How much money Americans think you need to be considered ‘wealthy’

For most Americans, having a million dollars isn’t enough to be considered “wealthy.” It would take a net worth of more than double that amount: $2.27 million. That’s according to Charles Schwab’s 2019 Modern Wealth Survey, which asked 1,000 adults between age 21 and 75 what personal net worth they would need in order to be wealthy. Boomers, for example, said they needed $2.63 million to be considered wealthy, while Gen Zers said they needed significantly less: $1.49 million. Regardless of your


For most Americans, having a million dollars isn’t enough to be considered “wealthy.” It would take a net worth of more than double that amount: $2.27 million. That’s according to Charles Schwab’s 2019 Modern Wealth Survey, which asked 1,000 adults between age 21 and 75 what personal net worth they would need in order to be wealthy. Boomers, for example, said they needed $2.63 million to be considered wealthy, while Gen Zers said they needed significantly less: $1.49 million. Regardless of your
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Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: kathleen elkins
Keywords: news, cnbc, companies, wealth, worth, considered, need, money, personal, americans, million, survey, takes, rich, net, think, wealthy


How much money Americans think you need to be considered 'wealthy'

For most Americans, having a million dollars isn’t enough to be considered “wealthy.” It would take a net worth of more than double that amount: $2.27 million.

That’s according to Charles Schwab’s 2019 Modern Wealth Survey, which asked 1,000 adults between age 21 and 75 what personal net worth they would need in order to be wealthy.

The responses varied by generation. Boomers, for example, said they needed $2.63 million to be considered wealthy, while Gen Zers said they needed significantly less: $1.49 million.

Here’s the full breakdown of how each age group responded:

Gen Z: It takes $1.49 million to be considered wealthy

Millennials: It takes $1.94 million to be considered wealthy

Gen X: It takes $2.53 million to be considered wealthy

Boomers: It takes $2.63 million to be considered wealthy

Most Americans don’t have nearly that much money: The average U.S. household has a net worth of $692,100, according to The Federal Reserve’s Survey of Consumer Finances. That means total assets after you’ve subtracted any liabilities. Since the super rich can pull up the average, the median net worth, or those at the 50th percentile, may be a better gauge, and that’s $97,300.

Still, 60% of Schwab’s survey respondents are either optimistic that they will be wealthy within at least 25 years or already consider themselves wealthy.

While Schwab asked respondents to put a dollar amount on wealth, it also asked, more broadly, what “rich” means.

Nearly three-quarters, or 72%, said that their personal definition of wealth is based on the way they live their life. Only 28% said it’s based on a specific dollar amount.

Regardless of your personal definition of what it takes to be rich, anyone can start building their net worth today.

Start with a written financial plan if you don’t already have one. Schwab finds that those who have a plan are more likely to be regular savers, stay engaged with their investments, manage debt and have a better outlook on reaching their goals.

Next, read up on money habits that will help you earn more and how to build wealth quickly from a millennial who went from $2 in his bank account to $1 million.

Don’t miss: 62% of millennials say they’re living paycheck to paycheck

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Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: kathleen elkins
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More young adults in the US are dying from heart failure, study finds

After more than a decade of declines in heart failure-related deaths in the United States, more Americans are now dying from the condition as the obesity and diabetes epidemics rage on, according to a new study by Northwestern Medicine. The increase in heart failure deaths was especially high in adults ages 35 to 64, particularly in young black men. “We’ve seen a lot of progress in the last two decades with certain medical advancements,” said Dr. Sadiya Khan, who authored the study, but “these d


After more than a decade of declines in heart failure-related deaths in the United States, more Americans are now dying from the condition as the obesity and diabetes epidemics rage on, according to a new study by Northwestern Medicine. The increase in heart failure deaths was especially high in adults ages 35 to 64, particularly in young black men. “We’ve seen a lot of progress in the last two decades with certain medical advancements,” said Dr. Sadiya Khan, who authored the study, but “these d
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Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: ashley turner
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More young adults in the US are dying from heart failure, study finds

After more than a decade of declines in heart failure-related deaths in the United States, more Americans are now dying from the condition as the obesity and diabetes epidemics rage on, according to a new study by Northwestern Medicine.

The increase in heart failure deaths was especially high in adults ages 35 to 64, particularly in young black men.

