Also, the dangers of Buy Now, Pay Later programs.
Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â 
[The Charlotte Observer](~/AAQRxQA~/RgRnsTHxP0QiaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL1cDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) Í
Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ Íâ February 15, 2024 ⢠Issue #72 [The Money Section] This week, weâre looking at a proposal that suggests eliminating tax advantages for 401(k)s to offset the looming deficit, the hidden financial consequences of Buy Now, Pay Later Programs, and a controversial claim made by a famous economist. Kill 401(k) tax benefits to save Social Security? [401(k)](~/AAQRxQA~/RgRnsTHxP0SJaHR0cHM6Ly9tb25leS5jb20va2lsbC00MDFrLWJlbmVmaXRzLXNhdmUtc29jaWFsLXNlY3VyaXR5Lz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlNzJXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Money; Getty Images A proposal to address Social Security's funding gap suggests eliminating tax advantages for 401(k)s, potentially generating $185 billion in annual tax revenues to offset the looming deficit. With Social Security facing a potential 20% benefit cut by 2034, this idea aims to break the deadlock between benefit cuts and tax increases. [Read more.](~/AAQRxQA~/RgRnsTHxP0SJaHR0cHM6Ly9tb25leS5jb20va2lsbC00MDFrLWJlbmVmaXRzLXNhdmUtc29jaWFsLXNlY3VyaXR5Lz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlNzJXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) ð Prescription drugs are down, while pet care skyrockets. Despite signs of slowing inflation, Americans are still grappling with elevated costs for everyday necessities, as the Consumer Price Index (CPI) increased by 0.3% in January, contributing to a 3.1% rise from a year earlier. [See the key areas for concern here.](~/AAQRxQA~/RgRnsTHxP0RJaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9wZXJzb25hbC1maW5hbmNlL3ByaWNlLWluZmxhdGlvbi0yMjI5MDMxNjguaHRtbFcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) ð Dining out is now considered a luxury. Americans are opting for a romantic meal at home this Valentineâs Day instead of dining out, as grocery prices increased by 1.2% year over year, while restaurant food prices surged by 5.1%. [See what's behind this shift.](~/AAQRxQA~/RgRnsTHxP0RHaHR0cHM6Ly93d3cuYW9sLmNvbS90ZXhhcy1jaXR5LWJpZ2dlc3QtaW5mbGF0aW9uLXByb2JsZW0tMTMzMDE4MDQ4Lmh0bWxXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) The hidden dangers of Buy Now, Pay Later programs [BNPL](~/AAQRxQA~/RgRnsTHxP0SSaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL21vbmV5L2JucGwtZWZmZWN0cy1odXJ0LXNob3BwZXJzLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlNzJXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Olive Burd / Money; Getty Images Buy Now, Pay Later (BNPL) programs are spreading like wildfire but can lead to unintended financial consequences, like overdraft charges and credit card debt. New research also found that BNPL users pay $176 more per year in fees than non-users. [Here's what you need to know.](~/AAQRxQA~/RgRnsTHxP0SSaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL21vbmV5L2JucGwtZWZmZWN0cy1odXJ0LXNob3BwZXJzLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlNzJXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) ð¤ Bitcoin retakes $1 trillion market cap after 2+ years. Bitcoin and related cryptocurrencies surged this Wednesday, with Bitcoin reaching a two-year high above $51,000. This rally was fueled by positive sentiment around recently launched Bitcoin ETFs and expectations of more institutional adoption in the future. [Read more.](~/AAQRxQA~/RgRnsTHxP0ReaHR0cHM6Ly93d3cuaW52ZXN0b3JzLmNvbS9uZXdzL2JpdGNvaW4tcHJpY2UtbGVhcHMtcGFzdC01MTAwMC1tYXJrZXQtY2FwLXJldGFrZXMtb25lLXRyaWxsaW9uL1cDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) ð¢ 30-year mortgage rates climb to a 2-month high. U.S. mortgage rates rose to a two-month high of 6.87% last week, dampening the housing market recovery. Both purchase and refinance applications declined, likely due to the higher rates compared to late 2021. While the Fed may cut rates in 2024, inflation remains a hurdle, [keeping borrowing costs elevated for now.](~/AAQRxQA~/RgRnsTHxP0RuaHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjQtMDItMTQvdXMtMzAteWVhci1tb3J0Z2FnZS1yYXRlLWNsaW1icy10by1hLXR3by1tb250aC1oaWdoLW9mLTYtODdXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Young peopleâs wealth is up 80% since 2019 [Wealth](~/AAQRxQA~/RgRnsTHxP0SRaHR0cHM6Ly93d3cua2Fuc2FzY2l0eS5jb20vbW9uZXkvbWlsbGVubmlhbHMtZ2VuLXotd2VhbHRoLWdyb3dpbmcvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU3MlcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) Money; Getty Images Younger adults (Gen Z and Millennials) are rapidly closing the wealth gap, increasing their wealth by 80% since 2019 compared to 30% for boomers. However, their lower starting point and reliance on risky stocks means boomers still hold [much more wealth overall.](~/AAQRxQA~/RgRnsTHxP0SRaHR0cHM6Ly93d3cua2Fuc2FzY2l0eS5jb20vbW9uZXkvbWlsbGVubmlhbHMtZ2VuLXotd2VhbHRoLWdyb3dpbmcvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU3MlcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) â