With $90,460 in Debt, What Is The Realistic Path Out?

2025-11-19 08:35:45 By Emily Williams

No matter how you cut it, debt is a very real part of our world, as much as we try to live on a budget. According to a recent CNBC study, the average American has approximately $90,460 in debt, which seems impossible to escape.

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Key Points

  • The hope for most young people is that they can live debt-free, but it’s getting harder and harder to do so.
  • In this individual Redditor’s case, they are finding themselves struggling with an oversized car payment and credit card debt.
  • The single most important thing is to set and live with a substantial budget that accounts for every dollar.
  • It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)

This is precisely how one Redditor feels based on a post they put up in r/personalfinance. Indicating that they feel like they are drowning in debt, this individual doesn’t know what to do, and whether regaining control of their finances will ever be possible again.

Drowning in Debt In 2025

Kicking things off, this Redditor is listing off her monthly fixed costs, which include rent at $1,250, a car payment of $568 per month, and car insurance that’s approximately $150 per month. As of the middle of August 2025, she was also facing credit card debt, with balances of $2,056 on her Apple Card, $1,700 on her Bank of America card, $4,500 on Citibank, and another $700 balance on a Discover card.

While these numbers might not seem like a lot, for someone who is 23 years old and working as a bartender making between $3,000 and $6,000 monthly, they feel like they are drowning. There is also no help being received from anyone (e.g., parents), so the Redditor is responsible for all bills and emergency expenses that come up.

On the plus side, this is good news, having moved out to live with roommates and no longer having to help out with her mom financially.

Credit Karma to the Rescue

This said, she has already gone through Credit Karma to refinance her vehicle, which helped her reduce the monthly payment to $411 for the car at 5.24% for 60 months. This is a big drop from her previous 9% interest at 75 months, but the $150 savings is already feeling more freeing.

How to Develop Good Spending Habits

Whether you’re in your 20s like this Redditor or someone much older, it’s never too late to develop good spending habits. You’re going to start by creating good budgeting habits, which means meticulously tracking your cash flow.

Build Your Budget

This means being able to account for every dollar that comes in and every dollar that goes out. How this Redditor or someone else creates a budget is up to them, as using a piece of paper or a spreadsheet is not crucial.

What does matter is that you know exactly how much you are spending on everything, so you can visualize where you can save and how you can create some extra cash flow. Make a list of everything you’re spending money on, like a car and car insurance, gas, groceries, cell phone bill, utilities, health insurance, and everything else, so it’s all visualized, including streaming services, which the Redditor smartly indicates she might be getting rid of.

In other words, this needs to be a FULL budget as other Redditors point out, so nothing is missing from the equation.

Pay Down Debt

In the case of this Redditor and anyone else in a similar position, once you have a firm grasp on your budget, it’s time to start paying down debt. While a car note isn’t considered bad debt, the credit card balances this Redditor has must be reduced before she does any non-emergency spending.

Ideally, she could look at getting a credit card that has zero-interest for 15 months or so to consolidate her highest-rate cards or all of them into one card if she can. While it’s not going to be fun, paying off debt has to be her highest priority.

This Redditor is a prime candidate for the snowball method, by paying off the smallest debt first, like her Discover card. Once this card is paid off, she should take the amount being paid to Discover and add it to the next highest balance, the Bank of America card, and so on until every card is paid off.

Don’t Ignore Any Option

Just as this Redditor did with Credit Karma by refinancing her car loan, this is a prime example of what everyone in a similar debt situation should do. The hope is that you can find help from either your credit card company, a mortgage company that might help you refinance, or even consider moving to a different, less expensive place.

The most important financial lesson here is that you shouldn’t ignore any option that might be on the table, including seeking financial counseling. There are plenty of local resources where most people live that are willing to help young adults establish good financial habits.

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INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).

Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.

Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify.Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options [HYPERLINK: https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdfInvesting in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement [HYPERLINK https://www.sofi.com/iporisk/]. This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation [HYPERLINK https://support.sofi.com/hc/en-us/articles/360058602892-How-does-SoFi-allocate-IPO-shares].

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Baby Boomers On Social Security Have Just Days To Pay Attention To This
Baby Boomers On Social Security Have Just Days To Pay Attention To This

-->-->Key PointsIn just a few weeks, the Bureau of Labor Statistics will release key inflation data.That data will come into play in the context of next year’s Social Security COLA.Current estimates are calling for a 2.7% COLA in 2026, but if inflation picks up, that number could increase.Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; learn more here.(Sponsor)-->-->nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%We’re reaching a point during the year when it’s (sadly) time to say goodbye to summer and gear up for fall. For older Americans, this is a very crucial time of the year.Not only is fall when Medicare’s open enrollment period takes place, but it’s also when the Social Security Administration announces a cost-of-living adjustment, or COLA, for 2026.Many baby boomers on Social Security are hoping that 2026’s COLA will be more generous than the 2.5% COLA they received at the start of the current year. And initial estimates are saying that may be the case.The nonpartisan Senior Citizens League is projecting that 2026’s Social Security COLA will amount to 2.7% based on the inflation readings that have been released to date.Meanwhile, in just a couple of weeks, the Bureau of Labor Statistics is set to release another set of inflation data. And it could have a huge impact on next year’s Social Security COLA.How Social Security COLAs are calculatedThe purpose of Social Security COLAs is to make sure seniors don’t lose out on buying power due to inflation, which is a natural and expected part of the economy.Social Security COLAs are calculated on a specific index called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). When there’s an increase in the CPI-W from one year to the next year, Social Security benefits are eligible for an increase.Specifically, Social Security COLAs are based on CPI-W readings during the months of July, August, and September.July’s reading has already been released. However, August’s reading is set to be released on September 11. That data should give experts a clue as to what Social Security COLA baby boomers can expect in the new year.There’s still the possibility of a larger COLA in 2026A 2.7% Social Security COLA in 2026 would be an improvement over 2025’s raise. And retirees collecting benefits should know that it’s possible that next year’s COLA will end up being higher than 2.7%.However, that’s not necessarily a good thing. Since COLAs are tied directly to inflation, a larger one simply means that costs have gone up more.Think about it this way. Let’s say your local movie theater runs a promotion where you get $2 off of tickets if you’re 65 and older. But let’s say that same theater also raises ticket prices by $2.50.At the end of the day, you’re not going to benefit, because even though you’re getting a generous promotion, it’s not enough to offset the higher cost of seeing a movie.Social Security COLAs have long failed to actually keep pace with inflation, even though that’s their purpose. So if there ends up being a larger COLA in 2026, it will come at the expense of an uptick in inflation. And chances are, that COLA also won’t be enough to help seniors keep up with their costs.An official COLA announcement should come out in mid-October. Until then, stay tuned for September’s inflation data so you can get some more clues as to what to expect in 2026.If You’ve Been Thinking About Retirement, Pay Attention (sponsor)Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance, and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor. Here’s how:Answer a Few Simple Questions. Get Matched with Vetted Advisors Choose Your  Fit Why wait? Start building the retirement you’ve always dreamed of.Get started today! (sponsor)

