💰 Financial tips for people in their 40s

Saturday,
March 11, 2023

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The week in review

• Fed Chair Jerome Powell acknowledged that the latest inflation data clearly demonstrates the fight against rising consumer prices is far from over As such, Powell believes returning to the 2% target will likely require higher interest rates than previously anticipated.

• The Initial Jobless Claims report showed the number of Americans filing for unemployment benefits jumped by 21,000 to 211,000 in the week ending March 4th. This was well above market expectations of 195,000 and highlighted the potential for a loosening labor market that could help the Fed in its fight against rising consumer prices.

• The Justice Department filed a lawsuit to block JetBlue’s (JBLU) acquisition of Spirit Airlines (SAVE) The $3.8 billion takeover, if approved, would create the fifth-largest airline in the country and, according to the Justice Department, “eliminate the unique competition that Spirit provides and about half of all ultra-low-cost airline seats.”

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Your 40s are a complicated decade where sound financial planning is crucial for a secure future.

It’s never too late to take control of your finances. In your 40s, you are likely entering your prime earning years, so it’s a good moment to focus on paying down debt, preparing for the next chapter of your children’s lives, and saving and investing to get ready for retirement. With some wise money moves, you’ll be set to make the most of this decade and beyond.

Recommended reading: Financial Tips for People in Their 40s

This week’s top stories

Significant changes to federal tax brackets could take the sting out of high inflation.
Several tax provisions will be adjusted in 2023, allowing Americans to keep more of what they earn.
Read more >>

“Are you watching the game tonight?” “Wait – where is it streaming again?”
The ever-growing number of streamers is making it a pain to find out which sporting events are streaming where. ESPN wants to change this by becoming a central hub for sports – even if it means driving traffic to competitors.
Read more >>

As mortgage rates skyrocket, the median sale price for a typical home decreased for the first time in a decade.
While this is just one metric, it could mean that home prices are set to come down over the coming months – which could offer relief to prospective homebuyers. If you’re one, read on.
Read more >>

Deep dives from SoFi Learn

Two major companies are responsible for billions of credit scores provided to lenders and consumers.
We’ll break down the differences between VantageScore and FICO credit scores and explain how score calculation impacts you.
Read more >>

We’ve rounded up 27 fulfilling jobs that pay well and welcome extroverts.
The most fulfilling jobs for extroverts show off their people skills and positive attitude. Learn about 27 well-paid jobs, in medicine, business, engineering, & more.
Read more >>

They say that diamonds are a girl’s best friend, but did you know that you can also build credit with jewelry purchases?
By purchasing jewelry on credit, it’s possible to build your credit score. Here are a couple of ways that you can do so.
Read more >>

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