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This week’s money news

July 1, 2024 By Liz Weston

This week’s top story: State and local minimum wage hikes kick in around U.S. In other news: July mortgage rates could follow house prices downward, corporations want you to rent, not own, and 7 states where will pump up gas taxes on July 1.

State and Local Minimum Wage Hikes Kick In Around U.S.
Minimum wage earners in Washington, D.C., will now make $17.50 per hour, more than in any state.

July Mortgage Rates Could Follow House Prices Downward
Mortgage rates are poised to edge lower in July as inflation cools.

Corporations Want You to Rent, Not Own. Can Lawmakers Stop Them?
Corporate landlords wield outsize market power. Congressional bills would force them to sell.

Heads Up, Drivers: 7 States Will Pump Up Gas Taxes on July 1
State taxes average about 33 cents per gallon, though they vary widely by state.

Filed Under: Liz's Blog Tagged With: apartment renting, gas, gas prices, gasoline prices, minimum wage, mortgage rates, rent vs own, rent vs. buy, renting

Q&A: What to consider when deciding whether to buy or rent a home

October 26, 2020 By Liz Weston

Dear Liz: I’m just turning 70 and am on my own for the first time in my life. In the last three years I took care of both my 100-year-old mother and my husband as their health failed. My daughter and son-in-law live in Colorado and are going to have a baby, and I plan on moving there in the near future.

I had originally planned to move into a senior living apartment complex. Then my children said I should buy a condo for the freedom, privacy and potential investment. They found a condo building under construction with units I could afford, plus a mortgage company willing to take me on and help with the down payment.

I’m torn about what to do. Because of both bad luck and bad decisions, currently I have only about $18,000 in savings. Between my pension and Social Security I make about $47,000 a year.

Do I invest in the condo and use up a good chunk of my savings? It’s on the second floor (the steps aren’t very steep, fortunately) and I’m strong and in good shape, but I’m also 70 and things can go south quickly. But, as the kids have said, I could live there for 10 years and make a good profit from the sale.

Or do I move into the senior living apartment and keep my savings but face regular increases in rent (thus “throwing my money away”)? The senior complex has amenities and activities and elevators but lots of people around all the time (thus sacrificing some privacy). Having a place of my own would be so wonderful, but I need to be smart about this decision.

Answer: Younger people often don’t understand about stairs. No, they’re not a big deal now, but even a few steps can become a huge barrier if you have mobility issues — and those issues become more likely the older you get. Having an elevator or a unit on the ground floor, preferably with a zero-step entry, is a good insurance policy against the vicissitudes of aging.

Besides, you aren’t necessarily throwing money away when you rent. You’re buying freedom. You don’t have to worry about paying for repairs and other unpredictable costs, and you can move more easily if your circumstances change. People are often advised to rent first when they move to a new area, just so they can get a better idea of the advantages and disadvantages of various neighborhoods before they commit. Renting also could give you a chance to build up your reserves so that if you do decide to buy, you won’t be quite so
house poor.

Having more people around isn’t necessarily a bad thing, either. You’re newly widowed, and moving to an area where you presumably don’t know many people. The senior complex could make it a lot easier to make friends. A good social network is essential to staying mentally and physically healthy as we age.

Filed Under: Q&A, Real Estate, Retirement Tagged With: q&a, real estate, renting

Monday’s need-to-know money news

August 17, 2020 By Liz Weston

Today’s top story: Federal loans are paused until 2021 – should you pay anyway? Also in the news: A new episode of the SmartMoney podcast on pet costs and extreme couponing, what to know about the coronavirus charges on your college bill, and the tough choices renters are facing.

Federal Loans Are Paused Until 2021 — Should You Pay Anyway?
Federal student loan payments are suspended interest-free through the end of 2020.

Smart Money Podcast: Pet Costs and Extreme Couponing
The costs of our furry friends.

What to Know About Coronavirus Charges on Your College Bill
Some colleges are charging for testing.

Renters must make some tough choices in the coming weeks: What to do if you’re at risk
Ways to fight evection.

Filed Under: Liz's Blog Tagged With: Coronavirus, eviction, federal student loans, payments, renters, renting, SmartMoney podcast

Thursday’s need-to-know money news

August 6, 2020 By Liz Weston

Today’s top story: Can you have too much credit? Also in the news: 5 things to know about gold’s record breaking run, the Equal Opportunity Act and its effect on women’s finances, and negotiating with your landlord during COVID-19.

Can You Have Too Much Credit?
Credit scoring formulas don’t punish people for having too many credit accounts, but too much debt can hurt scores.

5 Things to Know About Gold’s Record-Breaking Run
As COVID-19 concerns continue to rattle markets, investors are turning to one of the world’s oldest currencies.

Women and credit: In the 1970s, the Equal Credit Opportunity Act became law— a key step in financial freedom for women
The law barred shady credit practices including lender discrimination based on race, sex, age, nationality or marital status.

Negotiate With Your Landlord During COVID-19
Be upfront and honest.

Filed Under: Liz's Blog Tagged With: Credit, Equal Opportunity Act, gold, landlords, pandemic, renting, too much credit, women and money

Friday’s need-to-know money news

August 23, 2019 By Liz Weston

Today’s top story: Make renting work for your financial goals. Also in the news: Why this investment account is becoming more popular, what millennials get wrong about Social Security, and the common money regimen that can backfire and leave you worse off.

Make Renting Work for Your Financial Goals
Rent reporting can boost your credit score.

Why This Investment Account Is Becoming More Popular
Revisiting the brokerage account.

What Millennials Get Wrong About Social Security
Costly myths.

The common money regimen that can actually backfire and leave you worse off
When dieting doesn’t work.

Filed Under: Liz's Blog Tagged With: brokerage accounts, budgets, Credit Score, financial goals, Investments, millennials, renting, Social Security

Monday’s need-to-know money news

July 18, 2016 By Liz Weston

2Today’s top story: Six things that scare your financial advisor. Also in the news: How to report a tax cheat, releasing a student loan co-signer, and the top 10 affordable cities for renters.

6 Things That Scare Your Financial Advisor
What keeps them up at night.

How to Report a Tax Cheat and Get a Reward
Helping Uncle Sam and your wallet.

You Can Release a Student Loan Cosigner If You’ve Made Timely, Regular Payments
Sweet freedom.

Top 10 most affordable cities for renters
Is yours on the list?

Filed Under: Liz's Blog Tagged With: co-signers, financial advisors, rentals, renters, renting, Student Loans, tax cheats, Taxes

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