The latest on tax reform, winning the lottery, and hidden costs for LGBTQ Americans
Here are some favorite personal finance reads from around the web this week.
Government analysis shows House tax bill would increase the cost of college by $71 billion over a decade
–The Washington Post
College will get even more expensive, according to an official analysis by Congress’s Joint Committee on Taxation. In the recently passed House tax reform bill, higher education benefits, like the student loan interest deduction, would either be eliminated or revised, costing students and families more than $71 billion over the next decade. Call your representatives to make sure this bill doesn’t get any further.
–The New York Times
It may sound all Champagne wishes and caviar dreams, but there is unexpected stress that comes with getting a huge windfall. These “lucky” lottery winners discuss the mental and social impact of their prize money. Whether or not you ever strike it rich, you can learn a lot from their stories.
While the LGBTQ community has made significant progress in gaining certain legal protections, they still face hidden career costs like wage disparity, workplace discrimination, and higher rates of joblessness. We need to do better in closing these gaps.
Big medical bills, aggressive debt collectors, and a lack of financial literacy are three of the reasons many Americans 65 and older, especially women, are filing for personal bankruptcy. That’s why it’s important to talk to your partner about the family finances and save up for those unexpected costs.
The holidays are the most wonderful, expensive time of year—and this year is no different. Paying with credit cards is up 8% over last year. My advice to shoppers looking to fulfill their families’ wish lists: Remember that credit cards are loans that still need to be paid back. Or better yet, pay with cash.
Craving more personal finance reading? Here are my latest blog posts!
Avoid financial stress this holiday season by sitting down with your family and discussing how to budget for what could be a very expensive meal. Your wallet—and your sanity—will thank you.
The director of the Consumer Financial Protection Bureau is stepping down at the end of November. Let’s remember the amazing work Richard Cordray and his team has done to protect consumers and why it’s important that his successor continues that mission.
You might think that talking about your salary at your workplace is taboo, but millennials apparently don’t. Here’s why that trend can lead to fairer salaries, better job performance, and a happier work environment.
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