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Yahoo
a day ago
- Business
- Yahoo
Waiting To Budget Until You're Debt-Free? That's Not a Strategy — It's Denial
If you've ever told yourself, 'I'll start budgeting once I'm out of debt,' you're not alone — and you're definitely not off the hook. Here's the thing: Business Insider reports that the average debt in America is over $105,000 across mortgages, auto loans, student loans, and credit cards. Waiting to get your financial life in order after paying off debt might sound reasonable, but it's kind of like saying you'll start eating healthy after you lose weight. See the problem? Consider This: Discover More: 'I made this exact mistake in my early 20s,' said Andrew Lokenauth, money expert and owner of BeFluentInFinance. He kept telling himself there was no point in budgeting when all his money was going to debt payments anyway. 'Looking back, it was pure avoidance behavior — I didn't want to face the reality of my financial situation,' he said. Budgeting isn't just for people with extra cash — it's a tool that can actually help you get out of debt faster. Here's why avoiding it is less of a plan and more of a trap. Also learn about some ways you can tackle your budget and manage your debt. Delaying budgeting until you're debt-free means missing out on essential financial habits, said Chris Heerlein, CEO of REAP Financial. Budgeting helps you gain control over your money, track your expenses and save for the future, even while you're paying off debt. By budgeting now, you can develop the discipline needed to prioritize debt repayment while also making room for savings and emergencies. 'Without a budget, it's easy to overspend and lose focus on financial goals,' Heerlein remarked. Lokenauth similarly agreed, adding, 'Without a budget, these money leaks just keep draining your accounts.' Find Out: According to Heerlein, by organizing your finances and allocating a portion of your income specifically for debt, you'll pay it off faster. Without a budget, you might end up putting off debt payments or making only minimal progress, leading to more stress and delayed financial freedom. By budgeting from the start, you ensure that every dollar works toward your goal of becoming debt-free, rather than just covering immediate expenses. 'An emergency fund is crucial to avoid setbacks like unexpected medical bills or car repairs, which can derail your financial progress,' said Heerlein. Starting a budget now ensures that once your debt is paid off, you're financially prepared for whatever comes next, giving you stability and confidence in your future financial decisions. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Big Shakeups Coming to Social Security in 2025 Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Waiting To Budget Until You're Debt-Free? That's Not a Strategy — It's Denial 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
Yahoo
6 days ago
- Business
- Yahoo
Social Security COLA 2026: Will Tariffs Impact It?
The cost-of-living adjustment (COLA) for 2026 is projected to be the lowest in five years at 2.4%, according to NBC New York. That would be one-tenth of a percent lower than 2025's COLA, 2.5%, potentially lowering Social Security increases for seniors, survivors and disabled beneficiaries. Be Aware: Try This: In April 2025, inflation decreased to 2.3%. But what does this mean for retirees living on a fixed income? Before you panic, know the rate isn't set in stone. If tariffs increase inflation in the next six months, the COLA for 2026 could change. Another factor is prescription drug costs, NBC New York reported. Here's a closer look at these impacting factors. Inflation dropped to a 12-month low of 2.3% in April, the slowest pace seen since 2021, based on the consumer price index. However, that downward trend could reverse if new tariffs on imported goods lead to inflationary pressure. Tariffs often lead to higher costs for businesses, which tend to pass these expenses on to consumers, which could drive prices — and inflation — back up in the coming months. If inflation starts to rise again, it could influence the projected 2026 COLA for Social Security beneficiaries. COLA estimates are updated monthly, as new inflation data is released. Read Next: Another factor that could contribute to inflation is the rising costs of prescription drugs. But that may be changing. On May 12, 2025, President Donald Trump issued an executive order to lower prescription drug costs. The order stated that pharmaceutical companies 'deeply discount' drug prices to foreign markets and aims to make other countries to pay their fair share. Still, even if drug prices drop, it's unclear how much that would affect COLA and retirees' expenses in general at this time. It should become clearer how inflation and drug prices unfold in the upcoming months. Although experts can speculate, they won't know for certain until Social Security announces the official 2026 COLA report in October 2025. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Social Security COLA 2026: Will Tariffs Impact It?
Yahoo
01-06-2025
- Business
- Yahoo
Think Lower Inflation Means Cheaper Prices? Think Again
If you've seen headlines celebrating lower inflation and assumed that meant your grocery bill or rent would magically shrink — sorry to burst your bubble. While lower inflation sounds like good news (and it is, sort of), it doesn't mean prices are going down. Andrew Lokenauth, money expert and owner of Fluent in Finance, has noticed this misconception all the time when talking to his clients about financial planning. 'The thing is, most people mix up 'disinflation' (slower price increases) with 'deflation' (actual price drops). And I get it — the terminology is confusing as hell. When headlines scream 'Inflation falling to 3%!' it sounds like prices must be dropping too.' Here's what's really going on. Find Out: Read Next: According to Dennis Shirshikov, professor of finance at City University of New York and head of growth and engineering at Growth Limit, the false idea that lower inflation means lower prices comes from a fundamental misunderstanding of what inflation actually measures. 'Inflation is the general price level, not the absolute prices.' This is what's happening: When the inflation rate decreases, all that is happening is that prices are still increasing, but at a slower rate. This can be misleading to a lot of people, Shirshikov explained, because most people would expect that less inflation means that prices would be going down rather than going up at a slower rate. See More: 'Picture the cost of a gallon of milk. Milk costs 5% more this year than it did last year when inflation [was] 5%. Even if inflation drops to 2%, the cost of milk would still go up, but at a much slower pace — only 2%, not 5%,' said Shirshikov. So basically, although that may be a welcome development in the sense that it will take pressure off household budgets, it's important to recognize that the prices are not actually falling, they are simply rising less rapidly. If you were relying on prices to act as a sort of after-inflation cut in the price of money itself, it's time to reset your expectations. The best thing is to concentrate on how to manage and control other parts of your budget and investment strategy. As the price of goods goes up in the coming months, you may want to see if there are opportunities to reduce expenses, diversify investments and lock in fixed prices for necessary services now to avoid paying more later. 'Let's face it, being proactive with your financial planning is important for managing inflation — even when it's not as aggressive as before,' Shirshikov said. More From GOBankingRates 10 Cars That Outlast the Average Vehicle Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Think Lower Inflation Means Cheaper Prices? Think Again
