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","_key":"00ded49c9aba0"},{"_type":"span","marks":["strong"],"text":"Each has its benefits and risks","_key":"f97b004a5481"},{"_key":"20b28d220e41","_type":"span","marks":[],"text":", and choosing the right one depends a lot on factors such as how old you are now, when you hope to retire, and how much you’d like to have after you do."}],"_type":"block","style":"normal","_key":"fdc8373207cd","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"And for those of you who want to ","_key":"89684b47a2750"},{"_type":"span","marks":["strong"],"text":"undercut the typical retirement age","_key":"8081c7b58fb3"},{"_type":"span","marks":[],"text":" of 65 by a few years (or decades), it’s crucial to identify a strategy that offers enough reward without too much risk.","_key":"4b46ce1bdbbb"}],"_type":"block","style":"normal","_key":"4af1ea47ce5b"},{"style":"normal","_key":"2568597e01b7","markDefs":[{"_type":"link","href":"https://ca.finance.yahoo.com/news/6-best-investments-want-retire-110042635.html","_key":"4109f57fcd3a"}],"children":[{"_type":"span","marks":[],"text":"Here’s a brief ","_key":"e9277812f9730"},{"marks":["4109f57fcd3a"],"text":"breakdown","_key":"e9277812f9731","_type":"span"},{"_type":"span","marks":[],"text":" of six leading investments and how they might — or might not — be right for your early retirement plan:","_key":"e9277812f9732"}],"_type":"block"},{"style":"normal","_key":"0c527f72192b","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"The standard:","_key":"0124544cc5f50"},{"text":" We’ll start with the good old regular investment account, which might not present the same growth rate as other options but does present some tax 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savings account as a retirement strategy, but high-yield options can give you bigger returns than you might think to help fund your retirement.","_key":"c403fe51e06f","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"fee6e3b09054"},{"_type":"block","style":"normal","_key":"571cebffa8e1","markDefs":[],"children":[{"_type":"span","marks":[],"text":"There’s no perfect strategy, but with a little research you can find the one that’s best for you.","_key":"74eaa6970f8d0"}]}],"category":"finance"},{"image":{"attribution":"Giphy","asset":{"mimeType":"image/gif","sha1hash":"6c33340169245615232291f21c535bda1c18814e","source":{"url":"https://giphy.com/gifs/teamcoco-conan-kojima-costco-PkFpmu4NRSu53LEqcu","name":"Conan Costco GIF by Team 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Insurance premiums are up across the United States, and even with the most expensive plans it’s not uncommon to receive a massive bill after any number of medical procedures.","_key":"5bd9f0b23d4f0"}]},{"markDefs":[{"_type":"link","href":"https://www.nbcnews.com/health/health-news/medical-bills-cost-negotiate-errors-study-rcna168808","_key":"12068884acda"}],"children":[{"_type":"span","marks":[],"text":"But before you throw up your hands in defeat, there’s ","_key":"cf3b9a3328700"},{"text":"something","_key":"cf3b9a3328701","_type":"span","marks":["12068884acda"]},{"_type":"span","marks":[],"text":" you can do that might bring down the cost.","_key":"cf3b9a3328702"}],"_type":"block","style":"normal","_key":"84469f1fdeb6"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"It doesn’t hurt to ask","_key":"e4b09b6e9c9c0"}],"_type":"block","style":"normal","_key":"40d66f7ae46a"},{"style":"normal","_key":"3bd604ab25e2","markDefs":[],"children":[{"marks":[],"text":"Erin Duffy of the USC Schaeffer Center for Health Policy and Economics recently led a study into healthcare billing and found that many patients received bills ","_key":"a1b049b5ead80","_type":"span"},{"_type":"span","marks":["strong"],"text":"higher than anticipated","_key":"186991ff089d"},{"_type":"span","marks":[],"text":" — and even some for procedures they didn’t receive.","_key":"63b6c42a9a60"}],"_type":"block"},{"style":"normal","_key":"5d45a72d1c1f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But those who were willing to investigate those charges are often rewarded for their inquiries.","_key":"3d12c9e497e70"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"“If there’s a bill that you receive that doesn’t look quite right or that you can’t afford, ","_key":"c8e4fc4d15630"},{"_type":"span","marks":["strong"],"text":"pick up the phone ","_key":"5b9c2679ee8a"},{"_type":"span","marks":[],"text":"and call the billing office,” Duffy recommended. “When people do, most get positive results.”","_key":"a0495b0ccf20"}],"_type":"block","style":"normal","_key":"f6653a76f191"},{"_type":"block","style":"normal","_key":"d2c4a5b89109","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Over the course of the past year, researchers determined that ","_key":"36789ea984470"},{"marks":["strong"],"text":"about 20% of individuals","_key":"7f2b467e8753","_type":"span"},{"marks":[],"text":" received a medical bill they