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Why it matters that more Americans are getting second jobs
What happens in the job market can tell us a great deal about the economy.
US stocks finished higher on Monday
• All three major indexes rose more than 1% as the market bounced back from its worst week of the year ahead of the Federal Reserveās meeting next week.
Hereās what to be on the lookout for today
• A measure of sentiment among small business owners by the National Federation of Independent Business.
Should you use your nest egg to buy a home?
If you’re struggling to save for a down payment to buy a home and are eyeing your 401(k), there are a few things you should know.
Sure, you might feel that your present needs are urgent, and retirement is still far down the road. But early withdrawals can bring hefty penalties and tax implications.
There are some circumstances that allow you to take out funds early, for example through a loan. Keep in mind that you will have to pay the money back with interest.
Typically, you can access up to 50% of your vested balance, maxing out at $50,000. With a loan, you have to pay back the money plus interest usually within five years.
What else to keep in mind
Savings pause: If you’re borrowing from or against your 401(k), you likely won’t be able to contribute or receive matching contributions to your account until your loan is paid off, which can delay your retirement savings goal.
Do the math: There’s a limit to how much you can take out of your 401(k), so make sure you have enough to cover your needs before removing funds, and don’t borrow more than you need.
Todayās top stories
Can you guess the fastest-growing job in America?Hint: Youāll have to head west for it, to the Dakotas or Colorado, where itās windyā¦
Read more >> Understanding the stock marketās āSeptember SlumpāSeptember has historically been a tough month for stocks. Will that trend continue this year?
Read more >> Forgotten expenses can wreak havoc on your budgetHereās a look at some of the most commonly overlooked expenses and how to work them into your budget.
Read more >>Other news that caught our eye
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Three new stocks will be added to the S&P 500: Dell Technologies, Palantir Technologies, and insurer Erie Indemnity, replacing Etsy, American Airlines, and research firm Bio-Rad, respectively. The change will go into effect on Monday, September 23.
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The Justice Department’s antitrust case against Google Ads has gone to trial roughly one month after a federal judge ruled Google has an illegal monopoly on internet search.
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The Biden administration and former President Donald Trump are both in favor of establishing a U.S. sovereign wealth fund, an investment fund owned by the federal government.
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A market research firm projects that global helium demand will double by 2035, thanks to the element’s role in heat management during semiconductor production.
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The iPhone 16 will be powered by a next-generation chip based on semiconductor company Arm’s design architecture.
Financial planner tip of the day
"Automating finances can not only be a smart money move, it could also help alleviate some of the stress surrounding payment deadlines."
Brian Walsh, CFPĀ® at SoFi