Author: Money Mechanics

Median Bank Account Balances by Age Under 35 35-44 45-54 55-64 65-74 75 or older 2013 $2,800 $4,840 $5,090 $6,360 $8,910 $8,910 2016 $3,150 $4,690 $5,010 $6,620 $9,870 $12,330 2019 $3,760 $5,460 $7,420 $6,520 $9,270 $10,780 2022 $5,400 $7,500 $8,700 $8,000 $13,400 $10,000 Source: The Federal Reserve’s “Survey of Consumer Finances” (2022), median transaction account balances by age group. Transaction accounts include checking, savings, money market, and brokerage cash accounts, and prepaid debit cards. In addition to what’s in bank accounts, the median saver under age 35 has these assets: With the $5,400 in the bank, these amounts total $39,200.…

KEY TAKEAWAYS If you live in Arkansas, Indiana, Mississippi, North Carolina, or Wisconsin, you may have to pay state income taxes on federal student loan forgiveness you received.Federal student loan forgiveness is exempt from federal income tax under the American Rescue Plan Act (ARPA).However, some states decided to tax forgiveness as income at the state level. If you were among federal student loan borrowers who received forgiveness in 2024, you may be on the hook to pay state income tax if you live in certain states. In 2024, then-President Joe Biden forgave billions of dollars in student loans for borrowers…

Find out how much you could earn by locking in a high CD rate today. The Federal Reserve cut its federal funds rate three times in 2024, so now could be your last chance to lock in a competitive CD rate before rates fall further. CD rates vary widely across financial institutions, so it’s important to ensure you’re getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best offers. Generally, the best CD rates today are offered on shorter terms of around one year…

President Donald Trump on Saturday issued direct threats to Afghanistan’s Taliban government, demanding the return of Bagram Air Base to U.S. control or face unspecified consequences.Trump’s ThreatTrump posted on Truth Social, warning that “bad things are going to happen” if Afghanistan doesn’t return a key strategic facility, according to The Hill.Strategic China ConcernsTrump described Bagram as “an hour away from where China makes its nuclear weapons,” emphasizing the geopolitical tensions that could affect the U.S.-China trade relations. According to the reports, the president cited this proximity as the reason driving the administration’s renewed interest in the facility.See Also: Trump’s H-1B…

Over time, capital market investors are expected to play an important role as a key element in ensuring there is sufficient cyber reinsurance and retrocession capacity, to support the expansion of cyber insurance limit around the globe, Moody’s Ratings has said.While the cyber insurance-linked securities (ILS) market remains small, with just a number of issuances so far, Moody’s Ratings feels it has to grow to support the cyber risk management needs of society. In addition, the cyber industry loss warranty (ILW) is also highlighted as a tool that can support cyber insurers and reinsurers growth ambitions. Cyber insurers have shifted…

Key Takeaways Predictions market platform Polymarket recently rolled out earnings contracts, offering a simple way for folks to bet on companies’ quarterly reports.The latest category of market-moving events to gamble on is part of a broader trend of appealing to retail investors who like to discuss money matters on social media. There’s a new way to make a buck on companies’ earnings reports—and in some ways, this one may be the most straightforward. Predictions marketplace Polymarket last week rolled out a new category of contracts that lets users put money on whether or not a company will beat Wall Street’s…

Key Takeaways The Fed’s preferred inflation measure is due on Friday, as well as the latest GDP update, home sales data, and September consumer sentiment earlier in the week.Several Fed officials will deliver remarks in the wake of the central bank’s move last week to cut interest rates for the first time this year.Micron, Costco, AutoZone and CarMax lead the firms on this week’s corporate reporting calendar. The Fed is back to cutting rates. What’ll it do next? We’ll learn more this week. After last week’s decision by the Federal Reserve to cut interest rates for the first time this…

According to the recent YouGov/Economist poll, President Donald Trump‘s approval rating has taken a nosedive, reaching its lowest point in his second term.The survey conducted last week has shown a significant drop in President Trump’s approval rating. The poll revealed that only 39% of Americans surveyed approved of Trump’s presidency, a decline from the 41% recorded over the previous three weeks and 40% in mid-August.This latest survey also marked a record for Trump’s second term, with 57% of Americans expressing disapproval of his handling of the presidency. The poll indicated a net approval of minus 18, the second-lowest recorded by the YouGov/Economist…

The altcoin market gained 6% last week but started this week on a cautious note as investors await the . is holding near the $115,000 level, with traders shifting focus toward it while waiting for signals on the Fed’s rate outlook. If the Fed delivers a dovish message, risk appetite could rise, drawing more funds back into altcoins. The total altcoin market cap, excluding Bitcoin, is climbing further and holding near record levels. If large-cap altcoins break above key resistance, it could spark a rally in the final quarter of the year. Ethereum, which has grown its market share to…

With the new year nearly a quarter finished, a variety of trends and themes have already started to make themselves known. For the normally sleepy municipal bond sector, these trends have created a pretty volatile and difficult environment to navigate. Tailwinds and headwinds have churned the seas of the normally calm waters of state and local government credit. There are crosswinds for sure. For investors with big positions in muni bond holdings, reducing these stormy seas is paramount. Luckily, there are ways to navigate these crosswinds and potentially finish the year with some gains, all while collecting income. With these…