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Yahoo
3 days ago
- Business
- Yahoo
May retail sales drop more than expected
U.S. retail sales dropped 0.9% in May, more than the 0.6% many economists forecast. The steep decline follows a 0.1% decrease in April amid the uncertainty about the economy. Laila Maidan, tech and investing reporter for MarketWatch, joined CBS News to discuss the numbers.
Yahoo
3 days ago
- Business
- Yahoo
Brace yourself: This is exactly how much you should have saved for your kid's college by the time they're 5, 13 and 18
American families face ongoing college-affordability and student-debt crises as new technologies like artificial intelligence transform the workplace, casting doubt on the value of higher education in the future. Despite these challenges, financial planners say it remains wise for parents to prepare for the rising costs of education by saving — a lot — for college, and talking to their children about their options. Israel-Iran clash delivers a fresh shock to investors. History suggests this is the move to make. These defense stocks offer the best growth prospects, as the Israel-Iran conflict fuels new interest in the sector 'I prepaid our mom's rent for a year': My sister is a millionaire and never helps our mother. How do I cut her out of her will? 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. My friend is getting divorced. Her husband offered to sign over their house. What's he hiding? If your newborn today plans to attend college, you should plan to save roughly $105,000 in a college fund by the time they turn 18, which would cover nearly 50% of their total college expenses — tuition, fees, housing and food — at a four-year, public in-state university. That's the latest advice for parents from T. Rowe Price TROW, an investment firm that offers college-savings plans. In order to achieve this staggering figure, parents today could invest $280 each month per child from the time they are born into a 529 college-savings account that earns 6% annually, which could grow to more than $19,000 by age 5, almost $45,000 by age 10, about $64,000 by age 13, and nearly $105,000 by the time they turn 18. That six-figure total is approximately 1.75 times the $59,972 estimated annual cost of college by that time. To fully cover 50%, parents would continue saving through the four years their child is enrolled in school. The analysis assumes the other half would be covered by student loans, scholarships and grants. Almost 30% of undergraduates receive federal student loans. Setting aside $280 per month for two children would add up to $6,720 per year. For a family of four making the average gross income of about $146,000, according to the Bureau of Labor Statistics, that would translate to 4.6% of gross income. 'That's achievable. They just have to control their spending,' Mark Kantrowitz, author of 'How to Appeal for More College Financial Aid,' told MarketWatch. Reaching this savings goal might require sacrificing wants, like vacations, but 'vacation is a luxury, not a necessity, so that should be the lowest priority,' he said. T. Rowe Price's guidelines suggest that by the time a child is 18, parents should have saved 1.75 times the current cost of one year of college. Over time, this means having 0.6 times the annual cost by age 5, when many children start elementary school; 1.1 times by age 10, as they prepare to enter middle school; and 1.35 times by age 13, before they begin high school. Average annual expenses at four-year, in-state public universities totaled $24,920 this year, and at private universities the average was $58,600. These benchmarks factor in average 5% annual college inflation, which would push up the mean annual cost of attending an in-state school to $59,972 in 18 years. Young said parents can monitor their progress each year using actual sticker prices at the time, as the $59,972 figure is just an estimate. For most parents, these are daunting figures. The median retirement savings, a more common savings goal, for a couple with children is just over $95,000, according to 2022 data from the Federal Reserve. But it is in parents' interest to come up with a plan for dealing with college costs, Larry Pon, a financial planner and accountant in California, told MarketWatch. Too many parents, determined to send their kids to their 'dream school,' say they will 'figure it out,' he said — and 'usually what 'figure it out' means is taking on student loans.' Related: Is going to college worth it? Ask these 5 questions to make sure it's a good investment for you. As they begin planning to save for college, parents must first establish where college expenses fit into family financial goals. In terms of priorities, an