ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
You may have a millionaire next door. Or two. |
A recent report on the concentration of wealth in the U.S. invites the question, are the nation's 5,492,000 millionaires hiding in plain sight? |
The U.S. has the most millionaires, centi-millionaires and billionaires of any country. Roughly 5.5 million Americans are millionaires, close to 10,000 Americans are centi-millionaires and 788 are billionaires, Sara Chernikoff reports. |
That love-hate relationship with social media extends to purchases, too. |
According to a new study by Wallethub, nearly 3 in 4 people have made an "unnecessary purchase" via social media, Betty Lin Fisher reports. Two out of 3 Americans believe social media is encouraging overspending. And nearly 1 in 5 of those surveyed about their social media purchases categorized them as scams. |
📰 More stories you shouldn't miss 📰 |
Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it! |
The 529 education savings plan got a couple of big upgrades in 2024 as a tool to save and pay for school. |
Starting this year, Congress is allowing up to $35,000 in leftover savings in the plan to roll over tax-free into Roth individual retirement accounts, eliminating fears unused money could forever be trapped or incur taxes. Also, at the end of December, the Department of Education revised the Free Application for Federal Student Aid (FAFSA), creating the so-called grandparent loophole. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | New York has the most millionaires, with 1 of every 24 people in the city falling under this category; other cities can claim higher concentrations. | | | |  | A new survey by Wallethub shows how consumers feel about their purchases via social media. | | | | New FAFSA created the "grandparent loophole" allowing nonparents to use 529s to help pay for school without hurting a student's financial aid chances. | | | | The Fed is unlikely to cut the key interest rate at the end of its two day meeting in June, as inflation remains above its 2% goal. | | | | While competitive salaries are crucial, offering a robust and appealing benefits package is equally essential for long-term employee retention. | | | | Sixty-seven-year-old Mark Goldstein says RTX reserves positions exclusively for recent college graduates and applicants with limited work experience. | | | | There's little to like about the housing market, except for one small positive: more affordable homes are coming onto the market. Here's where. | | | | The debt ceiling was last raised in December 2021 and was suspended last year. Raising the debt ceiling does not pledge additional spending. | | | | Monthly job growth surprised economists who expected thousands fewer jobs. Here's how that could impact the Fed's interest rate decision this week. | | | | The Federal Reserve's expected to keep rates steady at its June meeting with inflation taking longer than expected to cool. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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