U.S. lawmakers are fighting back against a new Biden administration rule that allows retirement money to be invested according to environmental, social, and governance (ESG) criteria. Every GOP senator, plus West Virginia Democrat Joe Manchin, signed on to a disapproval resolution this week in protest of a Department of Labor (DOL) directive which went into…
New DOL Rule Allows Retirement Money to Finance ESG Agenda
February 1, 2023
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Biden Administration Wants Credit Card Late Fees Slashed to $8
February 1, 2023
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The Biden administration wants credit card late fees to be slashed to $8 and for Apple and Google to reduce the amount they charge on their mobile app stores. White House officials stated that this is part of a larger policy effort to promote competition in consumer markets. President Joe Biden’s Competition Council announced on…
Message to Homemakers: Building Up Your Own Social Security Might Not Be Worth It
I will occasionally get questions, almost always from women who spent much of their adult life as homemakers and are now approaching their senior years, who tell me that they plan to get a job to start building up their own Social Security. My usual message to them is that it’s probably not worth it….
IRS Issues Tax Return Checklist With Key Warning About the Dreaded Notice Letter
The Internal Revenue Service (IRS) has issued a checklist to make tax preparation smoother in 2023, which features a key cautionary tip on how to avoid getting a dreaded notice or bill from the tax man. The IRS’ list of “key points to keep in mind” when preparing to file a 2022 tax return, issued…
In Your Debt: How Couples Can Team up on Debt Repayment
Between financially helping his parents and losing income as a result of the COVID-19 pandemic, Jeremy Mazza landed into serious credit card debt. Relief came from a source he wasn’t expecting: his partner, Ginna Lambert, who had come into a small inheritance. She suggested “investing” part of her bounty in their shared future by lending…
Family Finances: a Vintage Budgeting Method is Back
By Lisa Gerstner From Kiplinger’s Personal Finance In a video from TikTok account AbundantGains, a woman separates cash from her paycheck into clear plastic envelopes with labels: $40 for Black Friday shopping, $50 toward getting a tattoo, $355 to save for a future home purchase, $215 for a vacation. There’s something satisfying and soothing about…
US Consumer Confidence Slips as Recession Fears Grow
January 31, 2023
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American consumer confidence has begun to stumble at the start of the year, as recession fears grow. The Conference Board, a business research group, reported on Jan. 31 that its consumer confidence index slightly fell 107.1 in January, down from 109 in December, which was the highest reading since April. Households appear to be a bit…
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 31)
January 31, 2023
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Benchmark U.S. crude oil for March delivery rose 97 cents to $78.87 a barrel Tuesday. Brent crude for March delivery fell 41 cents to $84.49 a barrel. Wholesale gasoline for February delivery rose 4 cents to $2.54 a gallon. February heating oil rose 7 cents $3.18 a gallon. March natural gas was unchanged at $2.68…
Changes to the Child Tax Credit—What This Means to Families
Families might see their tax bill increase for 2022. Changes in the Child Tax Credit will affect all income levels. First enacted in 1997, the Child Tax Credit has helped American families weather the cost of raising children. The amount has been changed several times. But this time, it’s going down. What is the new…
Nearly Two-Thirds of Americans Are Barely Making Ends Meet: Survey
The number of Americans living paycheck to paycheck has increased over the last year, with more than half of consumers left with little money to spend at the end of the month, a new survey has found. The survey, conducted by Pymnts and LendingClub, was published on Jan. 30 and is based on a survey of 3,989…
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