either disputed or could not afford. Almost two-thirds took the next step of contacting the appropriate billing department.","_key":"abc8c05a285d","_type":"span"}]},{"_type":"block","style":"normal","_key":"3cadf77da664","markDefs":[],"children":[{"text":"The most common reason given by those who didn’t make that call was that they assumed it wouldn’t do any good.","_key":"37aab24e787d0","_type":"span","marks":[]}]},{"markDefs":[],"children":[{"text":"The odds are in your favor","_key":"88bd6c5555fe0","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"fb4fd9c9fa34"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"As Duffy said of those who called the billing office: “Most of the time, the bill was corrected. And even people who just felt it was unfair, even if they could afford it, a lot of them were able to ","_key":"290552e26e9a0"},{"_type":"span","marks":["strong"],"text":"negotiate a lower price","_key":"74b7c69d1997"},{"text":".”","_key":"02368a66828f","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"f1cedf24054f"},{"_key":"48825ba37286","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s how the stats break down:","_key":"68452faad2790"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Nearly 75%","_key":"66b271dee3bb0"},{"_type":"span","marks":[],"text":" reported that their perceived billing error was corrected.","_key":"9db27fa425f2"}],"level":1,"_type":"block","style":"normal","_key":"3c5dcfba9552","listItem":"bullet"},{"_type":"block","style":"normal","_key":"bbe4f4e6da1a","listItem":"bullet","markDefs":[],"children":[{"text":"More than three-fifths","_key":"9079d3684bb50","_type":"span","marks":["strong"]},{"_key":"1e11e0bdd383","_type":"span","marks":[],"text":" said their unaffordable bill was either reduced or granted a payment plan."}],"level":1},{"style":"normal","_key":"32ee0cd1c3b3","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"More than three-fourths","_key":"2a665fc01c420"},{"_type":"span","marks":[],"text":" were able to effectively negotiate the amount owed.","_key":"4aac859e0d0d"}],"level":1,"_type":"block"}]},{"category":"finance","_type":"story","_rev":"AJH6Srd4oNAHZQnYYjTOS4","body":[{"_key":"f6870c183280","markDefs":[],"children":[{"text":"The good news is that the inflation rate has been trending down for the past few months. Of course, that doesn’t mean prices are going down.","_key":"edf3cfcac8c40","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"da668704084f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"They’re just","_key":"c8cabea8aff60"},{"_type":"span","marks":["strong"],"text":" increasing at a slower pace","_key":"abf64bd0ddc8"},{"_type":"span","marks":[],"text":" after years of hikes have made many essentials (including groceries) all but unaffordable for millions of Americans.","_key":"6c59d42b9882"}]},{"markDefs":[{"_type":"link","href":"https://www.npr.org/2024/08/23/g-s1-18860/smart-ways-to-save-money-at-the-grocery-store-inflation","_key":"facd26bdc7f5"}],"children":[{"_type":"span","marks":[],"text":"But there are ","_key":"eb12dd23b85d0"},{"_type":"span","marks":["facd26bdc7f5"],"text":"several","_key":"eb12dd23b85d1"},{"_type":"span","marks":[],"text":" things any savvy consumer can do to avoid paying any more than absolutely necessary.","_key":"eb12dd23b85d2"}],"_type":"block","style":"normal","_key":"656266f39e14"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Cutting coupons","_key":"419ab3cfe9740"},{"_type":"span","marks":[],"text":": It might seem old-fashioned, but couponing remains a great way to save on items you’re going to be buying anyway. And you don’t need to pull out the scissors and open the Sunday newspaper anymore. The mobile app Flipp will help you scour flyers for local grocers to find the best sales and coupons in your area.","_key":"bfa5e30b2034"}],"level":1,"_type":"block","style":"normal","_key":"1f50b9e33827","listItem":"bullet"},{"level":1,"_type":"block","style":"normal","_key":"36c4ff8452e8","listItem":"bullet","markDefs":[],"children":[{"_key":"37842524133f0","_type":"span","marks":["strong"],"text":"Beware of bulk"},{"_type":"span","marks":[],"text":": In many cases, buying more of an item can result in some significant discounts. But this isn’t always the case. Instead of just buying the biggest container (which could lead to waste), check the tag on the shelf to find out which package offers the lowest price per unit.","_key":"d5d39325119b"}]},{"_key":"8c4894d5e45b","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Improvise ingredients","_key":"1e224712514b0"},{"_type":"span","marks":[],"text":": Many recipes can be adapted to include more cost-conscious items, such as replacing some of the expensive meat in a meal with beans or rice. This will save you money and might even help you create a new dinnertime favorite for your household.","_key":"98bbad722db2"}],"level":1,"_type":"block","style":"normal"},{"_key":"a182517b5f6f","listItem":"bullet","markDefs":[],"children":[{"text":"Live by the list","_key":"7289271101a40","_type":"span","marks":["strong"]},{"_key":"17e1ec025cf8","_type":"span","marks":[],"text":": You’ve probably heard that it’s not a good idea to go shopping on an empty stomach. 