Personal finance

This 28-year-old makes $189,000 a year from 7 income streams: '3 side hustles you can start for $50 or less'

This 28-year-old makes $189,000 a year from 7 income streams: ‘3 side hustles you can start for $50 or less’

In 2018, I started experimenting with side hustles to pay off my $40,000 of debt in credit cards and student loans. Today, I’ve accomplished that goal — and more. In 2021, I built enough income streams to quit my $98,500-per-year engineering job and work on my businesses full-time. At 28 years old, I am my …

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Forget the $22,500 limit, some workers can supersize their tax-deferred retirement savings up to $265,000 in 2023

Forget the $22,500 limit, some workers can supersize their tax-deferred retirement savings up to $265,000 in 2023

If you really want to rev up your retirement savings and minimize income taxes, the best thing to be is a late-career professional in private practice. When you’re making a lot of money and are close to retirement age, you have savings options that go way beyond the levels of the typical workplace 401(k) plan. …

Forget the $22,500 limit, some workers can supersize their tax-deferred retirement savings up to $265,000 in 2023 Read More »

Demand for Series I bonds crashes TreasuryDirect ahead of key deadline to secure 9.62% rate

Demand for Series I bonds crashes TreasuryDirect ahead of key deadline to secure 9.62% rate

Shapecharge | E+ | Getty Images Investors crashed the Treasury Department website for Series I bonds on Friday as they clamored to lock in a record-high interest rate before a key deadline. I bonds have proven to be a bright spot for investors amid declines in the broad stock and bond markets this year. They …

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Treasury Says Orders for I Bonds With 9.62% Rate Might Not Be Completed by Deadline

Treasury Says Orders for I Bonds With 9.62% Rate Might Not Be Completed by Deadline

So many investors are scrambling to buy I Bonds, which pay a 9.62% interest rate if purchased by Oct. 28, that the Treasury Department said its overwhelmed site might not complete all the orders in time. The government’s TreasuryDirect site, the only place investors can directly purchase securities such as I Bonds and Treasury bills, …

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Americans think they need $1.25 million to retire.  Is that even enough?

Americans think they need $1.25 million to retire. Is that even enough?

Americans think they need $1.25 million to retire comfortably, new research suggests, but while that number may seem hefty — it still may not be enough. A study from Northwestern Mutual released this week found that US adults anticipate they will need $1.25 million to retire comfortably, a 20% rise since 2021. That comes as …

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There's still time for big savers to use 'after-tax contributions' to funnel more into 401(k) plans for 2022

There’s still time for big savers to use ‘after-tax contributions’ to funnel more into 401(k) plans for 2022

If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer $20,500 into a 401(k), plus an extra $6,500 for investors 50 and older. But the total plan limit is $61,000 per worker, including matches, …

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Why the housing market should brace for double-digit mortgage rates in 2023

Why the housing market should brace for double-digit mortgage rates in 2023

Even if Federal Reserve Chairman Jerome Powell and his cohorts stopped hiking policy rates soon, the 30-year fixed mortgage rate would still climb to 10%, according to Christopher Whalen, chairman of Whalen Global Advisors. That’s because the Fed’s torrid pace of rate increases in 2022 takes time to seep back into mortgage rates, especially with …

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What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits

What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits

Halfpoint | Istock | Getty Images Retirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. But two factors — the size of Medicare Part B premiums and taxes on benefits — may offset just how much bigger those …

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Nearing retirement?  Here's how to allocate your portfolio right now, according to the pros

Nearing retirement? Here’s how to allocate your portfolio right now, according to the pros

It’s a tricky time for those nearing retirement: markets are persistently volatile and inflation is eating away at cash. Despite the uncertainty, asset managers and analysts say it’s important to remain invested if you’re nearing retirement or are already retired. So how should one allocate funds, bearing in mind the unsettled markets, a shorter investing …

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The 'bummer' of the $7,500 electric vehicle tax credit: Its full value may be hard to get

The ‘bummer’ of the $7,500 electric vehicle tax credit: Its full value may be hard to get

Tomekbudujedomek | Moment | Getty Images The historic climate legislation President Joe Biden signed in August offered a federal tax break — worth up to $7,500 — to households that buy new electric vehicles. But it may be tough for consumers to get the full value of the tax credit — at least initially. That’s …

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