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Why I’m Confused About Backdoor Roth IRAs and Traditional IRA Benefits
Why I’m Confused About Backdoor Roth IRAs and Traditional IRA Benefits

One of the most important decisions anyone has to make in achieving their financial goals is how to invest their money. This might sound like something you can decide in just a few minutes, but let this be a reminder that any decision now can have long-standing consequences, so you have to decide carefully what your first or next move is going to be. nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%-->-->Key PointsThis Redditor is trying to understand the importance of the backdoor Roth account.They don’t quite understand how two things about Traditional IRAs and backdoor Roth accounts can be true.There is nothing that this Redditor can really do until they have a higher MAGI.Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; learn more here.(Sponsor)-->-->For one Redditor posting in r/personalfinance, there is a big question about how to navigate the backdoor Roth and IRA space, especially for someone with a slightly higher income. This backdoor Roth topic is an area where Reddit specializes in responses, so there is no question that this individual is going to get a few different answers. Why Should You Do a Backdoor Roth? In this Redditor’s case, they are understandably confused, which is fair, because the notion of a backdoor Roth might only be familiar to those who have really done their research. As a result, this individual understands that the purpose of this backdoor method is to get around the $0 Roth IRA contribution limit for high earners. This allows you to convert a traditional IRA into a Roth IRA, but they are taking this one step further and believe that it’s better to use the traditional IRA if you earn more. All of this is coming to a head because the Redditor believes that these two ideas cannot live together and are somewhat contradictory. In other words, if you make so much that you cannot contribute to a Roth IRA, why would you turn a traditional IRA into a Roth IRA if the traditional route tends to earn more? Ultimately, this Redditor knows that their MAGI isn’t yet high enough to contribute to a Roth, but they are thinking about the future, and good on them for doing so. Clearing the Air On ContributionsUnsurprisingly, a number of Redditors are jumping in here to make sure the original poster knows exactly what to do and how to understand everything that is taking place. One Redditor in the comments makes it straightforward by saying that there is only a small income window where a tax rate might be high enough to prefer a traditional over a Roth IRA plan. In this case, you need to be somewhere in the 22% tax bracket and under the $77,000 income limit. If you are someone who is in this income and tax window, the Redditor’s original thoughts might hold, but for everyone else, it’s not so simple. Alternatively, if you are someone who has an employee-sponsored retirement plan like a 401(k), you can’t deduct contributions to a Traditional IRA if your MAGI is high enough to meet the threshold limits. This is why someone would consider doing a backdoor Roth IRA, because it allows them to get around these tricky limitations. For this Redditor, the immediate advice is that they file jointly (husband and wife), contribute to a non-deductible Traditional IRA, and then convert it to a Roth IRA. They will only owe taxes on any investment gains during the time the money was in a Traditional IRA and not owe taxes on the original contribution amount. Other Important AdviceUltimately, what the Redditor needs to do if they want to keep this very clean is either follow the advice immediately above, or stay on their current path and work to max out their Traditional IRA as eligible, and take advantage of the tax benefits. After this, they should focus on watching their Modified Adjusted Gross Income (MAGI) and see when they will exceed the income limits for a Roth contribution. Of course, the best advice is really to work with a financial advisor, as these kinds of questions are something a fiduciary can help with. They can advise you on the benefits and downsides of a backdoor Roth IRA regarding tax-free growth in retirement. Finally, it’s super important to remember to keep all of your records of IRA contributions and any conversions for tax purposes. The last thing you want is to find yourself in a sticky position down the road because you went wrong somewhere and end up owing the government more. Get Ready To Retire (Sponsored)Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.Here’s how it works:1. Answer SmartAsset advisor match quiz2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future.

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Is My Family’s Definition of Success Leading Me to Financial Mediocrity?
Is My Family’s Definition of Success Leading Me to Financial Mediocrity?

-->Key PointsA Reddit user is worried his family defines success the wrong way.The poster’s family focuses on status, not on building a solid financial life.The Redditor can avoid falling into this trap by setting financial goals and prioritizing investing.It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)-->-->What does it mean to be financially successful? A Reddit poster is grappling with this question right now. As he explained, there’s a lot of focus onstatusrather than on quality of life within his family. He’s worried that buying into this version of success, where the goal is to impress the neighbors, could set him up for a life of mediocrity.nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%So, what should the poster do? How can he define and achieve his ownversion of success instead of falling into the trap that his family has where appearances matter more than security and building a life you truly want?Far too many people focus on impressing the Joneses The OP told the story of his family’s money philosophy, and it’s familiar to many people. He said his brother has an important-sounding job as a consultant, which leads his parents to beam with pride, but his brother is also stressedallthe time, working 70-hour weeks, and not really doing much to build wealthHis cousin, on the other hand, works in HVAC, has a job no one really brags about, but bought a second rental property, takes three-day weekends, and is enjoying life.His family’s attitude towards the differing situations of the brother and the cousin has the OP worried that he could fall into the trap of “doing what sounds good at parties instead of what actually builds wealth,” when in reality, “maybe the goal shouldn’t be impressing relatives with your job title but actually creating something that works for you financially.”How to build your own version of financial successThe OP is absolutely right that a focus on external status symbols, like job titles, is not really as important as what you’re actually doing to build financial security and to create a life that you want.Of course, there’s nothing wrong with having a good job. And earning a generous income absolutely makes it easier to build a good life. However, that’s only true if:You have a reasonable work/life balance,orenjoy working the long hours the job requiresYou’re using the money from the good job to create long-term financial security by investing wisely in a good brokerage accountSome people thriveon working a big job, with long hours and a huge paycheck. If the OP’s brother is one of them, there’s nothing wrong with him doing that. There’salsonothing wrong with finding a job that might pay less and provide more flexibility, as long as it earns enough to cover your costs and allow you to invest for your future. Ultimately, the key is to create a vision of the life you want and figure out how much money you need to achieve it both now and in the future. If you want a job where you work fewer hours and work less hard, then you may need to accept that you have to live in a smaller house and keep fixed costs lower so you can invest despite the smaller paycheck.  You also need to have clearfinancial goals, no matter what job you have or how much you are earning, and make sure you have a detailed, measurable path to achieve them that you are following. Plenty of people with big incomes don’t end up financially secure because they don’t invest, so it’s not so much what you earn but what you do with the money that counts. Setting your financial goals and making them a realityIf you want to avoid the life of financial mediocrity that the OP is worried about, you should:Define what financial success and happiness look like to you: This may mean finding a way to work fewer hours while still investing for retirement, or it may mean earning the most you can now to build a more secure future later. Make detailedfinancial projections about how to achieve that vision.If you want to retire at 55 with $1 million in the bank, for example, you should be very specific about what it will take to get there and how much to invest each month to make that happenSet short-term, medium-term, and long-term goals that are specific, that you can measure the success of, and that you have time deadlines — and always break big goals down into small ones. If you dream of early retirement, for example, figure outexactlyhow much you have to save each month to make that happenBuild a budget that prioritizes your goals.Before any discretionary spending, you should automatically transfer the money you need into savings and investment accounts, so the default is that you grow your wealth. Automate your saving and investingso you don’t lose sight of your objectives. Making the process automatic helps to ensure that you stick to your plan. Most good brokerage firms will allow you to make automatic transfers of funds into your account so you can stay on track. Invest in a good brokerage accountas investing helps you to grow your wealth, so you can more easily achieve your dreams. If you do this, you can develop the type of true financial success the OP is looking for. You won’t just have a nice title, or nice-looking possessions to impress neighbors at parties — you’ll have th nice life you deserve with the peace of mind of knowing you built it and can afford it thanks to your saving and investing efforts.Want Up To $1,000? SoFi Is Giving New Active Invest Users up to $1k in StockLooking to grow your money but unsure where to begin? SoFi Active Invest is offering a limited-time promotion—open an account, fund it with $50 or more, and you could receive up to $1,000 in complimentary stock for Active Invest accounts.From $0 commission trading to fractional shares and automated investing, this app is designed to simplify investing for everyone, whether you’re just starting or already experienced. Its easy to sign up and secure your bonus.(sponsor)DISCLOSURE:INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUEBrokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify.Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options [HYPERLINK: https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdfInvesting in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement [HYPERLINK https://www.sofi.com/iporisk/]. This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation [HYPERLINK https://support.sofi.com/hc/en-us/articles/360058602892-How-does-SoFi-allocate-IPO-shares].

