Discover liquid loopholes in the famous TSA rule. ALPA PROD / Shutterstock.com
By now, most travelers know the drill: You cannot carry a container of any liquid that is more than 3.4 ounces if you plan to board a plane. If you need a refresher, here is what the Transportation Security Administration says: Try to break this rule, and the liquid will be confiscated as you pass through the TSA line. However, there are a handful of exceptions to this directive.
Thousands of IRS employees collectively owe around $46 million in overdue taxes, according to a government watchdog. Cheryl Casey / Shutterstock.com
The IRS recently made a big splash by announcing it had collected more than $1 billion from rich taxpayers who previously had not paid their fair share. But a new report shows that some workers inside the agency also have failed to live up to their obligations to the government. Thousands of IRS employees collectively owe roughly $46 million in overdue taxes, according to a report by the U.S.
Follow these tips to prepare for an amazing retirement and years of happiness. Monkey Business Images / Shutterstock.com
You might be nervous about your future, but research suggests that you should run — not walk — toward retirement. Get ready to retire, because the best times of your life await you.
There’s a reason your Costco hot dog is so cheap. Read on to see why. [[{“value”:”
Image source: Getty Images
In July, Costco announced some news that shocked many consumers. After a seven-year stretch, the cost of a Costco membership is increasing in September. The basic (Gold Star) membership price will go up from $60 to $65 a year, while the Executive membership price will go from $120 to $130.
In light of this change, you may be wondering if Costco will raise other prices, too — namely, the cost of its famous $1.50 hot dog and soda combo. But during the company’s most recent earnings call, CFO Gary Millerchip said, “I also want to confirm the $1.50 hot dog price is safe.”
Granted, Millerchip didn’t mention specific fee hikes on that call that came shortly after. He only said that they would increase at some point.
But there’s a reason you don’t have to worry about the cost of the hot dog special going up. Keeping that $1.50 price is a big part of Costco’s strategy.
Costco has charged $1.50 for its hot dog and soda combo since introducing it in 1985. If Costco were to raise the price to account for inflation, it would cost about $4.50. But Costco keeps that $1.50 price to get customers in the door and retain existing members.
It’s a concept known as a loss leader, and it’s a strategy retailers employ all the time. Costco might lose a bit of money on its hot dog and soda deal, but it doesn’t care. If that combo inspires customers to keep visiting the store and shopping for groceries and household essentials regularly, then it’s worth it for Costco to take a small hit on that one meal.
In fact, Costco used to make its food court accessible to non-members for the same reason — to get them in the door and inspire them to join. It recently stopped that practice and now limits food court access to members only.
Clearly, $1.50 for a hot dog and soda is a fantastic deal. But what about the rest of the items you buy at Costco?
There’s no clear way to answer this question. If you buy strawberries in bulk at a price that’s lower than your local supermarket but you throw half of those berries out, then you probably didn’t get such a great deal despite the lower cost. If you buy vitamins and supplements you take daily from Costco and pay 30% less than you would elsewhere, that’s a great deal.
The best way to get great value out of your Costco membership is to think through each purchase you’re making and figure out whether it makes sense for you. Regularly compare Costco’s prices to those of other retailers, because it’s not a given that Costco’s offer will always be the best.
But in general, there’s a reason Costco has so many loyal customers who are willing to pay a membership fee to access the store — and it’s not just a cheap hot dog lunch. If you’re savvy with your purchases, you can save a lot of money when shopping at Costco.
If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.
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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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
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A 5-year CD might pay you a nice amount of money based on today’s rates. Read on to see if it’s right for you. [[{“value”:”
Image source: The Motley Fool
A lot of people are opening CDs right now to take advantage of today’s great rates. But the CD rates we’re seeing today won’t last forever.
In fact, they could start falling as early as next month if the Federal Reserve opts to move forward with its first expected rate cut during its mid-September meeting. So if you’re set on opening a CD, August is a good time to take action.
Now there are a number of different CD terms you can choose from. Many people are considering 12-month and under CDs because those are offering some of the best rates today — with APYs of 5.00% or or even a little higher. But while a 5-year, or 60-month, CD might have a lower interest rate attached to it, it could still be a great bet for you.