emergency fund comes first, Roger Young, a financial planner at T. Rowe Price, told MarketWatch. The next biggest priorities should be paying off high-interest debt and saving for retirement — which at the very least means maximizing an employer match, but preferably means saving at least 15% of income, which Young describes as 'adequate' for retirement. The planners MarketWatch spoke with all agreed that retirement savings were a higher priority than college savings. Unlike education, there is no loan product for retirement, they noted. After those more urgent goals are accounted for, parents can start saving for their children's education, and also should talk to their children about the plan. Parents who are not able to save $280 per month per child, as T. Rowe Price suggests, can establish different goals. Another framework is to aim to fund one-third of college costs from savings (rather than 50%), one-third from parent income while attending, and one-third from student loans or scholarships, said Kevin Brady, a financial planner at Wealthspire in New York. 'Those ratios can be adjusted as needed depending on total cost, age, income, number of kids and so on,' he said. Eventually, when children are old enough to work, they can also contribute to this $280 monthly target. 'I help clients reframe college savings as a shared responsibility: The family may cover part, and the student contributes through work, scholarships or modest loans,' said Nathan Sebesta, a financial planner at Access Wealth Strategies in New Mexico. Being realistic about a college budget might also mean thinking through the financial impacts of different options. Dave Ragen, who has three children and is a financial planner at Grunden Financial Advisory in Texas, said he was putting away about $350 total per month for college, which at times felt like 'a stretch.' He had originally aimed to save $20,000 to $30,000 for each of his children to attend community college and then a local university. When his son said he wanted to attend a school out of state, however, 'we started crunching the numbers, and there was a big difference from what the college cost actually was compared to what we had been talking about and planning with him.' Ragen tried to bump up the savings rate into their 529 college-savings account, but ultimately sat down with his son and 'ruled it out' based on the amount of debt he would likely have to take on to go out of state. The rule of thumb is not to borrow more than you think your annual starting salary will be. His son ultimately stayed in-state, got scholarships and contributed money from his summer jobs. For the typical American family, however, setting aside money for education is a stretch, especially with prices expected to rise due to changing U.S. tariff policy. 'For many families, fully funding college just isn't realistic,' said Liz Gillette, a financial planner at Curio Wealth in Maryland, who says the topic comes up often with clients in their 30s and 40s. 'I suggest having honest, age-appropriate conversations with your child early — about what types of programs make sense and how much the family can realistically contribute.' As it is, American parents are already less likely to have enough emergency savings to cover three months of expenses (49%) than adults in the U.S. overall (57%), according to 2024 data from the Federal Reserve. They are also more likely to have credit-card debt and higher credit-card balances than average, according to a 2023 PYMNTS survey. Read more: Parents are 'hunkering down financially' to brace for Trump tariff impact 'I've seen people who are very successful savers, saving at high percentages even though they don't have a ton of income,' Young said. Still, 'we need to give ourselves some grace.' To incentivize parents to save for college, Congress created 529 plans in the 1990s, offering tax-free earnings on investments used for higher education. (Many states also offer tax deductions on 529 contributions.) Sen. Mitch McConnell of Kentucky, the former Republican majority leader, and former Sen. Bob Graham, a Florida Democrat, led the effort to secure federal tax advantages. Starting in 2024, up to $35,000 left in 529 accounts also became eligible to be rolled over into Roth IRAs, giving parents more flexibility — and incentive — to save. For the 61% of high-school grads who go to college, 'the tax benefits are meaningful,' Young said of 529s. Earnings in regular savings accounts are taxed as ordinary income, and growth in taxable brokerage accounts are taxed as capital gains. Yet only 17.2 million families in the U.S., or roughly 15% of family households, use 529s, according to data from the research firm ISS Market Intelligence that was shared with MarketWatch. (One contributing factor is that about half of U.S. adults do not know what 529s are, a separate survey by Edward Jones found.) While high-income Americans have the greatest ability to take advantage of 529 benefits, ISS Market Intelligence data show others are also trying. The majority of households that have 529s — about 74% — earn less than $150,000 per year, roughly the threshold for the highest 20% of income earners in the U.S. The estimated median 529 account balance is $9,500, according to ISS, and among families that auto-deposit, the average contribution is about $200 per month. 