There are 229 millionaires in Congress. The exact number is hard to determine since Congress members reveal their finances in ranges. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. That’s 43%, over seven times the...
Remember: The more you spend on your home, the less you have available to save for everything else. You may be able to afford a housing payment that is 35% of your pretax income today, but what about when you have kids, buy a new car, or lose your job? 25% of post-tax income...
Each GDP report provides a headline number telling you how much the economy grew or contracted year-over-year. This is measured by a percentage figure released after each quarter. Drilling down into the report, you can learn what factors drove the increase or decrease. Did the government spend...
The federal income tax system is progressive, which means that tax rates go up the greater taxable income you have. The term "tax bracket" refers to the income ranges with differing tax rates applied to each range. When figuring out what tax bracket you
Cap. Many put a cap on the returns. For example, if the index returned 10% but the annuity had a cap of 5%, your account receives a maximum return of 5%. Participation rate. This is the percentage of the index's return the insurance company credits to th...
Your income is a major factor inhow much house you can afford. But what percentage of your income should go to your mortgage? Is there a “golden rule” or consensus about how much you should spend on a mortgage? While the final answer is different for everyone, there are a few ...
Simple interest is tallied as a percentage of the principal over time, but compound interest (also called compounding interest) includes accrued interest along with the principal. Most loans and savings deposits use compound interest. Interest on your interest. Returns on your investment returns. ...
So, what is income-driven repayment, and how does it work? These plans calculate your monthly loan payment as a percentage of your discretionary income. Discretionary income is the difference between your annual income and 100 to 225 percent of the federal poverty guidelines, depending on your ...
Lenders may be looking for a two-year history of consistent income to determine that your income is stable.5 Debt-to-Income Ratio Yourdebt-to-income (DTI)ratio is another important indicator of yourfinancial health. Your DTI is the percentage of your gross monthly income that you use to pay...
Marginal propensity to consume is the percentage of each additional dollar of disposable income that is spent immediately, while marginal propensity to save is the percentage that is saved. Both the marginal propensity to consume and the marginal propensity to save are positively correlated to income....