Latest news with #personalfinance
Independent Singapore
12 hours ago
- Business
- Independent Singapore
Man in his late 20s feels insecure about having less than S$10k in savings
SINGAPORE: A working adult in his late 20s recently opened up online about feeling insecure over having less than S$10,000 in savings. Posting on Reddit's 'Ask Singapore' forum on Tuesday (July 22), the man shared that he often feels left behind when his friends or colleagues talk casually about their investments and how much they've managed to save. Compared to them, he admitted, his progress feels painfully slow. 'It makes me question if I am saving enough,' he wrote. 'When I unintentionally mentioned I have less than S$10k in savings, one of my colleagues seemed shocked, but I have started from zero due to my family background (S$0 savings), which gave me no extra money to save at all since I was little.' He also mentioned that during the first few months of his job, every cent of his salary 'only went into necessities.' Now, although he earns enough to survive more comfortably, he finds himself torn. 'Part of me wanted to be frugal and save everything, but another part of me wanted to enjoy the hard-earned money, as I had hardly ever spent on myself since I was young. However, that would mean my savings journey would be slowed.' 'Keep disciplined and save over time; you'll be ok.' His post struck a chord with many others who also started out with little or no financial support. Some users encouraged him not to compare himself to others, pointing out that everyone's financial journey looks different. One commenter shared, 'Everyone has a different starting point. I'm closing in on 40, and I've only hit S$50k in assets, while peers my age have a house or travel frequently.' Another advised him to stay consistent and patient, writing, 'Keep disciplined and save over time; you'll be ok. It's a marathon, not a race. I know friends who are blessed with hundreds of thousands by parents, but can burn it down even during their working years.' A third added that having little in your late 20s is far more common than people think. 'Not uncommon, honestly. I have had colleagues and acquaintances in their late 20s who also have little to their name—no insurance, hardly any savings, staying with parents, and money all going to travel, toys, and gadgets. Somehow these people are still surviving.' See also Nicholas Tse toured Wuhan sans mask How much should you have saved in your 20s? According to financial platform SingSaver, the median monthly salary in Singapore was about S$2,720 for those aged 20 to 24 in 2024 and S$4,260 for those aged 25 to 29. Assuming one follows the 50/30/20 budgeting rule as a guideline, a typical young adult could aim to save approximately S$544 to S$852 every month throughout their 20s. If a person starts saving consistently from age 22, they could accumulate close to S$20,000 by age 25. By 30, with steady salary growth and disciplined saving habits, this figure could rise to over S$50,000. Read also: 'I can't even get an interview': Fresh grad turns to Reddit after 4 months of job hunting Featured image by freepik (for illustration purposes only)
Bloomberg
a day ago
- Business
- Bloomberg
Hot Tips for Saving Money on Summer Vacation
By and Merryn Somerset Webb Save Subscribe to Merryn Talks Money on Apple Podcasts Subscribe to Merryn Talks Money on Spotify Despite the UK experiencing it's third heatwave of the year last weekend, many Britons will still be jetting off on holiday, most likely somewhere with a different currency. The same is likely the case across Europe and the US and elsewhere. On this week's personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek discuss some helpful tips for making the most of your money while on holiday.
