Category: personal finance

Did Generous Pandemic-Era Benefits Reduce Labor Force Participation?

March 10, 2023
AMERICABusiness & MarketsCCP Viruseconomic policieseconomylabor participationpandemic unemployment benefitpersonal financePolicies & ImpactsrecessionSocial IssuesUS
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Experts say and studies suggest that generous federal pandemic unemployment benefits reduced the U.S. labor participation rate, contributing to business difficulties in finding workers. The U.S. Bureau of Labor Statistics (BLS) noted a decline in the workforce participation rate through 2021. The BLS cited a study released by the Federal Reserve Bank of Chicago, “Has the Willingness to Work…

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IRS Reminds Many Retirees They Must Withdraw Money from IRAs by Special Deadline or Face Penalties

March 10, 2023
BrightBusiness & MarketseconomyFixed IncomeIRApersonal financeretireeretirementRetirement AccountsUSUS News
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The Internal Revenue Service (IRS) has issued a reminder to retirees who turned 72 last year that, in most cases, they face a deadline on April 1, 2023, to take their first payment from their workplace retirements plans or face penalties. Americans can’t keep their retirement funds in their accounts indefinitely. When they turn 72,…

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Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 9)

March 9, 2023
Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for April delivery fell 94 cents to $75.72 a barrel Thursday. Brent crude for May delivery fell $1.07 to $81.59 a barrel. Wholesale gasoline for April delivery fell 8 cents to $2.61 a gallon. April heating oil fell 7 cents to $2.67 a gallon. April natural gas fell 1 cent to…

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How to Avoid Points and Miles Hoarding

March 9, 2023
BrightbudgetingCredit Cardsmilespersonal financepointspoints and milesRewards Cardstravel cardstravel rewardstravelers
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Most personal finance advice boils down to this: Save as much as you can, and spend as little as you can. That’s the simplest way to accumulate wealth, build investment income and achieve financial independence (even if it’s not so simple in practice). Yet when it comes to travel rewards—those points and miles earned through…

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Common Tax Mistakes of Gig Workers

March 9, 2023
Brightgig economygig workershome officepersonal financeSelf Employedtaxtax deductionsWealth Management
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More and more people are becoming gig workers due to the massive layoffs in recent days. It can be an excellent way to get some short-term income—and some people find that they can make more money through gigs than with a full-time job. Of course, you can expect to pay some taxes anytime income is…

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Without Trust You’ve Got Nothing

March 9, 2023
BrightbudgetingdebtDebt Managementfinancial advicefinancial problemsloanpersonal finance
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Of all the things I’ve ever dreamed of being, advice columnist was never on the list. But here I am playing one every day. That’s because while my inbox loads up with tips, hints and questions related to frugal living and getting out of debt, many questions spill over into dilemmas—family, life, and love. Dear…

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Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 8)

March 8, 2023
Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for April delivery fell 92 cents to $76.66 a barrel Wednesday. Brent crude for May delivery fell 63 cents to $82.66 a barrel. Wholesale gasoline for April delivery fell 1 cent to $2.69 a gallon. April heating oil fell 6 cents to $2.74 a gallon. April natural gas fell 14 cents…

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Why Tax Stock Buybacks?

March 8, 2023
BrightBusiness & MarketsBusiness ColumnistsBuybacksclimate changefair taxInvestmentOpinionpersonal financestock marketstockstaxtaxesUSViewpointsWealth Management
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…

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The Fair Tax of 2023: A Great Idea with a Major Flaw

March 8, 2023
BrightBusiness & MarketsBusiness Columnistseconomypersonal financetaxUSUS NewsWealth Management
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Commentary Twenty-five Republican members of the House of Representatives co-sponsored a bill to radically overhaul the U.S. tax system. The Fair Tax Act of 2023 (H.R.25) proposes to eliminate all federal income taxes, replacing the revenue with a national sales tax of 23–30 percent. The bill is well-thought out and extremely thorough. It effectively would…

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Behind Interest Rate Hikes Sits Trillions in Bonds the Fed Must Unload

March 8, 2023
Business & Marketseconomic policieseconomyFederal Reserve Policyinflationinflation expectationsInvestmentpersonal financequantitative easingquantitative tighteningUSUS News
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Testifying before the Senate Banking Committee on March 7, Federal Reserve chairman Jerome Powell said he is prepared to accelerate interest rate hikes as economic growth and labor shortages continue to fuel inflation. Meanwhile, the Fed is still sitting atop a massive $8.4 trillion portfolio of bonds it bought through economic stimulus programs. This portfolio…

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