Judge rules against Trump in lawsuit to block Democrats’ subpoena for financial records

A federal judge ruled against President Donald Trump on Monday in a lawsuit to block a subpoena from House Democrats for information about his finances. Trump, speaking outside the White House shortly after the ruling came down, called the decision “crazy” and vowed to appeal it. “As far as the financials are concerned,” Trump said, “It’s totally the wrong decision [by an] Obama-appointed judge.” Trump’s lawyers sued in Washington, D.C., federal court to block that subpoena, writing that Democra


A federal judge ruled against President Donald Trump on Monday in a lawsuit to block a subpoena from House Democrats for information about his finances. Trump, speaking outside the White House shortly after the ruling came down, called the decision “crazy” and vowed to appeal it. “As far as the financials are concerned,” Trump said, “It’s totally the wrong decision [by an] Obama-appointed judge.” Trump’s lawyers sued in Washington, D.C., federal court to block that subpoena, writing that Democra
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Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: kevin breuninger jacob pramuk, kevin breuninger, jacob pramuk
Keywords: news, cnbc, companies, congress, legislative, block, house, president, lawyers, democrats, subpoena, lawsuit, trump, judge, financial, trumps, court, rules, records, mehta


Judge rules against Trump in lawsuit to block Democrats' subpoena for financial records

A federal judge ruled against President Donald Trump on Monday in a lawsuit to block a subpoena from House Democrats for information about his finances. U.S. District Court Judge Amit Mehta strongly endorsed Congress’ broad authority to investigate the president, striking a blow to arguments made by Trump’s legal team. Trump, speaking outside the White House shortly after the ruling came down, called the decision “crazy” and vowed to appeal it. “As far as the financials are concerned,” Trump said, “It’s totally the wrong decision [by an] Obama-appointed judge.” Mehta wrote in a 41-page memorandum opinion that while “there are limits on Congress’s investigative authority … those limits do not substantially constrain Congress.” The House Oversight and Government Reform Committee subpoenaed accounting firm Mazars in April, requesting financial documents and related materials from Trump, his trust and a handful of his businesses. Trump’s lawyers sued in Washington, D.C., federal court to block that subpoena, writing that Democrats had “declared all-out political war” against Trump.

While Trump’s lawyers had argued that the committee’s subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a more liberal view. “So long as Congress investigates on a subject matter on which ‘legislation could be had,'” then Congress is acting within the bounds of the U.S. Constitution, the judge wrote. “President Trump cannot block the subpoena to Mazars.” The Democrat-led committee argued that the requested financial documents will help it strengthen ethics and disclosure laws and their penalties, as well as assisting in making sure that the president does not violate the emoluments clause of the Constitution. “These are facially valid legislative purposes, and it is not for the court to question whether the Committee’s actions are truly motivated by political considerations,” Mehta wrote. In a hearing in May, the president’s lawyers argued that the Democrats’ actions fell far afield of Congress’ legitimate oversight functions as a legislative body. But Mehta questioned that argument, suggesting in the hearing that many historic congressional investigations — including the Watergate probe — might be considered invalid by the standard Trump’s lawyers were asserting. House Oversight Chairman Elijah Cummings, D-Md., praised the decision as a “resounding victory for the rule of law” in a statement Monday evening. “The court recognized the basic, but crucial fact that Congress has authority to conduct investigations as part of our core function under the Constitution,” Cummings said. “The court rejected President Trump’s repeated claim that congressional investigations serve no ‘legislative function’ — a baseless argument made in response to multiple investigations by the House of Representatives.” Democrats in Congress have issued requests to Trump and dozens of other figures in his orbit for records on a variety of subjects, including the president’s finances, his 2016 campaign and his inauguration committee. Some of their areas of inquiry also stem from the findings made public in special counsel Robert Mueller’s report on Russian election meddling, possible obstruction of justice and possible conspiracy between the Trump campaign and the Kremlin. Some of those requests have led to subpoenas — all of which Trump has vowed to fight.


Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: kevin breuninger jacob pramuk, kevin breuninger, jacob pramuk
Keywords: news, cnbc, companies, congress, legislative, block, house, president, lawyers, democrats, subpoena, lawsuit, trump, judge, financial, trumps, court, rules, records, mehta


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A third of middle-class adults can’t afford to pay for a $400 emergency

“The majority of middle-income households thus do not have sufficient liquid savings to weather a typical material financial disruption,” like a temporary job loss or illness, said Brainard. Only around 25% of middle-class households have enough savings to cover six months of expenses, the amount that financial advisers typically advise people to keep on hand in case of emergency. Financial security, Brainard said, is an important marker of middle-class living. “In contrast, the wealth of middle


“The majority of middle-income households thus do not have sufficient liquid savings to weather a typical material financial disruption,” like a temporary job loss or illness, said Brainard. Only around 25% of middle-class households have enough savings to cover six months of expenses, the amount that financial advisers typically advise people to keep on hand in case of emergency. Financial security, Brainard said, is an important marker of middle-class living. “In contrast, the wealth of middle
A third of middle-class adults can’t afford to pay for a $400 emergency Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: alicia adamczyk
Keywords: news, cnbc, companies, cant, 400, pay, middleincome, wealth, financial, brainard, families, adults, middle, income, middleclass, afford, households, emergency, savings


A third of middle-class adults can't afford to pay for a $400 emergency

One-third of middle-income adults don’t have enough savings to cover an unexpected $400 expense without selling something or borrowing money, Fed Governor Lael Brainard said at a conference in Washington D.C. earlier this month. Brainard spoke about the results of the central bank’s 2018 Survey of Consumer Finances, which found that “even modest unexpected expenses” could upend the finances of lots of families considered middle-class, defined here as those earning between $40,000 and $85,000 in 2018. “The majority of middle-income households thus do not have sufficient liquid savings to weather a typical material financial disruption,” like a temporary job loss or illness, said Brainard. Only around 25% of middle-class households have enough savings to cover six months of expenses, the amount that financial advisers typically advise people to keep on hand in case of emergency.

Financial security, Brainard said, is an important marker of middle-class living. That so many households are having trouble saving for even minor crises is bad news for the economy. “Having a strong middle class implies that families with average incomes have the purchasing power to consume and the savings to invest,” said Brainard. “So a strong middle class is often seen as a cornerstone of a vibrant economy and, beyond that, a resilient democracy.” For now, experts generally think that being middle-income is interchangeable with being middle-class, but Brainard notes that soon that might no longer be true: The rising costs of housing, health care and education “may be making it more difficult for middle-income families to achieve middle-class financial security.”

The middle class hasn’t recovered from the Great Recession

The Fed’s report also highlights the growing income disparity between the richest Americans and everyone else. The top 10% of households by income in the country are now 13 times wealthier than those in the middle-income group, on average, the report finds. In 1989, the top 10% was only seven times wealthier. “The wealth of the top 10% of households is 19% higher than before the recession, even after factoring in the decline in stock prices at the end of last year,” said Brainard. “In contrast, the wealth of middle-income families still has not returned to its pre-crisis level, and lower-income families have a wealth shortfall of 16%.”

The wealth of middle-income families still has not returned to its pre-crisis level. Lael Brainard Fed Governor

How to build up your emergency savings

How much you have stashed away will depend on a variety of factors, including income, where you live, debt obligations and more. But if you have no savings, experts at Americasaves.org recommend you start by aiming to put away $500. Reaching that goal can then inspire you to save more. Jeremy Straub, CEO of Coastal Wealth, told CNBC that people should try to save at least 5% to 10% of their paychecks until they reach the three-to-six months of expenses typically advised by financial experts. Set up an automatic transfer to your savings account to make the process easy.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: alicia adamczyk
Keywords: news, cnbc, companies, cant, 400, pay, middleincome, wealth, financial, brainard, families, adults, middle, income, middleclass, afford, households, emergency, savings