“We’ve seen a lot of progress in the last two decades with certain medical advancements,” said Dr. Sadiya Khan, who authored the study, but “these data are suggesting that we need to do more in the realm of prevention.”

Khan said this trend is expected to get worse because of the number of Americans who suffer from obesity and diabetes, which negatively impact heart health. More than 93 million American adults are obese, while 30 million live with diabetes.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: ashley turner
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Americans are flocking to these 9 southern cities where business is booming and salaries are rising

Though wages remain largely stagnant for many American workers, there are several cities around the U.S. where incomes are on the rise. Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes. It claimed nine of the top 30 spots, including the No. These cities are good alternatives for people who want to avoid notoriously expensive cities,


Though wages remain largely stagnant for many American workers, there are several cities around the U.S. where incomes are on the rise. Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes. It claimed nine of the top 30 spots, including the No. These cities are good alternatives for people who want to avoid notoriously expensive cities,
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Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: emmie martin
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Americans are flocking to these 9 southern cities where business is booming and salaries are rising

Though wages remain largely stagnant for many American workers, there are several cities around the U.S. where incomes are on the rise.

Personal finance website GOBankingRates analyzed 347 American cities with populations of 500,000 or under, looking for places experiencing a combination of economic prosperity, population growth and rising incomes. To rank the top “boomtowns,” or cities that meet these criteria, the site looked at five-year data on population, housing, GDP and per capita income from the U.S. Census Bureau’s 2017 American Community and the Bureau of Economic Analysis.

One region stood out: The American South. It claimed nine of the top 30 spots, including the No. 1 location on the list, Naples, Florida.

These cities are good alternatives for people who want to avoid notoriously expensive cities, such as New York or San Francisco, because they “offer incentives, such as a more affordable cost-of-living or a higher paycheck — or both,” GOBankingRates reports.

Below, check out nine growing cities across the southern U.S. where the economy is booming and salaries are on the rise.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: emmie martin
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Americans in major cities spend almost $1,000 on monthly bills—here’s how to pay less

American households in major cities spend an average of $984 a month on bills. But one financial coach says there are ways to pay less for some of these monthly expenses. Across the different cities, the most expensive bill that people pay on a monthly basis is an auto loan. This typically costs an average of $376 per month, followed by auto insurance payments that average $238 per month. Overall, Americans in major cities typically spend about 17% of their annual income on these nine types of b


American households in major cities spend an average of $984 a month on bills. But one financial coach says there are ways to pay less for some of these monthly expenses. Across the different cities, the most expensive bill that people pay on a monthly basis is an auto loan. This typically costs an average of $376 per month, followed by auto insurance payments that average $238 per month. Overall, Americans in major cities typically spend about 17% of their annual income on these nine types of b
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Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: megan leonhardt
Keywords: news, cnbc, companies, month, bill, billsheres, americans, major, monthly, services, 1000, sethi, pay, youre, average, phone, cities, bills, spend, provider, customer


Americans in major cities spend almost $1,000 on monthly bills—here's how to pay less

American households in major cities spend an average of $984 a month on bills. But one financial coach says there are ways to pay less for some of these monthly expenses. A new report from bill pay service doxo analyzed the nine most common recurring monthly expenses paid by residents in the 25 largest U.S. metros, excluding rent and mortgage payments. The analysis is based on data from 2.5 million users making payments to over 45,000 businesses. Across the different cities, the most expensive bill that people pay on a monthly basis is an auto loan. This typically costs an average of $376 per month, followed by auto insurance payments that average $238 per month. For those without a vehicle, the biggest expense is utilities, which costs an average of $237 a month. This includes bills such as water, sewer fees, waste and recycling services, gas, electric, heating oil and propane, says Jim Kreyenhagen, VP of marketing and consumer services at doxo.

Overall, Americans in major cities typically spend about 17% of their annual income on these nine types of bills, according to doxo. That amounts to roughly $11,800 a year. “Paying your bills is a universal problem, whether you’re a millennial or older,” Kreyenhagen tells CNBC Make It.