Yahoo
28-05-2025
- Business
- Yahoo
3 Reasons Trump's Net Worth Increased by Investing in Crypto — Should You Invest Too?
President Donald Trump's family's net worth has increased in recent months, with a significant chunk of that growth tied to cryptocurrency. A recent CBS News report estimated the Trump family's net worth rose by $2.9 billion, 40% of which came from crypto-related ventures. Read Next: Find Out: But financial experts warn that average investors may not be able to expect the same results. Here are three key reasons Trump profited from crypto and why those same factors might not apply to everyday investors. Trump didn't just invest in crypto; he created it. Much of the gains came from coins like $TRUMP and $MELANIA, which were launched and are largely owned by his companies. As reported by the State Democracy Defenders Fund, Axios estimated that 89% of Trump's net worth was comprised of $TRUMP at its peak. 'Trump's net worth rose because he held most of the $TRUMP coin supply. He minted it. His companies controlled 80% of the tokens,' said David Materazzi, CEO at Galileo FX. 'Price spiked, he gained.' In this case, Trump didn't bet on a crypto; he created one. Average investors who are simply buying crypto, on the other hand, may not see the same profits. Explore More: Trump also earns fees each time the tokens are traded. That means revenue keeps flowing in even if the coin loses value. 'Trump profits as a coin creator, earning fees regardless of the coin's performance,' said John Deaton, crypto law expert and founder of CryptoLaw. 'The TRUMP meme coin generated over $320 million in trading fees for its creators, with the Trump family's entities earning significant revenue even as the coin's value decreased.' While this boosted Trump's net worth, 764,000 investors lost money on $TRUMP coin, according to a CNBC report. Trump isn't the only one who saw an increase in net worth because of crypto investments. Many other coin creators have seen similar windfalls. For example, as reported by Vox, there are reports that the creator of bitcoin, whose real identity is unknown, holds as much as 1.1 million bitcoin. At bitcoin's May 28 trading price of about $108,900, that comes out to over $119 billion. 'This isn't unique to the Trump family,' Deaton said. 'Almost every meme coin ever created has benefited its creators and insiders, while retail investors have lost money.' While crypto can be lucrative for those who build and launch tokens, it can be a different story for the average person. Cryptocurrency is notoriously volatile, and average investors should practice caution and never invest more than they can afford to lose when buying any crypto. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on 3 Reasons Trump's Net Worth Increased by Investing in Crypto — Should You Invest Too? 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
Yahoo
20-05-2025
- Business
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The 1 Housing Market Trend Grant Cardone Is Capitalizing On — Should You, Too?
The prices of multifamily homes are declining and have been since 2022. Though some investors would see this as a sign that multifamily assets are not a hot commodity, that's not how Grant Cardone is looking at it. Explore More: Find Out: A correction is forecasted for multifamily structures, and Cardone is betting on it. His company, Cardone Capital, has invested close to $1 billion in multifamily acquisitions. For those looking to invest in real estate, are multifamily homes the smartest move? GOBankingRates sought out experts to find out the pros and cons of buying multifamily assets right now. Jonathan Campau is the CEO and founder at Luxuri, a premier luxury real estate and lifestyle brand, and said Cardone is not wrong to jump on these low sales prices. 'Prices are dropping in ways we're not seeing in single-family [homes], and a lot of sellers are finally adjusting their expectations,' he said. 'In some cases, you're looking at 10%-12% lower than what properties would've gone for maybe a year ago, and that opens the door to some serious deals. He added that this is a 'unique window' to buy if you're in a financial position to do so. Consider This: Though prices are low, interest rates have gotten higher, which is something buyers will have to grapple with. Gone are the days of 4% rates we saw in 2020 and 2021. On average, 30-year mortgage rates were hovering near 6.71% in April, which was an increase from March, Business Insider reported. Campau warned buyers that they should take the future of interest rates into account. 'It's a mix of factors, because interest rates went up fast, there's been some overbuilding, and there's a ton of debt coming due over the next couple years,' he explained. 'That's creating pressure, especially on owners who can't refinance easily.' Experts say multifamily properties are going to bring decent returns in the future. So, if you can confidently make the investment now, it could set you up for success for years to come. 'Broadly speaking, multifamily properties are expected to see strong rent growth in the coming years, because new supply is going to decrease due to fewer construction starts and demand in the sector is forecasted to remain strong,' said Will Matheson, co-founder and managing partner at Matheson Capital. When comparing means of passive income, multifamily assets aren't necessarily that passive. There's a lot of upkeep, which can be both expensive and time-consuming. 'Due to the complexity, it may be better to invest as a limited partner with operators who oversee the properties for investors,' Matheson said. More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years Sources Statista, 'American multifamily homes – statistics & facts.' X, Grant Cardone Jonathan Campau, Luxuri Business Insider, 'Current mortgage trends: Will mortgage rates go down in 2025?' Will Matheson, Matheson Capital This article originally appeared on The 1 Housing Market Trend Grant Cardone Is Capitalizing On — Should You, Too? 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