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SoFi CEO reveals what he learned about millennial stock investing habits

Early investors tend to buy stocks that are less than $10, SoFi CEO Anthony Noto said Thursday. “They want to put a small amount of money sort of buying things that don’t cost a lot of dollars.” The millennial generation, made up of people born roughly between the early 1980s and late 1990s, includes many of the early investors. “That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right,” he said. SoFi is a financi


Early investors tend to buy stocks that are less than $10, SoFi CEO Anthony Noto said Thursday. “They want to put a small amount of money sort of buying things that don’t cost a lot of dollars.” The millennial generation, made up of people born roughly between the early 1980s and late 1990s, includes many of the early investors. “That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right,” he said. SoFi is a financi
SoFi CEO reveals what he learned about millennial stock investing habits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tyler clifford
Keywords: news, cnbc, companies, reveals, things, money, theyre, early, sofi, investing, great, habits, stock, learned, noto, ceo, dont, millennial, financial


SoFi CEO reveals what he learned about millennial stock investing habits

Early investors tend to buy stocks that are less than $10, SoFi CEO Anthony Noto said Thursday.

They’re buying up recognizable names such as Ford Motor and General Electric, two centenarian corporations that are trading on the market for just above $10 per share.

“It’s a representation that they don’t want to put a lot of money at risk,” Noto said in an interview with “Mad Money’s” Jim Cramer. “They want to put a small amount of money sort of buying things that don’t cost a lot of dollars.”

The millennial generation, made up of people born roughly between the early 1980s and late 1990s, includes many of the early investors. They’re also likely to pick up on some of the hottest IPOs that they’re using, such as Uber and Lyft, he added.

“They’re focused on investing in things that they’re contributing to and things that they know, like these gig economy companies, but they’re also investing in things that they basically don’t use but are at a price point that allows them to get into the market and learn,” Noto said. “So we launched two ETFs that give them broad-based diversification.”

SoFi in recent months rolled out a suite of their own exchange-traded funds, which is a basket of underlying assets that trade throughout a session. Those include the SoFi Gig Economy ETF, tracking stocks of gig-oriented companies, on the Nasdaq Composite and the SoFi 50 ETF, tracking 50 of the top 1,000 high-growth U.S. companies, on the New York Stock Exchange.

Prior to those launches, SoFi also released an investing platform free of fees and commissions. SoFi Invest also carries all four of the financial technology firm’s ETFs. The mobile application uses artificial intelligence and machine learning, and also offers users financial education.

“You can get that diversification at a low allocation of money. It was an interesting learning,” Noto said. “It’s an imperative you invest in your twenties. If you miss those 10 years, that decade, you really have to catch up later on.”

To have a diversified portfolio, Cramer advises not to have more than 20% of your holdings in any one sector.

SoFi, the online lender that ranks No. 26 on this year’s CNBC Disruptor 50 list, launched in 2011 to refinance student loans.

More from CNBC Disruptor 50:

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Inside Impossible Foods’ mission to create the burger of the future

Why the next Uber may come from trucking

Since then the company has added more services that a traditional bank would have, including checking accounts, mortgages and renter’s insurance. As the ride-sharing apps did to ride-hailing services, it’s a technology that’s changing how customers engage in banking.

In the last 15 months, SoFi has made “great progress” and recorded its first “trifecta” in its last quarter, Noto said. The company grew revenue, loan volume and profitability, he said.

“That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right,” he said. “We’ve meaningfully changed the core business of the company.”

As for when the company may enter public markets itself, “we’re focused on building great products first and someday that may come,” Noto said.

SoFi is a financial institution based in San Francisco with $1.9 billion in funding and a $4.4 billion valuation, according to PitchBook.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tyler clifford
Keywords: news, cnbc, companies, reveals, things, money, theyre, early, sofi, investing, great, habits, stock, learned, noto, ceo, dont, millennial, financial


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Do this once a year to ratchet up your financial security

One Wall Street winner—Jamie Dimon, CEO of JP Morgan Chase — emerged from the financial crisis whole. Some of the bank’s investors more than tripled their money in the wake of the financial crisis. Do your own financial stress test by creating a financial plan — that’s the foundation of your review. A financial plan doesn’t have to be complicated. Then, like the banks do, test different parts of your financial life to see how they’d perform in bad weather.


