More Money, More Opportunities
A reader is seeking advice on whether to encourage their 17-year-old grandson, who already saves half his paycheck, to invest in a Roth IRA. The financial advisor suggests it’s a good idea due to the potential for tax-free growth, noting that anyone with earned income can contribute (up to $6,000 in 2022 or $6,500 in 2023), and a custodial Roth IRA would be needed until he
Rents across the U.S. are rising faster than wages, impacting millions of renters. While expensive cities like Silicon Valley, New York City, and Miami lead the way with typical rents between $2,900-$3,400, cheaper options exist in cities like Wichita, Kansas, and McAllen, Texas (around $1,000-$1,280). Some cities, particularly in Florida and New York City, have seen rent increases of nearly
To start 2023 financially fresh, The Penny Hoarder suggests cutting out expenses by addressing credit card debt, homeowners insurance, and grocery costs. They recommend using AmOne to consolidate credit card debt with lower interest rates, SmartFinancial to compare homeowners insurance quotes and potentially save money, and Fetch Rewards to earn gift cards by scanning grocery receipts. These changes can lead to significant savings and a more manageable budget.
