The first step is understanding what artificial intelligence actually is. Gorodenkoff / Shutterstock.com
Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services. From the classroom to the boardroom, the artificial intelligence-powered chatbot ChatGPT is being billed as a game changer in how work is done. It can write a term paper…
The newly announced interest rates will be in effect for the second quarter of 2023. Rob Crandall / Shutterstock.com
The IRS will cut taxpayers a bit of a break in the second quarter of 2023. The agency announced Feb. 13 that the interest rates it charges for underpayments in the second quarter — April 1 through June 30 — will remain the same as they are for the first quarter of the year. This news comes after multiple increases in these rates last year. The rates the IRS pays for overpayments also will remain…
When you mess with the IRS, you pay a heavy price — as these folks found out. Mehaniq / Shutterstock.com
Most of us have little desire to mess with the IRS. Filling out your annual tax form honestly and completely is the best way to keep the agency from poking around in your business. But some folks just can’t help trying to pull the wool over Uncle Sam’s eyes. And when they get caught, they often pay a heavy price. Recently, the IRS released a list of the agency’s “most prominent and high-profile…
How much would your employer have to offer you?
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Workers are increasingly demanding fair wages and attractive benefits from their employers. And while some workers are looking to leave their jobs for better opportunities, some are staying in roles they don’t love because of the incentives they receive. A recent survey found that most employees would remain at their jobs longer in exchange for a cash bonus. Find out why workers value incentives like this.
Workers seek employment opportunities that offer good pay, benefits, and flexibility. Companies need to offer competitive compensation in order to attract and retain the best employees.
Some employers offer cash bonus incentives to workers if they agree to stay with the company for a set time. And a recent study by Keep Financial found that 86% of respondents would stay at their jobs longer in exchange for a cash bonus. This can be a win-win, as it makes workers feel more valued, and it helps employers reduce employee turnover and hiring costs.
Would you take a cash bonus in exchange for staying with your current employer for a set time? A hefty bonus could go far in improving your personal financial situation. The same Keep Financial study also examined what respondents would do with an employer-provided cash bonus. Some respondents said they would use the money to work on multiple financial goals.
Here are some notable findings of the study:
44% of respondents would pay off debt21% of respondents would use the funds for a home down payment28% of respondents would create an emergency fund40% of respondents would save for retirement
If you’re getting a bonus or raise this year, you may wonder what to do with the money. If you’re hoping to better your life financially or personally, you may want to put a good chunk of that extra money toward your goals. Here are some ideas to consider:
Start an emergency fund. Stashing extra money in an emergency fund is an excellent way to prepare for future unexpected expenses. If you have money set aside and need to cover a costly expense, you won’t have to worry about falling into debt. If you don’t have an emergency fund yet, start saving now.Eliminate high-interest debt. Many people struggle with debt. If you’re hoping to pay down debt with money earned from a cash bonus or raise, it’s a good idea to prioritize paying down high-interest debt, like credit card debt. The longer high-interest debt sits unpaid, the bigger your debt problem will become.Invest in yourself. If you negotiated for a raise or cash bonus but know that you aren’t feeling fulfilled in your current role, it can be beneficial to use that money to invest in yourself. You can take classes or learn new skills to advance your career.
More money and quality benefits can make a big difference and improve your life. If you’re not satisfied with your current compensation package, don’t be afraid to explore other opportunities. Plenty of companies value their workers and make it a priority to offer good pay and benefits.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
Debt payment isn’t all about suffering. You’re more likely to stick to it if you give yourself the occasional pat on the back.
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It isn’t easy to pay off debt. In fact, I think it is one of the hardest financial goals to reach. First, you’re making sacrifices to pay back money you’ve already spent, which is different from saving up for something you want in the future. Second, people often get into debt because they don’t have enough money in the first place. This can make it harder to find spare cash to put toward debt payments.
If you’re on this journey, congratulations — taking that first step is a big deal. One powerful way to stick to your debt repayment plan is to celebrate each milestone you reach. Here are two ways those celebrations can help you along the road to becoming debt free.
Setting milestones is a big part of achieving any long-term goal. It’s hard to run a marathon without having mile markers along the way, because you can’t tell where you are in the race. Similarly, if you don’t break your debt journey down into manageable pieces, it can become overwhelming. Plus, setting goals gives you a reason to celebrate meeting them.
Start by looking at your budget and working out how much you can put toward debt payment each month. For example, you might calculate that you can put $400 a month toward your balances. Next, you’ll need to decide which route you’ll take, and what milestones you can celebrate along the way.
In terms of approaches, the debt snowball method is popular. This involves focusing on the smallest balances first and can give you a psychological win every time you pay one off.
Another option is the debt avalanche method. With this approach, you’d put your extra cash toward the debt with the highest interest rate, which will save you money on interest overall. The difficulty is that it can be hard to stay motivated if you have to start by paying off your largest balances.
If you go for the debt avalanche or — another option — decide to consolidate your debts into one, why not give yourself a monthly “I’m on track with my debt” treat? You don’t need to wait until you’ve paid off a specific balance. Instead, set a date in your calendar to celebrate meeting your payment targets. Plan out affordable ways you can honor those small victories.
Emotions can play a big part in how we deal with our personal finances. If you see paying down debt as a chore and resent putting extra money toward it, it will be even harder to stick to your payment plan. A celebratory mindset is about flipping the switch and making the journey as enjoyable as possible.