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Earn up to 4.18% APY. Here are the best CD rates today, Dec. 8, 2025
Earn up to 4.18% APY. Here are the best CD rates today, Dec. 8, 2025

It’s still a good time to earn a great return on a certificate of deposit, just don’t wait to take action. After declining in 2024 as the Federal Reserve cut rates, average CD yields stabilized in early 2025 thanks to the central bank hitting pause on more rate changes for several months. However, the Fed finally took action with its first rate cut of 2025 after meeting Sept. 16-17, then made a second cut in October.The best CD rates yield up to 4.18% annual percentage yield. If you choose to open an account today, you could lock in high rates for years, depending on the term that best meets your financial goals. Experts expect the Fed may cut rates again when it meets this week, so don’t wait to invest.ADVERTISEMENTAdvertiser DisclosurePrivacy policyPowered byBest CD Rates for December 9, 2025ZIP Code Deposit Amount $Min. Term Length 6 months1 months6 months1 year18 months2 years3 yearsMax. Term Length 3 years6 months1 year18 months2 years3 years4 years5 years6 yearsFEATURED OFFERSAPYTERMMIN. DEPOSITEST. EARNINGSLoading...4.25 %December 9, 20252yr$ 1000$ 1063Over 1 Year2 years cd AccountUnited Fidelity BankMember FDICQUICK LOOK4.20 %December 2, 20256mo$ 1000$ 1050Over 1 Year6 Mo CD cd AccountLimelightBankMember FDICOFFER DETAILSQUICK LOOKLimelight Bank is the online division of Capital Community Bank. It offers competitive yields on CDs, but it doesn’t offer any other types of bank accounts.READ BANK REVIEW4.15 %December 2, 20259mo$ 500$ 1038Over 1 Year9 Mo CD cd AccountM.Y. Safra BankMember FDICOFFER DETAILSQUICK LOOKM.Y. Safra Bank is an FDIC-insured institution with just one branch in New York City and also offers strictly online accounts. It provides a full range of personal and business deposit products as well as loans and lines of credit. Its online-only CDs offer the most attractive rates the bank has to offer, but its savings and money market accounts also offer decent yields.READ BANK REVIEW12345...160Today’s best CD rates: Earn up to 4.18%The highest CD rate of 4.18% is offered by Citibank on its three-month CD. Note that the rates Citi offers on its CDs may vary based on location.Fortunemonitors the top rates offered by leading U.S. financial institutions to help readers obtain the best possible return on their CD investments. Here are the best rates on the market:Pro tipLooking for the best CD to fit your investment needs? See rates from top institutions:–Wells Fargo–Capital One–Chase–Bank of America–Discover Bank–Northern Bank Direct–Ally Bank–Newtek Bank–Popular Direct–Citibank–Sallie Mae BankCompare CD rates at top national banksIf you’re unfamiliar with most of the names mentioned above, there’s a straightforward reason why: CDs typically don’t yield substantial income for major financial institutions by themselves. Established banks like Chase, PNC, and U.S. Bank prioritize attracting customers through more profitable products like loans and credit cards, rather than CDs. Consequently, the APYs offered on CDs at these banks are often much lower compared to those available at smaller regional banks or online institutions and to get a good rate, you may be required to open other deposit accounts or deposit much higher minimums.CD rates news 2025Investors should understand that average CD rates closely track Fed monetary policy decisions, specifically changes to the fed funds rate. It’s essential for CD investors to follow the ebb and flow of the central bank’s policy decisions to plan for changes in rates.The federal funds rate currently stands at 3.75%-4.00%.Last year, the Fed cut interest rates three times, leaving fed funds at 4.25%-4.50% as of December 2024. High inflation left over from the post-pandemic period was cooling off, and the FOMC reduced rates to help the economy stay on track. CD APYs fell from two-decade highs as the Fed cut rates.With the Fed making its first cut of 2025 at the Sept. 16-17 meeting and a second at the Oct. 28-29 meeting, CD rates have again shown signs of dipping. It’s possible they could decrease further if the central bank moves forward with a third cut when it meets in December. The next FOMC meeting is on the calendar for Dec. 9-10.Those 20-year highs in CD yields were the result of the central bank’s rate hike campaign of 2022 and 2023. Inflation was rising at its highest rate since the early 1980s, thanks to the economic disruptions of the pandemic. Between March 2022 and July 2023, the FOMC raised interest rates 11 times, from zero to 5.25%-5.50%, to help tame inflation.Just remember, CD rates today aren’t far from their recent highs. You still have the opportunity to secure advantageous rates on both short-term and long-term CDs. By depositing a larger lump sum into your CD, you can earn substantial interest.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Discover the current price of silver for December 8, 2025.Historical CD ratesIn the early 1980s, CD rates hit double digits thanks to surging inflation and high interest rates. But by 2019, the APY for a 5-year CD hovered slightly above 3.00%. Until the early 2020s, top rates generally remained below 1.00% APY. In recent times, we experienced a period of increasing rates, with the best offerings exceeding 5.00% APY for 1-year CDs.How to get a good CD rateDetermining what a good CD rate looks like is subjective. It depends on how much money you have to invest, how long you can leave it locked up in a certificate, and what prevailing market rates are when you intend to open an account.For instance, a 5.00% APY CD over five years might not be the right choice if you need liquidity sooner or if rates rise, leaving you with a lower return. Generally, rates above the national average are advantageous. Compare rates across banks for your desired term to find the best option.Key factors to evaluate when comparing CDs include minimum balance requirements, available terms, offered interest rates (typically higher at online banks), penalties for early withdrawals, and any associated fees. Opting for a bank rather than a broker might help avoid unnecessary fees.Consider these factors:Term length:Ensure they match your savings goals.APY:Higher rates are available for longer CD terms.Minimum deposit:Ensure you can meet minimum deposit requirements.Penalties:Understand early withdrawal costs, in case you need to withdraw money before a CD matures.Deposit insurance:Always verify that your bank or credit union of choice has Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) coverage.Look into offerings from online banksOnline banks and fintechs typically offer better rates than national banks. Large financial institutions primarily generate revenue through interest earned on