🌮 Finance News: March 8, 2024

5 Things You Need To Know Today

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Happy Friday!🖐🏽

Can you believe it's Friday already? Time flies when you're frantically refreshing your bank account to see if payday has arrived. But hey, at least we're all in this together!

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🌮 Hot off the Press

These 5 things happened while you were busy…

1. Biden's Ongoing Promise: Student Loan Forgiveness for 'As Many Borrowers as Possible'

President Biden addressed student loan debt relief in his State of the Union address. In this case, borrowers were expecting broad relief after Biden announced up to $20,000 forgiveness for those making under $125,000 a year. However, lawsuits blocked the plan and the Supreme Court ruled against it in June 2023. So, although Biden is still fighting for student loan relief, borrowers won't see the promised help for now. Read more here.

2. The Failures of Financial Literacy Education in the US

While schools are often criticized for not teaching practical skills, financial education hasn't been entirely absent. Many people have likely had some exposure to money management classes. The video promises to explore the past, present, and future of financial education in the US. Read more here.

3. Maximize Your Wealth: Unlocking the Secrets of Tax-Efficient Investing

It discusses tax-efficient investing, which involves using accounts and investments to minimize taxes and keep more of your earnings. It goes beyond just retirement accounts and explores various strategies to achieve this goal. It also dives into how investments are taxed, explores tax-efficient investing strategies, and details different tax-advantaged accounts and investments available. Read more here.

4. Saving My First $1,000: Here’s How I Hit the Milestone

The article offers advice on saving your first $1,000 by a certified financial coach who shares her experience. The author, Alaina, along with her partner, went from financial struggles to saving $1,000 in four months. The key was creating a budget. Read more here.

5. Biden's Bold Tax Plan Targets Wealthy Individuals and Corporations

In his State of the Union address, President Joe Biden pledged to increase taxes on wealthy individuals and big corporations. His proposed measures include raising corporate minimum taxes, reducing deductions for executive pay and corporate jets. These steps are part of a plan to release a fiscal 2025 budget next week Read more here.

👀 Level Up

Read: 5 books that helped 32-year old mom earn $143,000 per month in passive income.

Watch: The Financial Diet outlines 5 clear spending rules that helped the creator pay off over $30,000 in debt. These rules are easy to understand and can be implemented by anyone looking to gain control of their spending habits.

Listen: Get expert tips on affordable group and family air travel with Smart Money Podcast. Elevate your family and group getaways.

Free Tools: Debt Snowball Calculator is an online tool that helps you create a debt repayment plan using the debt snowball method. This method involves focusing on paying off your smallest debts first, regardless of interest rate, which can help you feel more motivated and make progress on your debt.

🧠 Adulting: It's Not Always Easy

Beware of Today's Top Scams Out to Steal Your Money. The article warns readers about two common scams: SIM Swap Scams and Phone Call Scams. It advises readers to be wary of unsolicited calls, never give out personal information over the phone, and to use voice authentication instead of SMS verification for added security.

Layoffs rise to the highest for any February since 2009. There were 84,638 planned job cuts announced in February, a 3% increase from January and a 9% increase compared to February 2023. The tech and finance industries were the most impacted by these job cuts.

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