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Nevertheless, "},{"_type":"span","marks":["strong"],"text":"one number emerges","_key":"7665e6f84fe6"},{"_type":"span","marks":[],"text":" time and again as the minimum threshold for leaving the workforce in a better position than 9 out of 10 of your peers.","_key":"d44f132b7c41"}],"_type":"block","style":"normal","_key":"5d2d311354fb","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Ample data supports the advice that your goal ","_key":"dd605ac493310"},{"_type":"span","marks":["strong"],"text":"should be $2.5 million","_key":"114198292ae0"},{"marks":[],"text":". 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More than two-fifths of U.S. adults say they purposely ","_key":"6d2d6855002a0"},{"_type":"span","marks":["ae741ea8677a"],"text":"avoid","_key":"6d2d6855002a1"},{"text":" monitoring their checking accounts due to fear about what the result will be.","_key":"6d2d6855002a2","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"b0c67e1053af"},{"_type":"block","style":"normal","_key":"708b4d7c758e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But ignorance is not bliss when it comes to your financial health.","_key":"e2f48d8891de0"}]},{"children":[{"_type":"span","marks":["strong"],"text":"Average vs. median","_key":"7446166b32010"}],"_type":"block","style":"normal","_key":"fa7dcf34ffcc","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"You might feel a little better about your situation when you consider what the typical American’s checking account balance is.","_key":"f4a334bc90de0"}],"_type":"block","style":"normal","_key":"b5d6dc1094ed"},{"_type":"block","style":"normal","_key":"4bb8a11bd161","markDefs":[],"children":[{"_key":"2faba812723b0","_type":"span","marks":[],"text":"Overall, as of October, the checking accounts of American households had an average balance of $16,891 but a median balance of "},{"_type":"span","marks":["strong"],"text":"just $2,800","_key":"49e487f8a5ca"},{"text":".","_key":"d297d3208dcf","_type":"span","marks":[]}]},{"markDefs":[],"children":[{"_key":"7d1b99eedb750","_type":"span","marks":[],"text":"The reason the average (total divided by number of account holders) is so much higher than the median (amount at which half of the population has more and half has less) is due to the impact of a minority — about 13% — with "},{"marks":["strong"],"text":"more than $50,000","_key":"126349ade466","_type":"span"},{"_key":"498f87cdf6c8","_type":"span","marks":[],"text":" in their checking accounts."}],"_type":"block","style":"normal","_key":"11d795e47ed6"},{"markDefs":[],"children":[{"text":"As you might imagine, balances tend to increase as Americans get older, and here’s what the average and median balances look like for various age groups:","_key":"fc2fe27ec5410","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"90f0a99f9576"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Under 35","_key":"be18ceba07750"},{"text":": $7,355.53 and $1,600","_key":"ec4022025588","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"ed815103f6b3","listItem":"bullet"},{"style":"normal","_key":"3ec6380d0067","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"35-44","_key":"272a013fcab80"},{"_type":"span","marks":[],"text":": $15,309.92 and $2,500","_key":"48bcd5b71c59"}],"level":1,"_type":"block"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"45-54","_key":"870b11d74d3d0"},{"_type":"span","marks":[],"text":": $20,155.22 and $3,400","_key":"888454d856fd"}],"level":1,"_type":"block","style":"normal","_key":"63f7193284f8"},{"markDefs":[],"children":[{"marks":["strong"],"text":"55-64","_key":"bffdeb9ba78f0","_type":"span"},{"marks":[],"text":": $17,515.35 and $3,500","_key":"0298bf01ed69","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"da7c5a333379","listItem":"bullet"},{"level":1,"_type":"block","style":"normal","_key":"55a019feb35b","listItem":"bullet","markDefs":[],"children":[{"text":"65-74","_key":"bfaee04e7a470","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":": $24,408.76 and $3,100","_key":"230c330f5066"}]},{"_key":"70c02668d0ab","listItem":"bullet","markDefs":[],"children":[{"text":"Over 75","_key":"1dc3068f90cf0","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":": $19,517.14 ad $3,300","_key":"5c255f0f6312"}],"level":1,"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Face your fears","_key":"e2f5c3bfd3d20"}],"_type":"block","style":"normal","_key":"77a1b9b38489"},{"children":[{"_type":"span","marks":[],"text":"If you dread looking at your checking account, you’re in good company. But experts say there are a few steps you can take to address your anxiety.","_key":"761ac5c044a90"}],"_type":"block","style":"normal","_key":"745e14fbad56","markDefs":[]},{"_key":"765d8bbf8a22","markDefs":[],"children":[{"text":"Begin by checking your balance","_key":"3601c359d11c0","_type":"span","marks":[]},{"marks":["strong"],"text":" once a week","_key":"88d7734b39e5","_type":"span"},{"_type":"span","marks":[],"text":". Try a ","_key":"d07fed94855a"},{"_type":"span","marks":["strong"],"text":"budgeting app","_key":"c5ae4410b9dd"},{"_type":"span","marks":[],"text":" that helps you make sense of your expenses. 