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This week’s money news

November 21, 2022 By Liz Weston

This week’s top story: Smart Money podcast on crypto crash, and growing money fast. In other news: Timeline, fallout and what investors should know about FTX crash, the new reality of a $700 monthly car payment, and 5 key numbers to know about CDs.

Smart Money Podcast: Crypto Crash, and Growing Money Fast
This week’s episode starts with an explainer on the collapse of the FTX crypto exchange.

FTX Crash: Timeline, Fallout and What Investors Should Know
Crypto exchange FTX crashed this week, tanking major tokens in its wake. Here’s what it means for U.S. investors.

The New Reality: A $700 Monthly Car Payment
Monthly car payments continue to climb, thanks to rising interest rates and record-high car prices.

Want 4% on Your Savings? 5 Key Numbers to Know About CDs
The best CD rates are stellar right now. But consider CD terms, penalties and minimums too.

Filed Under: Liz's Blog Tagged With: CD, crypto, FTX crash, Investments, monthly car payments, Savings

Tuesday’s need-to-know money news

August 24, 2021 By Liz Weston

Today’s top story: 4 common debt consolidation mistakes and how to avoid them. Also in the news: Inflation could be sapping your pandemic savings, how your driving habits can lower your insurance bills, and how lifestyle creep can erode your savings one raise at a time.

4 Common Debt Consolidation Mistakes and How to Avoid Them
Before you consolidate, build your credit, assess your budget and compare consolidating to other debt payoff strategies.

As Pandemic Saving Settles, Inflation Could Sap Your Surplus
In the midst of the coronavirus pandemic, many Americans have been able to tuck away more cash than ever before.

How Your Driving Habits Can Lower Your Insurance Bill
Telematics insurance can help you lower your car insurance rates, as long as you’re a safe driver.

Lifestyle Creep: Eroding Your Savings, One Raise at a Time
Lifestyle creep may put your retirement savings at risk more than anything else.

Filed Under: Liz's Blog Tagged With: auto insurance, debt condolidation, driving habits, lifestyle creep, pandemic surplus, Savings

Thursday’s need-to-know money news

January 14, 2021 By Liz Weston

Today’s top story: 4 financial experts who could steer your wrong. Also in the news; More Americans are saving than ever before, though in unequal amounts, do’s and don’ts for planning your travel on points this year, and how to make debt less costly when you need it in a crisis.

4 Financial ‘Experts’ Who Could Steer You Wrong
Be cautious about taking advice from sources who care more about their profits than your financial health.

More Americans Are Saving Than Ever Before, Though in Unequal Amounts

Ask a Points Nerd: Should I Book Award Travel for 2021?
Here are some do’s and don’ts for planning your travel on points this year.

How to Make Debt Less Costly When You Need It in a Crisis
Americans have taken on more debt as the pandemic brought widespread job and income losses, according to a survey.

Filed Under: Liz's Blog Tagged With: debt, financial experts, Savings, tips, travel rewards

Q&A: What to do with sudden savings

December 21, 2020 By Liz Weston

Dear Liz: A few months ago we took out a jumbo loan on our residence, using the excess to pay off the mortgage on an investment property. The interest savings is substantial and our monthly payment is much less than the combined two payments we had before. We never had any problem making the two payments. Is it a good idea to put the monthly savings toward the principal? Our daughter will inherit the residence and all our income-producing properties. She has a sporadic employment history and I’m concerned she would not qualify to assume the jumbo loan if she wants to keep the residence.

Answer: Most people have better uses for their money than paying down a low-rate, potentially tax deductible debt. Your case may be one of the exceptions, or it may not.

The first step may be to ask whether she’s planning to keep the home. If she isn’t, then you needn’t worry about the loan — it will be paid off when she sells the property.

If she is planning to keep it, she could sell one or more of the other properties to pay off the loan. (These sales typically wouldn’t generate much if any taxable gains, since the properties get new fair market values when she inherits them.)

If you want to avoid her having to sell anything, then making extra principal payments can be a good plan as long as you don’t have any other debt and have an adequate emergency fund. You may want to consider a backup plan in case you die before the loan is paid off, such as a term life insurance policy (assuming you can qualify).

Filed Under: Q&A Tagged With: q&a, Savings

Friday’s need-to-know money news

December 11, 2020 By Liz Weston

Tonight’s top story: 3 ways minority-owned banks make a difference in America. Also in the news: How much interest you can earn on $100, $1000, or $10,000, 10 money insights from 25 years of financial writing, and get guaranteed price matching at these retailers for your holiday shopping.

3 Ways Minority-Owned Banks Make a Difference in America
Equal opportunities matter.

How Much Interest Can I Earn on $100, $1K or $10K?
A look at the options.

10 Money Insights From 25 Years of Financial Writing
How we use and think about money — not simply accumulating lots of it — literally can determine our happiness while we’re alive.

Get Guaranteed Price Matching at These Retailers for Your Holiday Shopping
Make your shopping a little easier.

Filed Under: Liz's Blog Tagged With: holiday shopping, interest rates, minority owned banks, money insights, price matching, Savings

Friday’s need-to-know money news

November 13, 2020 By Liz Weston

Today’s top story: When life blows up your well-laid plans. Also in the news: How to shop Black Friday deals online, 5 things to consider when shopping for index funds, and how much you should have in your 401(k), based on your age.

When Life Blows Up Your Well-Laid Plans
A sudden change in your financial security can trigger a wealth of reactions, including grief and disorientation.

How to Shop Black Friday Deals Online
Smart Black Friday shopping begins with planning.

5 Things to Consider When Shopping for Index Funds
Index funds are a set-it-and-forget-it investment perfect for beginners, but it helps to know what to look for.

How Much You Should Have in Your 401(k), Based on Your Age?
The right amount at every stage.

Filed Under: Liz's Blog Tagged With: 401(k), Black Friday, index funds, Investing, life interruptions, Savings, unexpected events

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