Latest news with #Recession
Yahoo
3 days ago
- Business
- Yahoo
Ramit Sethi Debunks 3 Salary Myths Holding You Back From Building Wealth
Ramit Sethi, the best-selling author of 'I Will Teach You to Be Rich,' recently shared three salary myths in his newsletter, explaining that many people believe if they work hard, their company will reward them with promotions and raises. However, he explained that it doesn't always happen. Check Out: Read More: Unfortunately, many people are not receiving the salaries they deserve. Even worse, sometimes individuals with far less experience earn the same amount of money as those who have been working for over a decade. In the newsletter, Sethi detailed three salary myths, explaining why they hold people back while giving suggestions on how to overcome them. Sethi said in his newsletter that he surveyed 2,200 people about their salaries, and the results showed 91% of respondents received a raise in the last two years. However, many people are concerned about economic uncertainty and the potential for layoffs. Resume Templates recently surveyed 1,000 managers in the U.S., asking about the potential for layoffs in 2025. Responses showed 45% of surveyed companies are likely to lay off workers this year. However, Bureau of Labor Statistics data signaled that wages and salaries have increased this year. In other words, some economic sectors will experience layoffs, but others are growing, and wages are increasing overall. Sethi said if you haven't gotten a raise recently, it's important to understand why. It could be your company, your job sector or your performance. I'm a Self-Made Millionaire: Sethi explained that the notion that people have to hustle to earn a good salary is outdated. In fact, based on his survey data, many people earn excellent salaries working 40 hours a week or less. Sethi speaks often about what he calls the 'rich life.' Everyone's version of the rich life is different, but Sethi says people don't have to work constantly to have one. He encourages his listeners to discover what makes their life rich, whether that's time freedom, the ability to travel, or something else. Sethi noted this is a common myth passed down by people's parents. People believe that if they demonstrate loyalty to their company and work hard, their pay will increase. Unfortunately, this isn't guaranteed. If you're among the group of workers experiencing pay stagnation, something needs to change, according to Sethi. He explained that, fortunately, people have the power to improve their salaries through networking, mastering job hopping and improving how they market their valuable skills. Sethi teaches this through several career-based educational programs available on his website. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard These Cars May Seem Expensive, but They Rarely Need Repairs 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on Ramit Sethi Debunks 3 Salary Myths Holding You Back From Building Wealth
Yahoo
7 days ago
- Business
- Yahoo
Scared of a Market Crash? Warren Buffett Says That's Your Cue To Get Greedy
Wall Street has seen some serious highs and lows in recent months. These stock market moves have raised some concerns about a recession or a market crash. Read Next: For You: Fear can be a great motivator or a powerful roadblock for many investors. In fact, you may be familiar with the famous quote linked to Warren Buffett: 'Be fearful when others are greedy and greedy when others are fearful.' The advice may sound simple, but it can bring with it unexpected complexities and more decisions to make as an investor. But it may not be that clear cut. GOBankingRates talked to some financial experts for their advice about being fearful as an investor. 'A down market might be the best time to buy assets for the lowest price possible,' said Annie Cole, Ed.D., money coach and founder of Money Essentials for Women. 'While a down market can mean that your personal assets, such as home value or stock value, take a hit for a period of time, it also means that assets you don't already own are lowering in price — the perfect time for you to buy for a bargain.' Discover Next: 'Fear is the worst enemy of investors,' said Robert Johnson, Ph.D., professor at the Heider College of Business at Creighton University. 'The average investor underperforms the market because they panic.' Johnson added that perhaps the biggest weakness in any stock investor is the person who believes they can predict market rises and falls. Johnson said attempting to time the market is 'fools gold.' 'The best way to counteract this tendency to time the market is to practice dollar cost averaging in a broad based stock market mutual fund or ETF — like one that tracks the S&P 500,' Johnson said. 'That means you are consistently buying into the market whether it has headed up, down or sideways.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard How Much Money Is Needed To Be Considered Middle Class in Every State? 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Scared of a Market Crash? Warren Buffett Says That's Your Cue To Get Greedy
Yahoo
14-06-2025
- Business
- Yahoo
What To Do When a Loved One Dies With Unpaid Taxes
It's never easy to lose a loved one. Not only are you grieving, you're making funeral arrangements and handling their affairs. Unfortunately, you might also need to deal with their unpaid taxes. Find Out: Read Next: Just because a family member dies, their taxes don't go away, and if you ignore their taxes, it can mean penalties, interest charges and even more stress while you're dealing with a huge loss. Whenever anyone dies, someone needs to be in charge of settling their affairs. Usually, this person will be named in the will as the executor. If the deceased didn't leave a will, the probate court will appoint an administrator. Usually that means a close family member. Learn More: If you're the executor or administrator, you need to obtain certified copies of the death certificate. You'll need these when you're dealing with the IRS and other financial institutions. Send the IRS a copy of the death certificate as soon as possible to notify them of the death. This also helps reduce the risk of identity theft using the deceased's information. You need to get a picture of the tax situation you'll be dealing with. So the next step is to gather all of your loved one's financial records. That means previous tax returns, W-2 forms, 1099 forms, bank statements, investment