Although much attention has been given to aging baby boomers and the potential wealth transfer that follows, Generation X is feeling the strain of caring for minor children or adult children returning home and aging parents, dubbed the “sandwich generation.” More than 54% of Americans Read More …
As tax day approaches, parents of high school athletes with social media and “name, image, and likeness” deals need to make sure that the IRS doesn’t come for their children’s assets. An overlooked and perhaps unintended consequence of the NCAA’s name, image, and likeness (NIL) policy is Read More …
Creating and supporting more Black-owned businesses is one step to reducing the racial wealth gap in the US, according to a new study. Around 70% of Americans work for small businesses that employ people in their communities. And while Black-owned businesses drive the highest percentage increases in Read More …
Borrowers now have a chance to use their student loan payments to contribute to their retirement accounts under a voluntary provision of the SECURE 2.0 Act that recently took effect. To take advantage, employees should ask their employer if they have opted in. Section 110 of the Read More …
If your employer is outside the state where you worked remotely in 2023, you could face double taxation. Being a hybrid worker might also mean you get snagged. With the onset of the pandemic, many employees worked remotely for the first time. After the pandemic, Read More …
The earned income tax credit (EITC) is a valuable tax credit that many taxpayers normally miss. Historically, 1 in 5 eligible Americans don’t claim the EITC, prompting the Internal Revenue Service to hold an EITC Awareness Day each year — this year on Jan. 26. To qualify Read More …
President Biden has forgiven more than $136 billion in student loan debt for over 3.7 million borrowers. The debt relief was under multiple programs: public service loan forgiveness (PSLF) program, income-driven repayment (IDR) account adjustment, disability discharges, and borrower’s defense discharge. Although borrowers forgiven under the PSLF program are Read More …
As baby boomers age, an inheritance wave dubbed the “great wealth transfer” is underway. What’s also ahead: a great debt transfer that will have to be managed by younger generations of Americans. More than 46% of Americans expect to transfer debt on death to their Read More …
Hip-hop turned 50 this year – ‘never thought hip hop would make it this far.’ Hip-hop’s 50th was probably the highlight of 2023, everything else seemed a low light reminding us how fragile our democracy is. Last year, the demise of Roe v. Wade, sent Read More …
The next generation of billionaires will not be entrepreneurs but those who inherit multigenerational family wealth. “Billionaires have accumulated more wealth through inheritance than entrepreneurship, indicating that the great wealth transfer is gaining momentum,” according to a UBS study. By the numbers: In just the last Read More …
Paying off student loans is, of course, a huge problem. But often overlooked is how complicated it becomes when couples are in the middle of a divorce. The average American household owes $58,957 in student loan debt, according to the Chamber of Commerce. It can be Read More …
Borrowers saddled with unmanageable student debt may wonder if they should have avoided college altogether. Don’t have second thoughts, one expert said — but with caveats. “Higher education is absolutely worth it,” Natalia Abrams, founder and president of the Student Debt Crisis Center, recently told Read More …