The COVID-19 pandemic has triggered the highest unemployment rate (14.8% in April 2020) since the Great Recession. Millions were out of jobs and struggled to make ends meet. As states eased restrictions and began to reopen, the economy has geared up to return to the pre-pandemic normal. More than a year has passed since then, … Continue reading Be Wary about Job Scams that Promise You Quick Ways to Wealth
I recently read an interesting study in The Journal of Finance titled "Who Wears the Pants? Gender Identity Norms and Intra-Household Financial Decision Making" by Da Ke. Ke examined microdata from the Annual Social and Economic Supplement (ASEC) of the Current Population Survey (1988-2018), the 5% sample of the decennial census (1980-2000) pooled with the … Continue reading Ignorant Husbands Prevent Smart Wives From Owning Stocks, Study Claims
Every year since 2017 (and twice in 2020), Charles Schwab's Modern Wealth Index Survey has asked 1,000 Americans about what net worth they would need to be financially comfortable and what net worth they would need to be wealthy. You can see how their answers have changed over time in the graph below. https://anchor.fm/cozy-nest-egg/episodes/What-Does-It-Mean-To-Be-Financially-Comfortable-e11rt98 The … Continue reading What Does It Mean To Be Financially Comfortable?
There is a retirement crisis in America. According to a 2019 survey by Charles Schwab, Americans believe they need $1.7 million on average to retire. However, the 2019 Survey of Consumer Finances sponsored by the Federal Reserve Board found that Americans aged 65 to 74 have only $426,070 on average saved for retirement. Median retirement … Continue reading How To Use Your Stimulus Checks To Help Your Children Retire
When I was in my early 20s, I thought the stock market was out of reach for me. I heard news anchors announcing the Dow and Nasdaq indexes on the radio day in and day out, but never had it occurred to me that I should invest in it myself. I was a graduate student … Continue reading Why You Should Start Investing in the Stock Market in Your Twenties
As interest rates drop, it's dispiriting to watch the annual percentage yields (APYs) of your savings accounts dry up. Currently, your money is actually losing value by sitting around in a savings account. While the best APY you can find at the moment for a savings account is between 0.50% and 0.66% percent, the current … Continue reading Are Worthy Bonds A Worthy Investment?
Budgeting is an important skill to learn to be financially successful. According to the U.S. National Financial Capability Study, 19% of individuals reported that their households spent more than their income in 2018. That means that approximately 1 in 5 Americans spend more money than they earn. This can often happen when people do not … Continue reading Learn How To Budget In Microsoft Excel