Here’s how much you can save on your mortgage by improving your credit score

A good credit score can save home buyers hundreds of dollars a month on mortgage payments — and potentially tens of thousands over the course of their loan. A high credit score gives lenders confidence in your ability to repay your loan. For a mortgage, in particular, which is likely the biggest loan most people will take out, a high credit score is the ultimate money saver. You don’t need a score above 700 to buy a house, though a higher credit score will typically mean you’re given a better mo


A good credit score can save home buyers hundreds of dollars a month on mortgage payments — and potentially tens of thousands over the course of their loan. A high credit score gives lenders confidence in your ability to repay your loan. For a mortgage, in particular, which is likely the biggest loan most people will take out, a high credit score is the ultimate money saver. You don’t need a score above 700 to buy a house, though a higher credit score will typically mean you’re given a better mo
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Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: alicia adamczyk
Keywords: news, cnbc, companies, credit, score, 700, tier, thousands, mortgage, save, heres, loan, improving, scores, typically


Here's how much you can save on your mortgage by improving your credit score

A good credit score can save home buyers hundreds of dollars a month on mortgage payments — and potentially tens of thousands over the course of their loan. A high credit score gives lenders confidence in your ability to repay your loan. The higher it is, the lower the interest rate they’ll be willing to give you. For a mortgage, in particular, which is likely the biggest loan most people will take out, a high credit score is the ultimate money saver. FICO credit scores are most commonly used by mortgage lenders, and range from 300 to 850. Anything between 700 and 749 is typically deemed “good,” while scores from 650 to 700 are “fair.” Excellent scores are over 750. The median credit score of home buyers qualifying for a mortgage in the first quarter of 2019 was 759, according to the Federal Reserve, and 75% boasted a score over 700. You don’t need a score above 700 to buy a house, though a higher credit score will typically mean you’re given a better mortgage rate and loan options. Just how much will increasing your score save you? Here’s how to figure it out.

How much you can save you if you raise your credit score

Even a seemingly small improvement in your score — say, from 680 to 700 — could save you thousands of dollars. Here’s how much you would pay each month on a 30-year fixed mortgage, using the median home price of $266,000 and the MyFICO mortgage calculator:

That’s a difference of $89,804 between a top tier and bottom tier score. Remember, there are countless other factors that also play a role in the mortgage-approval process, including the cost of the home, the size of the down payment and your income.

How to improve your credit score


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: alicia adamczyk
Keywords: news, cnbc, companies, credit, score, 700, tier, thousands, mortgage, save, heres, loan, improving, scores, typically


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This is the credit score you typically need to take out a mortgage

How to improve your credit scoreIf you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Credit utilization refers to the percentage of your total available credit that you are using a


How to improve your credit scoreIf you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Credit utilization refers to the percentage of your total available credit that you are using a
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Keywords: news, cnbc, companies, payment, need, month, mortgage, score, utilization, improve, typically, credit, pay, keeping, bills, rate


This is the credit score you typically need to take out a mortgage

How to improve your credit score

If you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. First of all, pay all of your bills on time and in full. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Setting your bills on auto-pay and keeping tabs on your payment due date for each account will help ensure that you routinely make on-time payments. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Experts recommend keeping it at 30% or less month to month. Credit utilization refers to the percentage of your total available credit that you are using at one time. If your credit card has a limit of $10,000 and you have a balance of $2,000, your credit utilization rate is 20%, for example.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: alicia adamczyk
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How your money might be affected if the Fed cuts interest rates

A rate cut could hurt savers with high-yield accountsThe federal funds rate is used as the benchmark for many consumer interest rates. Variable credit card interest rates are tied to the prime rate, for example, which is closely related to the federal funds rate, Hamrick says. The Fed does not directly set mortgage rates, but cutting the benchmark rate could still impact your mortgage. “But a drop in the fed funds rate will contribute to mortgage rates remaining low into the future.” If you hold


A rate cut could hurt savers with high-yield accountsThe federal funds rate is used as the benchmark for many consumer interest rates. Variable credit card interest rates are tied to the prime rate, for example, which is closely related to the federal funds rate, Hamrick says. The Fed does not directly set mortgage rates, but cutting the benchmark rate could still impact your mortgage. “But a drop in the fed funds rate will contribute to mortgage rates remaining low into the future.” If you hold
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Keywords: news, cnbc, companies, federal, funds, hamrick, affected, economy, money, credit, rates, cut, interest, rate, mortgage, cuts, fed


How your money might be affected if the Fed cuts interest rates

Jerome Powell, chairman of the U.S. Federal Reserve, said that downside risks to the economy remain with trade wars softening business investment and weak inflation.

