personalfinance
According to the latest Quarterly Report on Household Debt and Credit released yesterday by the Federal Reserve Bank of New York, total US household debt increased by $184 billion or 1.1% quarter-over-quarter in Q1 2024 to reach $17.69 trillion. While mortgage balances also jumped by $190 billion to $12.44 trillion, credit card balances declined in Q1 by $14 billion to reach $1.12 trillion, typical post-holidays. However, 9% of credit card balances became delinquent. Delinquency rates were the highest among credit card holders who maxed out their credit limit or had a relatively high credit ut...
IBTimes
Sophia, a 67-year-old retired civil servant, loves welcoming her ten grandchildren on Sundays during summer for barbecues in Cornwall, England. However, only half of them are her biological grandchildren. The others are of her partner David's. "I love them to bits and treat them like my biological grandchildren. I shower them with love and affection, spending the same on their Christmas and birthday presents," she said. Despite equal love for all, Nona, as her grandchildren call her, doesn't plan on parting her £600,000 estate with the step-grandchildren when she passes to honour her late husb...
IBTimes
The fervent anticipation of Taylor Swift's UK Tour in 2024 has sparked unique economic opportunities for her dedicated fanbase known as Swifties. Particularly, the sale of Taylor Swift-inspired merchandise, such as Swift-themed friendship bracelets, has become a lucrative endeavour for enterprising fans. Reports indicate that some sellers on platforms like Etsy have earned up to $16,000 from this unexpected side hustle. The Eras Tour, which celebrates Taylor Swift's diverse discography, has not only become a global phenomenon but has also made a significant impact on the economy. It is estimat...
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Callie, 36, and Travis, 39, live in South Texas, near the ocean, with their two kids. They consciously decided to become entrepreneurs to step out of the 9-5 jobs and avoid the rat race of climbing the corporate ladder. Callie left her $80,000 job four years back, and it took her a while to return to that income level. However, they are determined to work for themselves to retain flexible schedules and grow the life they seek, but now feel they are in this "hustle loop" that offers freedom at the cost of risking working their entire lives. The couple engages in healthy conversations about mone...
IBTimes
Financial guru Dave Ramsey believes you can save $22,995 over 30 years by skipping coffee. Meanwhile, financial coach and author Ramit Sethi thinks skipping coffee isn't how millionaires got there. Ramsey and Sethi have helped countless clients get out of debt, budget efficiently, and achieve life goals like buying a house or saving for retirement. However, their perspectives on living a rich life and how to get there from scratch are unique. Both Had Money Losses Before Bouncing BackWith real estate and finance specialization, Ramsey lived a rich life before all hell broke loose. By age 26, h...
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JP Morgan CEO Jamie Dimon has been widely criticised for suggesting that average Americans are doing well financially despite rising inflation and stagnant interest rates putting a strain on household budgets. Dimon sparked outrage with comments on The Wall Street Journal podcast, "The Journal." Dimon, whose net worth is estimated at £1.67 billion ($2.1 billion) by Forbes, stated that consumers "still have excess money from COVID." Downplaying concerns about the economic impact on everyday Americans, Dimon told interviewer Emma Tucker, "The consumer's in pretty good shape right now." However, ...
IBTimes
A Reddit user expressed shock in a post after finding out he could pay for milk and bread in instalments. Financing for milk and bread? Yes, you read that right—Klarna's "Shop Now Pay Later" app allows you to buy groceries and shop for almost anything from top brands across the globe, such as Nike, Instacart, Prada, Temu, Yeti, and Prada. However, credit for daily essentials could tempt people to get trapped in repayments, interest payments, and penalties, according to the Redditor. The person stressed that the system is being influenced in such a way that we are compelled to get by with credi...
IBTimes
Businesses had to pivot or shut down during the pandemic. With no sales, demand, and a host of restrictions, small businesses that could transition to a digital platform and still operate took that route while many others ceased to exist. According to the U.S. Bureau of Labor Statistics (BLS), 20% of small businesses fail within the first year. This rate jumps up to 50% in five years. After ten years, two-thirds of all companies have gone under. "Not good odds. Not great odds at all," said former Wall Street investment banker and financial expert Codie Sanchez. She ran through the numbers on t...
IBTimes
Susan, a stay-at-home mom, and Jeff, a surgeon, have worked hard for decades and are now worth over a million dollars. They have been married for 19 years and have two kids. As responsible parents, they signed up for long-term insurance policies, ensured their children had what they needed, and even partnered with a financial advisor when things got complex. Now, they are $914,000 deep in debt despite an annual income of $665,000. In a podcast with millionaire author and the host of Netflix's "How To Get Rich," Ramit Sethi, the couple realized that 70% of their annual income was fixed costs an...
IBTimes
Instant Offices' study provides valuable insight into the salaries that people in different age groups can expect to earn in the UK. The study's findings reveal the average salaries for different age ranges and industries, the impact of gender on salaries, and factors that can affect someone's salary. Here's everything you need to know: Age-based SalariesThe study found that people aged 18-21 years earned the lowest average salary of £22,932. However, the most significant increase in average salary was observed among younger people, with those aged 22 or younger, or those who are 29 or younger...
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