Still missing your tax refund? You’ll soon receive 5% interest

Bill Oxford | E + | Getty Images If you’re still waiting for a tax refund, there’s a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the agency’s latest quarterly adjustment. Typically, the IRS has 45 days after the filing deadline to process … Read more

This 32-year-old grosses $431,000 a year from real estate investments—how he earns passive rental income

I always tell people that real estate has the potential to be a great investment. But getting started can be daunting. As a real estate investor for eight years, I’ve found that the key is to take small steps. When I first started investing at age 23, I set a modest goal to make a … Read more

Why 2022 has been a dangerous time to retire — and what to do about it

mdphoto16 | E + | Getty Images It’s a scary time for new retirees. Stocks have plunged this year. Bonds, which traditionally serve as a ballast when stocks fall, have also been pummeled. Both trends are worrisome for seniors who rely on investments for their retirement income. High inflation also means retirees need to draw … Read more

Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says

Bank of America’s account holders saw strong growth in their balances during Covid and have yet to spend down their pandemic-era stimulus money, CEO Brian Moynihan told CNBC. In an interview on “Squawk Box” from The World Economic Forum in Davos, Switzerland, BofA’s chairman said customers who had between $ 1,000 to $ 2,000 before … Read more

18% of Americans plan to increase stock market investments this year

Thianchai Sitthikongsak | Moment | Getty Images The stock market’s roller-coaster ride is not inspiring confidence in investors. Still, a small portion do plan to take advantage of recent price dips. About 18% of Americans are willing to put more money into stock market investments this year, including retirement accounts, according to a recent survey … Read more

What to do while you wait for possible coming student loan forgiveness

Kool99 | Istock | Getty Images Contact your lender Because of the pandemic-era payment pause on student loan bills, most borrowers have not made a payment in more than two years. Now the bills are set to arrive in mailboxes again in September. Even if some student debt is forgiven, you could still have a … Read more

Former Miami Heat all-star Dwyane Wade shares his advice on managing money

Dwyane Wade still moves fast but this time it’s off the basketball court. The retired three-time NBA champion for the Miami Heat has investments in media companies and consumer products. Wade, 40, has purchased an equity stake in two sports teams, the NBA’s Utah Jazz in April 2021 and in January 2022 joined Blackstone executive … Read more

Recession is ‘likely,’ former SEC chief economist says

By almost every measure, the US economy made a stunning recovery after the coronavirus pandemic spurred mass shutdowns and layoffs nationwide. The labor market has added back millions of jobs and wages have gone up substantially, even among lower-paying positions. But soaring inflation and rapidly rising interest rates have most Americans worried that the good … Read more

Emergency savings take hit as households adjust short-term finances

Jim Watson | AFP | Getty Images It appears emergency savings are another casualty of high inflation. About one-third of adults are contributing less to their emergency funds so that they are able to cover their everyday expenses, according to research from New York Life Insurance Company. The average reduction in monthly contributions to those … Read more

House Democrats push for SALT relief in appropriations bill

Rep. Tom Suozzi, DN.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the US Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Despite roadblocks, five House Democrats are still fighting for relief on the $ 10,000 limit on federal deduction for state and local taxes, … Read more