One crucial aspect of saving for retirement is understanding the impact of when you choose to invest in your 401(k) plan. Investing sooner rather than later can significantly boost your growth over time. However, a common mistake many individuals make is maxing out their 401(k) contributions too early in the year, which can potentially lead
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The labor market is experiencing a gradual cooling period, making it more challenging for individuals to secure new employment opportunities. Even though job openings have decreased, the overall conditions are still favorable for job seekers. According to Julia Pollak, chief economist at ZipRecruiter, the competition has intensified, but it is essential not to lose hope
It seems that the finance bros are having their moment in the spotlight, and it’s not always for the right reasons. TikTok content creator Megan Boni recently posted a video poking fun at the high expectations many women have in potential partners, especially when it comes to finding a man in finance. While the video
In a recent analysis conducted by Fidelity, it was revealed that the average 401(k) plan savings rate, which includes both employee and company contributions, has reached a record high of 14.2%. This percentage is incredibly close to the recommended benchmark of 15% set by Fidelity for individuals looking to maintain their current lifestyle in retirement.
Americans are notorious for not utilizing their vacation time to its full potential. Despite the majority of workers deeming paid time off as extremely important, many still leave days unused. Elizabeth Grace Saunders, a time management coach, stresses the importance of taking vacation time to honor our biological need for rest and refreshment. However, with
In a recent interview, Kelly Harry shared her experience of realizing she was severely underpaid while working as an account executive in ad sales in New York City. Initially content with her $40,000 salary, it wasn’t until a coworker mentioned earning $102,000 that she recognized the discrepancy. Kelly, an immigrant protected under DACA, admitted she
In recent years, TikTok has become a goldmine for financial advice, tips, and tricks, particularly for Generation Z. Also known as #FinTok, this platform has gained immense popularity as a source of financial information, considering the generation’s preference for seeking guidance online rather than from traditional financial advisors. According to the CFA Institute, Gen Zers
In the United States, there are several financial thresholds that are adjusted for inflation annually to help households keep pace with the rising cost of living. However, not all thresholds receive this inflation adjustment, and the decision on whether or not to adjust for inflation largely depends on lawmakers’ discretion at the time the legislation
When it comes to retirement savings, higher earners often face limitations on certain tax-advantaged accounts like Roth IRAs due to income restrictions. However, there is a lesser-known strategy that could benefit those looking to maximize tax-free growth for their retirement savings. Mega backdoor Roth conversions offer a way for individuals to surpass Roth IRA income
The job market in America is experiencing a significant shift in hiring trends, particularly in relation to income levels. For lower-earning Americans, the pace of hiring has remained strong, exceeding the pre-pandemic baseline. The hire rate for workers earning less than $55,000 a year has been consistent at 1.5% since September 2023, according to Vanguard.