Latest news with #MoneyWise
Yahoo
5 days ago
- Business
- Yahoo
'$50,000 Makes You Ineligible to Live Alone' — Full-Time Workers Say They're Skipping Meals and Selling Their Belongings Just To Survive
It's one thing to cut back on Starbucks. It's another thing entirely when your grocery budget vanishes and you're surviving by skipping meals — not for weight loss, but to make rent. That's the reality one Reddit user summed up with brutal clarity in a post that's now making the rounds after linking to a MoneyWise article: "I developed depression and stopped eating a lot and noticed I was earning a lot of money! Then I stood up and saw stars and get anxiety or panic attacks. Anyway not eating rly does save a lot of money." Don't Miss: Maximize saving for your retirement and cut down on taxes: . Invest where it hurts — and help millions heal:. They weren't exaggerating. According to the article, nearly a quarter of people earning under $50,000 a year are skipping meals just to afford a roof over their heads. Redfin data cited in the piece showed: 24% have skipped meals 23% have sold belongings 21% have delayed or skipped medical care And this isn't just theoretical. The comments came flooding in — not just with agreement, but with shared stories that make it clear: $50,000 isn't cutting it anymore. "I was skipping meals and selling stuff, making 30k back in 2002," one user wrote. "Some things never change, I guess..." Another added, "50k makes you ineligible to live alone where I live... $58k is studio apartment money." Trending: And the math backs them up. According to the U.S. Bureau of Labor Statistics, the median full-time weekly income in Q1 2025 was $1,194, or about $62,088 per year. That means anyone making under $50K is now significantly below the national median — and likely struggling with every expense that's risen faster than their paycheck. Rent's still climbing — and with low inventory keeping competition tight, there's not much relief in sight. Thinking of buying instead? Here's what that looks like: the average home price in Q1 2025 was $503,800, with a median of $416,900, per the latest Fed data. So, someone earning $50,000 a year — already below median income — would need to fork over eight to ten times their salary just to land a modest, middle-of-the-road home. One user summed up the shift in a single, painful flashback: "Back then was fun. Rent $500, use the rest to drink and club. My Corolla was paid off that I bought new for 12k in 2003... I can't imagine 20-year-olds trying to do that now. That same house costs $1,500 per person now."Another commenter took aim at job expectations: "And the audacity of job postings asking for 5–6 years of exp minimum for an entry level job paying 18/hour near me." Even babysitters are making more than some full-time professionals, according to one reply: "Entry-level McDonald's for high schoolers is $18/hour by me... most babysitters make 25+." And then there's the teacher making $16 an hour: "Hurray for preschools paying their teachers $16/h. That's $33,280 annually. Good times to be a teacher!" Some folks are working full time, skipping meals, downsizing everything — and still can't afford basics. "Whatever. I shouldn't grab a quick beverage at a store and pull out a $10 bill," one user vented. If there's one throughline here, it's not just frustration — it's that people are doing everything "right" and still falling behind. There's no avocado toast in sight, no careless spending to blame. Just a generation staring down $5 groceries and $1,500 rent, trying to figure out how $50,000 turned into a survival wage. Read Next:Many are using retirement income calculators to check if they're on pace — Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article '$50,000 Makes You Ineligible to Live Alone' — Full-Time Workers Say They're Skipping Meals and Selling Their Belongings Just To Survive originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. 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
Hamilton Spectator
21-05-2025
- Business
- Hamilton Spectator
Cost of Living now the top threat to inheritance plans, Canadian study finds
TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — A new national study by the Money Wise Institute reveals rising economic pressure, mismatched expectations, and a widespread failure to use basic legacy planning tools—putting Canadian families at financial and emotional risk. The research comes on the heels of the April Money Wise report that found a growing communication gap within Canadian families regarding inheritance. Among the most striking findings in today's report: 'We're seeing a quiet collision of assumptions,' said Kelley Keehn, CEO of Money Wise Institute. 'Parents are dealing with rising costs and personal financial uncertainty, while the next generation of Canadians are quietly counting on wealth that may never come. The result isn't just tension—it's a breakdown of trust, planning, and emotional connection.' In April's launch of The Age of Broken Conversations , research uncovered a widespread communication gap within families. Four-in-five parents said they planned to leave an inheritance, but 52% had not talked with their children about it. In the weeks since, more families are beginning to confront the reality of wealth transfer—but not always with clarity. Managing expectations and sibling disputes Almost three-in-10 parents (28%) worry that their children won't responsibly manage their inheritance. And that is just one of several factors that may cause money disputes among siblings. 