The gift-giving season is upon us, and if you’re like many, you’ll be looking for a last-minute gift that isn’t the same-old, same-old. This year, why not give the gift of a lifetime? Forget those faddish toys that get broken or lost within days. Give your kid or grandkid a Child IRA. “The primary benefit of opening a Child IRA is the benefit of compounding on the IRA plan assets,” says Marcia S. Wagner, founder of The Wagner Law Group in Boston. “If the child is at an age that he or she can understand at least arithmetic, if not…

Despite Fed Cuts, Many Store Credit Cards Are Still Charging Customers Extreme Interest Rates Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates, despite moves by the Federal Reserve to lower interest rates in the economy. In a report released Wednesday, the Consumer Financial Protection Bureau found that 19% of retail cards had APRs above 35%. In December 2024, new cards offered by the top 100 retailers had an average private label APR of 32.66%. There is no federal cap on interest rates. And while many states have usury laws, credit card issuers are often…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.The start of a new year can bring a surge of motivation around setting new goals, including financial resolutions.One way to help those goals become reality, financial experts say, is to make them as specific as possible. Then, track your progress, while allowing flexibility for unexpected challenges.“It’s easier to track progress when we know where we are going,” says Sylvie Scowcroft, a certified…

I had the opportunity to participate in Beast Games, where 2,000 contestants competed for a chance at a $5 million prize. The event was an intense and revealing look into how people behave when significant sums of money are on the line, from alliances to emotional reactions over financial stakes. My experience during this giant social experiment offered key financial lessons that go far beyond the game. Here, I’ll share five crucial insights I learned from my time in Beast Games. People Can Be Irrational When It Comes To Money One of the most striking things I observed during Beast…

The ideas I share in this article are my truth on how to get rich and build wealth, not the truth. Meaning, there is more than one path to achieve your financial goals, these are just what I have personally experienced and learned to be the most impactful for myself and the clients I serve. 1. Wealth is made through concentration, it’s preserved through diversification. The first thing you need to do is invest in yourself and become really great at something. That will create the riches through active income, that you will use to BUY your freedom. 7 streams…

Ask family caregivers what sort of government support they want and their answer is clear: They want upfront cash. Not bigger future Social Security benefits. Not respite care or tax credits, not paid family leave, or even reimbursement for out-of-pocket costs. They want cash. That, at least, were the preferences of participants in four focus groups described in a new research paper by Marc Cohen and colleagues for the Center for Retirement Research at Boston College. Forty-four percent of the participants favored cash payments. The next-most-popular idea was reimbursement of caregiving costs. But it was favored by only about a…

An initial draft of this script was created by NerdWallet using automation technology, then thoroughly reviewed, edited and fact-checked by NerdWallet’s human writers and editors.Your cable and internet bills are often flexible. Many providers are willing to adjust their pricing, and a simple phone call can lead to meaningful savings.Now is the perfect time to negotiate. In December and January, many providers roll out promotions to attract new customers and are motivated to retain loyal ones.Your script for finding ways to saveThe script below can help you make your case to a representative, who may help you access promotions, adjust…

The headline was likely a giveaway. But it’s worth looking at the history of income tax on the individual and corporate level. The first step is to bring up the data, which comes from the executive branch’s Office of Management and Budget, Table 2.1, Receipts by Source: 1934 through 2029 (latter being one of the estimates). The light blue line shows total individual income tax payments; the dark blue line is total corporate income tax payments. Another view is by percentage of total income tax paid. That brings up several questions: 1. Why should anyone pay income tax? 2. Why…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn how to tackle credit card debt, build savings, and decide between debt payoff and investing for financial growth.How can you pay off credit card debt faster and smarter? When should you prioritize paying off debt over investing your money? Hosts Sean Pyles and Sara Rathner discuss credit card payoff strategies and building an emergency fund to help you strengthen your financial security. They begin by talking to Adam, a Smart Money listener, who has questions about what to do with a windfall. They…

The Biden administration has officially brought back two previously-phased out student loan repayment plan options. This gives borrowers new paths to reduce monthly payments and pursue student loan forgiveness through income-driven repayment programs and Public Service Loan Forgiveness. Applications officially reopened on Wednesday, according to an Education Department announcement. Here’s what borrowers need to know. ICR And PAYE Plans Offer Additional Routes To Student Loan Forgiveness Under current law, all income-driven repayment plans can lead to eventual loan forgiveness, typically after 20 or 25 years. But the SAVE plan, one of the Biden administration’s key student debt relief initiatives, has…