Trump on US-China trade war: ‘I could declare a national emergency’

SAINT-JEAN-DE-LUZ, France — President Donald Trump said Sunday he could declare the escalating U.S.-China trade war as a national emergency if he wanted to. “In many ways this is an emergency,” Trump said at the G-7 leaders meeting of the ongoing trade battle between the world’s top two economies. When asked if Trump had second thoughts about Friday’s move to escalate the trade war with China, Trump said “Yup.” During the bilateral with Johnson, Trump dismissed concerns that leaders at the G-7 a


SAINT-JEAN-DE-LUZ, France — President Donald Trump said Sunday he could declare the escalating U.S.-China trade war as a national emergency if he wanted to. “In many ways this is an emergency,” Trump said at the G-7 leaders meeting of the ongoing trade battle between the world’s top two economies. When asked if Trump had second thoughts about Friday’s move to escalate the trade war with China, Trump said “Yup.” During the bilateral with Johnson, Trump dismissed concerns that leaders at the G-7 a
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Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: amanda macias
Keywords: news, cnbc, companies, war, declare, president, trump, national, billion, g7, emergency, tariffs, white, think, trade, uschina, china


Trump on US-China trade war: 'I could declare a national emergency'

U.S. President Donald Trump attends a bilateral meeting with Britain’s Prime Minister Boris Johnson during the G7 summit on August 25, 2019 in Biarritz, France.

SAINT-JEAN-DE-LUZ, France — President Donald Trump said Sunday he could declare the escalating U.S.-China trade war as a national emergency if he wanted to.

“In many ways this is an emergency,” Trump said at the G-7 leaders meeting of the ongoing trade battle between the world’s top two economies.

“I could declare a national emergency, I think when they steal and take out and intellectual property theft anywhere from $300 billion to $500 billion a year and when we have a total lost of almost a trillion dollars a year for many years,” Trump said, adding that he had no plan right now to call for a national emergency.

“Actually we are getting along very well with China right now, we are talking. I think they want to make a deal much more than I do. I’m getting a lot of money in tariffs its coming in by the billions. We’ve never gotten 10 cents from China, so we will see what happens.”

Trump’s comments come as he met with Britain’s Prime Minister Boris Johnson kicking off Group of 7 meetings in the French seaside town of Biarritz.

Clouding the G-7 gathering, which represents the world’s major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.

On Friday, Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1. What’s more, tariffs on another $300 billion of Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%.

When asked if Trump had second thoughts about Friday’s move to escalate the trade war with China, Trump said “Yup.” “I have second thoughts about everything,” he added.

Hours later, the White House issued a statement saying that Trump meant to say that he wished he had raised tariffs on Beijing even higher.

“His answer has been greatly misinterpreted. President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a statement.

During the bilateral with Johnson, Trump dismissed concerns that leaders at the G-7 and other U.S. allies would pressure him in ending the trade war with China.

“I think they respect the trade war, it has to happen. China has been, well I can only speak for the United States, I can’t say what they are doing to the U.K. and other places, but from the standpoint of the United States what they’ve done is outrageous that presidents and administrations allowed them to get away with taking hundreds of billions of dollars out every year and putting it into China,” Trump said.

“Our country is doing really well, we had horrible trade deals and I’m straightening them out. The biggest one by far is China,” he added.

This article was updated to include a White House statement.


Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: amanda macias
Keywords: news, cnbc, companies, war, declare, president, trump, national, billion, g7, emergency, tariffs, white, think, trade, uschina, china


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White House says Trump regrets not raising tariffs on China higher

President Donald Trump attends the first working session of the G7 Summit on August 25, 2019 in Biarritz, France. SAINT-JEAN-DE-LUZ, France — Hours after President Donald Trump said Sunday he had “second thoughts” about escalating the trade war with China, the White House sought to explain his remark because it was “greatly misinterpreted.” President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a state


President Donald Trump attends the first working session of the G7 Summit on August 25, 2019 in Biarritz, France. SAINT-JEAN-DE-LUZ, France — Hours after President Donald Trump said Sunday he had “second thoughts” about escalating the trade war with China, the White House sought to explain his remark because it was “greatly misinterpreted.” President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a state
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Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: amanda macias
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White House says Trump regrets not raising tariffs on China higher

President Donald Trump attends the first working session of the G7 Summit on August 25, 2019 in Biarritz, France.