Federal Reserve Chairman Jerome Powell said Wednesday that the U.S.’s uncertain economic outlook could lead the central bank to cut its benchmark short-term interest rate later this month. Experts say the cut would likely be a modest quarter of a percentage point. The rate cut would be a result of a confluence of factors, including uncertainty over a U.S-China trade war and a slowing economy. How would a rate cut — the first since 2008 — impact the average consumer? While it’s hard to predict, generally, a rate cut is “good for borrowers, bad for savers, and mixed for investors,” Sallie Krawcheck, co-founder and CEO of Ellevest and former Wall Street executive, tells CNBC Make It.

A rate cut could hurt savers with high-yield accounts

The federal funds rate is used as the benchmark for many consumer interest rates. Already, some banks — including Ally and Marcus by Goldman Sachs — have cut yields on some of their retail products, including savings accounts, in anticipation of the central bank’s actions. Experts say savers can also expect CD rates to fall ahead of the Fed’s decision. The exact impact is still unknown, says Mark Hamrick, Bankrate.com senior economic analyst. Although savings account APYs might decrease, he says, many traditional banks never increased them significantly anyway; the national average rate is still 0.10%.

A rate cut helps borrowers with credit card debt

An interest rate cut is bad news for savers, “but it is something of an unexpected gift for borrowers and investors,” says Hamrick. Variable credit card interest rates are tied to the prime rate, for example, which is closely related to the federal funds rate, Hamrick says. So, with the federal funds rate dropping, a card holder could see a drop in their APR within a billing cycle or two, which means smaller monthly payments. Credit card interest rates are currently at a record high, so any breathing room would be a boon to those carrying credit card debt. Still, a slight cut won’t save borrowers much when they are facing double-digit interest rates; it’s important to make a plan to pay off any balance as soon as possible.

Mortgages are more complicated

Mortgage rates are a bit trickier, says Hamrick. The Fed does not directly set mortgage rates, but cutting the benchmark rate could still impact your mortgage. Investors typically rush to the relative safety of bonds when the economy falters. As a result, recent lower bond yields have led to substantially lower mortgage rates since the end of 2018. Cutting rates could potentially reverse that, Hamrick says, as it signals an improving economy. On another front, Skylar Olsen, Zillow’s director of economic research, tells CNBC Make It that other economic factors have more influence on mortgage rates. “The typical 30-year mortgage rate is responding more to uncertainties on a global stage due to trade war concerns and early stage softening in the economy in general than in the fed funds rate,” says Olsen. “But a drop in the fed funds rate will contribute to mortgage rates remaining low into the future.”

Some other loans might be impacted

Consumers with home equity lines of credit would also benefit from lower interest rates, while auto loans should not be materially affected by the change. Federal student loan rates are set by the Department of Education each year, based on the 10-year Treasury note, and are expected to fall next year. Private loan rates might be variable, and therefore could be indirectly influenced by the Fed’s decision. If you hold private loans, it could be worth exploring refinancing options if the Fed drops interest rates.

Overall the effects are mixed


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: alicia adamczyk
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Would ‘Big Little Lies’ Renata Klein really lose her wedding ring in a bankruptcy filing?