'The most important point for anyone thinking about saving for college is to start now,' said David Mendels, principal of DBM Planning in New York. 'Time will either be your friend or your enemy, so make it your friend.' The earlier parents start saving, the more time can help their investments compound — meaning the amount they would have to contribute to meet that $105,000 target is hopefully lower than if they start later and have less time to let their investments grow. Parents who aren't able to start early — for example, if child-care costs consumed too much of the monthly budget — would have to save at a higher rate in order to meet the $105,000 benchmark, according to T. Rowe Price. Pon, the accountant in California, said his two children graduated college in 2021 and 2023. He deposited gifts from when his two children were born, as well as any monetary gifts for their birthdays, into their college savings. He regularly contributed to their 529s, and also took advantage when the markets were down by contributing more during those dips. When he looked at the tax form after withdrawing from his child's 529, the amount he had actually contributed on $10,000 was just $4,000; the other $6,000 'was tax-free growth,' he said. 'The most important message from a personal-finance perspective for families is that a dollar saved is more than a dollar earned,' said Paul Curley, a financial analyst and executive director of 529 & ABLE Solutions at ISS Market Intelligence. 'Saving automatically adds up, and 529s increasingly make sense for almost all families once an emergency fund is in place.' You may not reach your college-savings goal, but you and your children will benefit from doing what you can. The truth is that 'you can fund all your goals, but you may not be able to fund it to the degree that you want,' financial planner Marguerita Cheng, chief executive of Blue Ocean Global Wealth in Maryland, told MarketWatch. This may not be ideal, but parents should not be discouraged, she said: 'It's not all or none.' 'The reality is, college is inflating at a much faster rate than other goods and services,' said Cheng. 'If people can't do 100% of that goal, they can do a portion of that goal and start when their kids are little, with $50 or $100 [monthly]. … What's important here is the habit.' The amount that parents contribute can always increase as their income increases, she added. Cheng's children are ages 28, 26 and 20. When she was saving for their education, she was also caring for her father, who has Parkinson's disease. 'I, at that time, was worried about three things: the kids' college, my retirement, and making sure that I'm helping my parents,' she said. Cheng started with $50 contributions and gradually increased the amount over time. The most she was ever able to put away for the three of them was $1,000 per month total. She was able to use 529s to pay for about 50% of college expenses, with the rest funded by cash flow and federal student loans. Her son paid back his student loans by living at home while doing a fellowship that paid about $48,000 per year. Cheng said she made it clear to him that he couldn't just spend his salary on wants; he needed to set aside money for an emergency fund and a Roth IRA, and to pay off his student loans. Whatever your situation, 'do something,' Pon said. Even if you are only contributing a small amount each month, 'something is better than nothing,' he added. What personal-finance issues would you like to see covered in MarketWatch? We would like to hear from readers about their financial decisions and money-related questions. You can fill out or write to us at . A reporter may be in touch to learn more. MarketWatch will not attribute your answers to you by name without your permission. My husband is in hospice care. Friends say his children are lining up for his money. What can I do? My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam? 'I'm not wildly wealthy, but I've done well': I'm 79 and have $3 million in assets. Should I set up 529 plans for my grandkids? My second wife says her 2 kids should inherit our estate, but I also have 2 kids. Is that fair? 'It might be another Apple or Microsoft': My wife invested $100K in one stock and it exploded 1,500%. Do we sell? Sign in to access your portfolio