SAINT-JEAN-DE-LUZ, France — Hours after President Donald Trump said Sunday he had “second thoughts” about escalating the trade war with China, the White House sought to explain his remark because it was “greatly misinterpreted.”

“This morning in the bilat with the U.K., the president was asked if he had ‘any second thought on escalating the trade war with China’. His answer has been greatly misinterpreted. President Trump responded in the affirmative – because he regrets not raising the tariffs higher,” White House spokeswoman Stephanie Grisham wrote in a statement.

The statement came hours after Trump held a bilateral meeting with British Prime Minister Boris Johnson at the G-7 in Biarritz, France. During the meeting, Trump was asked if he had second thoughts about escalating the trade war with China. Trump said, “Yup.” The question was repeated and he added, “I have second thoughts about everything.”

Last week, Trump said he would raise existing duties on $250 billion in Chinese products to 30% from 25% on Oct. 1. What’s more, tariffs on another $300 billion of Chinese goods, which start to take effect on Sept. 1, will now be 15% instead of 10%.

The moves were the latest punches in a tit-for-tat trade war between the world’s two largest economies that has spooked investors and raised fears that the global economy will dip into a recession.

Trump downplayed those concerns saying “our country is doing really well, we had horrible trade deals and I’m straightening them out.”


Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: amanda macias
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Poker players don’t take home the stacks of cash you see on TV — here’s who does

Poker, however, is a game where players can go long periods without a win or reaching a spot that earns cash. To offset this financial risk, players turn to staking. Recently, entrepreneurial poker players have developed websites that can bring the idea of poker staking to the masses. Poker staking, isn’t always easy or guaranteed to earn anyone money. When the World Series of Poker airs each year and a winner takes home stacks of cash, keep in mind not all of that money will be going to that pl


Poker, however, is a game where players can go long periods without a win or reaching a spot that earns cash. To offset this financial risk, players turn to staking. Recently, entrepreneurial poker players have developed websites that can bring the idea of poker staking to the masses. Poker staking, isn’t always easy or guaranteed to earn anyone money. When the World Series of Poker airs each year and a winner takes home stacks of cash, keep in mind not all of that money will be going to that pl
Poker players don’t take home the stacks of cash you see on TV — here’s who does Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: samuel rega
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Poker players don't take home the stacks of cash you see on TV — here's who does

In the early 2000s, professional poker reached new heights in popularity. Between ESPN, the 1998 movie “Rounders,” and Chris Moneymaker’s out-of-nowhere win at the 2003 World Series of Poker, the lure of turning professional and earning millions brought many to Las Vegas. Poker, however, is a game where players can go long periods without a win or reaching a spot that earns cash. When a player does finally win, it can be thousands or even millions of dollars. Many players will agree that one must consistently enter games in order to be successful. The financial risk, can be a heavy burden, especially if someone is beginning a career.

To offset this financial risk, players turn to staking. A person, or backer, will put up the money for a player to enter a tournament. If the player wins, the backer receives a portion of the winning. If the player loses, the backer loses. It’s a method of playing that for years took place outside of casinos between players and people in the know. Recently, entrepreneurial poker players have developed websites that can bring the idea of poker staking to the masses. It’s a new way for fans to interact with poker professionals, much like daily fantasy sports.

Poker staking, isn’t always easy or guaranteed to earn anyone money. There’s still heavy risk involved both financially and legally. When the World Series of Poker airs each year and a winner takes home stacks of cash, keep in mind not all of that money will be going to that player.


Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: samuel rega
Keywords: news, cnbc, companies, heres, risk, world, series, backer, cash, tv, does, win, player, staking, poker, dont, money, players, stacks


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This fantasy football start-up thinks it can beat ESPN and Yahoo by catering to women and casual fans

And yet, Yen is the director of product design at a 16-person San Francisco fantasy football start-up called Sleeper. Appealing to women, casual fans and first-time fantasy players is critical to Sleeper’s strategy. In fantasy sports parlance, a “sleeper” is an under-the-radar player that has the potential to outperform his more established counterparts. “We feel like we’re that breakthrough talent,” Wang said. Even our icon is half cute, half sporty.”