'What concerns me most is that six-in-10 parents haven't explored financial tools—like life insurance or structured trusts —that could help preserve wealth and prevent such family conflict,' said Keehn. 'In many cases, the legacy itself isn't the risk—it's the lack of structure around it that puts families in a vulnerable position.' 'That's why it's so essential to work with a qualified financial professional—someone who can guide families through these conversations and help build a plan that protects both relationships and long-term financial goals.' Navigating emotionally charged conversations 'We often say inheritance isn't just about money—it's about meaning,' says Gary Teelucksingh, Co-Founder of Money Wise Institute and former global financial services CEO. 'But in the absence of structure or planning, even good intentions can create conflict. The reality is that many financial professionals haven't been trained to navigate these emotionally charged conversations. This is a moment for advisors to step in not just with technical solutions, but with empathy and clarity—helping families protect both their wealth and their relationships.' The research comes as families continue to navigate inflation, market volatility, and an ongoing threat of tariffs—pressures that are reshaping long-held assumptions about legacy, security, and responsibility. About the Research: These findings are from The Age of Broken Conversations , a survey conducted by Money Wise Institute from March 25th to March 27th, 2025, among a representative sample of 1,510 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20. About Money Wise Institute Money Wise Institute, co-founded by Kelley Keehn and Gary Teelucksingh, equips financial institutions and their teams with the training, tools, and research to help guide clients through life's most emotionally complex money moments. Through accredited education, original studies, and advisor/client engagement strategies, MWI helps modernize how the financial industry prepares for—and protects—intergenerational wealth. Visit the Money Wise website here: Money Wise Institute | Enhance Financial Growth . For interview requests, media assets, or a copy of the full report, please contact: Julia Koichopolos Maverick PR 416-938-2882 julia@
Economic Times
19-05-2025
- Business
- Economic Times
With $258 billion in the black, U.S. Treasury posts historic surplus, experts say it might signal brighter days ahead
The US government saw a significant budget surplus in April 2025. It reached $258.4 billion, the second-highest ever. Tax payments drove this surplus, especially individual income taxes. Revenue reached $850.2 billion, while expenditures were $591.8 billion. Social Security was the largest expense. Despite the surplus, the year-to-date deficit is $1.049 trillion. The national debt continues to rise. Tired of too many ads? Remove Ads Key Drivers of the Surplus Tired of too many ads? Remove Ads US Government Revenue Breakdown Expenditures for April The Fiscal Trend FAQs Tired of too many ads? Remove Ads The US government recorded the second-highest monthly budget surplus in US history of $258.4 billion surplus in April 2025, just behind April 2022's $308.2 billion surplus, as per a first monthly surplus of fiscal year 2025 (which began in October 2024) was driven by an influx of tax payments, according to US Department of the Treasury attributed the surplus to 'large individual tax deposits,' because April was the due date for final payments on last year's taxes and the first instalment of quarterly estimated taxes for most individuals and businesses, reported the government received $850.2 billion in receipts in the month, while expenditures were $591.8 billion, as per the READ: After securing trillion-dollar trade deals from the Middle East, here's what Donald Trump's new approval rating says - are Americans liking him? According to MoneyWise, individual income taxes accounted for $537 billion, which was the largest contributor to government revenue for insurance and retirement receipts were the other highest contributors after income taxes, adding $184 billion, as per MoneyWise. Corporate income taxes provided $94 customs duties, aided by US president Donald Trump's tariffs, contributed $15.6 billion, more than twice April last year's $6.3 billion, although still a fairly modest share of the total, according to the READ: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here's the reason he cited On the expenditure side, Social Security was the single largest expenditure at $132 billion, reported MoneyWise. The government also spent $89 billion in net interest on the public debt, $82 billion on Medicare, $76 billion on health programs, and $70 billion on national defence, as per the with the massive budget surplus in April, the broader fiscal trend is still a worry. Between October 1 and April 30, the government took in $3.110 trillion in revenues but spent $4.159 trillion, resulting in a deficit of $1.049 trillion for the year to date, MoneyWise is the reason that the national debt keeps on rising and as of May 18, the outstanding US government debt totalled $36.212 trillion, according to the surplus was driven by a large influx of tax payments, particularly individual income taxes, due to the April filing deadline and the first installment of quarterly estimated US government recorded a surplus of $258.4 billion in April 2025, as per MoneyWise.
