The amount of money that federal prisoners have in their commissary accounts came under scrutiny when it was reported that some prisoners, namely Larry Nasser and R. Kelly, had tens of thousands of dollars in their account. The money, many believed, should not be used on improving the comforts of prison when there are victims to be compensated. As a result, the Federal Bureau of Prisons (BOP) and Department of Justice proposed supplemental notice of a proposed rule in how it handles the Inmate Financial Responsibility Program (IFRP). The IFRP has been around since 1987 and was meant to encourage…

Retirement savings are a cornerstone of financial security. Whether you’re just starting out or looking to optimize your existing savings strategy, focusing on practical steps to increase contributions can make a substantial difference in your long-term financial well-being. This guide provides targeted strategies to help you increase your retirement savings for the year ahead. 1. Assess Contribution Limits Retirement savings accounts have specific contribution limits that are adjusted annually to account for inflation. For 2025, the IRS contribution limit for 401(k), 403(b), governmental 457 plans, and the Thrift Savings Plan has increased to $23,500 for individuals under 50. Those aged…

Einstein never said that the definition of insanity was doing the same thing repeatedly and expecting different results. The site Quote Investigator found that it seems associated with 12-step programs. Doing the same thing in a quest to improve could even be akin to the adage, “Practice makes perfect.” At least, sometimes it does. Other times, it can be whacky indeed. The race to a government closure on Friday is an example. By USA Today’s count, there have been 21 shutdowns since 1976. Some lasted for a few hours; others, days or weeks. The longest-lasting one — 35 days at…

Gas tax rates are set to increase in five states in the new year. Once they do, drivers in Florida, Georgia, Minnesota, New Jersey and Utah can expect to pay slightly more for each gallon of gas.The increases in each state are small, ranging from less than 1 cent to 3.3 cents per gallon. But state taxes can add a chunk of change to the overall price of fuel. When the changes take effect on Jan. 1, the total state gas tax rates for those spots will be:New Jersey: 45 cents per gallon.Florida: 39.4 cents per gallon.Utah: 39.2 cents per…

The worldwide population is aging faster these days than in the past. The World Health Organization says that one in six people will be 60 or older in five years. According to the latest data from the Commonwealth Fund, nearly 10 million elderly people in the U.S. living in their homes require care and help with daily activities such as bathing, cooking, and cleaning, and many of them are isolated and alone, a situation that has been identified as a serious health concern. Nearly five million people work as direct healthcare providers to the elderly, providing needed care and assistance…

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…