Yahoo
2 days ago
- Business
- Yahoo
Thinking About Lending Money To Family? Suze Orman Says You Might Be Hurting More Than Helping
When a family member or close friend asks to borrow money, it can be hard to say no — especially if they're in a tough spot. But personal finance expert Suze Orman wants you to pause before saying yes. "Your heart will always be screaming 'yes,'" she writes in a recent blog post. But she encourages people to take a step back and ask an important question: Is this really generous? When Generosity Isn't Mutual For Orman, generosity isn't just about helping someone else — it's also about protecting your own financial well-being. "What is generous to someone you love must also be generous to you, personally," she explains. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab $100k+ in investable assets? – no cost, no obligation. That means if lending money will cause you to skip a credit card payment, delay contributing to your emergency fund, or compromise your retirement goals, it may not be the right move. "When what you give reduces your own financial security or prevents you from building strong security, it is not generous," Orman writes. This can be a tough pill to swallow, especially for older adults who may feel a strong urge to support children, siblings, or grandchildren. But as Orman points out, helping someone else shouldn't come at the cost of your own financial future. Is the Loan Actually Helping? Rather than gifting money, many might consider loaning money to family or friends in need. Orman says it's worth considering whether lending the money will genuinely help the other person in the long run — or just cover up a deeper issue. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — She gives examples: Giving money to someone who struggles to manage their spending or helping a young adult afford a more expensive lifestyle may not be doing them any favors. In those cases, the financial support may actually prevent them from learning how to live within their means and build healthy money habits. A Loan Can Be a Gift in Disguise If you're in a solid financial position and still want to help, Orman suggests treating the money as a loan and not a gift. That doesn't mean setting a hard deadline or charging interest. Instead, the idea is to give your loved one the opportunity to repay the loan when they're able, without pressure. "It may seem counterintuitive to you, but asking them to repay the money when they are able will enable them to stand taller," she approach can provide structure and help the borrower feel a sense of responsibility and dignity. And for you, it sets a boundary that can protect both your finances and your relationship. Think Before You Lend There's nothing wrong with wanting to help someone you care about. But as Orman makes clear, generosity should never put you at risk — or prevent someone else from learning important financial lessons. Before you open your wallet, take a moment to consider the full picture. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Thinking About Lending Money To Family? Suze Orman Says You Might Be Hurting More Than Helping originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
2 days ago
- Business
- Yahoo
Thinking About Lending Money To Family? Suze Orman Says You Might Be Hurting More Than Helping
When a family member or close friend asks to borrow money, it can be hard to say no — especially if they're in a tough spot. But personal finance expert Suze Orman wants you to pause before saying yes. "Your heart will always be screaming 'yes,'" she writes in a recent blog post. But she encourages people to take a step back and ask an important question: Is this really generous? When Generosity Isn't Mutual For Orman, generosity isn't just about helping someone else — it's also about protecting your own financial well-being. "What is generous to someone you love must also be generous to you, personally," she explains. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab $100k+ in investable assets? – no cost, no obligation. That means if lending money will cause you to skip a credit card payment, delay contributing to your emergency fund, or compromise your retirement goals, it may not be the right move. "When what you give reduces your own financial security or prevents you from building strong security, it is not generous," Orman writes. This can be a tough pill to swallow, especially for older adults who may feel a strong urge to support children, siblings, or grandchildren. But as Orman points out, helping someone else shouldn't come at the cost of your own financial future. Is the Loan Actually Helping? Rather than gifting money, many might consider loaning money to family or friends in need. Orman says it's worth considering whether lending the money will genuinely help the other person in the long run — or just cover up a deeper issue. