Budgeting, Financial Planning
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 …
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 …
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 …
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 …
Even with a good product, finding seed money and investments to scale a business can be an uphill battle for Black entrepreneurs. Only 1.2% of venture capital is funding Black entrepreneurs, according to Crunchbase, which collects data on early-stage startups, with Black women founders receiving just 0.27% of funding. Read More …
More Americans are dealing with estate and trust taxes as their baby boomer parents and older loved ones pass away. The number of income tax returns for estates and trusts (Form 1041) increased by 14.9% to 3.24 million in 2021 from 2.82 million in 2020, Read More …
From remote working to the gig economy, technology has allowed workers more autonomy over their professional lives. This impact is especially evident in the music industry, when before if you didn’t have a record label contract you couldn’t make it. Now, independent artists are retaining Read More …
Silicon Valley origin stories begin in someone’s garage or basement. For Imani Ellis, her one-bedroom Harlem apartment was the birthplace of The Creative Collective NYC and CultureCon. She invited a few friends over to talk about developing a space where creatives of color could “show up as Read More …
Hispanic Americans are less likely to carry life insurance than the average American, missing out on a key source of financial security. Only 42% of Hispanics have a life insurance policy, below the U.S. average of 50%, according to a 2022 Insurance Barometer Study supplemental report from Read More …
Things don’t look good for the state of women’s financial well-being into retirement, especially considering that women live longer than men. And if women were expecting inheritances and gifts to help ease financial burdens, there’s a plot twist. A recent FINRA Foundation National Financial Capability Study found that Read More …
America’s progressive tax system is supposed to tax more as your income rises, with people with similar incomes paying the same rate. That’s not true, according to one tax lawyer and professor, who analyzed the history of the American tax system and how it can Read More …