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Consumer prices rose 7.5% in the year through January—the biggest jump since February 1982—and up from 7% in the year through December, the Bureau of Labor Statistics said in its monthly Consumer Price Index (CPI) report Thursday. Economists had expected fallout from the COVID-19 pandemic to push inflation higher, but not this much—the median estimate was 7.2%. “If American shoppers were looking for relief from high inflation, they won’t find it in the January CPI report,” Sal Guatieri, senior economist at BMO Capital Markets, wrote in a commentary....

This may be a question on a job application, too. Applicants are often asked what date they are available to start work if they were to be hired. The most common time frame for starting a new position is two weeks after you have accepted the job offer. That’s because companies assume you will offer two weeks’ notice to your current employer. Depending on the employer, you may have some flexibility....

Most poor planning seems to arise from people’s desire to either outperform the more trusted investment choices or to try and find a “sure thing.” Both of these ideas, while noble, usually end up doing just the opposite of what was intended. Parents who put their eggs in these unconventional “baskets” often find themselves short on funds when it comes time to cash in and begin paying tuition. Even though the promises of safety and return may be great, you should think carefully before placing your child’s college fund in any of the following investments....

Instead, the agency will “quickly” develop an additional online authentication process that does not involve facial recognition, the IRS said in a statement on Monday. The transition to a new verification process will occur over the coming weeks to prevent disruptions to taxpayers during filing season, it said. The agency said the transition won’t affect people’s ability to file their taxes and they should continue to do so as usual....

While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine Bitcoins. The best option likely depends on individual circumstances. Mining Profitability Mining cryptocurrency seems like a no-brainer. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. The first Bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes....

Understanding how comprehensive coverage differs from other forms of insurance can help answer that question. Comprehensive coverage covers a broad spectrum of potential physical damage claims. It includes coverage for vandalism, contact with an animal, windshield damage, and more.​ Here are five questions to ask that can help you decide whether or not you should purchase comprehensive coverage. Two states effectively allow drivers to avoid car insurance. New Hampshire doesn’t have a law requiring drivers to maintain any level of insurance....

Using credit card points and funds from the latest round of stimulus payments, the 31-year-old elementary school aide and his wife booked the trip knowing that, even with the extra financial help, their budget would be tight. To cut costs, they planned to bring groceries to save on food, and committed to driving the 1,000 miles from New Jersey to Florida instead of flying. Then the price of gas jumped—up more than 22% just in the first four months of the year and now averaging more than $3 a gallon nationally—making that choice slightly less economical....

What Is Mold and Why Is It a Problem? Mold is a type of fungi, organisms that reproduce by releasing spores into the air. The spores are distributed by wind and air currents. They may begin to grow if they land in an environment that provides mold’s four basic needs: food, heat, moisture, and oxygen. Mold has several characteristics that make it hazardous to property. First, it can grow on virtually any building material, including wood, drywall, carpet, and paper....

How the Fed “Prints” Money Most of the money in use is not cash. It’s credit that’s added to banks’ deposits. It’s similar to the kind of credit you receive when your employer deposits your paycheck directly into your bank account. The Federal Open Market Committee (FOMC) is the Fed’s operational arm, guiding monetary policy. It engages in expansive monetary policy when the Fed expands credit. It increases the money supply available to borrow, spend, or invest....

Why Choose a Joint Loan? There are many reasons that applying for a joint or shared loan may work better for borrowers, including pooling your incomes, benefitting from one borrower’s credit score, and extra assets. More Income Increasing the income available to repay a loan is a primary reason for applying for a loan jointly. Lenders evaluate how much borrowers earn each month compared to the required monthly payments on a loan to calculate your debt to income ratio....

Personal spending increased 1% in June, according to a monthly report released Friday by the Bureau of Economic Analysis, a surprise after the slight decline in spending seen in May. As summer started and restrictions on businesses loosened, consumers spent 1.2% more on services in June than in May, above the pre-lockdown peak. Spending on goods increased 0.5% in June after falling 2.1% in May. The overall jump in spending came despite the fading effect of government relief programs, as fewer people collected unemployment benefits and stimulus payments....

Contract Specs Some important characteristics of the lean hog futures contract are as follows: Ticker Symbol: LHExchange: CMETrading Hours: 9:30 a.m. to 2:05 p.m. ETContract Size: 40,000 poundsContract Months: February, April, May, June, July, August, October, and DecemberPrice Quote: U.S. cents per poundTick Size: $0.00025 per pound = $10.00Last Trading Day: The 10th business day of the contract month Fundamentals Most hog production occurs in the Midwest. The largest hog-producing states are Iowa, Minnesota, and North Carolina....

Your Bank Goes Under Your deposits in the bank are covered by the government through FDIC insurance. There is a limit to how much is covered. Typically the first $250,000 per account, per institution, is insured. Prior to 2008, this limit was $100,000, but during the 2008 financial crisis, the limit was increased and that increase was made permanent in 2010. If you have funds in excess of the coverage limits, there are a few ways to get additional coverage:...

Loans are big business in the financial world. They are used to make money for the lenders. No lender wants to lend someone money without the promise of something in return. Keep that in mind as you research loans for yourself or a business—the way loans are structured can be confusing and cause large amounts of debt. It’s important to know how loans work before you borrow money. With a better understanding of them, you can save money and make better decisions about debt—including when to avoid acquiring more or how to use it to your advantage....

List Your Monthly Expenses First, list all of your expenses the same way that you would with a normal budget. This allows you to see where your money needs to go. After you have listed all the expenses, add in what you plan to put into savings. Try to shoot for 10% of your average monthly income. If you are self-employed, you need to add in your taxes as an expense....

Four Times Banks Can Increase Credit Card Interest Rates The chart below illustrates the discrepancy between the prime rate and credit card interest rates, from 2000 through today. Will Banks Lower an Increased Interest Rate? Creditors are required to review previous credit card interest rate increases every six months to see if circumstances have changed and lower your interest rate accordingly. If your rate was increased because of a 60 or more day delinquency, your creditor is required to lower your rate after you’ve made six consecutive payments....

Financial Leverage The lever in financial leverage is debt. You use other people’s money to allow you to control a larger investment than you could on your own. Of course, you must pay them interest for the use of their money. Stock Investing You can buy stocks, government bonds, and other approved securities on margin. You borrow up to 50 percent of the security’s price from your brokerage firm, a 2:1 leverage ratio....

Leveraged ETFs are quickly becoming one of the most popular types of ETFs. And while they are an aggressive new ETF innovation, they are also a controversial one. Before you can formulate an opinion on whether these new funds are good for you, you need to know the basics. Definition and Examples of a Leveraged ETF A leveraged ETF is a type of exchange-traded fund that tries to outperform the underlying asset that it tracks, usually by producing two to three times the return of the correlating asset....

Learn how this coverage works and how it protects your business. What Is Damage to Premises Rented to You Coverage? Damage to Premises Rented to You coverage can be confusing because it is provided by exceptions to certain property damage exclusions found in a liability policy under Coverage A, Bodily Injury or Property Damage Liability. The coverage is comprised of two parts: Within the context of real estate, the word premises means land and any attached buildings or structures....

When You Must Take Minimum Distributions The age at which you must begin taking RMDs depends on the type of plan you use. You must start taking RMDs from your IRA (including traditional, SEP, or SIMPLE IRAs) each year, beginning no later than April 1 of the year following the year you reach age 72. You must begin taking RMDs from your 401(k), 403(b), or other defined contribution plan by April 1 following the year you turn 72 or the year you retire....