Time of India
19-05-2025
- Business
- Time of India
With $258 billion in the black, U.S. Treasury posts historic surplus, experts say it might signal brighter days ahead
The US government recorded the second-highest monthly budget surplus in US history of $258.4 billion surplus in April 2025, just behind April 2022's $308.2 billion surplus, as per a report. Key Drivers of the Surplus The first monthly surplus of fiscal year 2025 (which began in October 2024) was driven by an influx of tax payments, according to MoneyWise. The US Department of the Treasury attributed the surplus to 'large individual tax deposits,' because April was the due date for final payments on last year's taxes and the first instalment of quarterly estimated taxes for most individuals and businesses, reported MoneyWise. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Overall, the government received $850.2 billion in receipts in the month, while expenditures were $591.8 billion, as per the report. ALSO READ: After securing trillion-dollar trade deals from the Middle East, here's what Donald Trump's new approval rating says - are Americans liking him? Live Events US Government Revenue Breakdown According to MoneyWise, individual income taxes accounted for $537 billion, which was the largest contributor to government revenue for April. Social insurance and retirement receipts were the other highest contributors after income taxes, adding $184 billion, as per MoneyWise. Corporate income taxes provided $94 billion. While, customs duties, aided by US president Donald Trump's tariffs, contributed $15.6 billion, more than twice April last year's $6.3 billion, although still a fairly modest share of the total, according to the report. ALSO READ: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here's the reason he cited Expenditures for April On the expenditure side, Social Security was the single largest expenditure at $132 billion, reported MoneyWise. The government also spent $89 billion in net interest on the public debt, $82 billion on Medicare, $76 billion on health programs, and $70 billion on national defence, as per the report. The Fiscal Trend Even with the massive budget surplus in April, the broader fiscal trend is still a worry. Between October 1 and April 30, the government took in $3.110 trillion in revenues but spent $4.159 trillion, resulting in a deficit of $1.049 trillion for the year to date, MoneyWise reported. This is the reason that the national debt keeps on rising and as of May 18, the outstanding US government debt totalled $36.212 trillion, according to the report. FAQs What caused the US government surplus in April 2025? The surplus was driven by a large influx of tax payments, particularly individual income taxes, due to the April filing deadline and the first installment of quarterly estimated taxes. How much was the surplus for April 2025? The US government recorded a surplus of $258.4 billion in April 2025, as per MoneyWise.
Hindustan Times
29-04-2025
- Business
- Hindustan Times
'Perfect time' to buy gold amid market uncertainty? Economist Peter Schiff has this to say
US investors may be feeling the heat of the uncertain stock market conditions, but economist Peter Schiff is optimistic about one asset: gold. The asset has been surging steadily over the past, having risen by nearly 40%, but Schiff believes that this rally is just getting started. The financial advisor even took to Instagram back in March 2017 to say, "Today marks a monumental moment in gold history as the spot price closes above $3,000 an ounce. Despite the media's silence, this development is significant." A post shared by Peter Schiff (@peterschiff) "While central banks stockpile gold, retail investors have a unique opportunity to capitalize. With gold expected to rise to $4,000 and beyond, now is the perfect time to invest. If $3,000 gold feels out of reach, consider silver, currently below $34 an ounce and primed for gains", he continued on his video post's caption. For Schiff the concept is quite simple. He believes that inflation isn't going away anytime soon and therefore many investors may turn to gold as a 'hedge against inflation'. He also asserted that the central banks' appetite for gold is increasing, signifying that something deeper is at play. He is of the opinion that central banks' buying of gold is not just about portfolio diversification. Instead, it is a major warning sign that investors may be missing. Schiff also had something to say on silver as an asset. In his Instagram video from March 18, the economist said, "Silver is lagging behind gold, but that might be the biggest opportunity in the precious metals market right now. While gold is up 50% from its 2020 high, silver still hasn't caught up — and that's not normal." According to a MoneyWise report, those investors who are looking at capitalizing on gold as an investment asset while also securing tax benefits could try opening a Gold IRA. This allows them to keep physical gold or gold-related assets inside their retirement account, giving them the necessary tax advantages. Using a Gold IRA keeps one battling inflation over time, while also availing the necessary privileges of a retirement account.
