I Owe $30,000 on My Car Worth Only $20,000 – How Can I Escape This Financial Mess?

2025-11-27 23:24:17 By Emily Smith

One of the most aggravating aspects of buying a new car is that almost immediately after you drive it off a dealer’s lot, its value drops. There is virtually no exception to this, no matter the brand name or the dollar value of the car, it drops as soon as you drive away.

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Key Points

  • Unfortunately, this Redditor is in a difficult situation with a high-interest rate on a car loan they can’t get out of.
  • There is a good chance they will pay almost double the original value of the car due to the high interest rate.
  • The best approach is to continue paying off the loan and aim to pay it off as quickly as possible.
  • Millions of Americans keep making 5 basic mistakes with insurance and keep overpaying every year, sometimes by thousands of dollars. But, it’s easy to avoid if you know how. 

This is something one Redditor is learning the hard way, based on the deal they made. Things went from bad to worse when they realized that not only does a car drop in value, but with interest, you can owe more than its worth. This is where car dealers get you, and it’s why the industry has such a nasty reputation.

Owing More Than a Car Is Worth

According to this Redditor’s post in r/personalfinance, they currently owe about $30,000 on a vehicle that is only worth $20,000. In many ways, this is just the nature of the beast that is the automobile industry, and it’s what is more commonly known as having “negative equity.”

Anyone with negative equity is essentially in the same position as this Redditor, owing more on a car than it’s worth. In this Redditor’s position, they have a monthly payment of around $886 plus an additional $200 for insurance, so they feel as if they are paying “rent” on the car, given the price tag.

The Redditor believes they can’t refinance due to the financial situation, so selling it is an option, and then rolling the negative equity into something less expensive. The challenge is that doing so might not help the situation, as the Redditor might end up with an equally high payment because of this negative equity.

The other option for this outrageous 20% interest loan due over 75 months is to give up and surrender. The problem here is that voluntary surrender almost never works in the car world, and you end up in exactly the same place owing the exact same amount.

So, what should this Redditor do?

What Not To Do

At the very least, this Redditor needs to absolutely, positively, stay away from rolling over this negative equity into another vehicle. In a circumstance like this, they would have to get a vehicle that is less expensive as is, but with the negative equity, even if they could negotiate a little and drop the $10,000 shortfall down a thousand or two, it wouldn’t make any major difference.

Consider this: with interest, every $1,000 on a car loan averages between $20 and $30 in payments. This means it would take considerable negotiating to significantly alter the price of their next vehicle.

Most importantly, this Redditor needs to be far more aware of their actions in the future. Their interest rate, at 20%, strongly qualifies as “predatory,” and while they signed the paperwork, this is a lesson in how interest works for the future. Ultimately, given the scenario, the Redditor is likely to end up paying approximately $64,950 for a vehicle that we can only imagine MSPR’ed for far less.

How to Move Forward With This Vehicle

If I had the chance to speak with this individual or knew them personally, I wouldn’t sugarcoat my advice. The first thing I would add is that the very best solution here is to keep paying on the car until it’s paid off. While this might not be what this Redditor wants to hear, it’s the least problematic solution available right now, at least until they earn more income and put more money down on a vehicle to offset negative equity.

There is always the option of trying to sell it privately in the hopes of clawing out a few more thousand, but it would still leave the Redditor with a balance of thousands to pay off on his own.

Knowing that the Redditor doesn’t have the free cash to pay off the balance, and this is already after three years of ownership, so they have been enduring this hardship for at least 36 months. However, if the Redditor gets back into bartending as they suggested, my advice would be to pay off a little more than the payment each month to help cut down on the principal. Even an extra hundred or two hundred a month from bartending will help cut down on the loan amount in a significant way over time.

Whatever this Redditor does, borrowing from a 401(k) is a non-starter, and this cannot be said strongly enough.

Most Americans Overpay Without Realizing It

Car insurance is one of those monthly bills most Americans pay without a second thought. But the truth is, millions of drivers are overpaying simply because the haven’t bothered to get updated rates.

But there are dozens of easy ways to lower your rates. If you’re a safe driver, have moved in the last few years, if you’re a safe driver, or forgot to check about bundling you’re leaving free money on the table.

I was able to save $530 on my insurance, simply by applying to new providers with updated information. And it only took a few minutes!