ï¸ Economist claims the U.S. now has an 85% chance of a recession. Economist David Rosenbergâs model predicts an 85% chance of recession in the U.S. within the next year, the highest since 2008. While other indicators like the yield curve havenât predicted this, Rosenberg argues his model is more accurate and warns of a [potential stock market crash if the recession comes.](~/AAQRxQA~/RgRnsTHxP0RLaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9uZXdzL2RvbGxhci1zY2FsZXMtZnJlc2gtcGVha3MtZmVkLTAxMjUyOTYwNy5odG1sVwNzcGNCCmXO8qzOZYvBktpSG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) ð¬ SEC orders 16 firms to pay $81 million in texting penalties. The SEC recently cracked down on 16 wealth management firms, which were fined $81 million for using personal texts for business communication and violating recordkeeping laws. This issue was âpervasive and longstanding,â involving various employee levels. [Read more.](~/AAQRxQA~/RgRnsTHxP0RlaHR0cHM6Ly93d3cuYWR2aXNvcmh1Yi5jb20vc2VjLW9yZGVycy0xNi1maXJtcy10by1wYXktODEtbWlsbGlvbi1pbi1sYXRlc3Qtd2F2ZS1vZi10ZXh0aW5nLXBlbmFsdGllcy9XA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Smart Money Move Lock in rates before they drop: Score top CDs with up to 5% APY [CDs] [CDs] Catch the wave of high APYs while you still can. With the Federal Reserve signaling possible rate cuts later this year, your window of opportunity is set to close soon. Open a Certificate of Deposit (CD) account today to lock in rates of up to 5% APY before they drop. [Check out our curated list of the Best CD Accounts, featuring options with no minimum deposit requirement.](~/AAQRxQA~/RgRnsTHxP0SCaHR0cHM6Ly9zZWN1cmUubW9uZXkuY29tL2Nkcy9scC9iZXN0LWNkcy1hYm0tZW1haWwvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU3MlcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) Stories we're reading this week - [30 Cities That Are Primed for Meteoric Job Growth](~/AAQRxQA~/RgRnsTHxP0SYaHR0cHM6Ly93d3cubmV3c29ic2VydmVyLmNvbS9tb25leS9jaXRpZXMtYmlnZ2VzdC1qb2ItZ3Jvd3RoLXByb2plY3Rpb25zLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlNzJXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO)
- [Jeff Bezos Sells Over $4 Billion in Amazon Shares in Past Week](~/AAQRxQA~/RgRnsTHxP0RJaHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjQvMDIvMTQvamVmZi1iZXpvcy1zZWxscy1hbWF6b24tc2hhcmVzLTQtYmlsbGlvblcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~)
- [Which Cars Are the Cheapest and Most Expensive Cars to Insure?](~/AAQRxQA~/RgRnsTHxP0R5aHR0cHM6Ly9tb25leS5jb20vY2hlYXBlc3QtY2Fycy10by1pbnN1cmUvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU3MlcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~)
- [Temu Spent $15 Million on 5 Super Bowl Ads and Giveaways](~/AAQRxQA~/RgRnsTHxP0RPaHR0cHM6Ly9yZXRhaWx3aXJlLmNvbS90ZW11LXNwZW50LTE1LW1pbGxpb24tb24tNS1zdXBlci1ib3dsLWFkcy1hbmQtZ2l2ZWF3YXlzL1cDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~)
- [How Credit Card Debt Is Linked to Divorce](~/AAQRxQA~/RgRnsTHxP0SPaHR0cHM6Ly93d3cuc2FjYmVlLmNvbS9tb25leS9jcmVkaXQtY2FyZC1kZWJ0LWZhY3Rvci1pbi1kaXZvcmNlLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlNzJXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO)
- [Microsoft and OpenAI Say Hackers Are Using ChatGPT to Improve Cyberattacks](~/AAQRxQA~/RgRnsTHxP0RZaHR0cHM6Ly93d3cudGhldmVyZ2UuY29tLzIwMjQvMi8xNC8yNDA3MjcwNi9taWNyb3NvZnQtb3BlbmFpLWN5YmVyYXR0YWNrLXRvb2xzLWFpLWNoYXRncHRXA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO)
- [Employers Have a New Way to Help Student Loan Borrowers Save for Retirement](~/AAQRxQA~/RgRnsTHxP0SaaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L3N0dWRlbnQtbG9hbi1tYXRjaGluZy1yZXRpcmVtZW50LWJlbmVmaXQvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU3MlcDc3BjQgplzvKszmWLwZLaUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive The Money Section from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [update your email preferences](~/AAQRxQA~/RgRnsTHxP0ScaHR0cHM6Ly90Lm5ld3MuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL3dlYkFwcC9tY2NTaWdudXBQYWdlP3NpdGVOYW1lPWNoYXJsb3R0ZW9ic2VydmVyJnVzZXJJZD0zMjU0ZmI5ZGZjZDhjNjJmZjA2N2Y5NDQ4ZDNiN2ZhZmMyZTBmYTgyMDhmMmNhYzA4M2RiODU3ZGFmNjA5NmViVwNzcGNCCmXO8qzOZYvBktpSG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~). We are unable to monitor replies to this email. Please [contact customer service](~/AAQRxQA~/RgRnsTHxP0QzaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL2N1c3RvbWVyLXNlcnZpY2UvVwNzcGNCCmXO8qzOZYvBktpSG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) if you have any questions or concerns. [Privacy Policy](~/AAQRxQA~/RgRnsTHxP0RCaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL2N1c3RvbWVyLXNlcnZpY2UvcHJpdmFjeS1wb2xpY3kvVwNzcGNCCmXO8qzOZYvBktpSG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) | [Terms of Service](~/AAQRxQA~/RgRnsTHxP0REaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL2N1c3RvbWVyLXNlcnZpY2UvdGVybXMtb2Ytc2VydmljZS9XA3NwY0IKZc7yrM5li8GS2lIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Copyright © 2024 The Charlotte Observer. All Rights Reserved.
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