Renata Klein will not not be rich , she declares in the second episode of the second season of HBO’s hit show, “Big Little Lies.” But the show also highlights what’s at stake in personal bankruptcy proceedings. How personal bankruptcy worksThere are two main types of personal bankruptcy: Chapter 7 and Chapter 13. That’s where Renata ran into trouble with the trustee: On their assets form, she didn’t list the family’s Tesla or her wedding ring, which are likely worth more than what California law


Renata Klein will not not be rich , she declares in the second episode of the second season of HBO’s hit show, “Big Little Lies.” But the show also highlights what’s at stake in personal bankruptcy proceedings. How personal bankruptcy worksThere are two main types of personal bankruptcy: Chapter 7 and Chapter 13. That’s where Renata ran into trouble with the trustee: On their assets form, she didn’t list the family’s Tesla or her wedding ring, which are likely worth more than what California law
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Would 'Big Little Lies' Renata Klein really lose her wedding ring in a bankruptcy filing?

After her husband, Gordon, is arrested for securities fraud, the Kleins have to come to terms with losing their seemingly perfect lives. Thanks to Gordon’s actions, the family’s $20-million Monterey mansion, their Tesla, even Renata’s wedding ring are fair game in the bankruptcy proceedings, John C. Colwell, a San Diego-based bankruptcy attorney and president of the National Association of Consumer Bankruptcy Attorneys , tells CNBC Make It .

Renata Klein will not not be rich , she declares in the second episode of the second season of HBO’s hit show, “Big Little Lies.” Played by actress Laura Dern, Renata’s financial meltdowns have become some of the summer’s most meme-able pop culture moments . But the show also highlights what’s at stake in personal bankruptcy proceedings.

How personal bankruptcy works

There are two main types of personal bankruptcy: Chapter 7 and Chapter 13. Colwell says Chapter 7 is almost always the preferable option of the two and is more popular across the country. Not only is it quicker — usually done and over within about four months, he says — but it’s less expensive, too. At the end, the filer will no longer have to repay certain debts they’ve accrued.

In Chapter 7, the debtor must list all of their assets and debts for the trustee to review. Colwell says the asset forms are comprehensive: The debtor has to include their house and car, of course, but also clothing, jewelry, furniture and even pets. “When in doubt, disclose,” says Colwell.

That’s where Renata ran into trouble with the trustee: On their assets form, she didn’t list the family’s Tesla or her wedding ring, which are likely worth more than what California law allows bankruptcy filers to exempt from being sold. For example, California allows debtors to exempt up to $100,000 in home value. Anything above that amount can be sold and used to pay off debts, and the Kleins’ $20-million home is well above that threshold.

A debtor’s assets are used to pay off some of the estate’s debts, of which there are three main types: secured (house, car), unsecured (credit card debt, medical debt, payday loans, student loans) and priority (alimony). Unsecured debt, aside from student loan debt, is typically discharged in Chapter 7 proceedings, which is why filers get the chance to “start over.” The debtor still has to repay any priority debts, and any secured debts that are not paid off with the estate’s assets.

Chapter 13 is more complicated and less common: It involves creating a repayment plan for the filer’s debts, says Colwell.

Though Renata’s financial plight isn’t necessarily sympathetic — securities fraud isn’t the same as not being able to repay crushing medical debt — Colwell says the stigma of bankruptcy has lessened in his decades in the field, and he encourages anyone who needs help financially to at least seek out a free consultation with a local bankruptcy attorney, which can be found by searching on NACBA’s website.

“I know it’s the last place they want to be,” says Colwell. “If folks can come in and get info and not be scared about it, that’s really important in my view.”

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Don’t miss: Here’s what it costs to travel to 7 popular ‘Game of Thrones’ destinations


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: alicia adamczyk
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With online banks cutting interest rates, should you get a CD?

But that could be ending soon: With the Federal Reserve expected to cut interest rates, big online players, including Ally and Marcus by Goldman Sachs, are lowering their rates. The top online accounts are still offering 2.4% or more, well above the national average of 0.10%. Personal finance site NerdWallet has a CD rate tool that can help consumers compare interest rates and the fees applied to early withdrawals. NerdWallet reports that the best CD rates to be had are also at online institutio


But that could be ending soon: With the Federal Reserve expected to cut interest rates, big online players, including Ally and Marcus by Goldman Sachs, are lowering their rates. The top online accounts are still offering 2.4% or more, well above the national average of 0.10%. Personal finance site NerdWallet has a CD rate tool that can help consumers compare interest rates and the fees applied to early withdrawals. NerdWallet reports that the best CD rates to be had are also at online institutio
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Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: alicia adamczyk
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With online banks cutting interest rates, should you get a CD?