And yet, Yen is the director of product design at a 16-person San Francisco fantasy football start-up called Sleeper. Appealing to women, casual fans and first-time fantasy players is critical to Sleeper’s strategy. In fantasy sports parlance, a “sleeper” is an under-the-radar player that has the potential to outperform his more established counterparts. “We feel like we’re that breakthrough talent,” Wang said. Even our icon is half cute, half sporty.”
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Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: salvador rodriguez
Keywords: news, cnbc, companies, fans, casual, half, talent, yen, thinks, women, feel, beat, espn, thats, catering, startup, sleeper, football, wang, fantasy


This fantasy football start-up thinks it can beat ESPN and Yahoo by catering to women and casual fans

Sunny Yen isn’t a big sports fan.

She’s always happy to attend Super Bowl parties, but that’s about it. And yet, Yen is the director of product design at a 16-person San Francisco fantasy football start-up called Sleeper.

“I look at Yahoo and ESPN, and I realized that even though I don’t know about it, this is for hardcore fans only,” Yen said. “I feel like they build a wall to keep the woman, female audience out.”

That’s why Nan Wang, the CEO of Sleeper, hired Yen and her all-female team to design the look and feel of his company’s website and app. Appealing to women, casual fans and first-time fantasy players is critical to Sleeper’s strategy.

This more inclusive approach has informed features that Sleeper hopes set it apart, including the color coding of player stats and a simplified league set-up process that can be done in 30 seconds.

“The only way you can do that is to think outside of the box,” said Wang, highlighting that nearly half of his employees are women and most of the employees don’t really watch sports. “We consciously made that hiring decision.”

In fantasy sports parlance, a “sleeper” is an under-the-radar player that has the potential to outperform his more established counterparts. That’s how the start-up sees itself in taking on Yahoo and ESPN.

“We feel like we’re that breakthrough talent,” Wang said. “We’re the underdogs in this space competing against some big names, but we have the right talent to do so.”

The start-up also chose the name because it was gender neutral and welcoming, Wang said.

“We saw a lot of other sports companies come out of the gate with names like ‘Draft Monster,'” Wang said. “We thought a lot about inclusivity. Even our icon is half cute, half sporty.”


Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: salvador rodriguez
Keywords: news, cnbc, companies, fans, casual, half, talent, yen, thinks, women, feel, beat, espn, thats, catering, startup, sleeper, football, wang, fantasy


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Trump can use these powers to pressure US companies to leave China

President Donald Trump speaks to the media as he departs the White House in Washington, DC, on August 21, 2019. Jim Watson | AFP | Getty ImagesHours after China announced retaliatory tariffs on U.S. goods on Friday, President Donald Trump ordered U.S. companies to “start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” The stakes are high: U.S. companies invested a total of $256 billion in China between 1990 and 2017, compared with


President Donald Trump speaks to the media as he departs the White House in Washington, DC, on August 21, 2019. Jim Watson | AFP | Getty ImagesHours after China announced retaliatory tariffs on U.S. goods on Friday, President Donald Trump ordered U.S. companies to “start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” The stakes are high: U.S. companies invested a total of $256 billion in China between 1990 and 2017, compared with
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Trump can use these powers to pressure US companies to leave China

President Donald Trump speaks to the media as he departs the White House in Washington, DC, on August 21, 2019. Jim Watson | AFP | Getty Images

Hours after China announced retaliatory tariffs on U.S. goods on Friday, President Donald Trump ordered U.S. companies to “start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.” The stakes are high: U.S. companies invested a total of $256 billion in China between 1990 and 2017, compared with $140 billion Chinese companies have invested in the United States, according to estimates by the Rhodium Group research institute. Some U.S. companies had been shifting operations out of China even before the tit-for-tat tariff trade war began more than a year ago. But winding down operations and shifting production out of China completely would take time. Further, many U.S. companies such as those in the aerospace, services and retail sectors would be sure to resist pressure to leave a market that is not only huge but growing. Unlike China, the United States does not have a centrally planned economy. So what legal action can the president take to compel American companies to do his bidding? Trump does have some powerful tools that would not require approval from U.S. Congress:

More tariffs

Trump could do more of what he’s already doing, that is hiking tariffs to squeeze company profits enough for them to make it no longer worth their while to operate out of China. Trump on Friday boosted by 5 percentage points the 25% tariffs already in place on nearly $250 billion of Chinese imports, including raw materials, machinery, and finished goods, with the new higher 30% rate to take effect on Oct. 1. He said planned 10% tariffs on about $300 billion worth of additional Chinese-made consumer goods would be raised to 15%, with those measures set to take effect on Sept. 1 and Dec. 15. In addition to making it more expensive to buy components from Chinese suppliers, tariff hikes punish U.S. firms that manufacture goods through joint ventures in China.