One Wall Street winner—Jamie Dimon, CEO of JP Morgan Chase — emerged from the financial crisis whole. Some of the bank’s investors more than tripled their money in the wake of the financial crisis. Do your own financial stress test by creating a financial plan — that’s the foundation of your review. A financial plan doesn’t have to be complicated. Then, like the banks do, test different parts of your financial life to see how they’d perform in bad weather.
Do this once a year to ratchet up your financial security Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: jill cornfield
Keywords: news, cnbc, companies, stress, test, theyd, thats, security, ratchet, insurance, financial, review, things, plan, dont


Do this once a year to ratchet up your financial security

On the face of it, comparing yourself to a large financial institution seems crazy. What could you possibly have in common?

You both have assets.

The only real difference is that many more people depend on a big bank than on you.

One Wall Street winner—Jamie Dimon, CEO of JP Morgan Chase — emerged from the financial crisis whole. Some of the bank’s investors more than tripled their money in the wake of the financial crisis. Dimon’s strategy: preparing for the worst, not simply hoping things will turn out OK. The bank performs dozens of regular stress tests on a range of scenarios, including wars and recessions.

When you think about it, you already do that. What if you got sick? That’s why you have health insurance. What if something happened to your car? That’s why you have theft and liability insurance for your car.

Do your own financial stress test by creating a financial plan — that’s the foundation of your review. So if you don’t have one, put that on your to-do list. Don’t be intimidated. A financial plan doesn’t have to be complicated.

Then, like the banks do, test different parts of your financial life to see how they’d perform in bad weather.

Annually check these four key things recommended by Andrew Crowell, vice chairman of D.A. Davidson & Co. Wealth Management.

You want to review regularly to identify any vulnerable points. Crowell recommends testing your portfolio and general finances, and how they’d react if interest rates rise, the stock market drops or you needed to meet a sudden expense. He uses the acronym “MAID” to remember them easily: markets, accidents, income disruption and death.


Company: cnbc, Activity: cnbc, Date: 2019-05-13  Authors: jill cornfield
Keywords: news, cnbc, companies, stress, test, theyd, thats, security, ratchet, insurance, financial, review, things, plan, dont


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Trump: China ‘broke the deal’ in trade talks

U.S. President Donald Trump said Wednesday that China “broke the deal” in the ongoing U.S.-China trade talks. They broke the deal,” Trump said. “So they’re flying in, the vice premier tomorrow is flying in — good man — but they broke the deal. The president said trade talks with China had been moving “too slowly” as Beijing tried to re-negotiate. Trump added that the United States “won’t back down until China stops cheating our workers and stealing our jobs.”


U.S. President Donald Trump said Wednesday that China “broke the deal” in the ongoing U.S.-China trade talks. They broke the deal,” Trump said. “So they’re flying in, the vice premier tomorrow is flying in — good man — but they broke the deal. The president said trade talks with China had been moving “too slowly” as Beijing tried to re-negotiate. Trump added that the United States “won’t back down until China stops cheating our workers and stealing our jobs.”
Trump: China ‘broke the deal’ in trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: everett rosenfeld
Keywords: news, cnbc, companies, talks, broke, tariffs, trade, chinese, china, president, financial, sure, deal, trump


Trump: China 'broke the deal' in trade talks

U.S. President Donald Trump said Wednesday that China “broke the deal” in the ongoing U.S.-China trade talks.

Speaking at a rally in Florida, the president attributed his recent threat of increased tariffs to Beijing’s negotiating position.

“By the way, you see the tariffs we’re doing? Because they broke the deal. They broke the deal,” Trump said. “So they’re flying in, the vice premier tomorrow is flying in — good man — but they broke the deal. They can’t do that, so they’ll be paying.”

