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Joined: July 9, 2024
Articles: 975

Saving

Steady Savings, Smart Budgets: Navigating High Inflation and Rising Rates

With inflation remaining high and mortgage rates nearing 7%, many Americans are adapting their personal finance strategies to protect their money. Economic uncertainty, even more complicated by political debates over government policies, is forcing families to reconsider their financial choices. Experts advise families to prioritize steady savings habits by regularly putting money into retirement accounts such as 401(k)s or IRAs, especially if their employers offer matching contributions. Automatic savings transfers and budgeting carefully to limit unnecessary spending are also recommended to help households withstand economic ups and downs.

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May 23, 2025

Earning

Side Hustle Nation: How Young Adults Thrive Amid Economic Stress

In recent years, many young adults in the U.S. have started taking on side gigs to earn extra money due to ongoing economic stress, higher living costs, and limited growth in regular jobs. Easy access to digital tools and online marketplaces has helped make side work like freelancing, selling goods online, driving for services such as Uber, or creating online content very popular. Surveys and labor market reports indicate that younger generations see side hustles as a necessary way to cope with financial pressure and build stability as wages in traditional jobs aren't rising quickly enough to meet daily expenses.

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May 23, 2025

Taxes & Tools

U.S. House Passes SALT Cap Boost with New Limits for High Earners

On May 22, 2025, the U.S. House of Representatives voted to pass the “One, Big, Beautiful Bill,” a new budget reconciliation bill that changes federal taxes in important ways. One major part of this new legislation increases the limit on the amount taxpayers can deduct for state and local taxes (called SALT deductions). Starting in 2025, this cap goes up from $10,000 to $40,000 for some households. However, this deduction begins to phase out for people earning over $500,000 (or $250,000 if married filing separately), and the income thresholds will continue increasing each year by 1% until 2033. While this provides relief for many taxpayers, the bill also introduces limitations that may impact business owners.

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May 23, 2025

Basics

Financial Avoidance: When Anxiety Turns Money Matters into Money Matters Ignored

Financial avoidance happens when people intentionally ignore their money issues or avoid looking at their financial situation due to anxiety or stress. A 2025 MX survey found that about 22% of Americans avoid checking their finances completely, especially younger people. Around 33% of Generation Z and 28% of Millennials regularly stay away from important money tasks. This habit feeds into a paycheck-to-paycheck mentality—even those who make more money can struggle, with Bank of America Institute noting that 26% of U.S. families spend nearly all their income on basic expenses. Avoiding financial issues this way can lead people to focus only on short-term needs rather than planning for future financial security.

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May 22, 2025

Credit & Debt

Mortgage Rates Surge to 7.30%, Tightening Grip on Homeowners

As of May 2025, refinance rates on mortgages in the U.S. have climbed sharply to about 7.30%, making it harder for homeowners looking to lower their monthly payments or restructure their debt. Experts tie this rise to ongoing inflation and uncertain global economic conditions. The Federal Reserve had made several rate cuts last year, hoping to encourage borrowing and help the economy, but recently has stopped cutting rates further due to concerns about persistent inflation. This makes loans more expensive for both homebuyers and those wishing to refinance, adding stress to an already costly housing market and putting financial pressure on many families and individuals.

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May 22, 2025

Earning

Side Hustle to Main Hustle: Social Media Sparks America’s Gig Economy Shift

In mid-2025, economic challenges like rising living costs and limited job growth have encouraged many Americans to turn their side hustles into potentially full-time businesses. Gig-based and digital jobs have become especially attractive because they offer flexible hours and the chance to earn extra income while building lasting careers. Popular choices today include managing social media accounts, delivering goods and food, creating online content, tutoring students virtually, and selling items online. Of these options, social media management is particularly popular. It appeals to small businesses looking for affordable marketing solutions, requires skills that are easy to learn, and allows people to work from home or anywhere with internet access.

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May 22, 2025

Taxes & Tools

House Pushes Forward Sweeping GOP Tax Reform: Big Cuts, Targeted Hikes

On May 14, 2025, the House Ways and Means Committee pushed forward a significant new tax reform bill proposed by Republicans. This bill would create close to $6 trillion in tax cuts but also includes around $2 trillion in tax increases to balance some of the costs. Its main goals are to continue key parts of the 2017 Tax Cuts and Jobs Act (TCJA), like lower tax rates for people and businesses, which would otherwise expire at the end of 2025. Additionally, the bill seeks to limit certain tax abuses by companies operating overseas and adjust specific tax benefits. The full House of Representatives plans to vote on this bill before the Memorial Day holiday.

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May 22, 2025

Basics

Tariff Troubles: How Trade Wars and Inflation Squeeze American Families

High tariffs and ongoing global uncertainty are forcing many American families to rethink their spending choices. Tariffs, particularly from the U.S.-China trade disagreements, have led to higher prices for everyday items like groceries and personal care products. At the same time, rising inflation, high interest rates, and slower worldwide economic growth are adding extra financial stress on families. Because of these challenges, middle- and lower-income households often must cut back on necessities or delay important expenses like medical care. Unlike wealthier families, who are better positioned to handle price increases, most ordinary Americans now face difficult financial decisions every day.

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May 21, 2025

Basics

Consumer Spending Defies Recession Fears Amid Rising Inflation

Despite growing fears about a possible recession in 2025, many American consumers continue spending money rather freely. Recent data from the Federal Reserve Bank of New York shows that people have become more worried about inflation and overall economic stability, yet they have not cut back significantly on their purchases or spending habits. Inflation—the rate at which prices steadily rise—is expected to stay high, prompting major stores like Walmart to already begin raising prices and plan further increases later this year. These price hikes are partly due to ongoing tariffs from the Trump administration, which increase the cost of imported goods and add strain on retailers and everyday consumers.

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May 21, 2025

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