In recent years, there has been a significant increase in the number of Roth individual retirement account conversions. Data from Fidelity Investments shows a 44% year-over-year growth during the first quarter of 2024. This type of conversion involves transferring pretax or nondeductible individual retirement account funds to a Roth IRA, which offers the benefit of
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March 12 typically marks Equal Pay Day, symbolizing the point in the year when women have to work to catch up to what their male counterparts earned in the previous year. This gap in earnings is known as the gender pay gap. For Asian American, Native Hawaiian, and Pacific Islander women, however, Equal Pay Day
As the cost of living continues to rise in the United States, more consumers are turning to alternative forms of credit to make ends meet. One such option that has gained significant popularity in recent years is Buy Now, Pay Later (BNPL) programs. According to a new report by NerdWallet, BNPL loans have become the
In the age of social media influencers and viral content, the topic of small businesses hiring their own children has gained significant traction. Platforms like TikTok, Instagram, and YouTube are filled with videos promoting the idea of hiring your kids for tax benefits. However, it is crucial to approach this topic with caution, as many
In today’s economy, more and more merchants are beginning to offer discounts to customers who choose to pay with cash rather than credit cards. While this trend is still relatively small, with only about 3% of all cash transactions receiving a discount in 2022, the percentage has increased significantly compared to previous years. This shift
Throughout history, women have faced significant economic obstacles in their quest for equality. Centuries of societal norms and legal practices have placed them at a disadvantage compared to men. The Women’s Business Ownership Act, passed as recently as 1988, allowed women to obtain business financing without a male co-signer. Before 1969, women were not even
Many Americans are currently facing the harsh reality of rising grocery prices, even as high inflation is starting to subside. Shoppers are experiencing frustration as they notice certain grocery products, such as chicken breasts or bread, increasing in price from week to week. In addition, other items like cereal or spaghetti are being packaged with
Opening a retirement account for your teenager while they are working summer jobs can be a highly advantageous move. According to certified financial planner Carol Fabbri, Roth individual retirement accounts are “triple-tax efficient” for teenagers. This means that Roth IRAs are funded with after-tax dollars, but teenagers often earn less than the standard deduction, which
The S&P 500 reached another all-time high on Tuesday, showcasing a 53% increase since the peak of inflation in 2022. Despite concerns of a potential pullback, experts at the CNBC Financial Advisor Summit remain optimistic about the future performance of the index. Savita Subramanian, head of U.S. equity strategy at Bank of America, expressed confidence
The Biden administration recently announced the forgiveness of $7.7 billion in student loans for over 160,000 borrowers. This initiative is part of the government’s larger strategy to alleviate the financial burden of education debt on American households. The relief was made possible through enhancements to the U.S. Department of Education’s income-driven repayment plans and Public