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The finance-focused publisher Kiplinger crunched the numbers and determined that, by 2025, you’ll need "},{"_type":"span","marks":["strong"],"text":"a net worth of at least $2.7 million","_key":"a1f91078026f"},{"_type":"span","marks":[],"text":" to enter this elite class.","_key":"f0777137fbfd"}],"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":[],"text":"That sum is unquestionably large, but it’s only about a half million more than the $2.2 million average Americans said in a survey last year they’d need to consider themselves wealthy. And it’s a heck of a lot lower than the $11.6 million you’d need to break through to the 1%.","_key":"91ba19d925cf0"}],"_type":"block","style":"normal","_key":"3bfda9545b6c","markDefs":[]},{"_key":"48b350e6abde","markDefs":[],"children":[{"marks":["strong"],"text":"What does ‘net worth’ mean?","_key":"12261fc5f0cc0","_type":"span"}],"_type":"block","style":"normal"},{"children":[{"_key":"98edfb4eeb600","_type":"span","marks":[],"text":"Financial terms can be a little nebulous to many folks, but “net worth” is one that gets used quite a bit. And for the sake of this report, it’s important to understand what it means."}],"_type":"block","style":"normal","_key":"22e4b3743162","markDefs":[]},{"_key":"61f872e34f59","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s the equation: Net worth = Assets - Liabilities.","_key":"4b8028c9c3fc0"}],"_type":"block","style":"normal"},{"style":"normal","_key":"1b5a8593d3b1","markDefs":[],"children":[{"_type":"span","marks":[],"text":"So, in order to find out what your net worth is, you’d need to","_key":"769c0860840d0"},{"_type":"span","marks":["strong"],"text":" add up all of your assets","_key":"2e84a6596f4c"},{"_type":"span","marks":[],"text":" (things like investments, real estate, bank account balances, and retirement funds) and ","_key":"0b703080f8eb"},{"text":"subtract your liabilities","_key":"deffb5cde0ec","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" (which includes credit card debt, unpaid loans, mortgages, 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might assume that as a generation moves closer to retirement, its collective rate of saving increases. A recent ","_key":"01cf61ce30b40"},{"_type":"span","marks":["d33c1dffb342"],"text":"survey","_key":"01cf61ce30b41"},{"_type":"span","marks":[],"text":" from New York Life, however, revealed otherwise.","_key":"01cf61ce30b42"}],"_type":"block","style":"normal","_key":"3bd1082a3812","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/personal-finance/average-savings-by-generation-194254649.html","_key":"d33c1dffb342"}]},{"_type":"block","style":"normal","_key":"985034e867c5","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Priorities change with each phase of life, from getting through college to caring for a family to setting money aside for retirement.","_key":"2210acf85b8b0"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"And despite current economic headwinds, one generation in particular is ","_key":"4bf369a7fa0a0"},{"_type":"span","marks":["strong"],"text":"doing pretty well ","_key":"a268501bb9fe"},{"_type":"span","marks":[],"text":"when it comes to saving money.","_key":"a5cf75aaf604"}],"_type":"block","style":"normal","_key":"a3da2dfd9161"},{"children":[{"marks":["strong"],"text":"Millennial domination","_key":"680d627217180","_type":"span"}],"_type":"block","style":"normal","_key":"670eae32721b","markDefs":[]},{"children":[{"_key":"9157357358750","_type":"span","marks":[],"text":"Every individual’s situation is unique, so it’s usually not a good idea to compare your nest egg to that of others. But it might be beneficial to take"},{"_type":"span","marks":["strong"],"text":" a broad look at the habits ","_key":"6e21cdd97bf1"},{"_type":"span","marks":[],"text":"of similar age groups.","_key":"144a28201575"}],"_type":"block","style":"normal","_key":"2c618a37778b","markDefs":[]},{"_type":"block","style":"normal","_key":"995c509bab4e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Starting with the oldest generation included in the recent report, here’s how much those groups saved, on average, during 2023:","_key":"683b8cc81d850"}]},{"children":[{"_type":"span","marks":["strong"],"text":"Baby Boomers","_key":"75c8a304a4720"},{"_key":"69d761175784","_type":"span","marks":[],"text":" (born between 1946 and 