Online banks have been steadily raising the annual percentage yield (APY) on their savings accounts to well over 2% in an effort to gain more customers. But that could be ending soon: With the Federal Reserve expected to cut interest rates, big online players, including Ally and Marcus by Goldman Sachs, are lowering their rates. The dip is no need to panic, Greg McBride, chief financial analyst for Bankrate.com, tells CNBC Make It. The top online accounts are still offering 2.4% or more, well above the national average of 0.10%. “It’s still a good environment for savers,” says McBride. “The fact is, we’ve seen lots of competition in recent months where the rates went up.” Still, the small drop in interest rates likely isn’t worth going through the hassle of switching accounts from Ally or Marcus to a bank offering a higher APY. The rates on these savings accounts are variable, after all, and may go back up or potentially drop further.

You can lock in an APY with a CD, but you might not want to

For savers who want to avoid variable APYs, a certificate of deposit (CD) is another option. CDs lock in an interest rate that’s typically higher than the average savings account — the average APY on one-year CDs is currently 0.64% — with a few catches. For one, money deposited into a CD isn’t as easily accessible as it is in a savings account: It’s kept in the CD for a pre-determined period of time — say, three months, six months, a year or more — until it’s “matured.” And if it’s withdrawn early, a penalty is applied, usually equivalent to a few months interest. “Basically, a certificate of deposit offers a yield and has no risk,” Janet Alvarez, analyst at WalletHub, tells CNBC Make It. They are “a popular instrument among those who want to get a little extra on their cash and are willing to keep their money blocked until maturity.” If there’s a chance that you might need to use the money in your CD, compare options and choose one with the lowest penalties. Personal finance site NerdWallet has a CD rate tool that can help consumers compare interest rates and the fees applied to early withdrawals. The CDs that offer the highest APYs typically have higher minimum deposit requirements than, say, an Ally savings account, and they require longer periods of maturity. NerdWallet reports that the best CD rates to be had are also at online institutions and credit unions. As of writing, Discover offers a 5-year CD with a minimum balance of $2,500 and a APY of 2.85%, but you’ll pay 18 months worth of interest if you need to withdraw funds early. CD yields are also likely to fall ahead of a rate cut, McBride says. Banks don’t want to be locked in to paying out a higher rate than they have to for longer than they have to. And according to McBride, savers typically wouldn’t be able to find an interest rate that’s meaningfully more than what online savings accounts offer unless they opt for a four- or five-year CD. Otherwise, rates are comparable to online savings accounts, which are far more flexible. “The appeal in CDs is still pretty limited,” says McBride. “What’s the point?”

Online accounts are ideal for emergency savings


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: alicia adamczyk
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84% of millennials and Gen Z failed this retirement quiz. See how you compare

In fact, when employers offered ongoing financial education, employees were 66% more likely to stay with that employer, per the report. That said, Fisher believes employers could make it easier for employees to take advantage of retirement options offered to them. Select all the statements below that describe what a mutual fund is. You can select all of the statements or a mix of some of the statements to answer this question. If you are not sure what a mutual fund is you can select “I’m not sur


In fact, when employers offered ongoing financial education, employees were 66% more likely to stay with that employer, per the report. That said, Fisher believes employers could make it easier for employees to take advantage of retirement options offered to them. Select all the statements below that describe what a mutual fund is. You can select all of the statements or a mix of some of the statements to answer this question. If you are not sure what a mutual fund is you can select “I’m not sur
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84% of millennials and Gen Z failed this retirement quiz. See how you compare

“Participants can fall behind in their retirement savings simply because they don’t know how much to save, and because they don’t understand the impacts of choosing an investment mix or how compound interest works to their benefit,” notes the report. In fact, when employers offered ongoing financial education, employees were 66% more likely to stay with that employer, per the report. Nathan Fisher, founder and senior executive vice president of Fisher Investments 401(k) Solutions, tells CNBC Make It that it’s not surprising that retirement knowledge is lagging for younger workers, who are likely not thinking about 30 to 40 years down the road when they have more imminent financial considerations — like making rent and paying off student loans — to deal with now. “I personally believe that our brains are wired to deal with things right here, right now,” says Fisher. “There’s so much to pay attention to and [retirement planning] really gets drowned out.” That said, Fisher believes employers could make it easier for employees to take advantage of retirement options offered to them. In fact, he says a company with a well-run retirement program probably does offer educational opportunities like financial planning sessions, if employees know how to take advantage of them. He recommends reaching out to your human resources department to see what’s available.

