Personal Finance
On Tuesday, the Senate passed the “One Big Beautiful Bill” after multiple days of debates and minor changes. The sweeping legislation will impact nearly all facets of American life, but will specifically have major changes to higher education. The student loan provisions have some of the most significant higher education reforms we’ve seen in decades, and will impact both current borrowers and future borrowers. On the borrower side, the bill eliminates the Grad PLUS loan program, and introduces new caps on Direct Graduate Loans and Parent PLUS Loans. For future Parent PLUS loans, both repayment plan options and loan forgiveness…
The Federal Trade Commission, or FTC, is a government agency in charge of enforcing federal consumer protection laws and federal antitrust laws. They’re also a key player in helping the public report fraud, navigate identity theft and even manage annoying unsolicited phone calls. What does the FTC do? The FTC was founded under the Federal Trade Commission Act. It is currently headed by Commissioner Lina Khan, who is due to be replaced by Andrew Ferguson under the Trump Administration. The FTC Act empowers the commission to:Prevent unfair methods of competition; unfair or deceptive acts; and other practices that affect commerce.Seek…
Saving money feels good, especially on costly (but often necessary) expenses like internet.If you’re happy with your provider, but not how much internet costs you each month, try negotiating or bundling your services. Looking to make a change? If you’re lucky enough to have options, switching providers can help you score a great deal.1. Buy your own cable modem and router for cheaper Wi-Fi (over time)Planning to get your internet through a cable provider and staying with it for a few years? It might be more cost-effective to buy your internet hardware rather than rent it.A provider may charge around…
On the Latino economic front, there is good news, bad news, and worse news. The overall economic condition of Latinos is improving. The U.S. Department of Treasury reports that between 2013 and 2022, the median wealth of Latino families increased by 252%. However, the Latino wealth gap persists. A recent report from Brookings reveals that the average white family possesses five times more wealth than the average Latino family. Finally, the Latino wealth gap is likely to widen. How can this gap possibly grow even wider? The Largest Transfer Of Intergenerational Wealth Between now and 2045 the U.S. will experience…
As President Joe Biden leaves behind a mixed student loan forgiveness legacy, Donald Trump is set to return to the White House in less than two weeks. And he’ll be inheriting a federal student loan system experiencing historic levels of turmoil. Biden has had some significant success in dramatically improving the Public Service Loan Forgiveness and Total and Permanent Disability Discharge programs, while allowing more borrowers to receive loan forgiveness under income-driven repayment, or IDR, than ever before. However, Biden was ultimately forced to withdraw several student loan forgiveness initiatives. And the SAVE plan — a central feature of his…
The Internal Revenue Service (IRS) announced that IRS Free File tax software programs will be available starting Friday, January 10, 2025. Free File is a program designed to help eligible taxpayers prepare and file their federal tax returns at no cost. For taxpayers with an Adjusted Gross Income (AGI) of $84,000 or less, IRS Free Tax Software provides easy to use options for tax filers. This year, eight private-sector partners are participating in the program, with one offering support in Spanish. How IRS Free File Works IRS Free File is an IRS partnership with private tax software companies. Each tax…
Later this year, Rep. Tom Suozzi (D-NY) will reintroduce his public catastrophic long-term care insurance bill, called the WISH Act. Suozzi is doing all the right things: Looking for Republican support and trying to engage the private insurance industry, long-term care providers, and employers, as well as advocates for older adults and people with disabilities. But he has a big problem: While the idea of public insurance may be gaining traction, raising taxes to pay for it is a much tougher sell. Suozzi’s original 2021 bill explicitly proposed raising payroll taxes to fund the insurance program, an idea consistent with…
Traditional finance isn’t just adopting crypto – it’s being rebuilt around it. JPMorgan is launching instant dollar-euro conversions on its rebranded Kinexys blockchain, where transaction volumes have grown tenfold to process over $2 billion daily. Visa’s new Tokenized Asset Platform enables banks like BBVA to create and manage digital tokens, with pilot programs starting in 2025. Mastercard’s Crypto Credential service operates across 13 countries in Europe and Latin America, simplifying transactions through partnerships with Bit2Me and Mercado Bitcoin. Morgan Stanley’s E-Trade is exploring direct crypto trading services, while Goldman Sachs makes bold moves in the digital asset space – spinning…
Generative AI: A Double-Edged Sword For Investment Decisions And Inequality The rapid proliferation and adoption of generative artificial intelligence (GenAI) has sparked a revolution across many industries, including the financial sector. A newly published study by Alex Kim and colleagues, “AI, Investment Decisions, and Inequality,” explores how GenAI influences individual investment decisions. The researchers sought to answer whether GenAI-based tools enhance investors’ ability to process data and make better investment decisions as well as whether access to GenAI narrows or widens gaps among different types of investors. Their findings illuminate the promise of GenAI, but also uncover a paradox. While…
Modern technology makes it very easy to spend. Have you ever decided to use a new site or app to order food or buy a product? Is it just me or are you overjoyed when you see the PayPal or Apple Pay logo pop up on the checkout page? It means I will not have to spend the next five minutes entering addresses and payment information to a site that may or may not have robust security protocols. Instead of five minutes, it’s 30 seconds and done. While this may have saved me time during my holiday shopping or having…
December into January is its own special season for many industries, including commercial real estate investing, but also any other type where someone wants you to trust them with your money. ‘Tis the season of predictions and forecasts. Experts come up to your door like a tardy caroling group, come around to offer their vast expertise. There’s one problem, though. It’s hard to know who might be right. Not that even real experts are always correct, but you want a sense that people aren’t off in their own worlds like some fund managers, television personalities, and other prognosticators have appeared…