👇 Use the form at the bottom of this article to see if another provider can lower your bill without sacrificing coverage.👇

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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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Dave Ramsey Said to Claim Social Security at 62- Here’s Why You Shouldn’t Follow His Advice
Dave Ramsey Said to Claim Social Security at 62- Here’s Why You Shouldn’t Follow His Advice

-->-->Key PointsAge 62 is the earliest age to claim Social Security.Financial guru Dave Ramsey thinks it could make sense to file for benefits then.The problem is that filing at 62 reduces your benefits, and many retirees can’t afford that.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%Once you’re old enough to claim Social Security, you’ll have to make a tough decision. The earliest age to sign up for benefits is 62. But if you don’t wait until full retirement age (FRA) to take benefits, they’ll be reduced on a permanent basis.FRA is 67 if you were born in 1960 or later. If your FRA is 67 but you claim Social Security at 62, you’re looking at reducing your monthly benefits by 30% — for life.You’d think financial guru Dave Ramsey would be against claiming Social Security at 62. Ramsey is a huge proponent of helping people attain financial security and steer clear of debt. He’s the type of person you’d think would encourage peoplenotto reduce a major income stream.Instead, Ramsey actually thinks claiming Social Security at 62 makes sense. But here’s why you may not want to do it.Why Ramsey supports claiming Social Security at 62Ramsey’s logic on Social Security is easy to understand. As he says, “In most cases, it actually makes more sense to take your retirement benefits sooner instead of waiting later. Why? Because your retirement payments die when you die.”Ramsey’s logic is that you might as well make the most of Social Security while you can. If you wait until age 67 to take benefits in order to avoid a reduction but end up passing away at 71, you’ll lose out financially compared to having claimed benefits at 62.Still, there’s a real danger in following Ramsey’s advice. It’s important to understand that claiming Social Security at 62 is a very risky move under certain circumstances.Why you may not want to listen to RamseyIf you have a nice amount of savings for retirement and you expect to use your Social Security as extra income, then you may want to do what Ramsey suggests and take benefits at 62. However, if you don’t have much, or any, retirement savings, then claiming Social Security at 62 is a move you might seriously regret.The Federal Reserve puts median retirement savings among Americans 65 to 74 at just $200,000 as of 2022. That might seem like a lot of money, but it actually isn’t given that it could need to last for 10 years, 20 years, or longer.In fact, many financial experts recommend a 4% withdrawal rate for retirement savings. If you use that rate, a $200,000 nest egg amounts to $8,000 in annual income.If that’s your situation, and your only non-Social Security income is $8,000 a year, then you probably can’t afford to reduce your monthly benefits for life by claiming them early. In that scenario, you might need all of the income from Social Security you can get.Also, Ramsey’s logic in claiming benefits early is that you don’t know how long you’ll live, and that if you pass away at a fairly young age, you could lose out on Social Security by waiting to file beyond age 62. However, the flipside is that you could end up living a lot longer than expected. In that case, reducing your monthly benefits for life could be problematic if your nest egg eventually runs out.This isn’t to say that claiming Social Security at 62 is never a good idea. Before you follow Ramsey’s advice, though, think about your personal situation. You may also want to consult a financial advisor to see what they recommend based on your savings, income needs, health, and retirement goals.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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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; } #qsWidgetContainer176 .shmktpl-sponsored { text-transform: uppercase; } #qsWidgetContainer176 .cdBankingDesignChanges .sh-listing-content-wrapper { box-shadow: none; gap: 24px; margin-bottom: 0; padding: 24px; } #qsWidgetContainer176 .disclosure-content ul li { font-family: var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif; font-size: 16px; font-weight: 500; letter-spacing: .5px; line-height: 150%; } #qsWidgetContainer176 .sh-fdic-insured .sh-icon svg path { fill: #666 !important; } #qsWidgetContainer176 .cdBankingDesignChanges .sh-row-product-title.sh-date { margin-right: 0; padding-top: 0; } #qsWidgetContainer176 .cdBankingDesignChanges .sh-row-product-title.sh-bank-name { font-style: normal; font-weight: 400; margin-right: 0; margin-top: 4px; } #qsWidgetContainer176 .cdBankingDesignChanges .sh-row-container { align-items: flex-start; } #qsWidgetContainer176 .cdBankingDesignChanges .product-details-container > .sh-row-container { align-items: center !important; } #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 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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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 Regret Financing My New Car – What Are My Options for Managing Payments?
I Regret Financing My New Car – What Are My Options for Managing Payments?