1964): "},{"_type":"span","marks":["strong"],"text":"$4,059.72","_key":"20369140fb0a"}],"level":1,"_type":"block","style":"normal","_key":"7e38b328950e","listItem":"bullet","markDefs":[]},{"style":"normal","_key":"c704a3034ab3","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Generation X","_key":"450870cb9e870"},{"_type":"span","marks":[],"text":" (born between 1965 and 1980): ","_key":"73e3d30a3f72"},{"_type":"span","marks":["strong"],"text":"$5,132.20","_key":"12dec84205a0"}],"level":1,"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Millennials","_key":"8f3a5ad1ee4b0"},{"_type":"span","marks":[],"text":" (born between 1981 and 1996): ","_key":"83911a3ad06e"},{"_type":"span","marks":["strong"],"text":"$9,299.45","_key":"dc07aebede7d"}],"level":1,"_type":"block","style":"normal","_key":"37fa3c9c956a","listItem":"bullet"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Generation Z","_key":"f7e71b8713300"},{"text":" (born between 1997 and 2012): ","_key":"f98b42ed6428","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"$6,440.67","_key":"9c60acd6d4fd"}],"level":1,"_type":"block","style":"normal","_key":"52c0753ac877","listItem":"bullet"},{"_type":"block","style":"normal","_key":"888bff166d55","markDefs":[],"children":[{"marks":[],"text":"Millennials seem to be crushing it, socking away nearly twice as much last year as the older Gen Xers, who also came in behind the youngest generation on the list.","_key":"c03b385f57590","_type":"span"}]},{"_key":"68eb13ff8f2a","markDefs":[],"children":[{"marks":["strong"],"text":"Analyzing the facts","_key":"b500e1603fd70","_type":"span"}],"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":[],"text":"Despite the disparity between Gen X and the Millennial generation, the common wisdom remains valid. As people get older and presumably have an opportunity to earn more money, their rate of savings tends to increase.","_key":"e2b148ffde8a0"}],"_type":"block","style":"normal","_key":"dcb8b22c7e8e","markDefs":[]},{"_key":"3b78a96f0063","markDefs":[],"children":[{"_type":"span","marks":[],"text":"What seems to be holding Gen X back, however, is that this generation has the","_key":"f55701ae977a0"},{"text":" highest amount of average credit card debt","_key":"aaf1dbc73791","_type":"span","marks":["strong"]},{"marks":[],"text":" — $9,123 compared to Millennials, who came in second at $6,521.","_key":"380cbfc22a03","_type":"span"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_key":"b1591f48d9360","_type":"span","marks":[],"text":"But no matter your age, you can improve your savings status by finding a high-yield bank account, prioritizing debt with the highest interest rates, and eliminating unnecessary expenses from your budget."}],"_type":"block","style":"normal","_key":"1abc9faefcd5"}],"publishDate":"2024-07-06","category":"finance"},{"author":{"_ref":"phCNL32Gn","_type":"reference"},"_type":"story","publishDate":"2024-07-05","_createdAt":"2024-07-04T21:01:21Z","_updatedAt":"2024-07-05T01:54:44Z","visibility":"true","title":"It Might Not Make You A Billionaire, But Here’s Bill Gates’ Secret To Success","id":"tm7ulorO","slug":"/story/2024/07/it-might-not-make-you-a-billionaire-but-heres-bill-gates-secret-to-success","category":"finance","_rev":"w910kBWLvnTXjAFtthYg7a","summary":"The advice might sound contradictory, but the proof is in the pudding. ","body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"For 18 years between 1995 and 2017, Microsoft co-founder Bill Gates was the wealthiest person on the planet. While he no longer holds that title, he’s clearly not doing too bad for himself.","_key":"7935dda129560"}],"_type":"block","style":"normal","_key":"176f584b948a"},{"_type":"block","style":"normal","_key":"4bc5bbcfcc42","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/bill-gates-worlds-richest-man-155055431.html?guccounter=1","_key":"214fe6ea2c82"}],"children":[{"_type":"span","marks":[],"text":"And if you want to know some of the ","_key":"acc9297c57410"},{"_type":"span","marks":["214fe6ea2c82"],"text":"tricks","_key":"acc9297c57411"},{"marks":[],"text":" he’s used on his way to billionaire status, you’re in luck.","_key":"acc9297c57412","_type":"span"}]},{"markDefs":[],"children":[{"_key":"3a2042e87adb0","_type":"span","marks":["strong"],"text":"Optimism + Pessimism = Success"}],"_type":"block","style":"normal","_key":"37aa8983f14d"},{"style":"normal","_key":"e3c3f1706114","markDefs":[],"children":[{"_type":"span","marks":[],"text":"It’s a simple, if seemingly counterintuitive, equation that Gates says has been the foundation for his ability to accrue so much wealth over the course of his life.","_key":"d3555a21af170"}],"_type":"block"},{"_type":"block","style":"normal","_key":"e316e61ab621","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Essentially, it breaks down to knowing when to see the glass as half full and when to say it’s half empty. ","_key":"45379fcaf2570"},{"_type":"span","marks":["strong"],"text":"When you’re saving money","_key":"3d8726b7d35f"},{"_type":"span","marks":[],"text":", expect the worst. ","_key":"1c6d9d5b3482"},{"_type":"span","marks":["strong"],"text":"When