Hours of research by our editors, distilled into minutes of clarity.
In the US as a whole, you'd need to earn an annual income of $787,712 or more to be in the top 1% of learners. But that number varies from state to state. In Connecticut, for instance, you'd have to earn roughly $1.2M to be in the state's 1% of earners. If you want to know how much you'd have to make to be considered part of the 1% in all the other states, check out this map.
During conversations about personal finance, the term "compounding" gets thrown around—but not everyone understands how compound interest and compound returns work. Broadly speaking, compounding is what happens when you not only earn returns or interest on your original investment, but also on the accumulated returns or interest you receive over time. This article explains how both of these processes function, and what compounding could mean for your wallet.
This short video quickly runs through the five different filing statuses taxpayers fall under when they file income taxes: single, married and filing jointly, married and filing separately, head of household, and surviving spouse. Taxpayers’ status is determined by whichever category they fit into on December 31st of the tax year they’re filing for. Learn about filing statuses by watching this video.
The US has a series of tax brackets which grow progressively larger based on the amount of income a taxpayer makes. Contrary to common belief, most people don't pay just one tax bracket, but all of them progressively until they reach their income...
Tax credits are directly subtracted from the amount of money taxpayers owe on their annual income. Unlike tax deductions, credits reduce the owed amount while deductions reduce how much income is taxable. There are different types of tax credits that are either fully or partially paid out. Learn more about tax credits and how they’re applied to income taxes in this short guide.
The term HENRY stands for "high earner, not rich yet." People who fall into the high earner, not rich yet category tend to have some significant blockers keeping them from accumulating wealth, such as lifestyle creep and student debt. This article outlines some financial planning advice specifically for those in the HENRY category—read it here.
Retail investors may not have the same resources institutional players do, but thanks to the internet, they can access several free tools that provide a leg up. These tools do everything, from recommending portfolio allocations, to helping investors screen stocks, to tracking their real or simulated trades. Learn more about these tools here.
Some people who work low-wage jobs don't make enough money to pay for the cost of basic needs (like housing or child care) in their area of the country. Curious to see whether or not you make what's considered a "living wage" for your city or state? To find out, plug your locale into this Living Wage Calculator.
A consumer loophole known as "skiplagging" is a travel hack where travelers purchase a cheaper flight with a layover in their destination city. The hack works when flights to other cities with layovers at your destination are cheaper than direct flights to your destination. Airlines don't like the practice, but there's no specific law forbidding it. Read how it works in this brief overview.
Discover data about each generation’s income in the US. Generation X currently holds the title of highest earners, with notable wealth for those living in Maryland. Find out which groups tend to succeed and why, while seeing where you stand in comparison.
The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.