A California Democrat is renewing his efforts to tax wealthy residents’ net worth as a potential solution to closing the state’s $68 billion spending gap. And Democratic Assembly Speaker Robert Rivas’ new approach to running bills through legislative committees means the proposal will get a hearing. The bill from Assemblyman Alex Lee, D-San Jose, will […]
Many people think of long-term investing as buying and holding a stock for several years instead of succumbing to the psychological temptation of short-term trades. However, holding a stock for decades instead of years could create even bigger generational gains that you could potentially pass on to your children and grandchildren. For example, the S&P […]
Members of Congress make $174,000 and haven’t gotten a raise in about 15 years Retiring Rep. Patrick McHenry is the latest one to argue that needs to change. “Most of us live on the salary,” he said. “Most of us don’t have wealth.” Rank-and-file members of both the House and Senate are paid $174,000 a year. […]
By Libby George LONDON (Reuters) – Saudi Arabia’s Public Investment Fund accounted for about a quarter of the almost $124 billion spent by sovereign wealth funds worldwide last year, a report published on Jan. 1 showed. PIF’s whopping $31.5 billion spend in 2023 compared with $123.8 billion for all sovereign wealth funds, based on a […]
‘I’m getting ready to knock you out of your chair’: This Tampa woman has a mortgage, auto loan debt of $34K — and she asked Dave Ramsey how to build wealth. Here was his wisecrack reply Even a relatively good financial position could have room for improvement. A recent caller on The Ramsey Show seemed […]
Monmouth County generated the most wealth in New Jersey during the past decade, according to a new study, in a sign that the county was well positioned during the pandemic to take advantage of the shift to remote work. SmartAsset, a financial advising company, found home values soared − and household income followed. It left […]
Here’s the average net worth of Americans for every age group — how do you stack up? (Plus 3 easy tips to boost your wealth if you’re way behind) When it comes to the net worth of many Americans, trouble does indeed come in threes. A 2023 study found that 51% of Americans have no […]
Grandparent Grandchild Family Park Invest Future Getty When examined over extended periods, Wall Street is a veritable money machine. Even accounting for inevitable down years, the stock market has handily outpaced bonds, gold, oil, and housing in the return department on an annualized basis. The not-so-subtle secret to this outperformance is time. Patience is an […]
Nearly half the babies in Washington are born into poor families. This legislative session, some lawmakers and the state treasurer are once again trying to get a proposal passed by the Legislature that they say will break cycles of poverty. “Within days of one’s birth, people are sent into two different economic trajectories,” State Treasurer […]
(Bloomberg) — Stock investments: down 30%. Salary package: down 30%. Investment property: down 20%. As Thomas Zhou reflects on 2023, his household finances are front of mind. Most Read from Bloomberg “It’s just heart-breaking,” the 40-year-old financial worker from Shanghai said. “The only thing that still keeps me going is the thought of keeping my […]
Story at a glance Most U.S. families got wealthier during the COVID-19 pandemic, according to a new Pew Research Center study released Monday. But wealth gaps existed and persist among different racial and income groups. The study divides U.S. households into four groups, “poorer,” “more solvent,” “wealthier” and “richer,” with each category representing a quarter […]
The court took the case in June amid intense scrutiny of some conservative justices’ relationships with billionaires who use their fortunes to advance political agendas focused on lowering taxes and reining in the role of the federal government. But on Tuesday, the justices repeatedly questioned the distinctions a lawyer for the taxpayers, Andrew Grossman, attempted […]