Wednesday’s need-to-know money news

scamToday’s top story: How your Social Security benefits will be taxed. Also in the news: A Millennial’s guide to moving out, how to make sure your favorite charity isn’t a scam. and what would you do if you had a surprise windfall?

How will your Social Security benefits be taxed?
What everyone needs to know.

Millennial’s Guide to Moving Out of Your Parent’s House
You have to leave sometime!

How Do You Know Your Favorite Charity Isn’t a Scam?
Making sure your money is going to the right place.

The $10,000 Question: What Would You Do With a Surprise Windfall?
Following the 90/10 rule.

Friday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: Finding a credit card after declaring bankruptcy. Also in the news: Money mistakes for Millennials to avoid, finding relief for your student loan hangover, and what you need to know about the new credit reporting rules.

5 Credit Cards You Can Get After Bankruptcy
Easing your way back into the credit game.

Don’t Make These Money Mistakes, Millennials
Time to face the real world.

Relief for the Student-Loan Hangover
Beginning the slow emergence from years of loans.

What You Need to Know About The New Credit Reporting Rules
Fixing an error on your report is about to get easier.

Thursday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: A dangerous new type of identity theft is on the rise. Also in the news: Tax breaks overlooked by small business owners, how CD loans could cover short-term needs, and the first thing to do when you get a new credit card.

The Surprising Kind of Identity Theft You Probably Haven’t Heard Of
Medical identity theft is wreaking havoc.

5 Tax Breaks Overlooked By Small Business Owners
Don’t miss out.

CD Loans Offer an Alternative to Cover Short-Term Needs
The pros and cons.

The First Thing to Do When You Get a New Credit Card
Don’t just put it in your wallet.

5 Financial Things Everyone Should Do in Their 20s
Starting off on the right foot.

Thursday’s need-to-know money news

Stress Level Conceptual Meter Indicating MaximumToday’s top story: How to pass a financial stress test. Also in the news: How smart parents teach their kids about money, the worst money mistakes made by Millennials, and what to do if your homeowner’s insurance claim is denied.

5 Tips For Passing a Financial Stress Test
How would you do?

7 Ways Smart Parents Teach Their Kids About Money
Valuable lessons for your kids.

5 Worst Money Blunders Made By Millennials
Avoid these at all costs.

What to Do If Your Homeowner’s Insurance Claim is Denied
Don’t panic.

Will You Finally Be Able to Get Rid of Your Student Loans in Bankruptcy?
Introducing the Student Aid Bill of Rights.

Tuesday’s need-to-know money news

200150236-001Today’s top story: The increasing threat of medical identity theft. Also in the news: the student loan time bomb, how to gain an edge when selling your home, and how to fix a high electric bill.

A Dangerous Form of Identity Theft Is Growing Fast
Medical identity theft is on the rise.

Student Loan Time Bomb Is Ticking Louder
The delinquency rate is skyrocketing.

5 Ways Spring Home Sellers Can Gain an Edge
How to make your home stand out.

How to fix that high electric bill
The vampires of standby mode.

Tuesday’s need-to-know money news

321562-data-breachesToday’s top story: The big security threats headed our way in the new year. Also in the news: How to beef up your savings, what millennials should discuss before marriage, and tips on managing your credit cards in the new year.

The Big Scams & Security Threats to Watch Out for in 2015
If you thought 2014 was bad…

7 Ways to Beef Up Your Savings
Give your savings a workout.

4 Financial Issues Millennials Need to Discuss Before Marriage
Putting everything out in the open.

10 Tips for Managing Credit Cards in 2015
How to do a better job in the new year.

How Will You Keep Your Financial Resolutions?
You must commit.

Friday’s need-to-know money news

crop380w_istock_000009258023xsmall-dbet-ball-and-chainToday’s top story: How to decide which debts you should pay off first. Also in the news: Financial topics you should never discuss at work, a key tax move you need to check before the end of the year, and how to offer financial advice to your adult kids.

Which Debts Should You Pay Off First?
How to develop a strategic pay off plan.

3 Financial Topics You Should Never Discuss at Work
Keep these conversations off-limits.

Don’t Let December End Without Looking at This Key Tax Move
Preparing for 2015 taxes.

How to Offer Financial Advice to Your Adult Child
Approaching a difficult conversation.

Plan Out a Year of Life as a Retiree To Jump-Start Your Saving
Giving your savings a boost in the right direction.

4 In 5 Millennials Optimistic For Future, But Half Live Paycheck To Paycheck
A look at the financial lives of millennials.

Thursday’s need-to-know money news

retirement-savings3Today’s top story: How to prepare your finances for the end of the year. Also in the news: Strategies to prevent holiday shopping binges, why your employer wants you to save for retirement, and what to do as you approach retirement.

5 Year-End Personal Finance Tips
Preparing for the new year.

3 Strategies to Prevent a Holiday Shopping Binge
Keeping the festivities in check.

The Surprising Reason Employers Want You to Save for Retirement
It’s all about productivity.

5 things to do now if you’re near retirement
Start preparing for one of life’s biggest changes.

7 Money Myths About Millennials
Millennial mythbusting.

Why millennials aren’t saving

DrowningSavings rates for adults under 35 plunged from 5 percent in 2009 to a negative 2 percent, according to Moody’s Analytics, and the consequences are potentially huge. Here’s how a Wall Street Journal writer put it:

“A lack of savings increases the vulnerability of young workers in the postrecession economy, leaving many without a financial cushion for unexpected expenses, raising the difficulty of job transitions and leaving them further away from goals like eventual homeownership—let alone retirement….Those who don’t save are unlikely to be wealthy in the future, meaning American angst over wealth inequality seems poised to persist if most millennials are unable to save or choose not to.”

Unfortunately, the two “real people” quoted in the story both have college educations and decent jobs. The first has credit card debt (a synonym for “frivolous spending”) and would rather spend on “her social life and travel” while the second finds investments “too complicated.” These two reinforce the narrative that the only reason people don’t save is because they don’t want to.

In reality, most people under 35 don’t have a college degree. They have a higher unemployment rate than their elders and much smaller incomes–the median for households headed by someone under 35 was $35,300 in 2013, down from $37,600 in 2010. As the WSJ article notes, wages for those 35 and under have fallen 9 percent, in inflation-adjusted terms, since 1995.

(Millennials, by the way, also don’t have much credit card debt. In the 2010 survey, the latest for which age breakdowns are available, fewer than 40 percent of under-35 households carried credit card balances, and the median amount owed was $1,600.)

Saving on small incomes is, of course, possible–and essential if you ever hope to get ahead. But any discussion of savings among the young should acknowledge how much harder it is to do in an era of falling incomes. Today’s millennials have it tougher than Generation X did at their age, and way, way tougher than the Baby Boomers. It may comfort older, wealthier Americans to imagine the younger generation is just more frivolous. But that does a disservice to millennials, and to our understanding of the real causes of wealth inequality.

 

 

 

Monday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: A surprising way identity theft can hurt your credit.
Also in the news: Tips on how to manage major bills, rethinking retirement for Millennials, and financial tips for veterans from military experts.

The Surprising Way an Identity Thief Can Hurt Your Credit
Pay close attention to hard inquiries.

Utilize the Half Payment Method to Budget Around Major Bills
Don’t pay all at once.

3 Ways to Rethink Retirement for Millennials
A different look at the bigger picture.

Veterans Day: 6 Financial Tips From Military Experts to Service Members
Welcome home.