Key Takeaway: The 30% rule for rent expenses suggests that individuals should allocate no more than 30% of their gross monthly income towards rent. This rule has become popular over time and is a widely accepted rule of thumb among many landlords and property managers. Factors to consider when deciding on rent expenses include credit … Read more
Key Takeaway: There are seven federal income tax brackets in the US, with tax rates ranging from 10% to 37%. The tax rate for each bracket is based on taxable income, with higher income earners paying a higher tax rate. The current federal income tax brackets were updated in 2017, with income thresholds for each … Read more
Key Takeaway: 18% of individual Americans make over $100k annually, while only 15.5% earn between $100,000 and $149,999 per year. 45% of Americans making over $100k live paycheck-to-paycheck, and 82% of them feel that they need to make over $200k annually to be considered rich. Males make up 17% of all individuals earning over $100k … Read more
Key Takeaway: 34.4% of American households have a yearly income of at least $100,000, as of 2020. In 2021, 8.7% of the US population earned over $100,000, while 17.8% of working people earned this amount. Despite high income, almost 50% of $100,000 earners are living paycheck to paycheck, while debt and taxes remain major concerns … Read more
Key Takeaway: The percentage of a paycheck allocated to taxes varies based on multiple factors, including gross pay, federal tax brackets, state tax information, and social security and Medicare taxes. It is important to understand the calculation process and to ensure that withholdings and allowances are accurate in order to prevent overpaying or underpaying taxes. … Read more
Key Takeaway: It is important to consider factors such as income stability, outstanding debt, and additional costs when determining how much to allocate towards a mortgage. Using mortgage calculators can help determine borrowing capacity and the size of the deposit needed. While general guidelines exist for allocating income towards housing, personalized considerations such as desired … Read more
Home-buying is a complex process that involves multiple steps, from finding the right property to securing financing, negotiating contracts, and completing the closing process. However, even after making it to the final stages of a home purchase, there is still the possibility that the deal may fall through. According to Trulia’s most recent data, only … Read more
If your credit score is between 800 and 850, it is considered exceptional. This indicates that your FICO Score is significantly higher than the national average. According to Experian, consumers with credit ratings of such outstanding levels make up 21% of the total. What does a credit score of 830 mean? Excellent approval chances for … Read more
Wade Pfau, a professor of retirement income at The American College of Financial Services, recommends that annuities should account for no more than 20% to 40% of your retirement savings. For inflation protection and easier access to your money, the rest of your portfolio should be in market assets. What are annuities? Products that offer … Read more
The Internal Revenue Service (IRS) estimates that sole proprietorships make up between 71 and 75 percent of all firms in the US. The vast majority of sole proprietorships are small businesses. They account for only approximately 6% of total sales in the United States. What is a sole proprietorship? A business that is owned and … Read more