Posts Tagged ‘advice’

The Cost of Attending a Wedding in 2017

Posted on June 16, 2017 by Laura Lam

Wedding season is upon us.  According to theKnot.com, the average cost of a wedding in 2016 rose to an all-time high of $35,329.  But modern weddings aren’t just ultra-expensive for the happy couple, they’re actually a serious, wallet-emptying affair for guests as well. According to the Knot’s 2016 Wedding Guest Study, the average bridesmaid/groomsman spent just over $1,500 last year, while wedding guests spent $888.  Here’s a breakdown of the costs: Average bridesmaid and groomsmen spend per wedding: $1,154 Wedding gift spend: $177 Wedding attire: $207 Wedding travel: $342 Wedding accommodations: $293 Average wedding guest spend per wedding total: $888…

73% of Americans Have Financial Regrets

Posted on June 06, 2017 by Laura Lam

Nearly 3-in-4 U.S. adults have financial regrets, according to a new Bankrate.com report. The most common is not saving for retirement early enough, followed by not saving enough for emergency expenses and taking on too much credit card debt. Taking on too much student loan debt is fourth, however, it tops the list among older millennials (27-36 year-olds). Fifth overall is not saving enough for your children’s education and sixth is buying more house than you could afford. Baby Boomers are the most likely to regret not saving for retirement earlier; remorse over this issue grows steadily from age 18-62. It’s…

What to Buy in June

Posted on June 02, 2017 by Laura Lam

Warm weather, wedding season, and hurricane season all bring discounts in June. Consumers will also find continuing sales on some items that were good deals in May. Here’s a look at the best things to buy this month from Cheapism.com. Tropical Vacation – June signals the onset of hurricane season and sweltering temperatures in the Caribbean. For travelers willing to take their chances with the weather, this is the perfect time to scoop up deals on cruises and tropical vacation packages, especially for last-minute bookings. Alaskan Cruise – Mid-June marks the end of the off-season for travel to Alaska, a popular summer…

Electronic Communications: A Growing Compliance Risk

Posted on June 01, 2017 by Laura Lam

The 7th annual Electronic Communications Compliance Survey from Smarsh reveals that finaical firms are struggling to keep up with the multitude of electronic communications channels.  More than half of respondents (52%) cited text messages as their current No. 1 source of non-email content compliance risk. About 33% of respondents cited social media communications as the greatest compliance risk, and 8% cited instant messaging. The survey also found that almost half of firms have no oversight or retention of text messages.  “Firms need to leverage new and emerging channels to communicate with their customers and stay competitive, but they’re failing to manage the risk,”…

The Top 10 Careers for First-Time Home Buyers

Posted on May 26, 2017 by Laura Lam

Although home prices continue to rise, one degree stands above the rest as being the best for those who wish to buy at home closer to the start of their career.  Of the top 26 degrees that would allow graduates to purchase a home in four years, 22 of them involve engineering, according to a recent study from Realtor.com.  The top degree enables buyers to purchase a home within 2.5 years of graduation. “When it comes to homeownership, degrees in engineering really pay off,” realtor.com Senior Economist Joe Kirchner said. “It shows just how powerful a high starting salary can…

American Households Spend 53% of Its Income On These Expenses

Posted on May 19, 2017 by Laura Lam

If there’s one fairly steady theme over the past couple of decades, it’s that consumers are saving less of their income and their household budgets are being pushed to the limit.  According to the St. Louis Federal Reserve Bank’s February data, the personal saving rating in America was a paltry 5.6%. Comparatively, U.S. workers were socking away more than 12% of their paycheck 50 years ago.  At the same time, a number of household expenses have largely outpaced the inflation rate and wage growth. These include healthcare costs, college expenses, and in recent years housing costs, since home prices have…

Millennials’ Financial Habits Differ from Previous Generations

Posted on May 12, 2017 by Laura Lam

More so than Gen X and baby boomers, millennials prioritize issues like buying a home, purchasing cars, saving for and planning vacations and weddings and college planning, according to a recent Stash survey.  Yet these are not issues that most financial advisers typically bring up with clients.  “We have a retirement, baby-boomer-centric service model that tends not to interest millennials,” said Alan Moore, co-founder of the XY Planning Network.  “Advisers need to look at where younger investors are in their lives and help them with those issues, such as navigating debt.” The financial habits of millennials,a giant generation of 92 million people…

Fannie Mae Changes Affect Borrowers With Student Loans

Posted on May 11, 2017 by Laura Lam

Fannie Mae has recently outlined changes in the way lenders can qualify potential borrowers who have student loan debt.  The policy change is designed to make it easier for more consumers to qualify for mortgages, in part by excluding some non-mortgage debt for income-to-debt calculations.  These debts can be things like installment loans, student loans, and other monthly debts as defined in the company’s mortgage lending guide. According to the Fannie Mae web site, “If the lender obtains documentation that a non-mortgage debt has been satisfactorily paid by another party for the past 12 months, then the debt can be excluded from…

What to Buy in May

Posted on May 05, 2017 by Laura Lam

As warm weather moves in and the school year winds down, May is the time to prepare for summer celebrations. Stock up for graduation parties and Memorial Day barbecues with deals on household goods and entertaining essentials, among other bargains.  Here are this month’s steals and deals from Cheapism.com. Kitchenware – Cookware and small kitchen appliances are promoted heavily in May as retailers target college graduation and wedding season. Wrap up a set of pots and pans for a grad’s first apartment, or shower newlyweds with kitchenware that will last for years. For more discounts, keep an eye out for…

Millennials Warm Up to Homeownership

Posted on April 27, 2017 by Laura Lam

For the second year in a row, Bank of America has conducted its Homebuyer Insights Report, which explores the attitudes, behaviors and preferences of current homebuyers. This year, a major focus was on millennials who are beginning to change their perspective on home buying.  According to Steve Boland, head of consumer lending for Bank of America, they surveyed young adults who had pulled the trigger and that it was the right decision.  “They are telling their millennial counterparts who are sitting on the sideline … this is going to be a great decision, it will help with your personal and…