you’re investing","_key":"66473453a36f"},{"marks":[],"text":", expect the best.","_key":"712098a402d1","_type":"span"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Gates ran Microsoft this way from the beginning, providing him both the safety net that a pessimist demands while leaving open the possibility for huge gains than an optimist would expect.","_key":"3a57b0f6c0b60"}],"_type":"block","style":"normal","_key":"c613154a2b9f"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Even if you’re not in charge of a massively profitable tech giant, you can implement the same tips in your own finances.","_key":"6d7463d4845d0"}],"_type":"block","style":"normal","_key":"05787dcc1e21"},{"_key":"0a8db328fc6c","markDefs":[],"children":[{"_key":"38e564ce9b730","_type":"span","marks":["strong"],"text":"How to get started"}],"_type":"block","style":"normal"},{"_key":"3c7618157482","markDefs":[],"children":[{"text":"It might take some time to get there, but starting down the road toward financial independence and prosperity starts with a game plan. 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Their strategies can broadly be summed up in three tips."}],"_type":"block","style":"normal","_key":"320d7bc5009d"},{"_type":"block","style":"normal","_key":"418e32be4f5c","listItem":"bullet","markDefs":[],"children":[{"marks":["strong"],"text":"Do your research","_key":"a0e6e3f75ebd0","_type":"span"},{"marks":[],"text":": Trudging through the legalese and buzzwords can be confusing, but the internet is chock full of reliable resources capable of making complex financial concepts more accessible to the average consumer.","_key":"0327d714980b","_type":"span"}],"level":1},{"level":1,"_type":"block","style":"normal","_key":"3af0c7cd3916","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Develop a plan","_key":"bcb6f1eca2b40"},{"_type":"span","marks":[],"text":": It might not be comfortable, but tightening the budget, getting another job, or downsizing your home are some of the ways you might be able to achieve the financial independence you 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While there’s been lots of stock value generated as a result, skeptics say it’s all a facade — and some believe Gill might even be skirting the law in his bid to make others (and himself) richer.","_key":"515085dc4bd80"}],"_type":"block","style":"normal","_key":"eaf1ad5285b9"},{"style":"normal","_key":"29d1420de3b4","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A former Securities and Exchange Commission prosecutor said ","_key":"8a7e41d6e3860"},{"marks":["strong"],"text":"the agency might be interested in investigating the posts","_key":"2de02a4862b6","_type":"span"},{"_type":"span","marks":[],"text":", but any charges would hinge on being able to prove that Gill was actually the person who published them and that he did so to mislead investors so he could profit.","_key":"a1dc84403a36"}],"_type":"block"}],"author":{"_type":"reference","_ref":"phCNL32Gn"},"_rev":"tjcxMEksNQehTSzqOcOCMt","_id":"2b27439f-73a5-4005-9725-00be6335d4c3","_updatedAt":"2024-06-06T18:40:24Z","publishDate":"2024-06-07","slug":"/story/2024/06/meme-stock-momentum-is-the-gamestop-buzz-legit-or-potentially-illegal","summary":"Roaring Kitty is at the root of a controversial Wall Street trend.","category":"finance","_type":"story","visibility":"true","_createdAt":"2024-06-06T18:37:44Z"},{"_rev":"xglB1fDiW6dczZU8SLmeA0","_type":"story","publishDate":"2024-06-04","summary":"It's good news for consumers after years of inflated prices.","image":{"_type":"image","attribution":"Giphy","asset":{"_type":"sanity.imageAsset","sha1hash":"8833bd7e0e4cfd6f7fb95e9a1ac76cb7aaa55bc4","url":"https://cdn.sanity.io/images/8mioycse/v3/8833bd7e0e4cfd6f7fb95e9a1ac76cb7aaa55bc4-480x360.gif","size":3109596,"originalFilename":"411284eb-1c88-4f83-9b15-bf0b72f99dec.gif","metadata":{"dimensions":{"height":360,"_type":"sanity.imageDimensions","width":480,"aspectRatio":1.3333333333333333},"isOpaque":true,"blurHash":"V6Dvfy~q4n%Mof00IU%Mj[xu?b4nD%WBIU?b?bWB-;xu","_type":"sanity.imageMetadata","palette":{"darkMuted":{"background":"#444444","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":4.52},"muted":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":5.88,"background":"#7c7c7c"},"lightVibrant":{"background":"#bcbcbc","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":0},"darkVibrant":{"title":"#fff","population":0,"background":"#424242","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightMuted":{"population":2.71,"background":"#b4b4b4","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff"},"vibrant":{"title":"#fff","population":0,"background":"#7f7f7f","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"dominant":{"title":"#fff","population":5.88,"background":"#7c7c7c","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"_type":"sanity.imagePalette"},"hasAlpha":true,"lqip":"data:image/jpeg;base64,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"},"source":{"name":"Driving