-->Key PointsA Redditor going to college was convinced to take out a large car loan.He’s regretting taking the loan, and wants to know what options he has.Selling the car, refinancing the debt, or finding a job to pay for the loan are going to be his best and only choices.Millions of Americans keep making 5 basic mistakes with insurance and keep overpaying every year, sometimes by thousands of dollars. But, it’s easy to avoid if you know how. -->-->Many people who buy cars finance their new vehicles. In fact, Experian reports that the average monthly payment on a used car is $521 while the average monthly payment on a new car is a shocking $745. Borrowers are also financing their cars for a long time, with Experian indicating that the average loan term for a new car was 68.63 months and the average loan term for a used vehicle was 67.2 months. 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%That’s a long time to commit to paying a lot of money, and those who finance could be left with regrets.In fact, this happened recently to one Reddit user. The poster explained he followed some advice that he now regrets, and he’s wondering if he has options to deal with the situation he’s found himself in.  Here’s how a Redditor got stuck with a car he can’t affordThe original poster (OP) explained that he lives in rural Alberta and will soon be starting college. His mother and others convinced him to finance a 2024 Kia Forte, despite the fact that he wanted to buy something cheaper that he could afford to pay cash for. The car had a price tag of $25,000, but the dealer convinced him to add another $10,000 to cover a “protective coating” on both the interior and exterior of the vehicle.With a $10,000 down payment, the OP is now looking at making biweekly payments of $231 for the next five years. Since he recently moved out to live on his own and he’s going to school full-time, he is very worried he’ll be unable to keep up with the payments.He explained that he “feels stupid,” and said that he is just 18 years old and worried about the impact this car will have on his financial future.What can the OP do to deal with the difficult situation?Unfortunately, the poster is in a really tough spot here, and he followed really terrible advice. He was spot-on when he thought he should buy an affordable car with cash, and he should never have listened to his mother about getting the loan.Sadly, now he has very few good options. The OP should first look at his paperwork to see exactly what he paid for regarding the protective coating. If any part of that money went to cover a warranty that he can cancel, he should do so immediately to try to recover at least some of the wasted funds. He should also talk to the dealer and ask for a partial refund on the coating, which he says is now peeling.Unfortunately, that’s not going to solve the bigger problem, which is that he’s committed to monthly payments he can’t afford.Since it was his mother’s idea to buy the car, he can see if she’ll help — but unless she’s making a reliable commitment to cover the paymentandhe trusts her to follow through, he’ll have to find a way to afford to pay the bills himself so he doesn’t ruin his credit and end up with the car getting repossessed.This may mean getting a part-time job, living on a very strict budget, and perhaps even continuing to live at home a little longer so he can afford the payments with the income he earns. If his interest rate is high, refinancing the car loan to a lower one could help him as well, especially if his mom is willing to cosign to help him get a better rate, since the car loan was her idea in the first place. Alternatively, the OPcouldpotentially try to sell the car to get out from under the payments. He will almost assuredly lose money on this deal, but since he put $10,000 down on the car, hemayhave enough equity in it that he could sell it for enough to repay the loan. If he can do that, this may be the best solution, so he’s not stuck with five years of interest charges and payments that are going to cause a constant struggle. He probably won’t have anything left over for another car, though, so will have to save up to buy one or take public transportation.Going forward, the OP also needs to make absolutely sure he is not listening to his mother, who appears to be giving very bad financial advice. He needs to commit to living within his means and, if necessary, get advice from an experienced financial advisor who will not tell a broke college kid with no job prospects to commit to a huge debt. Most Americans Overpay Without Realizing ItCar insurance is one of those monthly bills most Americans pay without a second thought. But the truth is, millions of drivers are overpaying simply because the haven’t bothered to get updated rates.But there are dozens of easy ways to lower your rates. If you’re a safe driver, have moved in the last few years, if you’re a safe driver, or forgot to check about bundling you’re leaving free money on the table.I was able to save $530 on my insurance, simply by applying to new providers with updated information. And it only took a few minutes!👇 Use the form at the bottom of this article to see if another provider can lower your bill without sacrificing coverage.👇

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