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Percentage of college graduates owing $20,000 in student loan debt doubles in 10 years

Percentage of college graduates owing $20,000 in student loan debt doubles in 10 years

Finance
As college costs rise and incomes fail to keep pace, the problem of student loan debt has become exponentially worse.Now, nearly half of student loan borrowers owe at least $ 20,000 when they graduate, double the share a decade ago, according to a recent report by the Consumer Financial Protection Bureau. Meanwhile, the percentage of borrowers who owe $ 50,000 or more has tripled over the same time period.More from College Game Plan:The first steps to repaying your student debtThree ways to avoid the financial death spiral of defaulting on your student loansThis student debt strategy can save you more than $ 18,600Fewer are also paying down their debt within five years, the report said."People are taking on more student debt later in life, and having a tougher time paying it back," CFPB di...
Should I invest my emergency savings in the stock market?

Should I invest my emergency savings in the stock market?

Finance
Money guide for MillennialsHow much of your emergency savings should be held in a savings account instead of the stock market or other account that has higher returns with various risks?-- Mary There's no question you should always have some money tucked away for emergencies. Most financial advisers recommend keeping three to six months' worth of expenses for emergencies, but where's the best place to keep the money? Experts usually recommend a plain-vanilla savings account.But in a low interest environment, it can be frustrating to watch your money earning nothing. Here are some ways you can get a better return on your money without taking on too much risk. Online savings accounts If you're a super saver, you may not be satisfied with the .01% interest your local bank offers you. Instead...
You can get quality elder care, but be prepared to pay a lot for it

You can get quality elder care, but be prepared to pay a lot for it

Finance
If you live in a state with high-quality care for older Americans, chances are the cost of it isn't so great.Data in a new report by Caring.com shows that seven of the top 10 states for quality elderly care also rank in the bottom 20 for the cost of those services."There's a trade-off," said Tim Sullivan, Caring.com vice president. "In some states, the quality of care is high, but so are the costs."Coming in first for quality of care is Washington, yet it ranks 38th for cost. Alaska, which ranks right behind the Evergreen State, comes in last place in the expense column. Rounding out the top three for quality is Oregon, which ranks 39th when it comes to price.Conversely, some states have low costs but their quality is lacking. For example, Alabama has the least-expensive care but ranks 44t...
The top 10 states to raise a baby

The top 10 states to raise a baby

Finance
Raising a baby doesn't come cheap — and once you add in expenses like doctor appointments and day care, the costs of child-rearing may be more manageable in certain states than others. New data from WalletHub found that some states have better financial conditions for bringing up baby. The personal finance site ranked U.S. states on a 100-point scale, with 100 representing optimal conditions.To crunch these numbers, WalletHub analyzed 20 different lifestyle factors grouped into four categories: cost, health care, baby friendliness and family friendliness. Baby friendliness included items such as parental leave policies and child care centers per capita. Family friendliness stemmed from the site's previous "Best and Worst States to Raise a Family" survey, which looked at elements like schoo
10 money moves to make in your 20s

10 money moves to make in your 20s

Finance
Money guide for MillennialsYou may not think of your 20s as a time to get serious about finances. After all, your 20s are when you're first starting out in your career, and you probably won't be earning nearly the same salary as when you're older. But believe it or not, your 20s are actually the perfect time to establish smart money-related practices. If you're in your 20s, here are some specific moves you'll definitely want to make. 1. Create a budget Budgeting is one of the easiest ways to keep track of your spending and ensure that you're not going overboard in any particular category. If you really want to get your finances on the right track, map out a budget and review it every few months to make sure it's something you can actually stick to. If not, you may need to look at cutting s...