Over the weekend, Trump surprised markets by threatening in a Twitter post that he would significantly raise American levies on Chinese goods — with a first increase this coming Friday, and another “shortly.”

The president said trade talks with China had been moving “too slowly” as Beijing tried to re-negotiate. That came as a shock to many observers since recent reports had indicated the world’s two largest economies could be set to sign an agreement as early as this week.

Trump added that the United States “won’t back down until China stops cheating our workers and stealing our jobs.”

“That’s what’s going to happen. Otherwise, we don’t have to do business with them,” he said. “We can make the product right here if we have to — like we used to.”

Chris Rupkey, managing director and chief financial economist at global financial group MUFG, wrote in a note responding to Trump’s Wednesday evening speech that markets may continue to be roiled by that sort of rhetoric: “We are not sure who the president is addressing tonight in a campaign rally, but he is sure scaring the daylights out of the financial markets.”

China, for its part, said earlier Wednesday that Beijing will retaliate if U.S. tariffs on $200 billion of Chinese goods are hiked to 25% from 10% as Trump had threatened.

“The escalation of trade friction is not in the interests of the people of the two countries and the people of the world,” the ministry said. “The Chinese side deeply regrets that if the US tariff measures are implemented, China will have to take necessary countermeasures.”


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: everett rosenfeld
Keywords: news, cnbc, companies, talks, broke, tariffs, trade, chinese, china, president, financial, sure, deal, trump


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One year after Malaysia’s shock election, here’s how Mahathir’s government is doing

The historic election win surprised even the victors themselves. That surprise election outcome rocked financial markets, with investors selling down Malaysian stocks, bonds and currency in the immediate aftermath. But within the country, many were optimistic about the future under the rule of the opposition alliance Pakatan Harapan — the Malay language term for “alliance of hope.” “When Pakatan won the election, there were a lot of elevated expectations,” said Harrison Cheng, associate director


The historic election win surprised even the victors themselves. That surprise election outcome rocked financial markets, with investors selling down Malaysian stocks, bonds and currency in the immediate aftermath. But within the country, many were optimistic about the future under the rule of the opposition alliance Pakatan Harapan — the Malay language term for “alliance of hope.” “When Pakatan won the election, there were a lot of elevated expectations,” said Harrison Cheng, associate director
One year after Malaysia’s shock election, here’s how Mahathir’s government is doing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: yen nee lee, lai seng sin, ulet ifansasti l getty images, -azmil tayeb, lecturer at universiti sains malaysia
Keywords: news, cnbc, companies, mahathirs, shock, pakatan, doing, missing, election, country, financial, world, alliance, won, malaysias, opposition, billions, heres


One year after Malaysia's shock election, here's how Mahathir's government is doing

One year ago, Malaysians stunned the world when they toppled the political coalition that had governed the country for more than 60 years, and voted the opposition into power. The historic election win surprised even the victors themselves.

That surprise election outcome rocked financial markets, with investors selling down Malaysian stocks, bonds and currency in the immediate aftermath. But within the country, many were optimistic about the future under the rule of the opposition alliance Pakatan Harapan — the Malay language term for “alliance of hope.”

“When Pakatan won the election, there were a lot of elevated expectations,” said Harrison Cheng, associate director and lead analyst for Malaysia at risk consultancy Control Risks.