loans, fees, and investments in securities. In contrast, smaller banks and online fintech companies actively attract new customers by offering competitive APYs on deposit accounts. Moreover, online banks typically have lower overhead costs, allowing them to pass on better rates to their clientele.Set up a CD ladderCD ladders suit savers hesitant to lock funds for long terms. Splitting savings across CDs with varying maturities offers a blend of short-term access and higher long-term rates. For example, if you begin by investing $3,000 in three staggered CDs (1-year, 2-year, and 3-year), then as each matures you reinvest the money in a 3-year CD. With this plan, you get access to your money (plus the interest you’ve earned) every year. #qsWidgetContainer176, #qsWidgetContainer176 [data-widget-id] { background-color: transparent; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; letter-spacing: .5px; padding: 0; } #qsWidgetContainer176 .sizeone .header-section { border-bottom: 0 none; color: #666; font-weight: 600 !important; padding: 6px 0; } #qsWidgetContainer176 .sponsored { font-family: inherit; letter-spacing: .5px; } #qsWidgetContainer176 .sponsored .add-text { color: inherit !important; } #qsWidgetContainer176 .sponsored:not(.sponsored + .sponsored) { color: inherit; font-weight: 600; text-transform: uppercase; } #qsWidgetContainer176 .non_featured_list { background-color: transparent; border-top: 0 none; } #qsWidgetContainer176 .cdBankingDesignChanges .sh-listing { border: 1px solid #F2F2F2 !important; box-shadow: 4px 4px 20px 0 #1111110D; margin-bottom: 40px; } #qsWidgetContainer176 .listing { background-color: #fff; 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position: relative; } #qsWidgetContainer176 .prop-conatiner:not(:first-child):before { background-color: #fff; content: ' '; height: calc(100% + 24px); position: absolute; left: -12px; top: -12px; width: 2px; } #qsWidgetContainer176 .sh-row-product-title { color: #666; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 12px; font-style: normal; letter-spacing: .5px; } #qsWidgetContainer176 .see-more-text { background-color: #F2F2F2; } #qsWidgetContainer176 .see-more-text + .row-2 { background-color: #F9F9F9 !important; } #qsWidgetContainer176 .description-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 600; line-height: 120%; text-transform: none; } #qsWidgetContainer176 svg.shArrow path { fill: #111 !important; } #qsWidgetContainer176 #sh-star-icon { top: -2px; } #qsWidgetContainer176 #sh-star-icon svg path:first-child { fill: #007B9D !important; } #qsWidgetContainer176 #see_more_carrier, #qsWidgetContainer176 .see_less_carrier { background-color: #F2F2F2; color: #111; } /** CD Styles */ #qsWidgetContainer176 .cdBankingDesignChanges .sh-listing-container { padding: 0; } #qsWidgetContainer176 .cdBankingDesignChanges #sh-header-container { border-bottom: 1px solid #F2F2F2; margin-bottom: 0; padding: 6px 0; } #qsWidgetContainer176 #sh-star-icon:before { background-color: #007B9D; content: ' '; display: block; height: 10px; left: 0; position: absolute; top: 1.5px; width: 10px; } #qsWidgetContainer176 .listing-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif !important; } #qsWidgetContainer176 .shmktpl-sponsored, #qsWidgetContainer176 .cdBankingDesignChanges .shmktpl-disclosure-button { color: #666 !important; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-weight: 600; line-height: 150%; } #qsWidgetContainer176 .sh-logo { flex-shrink: 1; 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} #qsWidgetContainer176 .cdBankingDesignChanges .sh-first-product .sh-title-container { height: auto; min-height: 0; padding: 12px; } #qsWidgetContainer176 .sh-title { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 20px; font-weight: 600; text-align: left; } #qsWidgetContainer176 .sh-fdic-insured .sh-text { color: #666 !important; } #qsWidgetContainer176 .sh-first-product .sh-btn__text, #qsWidgetContainer176 .sh-btn__text { border-radius: 0; border-color: #111; color: #111; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-weight: 600; line-height: 150%; height: auto; letter-spacing: .5px; padding: 12px 16px; } #qsWidgetContainer176 .sh-btn__text:hover { border-color: #666; color: #666; } #qsWidgetContainer176 .sh-row-sub-container span.sh-row-value { font-family: var(--graphik-compact), Graphik Compact, Arial Narrow, Helvetica neue Condensed, sans-serif !important; font-size: 16px !important; font-weight: 600 !important; letter-spacing: .5px !important; } @media only screen and (width: 768px) { #qsWidgetContainer176 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { position: relative; top: initial; } } @media only screen and (max-width: 767px) { #qsWidgetContainer176 .cdBankingDesignChanges .sh-first-product .sh-title-container { padding: 0; } #qsWidgetContainer176 .prop-conatiner:not(:first-child):before { height: 2px; left: 0; top: -12px; width: 100%; } #qsWidgetContainer176 .sh-row2-container { flex-basis: 100% !important; padding-bottom: 8px !important; } #qsWidgetContainer176 .sh-first-product .sh-title-container .sh-row-container { height: auto; padding: 8px; } #qsWidgetContainer176 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { font-size: 14px; font-weight: 400; margin-top: 8px; top: 182px; } #qsWidgetContainer176 img.logo-image { margin-left: auto; margin-right: auto; max-width: 200px; } #qsWidgetContainer176 .listing-title { font-size: 20px; font-weight: 600; } }Types of certificates of depositVarious CD types cater to different needs, such as:Brokered CDsare bought and sold via brokerage accounts rather than banks or credit unions. They are typically issued by banks and sold to brokerages, which offer them to customers at higher APYs compared to conventional CDs.Callable CDsinclude a call feature allowing the issuing financial institution to end the CD before its maturity. Upon such a call, investors retain their principal along with any accrued interest up to that point.Bump-up CDsallow you to request a higher APY if interest rates increase after you’ve opened your account. Generally, you can adjust the rate on your CD once or twice during its term.No-penalty CDsdo not impose penalties for withdrawing funds before maturity. They are less prevalent than other CD varieties and may also feature lower APYs compared to traditional CDs.Jumbo CDsusually require a minimum initial deposit of at least $100,000 but generally provide higher APYs than standard CDs.Variable-rate CDs offerchanging APYs that are indexed to prevailing interest rates. They carry higher risk compared to traditional CDs because a decrease in interest rates before maturity can lead to a lower yield.Series on daily CD rates created by former Fortune editor Cassie Bottorff. This edition has been updated by Editor, Evergreen Content Glen Luke Flanagan.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.

