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- 🌮 Finance News: March 11, 2024
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Happy Monday!🖐🏽
We all know the drill. Coffee's brewing stronger than usual, that nagging feeling you forgot to pack lunch is resurfacing, and your bank account is whispering sweet nothings about the weekend that just vanished. Don’t worry, because we are brining positivity you crave!
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🌮 Hot off the Press
These 5 things happened while you were busy…
1. Growing Older, Growing Anxious? The Financial Worries Men and Women Face
Financial worries impact men and women differently as they age. It explores how early experiences with money shape our anxieties and financial behaviors later in life. The article also highlights a concerning trend: women tend to face greater financial vulnerability than men in their senior years. Read more here.
2. Have You Heard of SAVE? Here is What You Need to Know About the Biden’s Newest Income-Driven Plan to Repay Student Loans
The U.S. government's new student loan repayment plan, SAVE, has seen a high enrollment with over 75 million borrowers since its launch in August. The plan offers significant benefits: it forgives loans for some borrowers and allows many to reduce their monthly payments to $0 or a much lower amount compared to previous options. Read more here.
3. Have You Been a Victim of Identity Theft? Here are 4 Steps to Bounce Back Financially
The author addresses identity fraud, a situation where someone uses your personal information to commit crimes. It acknowledges the difficulty victims face but emphasizes the importance of being proactive. The advice is to first assess the full extent of the problem before taking steps to mitigate the damage and rebuild your finances. Read more here.
4. Drain Your Savings? 4 Money Mistakes the Middle Class Must Avoid in 2024
It discusses overcoming poor spending habits and achieving financial security. Many people spend more than they earn and lack control over their finances. The key steps are to assess your spending, create a budget, and prioritize debt repayment, emergency savings, and retirement contributions. Read more here.
5. Think You're Rich? See If You Make the Cut in Your State's Top 5%
The article discusses how much household income you need to be in the top 5% earners in each state. For instance, in Washington state, you would need a household income of $250,000 to be among the top 5%. The average household income for the top 5% in Washington is $487,950, which is 5.9 times more than the state's median household income of $82,400. Read more here.
👀 Level Up
Read: How To Become a ‘Quiet Millionaire’. Start now.
Watch: Tired of the daily grind and dreaming of an early retirement? This BiggerPockets Money Podcast episode dives deeper than just financial planning. They explore what truly makes a fulfilling retirement and the signs that you're on the right track to a happy life after work.
Read: Dave Ramsey explains how to thrive with a fulfilling retirement. You can achieve it by regularly undertaking steps for a successful retirement.
Free Tools: Try this free budget planner from Money Helper to know exactly where your money is being spent, and how much you’ve got coming in.
🧠 Adulting: It's Not Always Easy
How to Help Your Kids With Finances When They Move Back Home. Launching young adults into independence is ideal, but sometimes they boomerang back home. The author tackles how to navigate this situation financially. It offers tips for you and your child, likely including touchy subjects like rent, chores, and financial goals.
The most dangerous debt you can ever have. Suze Orman, a financial guru known for her tough-love advice, has been helping people navigate the tough economic climate. With high prices and interest rates, her tips on how to weather the storm are more relevant than ever.
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