“National Emergency”

Trump could treat China more like Iran and order sanctions, which would involve declaring a national emergency under a 1977 law called the International Emergency Economic Powers Act, or IEEPA. Once an emergency is declared, the law gives Trump broad authority to block the activities of individual companies or even entire economic sectors, former federal officials and legal experts said. For example, by stating that Chinese theft of U.S. companies’ intellectual property constitutes a national emergency, Trump could order U.S. companies to avoid certain transactions, such as buying Chinese technology products, said Tim Meyer, director of the International Legal Studies Program at Vanderbilt Law School in Nashville. Trump used a similar strategy earlier this year when he said illegal immigration was an emergency and threatened to put tariffs on all Mexican imports. Past presidents have invoked IEEPA to freeze the assets of foreign governments, such as when former President Jimmy Carter in 1979 blocked assets owned by the Iranian government from passing through the U.S. financial system. “The IEEPA framework is broad enough to do something blunt,” said Meyer. Using it could risk unintended harm to the U.S. economy, said Peter Harrell, a former senior State Department official responsible for sanctions, now at the Center for a New American Security. U.S. officials would need to weigh the impact of China’s likely retaliation and how U.S. companies would be affected. Invoking IEEPA could also trigger legal challenges in U.S. courts, said Mark Wu, a professor of international trade at Harvard Law School.

Federal procurement curbs

Another option that would not require congressional action would be to ban U.S. companies from competing for federal contracts if they also have operations in China, said Bill Reinsch, a senior adviser at the Center for Strategic and International Studies think tank. Such a measure might be targeted specifically at certain sectors since a blanket order would hit companies such as Boeing (BA.N), which is both a key weapons maker for the Pentagon and the top U.S. exporter. Boeing opened its first completion plant for 737 airliners in China in December, a strategic investment aimed at building a sales lead over its European arch-rival Airbus (AIR.PA). Boeing and Airbus have been expanding their footprint in China as they vie for orders in the country’s fast-growing aviation market, which is expected to overtake the United States as the world’s largest in the next decade.

1917 Trading with the Enemy Act


Company: cnbc, Activity: cnbc, Date: 2019-08-24
Keywords: news, cnbc, companies, emergency, china, chinese, leave, international, pressure, law, legal, companies, trump, tariffs, president, powers


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The investing mistakes you want to avoid as the market sinks — and what to do instead

“I wasn’t going to sell,” he said. “I wasn’t going to buy; I was just kind of looking obsessively.” Dan Ariely, behavioral economist and psychologist. “If we’re going to look at it going up and down, we’re just going to be more miserable,” Ariely said. “Decide what change you want to make, and only then open your portfolio,” Ariely said.


“I wasn’t going to sell,” he said. “I wasn’t going to buy; I was just kind of looking obsessively.” Dan Ariely, behavioral economist and psychologist. “If we’re going to look at it going up and down, we’re just going to be more miserable,” Ariely said. “Decide what change you want to make, and only then open your portfolio,” Ariely said.
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The investing mistakes you want to avoid as the market sinks — and what to do instead

It’s no secret that today’s markets are uncertain. Between recent triple-digit drops to the Dow Jones Industrial Average and renewed fears of a looming recession, this year’s record run-up on stocks has been put on pause. Whether that’s just a blip or signs of a prolonged downturn is to be determined. In times like these, investors are susceptible to getting swept up by their emotions. Dan Ariely, chief behavioral economist at personal finance app Qapital and professor of behavioral economics at Duke University, said that there are ways to avoid getting caught up — and making investment moves you could regret later.

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Resist the urge to check your portfolio

Watching the stock market can be a roller coaster of emotions. “What happens on the day that it goes up?” Ariely said. “You feel happy. “On the day it goes down, you feel extra miserable.” But the best action to take in this market may sound counterintuitive: Don’t look at your portfolio. Ariely recalled how during the financial crisis, he found himself caught up in checking his accounts more frequently. “I wasn’t going to sell,” he said. “I wasn’t going to buy; I was just kind of looking obsessively.” One Friday morning, he noticed he was consumed with checking his investments. And that put him in a bad mood.

Dan Ariely, behavioral economist and psychologist. Photo: Mary R.