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I Make $150,000 in Southern California But It Feel Like I’m Drowning Financially
I Make $150,000 in Southern California But It Feel Like I’m Drowning Financially

It should go without saying that no matter how much money you make, it’s perfectly reasonable to feel stressed out about finances these days. This is especially true if you feel like you make a good living but also live in a high-cost-of-living area that leaves you feeling house-poor. nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%-->-->Key PointsThis Redditor lives in Southern California, one of the most expensive places in the country.The family’s combined $150,000 salary leaves them struggling to make ends meet.This family absolutely needs to establish a budget so they can properly account for every dollar they make and spend.It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)-->-->This level of stress over bills is exactly what one Redditor is feeling, according to their post in r/MiddleClassFinance. Living in Southern California is already expensive, but they are worried about how they will continue to earn $150,000 and barely make everything work. $150,000 in Southern CaliforniaFor this Redditor with a family of four, earning $150,000 was already a struggle to live on, but adding a child in college has made everything significantly worse. Unfortunately, their child wasn’t eligible for any kind of financial aid due to the family’s household income, as per FAFSA rules, which means the already struggling budget is even more challenging. As for their overall budget breakdown, the family is paying $2,150 for their mortgage and utility bills, $180 for cell phones, $1,400 for both health and car insurance, spending an average of $800 per month on groceries, and approximately $200 per month on dining out. Now add to this $850 in car loans, $250 for gas every month, plus another $2,200 across 401(k), kids’ college expenses, property taxes, and sports activities, and it’s clear that this family is barely able to survive. Admittedly, the Redditor states that they don’t have a method for tracking spending, which is clearly an issue that needs to be addressed. However, their $1,800 mortgage is manageable, so there is some positive news here. Out of their $7,700 in monthly expenses, they are likely taking home around $8,400 after taxes.This means that their financial buffer after all expenses and savings is just $700, or around 5% of their gross income, so it’s understandable that the family is feeling stressed. Lifestyle Inflation At WorkHere’s the thing for this Redditor, and what is likely making them feel stressed, and it’s something called “lifestyle inflation.” Taking on the responsibility of paying for the kids’ college apartment at $800 for both rent and utilities, as well as other kids’ private lessons and two vehicle payments, all means this family has an inflated sense of what is affordable. If you subtract just some of these things, such as college rent, two vehicle payments, and kids’ activities, they would be at a far more comfortable 46% in fixed costs compared to 67%. Not only would this provide them with a greater financial buffer, but they would also be able to contribute more to a retirement fund. Start With Some Important StepsIn the case of this family and the Redditor, it’s pretty clear what needs to be done first, as the Redditor has already acknowledged: tracking their expenses. Whether it’s through an app on the computer or phone or on a piece of paper every month, this family needs to visualize every dollar coming in and going out to see where they stand. From here, cutting discretionary spending is the next move, but they won’t be able to do this, at least not smartly, without a budget in place. They already have a fairly reasonable mortgage payment, so refinancing isn’t feasible; however, additional financial aid options should be explored for the college student. Is there anything else available from the school that might be helpful? This Redditor’s child isn’t the only one in this position, as $150,000 in Southern California isn’t a huge salary, so someone else has likely explored other financial aid options. Perhaps most importantly, it is to try to figure out a way to lower the vehicle costs. At this point, this family should have two vehicles they own outright and are just paying insurance for each month. Being able to add 11% of their after-tax budget to the financial pot for retirement or an emergency fund will go a long way. Separately, has the family explored combining both home and vehicle insurance, and if so, is there a discount available that might bring down the cost? All of these things are worth exploring, and it still leaves the door open to look at alternatives like finding a less expensive cell phone carrier, like a prepaid brand, where 4 lines are only $100 instead of $180 for two years locked in. Want Up To $1,000? SoFi Is Giving New Active Invest Users up to $1k in StockLooking to grow your money but unsure where to begin? SoFi Active Invest is offering a limited-time promotion—open an account, fund it with $50 or more, and you could receive up to $1,000 in complimentary stock for Active Invest accounts.From $0 commission trading to fractional shares and automated investing, this app is designed to simplify investing for everyone, whether you’re just starting or already experienced. Its easy to sign up and secure your bonus.(sponsor)DISCLOSURE:INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUEBrokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify.Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options [HYPERLINK: https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdfInvesting in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement [HYPERLINK https://www.sofi.com/iporisk/]. This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation [HYPERLINK https://support.sofi.com/hc/en-us/articles/360058602892-How-does-SoFi-allocate-IPO-shares].

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I have the freedom to stay retired but a dream job is pulling me back
I have the freedom to stay retired but a dream job is pulling me back

It’s hard to accept the reality in the FIRE world that there have to be trade-offs from time to time between financial and work fulfillment. For most people in this space, they can’t wait to get out of the workforce and never stop to worry about whether or not they love their job. nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%-->-->Key PointsThis Redditor is already in a great financial position, but has recently been presented with a dream work opportunity.The good news is that this Redditor doesn’t have to take any job as they already have double their initial FIRE goal.There are going to be two separate “what if” questions if they either take this job or decide to retire and spend quality time with family.Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; learn more here.(Sponsor)-->-->For a Redditor posting in r/fatFIRE, they have the good luck of already being in a great financial position, but are stuck between leaving the workforce now or accepting a dream job. It’s admittedly a terrible position to be in, but also one of great privilege, and it does lead to questions about regret. Choosing The Dream Job or Family In the case of this 40-something Redditor, they rightfully acknowledge they have the good fortune of already doubling their FIRE number. Unfortunately, we don’t get specifics on the math, but it’s great news for this Redditor to not only have hit their financial goals, but to have doubled the number they thought they needed to stop working forever. Under normal circumstances, this would have been fantastic news for someone who should be planning to walk away from the workforce for good. Instead, they are trying to look at this from two perspectives, and each perspective has its advantages and disadvantages. On the plus side, the Redditor can walk away and live out a fantastic life, going to every kid’s activity, traveling, and doing everything a retiree dreams of doing. The challenge is that this Redditor has also been presented with a rewarding “dream job” that would take away from the family time and flexibility that they know they will value greatly. The concern is that they don’t know what to do, as there is a “what if” question that, if they don’t take the job, five years from now, they will regret not taking it. The alternative is not taking the job and adding a few more weeks of vacation and a whole kids’ baseball practice schedule to their calendar. This indecision has led the Redditor to ask in the fatFIRE community how anyone else might have handled this situation and where they ended up. What To Do NextUltimately, there is no easy answer here as the Redditor can’t have it both ways, as they either need to take the job and roll the dice or live for their children and retirement life. This really comes down to a question of what they want more in life: family or professional fulfillment? It’s a difficult truth to accept, but these are sometimes mutually exclusive in that you can’t have your cake and eat it too. Thankfully, the Redditor acknowledges that if they had to choose, “gun to head,” it would be the family. This is the right choice, of course, but this isn’t a situation where a metaphorical gun is to someone’s head. A lot of Redditors chime in that going back to work means missing too much, while a few other Redditors indicate that the kids are young enough not to remember what activities their parents did or did not attend. At the end of the day, there is only one person who can answer the question of what is most important to this Redditor. Money Isn’t EverythingKnowing that this Redditor is already sitting on double the amount of money they originally believed they needed to retire, it begs the question of what is missing in their life. Any decision around this dream job can’t be about money, as money isn’t a factor in the family’s life right now. Instead, it seems like something else is missing in this Redditor’s life that their current consulting work isn’t providing them. Yes, they could give this job a shot and walk away, but this, too, might end up in a similar situation where there is a lot of regret. If the Redditor had teenagers who are independent and capable of doing things on their own, this would be an entirely different argument. However, given that the children are young and that life could end tomorrow, this Redditor should take advantage of his already outstanding financial success and focus on being a good father and husband for now. Get Ready To Retire (Sponsored)Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.Here’s how it works:1. Answer SmartAsset advisor match quiz2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future.

