Winning the lottery can create instant wealth, but it also introduces immediate tax considerations. U.S. tax law generally treats lottery prizes as taxable income at both the federal and, in many cases, state levels. Winners may qualify for certain deductions that decrease how much they owe, but full tax exemptions…
The President’s proposal to cap credit card rates at a maximum of 10% over the next year has gotten a lot of attention in the midst of a national affordability crisis. It’s understandable. Rates are flashy, and it sounds good to talk about bringing them down. But I’d argue they…
Relationships provide comfort, companionship, and support throughout all of life’s challenges. However, when financial pressures, like high credit card debt enter the equation, even the strongest relationships can be burdened. If these financial pressures are creating friction between you and your partner, you are not alone. With the right plan,…
Whether you’re making a budget or planning your retirement date, it typically comes down to the same basic math: how much money you can reliably generate and how does that compares to your budget. To help you estimate how much you will need for retirement, let’s work through an example…
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The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
Historically Black colleges and universities are on the frontlines of the One Big Beautiful Bill Act’s new limits on parent…
The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
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Key takeaways There’s no universal “right amount” for a savings account, but most people need three to six months of expenses in an emergency fund plus cash for any short-term goals — and not much more than that. Money sitting in a traditional savings account…
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By Julie Jaggernath If you’ve been spending your time shoveling snow recently, try using it as a chance to think about what money…
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OBSERVATIONS FROM THE FINTECH SNARK TANKBankers wants to discuss AI strategy. They’re excited about chatbots, machine learning models, generative AI tools, and AI…
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Illustration by Mae Sangaline/Bankrate Key takeaways There are many strategies to save for a down payment, including maximizing your savings, reducing everyday expenses and applying for down payment assistance. You likely don’t have to save 20% for a down payment on a home. Conventional mortgages require just 3% down, and…
When you’re in a committed relationship, you unavoidably merge at least some aspects of your financial lives. However, that doesn’t mean you have to combine all of your accounts. In fact, most Americans don’t. Most couples in committed relationships (62%) keep at least some financial accounts in their name only,…
When you sell stocks, exchange-traded funds (ETFs) or other equity investments for more than you paid, the profit is generally subject to capital gains tax. The capital gains tax on equity depends on how long you held the investment, your taxable income and whether the asset was sold in a…
Federal income tax applies to most people who earn income in the U.S., but the tax code includes limited exceptions. Whether someone is exempt from federal income tax depends on factors such as income level, filing status, age, disability status, religious affiliation and the type of income received. In some…
There are two common ways to think about a retirement budget: you can start with the lifestyle you want or the assets you have. By focusing on a lifestyle, you can identify your target retirement income and then build savings to support that goal. For example, using the 4% rule,…
Key takeaways Most states require drivers to carry liability coverage, including bodily injury liability and property damage liability. Uninsured/underinsured motorist and personal injury protection coverage are optional in some states and required in others. Collision and comprehensive coverage are optional, but if you finance or lease your vehicle, you may…
Image: Getty Images; Illustration: Bankrate Home equity borrowing costs have dropped to levels not seen in about three years. The $30,000 home equity line of credit fell 13 basis points to 7.31%, according to Bankrate’s national survey of lenders. Meanwhile, the five-year $30,000 home equity loan edged down two basis…
damircudic/Getty Images; Illustration by Richard Tran/Bankrate Keeping track of average personal loan rates can give you an idea of how much you’ll pay for a personal loan for debt consolidation, home improvement, emergencies or any other financial goal that requires quick funding with a fixed monthly payment. The average is…
Key takeaways Using a personal loan to pay off credit card debt could be a smart move if you can secure a lower rate or are juggling multiple credit card payments Paying off credit card debt with a personal loan may not be right for you if you’re overwhelmed by…
Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates rose this week, with the 30-year fixed rate averaging 6.23%, up from 6.18% last week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week low 30-year 6.23%…
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