The big picture is that your debt payments are a tool to help you build financial stability. This isn’t about suffering and restricting your life. It’s about building financial freedom and eventually reaching a stage where you don’t lose a large chunk of your paycheck to debt repayments. That’ll mean you have more in your bank account for fun things. But sometimes it’s hard to focus on the end goal, especially when there are so many demands on your bank account balance in the here and now.
That’s where our celebrations come in. Recognize that you’re doing something difficult and reward yourself for the progress you make. Dealing with money doesn’t have to be something you dread. You’re taking the wheel on an important vehicle in your life, and that’s a reason to be proud.
At the risk of overusing the marathon analogy, another thing that keeps people going over that long distance is having support from the crowds. Think of paying down debt as your personal race and allow yourself to celebrate along the way. If you’ve tried before but haven’t kept it up, try to think of those as practice runs.
Depending on how comfortable you are talking to close friends about your debt payment journey, you can involve them in your mini celebrations. But you can also find ways to mark your milestones yourself. There’s no right or wrong way to celebrate, beyond that it isn’t about taking a $1,000 vacation or spending money you can’t afford.
Think about activities that are meaningful for you and won’t break the bank. For example, I celebrate my financial milestones with a cake from my favorite bakery or by cooking dinner for friends. You might opt for a walk in the park or a nice glass of wine. It’s all about finding affordable ways to pat yourself on the back for the progress you’ve made.
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
A quality credit card can help more than you might think during a lull in the economy.
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Financial experts have been talking about a potential recession for months now. There’s no way to be sure if we’re in store for a recession in 2023, but it certainly could happen, so it’s smart to prepare for that possibility.
There are several good steps you can take to be ready for a recession, like boosting your emergency fund and looking for other sources of income. One that doesn’t get discussed as often is having the right credit card.
Save: This credit card has one of the longest intro 0% interest periods around
More: Save while you pay off debt with one of these top-rated balance transfer credit cards
You can get all kinds of perks from the best credit cards, including some that could really come in handy if the economy slows down. Here are a few things to consider to help you choose a credit card for a recession.
One of the biggest recession fears is losing your job and being unable to pay your bills. Ideally, you’ll have enough in your emergency fund to cover you until you find work again. But if your emergency fund is still a work in progress, or you’re out of work for an extended period of time, you could need to borrow money to pay your living expenses.
Every credit card lets you borrow money and pay off charges over time. However, most of them have high interest rates. If you think you’ll need to carry a balance on your credit card, look at 0% intro APR credit cards.
These cards have a 0% APR on purchases you make for an introductory period. Some of the top 0% APR credit cards offer intro periods of 15 months or longer. During that time, you won’t be charged interest on purchases. The only thing you need to do is at least pay the minimum every month.
Depending on your financial situation, you may feel pretty confident in your ability to ride out a recession. For example, if you have a 12-month emergency fund, that would give you a lot of breathing room even if you lost your job. If you also have excellent employment prospects, then you have good odds of getting through a recession without needing to borrow money.
In this case, consider credit cards that earn you cash back on your purchases. Lots of cards offer cash rewards, and some of the best cash back credit cards earn elevated rates in bonus categories. For example, you can find cards that earn more on any of the following:
Grocery storesGas stationsDining and restaurantsStreaming servicesEntertainment
Find a card that matches up well with your spending habits, and you’ll save big on your everyday expenses. Or you could go with a card that earns a high flat rate, such as 2% back, across all categories.
Debt can be problematic during a recession. It adds to your monthly bills, and it costs you money through interest charges. Not all types of debt are an issue, but high-interest debt definitely is.
If you have any high-interest debt now, or if you incur any during a recession, a balance transfer card can help you pay it off. A balance transfer is when you move a debt balance over to a credit card. You could look at it like paying off debt with your credit card.
Why would you want to do this? Because many of these cards offer a 0% intro APR on balance transfers. During the intro period, you don’t get charged interest on balances you bring over. While balance transfer credit cards are often used with credit card debt, they can also be used to pay off personal loans.
Just like with 0% APR credit cards, there are balance transfer cards with intro periods of 15 months or longer. By avoiding interest for the entire intro period, you could pay off debt faster and at a much lower cost.
A sign-up bonus is an incentive offered to new cardholders. This perk is common with rewards credit cards. Cash back cards often have cash rewards bonuses, and travel rewards cards typically offer bonuses in points or miles.
These are another great way to save money using credit cards. The most common requirement to earn a sign-up bonus is to spend a certain amount of money in a limited amount of time. For example, a card issuer could offer a $500 cash rewards bonus if you spend $3,000 on purchases in the first three months.
If you’re doing well financially, and your main goal is saving money through credit card rewards, check out the most valuable sign-up bonus offers. As long as you can meet the bonus requirements, you’ll be able to earn a nice chunk of cash back or travel rewards.
There are plenty of credit card perks that could be valuable during a recession. Consider which benefits are the best fit for your financial situation to find the card for you.
If you have credit card debt, transferring it to this top balance transfer card secures you a 0% intro APR for up to 21 months! Plus, you’ll pay no annual fee. Those are just a few reasons why our experts rate this card as a top pick to help get control of your debt. Read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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