The Beginning For Californians
California’s gas prices, already among the highest in the nation, are poised to climb nearly 50 cents per gallon due to a lesser-known initiative designed to fulfill the state’s stringent emissions reduction targets.
Federal Judge Puts Brakes On Biden’s Credit Card Late Fee Cap Amid Surging Delinquencies
A federal judge in Texas halted a new Biden administration regulation banning credit card companies from imposing late fees exceeding $8. Judge Mark T. Pittman granted a preliminary injunction to business and banking groups challenging the rule’s legality under federal statutes.
From Colorado to Iowa: Government Programs Granting Free Land for Affordable Homeownership
Small towns across the US are offering free land for those ready to build homes and contribute to their communities. As housing costs soar nationwide, these towns are innovating to attract new residents and revitalize their local economies. From the Midwest to the Mountain states, these programs offer more than just affordable homeownership; they invite you to join a tight-knit community and embrace a whole new way of life.
Top 10 Cities Where Home Sellers Are Losing Big, With San Francisco Seeing 20% Take A Loss
In San Francisco, a significant number of home sellers are experiencing financial losses at levels not seen in over a decade. This uptick in losses can be attributed to starter home prices normalizing after a period of steep increases. Currently, nearly 20% of sellers in the city are selling their homes for less than their purchase price, with average losses around $155,500.
Joe Biden Cancels $6.1 Billion In Student Loans For 317,000 Borrowers
The Biden administration has announced the cancellation of $6.1 billion in student loans for 317,000 borrowers who attended The Art Institutes, as part of President Joe Biden’s ongoing strategy to reduce the nation’s $1.7 trillion student debt burden. This move comes after the Supreme Court halted a more extensive loan forgiveness plan proposed by his administration last year.
Atlanta Fed President Warns: Housing Is Unaffordable And Regulation Driving Up Housing Prices
Atlanta Fed President Raphael Bostic highlights that a median-income household now spends 41% of its earnings on owning a median-priced home – well above the 30% affordability threshold.
Claim Your 2020 Tax Refund Now Before It's Gone - Deadline: May 17
Tick tock, the clock is counting down for nearly a million Americans who stand on the brink of losing out on a staggering sum of over $1 billion in unclaimed tax refunds from 2020. With the May 17 deadline looming, it’s a race against time to secure what’s rightfully yours.
Rise of 'Buy Now, Pay Later' Raises Concerns for Financially Fragile Households
Over the last twelve months, 89% of financially vulnerable users have made multiple “Buy now, pay later” (BNPL) purchases. according to a New York Fed report While BNPL offers flexibility in paying for goods and services over time, often with no interest, the Consumer Financial Protection Bureau (CFPB) has highlighted various potential consumer risks linked to its increasing utilization. These concerns encompass inconsistent consumer protections and the potential hazards of accumulating excessive debt and overextending financial commitments.
Biden Administration Sued by Texas Bitcoin Miners
Riot Platforms, a Bitcoin mining company, along with industry groups Texas Blockchain Council (TBC) and the Chamber of Digital Commerce, filed a lawsuit against key agencies of the Biden-Harris Administration. The legal action is directed at the US Department of Energy (DOE), the US Energy Information Administration (EIA), and the Office of Management and Budget (OMB), contesting the administration's recent efforts to collect comprehensive energy consumption data from the cryptocurrency mining sector.
Surging Household Debt Sparks Concern As Delinquency Rates Soar
Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023, according to the Federal Reserve Bank of New York. Credit card balances, mortgage loans, and auto loans are at record-high levels as delinquency rates for most debt types continue to climb, causing concern about the U.S. consumer-driven economy among economists and financial analysts.
9 Reasons to Discuss Prenups on Valentine's Day
If you are considering getting serious with your Valentine’s Day date, you need to discuss prenuptial agreements. As per the American Community Survey , the divorce rate is 14.56 per 1,000 population. Although the adjusted divorce rate is lower than the peak of 22.6 divorces per 1,000 women, there are many reasons you need to bring this topic up at dinner before the relationship goes any further. While you may be madly in love right now, you need to protect yourself financially and emotionally. You can see a prenup as an ounce of prevention before needing a pound of cure.
Financial Freedom Countdown
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I came from a third-world country to the US with only $1K, not knowing anyone, guided only by an immigrant dream. Accumulated a net worth of $2.3M in 12 year to be financially independent. Featured in Forbes, WSJ, CNBC, MSN, Ladders, Motley Fool, etc
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