Inflation continues to put pressure on American consumers, with prices rising 2.6% in October compared to the same month last year, according to the latest Consumer Price Index (CPI) report released on Wednesday. While this is a significant improvement over the high inflation rates experienced in 2022 and 2023, it remains higher than the inflation rate from September.
Economists caution that this persistent inflation means the country’s economic challenges are far from over. The Federal Reserve’s efforts to bring down rising prices will likely need to continue for some time.
Can’t Afford a Home? Try a “House Hack”
When Joe Christiano’s sister and her partner decided to move in together, Christiano wanted to help them find a home. But in the Bay Area, where they live, housing costs—both rentals and home purchases—are exorbitantly high. At one point, the couple was considering homes in the $800,000 range, only to discover they had significant structural problems.
The search became frustrating until Christiano heard from an old high school friend. This friend had started a company called Nestment, which helps people priced out of the housing market achieve homeownership through creative solutions.
Don’t Bank on an Inheritance
If you’re expecting a large inheritance when your boomer parents pass away, you might want to reconsider. A new study from Northwestern Mutual reveals a stark gap between how many younger Americans expect to receive an inheritance and how many older Americans actually plan to leave one.
According to the study, only 20% of Millennials and Gen Xers expect to inherit wealth, exposing the growing divide between generational expectations and the reality of aging parents’ financial plans.