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US retail sales slump unexpectedly and sharply after a summer tax-refund boost fades AP NewsFrustrated US consumers cut their retail spending last month CNNMidday Need to Know: Retail sales drop, Ackman shakes up portfolio & more (SPY:NYSEARCA) Seeking AlphaUS retail sales weakest in over a year, consumer sentiment plunges Yahoo FinanceUS Retail Sales Fall by the Most in More Than a Year Bloomberg.com
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The combined average U.S. sales tax rate rose for the first time in four years to a 10-year high of 10.1881%, according to a new report.
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Trump shrugs off concerns about dismal conditions on USS Abraham Lincoln AxiosNavy Carrier's Problems Are Tied to Attacks on U.S. Base Early in War The New York TimesUSS Abraham Lincoln to return home soon amid controversy over living conditions WAVY.comTrump says USS Lincoln's record time at sea during Iran operations ‘not nearly long enough' AP News
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Move to impose levy on returns from policies that serve as investment products causes consternation in Hong Kong
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Is it true that many young professionals don't know how to save money?
I recently had dinner with an old college friend. I was expecting to catch up on friends, family and our careers, but it was clear he wanted some basic financial information.
Knowing I advise young professionals on their finances, he zeroed in on the following questions: "How much should I save, and how do I know if my savings plan is on track?"
SEE MORE Millennials Want a Different Kind of Retirement
Many highly talented and bright young individuals - often earning six figures, receiving an annual bonus and holding stock options - often struggle with how to spend and save their money. My advice is to develop a process that focuses on three fundamental ideas that anyone can use.
Control Savings and Spending by Paying Yourself First
Putting together a budget and tracking spending are useful tools - but they can be tedious and hard to sustain. Instead of starting with expenses, I begin by allocating the desired amounts of money to various savings and investment accounts.
I set up automated contributions to my 401(k) retirement account, Roth Individual Retirement Account (IRA) and after-tax brokerage accounts. Once that money is set aside, I have total peace of mind knowing I can afford to spend what's left and still be on track to hit my financial goals.
If, like me, you make the majority of day-to-day purchases on your credit card, another easy way to spot-check spending is making sure you can pay your credit card bill in full each month without tapping your savings.
Don't get me wrong - developing a detailed budget is a valuable exercise when done periodically. And it's parti
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