accounts, retirement accounts, property deeds and any other documents that show income or assets. You'll need to submit a final individual income tax return for the year your loved one died. Just like any other tax return, it's due by April 15 of the next year after their death. If they were married and filing jointly, the surviving spouse should still file a joint return for that final year. Your loved one's debt belongs to their estate, not to the surviving relatives. Taxes are paid out of the estate's assets. This will happen before the heirs get their inheritance, but individual family members themselves aren't personally responsible for the debt. It's possible that the estate doesn't have enough cash to pay the taxes owed. If that's the case, the executor might have to sell some of the estate's assets to pay for everything. That might mean property or investments will need to be liquidated. If the estate truly doesn't have the means to pay, the IRS might forgive the remaining debt, depending on the circumstances. Tax situations like this can get complex fast. Getting the help of a tax attorney or CPA who specializes in settling estates is a great idea. Usually the cost of hiring a professional is considered a necessary expense, so it's paid from the estate's assets, not by you personally. It's already a difficult and stressful time; the last thing you want to do is add to your woes by making expensive mistakes. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Big Shakeups Coming to Social Security in 2025 Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on What To Do When a Loved One Dies With Unpaid Taxes
Bloomberg
02-06-2025
- Business
- Bloomberg
Bloomberg Surveillance: Tariffs and Debt
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney June 2nd, 2025 Featuring: 1) Stephen Stanley, Chief Economist at Santander, joins for an extended conversation on the outlook for the US economy, lower consumer spending, and potential for a shallow recession in the US. Global stocks started the new month under pressure due to a flare-up in global trade tensions and geopolitical uncertainty. Gold is heading for its biggest gain in almost four weeks as geopolitical and trade tensions revived demand for haven assets. 2) Kathy Jones, Chief Investment Strategist, Fixed Income at Charles Schwab, discusses bond market warnings and why the Fed won't be coming to the rescue any time soon. The dollar fell 0.5%, extending a streak of five monthly losses, while Treasury yields rose across the curve, with the 10-year rate up four basis points to 4.44% in the early part of the morning as risk appetite dissipates. 3) Maya MacGuineas, President of the Committee for a Responsible Federal Budget, talks about the House bill "debt fiasco" and why markets haven't fully awaken to the debt and deficit problem in the US. It comes as Treasury Secretary Scott Bessent says the US "is never going to default" as the deadline for increasing the federal debt ceiling approaches. Bessent declines to specify an "X date" for when the Treasury will run out of cash, but says the goal is to bring the deficit down over the next four years. 4) Henrietta Treyz, co-founder at Veda Partners, talks about President Trump threatening an increase to steel and aluminum tariffs, how the tax bill could be transformed in the Senate, and other DC headlines. Uncertainty prompted by President Donald Trump's trade agenda picked up after China and the US accused each other of violating a trade deal concluded last month. Trump also said he would double tariffs on steel and aluminum imports. Meanwhile, Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including an NYT story on Gen Z's interest in chain restaurants and a Business Insider story on AI already taking human jobs.
Telegraph
14-05-2025
- Automotive
- Telegraph
You must work harder, new chancellor tells Germans
Germans must work harder and more efficiently in order to fix the stagnating economy, Friedrich Merz, the new chancellor, has said. People should consider giving up their four-day working weeks and work-life balance to become more 'efficient', the leader of the centre-Right Christian Democrats [CDU] said. 'We must work more, and above all more efficiently, in this country,' he said. 'With a four-day week and work-life balance, we won't be able to maintain this country's prosperity.' Mr Merz made the remarks ahead of a major speech on Wednesday afternoon, where he is expected to outline his plan to breathe life into the German economy. It comes after a leading German think tank raised the idea of sacrificing an annual public holiday to support the country's plans for rearmament. The Ifo Institute said Germans should work more and take less time off, a goal that could be achieved by a reduction in the number of annual public holidays, which varies from state to state. Mr Merz, 69m was sworn in as chancellor last week, having comfortably won February's general elections on a pro-business platform and a vow to heavily reduce migration levels. A former BlackRock executive, Mr Merz fears that the German employment system is too generous and too soft, to the point of restricting productivity. Germany's economy, the largest in Europe, is struggling with a third consecutive year of recession, in addition to a shortage in skilled workers and the decline of its car industry. About one in three German industries say they are suffering from a serious shortage in skilled workers and are trying to address the shortfall. Increased competition from China, and disappointing results in the electric car market, have also dented Germany's economic prowess. While previous governments sought to address the worker shortage by wooing migrants from India, Mr Merz capitalised on anti-immigrant sentiment in Germany to secure his election victory. He has also introduced reforms that will allow Germany to take on unprecedented amounts of national debt, as part of efforts to massively increase funding for the Bundeswehr, the German army. The CDU has long argued that poor worker productivity, linked to shorter working weeks, has also contributed to the slump. Mr Merz says he has already agreed with his coalition partner, the Social Democrats [SPD] to an amendment of the 40-hour working week that will make it easier for Germans to work overtime. According to the German Economic Institute (IW), the German economy is expected to contract by a further 0.2 per cent this year and slip into a third year of recession.