To change that, he locked himself out of his accounts, and then enjoyed the weekend with his wife. “If we’re going to look at it going up and down, we’re just going to be more miserable,” Ariely said. “We’re not only going to be more miserable, but act on it.” Those panicked decisions based on emotions often lead to regrets later, he said. Of course, there are times when you have to log in. The key is to be intentional when you do. “Decide what change you want to make, and only then open your portfolio,” Ariely said. “It’s never a good idea to open up your portfolio for fun and then decide what to do.”

Use caution when making decisions about the future


Company: cnbc, Activity: cnbc, Date: 2019-08-24  Authors: lorie konish
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Taboo money topics: How to talk about student debt with your partner

Graphic preview Taboo money topics A recent survey found that more people are uncomfortable talking about their student debt than any other aspect of their finances. kiersten schmidt/grow TD AmeritradeHere’s how to make that conversation easier and keep student debt from hurting your relationship. Ask your partner if they have student debt too, and if so, what kind. Of the borrowers surveyed, 84% report that student loans are negatively affecting the amount they are able to save for retirement,


Graphic preview Taboo money topics A recent survey found that more people are uncomfortable talking about their student debt than any other aspect of their finances. kiersten schmidt/grow TD AmeritradeHere’s how to make that conversation easier and keep student debt from hurting your relationship. Ask your partner if they have student debt too, and if so, what kind. Of the borrowers surveyed, 84% report that student loans are negatively affecting the amount they are able to save for retirement,
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Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: ivana pino, myelle lansat
Keywords: news, cnbc, companies, borgesodell, money, student, couples, financial, debt, loans, talk, topics, taboo, help, theres, partner


Taboo money topics: How to talk about student debt with your partner

Over a third of Americans say student loan debt is the most uncomfortable financial topic to discuss in social settings. But keeping your loved ones in the dark about your debt can lead to turmoil in your personal relationships. Nearly four in 10 student loan borrowers say that loans have affected their relationships with significant others, according to a recent study by the Teachers Insurance and Annuity Association of America (TIAA) and the MIT AgeLab. But there’s no reason to be ashamed of having student loans. Nearly 70% of students from the class of 2018 borrowed money to pay for school, according to the Federal Reserve. Cynthia Borges-O’Dell, a licensed marriage and family therapist from Modesto, California, says if you’re in an exclusive relationship, it helps to be candid about your student debt situation early on.

Graphic preview Taboo money topics A recent survey found that more people are uncomfortable talking about their student debt than any other aspect of their finances. Topics that respondents aren’t comfortable discussing Social chart title Note: Based on a survey of 1,006 U.S. adults aged 22 and older with at least $10,000 in investable assets. kiersten schmidt/grow TD Ameritrade

Here’s how to make that conversation easier and keep student debt from hurting your relationship.

Be transparent

“I think there is an embarrassment or a stigma attached to student loan debt because there’s an underlying fear that someone will not be able to accept it, or understand why one made the decision to acquire that kind of student debt, when there are other options,” says Borges-O’Dell. She recommends kicking off the conversation by explaining your initial reasons for choosing your college. Ask your partner if they have student debt too, and if so, what kind. Sharing personal financial information probably won’t cause a rift, she says. Being aware of your loved one’s loans, and making them aware of yours, can actually help you better understand each other and your priorities. And being open about money in general can establish a solid foundation for your relationship. “It’s perfectly fine to ask what kind of credit history they have and what their spending habits are,” too, she says. “Knowing this information about your partner will help them come up with a financial plan and set goals for the future.”

I think there is an embarrassment or a stigma attached to it because there’s an underlying fear that someone will not be able to accept it or understand why one made the decision to acquire that kind of student debt when there are other options. Cynthia Borges-O’Dell Licensed Marriage and Family Therapist

Decide what your roles will be

One of the most important decisions you make as a couple could be determining what your partner’s role is in your debt. Will they cheer you on as you pay it down? Are they willing or able to contribute in some way? What are the two of you comfortable with? Whatever you agree to do, make sure you set clear expectations early on: 36% of borrowers who currently contribute to their partner’s education report conflict as a result of unclear expectations about the amount, according to the TIAA and MIT AgeLab study. There’s no right or wrong way to go about handling your debt, and having the conversation will help you both come to a decision. It can also inform the approach you take to money generally as a couple. “I’ve seen people tackle it all kinds of ways, but usually couples will divvy their finances into ‘yours, mine, and ours’ buckets,” says Richard Kahler, a NAPFA registered financial advisor with Kahler Financial Group in Rapid City, South Dakota. Buckets allow for couples to contribute to a joint account in proportion to their individual incomes or to put in equal amounts. Though Kahler says many couples choose to tackle student debt together by putting all of their earnings into an “us” bucket, and paying off debt and other bills jointly, some couples opt for separate accounts and that’s fine, too.

