Money

Congrats high school grads! 🎓 As acceptances roll in, it’s time to make a decision about which college is right for you. There isn't one "best" college for every student, but our star ratings can help you build a list of standout schools that fit your budget. Check out our 2024 Best Colleges list, sponsored by SoFi. ⭐

Amazon #PrimeDay is one of the biggest shopping events of the year, but figuring out what’s a deal and what’s just marketing can be confusing. As with any sale, consumers should keep in mind that a large discount doesn’t necessarily equate to a good deal. Here are some strategies to use to figure out if Amazon discounts are truly good deals — and if the product at hand is worth buying, period. https://bit.ly/3WrcHYh

One of the themes of the Republican National Convention this week is 'Make America Wealthy Again." For the third year in a row, Americans told Gallup that the increasing costs of living are the worst financial problem facing the country. And many worry that inflation will only get worse after the 2024 election. Adam Hardy gives us a look at the historical and global perspective 👉 https://bit.ly/3WmNXjB

Managing your finances can be so stressful that you lose sleep, but new research suggests a solution: putting money into a #saving account every month, even if it’s just a small amount. According to a July report from the University of Bristol's personal finance research center, people who save regularly get higher-quality shut-eye than those who don’t. Folks who save money are also much more likely to feel relaxed most of the time. "Regular savers tend to feel more optimistic, are more satisfied with life, and sleep better," Susan Allen, chief executive officer at the Yorkshire Building Society, which sponsored the research, said in the report. Pete Grieve has the lowdown 😴 https://bit.ly/3zC00AI

More than a dozen cities, two states and Washington, D.C., raised their minimum wages on July 1, the halfway point of the calendar year. The increases mean tens of millions of residents are now covered by stronger minimum wage laws. Here are 15 cities and two counties that increased their minimum wage on July 1, according to a roundup by ADP: Alameda City, California: $17 per hour Berkeley, California: $18.67 per hour Chicago: $16.20 per hour Emeryville, California: $19.36 per hour Fremont, California: $17.30 per hour Los Angeles: $17.28 per hour Los Angeles County: $17.27 per hour Malibu, California: $17.27 per hour Minneapolis: $15.57 per hour (for small employers) Montgomery County, Maryland: $15.50 or $17.15 per hour Milpitas, California: $17.70 per hour Pasadena, California: $17.50 per hour Renton, Washington: $18.29 or $20.29 per hour (depending on employer size) San Francisco: $18.67 per hour Santa Monica, California: $17.27 per hour St. Paul, Minnesota: $12.25, $14 or $15.57 per hour (depending on employer size) Tukwila, Washington: $19.29 per hour (for mid-size employers)

Today's shopping trends can largely be traced back to the COVID-19 pandemic and the historic inflation that followed. These unprecedented forces have propelled consumers on a spending rollercoaster over the last five years, and the often-rough ride isn’t over yet. Shopping behavior changed in strange and conspicuous ways during the early months of the pandemic. (Think: skyrocketing sales of toilet paper and hand sanitizer.) More recently, the impact has been subtler, often involving a scaling-back in purchases that were incredibly popular not long ago. Brad Tuttle explores the areas where Americans are pulling back on spending, from grills and mattresses, to home reno projects. 👉 https://bit.ly/3Lkut92

Money is hatching a new way identify the best financial planners, the pros who can serve as quarterbacks for your finances. For more on the project, check out my video chat with Ben Lewis, who works for the Financial Planning Association (FPA), our partner in the venture.

A record share of renters are now “cost-burdened,” meaning they spend a high percentage of their income on housing. But even as tenants in many parts of the United States stretch their budgets, there are still cities that stand out for affordability, according to a new report from the Harvard Joint Center for Housing Studies. Pete Grieve has more: https://bit.ly/4cvaPmI

There are nine states that don’t tax workers' wages. But just because a state doesn't have income taxes doesn't necessarily mean it's an affordable place to live. If a state doesn’t charge income tax, it must find revenues elsewhere, which explains why other tax rates tend to be high in these locations. What’s more, the cost of living in some states with no income tax has soared in recent years, often as a result of skyrocketing home insurance prices related to climate change, as well as higher housing prices in general. As the Tax Foundation’s Andrey Yushkov tells Money, “for high-income individuals, income taxes may be one of the most important factors” in deciding where to live, assuming they’re aiming to keep as much of their earnings as possible. If you’re not super wealthy or your wealth is not based on income, however, the financial benefits of living in a state with no income tax are less clear. Before deciding to move to a state with no income tax, you should examine your individual circumstances, including “job opportunities, family considerations, climate, infrastructure, educational system” and various local taxes, Yushkov says. Brad Tuttle reports 👉 https://bit.ly/3VlhCJI

July is historically one of the best-performing months of the year for the stock market. According to Dow Jones Market Data, since 1928, the S&P 500 has posted an average gain of 1.7% this month, finishing in positive territory 60% of the time. However, given the current market environment, numerous factors could pose a challenge to that historical track record this July. https://bit.ly/3XSAIIH