You can negotiate down some bills

Yet you may not need to spend so much on certain monthly bills, personal finance author Ramit Sethi says. This is especially true when it comes to cable, cell phone and internet services. “These companies want to keep you,” he tells CNBC Make It. “Work with them.” Sethi, the best-selling author of “I Will Teach You to be Rich,” says that many times, it’s cheaper for companies to keep you as a customer rather than spend to attract a new one. You can use that to your advantage to negotiate down the price of these services if you feel you’re paying too much. However, “negotiations should not be adversarial,” he says. Instead, “come prepared with the length [of time] you’ve been a customer, other offers that competitors are offering, and be prepared to walk away if you don’t get the deal you want.”

First, do your homework, Sethi says. Before calling up your internet or cable provider and demanding that they lower your bill, research the going rate for those services in your area so you have some leverage. If you find a cheaper rate, then it’s time to jump on the phone. When you call your provider, you’ll want to start by asking the customer service representative if they have any better plans or pricing they can offer you. If they don’t volunteer any, you can then say you’re thinking of switching to a different provider because your current bill is too high. At this point, Sethi says your goal is to be transferred to the “customer retention” department. This is the unit that “has the ability to retain you by giving you a bunch of free deals,” he says. You can either ask to be transferred directly or talk through your request with the customer service rep and hope they transfer you when you bring up cancelling your service or moving to another provider, Sethi says. Once you’re on the phone with someone from the customer retention department, Sethi says it’s time to share your research. Mention that you’ve found a better price with a competitor and bring up that you know it’s cheaper for the company to keep you as a customer. Both of those points should help steer the conversation in your favor. Here are some other helpful tips can help make your negotiation go as smoothly as possible, from Sethi: Always be polite and patient.

You’ll have more leverage if you’re actually willing to walk away.

Avoid asking yes or no questions because you’re more likely to get a “no” answer.

You’ll have more success if you’re a longtime customer with a good track record of paying bills on time. Even if you only get your cable company and cell phone provider to drop your bill by 20%, you’re still saving $40 a month off the average cost of these bills. “Any recurring expenses like your cell phone, cable and insurance, you should be looking for ways to get lower plans at least once a year,” Sethi writes. “That means picking up the phone and negotiating.” Don’t miss: Negotiate your rent in 4 easy steps and potentially save thousands of dollars a year Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: megan leonhardt
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Koch network slams $2 trillion infrastructure cost agreement between Trump and top Democrats

The libertarian political network funded by billionaire Charles Koch on Tuesday is not happy with the $2 trillion infrastructure price tag agreed upon by President Donald Trump, House Speaker Nancy Pelosi and Chuck Schumer, the top Democrat in the Senate. In a statement first given to CNBC, Americans for Prosperity, one of the key groups in the influential Koch network, ripped the idea of spending that much on infrastructure and instead urged leaders to focus on cutting regulations. “If Congress


The libertarian political network funded by billionaire Charles Koch on Tuesday is not happy with the $2 trillion infrastructure price tag agreed upon by President Donald Trump, House Speaker Nancy Pelosi and Chuck Schumer, the top Democrat in the Senate. In a statement first given to CNBC, Americans for Prosperity, one of the key groups in the influential Koch network, ripped the idea of spending that much on infrastructure and instead urged leaders to focus on cutting regulations. “If Congress
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Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: brian schwartz
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Koch network slams $2 trillion infrastructure cost agreement between Trump and top Democrats

The libertarian political network funded by billionaire Charles Koch on Tuesday is not happy with the $2 trillion infrastructure price tag agreed upon by President Donald Trump, House Speaker Nancy Pelosi and Chuck Schumer, the top Democrat in the Senate.

In a statement first given to CNBC, Americans for Prosperity, one of the key groups in the influential Koch network, ripped the idea of spending that much on infrastructure and instead urged leaders to focus on cutting regulations.

“If Congress wants to find money to modernize our roads and bridges, we encourage them to look to their own pockets – Americans have been filling them up for years,” Americans for Prosperity’s head of government affairs Brent Gardner said. “Instead of proposing a $2 trillion catch-all ‘infrastructure’ bill and asking hard-working Americans to fund it by paying more at the pump, Washington lawmakers should cut the red tape and stop wasting the tax dollars we give them.”


