Top news articles for financial advisors and personal finance
Week of 10/17
This week's recap focuses on the unequal impact of debt on Americans, capturing next-gen clients as a financial advisor, student loan forgiveness, and the change in tax brackets.
Consumer Debt Hits Record for Most Americans, Except Wealthy (Alexandre Tanzi, Bloomberg)
Consumer debt, including credit cards, rose to an all-time high for the 118 million US households among the bottom 90%, according to the Federal Reserve’s latest data on the distribution of household wealth. The group’s debt soared by $300 billion over the last year -- the largest annual gain on record -- as households deal with higher prices for everything from food to clothing and rents. Read more to learn about the growing wealth divide amongst Americans.
Dispelling Myths About Next-Generation Clients (Ben Mattlin, Financial Advisor Magazine)
How can financial advisors better serve next-generation clients? Inevitably the next generation will become the future of financial advising and so understanding their future value could prove to be the difference maker when it comes to catering to their needs. Read on to understand how the landscape has shifted and how certain myths about the next-generation may be dispelled.
Student-Loan Forgiveness: Who Qualifies for Biden’s Plan and How to Apply (Julia Carpenter and Gabriel T. Rubin, The Wall Street Journal)
With the student loan relief application live, many may have questions on how to receive student loan relief and if they qualify. The form requires a recipient’s name, social security number, phone number, and email address. Read more to find out the deadline and whether you qualify for student loan relief.
Inflation Adjustments Mean Lower Tax Rate for Some in 2023 (Jim Tankersley, The New York Times)
One thing the federal government can do to curb the effects of inflation on consumers is change the tax bracket thresholds. Read on to see where you fall, and which bracket experienced the greatest change.
Confused by the New Mortgage Gimmicks? Here’s a guide. (Tara Siegel Bernard, The New York Times)
Lenders are fighting to keep hold of their market share in the competitive lender market. To sweeten the deal, lenders may throw in a temporary rate buydown, paying points, or adjustable mortgage rates (ARMs). Read more to learn about what lenders could offer you.
