Finance Knuggets

Mar 10, 2024

In recent news, a report has been released analyzing the value of a $100,000 income in various U.S. cities, adjusting for federal, state, and local taxes, as well as local costs of living premiums. The findings reveal where this income will go the furthest and where it will be worth the least. Additionally, there is discussion about the taxes on gambling winnings and losses, with 30 states having legalized mobile and sports gambling. It’s important to be aware of the federal government’s cut through gambling taxes if one wins big.

Furthermore, there are options to consider with a 401(k) when switching jobs, as it’s common for individuals to change employers multiple times during their careers. The government’s consumer watchdog has finalized a banking rule expected to save consumers $10 billion a year, capping credit card late fees. Additionally, there is caution from financial planner Shane Cummings about how technology can complicate financial management and planning, despite the numerous methods to simplify savings processes using tech.

In other news, it has been a historic week, marking the anniversary of the COVID-19 pandemic lockdowns and the collapse of Silicon Valley Bank. New York Community Bancorp has avoided a similar fate with a $1 billion cash infusion led by former Treasury Secretary Steve Mnuchin. The Federal Reserve, which was SVB’s regulator, has focused its efforts on proposing rules regulating banks’ balance sheets and liquidity. The report also discusses the impact of SVB’s collapse on other banks and the rise in bank M&A activity.

Stay Well!