Inflation may be on the decline, but the reality is that prices are still high, and the situation is not expected to change any time soon. While this may seem like good news for the economy, the truth is that the cost of many goods and services remains elevated, posing affordability challenges for consumers in
Personal
One of the most popular strategies for reducing taxes on pretax retirement account withdrawals is Roth individual retirement account (IRA) conversions. By transferring funds from a traditional IRA to a Roth IRA, individuals can enjoy tax-free growth on their investments in the future. However, one way to mitigate the immediate tax hit associated with these
As you progress through your career and start thinking about retirement, it is crucial to have a clear understanding of where you are investing your money. Financial experts emphasize the importance of being aware of the tax implications associated with different types of investment accounts. Many individuals have a significant portion of their savings tied
Losing my wallet was a wake-up call that made me realize how vulnerable I was to identity theft and financial loss. As a CNBC intern working on personal finance stories, I thought I was well-informed about protecting my money and identity. However, the experience of losing my wallet taught me a few valuable lessons that
In the past year, there has been a significant surge in employment scams that target unsuspecting job seekers. Criminals are now leveraging artificial intelligence to carry out their schemes, resulting in a 118% increase in consumer reports of job scams in 2023 compared to the previous year. These scammers often pose as recruiters and post
Planning a wedding can be an exciting but financially daunting task. The guest list is one area where you can have the most significant impact on your budget. Even if you don’t opt for a micro-wedding with less than 25 guests, cutting down the guest list can still lead to substantial savings. By being selective
The landscape of investing is constantly evolving, especially for young, wealthy investors. According to recent research conducted by Bank of America, individuals between the ages of 21 and 43 with at least $3 million in investable assets are gravitating towards alternative investments. Unlike their older counterparts, who tend to favor traditional stocks and bonds, nearly
The issue of tax identity theft cases at the IRS is becoming increasingly critical, with a staggering number of unresolved cases stacking up. According to National Taxpayer Advocate Erin Collins, as of April, there were approximately 500,000 pending identity theft cases, representing a worrying increase from the previous figure of 484,000 cases in September. One
When we think about going on vacation, we often envision relaxation, enjoyment, and quality time with loved ones. However, the rise of social media has significantly altered the way we approach travel. Instead of focusing on the experience itself, many travelers find themselves caught up in capturing the perfect photo for their Instagram feed. This
The movie “Thelma” portrays the story of a 93-year-old Thelma Post who falls victim to a fraudulent call from a scammer pretending to be her grandson in desperate need of money. While this story was fictionalized for Hollywood, the threat of such scam calls, also known as grandparents’ scams or family emergency scams, is unfortunately