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: brian schwartz
Keywords: news, cnbc, companies, americans, washington, wants, slams, trump, wasting, instead, cost, agreement, urged, democrats, infrastructure, network, trillion, koch


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More Americans are likely to oppose Trump in the 2020 elections because of his handling of health care, poll says

While 23% of those polled said Trump’s stance on health care would compel them to vote for his reelection, 40% said they likely will not support him next year because of it. Of the remaining voters, 33% said health care is not a factor in who they’ll vote for, while 5% said they had no opinion on Trump’s handling of health care. More Americans say they are likely to oppose rather than support President Donald Trump in the 2020 presidential elections because of his handling of health care, accord


While 23% of those polled said Trump’s stance on health care would compel them to vote for his reelection, 40% said they likely will not support him next year because of it. Of the remaining voters, 33% said health care is not a factor in who they’ll vote for, while 5% said they had no opinion on Trump’s handling of health care. More Americans say they are likely to oppose rather than support President Donald Trump in the 2020 presidential elections because of his handling of health care, accord
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Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: ashley turner
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More Americans are likely to oppose Trump in the 2020 elections because of his handling of health care, poll says

US President Donald Trump arrives to board Air Force One at Joint Base Andrews in Maryland on April 26, 2019.

It’s not surprising that health care has become a top priority for voters, because the last few years have been “tumultuous” for the health-care system, said Rachel Nuzum, vice president for the Federal and State Health Policy initiative at The Commonwealth Fund.

While 23% of those polled said Trump’s stance on health care would compel them to vote for his reelection, 40% said they likely will not support him next year because of it. Of the remaining voters, 33% said health care is not a factor in who they’ll vote for, while 5% said they had no opinion on Trump’s handling of health care.

More Americans say they are likely to oppose rather than support President Donald Trump in the 2020 presidential elections because of his handling of health care, according to a new ABC/Washington Post poll .

“Americans need certainty when it comes to their health care,” Nuzum said. And Trump’s call to upend the health-care system “creates a lot of uncertainty,” she added.

Trump and congressional Republicans have vowed to repeal the Affordable Care Act, or Obamacare, pledging to deliver on one of Trump’s main campaign promises. Despite Trump’s assertion that Republicans will become “The Party of Healthcare,” Republicans don’t have another health-care plan in place and are waiting until the GOP regains control of the House of Representatives to unveil a replacement proposal. Republicans currently hold control of the Senate but lost the majority of the House in the 2018 midterm elections.

Lawmakers on both sides of the aisle widely believe the Republican-led Senate’s attempt to repeal Obamacare in 2017 led to the Democrats’ House victory.

Trump’s effort to repeal Obamacare without a better proposal in place is a “very risky political proposition,” according to John Hudak, a senior fellow and deputy director at the Brookings Institution’s Center for Effective Public Management.

Hudak said Obamacare’s individual provisions — such as Medicaid expansion, protecting preexisting conditions and allowing children to stay on their parents’ insurance plans until they are 26 years old — are “wildly popular” with voters.

“These are all issues that are not just more popular than the president, they’re more popular than a lot of other issues in America,” Hudak said.

But Obamacare is in jeopardy once again, after the Trump administration supported a lawsuit questioning the health-care law’s constitutionality.

In December, U.S. District Judge Reed O’Connor of Texas said that without a rule that requires Americans to have health insurance or face a tax penalty, Obamacare cannot stand. The Trump administration reduced the tax penalty — called the individual mandate — to $0 in the 2017 Tax Cuts and Jobs Act.

Now O’Connor’s ruling, which is backed by the Justice Department, awaits deliberation in the U.S. Court of Appeals for the 5th Circuit, though experts and even some top Republicans have said it’s unlikely the law will be overturned.

Though some believe Obamacare is safe from a negative ruling from the Supreme Court, Hudak said Trump’s attacks on Obamacare, which has become popular with many citizens despite failing to reduce health-care costs, can hurt his relationship with swing voters.

“Threatening to take away tens of millions of people’s health care is not a great recipe for growing his political coalition,” Hudak said.


