usatoday.comDo you have enough life insurance? Pete the Planner now thinks he needs moreUp until this week, I’ve enjoyed the peace of mind that comes with purchasing the right amount of life insurance to protect the financial interests of my family. I decided to take a closer look at this part of my financial plan. I’m pretty sure I need more life insurance.
usatoday.com1 in 8 divorces caused by student loan debtWhen it comes to student loan debt, "for richer, for poorer" doesn't quite cut it. In general, finances are the leading cause of stress in a relationship, according to a study by SunTrust Bank, and student debt takes a particularly hard toll on a marriage.
usatoday.comCities where the middle class can no longer afford a homeAccording to the U.S. Department of Housing and Urban Development, families that pay more than 30% of their incomes on housing are considered cost burdened and may have difficulty affording rent as well as other necessities such as food, clothing, transportation, and medical care. While the poorest families are the most likely to be housing-cost burdened, skyrocketing home prices in U.S. metropolitan areas have caused the nation’s housing affordability crisis to spread to a large number of middle class Americans. While the housing cost burden for low-income households is often offset through housing subsidies, there are few forces protecting middle-income households from the rising cost of real estate. Fast-growing cities with high construction costs and low housing inventories have experienced some of the sharpest spikes in home prices over the past several decades, and today these cities have some of the largest shares of cost-burdened middle-class households. To determine the cities where the middle class can no longer afford a home, 24/7 Wall St. reviewed the share of households earning $45,000 to $74,999 annually that spend at least 30% of their incomes on housing in the 100 largest U.S. metropolitan areas. Data came from “The State of the Nation’s Housing 2018” report of the Joint Center for Housing Studies of Harvard University. There are 20 metro areas in which more than 30% of households in the income bracket spend at least 30% of their incomes on housing. Definitions of the middle class vary by housing organization and geography. Nationwide, the middle 20% of U.S. households earn between $45,325 and $72,384, roughly in line with the $45,000-$74,999 breakout provided by the JCHS. While the incomes earned by the middle class of earners varies by city to city, the $45,000-$74,999 range was used throughout this analysis as an approximation of the American middle class.
usatoday.com28-year-old who's banked $250,000: If you want to save big, only 3 expenses matterOne Minneapolis-based millennial, who goes by the pseudonym Sean, has already managed to bank $250,000. The 28-year-old is on pace to retire comfortably by age 37. Here's a closer look at how he's cut back on "the big three" and how you can too.
usatoday.comLooking for love: How much does the average date cost in your state?The average cost of a date today -- consisting of two dinners, a bottle of wine, and two movie tickets -- adds up to $102.32. Many of the cost components vary by state, making dating far more expensive in some parts of the country than others.
usatoday.comWhy are health-care costs so high, even if you’re insured? Higher premiums, deductiblesMore than 4 in 10 adults with workplace insurance coverage said they were surprised by the high cost of their medical expenses in the last year. About a fifth of those with insurance through their employer said they or an immediate family member skipped a doctor’s visit due to worries about cost.1
usatoday.comOpening a new bank account can land you a cash bonus -- but strings attachedMore banks are offering bonuses for opening a new checking and savings account. "To score a bonus of a few hundred bucks on a modest deposit is a pretty great return," said Greg McBride, chief financial analyst at Bankrate.com. Read the fine print and this article.
usatoday.comFinancial goals: Millennial women may be on collision course with financial disasterMillennial women seriously lag men in their financial aspirations, compared with data from the same study 2 years ago. The reasons for this gulf include social media, career goals and family priorities. This financial gap could mean women are setting themselves up for financial derailment.1
usatoday.comCar payments getting out of control? How to retake the wheel on financingNo matter why your car payments have become unaffordable, it’s important to know what to do. Moving fast can help you avoid missing payments or having your car repossessed. Ideally, you’ll be able to rework your car costs to better fit your budget.2