SmartAsset

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity, revealing that the mean net worth of the average household has ascended to $1.06 million, a 23% from $868,000 in 2019. This statistic, while impressive, masks a more nuanced and unequal...

Online sellers and individuals receiving payments through platforms like Venmo and PayPal are facing notable changes in tax reporting. The IRS has delayed implementing a lower threshold for reporting online sales and gig work income, originally set to decrease to $600. This change, now scheduled...

Inflation has been a prominent topic for several years, and most Americans are aware of the Federal Reserve’s efforts to combat it by raising interest rates.  But not everyone realizes that these actions have far-reaching implications beyond those for prospective homebuyers. The Federal...

Contrary to common expectations, the average inheritance American households receive is lower than many expect.  A common misconception is that inheritance amounts are generally substantial, but data suggests otherwise. The Federal Reserve’s Survey of Consumer Finances from 2016 to 2019...

For those aiming to boost their retirement funds significantly, converting $100,000 into $1 million is a challenge but achievable. Saving for retirement is a fundamental part of financial planning, where starting early can significantly enhance the growth potential of your savings.  While a...

In the financial game, capital gains tax can feel like a persistent hurdle, chipping away at your investment returns year after year. But there’s good news: With a bit of know-how and some smart planning, you can minimize its bite.  Capital gains tax is essentially a tax on the profit...

In an era where wealth and well-being are closely intertwined, a recent survey sheds light on an interesting aspect: People with more than $1.2 million in assets experience increased happiness when they engage the services of a financial adviser. The survey uncovers a significant correlation...

The latest Federal Reserve study revealed a concerning trend among American households, particularly those outside the wealthiest 20%, according to a Bloomberg report. Since the onset of the COVID-19 pandemic, they have depleted their extra savings and have less liquid assets than they had before...

Retirement, ideally a period of relaxation and enjoyment after years of hard work, is often envisioned as a time to pursue hobbies, travel or simply unwind.  But for many, this phase of life is marred by financial worries, transforming what should be a golden era into a source of dread. A...

Photo by Amy Hirschi on Unsplash This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. For many Americans, the reason they’ve spent years investing in a 401(k) without so much as a breath of input from a...

Planning for retirement involves major life decisions that can determine your financial trajectory for years to come. Are you planning to travel, spend time with family, and just relax? The choices you make now could affect whether those dreams become reality. Consider this: A 2020 Northwestern...

Photo by Amy Hirschi on Unsplash For many Americans, the reason they’ve spent years investing in a 401(k) without so much as a breath of input from a financial advisor is simple: they don’t know where to look or what to ask. As research consistently reveals, working with a financial...

Image by Amy Hirschi on Unsplash In a society where people turn to social media for help deciding between paint colors, it’s unthinkable that so many of us continue to entrust our financial futures to ourselves. As research consistently reveals, working with a financial advisor nets investors...

Image by Andrea Piacquadio on Pexels Withdrawing from your retirement accounts in the wrong order could cost hundreds of thousands of dollars in retirement income. If you're worried about the most efficient way to start making withdrawals, consider a 2020 Northwestern Mutual study that found 71...