Time of India
3 days ago
- Entertainment
- Time of India
New dating trend! ‘Foodie calls' turn dating apps into menus not matches; changing relationship goals
Dating in the digital age is evolving fast, and not always in the way you'd expect. Forget candlelit connections and heartfelt chats with today's new dating ritual, swiping right with one thing in mind: food. With inflation tightening wallets and brunch prices soaring, a cheeky new trend called the 'foodie call' is taking over dating apps . Instead of searching for love, many are hunting for their next free meal. Popular on TikTok and beyond, users openly admit to going on dates just to enjoy a good restaurant and no matching or compatibility required. It's dating with a side of strategy, and the internet can't stop talking about a new dating trend or a new foodie strategy? Chemistry is replaced, cutlery kept and your wallet is paying the price. Dating apps turn into free food platforms with 'foodie calls' on the rise These apps that were once meant to bring about romantic relationships are being comparably joked about as DoorDash by those who use them to fill their bellies, rather than their hearts. A " foodie call " is when a person will accept a date for the purpose of getting a free meal, but with no plans to take things further in terms of a relationship, or even a second date. According to the New York Post reports, South Carolina graphic designer Katheryne Slack admitted in an interview on MarketWatch that she asked a Hinge match out for coffee not due to interest, but because she was out at home. They hadn't talked in days, but when she could make it work, she met him at a coffee shop. "As soon as I met him, I knew I wasn't into him. But I was already there and needed my coffee," she said. Social media reacts to new dating trend 'foodie call' Social media has escalated the trend. Hilarious videos under hashtags such as #datingfordinner or #foodiecall feature young women ostentatiously documenting their dating lives, highlighting the number of free dinners they have received in a week. In one of the viral videos, @jocelynaleenaa posted, "When you keep going on dates for the free food & drinks," while others cracked jokes about not having to do grocery shopping at all by making back-to-back dates a meal prep. In another video, a lady was dancing to the caption: "Off on my second date this week 'cause I can't be bothered to meal prep." To others, it's a "budget hack" in times of economic uncertainty, even when it's a bit of a gray area morally. Is it being smart or just selfish? What the research suggests Although "foodie calls" may look like and feel like cheeky behavior, researchers contend there could be darker psychological tendencies involved. The journal Society for Personality and Social Psychology published a study in 2019 that reported that as many as 1 in 3 women acknowledged going out on dates for free food alone. More significantly, persons who habitually make such calls ranked higher in the "dark triad" traits of narcissism, psychopathy, and Machiavellianism. These are persons who usually take advantage of social situations and have no guilt for being deceitful. When dating becomes a strategy for surviving city life With rents that are through the roof and an endless roster of hip restaurants, urban areas such as New York have become breeding ground for "dinner dating." East Village resident Olivia Balsinger described dining on a five-course meal at the pricey Catch restaurant in the Meatpacking District that is all on her date's bill. "If I had had to pay," she confessed, "I probably wouldn't have been able to eat for weeks afterwards. Though the ritual may seem innocent or even sly in the view of some, others see it as emotional manipulation. The unaware date not only pays the bill but often ends up confused or disappointed, unaware they were never a romantic player in the first place. Also Read | 'Feels just like home!': Indian YouTuber finds 'Chandni Chowk vibes' in New Jersey's India Square; video goes viral AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
3 days ago
- Business
- Yahoo
Ellen DeGeneres, Portia de Rossi Prepared to Take Bath on Bel Aire Mansion
