The year 2024 has seen a significant increase in Roth individual retirement account conversions, with a 44% rise in the number of conversions during the first quarter, according to data from Fidelity Investments. While Roth conversions offer the benefit of future tax-free growth by transferring pretax or nondeductible IRA funds to a Roth IRA, it
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Buy now, pay later programs have become increasingly popular among consumers looking to spread out the cost of purchases over time. While traditional forms of debt like credit cards and loans are easily quantifiable, the use of BNPL programs adds a layer of “phantom debt” that often goes unnoticed. According to a report by NerdWallet,
The gender pay gap is a well-known issue that affects women across various ethnicities in the workforce. However, for Asian American, Native Hawaiian and Pacific Islander (AANHPI) women, the disparity in pay extends beyond just the typical March 12 equal pay day. In fact, AANHPI women must work until April 3 to earn the same
Hiring your children if you are self-employed can have significant tax benefits, but it’s essential to follow labor laws and IRS regulations to avoid any issues down the line. While the topic of small businesses hiring their own kids has gained popularity on social media platforms like TikTok, Instagram, and YouTube, it’s crucial to separate
In recent years, there has been a noticeable increase in the number of merchants offering discounts to customers who pay with cash instead of credit cards for their purchases. These cash discounts usually range from 2% to 4%, with some saving even higher. Although only a small percentage of cash transactions currently offer discounts, data
The struggles that women face in achieving economic equality with men are deeply rooted in history. Josie Cox, a financial journalist, sheds light on this issue in her book, “Women Money Power: The Rise and Fall of Economic Equality.” From the Women’s Business Ownership Act in 1988 to the discrimination against pregnant women in the
The aftermath of the pandemic has left many Americans struggling with the impact of rising grocery prices. According to Sen. Elizabeth Warren, grocery prices have skyrocketed during the pandemic and have continued to rise even after the pandemic is over. Shoppers have experienced frustration as certain grocery products, such as chicken breasts and bread, have
Summer jobs are a common occurrence for teenagers looking to earn some extra cash during their break from school. However, what many parents and teenagers may not realize is that a summer job can also be an excellent opportunity to start saving for the future by opening a Roth IRA. According to experts, Roth IRAs
The S&P 500 has recently reached another record high, with a significant increase of 53% since the peak of inflation in 2022. Experts have pointed out the positive performance of the index, which tracks the largest US company stocks. While there are concerns about a potential market pullback, some analysts believe that there is still
The Biden administration recently announced a plan to forgive $7.7 billion in student loans for over 160,000 borrowers. This initiative is part of the U.S. Department of Education’s strategy to alleviate the burden of education debt on households. As Education Secretary Miguel Cardona highlighted, the administration is dedicated to providing student debt relief to millions