What workers don’t know about their 401(k)s

Here are the two questions Fisher Investments 401(k) Solutions asked that tripped up the most respondents: Based on rules defined by the Internal Revenue Service at what age can you withdraw money from your retirement plan without a tax penalty? 62 61.5 61 60.5 60 59.5 58.5 Correct answer: 6. Just 27% of respondents answered correctly. Select all the statements below that describe what a mutual fund is. You can select all of the statements or a mix of some of the statements to answer this question. If you are not sure what a mutual fund is you can select “I’m not sure what a mutual fund is.” A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors The decisions to buy and sell securities in a mutual fund are made by one or more portfolio managers A mutual fund is limited to no more than ten different financial securities in the portfolio There are no fees associated with owning a mutual fund I’m not sure what a mutual fund is Correct answers: 1 & 2. Just 23% of respondents answered correctly. Don’t miss: Here’s how to figure out how much money you need to retire early Like this story? Subscribe to CNBC Make It on YouTube!


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4 little-known travel tips that can save you money

Young people are more likely to prioritize spending on travel than older generations, sometimes to the detriment of their savings accounts. Here are four easy ways to save money while traveling that you might not be aware of. Use credit cards when you travel abroadWhile traveling abroad, the best option for paying for things is to use a credit card with no foreign transaction fees. “Pick the local currency and let your credit card company make the conversion. Take advantage of your travel credit


Young people are more likely to prioritize spending on travel than older generations, sometimes to the detriment of their savings accounts. Here are four easy ways to save money while traveling that you might not be aware of. Use credit cards when you travel abroadWhile traveling abroad, the best option for paying for things is to use a credit card with no foreign transaction fees. “Pick the local currency and let your credit card company make the conversion. Take advantage of your travel credit
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Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: alicia adamczyk
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4 little-known travel tips that can save you money

Young people are more likely to prioritize spending on travel than older generations, sometimes to the detriment of their savings accounts. But seeing the world doesn’t have to be expensive. Here are four easy ways to save money while traveling that you might not be aware of.

1. Call the hotel to ask for a better rate

If you use an online travel agency like Expedia or Orbitz to book a hotel, you might not get the best deal. These OTAs, as they are called, charge commissions on room bookings and some hotels add additional fees when you book through an OTA to recoup part of the commission cost. Calling the hotel itself and asking if they can beat the price — and keep all of the proceeds — could save you a few bucks, especially because hotels aren’t typically offering the OTAs their best deals to begin with. One more benefit of calling a hotel directly: It’s easier to cancel a reservation or make a change if something comes up, without having to deal with a third party. OTAs are convenient search tools. You can use them to comparison shop, but then call the hotel directly to make your reservation.

2. Use credit cards when you travel abroad

While traveling abroad, the best option for paying for things is to use a credit card with no foreign transaction fees. But even if your card has a fee, it could be a better deal than converting currency at a kiosk, according to a recent study from WalletHub. In fact, using a credit or debit card is likely cheaper than converting at most banks and credit unions. WalletHub found that a card with no foreign transaction fees saves travelers 9.31% compared to Travelex, a popular currency exchange service, and 7.14% compared to the average bank or credit union. “Why waste the time exchanging physical currency, not to mention risk carrying it around, when a credit card will handle everything automatically and give you the best exchange rates,” writes WalletHub. “Plus, plastic provides a $0 liability guarantee for unauthorized transactions should your card be lost or stolen.”

