The latest craze on TikTok is the concept of a “no-spend month,” where users are encouraged to refrain from making any non-essential purchases for a specified period. This trend is seen as a way to detox from overspending and redirect funds towards long-term financial goals. The challenge can last for a week, a month, or
Personal
The U.S. Department of Education is considering extending the eligibility of the Public Service Loan Forgiveness (PSLF) program to include early childhood educators. This move comes as a response to the low wages many of these educators face and the student debt they accumulate due to pursuing higher education. Early childhood educators play a crucial
The recent Supreme Court case, Moore v. United States, involved a challenge to a federal tax on certain foreign investments. The case centered around a Washington state couple who faced taxes on income from an investment in an India-based company that did not distribute dividends. The couple incurred approximately $15,000 in taxes due to the
As older members of Generation X approach retirement age, the pressure to save for their golden years is becoming increasingly intense. These individuals, born between 1965 and 1980, are faced with the daunting task of saving for retirement while also juggling the financial responsibilities of caring for both elderly parents and adult children. A recent
The issue of heirs’ property poses a significant threat to the transfer of wealth from one generation to the next, affecting more than $32 billion in assessed values of U.S. property. When homeowners die without a will, the property is informally passed on to multiple descendants, leading to non-formal ownership. This can create obstacles in
The economic impact of the pandemic has hit many Americans hard, with the cost of groceries soaring to new heights. Recent government inflation data shows that while the rate of price increases for food has slowed down, 80% of Americans still feel the pinch of rising grocery costs. Since the onset of the pandemic, grocery
The U.S. Department of the Treasury and the IRS have recently introduced a plan to eliminate a significant tax loophole that has been utilized by large, complex partnerships. This loophole, known as “related party basis shifting,” involves trading original purchase prices on assets between different legal entities to manipulate deductions and reduce future gains. The
In recent years, car payments have seen a significant surge due to a combination of factors such as high vehicle prices and soaring interest rates. According to data from Moody’s Analytics, the average monthly car payment for customers reached $760 in May. This figure represents a 40% increase from the $535 average payment back in
The recent decision by the Federal Reserve to keep rates steady has signaled that there will likely be only one rate cut before the end of the year. This poses a challenge for consumers carrying credit card balances as they may not see much relief from the high interest charges. With the average credit card
Arkansas Attorney General Tim Griffin’s personal experience of repaying his $100,000 student loan balance over 30 years sheds light on the controversial topic of student loan forgiveness. Griffin has been vocal about his opposition to blanket student loan forgiveness, arguing that it is unfair for responsible borrowers like himself to have their tax dollars cover