Posts by Stephanie Horan:
Asian American households saw the greatest increase in income over the past decade out of any other racial group in the U.S. From 2010 to 2019, the median household income across all households grew by 31.3%, from $50,046 to $65,712. Meanwhile, the median Asian American household income increased by almost 40%, from roughly $67,000 to more than $93,700. Though incomes have risen for many Asian Americans, income inequality in the U.S. has also actually increased the most among Asians compared to all other groups, according to a 2018 report from Pew Research Center. This indicates that in some parts of the country, Asian Americans fare better when it comes to income, poverty rate and other personal finance factors. Read more
Financial advisors offer varying fee structures with different types of compensation. In general, there are three primary ways advisors make money. They include client fees (usually charged either on an hourly basis or as a percentage of client assets under management), commissions for certain financial transactions and salaries earned by on-staff advisors. Fee-only advisors typically earn money through client fees while fee-based advisors can earn money through both client fees and commissions on investment transactions. Read more
Average monthly housing costs across the 50 largest U.S. cities are $1,268, or about 14% higher than median monthly housing costs nationally ($1,112). Additionally, residents spend an average of 23.88% of their annual pre-tax income on housing costs in those cities, while the average American spends 20.31%. Though large cities are often more expensive when it comes to housing – not to mention other living costs such as transportation and food – some cities are more expensive than others. Read more
IRS data shows that roughly 6% of American taxpayers earn $200,000 or more annually. While that figure includes income from investments, most reported income comes from salaries and wages. Across all… Read more
Individuals with higher levels of financial literacy tend to adhere to better financial practices – such as having an emergency fund and planning for retirement – and are also more likely to build… Read more
The Trump tax bill – formally known as the Tax Cuts and Jobs Act (TCJA) – nearly doubled the standard deduction while also limiting some itemized deductions. From 2017 to 2018, the standard deduction… Read more
While many economists believe that the U.S. economy will return to pre-pandemic levels by late 2021, they are less confident that the job market will bounce back as quickly. According to February… Read more
Effective communication is the key to a strong investor-advisor relationship. Typically, advisors rely on in-person meetings and other face-to-face activities to connect directly with clients. But as… Read more
The COVID-19 pandemic has caused unprecedented job losses across many industries and occupations. However, STEM jobs have been less affected generally. The 2020 unemployment rates for all three STEM… Read more
The number of registered investment advisors (RIAs) in the U.S. is growing, as are the number of clients they serve and assets they manage. According to an annual report published jointly by the… Read more
Retirees are on the move, despite the COVID-19 pandemic. Though just 17% of the U.S. population is 65 and older, relocation company United Van Lines reports that seniors in that age group completed… Read more
Nationwide, when it comes to wealth and personal finance success, Black Americans generally have less. Census data from 2019 shows that the median Black household income is 33% lower than the overall… Read more
As 2020 mortgage rates in the U.S. reached historic lows, housing sales increased throughout the year. Freddie Mac data shows that the 30-year fixed mortgage rate, excluding fees and points, fell to… Read more
Since the onset of COVID-19, remote work has become the norm for many Americans, allowing them to continue to meet some of their expenses while saving where possible. In the late spring of 2020,… Read more
Jobs requiring a bachelor’s degree or higher level of education for entry are often more insulated from unemployment than others. During the COVID-19 pandemic, total unemployment for individuals 25… Read more
Women’s earnings in the U.S. make up about 81% of men’s, according to Census Bureau data from the past several years. Though this figure has steadily grown over the course of decades, researchers… Read more
The holiday season is a time when many professionals send gifts and cards to their clients to thank them for their business and support. Within the financial advisory and planning industry, these… Read more
The U.S. stock market hit record highs leading up to Thanksgiving in 2020. Two days before the holiday this year, the Dow Jones and S&P 500 indexes broke 30,000 and 3,600 points, respectively. While… Read more
Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which… Read more
Affordability issues generally affect renters more than homeowners. More than 40% of renters pay more than a third of their household income on rent compared to just 24% of homeowners on their… Read more
Older American workers have been disproportionately impacted by not only the health impacts of COVID-19, but also its corresponding economic shock, which has deeply affected their ability to budget… Read more
Though definitions vary, economists and researchers generally characterize the middle class as households that earn approximately two-thirds to two times the median national income. Slightly more… Read more
Monthly electric bills vary with the seasons. They are typically lower during milder spring and fall months and higher in the summer and winter, when households are running air conditioners or… Read more
Since March, mortgage rates have fallen steadily. According to Freddie Mac data, the 30-year fixed-rate average was at 2.90% and the 15-year fixed-rate average stood at 2.40% for the week ending… Read more
Nationally, unemployment has slowly fallen since its initial record spike in April as a result of the COVID-19 pandemic. The Bureau of Labor Statistics (BLS) reported last month that the national… Read more