If you’re paying with a card abroad and a merchant asks if you want to pay in local currency or U.S. dollars, always pick the local currency. “The rate at which they are converting the currency is always worse than the rate your bank will give you,” writes Matt Kepnes, a travel blogger. “Pick the local currency and let your credit card company make the conversion. You’ll get a better rate.”

3. Take advantage of your travel credit card’s insurance

Travel credit cards are great for racking up rewards and miles, and getting access to perks like travel lounges. But they can also bail you out of a tough situation. If you’ve used a travel card like the Chase Sapphire Reserve or United Explorer to book your flights, hotels, etc., then you can use the card’s trip cancellation, delay or baggage loss insurance if something goes wrong. Perks vary by card, but if your bag is lost somewhere along your trip, for example, your credit card issuer may reimburse you for select replacement items, like new clothes or toiletries, up to a certain amount of money each day. That said, read your card’s coverage carefully. Some cover significantly less than others. For example, some cards cover up to $1,500 in nonrefundable expenses from a trip, while others, like the Chase Sapphire Reserve, cover up to $10,000, according to CreditCards.com.

4. Ask for cash if you’re bumped from a flight


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: alicia adamczyk
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This is the difference between ‘basic economy’ and ‘economy plus’ on a plane

“Economy Plus” is the latest way for airlines to upcharge consumers. And now, many domestic carriers are slicing up their economy class offerings into basic, standard and plus, further complicating the already complex ticketing process. Basic economyAll of these categories vary by carrier, but typically a basic economy ticket is the least expensive and most restrictive. Passengers who buy a United basic economy ticket, for example, cannot upgrade their seat, board last and can only bring on one


“Economy Plus” is the latest way for airlines to upcharge consumers. And now, many domestic carriers are slicing up their economy class offerings into basic, standard and plus, further complicating the already complex ticketing process. Basic economyAll of these categories vary by carrier, but typically a basic economy ticket is the least expensive and most restrictive. Passengers who buy a United basic economy ticket, for example, cannot upgrade their seat, board last and can only bring on one
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This is the difference between 'basic economy' and 'economy plus' on a plane

“Economy Plus” is the latest way for airlines to upcharge consumers.

It can feel like you need an advanced degree to price out the best airline ticket. Between different tiers of seat selection, offerings like Wi-Fi and paying per additional inch of legroom, there are countless add-ons that increase a passenger’s ticket price. And now, many domestic carriers are slicing up their economy class offerings into basic, standard and plus, further complicating the already complex ticketing process. It’s the latest way airlines are upcharging customers with à la carte flight offerings. Here’s how to parse the terminology for the basics of economy ticketing for non-business travelers.

Basic economy

All of these categories vary by carrier, but typically a basic economy ticket is the least expensive and most restrictive. Passengers usually cannot select a seat, will have less legroom than other designations and sometimes will not be able to stow a bag in the overhead bins. Passengers who buy a United basic economy ticket, for example, cannot upgrade their seat, board last and can only bring on one personal item, which must fit under a seat. Main cabin tickets are a step up from basic economy, and, at least on American, Delta and United, include the use of overhead bin space and seat selection in the cost of a more expensive ticket.

Preferred seating

Selecting a seat with a main cabin ticket doesn’t always mean that you’re guaranteed more legroom or an aisle or window. With preferred seating, airlines charge customers even more to have access to seats closer to the front of the plane, or anywhere but the middle seat. Prices to select a seat range from $9 to over $100 in some cases, and major U.S. airlines including, American, Delta and United, all charge customers if they want to select a seat ahead of time. Preferred seating is different from an upgrade to a premium or business class seat, and is worth the cost for passengers who want to avoid a middle seat or exit the plane more quickly upon arrival. But paying to select a seat doesn’t necessarily mean more legroom.