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: ashley turner
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Only 28% of Americans plan to max out their vacation days this year

More than one in 10 Americans say they plan to take a quarter or less of their vacation days this year, but experts say that’s not enough time away. Among Americans who are currently employed, 13% say they plan to take a quarter of their vacation days or fewer this year. For example, If you’re earning $40,000 or more a year, those vacation days are usually worth thousands of dollars, Scott Dobroski, community expert at Glassdoor, tells CNBC Make It. And even if they get out of the office, many A


More than one in 10 Americans say they plan to take a quarter or less of their vacation days this year, but experts say that’s not enough time away. Among Americans who are currently employed, 13% say they plan to take a quarter of their vacation days or fewer this year. For example, If you’re earning $40,000 or more a year, those vacation days are usually worth thousands of dollars, Scott Dobroski, community expert at Glassdoor, tells CNBC Make It. And even if they get out of the office, many A
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Company: cnbc, Activity: cnbc, Date: 2019-04-26  Authors: megan leonhardt
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Only 28% of Americans plan to max out their vacation days this year

More than one in 10 Americans say they plan to take a quarter or less of their vacation days this year, but experts say that’s not enough time away.

Even Americans who get paid time off from their jobs generally don’t take all of it. But experts say that if you aren’t taking advantage of your time off, you may be leaving money on the table and even putting your health at risk. Among Americans who are currently employed, 13% say they plan to take a quarter of their vacation days or fewer this year. That’s according to recent poll of nearly 2,600 U.S. adults conducted by Bankrate, which also finds that 4% of Americans aren’t planning to take any vacation time at all, even though their employers offer it. “That’s too much time to be leaving on the table,” Ted Rossman, a credit card analyst for Bankrate, tells CNBC Make It. The average American only took about 54% of their available time off in the previous 12 months, Glassdoor found in 2018.

Time off is a valuable perk

For many American workers, vacation time is paid time off, so if you don’t use it, you may be losing out on more than just a day away from the office. For example, If you’re earning $40,000 or more a year, those vacation days are usually worth thousands of dollars, Scott Dobroski, community expert at Glassdoor, tells CNBC Make It. In total, Americans gave up 212 million days off in 2017, according to Project: Time Off. That amounts to $62.2 billion in “lost benefits,” according to the organization.

And even if they get out of the office, many Americans don’t fully leave work behind. Glassdoor found that 29% of employees who took time off say a co-worker contacted them about a job-related matter while they were on vacation. “Technology has enabled us to be on and available to work 24/7,” Dobroski says. “You’re one finger swipe away from your email inbox while you’re sitting on the beach in Hawaii.”

Vacations can be good for you

Taking a real break is an important habit. Research shows time off may be good for your health and even boost your productivity at work in the long run. “There’s creative, innovative, collaborative benefits when you can actually unplug and rest your mind and get away from work for a week or two,” Dobroski says. Not to mention real health benefits. Medical research has found that working long hours could increase the risk of heart disease and an increase risk of stroke. Other studies show that overwork can lead to sleep deprivation, with has been linked to several medical conditions, including diabetes. Whereas taking time to recharge, even if it’s just a short vacation, can lead to measurable improvements.

Taking a vacation can be good for your career, too. A German professor of organizational psychology found that vacations can help alleviate burnout, while also making workers more resilient and able to cope with stress. “We know that when people can rest, relax and recharge, there’s a ripple effect of benefits in terms of productivity, creativity and collaboration when they return to work,” Dobroski says. “Employees are not really realizing that they could perform better and refreshed if they take time off.” Making sure that employees are taking adequate time to recharge is also on the shoulders of employers. “It’s a two way street,” Dobroski says. About a quarter of respondents say they don’t get any paid vacation, Bankrate found.

A vacation doesn’t have to be a major added expense

You don’t have to spend a bundle to take a great summer vacation. Among those surveyed by Bankrate, the median amount of a planned vacation is about $1,000. And you could spend even less than that if you opt for a staycation. “Vacationing doesn’t have to be expensive,” Rossman says. “Take a staycation or spend some time with family and friends — just relax.” If you do want to get away, start putting more money away now. Experts say automating your savings is a great way to go. Or you could consider maximizing your current spending by opening a credit card, Rossman says. “There’s still time to turn a sign-up bonus and ongoing spending rewards into a free or discounted trip.” Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: Over 1 in 4 Americans are skipping a summer vacation this year—here’s why


Company: cnbc, Activity: cnbc, Date: 2019-04-26  Authors: megan leonhardt
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Over 1 in 4 Americans are skipping a summer vacation this year—here’s why