Consider asking an expert

If you and your partner decide to tackle the debt together, Borges-O’Dell suggests seeking help from a certified financial planner (CFP) to ensure that you’re both on the same page about money. Clear, consistent communication helps couples manage finances and set expectations about how much of your combined monthly income will be put towards debt and other expenses. Borges-O’Dell says that meeting with a CFP and having regular check-ins with each other can help both parties come to a mutual agreement on a budget and a set of financial goals to help keep both partners accountable. “They need to sit down and schedule a time once a week or so to review their finances and to review where the money is going,” she says, so you’re making joint decisions.

Agree on your goals and how to pursue them

Student debt can be difficult to discuss in part because of the threat it poses to other priorities. Of the borrowers surveyed, 84% report that student loans are negatively affecting the amount they are able to save for retirement, for example. But student loans don’t have to hold you back, as an individual or as a couple. Though Kahler says that, in most cases, paying off student debt should be a high priority, your circumstances, like the amount of debt you have and the interest rates on your loans, matter. You may have the flexibility to prioritize saving for a mortgage, too, for example, or to start a family. And many experts encourage you to start putting aside at least a little for retirement as soon as you can, even if you’re paying off student loans at the same time, so that you can benefit from compounding. Start having the conversations with your partner early on so that you can figure out how to take care of your loans and how to think beyond them, too. Borges-O’Dell says that these productive conversations, and a stronger, more open relationship, begins with overcoming the fear of telling your partner about your student loan debt. “If you enjoyed what you did, if you got an outstanding education, then why be embarrassed about that?” she says. “There’s no doubt that debt is kind of a romantic buzzkill,” Kahler acknowledges. But dealing with debt can help you and your partner can learn to collaborate and compromise, skills that help couples thrive in all sorts of challenging situations, and it can end up bringing you closer. More from Grow: ‘Struggle Meals’ host: You can cook fast, easy dishes for only $2 a person

3 tips for side hustle success from Kevin Ha, who brings in over $33,000 a year

How $10 or less can help you turn old clothes into a new wardrobe


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: ivana pino, myelle lansat
Keywords: news, cnbc, companies, borgesodell, money, student, couples, financial, debt, loans, talk, topics, taboo, help, theres, partner


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The credit score you need to get the best rate on every kind of loan

The better your credit score, the better interest rate you can get on all types of loans, says Ted Rossman, a credit industry analyst for CreditCards.com. “Besides your net worth, your credit score is probably the most important number in your financial life [and] your credit score has a major effect on your net worth. ” Read more: The credit score you need to get the best deal on a cash-back credit cardPrivate student loan: 750When you’re borrowing federal direct student loans as an undergradua


The better your credit score, the better interest rate you can get on all types of loans, says Ted Rossman, a credit industry analyst for CreditCards.com. “Besides your net worth, your credit score is probably the most important number in your financial life [and] your credit score has a major effect on your net worth. ” Read more: The credit score you need to get the best deal on a cash-back credit cardPrivate student loan: 750When you’re borrowing federal direct student loans as an undergradua
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Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: myelle lansat, ivana pino
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The credit score you need to get the best rate on every kind of loan

If you’re considering taking out any type of loan, you should be monitoring your credit score. The better your credit score, the better interest rate you can get on all types of loans, says Ted Rossman, a credit industry analyst for CreditCards.com. Lenders use your score to gauge your creditworthiness, or how likely you may be to pay back what you owe. That affects whether you get a loan in the first place and what kind of interest rate you’re offered. “A good credit score can save you a ton of money in the long run,” says Rossman. “Besides your net worth, your credit score is probably the most important number in your financial life [and] your credit score has a major effect on your net worth. ” There are different scoring models and ranges for credit scores, but most lenders use FICO scores, which range from 300 to 850. Different loans have different qualifying credit scores, but to nab any lender’s best rate, you’ll generally need at least a score in the 700s, which falls in the middle of the “good” range in FICO’s scoring model.

Graphic preview FICO breakdown Factors that impact your credit score Social chart title kiersten schmidt/grow FICO

Here’s what score to aim for to get a lender’s best rates on different kinds of loans.