The Southeast Asian country had made international headlines for a financial scandal involving former Prime Minister Najib Razak, Hollywood, Wall Street banking giant Goldman Sachs and billions of dollars missing from state fund 1MDB. Questions around the missing billions contributed to Najib’s defeat in the vote, with the former leader still facing charges now over money-laundering and corruption.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: yen nee lee, lai seng sin, ulet ifansasti l getty images, -azmil tayeb, lecturer at universiti sains malaysia
Keywords: news, cnbc, companies, mahathirs, shock, pakatan, doing, missing, election, country, financial, world, alliance, won, malaysias, opposition, billions, heres


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Budgets are ‘pointless,’ one financial coach says—here’s what to do with your money instead

Why budgets don’t typically workMost people wouldn’t know where to start if they were told to stop spending and start saving, Sethi says. “[Budgets] make us feel bad about ourselves, they don’t provide any forward-looking information — they’re just pointless,” Sethi says. Ramit Sethi bestselling author of “I Will Teach You to be Rich””It’s time to stop wondering where all your money goes each month,” Sethi writes. Stop feeling bad that you can’t keep a budget, Sethi says. Instead I want you to f


Why budgets don’t typically workMost people wouldn’t know where to start if they were told to stop spending and start saving, Sethi says. “[Budgets] make us feel bad about ourselves, they don’t provide any forward-looking information — they’re just pointless,” Sethi says. Ramit Sethi bestselling author of “I Will Teach You to be Rich””It’s time to stop wondering where all your money goes each month,” Sethi writes. Stop feeling bad that you can’t keep a budget, Sethi says. Instead I want you to f
Budgets are ‘pointless,’ one financial coach says—here’s what to do with your money instead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: megan leonhardt
Keywords: news, cnbc, companies, month, coach, look, budgets, budget, spending, savings, saysheres, pointless, stop, sethi, feel, financial, dont, instead, money


Budgets are 'pointless,' one financial coach says—here's what to do with your money instead

Want to save more money? The go-to solution, according to many financial experts, is to create a budget and cut down on your expenses. But personal finance coach Ramit Sethi says budgets don’t work for most people. “‘Create a budget!’ is the sort of worthless advice that personal finance pundits feel good about prescribing, yet when real people read about making a budget, their eyes glaze over,” Sethi writes in the updated version of his book, “I Will Teach You to be Rich.”

Why budgets don’t typically work

Most people wouldn’t know where to start if they were told to stop spending and start saving, Sethi says. It can be difficult to track every single daily purchase you make, and even if you’re successful, a budget may not stop you from spending. That’s because a budget tracks what you’ve already spent, he says. “You look back at the end of the month, you feel horrible, you feel guilty, you realize you overspent,” Sethi adds. “[Budgets] make us feel bad about ourselves, they don’t provide any forward-looking information — they’re just pointless,” Sethi says. Sethi isn’t alone in his frustration. Chris Reining, who quit his IT job at age 37 with more than $1 million in savings, told CNBC Make It the same thing last year. “Budgets don’t work,” Reining writes on his blog. “I don’t believe in them mostly because people can’t stick to them.” He compared budgeting to a bad diet. “How many people do you know that are always going on new diets, trying this and that, and never succeeding?”

Here’s what to do instead

Instead of using a budget, which asks you to look back on your spending and make changes, Sethi recommends a strategy that forces you to look to the future. He calls it “conscious spending.” More from Invest in You:

‘Shark Tank’ star Robert Herjavec’s first big splurge cost $6 million — and it wasn’t a house

Tennis Star Maria Sharapova opens up about money, including how she refuses to splurge

Five crucial money mistakes rich people never make The first step is to split up your income into four categories: fixed costs, investments, savings goals and guilt-free spending money. Fixed costs, which are expenses like rent, groceries and student loans, will likely require up to 50% to 60% of your income, according to Sethi’s guidelines. Investments, including your 401(k), Roth IRA and taxable investing accounts, should make up about 10%, while savings for goals such as vacations or a down payment on a home make up 5% to 10%. The last 20% to 35% of your money can go toward guilt-free spending. By allocating your money this way, you make sure you have enough to pay off all your responsibilities first. Then any money left over can go towards savings goals and everyday spending. The guilt-free spending category allows you to buy what you want while knowing that your other important expenses are taken care of.

