Dollar Scholar Asks: When Can Debt Be a Good Thing?
Money Magazine
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2d ago
This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don’t miss the next issue! Sign up at money.com/subscribe and join our community of 160,000+ Scholars. Jumbo shrimp. Same difference. Good morning. These are some of my favorite oxymorons, or phrases that combine contradictory words for rhetorical effect. (Another funny one is the Dolly Parton quote “You’d be surprised how much it costs to look this cheap.”) An oxymoron is a figure of speech often intended to add humor to a literary work… …or to confu ..read more
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Discounts on Electric Vehicles Are Ramping up as Sales Slump
Money Magazine
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2d ago
Electric vehicles are selling slowly so far in 2024 in a disappointment for automakers that were betting on a faster pace of adoption. In response, manufacturers like Ford are cutting sticker prices on EVs by thousands of dollars, and the industry is offering large incentive deals to try to tempt more buyers. In the first quarter of the year, electric vehicles made up a 7.3% share of all new U.S. car sales, a decrease from a share of 8.1% in the previous quarter, according to Kelley Blue Book data. It was the first time since 2020 that EV sales declined from one quarter to the next. “Until el ..read more
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10 U.S. Cities Where Home Prices Have Doubled the Fastest
Money Magazine
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2d ago
Remember when the average home price was about $300,000? It was only a decade ago — and in many markets, prices have grown at an even faster clip to reach today’s highs. A recent analysis by real estate marketplace Point2Homes found that in just a few years, prices have doubled in most of the 100 largest cities in the U.S. In fact, home prices have risen more quickly in recent years than ever before thanks to the era’s challenging market conditions. How quickly have home prices risen? It’s no secret that inflation, limited supply and fierce buyer competition have pushed home prices to record ..read more
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Some Student Loan Borrowers Need to Consolidate ASAP to Get Forgiveness
Money Magazine
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3d ago
Some federal borrowers who have been paying down their student loans for at least a decade could be eligible for forgiveness of their remaining balance — but they have to act soon. To correct what it calls “needless hurdles and administrative inaccuracies,” the Department of Education has been conducting a one-time payment count adjustment to give borrowers credit for all the time they’ve spent in repayment, including periods of qualifying deferment or forbearance like the three-and-a-half year pandemic payment pause. Having an accurate payment history is crucial for receiving forgiveness thro ..read more
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What to Know Before You Replace Windows
Money Magazine
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3d ago
Money’s Key Takeaways: While replacement windows may reduce your energy bills, their upfront costs may not fit into your budget — and recouping your investment will likely take years. New windows can add value to your home, so make sure you choose them carefully, taking into account your home’s style. Consider whether you might repair your existing windows or just replace certain parts. Look into local building codes and permits to make sure you’re following them. Before you decide to replace the windows in your home, it’s important to consider several key factors. First, think about ..read more
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Job Scams Are Rising — Here’s How You Can Protect Yourself From Employment Fraud
Money Magazine
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3d ago
On the hunt for a new job? You may need add fraud protection to your search and application process. From 2019 to 2023, reported cases of “business and job opportunity” fraud nearly tripled from about 38,000 to 107,000, according to the Federal Trade Commission (FTC). Those numbers might sound small given how many people apply for work in a given year, but last year it added up to a total of $490.7 million lost — the third highest loss of all fraud categories. Experts say the shift to remote work, plus wider access to newer technology like crypto and AI, created new opportunities for fraudster ..read more
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When the Fed Will Cut Interest Rates? Here Are the Latest Predictions
Money Magazine
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3d ago
The latest inflation data was a setback for hopes of an interest rate cut at the Federal Reserve’s June meeting. Analysts at major banks changed their forecasts for the timing of interest rate cuts after the March consumer price index (CPI) report showed inflation accelerated to an annual rate of 3.5%. The hot CPI reading was driven by cost increases in March for things including car insurance and medical care. Meanwhile, increases in shelter prices accounted for more than 60% of overall annual inflation. The Fed uses interest rate hikes as a means of slowing the economy to battle inflation, a ..read more
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Why the ‘Right’ Retirement Age Doesn’t Actually Exist
Money Magazine
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3d ago
In the midst of the Great Depression, the passage of the Social Security Act established a national retirement age of 65 as the standard, guaranteeing that older workers could retire and receive crucial benefits for the first time in U.S. history. The average life expectancy in 1935, however, was just 58 for men and 62 for women. Only a little more than half of the nation’s men were expected to live to see 65, according to a document from the Social Security Administration’s archives. The age of 65 was chosen not because it was the optimal time for people to stop working, but because, as labor ..read more
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FAFSA ‘Crisis’ Continues With Delayed Financial Aid Letters, Fewer Students Applying
Money Magazine
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3d ago
Technical glitches, delays and communication failures continue to plague the process of applying for college financial aid this year. The redesigned FAFSA, or Free Application for Federal Student Aid, was supposed to be a boon for college-bound students, thanks to fewer questions, a simpler form and a new formula for awarding aid. Instead, a laundry list of issues, including a murky release timeline last fall and multiple data problems this spring, has wreaked havoc on college admissions, frustrating families and financial aid offices alike. “This really adds up to a crisis of credibility for ..read more
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Sorry, Savers: Online Banks Are Starting to Slash APYs
Money Magazine
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4d ago
The writing is on the wall: Online banks are ready to stop paying you so much to save. After years of competitive annual percentage yields, or APYs, many financial institutions are starting to wind down their offers due to the economic environment. Following recent decisions by Ally and Discover to slash the APYs on their high-yield savings accounts to 4.25%, Marcus, the consumer bank of Goldman Sachs, announced it’s decreasing the APY on its own high-yield savings accounts from 4.5% to 4.4%. It’s the first time the bank has lowered, rather than raised, this APY since 2021. “Our current rate ..read more
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