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Current ARM mortgage rates report for Nov. 27, 2025
Current ARM mortgage rates report for Nov. 27, 2025

Homeowners with some tolerance for uncertainty might find that an adjustable-rate mortgage is worth considering as a way to get a low introductory rate before the adjustments kick in. This loan type can be a particularly good choice if you’re aiming to rent out for flip the property, or when you know you intend to move before the loan’s fixed-rate period ends.Keep reading and we’ll explain how ARMs work, consider when an ARM is worth considering as an alternative to a fixed-rate mortgage, and look at ARM rates from a few top lenders.You can see the previous business day’s ARM rates report here.Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the highest CD rates, up to 4.18% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Discover the current price of silver for December 8, 2025.ARM mortgage rates at top lendersFortune reviewed the most recent data available as of Nov. 26. These are sample rates provided by the institutions. Each one is based off specific assumptions about a hypothetical borrower’s credit profile and location. Estimates may include an assumption of mortgage discount points. If you choose to apply, know that the rate you receive may vary from the sample rates shown here.Bank of America 7/6 ARMU.S. Bank 7/6 ARMZillow Home Loans 7/6 ARMInterest Rate5.500%5.750%6.000%APR6.322%6.397%6.543%Interest RateBank of America 7/6 ARM5.500%U.S. Bank 7/6 ARM5.750%Zillow Home Loans 7/6 ARM6.000%APRBank of America 7/6 ARM6.322%U.S. Bank 7/6 ARM6.397%Zillow Home Loans 7/6 ARM6.543%A 7/6 ARM is one with a fixed rate for seven years, then adjustment periods every six months.Fixed-rate vs. adjustable-rate mortgagesFixed-rate mortgages dominate U.S. households, comprising about 92% of all home loans. Unlike adjustable-rate mortgages (ARMs), which allow interest rates to change after an initial period, fixed-rate loans offer consistency throughout their term—which likely explains their popularity.That said, ARMs can be advantageous under specific circumstances. Around 8% of borrowers choose them for their unique benefits.When you might consider an adjustable-rate mortgageThree groups of homebuyers can commonly benefit from considering ARMs:Homeowners who intend to move soon:If you’re confident you’ll be moving in a few years, perhaps because this is a starter home, an ARM may let you enjoy a low introductory rate without worrying about future adjustments.Real estate investors:Landlords buying a property to rent out or house flippers intending to sell a property quickly may use ARMs with the intent of adjusting the monthly rent if interest rates increase or selling before the adjustment period kicks in.Buyers in high-interest environments:During times of elevated interest rates, ARMs can sometimes offer lower rates during the introductory period, and the potential for relief later if market conditions improve.Pro tipSaving up for a down payment? Make sure you have a high-yield savings account.How adjustable-rate mortgages workARMs begin with an introductory fixed rate that often lasts three, five, seven, or 10 years before the loan transitions into its adjustment periods. How much your rate changes during an adjustment period can depend on a variety of factors, including:Benchmarks like SOFR:An ARM’s rate is typically tied to a benchmark, commonly SOFR. This particular benchmark reflects the cost for banks to borrow money overnight. The U.S. Treasury publishes an updated each morning. Margins:Fixed margins are added by lenders on top of the benchmark to determine your ARM rate. These can often range between 2% to 3.5%.Caps:Adjustment caps limit how much rates can increase at specific intervals or over time. You may hear about initial adjustment caps, subsequent caps, and lifetime caps.Common ARM formats include 5/1 (an introductory rate that lasts for five years followed by annual adjustments) and 10/6 (a 10-year intro period followed by adjustments every six months) structures. Other structures on the market include 3/1 ARMs, 7/1 ARMs and 10/1 ARMs. Learn more:Why the Secured Overnight Financing Rate might matter for your mortgage.Refinancing from an ARM to a fixed-rate mortgageLife happens. Plans change. If it turns out you’re going to be in your starter home longer than expected, and you initially took out an ARM, you might opt to refinance to a fixed-rate loan.First, know you’re not alone. A large chunk of Millennial and Gen Z homeowners can’t afford to upgrade and are continuing on in their starter homesTo refinance from an ARM to a fixed-rate mortgage, the process is more or less the same as refinancing from one fixed-rate loan to another. You’ll shop around with various lenders, provide the application documents necessary to show your credit profile and income meet the lender’s requirements, and you’ll use the new loan to pay your old one off in full. Pros and cons of adjustable-rate mortgagesWork with a trusted loan officer to ensure you’re selecting the best mortgage type for your needs. To get you started, here are some basic factors to consider in evaluating if an ARM is right for you.N/AProsPossibly lower initial rate compared with fixed-rate loans.Potentially easier qualification standards for some borrowers. Chance to save if market conditions improve and rates go down.ConsPayments could spike after adjustments begin.Comparing offers is more complex than with common fixed-rate loans.Homeowners face more unpredictability than with a fixed-rate loan.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.

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If Financial Advisors Are So Good, Why Don’t They Just Invest for Themselves?
If Financial Advisors Are So Good, Why Don’t They Just Invest for Themselves?