[Budgets] make us feel bad about ourselves, they don’t provide any forward-looking information — they’re just pointless. Ramit Sethi bestselling author of “I Will Teach You to be Rich”

“It’s time to stop wondering where all your money goes each month,” Sethi writes. Sethi isn’t suggesting that you blow your money on frivolous things. Rather, this strategy frees you from having to agonize over buying a latte every morning. “You get to spend extravagantly on the things you love and cut costs mercilessly on the things you don’t,” he says. For example, instead of tracking all your spending meticulously, pick something you really want to spend on, such as a vacation. Assume it would cost $1,200 and you want to take this trip a year from now.

Using Sethi’s strategy, you don’t need to worry about figuring out which expenses to specifically cut back right away to save $100 a month over the course of a year. Instead, you simply need to pull out $100 a month from your guilt-free spending. Plus, you can save it automatically by setting up regular transfers from your checking account into a savings account so you don’t even have to think about it. “The real beauty of this is it’s not just about saving for a one-time trip,” Sethi says. “By flipping your spending from looking backwards to looking forwards you can do the same thing with your savings, with your investments, with all parts of your life.” Stop feeling bad that you can’t keep a budget, Sethi says. “Almost nobody maintains their budget. Instead I want you to flip it, look forward and say: ‘Where do I want my money to go?'” Don’t miss: Fund your 401(k) first, says the author of ‘I Will Teach You To Be Rich’—here’s why Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: megan leonhardt
Keywords: news, cnbc, companies, month, coach, look, budgets, budget, spending, savings, saysheres, pointless, stop, sethi, feel, financial, dont, instead, money


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Your child’s sports could be sabotaging your financial health

Parents are spending more than ever on their children’s sports with the hopes that they will make it to the big leagues. And dads are often the ones likely to shell out the most cash on their children’s activities, according to a new survey from TD Ameritrade. Yet spending more with the hope that your child will make it big could have consequences for your finances, particularly your own retirement. The result: 27% of parents spend $500 or more per month on youth sports. This was especially true


Parents are spending more than ever on their children’s sports with the hopes that they will make it to the big leagues. And dads are often the ones likely to shell out the most cash on their children’s activities, according to a new survey from TD Ameritrade. Yet spending more with the hope that your child will make it big could have consequences for your finances, particularly your own retirement. The result: 27% of parents spend $500 or more per month on youth sports. This was especially true
Your child’s sports could be sabotaging your financial health Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: lorie konish, r paul herman, ceo, noah strouse, investment analyst, at hip investor
Keywords: news, cnbc, companies, month, childs, spend, parents, health, child, spending, sabotaging, dads, childrens, youth, td, financial, survey


Your child's sports could be sabotaging your financial health

Parents are spending more than ever on their children’s sports with the hopes that they will make it to the big leagues.

And dads are often the ones likely to shell out the most cash on their children’s activities, according to a new survey from TD Ameritrade.

Yet spending more with the hope that your child will make it big could have consequences for your finances, particularly your own retirement.

The survey, which was conducted online between February and March, included 1,001 adults ages 30 through 60. Of those respondents, those who were considered “sports parents” had one or more children in elite or club competitive sports and had more than $25,000 in investable assets.

The result: 27% of parents spend $500 or more per month on youth sports.

This was especially true for fathers, 20% of whom spend $500 to $999 each month per child on youth sports. Meanwhile, 7% of dads admitted they spend $1,000 or more.

That money is going towards everything from equipment to private coaching to tournaments out of town, according to Dara Luber, senior manager of retirement at TD Ameritrade.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: lorie konish, r paul herman, ceo, noah strouse, investment analyst, at hip investor
Keywords: news, cnbc, companies, month, childs, spend, parents, health, child, spending, sabotaging, dads, childrens, youth, td, financial, survey


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Why working into old age may not salvage your retirement

For each year you delay Social Security, up until age 70, you get an 8% increase in your benefit check. People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process. Another 12% of the people surveyed reported such a condition by age 63, and another 10% said they experienced this by age 67. Here’s the catch with Social Security disability coverage: Qualifying for it is very difficult. Insurance companies also offer supplem


