Yahoo Finance is cutting through the jargon and helping you understand the basic steps you need to be in control of your money. Money Basics is tailor-made for people who consume their news and information on the go, with bold, crisp graphics and visuals that will break down the need-to-know essentials on everything personal finance.
You know you need to be saving for retirement, but where do you begin? There are some mistakes you can’t afford to make when planning for your retirement, and one of the biggest is missing out on using a Roth IRA. A Roth IRA is a specific type of individual retirement account that gets taxed now but
It’s what most lenders want to see as a down payment from a potential home buyer. For the banks and other lenders, it’s a sign that the buyer has the financial wherewithal to own a home. In August, the median home price jumped 5.6% from a year earlier, to $253,500.
Simply put, the W4 tells your employer how much of your paycheck to withhold in taxes. Also be sure to use the personal allowances worksheet to figure out how many allowances to claim. Contact your human resources department and submit a new W4 form to your employer as these events happen, at any time
“Credit cards are actually one of the simplest and most straightforward ways to build credit,’ Palmer says. “The lender you’re considering using will always check your credit history to see how you’ve paid off your bills each month,” Palmer says.
With more than 143 million people affected by the recent Equifax data breach, there’s been a lot of talk about credit scores. Similarly, different credit scoring models use their own algorithms to best calculate your credit’s health.
Not only was I leaving behind years of studying for the SATs, and countless hours applying to colleges and scholarships, but I’d finally get to discover the world on my own and do as I please. Check out the video above for some money advice I really could’ve used before starting my college career.
If you feel like you’re constantly asked to provide your Social Security number, you may be right! Social Security numbers were originally created to track income to determine your Social Security benefits in retirement. In 2016, 15.4 million cases of identity theft were reported, according to the Insurance
While it used to be standard to have 20% of a home’s price as a down payment, saving such a large sum of money may be impractical and could delay your home purchase for years, Manni says. It’s a great way to get into the market without having to save a ton of money,” Manni says. “If you limit yourself
Retirement and money expert, Ed Slott, joins Jeanie Ahn at Yahoo Finance to share how you can navigate your family finances with your aging parents.
It’s common to make mistakes when you’re first getting your finances in order, but learning how to manage money early on can help you throughout your life. Brianna McGurran, a personal finance columnist at Nerdwallet.com, shares her tips for avoiding five common money mistakes. McGurran says the number
Lotto fever strikes again! The Powerball drawing has grown to a whopping $700 million for Wednesday night’s drawing, the second highest in its history. Americans are crazy for the lottery. Half of adults say they’ve played the lottery before, according to a Gallup poll.
If you want to pick a major that pays big, consider the STEM fields — science, technology, engineering and math. According to a new study by The Cashlorette, people who majored in STEM subjects earned the most and had the best employment opportunities. All of the top ten most valuable degrees were
A trust fund is a special type of legal entity comprised of various assets and holdings that is designed to benefit another person, group or organization. Generally, there are three parties involved in a trust fund: the grantor, the beneficiary and the trustee. This lucky baby has a trust fund waiting
There are 2.2 million workers with jobs that pay minimum wage or less in the United States, according to the Bureau of Labor Statistics. Minimum wage is the lowest wage an employer can legally pay its workers. Currently, the federal minimum wage in the US is $7.25 per hour, a rate that hasn’t changed
Simply put, a capital gain is profit earned through the sale of an asset, most commonly shares of stock. For example, the profit on a stock that was bought at a low price and sold at a higher price is a capital gain. Taxes on capital gains are only triggered when the gain becomes realized.
The IRS, or Internal Revenue Service, is responsible for collecting taxes and enforcing tax laws within the United States. The IRS collects a staggering amount of money each year, nearly $3.3 trillion for fiscal year 2015. In addition to handling individual income taxes, the bureau also collects employment
A hedge fund is a privately run investment organization that uses pooled assets from participating investors in the fund. Hedge fund managers use diversified methods to try and generate large returns. The purpose of a hedge fund is to eliminate market risk from volatility and maximize investor returns
The Federal Reserve, often just called the Fed, is the central banking system of the United States. The Federal Reserve was established by Congress in 1913 under the Federal Reserve Act and signed into law by President Woodrow Wilson. The Fed was established in order to provide a stable monetary and
If you’re planning for your retirement, you might want to consider opening an investment account known as an annuity. A type of insurance contract, annuities can provide a steady source of income during your retirement. There is no income limitation on how much money you can place in an annuity.