Did You Know…
- Cadillac is offering “Netflix for cars?”
- Wells Fargo is making the first steps towards eliminating the need for ATM cards
- How much it costs to raise one child? (If you guessed almost one-quarter million dollars, you are in the ballpark)
Is robo investing right for you? Here are the 5 people who are likely to use them
Robo advisors are starting to pick up steam, and these online financial advisors are beginning to take significant business away from legacy companies. The assets under management (AUM) at robo advisors are increasing every year, as are the number of robo advisors available for consumers’ choice. But who uses robo advisors? What groups benefit most from automated investing? And perhaps most importantly, is robo advising right for you? We’ve outlined the five groups that use and benefit from robo advisors and explain how these automated products serve each segment.
Wells Fargo is making all its ATMs cardless
Beginning this spring, Wells Fargo plans to introduce a “new mobile transaction plan” that will allow customers to withdraw cash from all of the bank’s 13,000 ATMs without using their debit card, according to CNN Money and Fortune.
Feds Will Forgive $30M In Federal Loans For Students Of Defunct American Career Institute
Under the “Borrower Defense” program, a student’s federal education loans can be forgiven if they can prove their college used deceptive practices to convince them to enroll. The Department of Education confirmed today that this program will be used to forgive $30 million in federal student loans for thousands of former students from the defunct American Career Institute.
For Young Entrepreneurs, College Debts Can Snuff Out Start-Up Hopes
Fewer millennials are founding companies at a time when student loans are on the rise. As one business founder put it, “The debt is always there, drowning you.”
Can You Afford to Retire?
Have you ever seen someone working who’s clearly old enough to be retired and wondered whether that person had to be there or wanted to be there? It could be an older gentleman bagging groceries or a woman working the register at a department store. It might be the guy who owns the gas station down the street or the crossing guard at your children’s school. If you don’t know them, you can’t know their reasons.
3 IRA myths debunked
You hear a lot about the importance of saving for retirement, and an individual retirement account is a good way to help you achieve your goals. But how much do you really know about IRAs and how they work?
Can a card issuer consider my age when deciding whether to issue a credit card to me?
Generally, age cannot be used to make credit decisions; however, it may be considered in certain circumstances. For example, a creditor may use an applicant’s age as part of a valid credit scoring system (so long as it does not disfavor applicants 62 years old and older). In addition, if you are under 21 years …
Pay Down Your Credit Card Debt Faster with a 0% Balance Transfer
To help relieve the burden of debt and acquire new customers, banks have long offered credit cards with a 0% promotional APR, for a limited time, on balance transfers. Applicants who qualify for a new card with these promotional rates can have their existing balance paid off by their new card.
How to Crush Your Credit Card Debt For Good
According to the latest statistics from the Federal Reserve, Americans have a total of $970 billion in revolving debt. The vast majority of this debt is on credit cards. To put this in perspective, this amounts to an average of about $9,600 for each household with credit card debt.
Netflix for Cars
In what AdAge is calling a “Netflix for cars,” Cadillac has launched a program that it says is a “first-of-its-kind luxury vehicle subscription service.” The program is called Book by Cadillac and here’s how it works: For starters, customers are no longer customers. They’re now “members.” A member pays a flat monthly fee of $1,500 (there’s also a one-time $500 initiation and processing fee). For all this, the member gets unlimited access to several Cadillacs – from the V Series, XT5 and CT6 to an Escalade – for as long and whenever wanted.
Chevy Bolt wins Car of the Year
The Chevrolet Bolt, GM’s first mass-market electric car, won Car of the Year at the Detroit Auto Show Monday.
It was the third significant honor for the breakthrough car. The Bolt had already won the Motor Trend Car of the Year honor in November, as well as the Green Car of the Year award given out at the Los Angeles Auto Show.
The Bolt is estimated to go 238 miles on a single charge. At a sticker price of about $30,000 after tax breaks, the plug-in Bolt will be less than half the price of the only other cars go more than 200 miles on a charge — the Tesla Model S and Model X. The first of the Bolts were sold in California last month, with a national roll out anticipated later this year.
Chart of the Day
In my latest book, Building Wealth (for the rest of us), I devote an entire chapter to the expense involved in raising kids. Below is a chart detailing the cumulative expense broken down by category. Please note that this is only birth through their 18th birthday. Consequently, the excludes the cost of college, plus, today roughly 40% of young adults are returning hold to live with mom and dad. The Wall Street Journal reported that during the past 75 years, that’s the largest share of young people living at home since 1940. Presumably that means that the parents will continue financially supporting their kids to some extent.
You will find more statistics at Statista