Economy plus


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: alicia adamczyk
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Janelle Monae grew up working class and her parents encouraged her to “be better”

Academy Award-nominated director Ava Duvernay and Emmy-winner Lena Waithe helped her grow in the industry and launch Wondaland, Monáe’s own multimedia company. Monáe, 33, grew up working class in Kansas City, Kansas: Her mother was a janitor, her biological father was a garbage man and her stepfather still works as a postal worker. Monáe helped pay for college by working at Blockbuster, Foot Locker and as a maid. “I saw my parents living check to check, putting on their uniforms every day, worki


Academy Award-nominated director Ava Duvernay and Emmy-winner Lena Waithe helped her grow in the industry and launch Wondaland, Monáe’s own multimedia company. Monáe, 33, grew up working class in Kansas City, Kansas: Her mother was a janitor, her biological father was a garbage man and her stepfather still works as a postal worker. Monáe helped pay for college by working at Blockbuster, Foot Locker and as a maid. “I saw my parents living check to check, putting on their uniforms every day, worki
Janelle Monae grew up working class and her parents encouraged her to “be better” Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: alicia adamczyk
Keywords: news, cnbc, companies, parents, mone, mones, grew, encouraged, monae, janelle, helped, community, class, better, kansas, working, launch


Janelle Monae grew up working class and her parents encouraged her to

In a nondescript room in the middle of the Shed, a cultural center in New York City’s new Hudson Yards development, singer, actress and producer Janelle Monáe is telling CNBC Make It about the many women who have mentored her over the years.

Academy Award-nominated director Ava Duvernay and Emmy-winner Lena Waithe helped her grow in the industry and launch Wondaland, Monáe’s own multimedia company. Ariel Investments’s Mellody Hobson helped her fine-tune her finances.

But just before the launch party for her limited-edition “A Beautiful Future” Belvedere Vodka, the Grammy nominee says that it’s her parents who have had the most influence throughout her life.

Monáe, 33, grew up working class in Kansas City, Kansas: Her mother was a janitor, her biological father was a garbage man and her stepfather still works as a postal worker. Monáe helped pay for college by working at Blockbuster, Foot Locker and as a maid.

“I saw my parents living check to check, putting on their uniforms every day, working hard,” says Monáe. “There were moments when my lights were cut off.”

All along, she says, there was no pretense of perfection. Her parents encouraged her to learn from them and, hopefully, do better.

“I did see them make mistakes, and they were very open about how important education was,” she says. “They always encouraged us to just be better than them.”

But her parents also instilled in her an appreciation of a supportive community, which is at the heart of Monáe’s many artistic and business ventures. With her mentors and many other collaborators, she is always working to create something greater than herself.

“Without your community, without your family, you couldn’t survive,” she says.

Don’t miss: Rihanna: Why money ‘is not going to stop me from working’

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Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: alicia adamczyk
Keywords: news, cnbc, companies, parents, mone, mones, grew, encouraged, monae, janelle, helped, community, class, better, kansas, working, launch


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Here’s how to figure out how much money you need to retire early

If you retired in your 40s, how much money would you need to live comfortably for the rest of your life? That’s one of the questions at the heart of the FIRE (financial independence, retire early) movement. The goal of the financial independence movement can be boiled down to, “What would I do with my life if I didn’t have to work for money?” Tanja Hester, author of “Work Optional: Retire Early the Non-Penny-Pinching Way” and the Our Next Life blog, tells CNBC Make It that she recommends people


If you retired in your 40s, how much money would you need to live comfortably for the rest of your life? That’s one of the questions at the heart of the FIRE (financial independence, retire early) movement. The goal of the financial independence movement can be boiled down to, “What would I do with my life if I didn’t have to work for money?” Tanja Hester, author of “Work Optional: Retire Early the Non-Penny-Pinching Way” and the Our Next Life blog, tells CNBC Make It that she recommends people
Here’s how to figure out how much money you need to retire early Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: alicia adamczyk
Keywords: news, cnbc, companies, retire, heres, savings, movement, work, financial, number, life, save, expenses, need, money, early, figure


Here's how to figure out how much money you need to retire early

If you retired in your 40s, how much money would you need to live comfortably for the rest of your life? That’s one of the questions at the heart of the FIRE (financial independence, retire early) movement. Financial independence, at least for many online communities, is defined as having enough savings and investments to fund reasonable living expenses for the rest of your life. You can volunteer, continue to work or pursue hobbies or passions, but you are no longer relying on income from a job to cover day-to-day expenses and save for retirement. The goal of the financial independence movement can be boiled down to, “What would I do with my life if I didn’t have to work for money?” per the popular subreddit on the topic. For many people who adhere to the mission, there’s a savings target they want to hit, at which point they will have reached financial independence, as they define it. It’s called their FIRE number, and typically, it’s equal to 25 times a household’s annual spending, invested in low-cost, passive stock funds. Many wannabe-early retirees aim to save between $1 million and $2 million. You can calculate your own number by meeting with a financial advisor or using an online calculator that can give you a ballpark idea.