For each year you delay Social Security, up until age 70, you get an 8% increase in your benefit check. People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process. Another 12% of the people surveyed reported such a condition by age 63, and another 10% said they experienced this by age 67. Here’s the catch with Social Security disability coverage: Qualifying for it is very difficult. Insurance companies also offer supplem
Why working into old age may not salvage your retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: darla mercado
Keywords: news, cnbc, companies, disability, workers, age, benefits, social, work, financial, condition, security, old, salvage, insurance, working, retirement


Why working into old age may not salvage your retirement

Photo by Hero Images via Getty Images

When it comes to shoring up your retirement savings, “work longer” isn’t always the right answer. There’s no denying that staying at work has its perks. For instance, employees who are 50 and older can defer the maximum $19,000 into a 401(k), plus the catch-up contribution of $6,000 this year. In addition, pre-retirees can boost their retirement income by opting to remain in the workforce a little longer. For each year you delay Social Security, up until age 70, you get an 8% increase in your benefit check. But not everyone can continue to punch in — and those who curtail their careers due to health conditions take a hit to their retirement security.

People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process. Niv Persaud certified financial planner at Transition Planning & Guidance

Indeed, 3 out of 4 Americans aged 65 and over have multiple chronic conditions, which can include diabetes, high blood pressure and arthritis, according to the Centers for Disease Control and Prevention. These ailments threaten older people’s finances when they are forced to cut their hours or stop working altogether. A recent study from Mathematica’s Center for Studying Disability Policy found that newly disabled workers in their 50s and early 60s see their earnings decline by an average of 50% two years after they develop their condition. “People don’t think about disability being a possibility; they think about short-term medical bills,” said Josh Nelson, a certified financial planner and founder of Keystone Financial Services in Loveland, Colorado.

A crimp on earnings

The Mathematica study examined 3,105 individuals who were born between 1931 and 1947, following them over the course of about 20 years. About 14% of the participants experienced a work-limiting health condition by age 59. Another 12% of the people surveyed reported such a condition by age 63, and another 10% said they experienced this by age 67. The study found that individuals who experienced these health problems were more likely to exit the workplace early. For instance, at age 59, participants with conditions that affected their work were about 2.5 times more likely to stop working, compared to healthier peers. Though federal disability and retirement benefits help affected workers to make up for some of their lost earnings, it doesn’t fully replace what those workers were making, the study found.

Disability coverage

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Social Security’s disability insurance provides infirm workers with a financial backstop in the event they’re no longer able to earn a living. In order to qualify, you must have been working for at least 10 years. However, younger workers may qualify for benefits with less time. Here’s the catch with Social Security disability coverage: Qualifying for it is very difficult. More from Personal Finance:

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Here’s how motherhood affects your income There’s a five-question process the agency uses to vet applicants, including determining whether the condition is so severe that it keeps an individual from performing any work. Even if you do qualify for Social Security disability, you won’t receive benefits until the sixth full month after the date your condition began. “People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process,” said Niv Persaud, a certified financial planner at Transition Planning & Guidance in Atlanta.

Bolstering income

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Nobody ever anticipates becoming disabled, but there are steps you can take prior to a health emergency to protect your income. That starts with purchasing disability insurance, either individually if you run your own business or at work through your employee benefits package.

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Standard disability coverage generally replaces up to 60% of your earnings for specified period of time. The benefits generally run for three to six months for short-term disability plans, or they can last for as long as five years or up to age 65 for long-term disability coverage. Insurance companies also offer supplemental disability insurance to help cover additional income needs that might otherwise not be covered by your standard disability policy. An emergency fund can also help fill in the gaps. How your proceeds are taxed will vary based on who’s paying the premiums. If your employer pays, any benefits you receive will be taxable. Employees who pay for coverage using after-tax dollars will get their benefits tax-free. However, if they pay the premiums with pretax money, then their benefits are taxable.

Dig into the details

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Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: darla mercado
Keywords: news, cnbc, companies, disability, workers, age, benefits, social, work, financial, condition, security, old, salvage, insurance, working, retirement


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