-->-->Key PointsA Reddit poster wants to understand the valuefinancial advisors bring.They also question whyfinancial advisors don’t just invest their own money and get rick if they’re so good at it.Working with a financial advisor could benefit you, but it’s important to find the right one.Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; learn more here.(Sponsor)-->-->nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%For some reason, people tend to be skeptical about financial advisors. They might say it doesn’t make sense to pay for a financial advisor when you could put your money to work on your own.In this Reddit post, we have someone echoing that sentiment, but they also pose an interesting question: If financial advisors are so good at building portfolios, why don’t they just invest their own money and get rich from it? Why bother trying to help other people build wealth?It’s a valid question. However, it’s important to understand the value financial advisors bring to the table, and what their goals and intentions are.It’s not just a matter of getting rich quicklyMost financial advisors don’t pursue that line of work to make a lot of money quickly. There are, frankly, easier ways to do that. Rather, they get into the business to help people.To be a good financial advisor, you have to be a good listener and relationship builder. You also have to know a lot about not just investing, but other components of financial planning, like insurance and healthcare.A big reason financial advisors don’t just invest their own cash and call it a day is that they want to play a role in helping people meet financial goals, and they enjoy the interaction.Also, let’s face it — to be able to make a lot of money investing, you need to have a decent amount of money to start out with. Even a very savvy investor isn’t going to be able to live on their portfolio income after a year or two if they’re only starting out with $5,000 or $10,000.Granted, over time, it’spossiblethat a financial advisor might accumulate a few hundred thousand dollars, invest it, and stop working with clients. Usually, though, that doesn’t happen.Plus, it’s not as if every financial advisor is an investing wiz. Rather, financial advisors take a holistic approach to managing people’s money. Sometimes, the strategies they suggest aren’t all that innovative and complex. However, they still enable people to meet their goals.It’s important to find the right person for the jobIf you’ve been on the fence about hiring a financial advisor, you should try sitting down with a few different ones and hearing what they have to say. Of course, if you’re going to trust someone to manage your money, you need to find the right person for the job.To that end, try to find a financial advisor who:Listens to your goals and concernsExplains their approach to money management thoroughly, and doesn’t just throw financial terms at you that you don’t understandDoesn’t make you feel judged in any wayDiscusses their fees openly so there are no surprisesActs as a fiduciary, which means your best interests have to be put firstCommunicates well and has an easy platform where you can track your progressWith the right financial advisor in your corner, you could bring yourself closer to meeting the goals you’ve set. It’s worth giving one a try, and you may be surprised with the results.If You’ve Been Thinking About Retirement, Pay Attention (sponsor)Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance, and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor. Here’s how:Answer a Few Simple Questions. Get Matched with Vetted Advisors Choose Your  Fit Why wait? Start building the retirement you’ve always dreamed of.Get started today! (sponsor)

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Current price of silver as of Monday, November 24, 2025
Current price of silver as of Monday, November 24, 2025

At 8:15 a.m. Eastern Time on Nov. 24, 2025, silver was valued at $50.26 per ounce. That’s a $0.72 uptick from the same time on Friday and more than a $19 gain over the past year.Silver price per ounce% ChangePrice of silver yesterday$49.54+1.45%Price of silver 1 month ago$48.91+2.76%Price of silver 1 year ago$30.30+65.87%Price of silver yesterdaySilver price per ounce$49.54% Change+1.45%Price of silver 1 month agoSilver price per ounce$48.91% Change+2.76%Price of silver 1 year agoSilver price per ounce$30.30% Change+65.87%Check Out Our Daily Rates ReportsDiscover the highest high-yield savings rates, up to 5% for December 8, 2025.Discover the highest CD rates, up to 4.18% for December 8, 2025.Discover the current mortgage rates for December 8, 2025.Discover current refi mortgage rates report for December 8, 2025.Discover current ARM mortgage rates report for December 8, 2025.Discover the current price of gold for December 8, 2025.Historical silver performance Silver is not a get-rich-quick investment. It tends to far underperform traditional stocks over the long term. Since 1921, silver has declined around 96% against the S&P 500. In other words, if you had invested the same amount of money in both stocks and silver at the same time, your silver would now be worth 96% less than your stocks. Instead, silver is considered a comparatively safe and reliable asset that can help you to preserve the value of your money. You’ll sometimes hear it described as a “store of value.” It tends to retain its value during periods of inflation—so converting your money into silver is something like a cryogenic chamber to store your funds when inflation is weighing on your mind.Silver tends to be more volatile than gold. While gold is largely used as a store of value, silver is also widely used in industry (think electronics, medical devices, etc.). This means the value of silver is more directly susceptible to industry demands.What does “spot silver” mean? Put simply, the “spot silver” price is the current rate at which one could in theory instantly sell or buy silver. But, it’s crucial to note individual buyers will often have to pay above spot when buying silver, as there are other costs affecting the final price—think markups, shipping fees, and insurance.  The spot price of silver is a benchmark that investors use to monitor real-time demand and trends. If the spot price is higher, the demand is greater. What is “price spread” in silver trading? Silver’s “price spread” is the disparity between its buying and selling price. There are two terms you should know: Ask price (what you’ll pay to purchase silver). Bid price (what you’ll earn when selling your silver). As you’d expect, the bid price is lower than the ask price. The narrower the bid-ask spread, the higher the demand for silver. #qsWidgetContainer179, #qsWidgetContainer179 [data-widget-id] { background-color: transparent; font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; letter-spacing: .5px; padding: 0; } #qsWidgetContainer179 .sizeone .header-section { border-bottom: 0 none; color: #666; font-weight: 600 !important; padding: 6px 0; } #qsWidgetContainer179 .sponsored { font-family: inherit; letter-spacing: .5px; } #qsWidgetContainer179 .sponsored .add-text { color: inherit !important; } #qsWidgetContainer179 .sponsored:not(.sponsored + .sponsored) { color: inherit; font-weight: 600; text-transform: uppercase; } #qsWidgetContainer179 .non_featured_list { background-color: transparent; border-top: 0 none; } #qsWidgetContainer179 .cdBankingDesignChanges .sh-listing { border: 1px solid #F2F2F2 !important; box-shadow: 4px 4px 20px 0 #1111110D; margin-bottom: 40px; } #qsWidgetContainer179 .listing { background-color: #fff; 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font-weight: 600; } }How to invest in silver Investing in silver can take many different forms. You can choose to collect physical silver, or you can (more commonly) invest in silver exchange-traded funds (ETFs).The latter allows you to buy shares in a fund that holds silver—meaning you won’t have to store and insure it yourself. Popular silver investment options include: Silver bullion.Sold as bars or rounds, you can purchase these by weight and purity. Silver coins.While coins and rounds may look similar, coins are government-minted currency. There are many silver coin options that tend to price higher than standard bullion, including American Silver Eagle and Silver Maple Leaf coins due to factors such as rarity and government backing. Silver jewelry.Silver crafted into jewelry prices above silver bullion of equal purity. Silver mining stocks.Purchasing stock in a company that mines silver allows you to bet on silver without owning any metals yourself. Silver investments, such as silver bullion and coins, follow the “three nines fine” rule to be traded on exchange platforms. If it’s less than 99.9% pure, it’s typically considered a collectible or industrial-grade.  The best silver IRA companies can walk you through the specifics.Is it a good time to invest in silver? Silver is doing well in 2025, rising nearly 25% year-to-date. It’s currently priced higher than any time in the previous decade. Still, the answer as to whether now is a good time to invest in silver is subjective. For example, if you’re worried about increased inflation, adding precious metals to your portfolio can be a smart choice. Or, if you’re looking toward an impending surge in silver demand (perhaps from increasing popularity in green initiatives that require silver, such as solar equipment) that could drive up value, buying silver might make sense. Current precious metals prices as of 8:15 a.m. ET on Nov. 24, 2025Precious metal Price per ounceGold$4,084.53Silver$50.26Platinum$1,538.10Palladium$1,374.86GoldPrice per ounce$4,084.53SilverPrice per ounce$50.26PlatinumPrice per ounce$1,538.10PalladiumPrice per ounce$1,374.86Gold, platinum, and palladium are also investor favorites. Platinum and palladium typically act similarly to silver in volatility. They’ve got a smaller global market compared to gold, meaning even seemingly trifling market changes can result in big price fluctuations. Gold, meanwhile, tends to be less volatile overall than these metals.Pro tipWant to stick with gold over other precious metals? See our recommendations for the best gold IRA companies.  The takeaway With the U.S. economy experiencing unique uncertainty of late, precious metals may be an investment on your radar. Silver has outpaced gold in 2025 in terms of growth, and some experts suspect a boom in the coming years that could result in silver pricing at an all-time high over again. Silver is a very accessible investment, especially compared to the price of gold. Even if you’re reluctant to hold physical coins or bars, you can choose to buy silver ETFs or silver mining stocks to ride the expert-predicted silver wave. Frequently asked questionsWhat percentage of my portfolio should I allocate to silver?Experts recommend between 10% and 15% of your portfolio to be in silver—with no more than 20% in total invested in precious metals. Can silver be held in an IRA?Yes, you use your IRA to invest in IRA-approved silver products, such as coins and bars. The silver must be 99.9% pure and stored with an IRS-approved custodian. This means constitutional or junk silver, referring to coins minted in the U.S. prior to 1965 and containing a substantial silver content (often around 90%), are not eligible to include in a silver IRA. That said, silver that doesn’t meet this purity threshold can still be a smart investment in jewelry or coins with numismatic value—you just can’t use funds from your IRA to buy it.What’s driving silver prices in 2025? Silver has been increasing in value due to a combination of scarcity and both industrial and investor demand.Fortune Brainstorm AIreturns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Fortune Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.