Summer vacation season is almost here and most Americans will be taking advantage of the good weather to plan a trip or kick back. Not all, though: Over one in four Americans have already decided to forgo a summer vacation this year, and another 22% remain undecided, according to a new survey by Bankrate of almost 2,600 adults. “A month out from Memorial Day and it looks like lot of people are planning trips, but unfortunately not everyone,” Ted Rossman, a credit card analyst for Bankrate, tells


Summer vacation season is almost here and most Americans will be taking advantage of the good weather to plan a trip or kick back. Not all, though: Over one in four Americans have already decided to forgo a summer vacation this year, and another 22% remain undecided, according to a new survey by Bankrate of almost 2,600 adults. “A month out from Memorial Day and it looks like lot of people are planning trips, but unfortunately not everyone,” Ted Rossman, a credit card analyst for Bankrate, tells
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Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: megan leonhardt, kitiya srimaratn, -ted rossman, industry expert for bankrate
Keywords: news, cnbc, companies, vacation, bankrate, yearheres, summer, unfortunately, skipping, taking, undecided, trip, americans, weather, reason


Over 1 in 4 Americans are skipping a summer vacation this year—here's why

Summer vacation season is almost here and most Americans will be taking advantage of the good weather to plan a trip or kick back.

Not all, though: Over one in four Americans have already decided to forgo a summer vacation this year, and another 22% remain undecided, according to a new survey by Bankrate of almost 2,600 adults.

“A month out from Memorial Day and it looks like lot of people are planning trips, but unfortunately not everyone,” Ted Rossman, a credit card analyst for Bankrate, tells CNBC Make It.

The biggest reason some are opting to skip a trip this year? They can’t afford it: A full 60% of respondents who say they’re not taking a summer vacation point to that as the reason why.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: megan leonhardt, kitiya srimaratn, -ted rossman, industry expert for bankrate
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How Elizabeth Warren student loan relief plan affects the rich

But the Massachusetts Democrat’s proposal would erase student debt for more than 80% of the loan holders in each of the four lower-income groups assessed in the study. Warren announced her student debt relief plan on Monday, adding to a list of proposals she has put forward to dramatically reshape the U.S. economy. Conservatives have criticized the potential cost of Warren’s student debt proposal and whether it would be an effective use of money. People making $22,000 or less would see 14% of th


But the Massachusetts Democrat’s proposal would erase student debt for more than 80% of the loan holders in each of the four lower-income groups assessed in the study. Warren announced her student debt relief plan on Monday, adding to a list of proposals she has put forward to dramatically reshape the U.S. economy. Conservatives have criticized the potential cost of Warren’s student debt proposal and whether it would be an effective use of money. People making $22,000 or less would see 14% of th
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Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: jacob pramuk, john w schoen, scott dalton, bloomberg, getty images
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How Elizabeth Warren student loan relief plan affects the rich

A new study analyzing 2020 Democratic presidential candidate Warren’s plan — which forgives up to $50,000 in debt and scales back relief for higher-income Americans — may in part reduce concerns about a windfall for the wealthiest Americans. The top U.S. income group analyzed, those making more than $110,000, gets plenty of help from the senator’s measure: it would cancel an average of about $19,000 in debt for those borrowers, and 53% of them would get their loans fully forgiven, according to an Urban Institute study released Thursday.

But the Massachusetts Democrat’s proposal would erase student debt for more than 80% of the loan holders in each of the four lower-income groups assessed in the study. They would all see higher average forgiveness than the top earners.

Phasing out benefits for higher-income student debt holders “is successful at reducing” the benefits for top earners relative to lower-income borrowers, said Matthew Chingos, vice president for education data and policy at the Urban Institute. Chingos previously told CNBC that it may be difficult for Democrats to argue against Republican tax cuts that benefit the wealthiest Americans most if they also back a widespread debt relief plan that boosts high-income Americans.

Still, in raw dollars, the most relief under Warren’s plan would go to student loan holders making between $65,000 and $109,000 — largely because more people in that group take on debt to get through college and borrow more when they do so. Chingos said, “There is still this concentration of benefit in the middle- or upper-middle-income groups.”

Warren announced her student debt relief plan on Monday, adding to a list of proposals she has put forward to dramatically reshape the U.S. economy. The senator, who has long called for policies to hold large corporations and the wealthiest Americans in check, has aimed to cast herself as one of the more populist voices in the Democratic primary.