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — She gives examples: Giving money to someone who struggles to manage their spending or helping a young adult afford a more expensive lifestyle may not be doing them any favors. In those cases, the financial support may actually prevent them from learning how to live within their means and build healthy money habits. A Loan Can Be a Gift in Disguise If you're in a solid financial position and still want to help, Orman suggests treating the money as a loan and not a gift. That doesn't mean setting a hard deadline or charging interest. Instead, the idea is to give your loved one the opportunity to repay the loan when they're able, without pressure. "It may seem counterintuitive to you, but asking them to repay the money when they are able will enable them to stand taller," she approach can provide structure and help the borrower feel a sense of responsibility and dignity. And for you, it sets a boundary that can protect both your finances and your relationship. Think Before You Lend There's nothing wrong with wanting to help someone you care about. But as Orman makes clear, generosity should never put you at risk — or prevent someone else from learning important financial lessons. Before you open your wallet, take a moment to consider the full picture. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Thinking About Lending Money To Family? Suze Orman Says You Might Be Hurting More Than Helping 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
Yahoo
2 days ago
- Business
- Yahoo
Dave Ramsey Dissects Trump's Big Beautiful Bill: 'There's No Big Beautiful Thing In Here. It's A Bunch Of Nickel And Dime Stuff'
During a recent episode of 'The Ramsey Show,' personal finance expert Dave Ramsey and co-host George Kamel broke down President Donald Trump's newly passed legislation, dubbed the 'One Big Beautiful Bill Act.' Their verdict? It's mostly minor tax tweaks dressed up in bold branding. Ramsey: 'Quit Waiting On The White House To Fix Your House' 'There's no big beautiful thing in here,' Ramsey said. 'It's a bunch of nickel and dime stuff.' While some provisions might help everyday Americans, Ramsey was straightforward: personal finance still comes down to individual responsibility. 'Quit waiting on the White House to fix your house,' he said. Don't Miss: —with up to 120% bonus shares—before this Uber-style disruption hits the public markets $100k+ in investable assets? – no cost, no obligation. One of the biggest wins, according to the hosts, is that the 2017 tax cuts were made permanent. Most Americans—around 90%—take the standard deduction, and this move keeps taxes simpler and lower for them. 'It keeps you from having to pay federal income tax for a whole bunch of you at all just because you get this huge standard deduction,' Ramsey said. Tax Breaks On Tips, Overtime And More Temporary deductions for tips and overtime are also part of the bill, running from 2025 to 2028. Workers can deduct up to $25,000 in tips and $12,500 in overtime income, with higher limits for couples. But those benefits phase out for individuals earning more than $150,000 or couples over $300,000. 'That's still a few thousand bucks for most people that work on tips,' Kamel noted. Ramsey also highlighted a one-time $1,000 "Trump Account" for babies born between 2025 and 2028. It's held by the Treasury and has usage restrictions. 'It's just a thousand bucks,' Ramsey said. 'I'm not sure how they're investing it. I'm not sure how much control you'll have,' Kamel added. Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — EV Credits Gone, Car Loan Perks For Debtors Only The bill ends the $7,500 tax credit for electric vehicles on Sept. 30. 'We knew that was coming. We knew Elon was pissed. Everybody's seen that,' Ramsey joked, referring to Tesla (NASDAQ:TSLA) CEO Elon Musk. It also removes credits for rooftop solar and other energy-efficient upgrades after 2025. Meanwhile, those who finance new American-made vehicles can now deduct up to $10,000 in loan interest annually. Ramsey pushed back: 'Why only let the people who took out debt benefit from this? That's an odd one.' Medicaid is also changing. By 2026, most childless adults must document 80 hours of work, training or volunteering per month to qualify. Kamel noted, 'That's about a part-time job right there.'Other Changes: Some Useful, Others Symbolic According to Ramsey, the child tax credit increases to $2,200, and more people can now use Health Savings Accounts for things like gym memberships. 529 education savings plans were also expanded to cover tutoring, dual enrollment and trade school expenses. Charitable contributions get a small boost too. Starting in 2026, taxpayers can deduct up to $1,000 in donations—$2,000 for couples—even with the standard deduction. Ramsey wasn't impressed: 'It's a whole thousand. Whoopee. No big deal.' Small business owners under $31 million in revenue will benefit from the return of the research and development tax credit. Ramsey called that move 'big' and said it was a long-overdue fix. While the bill may offer a few financial perks, Ramsey emphasized it won't radically improve anyone's life. 'I don't see someone on a golden horse riding in to save your day here,' Kamel said. The bill raises the debt ceiling by $5 trillion, expected to last through Trump's term. Ramsey concluded. 'It's a bill. I'll give them that.' Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Dave Ramsey Dissects Trump's Big Beautiful Bill: 'There's No Big Beautiful Thing In Here. It's A Bunch Of Nickel And Dime Stuff' 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