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I Have 8 Credit Cards – Am I Keeping Too Many or Should I Close Some?
I Have 8 Credit Cards – Am I Keeping Too Many or Should I Close Some?

It won’t come as any surprise that more and more Americans these days are carrying credit, as the use of cash has dropped below 20% of purchases. For this reason, it also won’t come as a surprise to learn that the average American has at least four credit cards in their wallet at any given time. nextstayCCSettingsOffArabicChineseEnglishFrenchGermanHindiPortugueseSpanishFont ColorwhiteFont Opacity100%Font Size100%Font FamilyArialText ShadownoneBackground ColorblackBackground Opacity50%Window ColorblackWindow Opacity0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%200%175%150%125%100%75%50%ArialGeorgiaGaramondCourier NewTahomaTimes New RomanTrebuchet MSVerdanaNoneRaisedDepressedUniformDrop ShadowWhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%WhiteBlackRedGreenBlueYellowMagentaCyan100%75%50%25%0%-->-->Key PointsThere is a real question in America about how many credit cards are too many.Redditors are unsurprisingly likely to have more credit cards than the average American, as they know how to utilize sign-up bonuses effectively.The hope is that this Redditor learns that you don’t need to close unused credit cards, just put them in a drawer.It’s hard to believe, but today there are credit cards offering up to 5% cash back, large statement credits, $0 annual fees, travel rewards, and more. See for yourself. If you apply for a card today you could secure some of the best rewards out there. Get started today.-->-->Should you be someone like this Redditor who posted in r/CreditCards, having more than four credit cards might seem excessive. In their case, they have eight credit cards filling out their wallet, which may feel like a lot, but without at least some of the cards having balances, it’s also a sign of strong financial discipline. Still, it begs the question of how many cards are too many? How Many Cards Are Too Many? In the case of this Redditor, with eight cards, four of them without any balance and not currently in the rotation, it does feel like a lot of cards either way. On the one hand, the Redditor is considering cutting down on the cards they have to simplify their wallet, but they are wondering how many other credit cards other Redditors have. The challenge here is that those who visit r/CreditCards are not the typical credit card user. Thankfully, one Redditor did a count in another thread earlier in the year and determined that the average Redditor has at least 10 cards in their possession at any given time. For most people, this is a ridiculous number. Still, for Redditors who like to gamify their earnings by opening cards and taking advantage of bonus offers, it’s probably okay as long as they aren’t all carrying a balance. Average Number of CardsConsidering Experian reports that Americans had an average of 3.9 credit cards at the end of 2023, it’s safe to assume this number hasn’t changed significantly in a year. Experian is also well-positioned to know how many credit cards Americans have, as one of the three major credit bureaus. However, credit bureaus also indicate that it’s acceptable to have five or more accounts that can impact your credit, including both credit cards and loans, so having more than four is likely okay, but 10 is just too much. Too Many Cards Can Be RiskyUltimately, there is no question that too many credit cards can be risky. First and foremost, if you have too many cards, you likely have a higher credit utilization ratio, which negatively affects your credit score.The best scenario is to use 30% or less of your total credit limits to have a good score, while those who lose 10% or less have the highest scores, think 750 or above. What this means is that paying off your balances monthly is the most critical thing you can do. Another downside with opening up too many cards is a limited credit history, as credit scoring formulas don’t really worry about having too many cards as much as they do about when the cards were opened. In other words, if you are only opening accounts to take advantage of bonuses, opening too many in a year can and will negatively affect your credit score. This is called a “Thin Credit File,” and it makes your FICO score all the harder to quantify, which can be a real disadvantage with a mortgage or car loans. The Best Advice For NowIf someone I know asked me how many credit cards they should have or what the recommended number is, I would say it doesn’t really matter the total number of cards. This means that the Redditor really doesn’t have to cancel any cards that are sitting unused; they just need to be unused with a zero balance. Once they are zeroed out, just stick them in a drawer and forget about them. I would recommend someone, not as a financial advisor, which I am not, but as someone who regularly checks their own credit score to make sure that nothing is affecting it, like ID theft. Regularly checking means that you can catch something before it’s too late and has a detrimental and lasting impact on your credit. I’d also remind someone that closing cards can have a negative impact on credit scores, at least in the short term, as the total amount of credit available is smaller, which means a credit utilization score can grow smaller as well. Today’s Top Rated Credit Cards Are Hard to Believe (sponsor)It’s hard to believe, but today there are credit cards offering up to 5% cash back, $0 annual fees, travel rewards, and more. See for yourself.I couldn’t believe it at first. Frankly, with rewards this good I don’t expect them to be available forever. But if you apply for a card today you could secure some of the best rewards out there. Get started and find your best card today. 

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