Latest news with #529
The Herald Scotland
12-07-2025
- Business
- The Herald Scotland
Here's when parts of "Big Beautiful Bill" will affect your finances
USA TODAY's got you covered. Here are some of the bill's tax and spending highlights most Americans want to know about and when they start and finish, if they do. Some provisions are permanent. We cover everything from no tax on overtime and tips, auto loan interest deductions, senior deductions, Trump accounts, charitable contributions to the child tax credit, 529 expansion, tax brackets, standard deductions and state and local property taxes (SALT). Our version is much smaller than 870 pages. Unable to view our graphics? Click here to see them. When key provisions will start in Trump's new tax and spending law Some of the provisions in the law essentially start at the beginning of 2025. Others don't begin until 2026. Some begin this year, but only last through 2029. Here are all the provisions that could affect your finances in the coming weeks and months: CONTRIBUTING Janet Loehrke/USA TODAY This story was updated to add new information.
USA Today
11-07-2025
- Business
- USA Today
Trump's tax law offers big changes for your finances. Here's when they start
The 'One Big Beautiful Bill' is nearly 900 pages, chock full of provisions that could boost the finances of millions of everyday Americans. But who has time to read it or wants to spend their summer days pouring over it? Probably not many of us. USA TODAY's got you covered. Here are some of the bill's tax and spending highlights most Americans want to know about and when they start and finish, if they do. Some provisions are permanent. We cover everything from no tax on overtime and tips, auto loan interest deductions, senior deductions, Trump accounts, charitable contributions to the child tax credit, 529 expansion, tax brackets, standard deductions and state and local property taxes (SALT). Our version is much smaller than 870 pages. When key provisions will start in Trump's new tax and spending law Some of the provisions in the law essentially start at the beginning of 2025. Others don't begin until 2026. Some begin this year, but only last through 2029. Here are all the provisions that could affect your finances in the coming weeks and months:
Yahoo
10-07-2025
- Business
- Yahoo
I'm 54 with zero savings and $90K in debt — how do I admit to my kid that I can't afford to pay for college?
Imagine a scenario where Sarah, 54, runs a struggling business, is $90,000 in debt and has zero savings — and now her daughter is starting to look at colleges. Sarah has managed to hide her dire financial situation from her daughter, who is blissfully unaware that her mom is deeply in debt. While Sarah doesn't want her daughter to end up with a ton of student debt — she's well aware of how debt can weigh a person down — she doesn't know how she could cobble enough money together to pay tuition. She wishes she had opened a 529 account — a tax-advantaged savings plan that helps families save for future education expenses — years ago. It's too late for that option, but she's wondering if there's anything she can do to fix her financial situation. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it One of the first things Sarah needs to do is accept the reality of the situation. She needs to be honest with herself — and with her daughter — about her financial situation and then come up with a plan to fix it. Since federal student aid is based in part on financial need, Sarah's daughter could be eligible for loans, grants or work-study funds. Even if she can't afford to pay for her daughter's tuition, Sarah could potentially help out in other ways. For example, if her daughter goes to a college close to home, she could live with her mom and save money on housing and meals. Part of facing reality is tackling your debt head-on. That means tallying up all of your debts, including balances, interest rates and payment terms. Sarah has a few options here, such as consolidating her debt into a single loan, with one monthly payment (in this case, she may be able to negotiate a better interest rate or better terms). She could also tackle debts one at a time with the snowball or avalanche repayment methods. With the snowball method, you pay your smallest debt first, making minimum payments on everything else. Once that's paid off, you move on to the next-smallest debt, and so on. With the avalanche method, you pay off the debt with the highest interest rate first. She could also work with a credit counselor to enrol in a debt management plan for unsecured debts, including credit card debt. In this case, she'd have a regular payment schedule, and she may be able to negotiate rates and fees. However, beware if a counselor offers this as your only option before performing a detailed review of your finances. Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players If Sarah's business is failing amid a climate of economic uncertainty, she may want to consider selling the business or shuttering it and liquidating any assets. From there, she could look for a job with a more consistent income. If she thinks she can turn her business around, she could consider a side gig in the meantime to help her make ends meet. If that would stretch her too thin, she could consider passive income streams. For example, if her daughter moves out to go to college, could Sarah get a roommate to bring in some extra cash? Declaring bankruptcy is usually considered a last resort, and Sarah may want to exhaust all other options before going this route. While this can offer some relief from overwhelming debt, declaring bankruptcy comes with long-term consequences. There are two types of personal bankruptcies. With a Chapter 7 bankruptcy, you sell off your assets and pay what you can, and then the rest of the debt is typically discharged. With a Chapter 13 bankruptcy, your debt is restructured so you pay off a portion over three to five years. But proceed with caution. 'If you include secured debt, such as a mortgage loan or auto loan, in your bankruptcy filing, you could also lose the property or vehicle you used as collateral for the debt,' according to Experian. Plus, it can stay on your credit report for a chunk of time (10 years for Chapter 7 and seven years for Chapter 13), damaging your credit score and affecting your future ability to borrow money. Whatever option she chooses, Sarah should also consider creating a multi-year plan to help her rebuild, which could include a debt consolidation or debt management plan. To do this, she'll need to know how much she's bringing in, how much is going out (expenses and debts) and how much she can reasonably set aside each month for savings and investments. Having a multi-year plan could help her see the light at the end of the tunnel, rather than feeling stuck and despondent. And being able to meet small, achievable goals over a set period of time could make it easier to stick with this plan. This is where it could be helpful to work with a financial planner or credit counselor to create a realistic plan for the future. If she can't afford a financial advisor, there may be free credit counseling services that could help. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
USA Today
09-07-2025
- Business
- USA Today
The Daily Money: Why was Musk's Grok chatbot praising Hitler?