Ellen DeGeneres and her wife, Portia de Rossi, are trying to sell what are believed to be one of their last remaining homes in the United States after their recent move from California to the United Kingdom. However, according to Kelsi Karruli of Market Watch, the attempted sale of one of their homes that was originally purchased for $29 million in 2022 hasn't gone according to plan. The home is located in Bel Aire and was originally put on the market back in May of 2024 but has since been delisted twice after failing to sell. The first re-listing saw a drop in asking price from $33.9 million to $29.9 million, a reduction of $4 million. Then, the house was re-listed once again after being taken down for a second time last month and now has an asking price of $28.5 million, which is a whopping $5.4 million lower than the initial asking price. If sold at that price, DeGeneres and de Rossi would be taking a loss of $500,000. It hasn't been all bad for DeGeneres and de Rossi, though, as they were able to make a more than $200,000 profit on a two-bedroom, two-bathroom home in Montecito, California, that sold for $5.2 million following the couple initially buying it for $4.99 million. Ellen DeGeneres, Portia de Rossi Prepared to Take Bath on Bel Aire Mansion first appeared on Men's Journal on Jun 16, 2025
New York Post
4 days ago
- Entertainment
- New York Post
From booty call to ‘foodie call' — free dinner scammers flood dating apps as wallets tighten
Love might be off the menu — but the lobster sure isn't. With wallets tightening and a looming recession on the rise, some singles are turning first dates into free dinner scams. Countless TikTokkers are proudly documenting their foodie finesse, using Hinge and Bumble like Doordash — to score meals on someone else's dime. This is referred to as a 'foodie call' — where someone nabs a free meal with no plans to ever call, text or date the poor sap who picked up the check. 3 A 'foodie call' is when someone scores a free meal with zero intention of calling, texting or dating the poor sap who footed the bill. Nejron Photo – South Carolina graphic designer Katheryne Slack told MarketWatch in a recent interview that she realized she was out of coffee one Sunday and used a thirsty Hinge match to score a caffeine fix. Outta beans and full of schemes, Slack hit up her suitor for a free cup o' joe. The pair had exchanged flirty messages days earlier, but plans fizzled — until she pounced when the timing finally lined up. An hour later, they were sipping lattes at his expense at a café. 'As soon as I met him, I knew I wasn't into him. But I was already there and needed my coffee,' she told the outlet. 3 With wallets squeezed and recession fears bubbling up, some shameless singles are using first dates to dine and dash — minus the romance. motortion – @jocelynaleenaa no matter what state or country this is how it's starting to feel😂😂😂 ♬ original sound – 90dayfiance And she's far from the only one who sees things this way, TikTok is filled with cheeky clips of users bragging about 'dating for dinner' — a budgeting 'hack.' In one recent video, user @jocelynaleenaa can be seen at a restaurant table. In white text over the clip, she wrote, 'when you keep going on dates for the free food & drinks.' Another user commented beneath the TikTok, 'I did this for 2 weeks straight once I was never hungry.' One other added, 'Girl I feel you.' Some are joking that back-to-back dates are their version of meal prepping. User @alanarixonn filmed herself dancing last month with the caption, 'off on my 2nd date this week cos I cba to meal prep x.' One viewer wrote under the video, 'the fact that this isn't a joke.' Someone else replied, 'It's like a meal voucher because you are putting in the work. You deserve it queen.' An additional supporter chimed in, 'This is low key genius' as one other noted, 'Love doing this #thinksmarternotharder.' Dating with the intention of nabbing a free bite to eat isn't new. A 2019 study published in the 'Society for Personality and Social Psychology' journal dove deeper into 'foodie calls.' The study found up to 1 in 3 women admitted to going on dates for free grub. As per the researchers, anyone who thinks it's cool to dine and dash emotionally are more likely to show signs of narcissism, psychopathy and Machiavellianism — aka the 'dark triad.' 3 Mooching meals in the name of love ain't exactly breaking news — a 2019 study in the Society for 'Personality and Social Psychology' journal dug into so-called 'foodie calls.' Prostock-studio – With sky-high rents and an endless lineup of buzzy eateries, NYC could be seen as a foodie call free-for-all. East Village local Olivia Balsinger once scored a five-course feast at swanky seafood hotspot Catch in the Meatpacking District — all on someone else's dime. 'If I had been forced to pay,' she told The Post, 'I probably wouldn't have been able to eat for weeks afterward.' Overall, while 'dating for dinner' isn't entirely novel, it's hitting harder now as tariffs bite into wallets, recession jitters grow, and job security feels shakier than ever.
