Donald Trump has been pushing the idea of relying on tariffs during the recent campaign as he did in his first term. Now his plans are getting more definite as he announced that, on day one of returning to office, he would by executive order institute a 25% tariff on both Mexico and Canada — the first and second largest U.S. trade partners — until the countries somehow stopped cross-border movement of drugs and migrants. This could be a serious economic problem. “This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens…

As you shop Black Friday deals, you may notice certain retailers offering layaway as a payment option. Layaway allows you to pay for an item over time, which can make the purchase easier to manage alongside other expenses in your budget. However, you won’t get the item until it’s completely paid off, and you may be responsible for fees. Here’s what to know about layaway and whether this option is the right choice for your holiday purchases.What is layaway?“Layaway is a really cool old-school approach to buying something that you can’t pay for all at once,” says Lisa Gill, a…

While becoming a millionaire may seem impossible, the good news is anyone can become a 401(k) millionaire if given enough time. According to Fidelity, almost 500,000 401(k) millionaires are on its platform alone. That figure doesn’t include all 401(k) millionaires (those combining assets in retirement accounts). Keep reading as we share the reasonably easy steps to put yourself on the path to becoming a 401(k) millionaire. 1) Set Up Your 401(k) Account It is often said that the most challenging part of anything is getting started. The first step to becoming a 401(k) millionaire is opening your 401(k) account. Don’t…

A Republican congressman has introduced a student loan reform bill that, if enacted, could benefit millions of borrowers through lower interest rates. Rather than provide immediate relief via student loan forgiveness of a borrower’s principal balance, the Affordable Loans For Students Act would significantly reduce federal student loan interest rates going forward. The legislation would also give borrowers a pathway to refinancing their loans within the federal student loan system — an option that is not available to borrowers today. “Nowhere have costs skyrocketed more than in higher education,” said Rep. Mike Lawler (R-NY) in a statement last week. “And…

Time has seen changing conditions and types of work, according to the latest data and statistics from the Bureau of Labor Statistics (BLS). Many millions no longer work for a given company. Instead, they have looser associations with businesses, often working for multiple clients with less rigid arrangements than traditional employees. Better understanding the categories and the number of people involved in these areas is critical as political fights have kicked up over how some of these developments should look and whether a bulk of self-employed business owners should be forced into presumed traditional jobs that don’t actually exist, undermining…

I’ve been in the financial advisory business for roughly 28 years—and for 28 of those years, I’ve had a challenging relationship with the notion of “business development”—or the shadier moniker by which it is also known, “sales.” This has been such a tenuous relationship because many of us in the industry—and all of the advisors at my firm—consider themselves high-level professionals, not salespeople. Yes, without business development, there is no business, but many, if not most, professional advisors would much prefer to do great work, have that work recognized, and have prospects lining up to request being clients. Even most…

The First Step Act ushered in much needed change to reduce our federal prison population and reduce recidivism. It allows federal prisoners the opportunity to both reduce their sentence and increase the amount of time that they can spend in the community, known as prerelease custody. Far from being free, prerelease custody halfway houses provide a much needed resource to assist prisoners reentering society as productive members while also providing some supervision. Halfway houses are meant to provide the opportunity for prisoners to spend a portion of their sentence in the community so they can earn funds to get back…

Millions of people have become dependent on credit as one way to get themselves through tough economic times, let alone do something normal, like buying a house or car. Now credit rejections are at a record high. News out of the Federal Reserve Bank of New York is bad. It has become harder than ever before to get approved for credit. Not necessarily for all time, but at least for as long as the New York Fed has run surveys on the topic, which is since 2013, not long after the Great Recession when millions faced financial problems. Dependence on…

Having a baby is a joyful and transformative experience, but it also introduces significant financial responsibilities that require careful planning. As first-time parents with a 15-month-old, my wife and I discovered just how quickly the costs can add up and how important budgeting for a baby is in reducing financial stress. From essentials like diapers and baby gear to ongoing expenses such as childcare and medical costs, the financial demands can quickly add up. Budgeting for a baby helps new or expecting parents stay financially stable by outlining clear strategies for managing these costs while identifying opportunities to save. Creating…

The holiday season is a time for joy, connection and celebration, but it can also be expensive if not managed properly. A well-planned holiday budget ensures you can enjoy the festivities without financial stress. By proactively budgeting for Christmas or other holiday expenses, you can prioritize spending on what truly matters. This article offers actionable strategies to help you stay financially secure during the most wonderful time of the year. Whether it’s gifts, decorations or parties, learn to allocate funds wisely while keeping holiday cheer alive. Holiday Budgeting Strategies Holiday spending can quickly add up, with the average American planning…