For early retirement, the standard thinking is that a 4% annual withdrawal rate of your savings is “safe,” and you can increase it by inflation each year. So, for example, if you’ve saved $1 million, you can take out $40,000 in the first year. If inflation is 3%, the next year you can withdraw $40,000 plus 3%, or $41,200. Of course, there are countless factors that come into play to determine how much you need to retire: Your current salary and savings rate, how much your employer contributes, how the market performs, how much you need to live on each year, your withdrawal rate, the size of your family, your goals, your varied income streams, health care, unexpected expenses — the list goes on. “Like many others in the FIRE space, we used the general rule of thumb of 25 times our expenses as a baseline,” Julien Saunders, who blogs about his FIRE journey with his wife, Kiersten, tells CNBC Make It. “However, given we have a number of variables, such as the potential for another child and a financially insecure parent, we aren’t building a plan solely based on those numbers.” They have different savings and investment goals, he says, adding that prioritizing retirement savings and passive income streams allows them to “opt out of work in the traditional sense and focus on other things.”

Tanja Hester, author of “Work Optional: Retire Early the Non-Penny-Pinching Way” and the Our Next Life blog, tells CNBC Make It that she recommends people pad their savings well beyond the “25 times” benchmark. “Your spending will likely go up now that you have much more free time to fill with travel and activities that cost money,” she says. “I recommend saving at least 30 times your anticipated annual spending in early retirement, along with having at least one or two major contingencies, like a house you own outright and could downsize.” Overall, though, adherents of the FIRE movement try to reduce expenses so that they can save at least 50% of their salary each year, though some are significantly more frugal than others. A perusal of the FIRE subreddit will drive home the point: Some followers are fastidious about every penny they spend, while others like to enjoy some luxuries now. Some say they want to retire in their 40s, some in their 50s and others are just in it to hone their general financial know-how. Many earn six figures, but there are others who earn, say, $50,000 per year and still manage to save much of their money.

The drawbacks of early retirement

FIRE isn’t for everyone. The most common criticisms of the movement are that only the privileged elite with high salaries, such as software engineers and lawyers, can really achieve it, and that participants, at least vocal ones, are predominantly male and white. Douglas Boneparth, president and founder of Bone Fide Wealth, tells CNBC Make It that while the FIRE movement is great for those who want to pursue it, it’s not realistic for many. FIRE is extreme, and extreme methods have extreme results — not always for the better. “Striking the balance between a comfortable lifestyle and saving for your goals is, I think, a superior way to go about it,” says Boneparth. “FIRE isn’t really a balance, it’s an extreme tilt of the scale.”

While it’s easy to look at your current expenses to calculate your FIRE number, Boneparth says it can be tricky to project those into the future without sophisticated software. A 4% annual withdrawal rate is fine for a purely quantitative approach to your finances, but doesn’t necessarily take the qualitative aspects of life into account. “These analyses don’t take life into account, they’re in a vacuum,” he says. For example, what if you experience a serious illness, a recession hits right after you “retire,” or your house burns down — all of these things are impossible to foresee. That said, Boneparth says anything that gets people to save more and think about their holistic financial plan is a net positive. Adopting parts of the FIRE movement that align with your goals can be part of a comprehensive financial plan, even if you don’t necessarily have a specific number you’re aiming for. “My dad always said if you’re floating down a river where there’s rocks lined up on the shore, the last thing you want to do is crash into the shore,” he says. “Floating down the middle is the safest way.” Don’t miss: More workers are looking to retire early: A look inside the FIRE movement Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: alicia adamczyk
Keywords: news, cnbc, companies, retire, heres, savings, movement, work, financial, number, life, save, expenses, need, money, early, figure


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