Tag: Personal finance

Every tap-to-pay transaction, $3 ATM fee, and cash-stuffed birthday card is an opportunity to prepare your child for the financial realities of adulthood. With October marking Financial Planning Month, financial education for teens and young adults is top of mind. The Root spoke with Crawford Mickey McGill, CEO of Houston-based Reveal Wealth Strategies, about how parents can share money lessons with kids of all ages. His top takeaway? Parents don't need to have all the answers to start teaching—they just need to be willing to talk about it.

The Federal Reserve increased its benchmark interest rate from 3.75% to 4.00%, marking the first official hike since summer 2023. This decision aims to combat elevated inflation by slowing consumer and business spending. Borrowers face higher costs on mortgages, car loans, and credit cards, with variable-rate cardholders seeing their APR rise within one to two billing cycles. However, savers benefit as interest rates on savings accounts and certificates of deposit will increase, providing better returns on their cash holdings.

It's not about not spending anything, but it's about focusing on things that bring you joy and that bring value for you and your family. That's the philosophy driving Katia Chesnok, a mother of four who has mastered TikTok's viral moneymaxxing trend that promotes practicing better financial habits, such as cutting expenses and earning high interest on savings.

Black Americans know what it means to make a dollar stretch. But with rising rent, grocery prices, and everyday expenses eating away at paychecks, simply cutting back isn't always enough. Living within your means doesn't have to mean living without joy. A few smart budgeting habits can help you take control of your money instead of letting it control you.

Iggy Azalea: A true boss handles the bill. His card is on file before arriving, ensuring seamless dining.