Author: Press Room

OBSERVATIONS FROM THE FINTECH SNARK TANK April is Financial Literacy Month in the US, but it doesn’t matter what month it falls under because most efforts to improve “financial literacy” do little to improve the financial health of Americans. Financial Education Isn’t The Answer Conventional wisdom holds that Americans’ level of financial literacy is low and that therefore we need more financial education. There are problems with that “wisdom.” Problem #1: Financial education isn’t effective. Martha Menard found that, “One-size-fits-all financial education has little to no effect on changing real-world financial behaviors. A meta-analysis of more than 200 studies found…

Key News Asian equities were mixed on light pre-holiday volumes, as Hong Kong and India posted small gains, Japan and Korea were down more than 1%, and the Philippines and Thailand were closed. Yesterday US-China ADRs were off significantly intra-day due to the light holiday volumes this week, which tends to exacerbate volatility. McCarthy’s meeting with Taiwan’s President Tsai was likely a factor in yesterday’s trading. As I mentioned on Twitter (ahern_brendan) yesterday, what did CNH, China’s currency trading during US trading hours, and our risk monitor tell us about yesterday’s move? CNH was unchanged; we should have ignored the…

Many parents are looking for ways to give their kids a bright future. While money can’t necessarily buy happiness for our children, investing early and often for generational wealth can pave a more comfortable path forward. Kids have an advantage over adults when it comes to investing. They have a lot more time to achieve their goals. With decades or even a half-century to invest, compound interest can truly become the eighth wonder of the world for our children. Investing for generational wealth can allow our little ones to eventually: Avoid the burden of student debt. Buy a home with…

It started with Saudi Arabia. President Biden was met with cool, if not cold, greetings during his visit to Riyadh last July. Then the Saudis picked China to mediate their rapprochement with Iran. Nobody from Washington or Brussels was in the room to get the two old enemies shaking hands. Next up is the United Arab Emirates. Around the world and within the Gulf, it is best known for Dubai and Etihad Airlines. The country, like the Saudis, used to take its cues from the U.S. in many ways. Today, however, Abu Dhabi will act on the Emirates’ collective interests,…

Introduction Estate planning is primarily about the transmission of wealth. However, it should be about much more. Many people don’t want to delve into family skeletons or tackle emotionally charged issues. But the reality is that if you fail to plan, or fail to address tough issues, or ignore practical planning logic, you might be planting the seeds for family dysfunction or much worse. While the list of ways to mess up your kids with a poorly handled estate plan is long, hopefully the following will help you avoid many of the traps. Not Planning Flexibly If you want any…

Today’s Social Security column addresses questions about how earning less money before filing can affect benefit rates, how survivor benefits are calculated if the record holder had not yet filed and whether or not to suspend a benefit at FRA. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here. Have Social Security questions of your own you’d like answered? Ask Larry about Social Security here. How Will Lower Income Affect My Social Security Benefit Amount? Hi Larry, I am 52 and have full…

On March 9, 2023, President Biden published his 2024 budget proposals. Subsequently, the Treasury has published their new “Green Book, “General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals,” that not only tries to explain the administration’s proposed tax changes in the proposed budget (including new estate planning-related changes) but adds several proposals contained in the 2023 Green Book, albeit with some modifications. Here is a quick outline of the proposals in the 2024 Green Book: Increase the top marginal income tax rate to 39.6% for: Individual taxpayers with taxable income over $450,000; Married individuals filing a joint return…

New York City’s real estate market reacted strongly to the economic uncertainty of 2023’s first quarter. Many buyers throughout our market put their plans on hold in the wake of the 50 basis point increase in the Fed rate during the month of December (which followed several 75 basis point increases). Mortgage rates continued to rise, the stock market fell, and transaction volume, which had been slipping throughout the second half of 2022, remained weak in January. Surprisingly, it then began to strengthen in February, and improved even more in March. That said, the deals which got made correlated strongly…

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Based on data compiled by Credible, mortgage rates for home purchases have remained unchanged for three key terms while one key term fell since last Friday. Rates last updated on April 3, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace,…

I believe Citigroup’s (NYSE:C) stock could reach a triple-digit valuation by the end of 2024. I am not factoring in heroic or unrealistic assumptions and am fully cognizant of what has been holding the stock back in the last few years. I have also been tracking Citigroup’s strategic transformation quite closely. In my recent article on Citigroup, I specifically addressed event-driven implications from the collapse of Credit Suisse. In this article, however, I am strictly focusing on its valuation. This should enable readers to assess its progress in the upcoming earnings release. Let us start by considering what has held…