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
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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
In the United States, the distribution of wealth is highly unequal, which can result in some children falling behind right from the start. Lawmakers are now considering the potential benefits of implementing federal children’s savings accounts to address this issue. One proposed solution, known as the 401Kids Savings Act, aims to establish savings accounts for
Raiding your 401(k) account to purchase a home may seem like a quick solution to securing the funds you need, but experts warn that this decision could have long-lasting negative consequences. According to the Real Financial Progress Index by BMO Financial Group, 30% of aspiring homeowners plan to withdraw funds from their 401(k) plan to
Traveling this summer has brought some relief for Americans in terms of airfare prices, with a general decrease in costs compared to the previous year. However, the scenario is not the same for all regions and destinations. According to data from travel site Hopper, certain international trips have become more expensive in 2024. For instance,