Good morning! It's Daniel de Visé with your Daily Money. Elon Musk's Grok AI chatbot praised Hitler, used antisemitic phrases and attacked users with traditionally Jewish surnames before it was reined in. Grok's maker, xAI, said on social media that it was "actively working to remove the inappropriate posts,' which reportedly answered users' questions with disturbing phrases. And this isn't the first time Grok has gone off-script. Some 'poor-people' habits never die If you drink only water at restaurants, obsessively turn lights off and force every last globule of toothpaste from the tube, you may be guilty of 'poor-people' habits. Many Americans have no choice about finding ways to cut costs in daily life. As it turns out, many of those habits make great financial sense. A recent Reddit post about "poor-people" habits went viral. Here are a few of the most popular habits. 529 plans get more flexible President Donald Trump's mega tax bill will expand the uses for 529 education savings plans, but enough limitations remain to potentially give some investors pause. The legislation dubbed the "One Big Beautiful Bill Act" by Trump, who signed the bill into law over the weekend, significantly increases the options for how 529 plans can be used. In the past, they have been mostly limited to qualified higher education expenses and K-12 tuition. Here are some of the new uses. 📰 More stories you shouldn't miss 📰 About The Daily Money 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.
Yahoo
25-06-2025
- Business
- Yahoo
Parents are sacrificing retirement, taking second jobs, and liquidating investments just to afford college for their kids
With the cost of college soaring, many parents are making major financial sacrifices like delaying retirement, liquidating savings, or taking second jobs to help their children avoid student debt. More than 60% of parents now go beyond traditional college funding methods, often without a clear savings strategy. Financial advisors suggest this could lead to risky financial decisions. Parents make countless sacrifices for their children. And now that college is more expensive than ever, they're jeopardizing their own financial futures to try to secure their kids'. In a survey of 1,000 parents from Citizens Bank released Tuesday, respondents say they are taking on a second job (19%), borrowing against their 401(k) or liquidating personal funds (30%), pausing investing entirely (26%), and cutting back on major purchases or vacations (66%). And more than 60% of parents reported they expect to delay their retirement in order to pay for their kids' college education. The cost of college has ballooned: It's 40 times higher than it was in 1963, according to the Education Data Initiative. And between 2010 and 2023 alone, tuition costs at four-year public universities jumped more than 36%, Education Data Initiative said, with the average cost of college today nearly $40,000 per year. That's led more than 60% of parents to need to go 'above and beyond' typical financing options like 529 plans and federal loans, according to the Citizens survey data. 'Compared to just a few years ago, the pressure has increased due to rising tuition, inflation, and greater uncertainty around future costs,' Tony Durkan, vice president and head of 529 college savings at Fidelity, told Fortune. 'Many families are still underprepared, often relying on rough estimates rather than clear savings goals.' Pam Krueger, investment advisor and founder of Wealthramp, said the phenomenon of parents taking on side gigs, pulling money out of retirement, and refinancing their homes to pay for college is incredibly common. 'It's coming from a place of love and a desire to protect their kids from the burden of student debt—but it's also very risky,' Krueger warned. 'These choices can set parents back in a way that's really hard to recover from.' Part of the problem is the disconnect between college admissions and financial planning, according to Citizens. Survey data showed one in five parents admitted they just focused on getting their child into college without thinking about how to pay for it. And it's such a touchy and embarrassing topic for parents, almost 50% of survey-takers said they would rather talk to their children about drugs and alcohol. While pulling money from retirement, taking on another job, or refinancing your home may feel like the only option to come up with enough funding for college, financial advisors say there are other options. Of course, a 529 savings plan can help—but that has a longer runway. These tax-advantaged plans can sometimes allow you to pay for tuition ahead of time, but many people save for many, many years to fund these accounts. Still, 'the earlier you begin saving, the more time your money has to grow through compounding,' Durkan said. 'Even small, regular contributions can add up significantly over time.' Plus, any funds that aren't used can be transferred to a sibling, cousin, or back to yourself, meaning no wasted money—and it stays in the family, Krueger said. But if it's too late in the process—like if your kid is already in high school—an alternate strategy is needed. Krueger said this requires open and honest communication with your child about what you can actually afford. 'Sit down with your child and talk openly about what's realistic. Explore schools that are generous with merit aid or have transparent pricing,' Krueger said. 'And look at the full cost—not just tuition, but room and board, books, travel. Sometimes the 'big name' school isn't the best financial fit—and that's okay.' For parents just starting to plan for college while their children are in high school, Brian Safdari, founder and CEO of College Planning Experts, also suggests moving around investments and assets and as well as applying for grants, scholarships, merit-based aid, and institutional aid starting as early as ninth or 10th grade. Even private colleges with sticker prices of $95,000 or more a year could offer generous aid that make the final cost the same as a public school or even less, he told Fortune. Still, 'the expected cost minus savings minus free money will likely still leave a gap,' Safdari said. 'Once we have that number, we can start figuring out how to fund it over four years, while minimizing student debt and leaving enough money to retire.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