I Love Lucy GIF by Paramount+","id":"0jZus5Ck6nPkvsmnYD","url":"https://giphy.com/gifs/paramountplus-paramount-i-love-lucy-plus-0jZus5Ck6nPkvsmnYD"},"_createdAt":"2024-06-03T23:46:25Z","uploadId":"qfGrEhA5KEMHjJXJmEGwnoX9C01AbKHM","_rev":"xglB1fDiW6dczZU8SLmcQQ","path":"images/8mioycse/v3/8833bd7e0e4cfd6f7fb95e9a1ac76cb7aaa55bc4-480x360.gif","assetId":"8833bd7e0e4cfd6f7fb95e9a1ac76cb7aaa55bc4","_updatedAt":"2024-06-03T23:46:25Z","extension":"gif","mimeType":"image/gif","_id":"image-8833bd7e0e4cfd6f7fb95e9a1ac76cb7aaa55bc4-480x360-gif"},"crop":{"right":0,"top":0,"left":0,"bottom":0,"_type":"sanity.imageCrop"},"hotspot":{"height":0.9558823529411765,"_type":"sanity.imageHotspot","width":1,"x":0.5,"y":0.5220588235294117}},"visibility":"true","_updatedAt":"2024-06-03T23:47:49Z","body":[{"markDefs":[{"_key":"ea2ffe22a5e6","_type":"link","href":"https://www.nytimes.com/2024/06/03/business/economy/new-car-deals-incentives-interest-rates.html"}],"children":[{"_type":"span","marks":[],"text":"A combination of inflation, pent-up demand, and supply chain interruptions sent the cost of both new and used vehicles soaring during the post-pandemic period. But there are currently some ","_key":"b32ef152b4dc0"},{"text":"signs","_key":"b32ef152b4dc1","_type":"span","marks":["ea2ffe22a5e6"]},{"marks":[],"text":" that those prices are starting to come back down to something approaching normal.","_key":"b32ef152b4dc2","_type":"span"}],"_type":"block","style":"normal","_key":"f2890557903b"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Discounts aplenty","_key":"62bd393c66990"}],"_type":"block","style":"normal","_key":"1c4a6ded6352"},{"_type":"block","style":"normal","_key":"b228f2d4918f","markDefs":[],"children":[{"_key":"b123f04ad3c90","_type":"span","marks":[],"text":"Factories are operating at full capacity again after months of COVID-19 shutdowns and there’s no longer a shortage of new models on dealership lots. If anything, the current inventory is"},{"_type":"span","marks":["strong"],"text":" sitting on the showroom floor","_key":"58ee381e25fb"},{"_type":"span","marks":[],"text":" too long for comfort, meaning savvy buyers can find some pretty intriguing deals.","_key":"f5e5c1ba7e08"}]},{"_type":"block","style":"normal","_key":"5f2c0f08f85f","markDefs":[],"children":[{"_key":"aab5726340a10","_type":"span","marks":[],"text":"But if you’ve been aiming to scoop up a car and resell it for a profit, those days seem to be over."}]},{"markDefs":[],"children":[{"marks":[],"text":"Here’s some evidence backing up the hype:","_key":"b83b0017d5e20","_type":"span"}],"_type":"block","style":"normal","_key":"94bf336c1126"},{"level":1,"_type":"block","style":"normal","_key":"e0a33a52a8b8","listItem":"bullet","markDefs":[],"children":[{"text":"Last month, automakers had","_key":"c78f773f25170","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" about 1 million more","_key":"470b30bd3d47"},{"_type":"span","marks":[],"text":" vehicles in stock than a year earlier.","_key":"838cd5d81996"}]},{"_key":"b34d592fc7b1","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"Stellantis is offering incentives worth","_key":"939fe355b05d0","_type":"span"},{"_type":"span","marks":["strong"],"text":" as much as $11,000 ","_key":"40724c551363"},{"text":"on models like the Dodge Charger.","_key":"e606e08fd130","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal"},{"markDefs":[],"children":[{"marks":[],"text":"Tesla has spent","_key":"dfbbb4942ca80","_type":"span"},{"marks":["strong"],"text":" more than a year ","_key":"be1bebc10d56","_type":"span"},{"_type":"span","marks":[],"text":"cutting sticker prices on its lineup of electric vehicles.","_key":"d19829358724"}],"level":1,"_type":"block","style":"normal","_key":"0225334d68a3","listItem":"bullet"},{"children":[{"marks":[],"text":"And while desperate shoppers were paying big bucks for used vehicles not too long ago, recent stats show pre-owned car prices dipped by about 7% during the month of April.","_key":"1cc31569bbaf0","_type":"span"}],"_type":"block","style":"normal","_key":"2e7e3b310ec6","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Not all good news","_key":"be5efa3397430"}],"_type":"block","style":"normal","_key":"07c5d8b157f9"},{"_type":"block","style":"normal","_key":"5de6e4a6bb1f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"While the general vibe might be that car shoppers are in a much better position than they were at any point during the past three years,","_key":"6c3af5c26a6a0"},{"marks":["strong"],"text":" there’s a big caveat","_key":"33b6da5fdf2a","_type":"span"},{"marks":[],"text":": interest rates.","_key":"758deeaf0758","_type":"span"}]},{"_key":"8b4e1d993b2d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"In April, the typical rate for used cars was 11.6% and the average monthly payment for a new vehicle hovered around $735.","_key":"fa7c2fb3776c0"}],"_type":"block","style":"normal"},{"_key":"2f68fb5f3ede","markDefs":[],"children":[{"marks":[],"text":"But once again, automakers can sweeten the pot by offering incentives on new inventory to","_key":"874067840aeb0","_type":"span"},{"_type":"span","marks":["strong"],"text":" reduce monthly costs and interest rates","_key":"766ffff43d84"},{"marks":[],"text":" — and they’re doing exactly that on remaining 2023 models and other vehicles that have been sitting on the lot too long.","_key":"dc7cc2bff0a8","_type":"span"}],"_type":"block","style":"normal"}],"id":"fIgqHGEx","category":"finance","_createdAt":"2024-06-03T23:45:02Z","slug":"/story/2024/06/in-the-market-for-a-new-car-the-time-might-finally-be-right-to-go-shopping","author":{"_ref":"phCNL32Gn","_type":"reference"},"title":"In The Market For A New Car? 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And too often, it’s the poorest Americans who fall ","_key":"37766d601c250","_type":"span"},{"text":"victim","_key":"37766d601c251","_type":"span","marks":["c080ad88629d"]},{"_type":"span","marks":[],"text":" to the allure of the seemingly harmless habit.","_key":"37766d601c252"}]},{"children":[{"_type":"span","marks":["strong"],"text":"Lotteries by the numbers","_key":"eff79ea24bc30"}],"_type":"block","style":"normal","_key":"1b3e2f119bd9","markDefs":[]},{"_type":"block","style":"normal","_key":"3a0df6472db0","markDefs":[],"children":[{"marks":[],"text":"If you want to truly understand what the average lottery player is up against, let’s take a look at the hidden statistics involved in the deceptively simple act of potentially handing out a billion-plus-dollar jackpot:","_key":"ef32392c29f70","_type":"span"}]},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"45 states and the nation’s capital ","_key":"e48c946685ca0"},{"_type":"span","marks":[],"text":"currently have some form of lottery.","_key":"7f156ea1cb81"}],"level":1,"_type":"block","style":"normal","_key":"47a5b0d6845a"},{"level":1,"_type":"block","style":"normal","_key":"be4fe40917a1","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Last year, Americans spent","_key":"06e0ad89a8200"},{"marks":["strong"],"text":" a whopping $100 billion","_key":"5fc823f77ade","_type":"span"},{"text":" on tickets.","_key":"d44b016242dd","_type":"span","marks":[]}]},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The U.S. lottery is more profitable than","_key":"cfff45fac1600"},{"_type":"span","marks":["strong"],"text":" all but eight ","_key":"6103966233b1"},{"_type":"span","marks":[],"text":"of the world’s countries.","_key":"a493f3602b3a"}],"level":1,"_type":"block","style":"normal","_key":"ddbddc0bc102"},{"style":"normal","_key":"d3f304f90c30","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And your odds of winning the Powerball? A paltry","_key":"1eda872063300"},{"text":" 1 in 292 million","_key":"c7404b9ec388","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":".","_key":"eb16d92f27fc"}],"level":1,"_type":"block"},{"style":"normal","_key":"b4de0975bf25","markDefs":[],"children":[{"marks":[],"text":"But, you might say, isn’t it all for a good cause? After all, proceeds typically support education or other social programs.","_key":"c7683ce87a0d0","_type":"span"}],"_type":"block"},{"_key":"2050f0182840","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Nevertheless,","_key":"3975288112340"},{"_key":"454b17632707","_type":"span","marks":["strong"],"text":" lotteries keep about 30% "},{"_type":"span","marks":[],"text":"of the revenue they receive, or three times as much as the typical casino. That means almost everyone who plays ultimately loses.","_key":"06d225582f88"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_key":"1309c40f9e060","_type":"span","marks":["strong"],"text":"Some lose more than others"}],"_type":"block","style":"normal","_key":"515657d4c200"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Data regarding who spends the most on lottery tickets revealed a troubling truth. Researchers found every 10% decrease in a community’s median household income coincided with","_key":"88aaa9917c970"},{"_type":"span","marks":["strong"],"text":" a 4% increase in spending","_key":"d71101367ae4"},{"_type":"span","marks":[],"text":" on lottery tickets.","_key":"8d5242019969"}],"_type":"block","style":"normal","_key":"16bbc085e437"},{"children":[{"_type":"span","marks":[],"text":"Older Americans and minorities also spent a disproportionate amount of their income playing the lottery.","_key":"02ba96af46390"}],"_type":"block","style":"normal","_key":"3f0fb145fbb8","markDefs":[]},{"style":"normal","_key":"1471465c5177","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The small price of a single ticket is simply too enticing for those who really need a windfall to resist, resulting in perhaps","_key":"6b6fcd72e5a10"},{"text":" the most startling statistic of all","_key":"f2a6c20c9cce","_type":"span","marks":["strong"]},{"marks":[],"text":". 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