Auto loan: 720

Most auto lenders use FICO’s auto score, which looks specifically at your creditworthiness for car loans. It uses a wider scoring range of 250-900. If your credit score is 720 or higher on that scale, you’ll qualify for the best super-prime (excellent) rate for a car loan, says credit expert Gerri Detweiler. For example, if your score is 700, or “good,” you can qualify for 6% on $29,620 loan (the average new car loan amount) paid over 60 months with a monthly payment of $572 and $4,701 in interest. But if your FICO score is 720 or above, you can qualify for 4.6% on a new car with a lower monthly payment of $554, saving you $18 each month and $1,078 over the life of the loan. Read more: This is the credit score you need to get the best rate on a car loan

Cash back rewards card: 740

About half, 49%, of Americans with a credit card have a cash-back card, making it the most popular type of rewards card. A credit score of 740 or above gives you a “slam dunk” chance to qualify for a top cash-back rewards card, says Rossman. If your credit score is 650 or lower, however, you can still be approved for a cash-back rewards card like the Apple card, for instance, but your credit limit may be lower and your interest rate may be higher, says credit expert John Ulzheimer, who has worked for FICO and Equifax. To make cash-back cards worthwhile, you have to pay your bills in full and avoid interest rates, adds Rossman. For example, if your credit score is 650 and you put $1,000 on a cash-back card with a high interest rate of 20% without paying off the balance immediately, you’d pay $200 in interest. Even if you have 2% cash-back savings on that card — so, a savings of $20 on $1,000 worth of purchases — you’d end up $180 behind. Read more: The credit score you need to get the best deal on a cash-back credit card

Private student loan: 750

When you’re borrowing federal direct student loans as an undergraduate, your credit score doesn’t matter. But if you need to take out private student loans, as about 14% of undergraduates do, lenders look at your credit score and credit history. You’ll need a credit score of at least 750 to get the best rate on a private student loan, says Betsy Mayotte, president of The Institute of Student Loan Advisors. That’s currently about 3%. You may still be able to qualify for a loan with a score as low as 650, but your interest rate will be much higher — in the range of 8% or 9%, and it can go as high as 14%. Read more: The credit score you need for the best rate on a private student loan

Mortgage: 760


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: myelle lansat, ivana pino
Keywords: news, cnbc, companies, need, card, student, best, rate, cashback, credit, kind, loan, interest, score


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Making one small change can supercharge your retirement savings

New data from Fidelity shows that employees are contributing more to their retirement accounts than ever, and one-third of workers have increased their savings rate in recent months. “People have had the opportunity to increase their savings rate.” Indeed, experts agree that you can see the biggest impact from making one small, important change: Get in the habit of not just making but upping your retirement contributions. “Increasing your contribution rate, even by 1%, can make a big difference


New data from Fidelity shows that employees are contributing more to their retirement accounts than ever, and one-third of workers have increased their savings rate in recent months. “People have had the opportunity to increase their savings rate.” Indeed, experts agree that you can see the biggest impact from making one small, important change: Get in the habit of not just making but upping your retirement contributions. “Increasing your contribution rate, even by 1%, can make a big difference
Making one small change can supercharge your retirement savings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, making, york, president, savings, rate, workplace, change, supercharge, retirement, small, impact, fidelity


Making one small change can supercharge your retirement savings

New data from Fidelity shows that employees are contributing more to their retirement accounts than ever, and one-third of workers have increased their savings rate in recent months.

The average employee now contributes 8.8% of their salary, with employers kicking in another 4.7%, for a total of 13.5%. “That’s really close to the 15% we believe people should be saving,” Katie Taylor, a vice president at Fidelity, told CNBC.

The strong economy has likely played a role in helping people save more, says Douglas Boneparth, a certified financial planner and founder of Bone Fide Wealth in New York City. “The markets are rising, and it creates a positive effect,” he says. “People have had the opportunity to increase their savings rate.”

Indeed, experts agree that you can see the biggest impact from making one small, important change: Get in the habit of not just making but upping your retirement contributions.

“Increasing your contribution rate, even by 1%, can make a big difference in your long-term retirement savings,” says Kevin Barry, president of workplace investing at Fidelity Investments. “What may seem like a small amount today can have a significant impact on your account balance in 10 or 20 years.”


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, making, york, president, savings, rate, workplace, change, supercharge, retirement, small, impact, fidelity


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