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Millennials own nothing because the economy screwed us over for 25 years – but older generations still try and blame it on our work ethic

[Business Insider, Leung/Insider Intelligence] My parents don’t understand why I don’t own a house, a car, or a retirement savings account.My generation has fewer job opportunities, more student debt, and outrageous housing prices.It’s far worse for us than it was for previous generations.Ingrid Cruz is a freelance writer based in Mississippi.This is an opinion column. […]

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60% of millennials earning over $100,000 say they’re living paycheck to paycheck

[Business Insider, Getty Images] 60% of millennials earning over $100,000 say they’re living paycheck to paycheck in a new survey.Some of these millennials — known as HENRYs — prefer a comfortable, expensive lifestyle.But $100,000 also doesn’t go that far in today’s economy.  High-earning millennials are feeling broke. Sixty percent of millennials raking in over $100,000 a year say they’re living […]

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After New York Times story on Chicago loan schemes, Trump blames city ‘politicians,’ says he is ‘smart guy’

[Chicago Sun-Times] Trump is on the defensive after the New York Times story about how he avoided loan payments and taxes on his Trump International Hotel & Tower, 401 N. Wabash Ave. WASHINGTON – A day after the New York Times story about President Donald Trump’s Chicago hotel and tower financial woes — and how he outmaneuvered […]

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How To Pay Off Your Mortgage Using Your IRA

[Forbes, Getty Images] Larry Light: Is there a way to use retirement funds, like an IRA, funds to pay off the bank without having to take a taxable distribution? This money, of course, is invested before taxes, and only is taxed when it’s withdrawn. Stephen Nelson: No, unfortunately. But with a little tax planning and a strategy […]

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If you’re in debt, pay these bills off first

[MSN, iStock] Which debt should you consider tackling first? If you’re trying to pay off different types of debt, you may be wondering which to tackle first. In general, you should first pay off high-interest debt, plus any secured non-mortgage debt. After that, some payoffs might personally benefit you more than others. Before prioritizing debt, […]

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Should You Break Your Mortgage to Get a Record-Low Rate?

[Kanetix Ltd.] Fixed mortgage rates continue to reach new depths. Some are now under 2.00% for the first time ever. That’s great news for new homebuyers or those with an upcoming mortgage renewal. It’s creating a dilemma, however, for those who are currently locked into a fixed term at a higher—in some cases a much higher—rate. Anyone […]

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Here’s how unpaid debt is handled when a person dies

[CNBC] Creditors generally try to collect what’s owed to them by going after the decedent’s estate during a process called probate.There are instances, however, where the surviving spouse, or another heir, may be legally responsible.Some assets don’t count as part of a person’s estate for probate purposes. It’s not unusual for a person to pass […]

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This is what happens if you stop paying your student loans

[CNBC] The coronavirus relief package lets borrowers forgo student loan payments until this October with no interest or penalties.  It is not a small gesture. Americans owe more than $1.4 trillion in student debt. The average borrower carried more than $35,000 in loans in 2019. Story Young, 30, dropped out of college 10 years ago after burning through her […]

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Refinancing my mortgage didn’t lower my monthly payment by much, but it saves me $50,000 and gets me 2 years closer to debt freedom

[Business Insider, Getty Images] When the Federal Reserve dropped the federal funds rate target to zero in March 2020, the average interest rate fell to a record low.As interest rates fell, I jumped at the opportunity to save on my mortgage.Instead of opting for the lowest-possible payment on a 30-year loan, I took a slightly higher […]

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