If you want the absolute highest interest rate CDs are paying, then you’ll probably need to stick to a short-term CD. You might easily lock in a 5.00% APY on a 6-month or 12-month CD, whereas with a 60-month term, you may be looking at just 4.00%.
But a 60-month CD might pay you more money in interest in the long run.
While we know that rates are higher today for shorter-term CDs, we don’t know what CD rates on a whole are going to look like in a year from now, or a year after that, and so forth.
However, if you lock in a 60-month CD at 4.00%, you know exactly how much you’ll be earning on your money for the next five years. And a 60-month CD may work out better than sticking with a 12-month CD and taking your chances on interest rates after a year.
It’s sort of like signing an adjustable-rate mortgage. You might get a more favorable rate and lower payments to begin with. But you’re taking the chance that your loan’s rate will climb and your monthly payments will increase.
Here, of course, you’re not paying money — you’re earning money. But if you like the idea of having predictable income for the next half-decade, then a 60-month CD could be a good bet.
So let’s say you have $10,000 to put into a CD. At a 4.00% APY, you’re looking at earning $2,166 in interest.
Meanwhile, if you open a 12-month CD with a 5.00% APY with $10,000, you’ll make $500 your first year. But whether you’ll manage to make another $1,666 over the next four years will depend on interest rates. Since we don’t know how those will trend, you may not want to take the chance.
Five years is a long commitment in the world of CDs. So it’s important to open one with confidence.
If you’re saving for a goal that’s about five years away, then a CD of this length makes sense. But if you’re not sure what your savings timeline looks like, then five years is a long time to potentially cut off access to your money.
And if you’re saving for a goal that’s more than five years away, consider investing your money instead. A 4.00% APY pales in comparison to the stock market’s average annual 10% return over the past 50 years.
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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.
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Will home buyers who need mortgages get any relief in the new year? Read on to find out. [[{“value”:”
Image source: Getty Images
Elevated mortgage rates have made it difficult for buyers to move forward with home purchases. That’s because on top of those higher rates, home prices are also up on a national scale.
But there’s a good chance that mortgages will be less expensive to sign in 2025. The question is, how low will they go?
As of this writing, the average rate on a 30-year mortgage is 6.47%. That’s actually a notable drop from recent levels. Mortgage rates aren’t set by the Federal Reserve directly. But when the Fed lowers its benchmark rate (the federal funds rate), mortgage rates tend to follow suit.
The Fed is expected to make its first rate cut before the end of 2024 and then continue with additional cuts in response to cooling inflation. This means that by 2025, mortgage rates could be quite a bit lower — and buyers could be in for major relief.
To be clear, though, buyers should not expect the record-low mortgage rates that were available in 2020 and 2021. Back then, you could sign a 30-year loan at or below 3%, but we’re nowhere close to getting back to that level.
A best-case scenario probably has mortgage rates dipping into the 4% range by the end of 2025. But rates in the 5% range are more likely.
Buyers also shouldn’t necessarily expect sub-6% mortgage rates at the start of 2025. It may take some time to get there since the Fed is expected to cut its benchmark interest rate gradually.
If you’re trying to borrow to buy a home, you of course want the most competitive mortgage rate you can snag. That translates to lower monthly payments.
One of the most important things you can do to score a lower interest rate on a mortgage is to boost your credit score. That score tells lenders how likely you are to repay your loan on time, so the higher it is, the more you might be rewarded in the form of a lower rate.
It’s also a good idea to shop around for a mortgage. It may be that one lender is willing to offer you a 6.45% mortgage, while another comes through with an offer of 6.3%. Apply with a bunch of lenders to see what offers you get, but aim to do so within two weeks if possible.
When you apply for a loan, it counts as a hard inquiry on your credit report and can drag your credit score down by a few points. A single hard inquiry is generally no big deal, but a series of them could cause more credit score damage. But if you apply for the same type of loan multiple times within a two-week time frame, all of those applications will generally be considered a single hard inquiry, minimizing credit score damage.
Finally, you should know that lenders commonly offer much lower rates on 15-year loans than on 30-year loans. A 15-year mortgage will leave you with higher monthly payments, and those may not be manageable at a time when home prices are up.
But run the numbers based on your income and estimated home purchase price, because if you can swing those higher payments each month, you could save a lot of money of interest in the long run.
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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.
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