Conservatives have criticized the potential cost of Warren’s student debt proposal and whether it would be an effective use of money. Lindsey Burke at The Heritage Foundation contended that it would carry an “exorbitant cost to taxpayers” and “fail to achieve the goal of greater equality in access to education.”

Warren’s debt measure would forgive up to $50,000 in loans for people with incomes under $100,000. As incomes get higher, borrowers would get less relief. At the $250,000 level — or top 5% of earners — forgiveness would cut off completely.

Her campaign calls the student loan measure a progressive way to boost the economy and consumer spending, in large part because a tax on the wealthiest American families would fund the debt relief.

“This is a highly progressive proposal — we’re taxing the fortunes of people with over $50 million in wealth to provide student loan debt cancellation to 42 million lower-income and middle-class Americans,” a Warren aide said. The senator’s campaign also pointed to analysis that showed the proposal would help to close the racial wealth gap.

Debt relief for black borrowers would account for 25% of total dollars forgiven, while only 16% of overall U.S. households are black, according to the Urban Institute study. White loan holders would see about 59% of the relief, while white households make up 68% of the total in the U.S., according to the study.

The effect would be less pronounced for Hispanic borrowers. They would see about 10% of the total forgiven dollars and account for 11% of households.

Overall, people in the $65,000 to $109,000 income range would enjoy about 28% of the overall forgiveness, followed by those making between $40,000 and $65,000, who would get about a quarter of the debt relief. People making $22,000 or less would see 14% of the loan relief — in part because they have lower average debt than higher-income groups.

The Urban Institute study estimates Warren’s proposal would cost $955 billion. The political left’s assessment of the plan could come down in part to whether voters think loan relief is the best use of $1 trillion, Chingos said.

He noted that Democratic primary voters could decide they would rather see a down payment on “Medicare for All,” for example, with the same money.

Warren has already proposed to use revenue raised by the wealth tax to fund universal child care, another plan that she says will boost the U.S. economy.

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Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: jacob pramuk, john w schoen, scott dalton, bloomberg, getty images
Keywords: news, cnbc, companies, debt, elizabeth, rich, wealthiest, student, affects, warren, proposal, plan, relief, americans, study, borrowers, loan


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Americans’ financial happiness hits new high, long-running index shows

Against a backdrop of plentiful jobs and an early-year surge in the stock market, Americans’ financial happiness has hit a new high. The American Institute of CPA’s quarterly Personal Financial Satisfaction Index, released Thursday, is up 11% from the previous reading and 27% higher than a year ago. “People are feeling more comfortable with their finances,” said Michael Landsberg, a CPA and member of the AICPA’s executive committee. “They’re confident in their jobs, they have more money to meet


Against a backdrop of plentiful jobs and an early-year surge in the stock market, Americans’ financial happiness has hit a new high. The American Institute of CPA’s quarterly Personal Financial Satisfaction Index, released Thursday, is up 11% from the previous reading and 27% higher than a year ago. “People are feeling more comfortable with their finances,” said Michael Landsberg, a CPA and member of the AICPA’s executive committee. “They’re confident in their jobs, they have more money to meet
Americans’ financial happiness hits new high, long-running index shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: sarah obrien, peopleimagescom, getty images, -michael landsberg, aicpa executive committee
Keywords: news, cnbc, companies, jobs, index, longrunning, high, shows, hits, happiness, stock, released, quarterly, financial, realize, theyre, reading, americans, satisfaction, surge


Americans' financial happiness hits new high, long-running index shows

Against a backdrop of plentiful jobs and an early-year surge in the stock market, Americans’ financial happiness has hit a new high.

The American Institute of CPA’s quarterly Personal Financial Satisfaction Index, released Thursday, is up 11% from the previous reading and 27% higher than a year ago.

“People are feeling more comfortable with their finances,” said Michael Landsberg, a CPA and member of the AICPA’s executive committee. “They’re confident in their jobs, they have more money to meet their obligations, and they realize the economy is still chugging along.”


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: sarah obrien, peopleimagescom, getty images, -michael landsberg, aicpa executive committee
Keywords: news, cnbc, companies, jobs, index, longrunning, high, shows, hits, happiness, stock, released, quarterly, financial, realize, theyre, reading, americans, satisfaction, surge


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