Saturday,
April 27, 2024
Top Story
The week in review
• Growth slowed: The U.S. economy grew at an annualized rate of 1.6% between January and March, according to the first estimate of GDP growth, the slowest pace in nearly two years, and far less than expected.
• Inflation was hotter than expected: The Federal Reserve’s favorite inflation measure, core PCE, rose 3.7% in the first quarter, more than predicted, while consumer spending slowed to 2.5% in the same period.
• The 10-year U.S. Treasury yield climbed to more than 4.7%, its highest level since the beginning of November.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Why you should open a 529-plan for your summer baby
If you’re about to welcome a family member, you’ve likely got a lot on your mind. Between the diaper buying, bottle washing, and trying to find the right stroller, planning for college might seem too far off to worry about.
But saving for college early — even just in small amounts — can bring big benefits come college years.
Learning your 529s
A 529 plan, also known as a qualified tuition plan, can help parents contribute to an educational savings plan. These tax-advantaged accounts are sponsored by states, and the benefits vary by state too.
These plans tend to offer multiple investment options, and money can be withdrawn tax free for qualified expenses, such as tuition, books and room and board. Parents may also use up to $10,000 a year to pay for K-12 tuition.
You are also able to change the beneficiary of a 529 account if a child decides not to go to college.
This week’s top stories
College decisions: Sticker price shock and value propositionsEven though you can find success without a college education, 3 in 4 Americans still see the value in a degree. But for those who took a different path, money was a deciding factor.
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Read more >> Millennial wealth has been going through the roofBetween 2019 and 2023, the average wealth of households under 40 has expanded by nearly 50%. Here’s how that happened.
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How to pick a credit card that’s right for youCredit cards are part of everyday life for many of us. If you’re in the market for a new one, here are some key questions to bear in mind.
Read more >> What to keep in mind when you lend money to family membersBeing able to help out family members is a blessing. But when it comes to loaning money to relatives there are risks.
Read more >> About to have a baby? Here’s what you need to know about the cost of diapersCloth or disposable? Such are the questions new parents may face when it comes to diapers. Here’s how the costs compare in 2024.
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