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Tag: Consumer Spending/Budgeting

  • No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set

    No, you don’t need to buy Costco’s $4,500, 157-piece Le Creuset cookware set

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    No, you don’t need to spend $4,500 on that 157-piece Le Creuset cookware set from Costco
    COST,
    -0.83%
    .

    The pricey package has become an everyone-is-talking-about-it sensation, owing largely to social media. A post about the set on X, the platform formerly known as Twitter, that has now been viewed some 21 million times seems to have been the initial source of the buzz. It noted that the Costco offering has “probably every kitchen item you will ever need.”

    In turn, that post generated more social-media chatter, along with articles in publications including the New York Post and the Delish website.

    Now the set is apparently so popular, you can’t even get it. In several parts of the country, the Costco site doesn’t even list it as being available. MarketWatch reached out to the retailer for details but did not receive an immediate response.

    Perhaps it’s just as well that home cooks won’t be tempted to spend all that money. When MarketWatch spoke with several prominent New York chefs and restaurateurs, they all said the set was overkill, even if it represented a savings compared with buying the items individually.

    If anything, these culinary pros noted that purchasing so many pieces not only poses a storage issue, but it can also create confusion in the kitchen, especially for the home cook.

    “I don’t even have one-tenth of that set,” says veteran chef Konstantinos Kvasilava, who works at Kyma, a high-end Greek restaurant in New York, and who previously was at Geranium, a Michelin-starred establishment in Copenhagen.

    So what are the items you should buy for your kitchen? Here are five rules chefs say you should keep in mind.

    Stick with the basics

    The Costco Le Creuset set includes several pots and pans, plus bakeware, dinnerware and more. Let’s presume you already have some plates and utensils in your kitchen. Beyond that, chefs generally recommend a small number of pieces — think in terms of as few as four and as many as 10, says Franklin Becker, chef and owner of the Press Club Grill and Point Seven restaurants in New York. His must-have list includes 8-inch and 10-inch nonstick pans, a high-sided stainless-steel sauté pan and 1-quart, 4-quart and 8-quart pots. “Those are the essentials,” says Becker, explaining that such items will cover your needs depending on what you’re cooking — the nonstick pans are great for eggs, he notes — and how many people you’re cooking for. The 8-quart pot will work if you’re entertaining a crowd and need to make a big dish.

    Other chefs’ must-haves include a cast-iron pan, often a preferred method for cooking steaks; a casserole dish, which is good for casseroles, naturally; and a Dutch oven. It’s always best to think of items that can be used in multiple ways. Rose Noel, executive chef at New York’s Peak restaurant, likes a cast-iron pan, for example, because it can go into the oven and can also be used on an outdoor grill. “It carries everywhere,” she explains. And, she says, a decent-sized casserole dish can double as a roasting pan for, say, cooking a chicken.

    Add extras, depending on what you eat

    One you have those basics, look at your daily diet and buy items that fit your own needs. Simon Kim, proprietor of Cote Korean Steakhouse, which has locations in New York and Miami, says he doesn’t make eggs at home for breakfast, but he always makes smoothies, so a powerful blender is a must for him. And he eats a lot of rice, so he has a rice cooker, which he says is much better than an everyday pot when it comes to preparing that staple.  

    Buy quality

    It’s always tempting to go the cheap route, but chefs say you’ll pay for it in the end by having cookware that doesn’t last as long and doesn’t cook as well. Becker notes that aluminum cookware, which typically costs less, should be avoided at, well, all costs.

    In terms of brand preferences, chefs mention many higher-end names, such as T-fal , All-Clad and Le Creuset. And when it comes to that blender for his morning smoothies, Kim says he swears by his Vitamix.

    Avoid sets

    The problem with buying any cookware set, even one with as few as 10 pieces, is that it often means duplicating items you already have, chefs say. Plus it doesn’t allow you to mix and match brands and take advantage of the fact that certain brands may be better than others for certain items.

    Noel suggests you purchase cookware for your kitchen the same way you purchase clothes for your wardrobe. “Buy pieces to fill in what you’re missing or need to update,” she says.

    Take care of what you own

    Even the best cookware won’t measure up if you don’t treat it properly. Becker says it’s important to wash pots and pans pretty much immediately after each use so that food and grease don’t harden and become difficult to remove. And when it comes to that cast-iron pan, Becker suggests that it be seasoned and cleaned with salt before being oiled lightly to seal it.

    Now read: Americans are sick and tired of tipping. Here’s why we need to tip more — not less.

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  • 5 tips to help you do your back-to-school shopping like a pro

    5 tips to help you do your back-to-school shopping like a pro

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    MarketWatch Picks spoke to smart shopping and money saving experts to help arm you with the tools you need to get ready for school like a pro.


    Getty Images/iStockphoto

    To quote the great poet Taylor Alison Swift, “August slipped away into a moment in time.” Now that we’re midway through summer’s final month, it’s time to get ready to head back to school, if your kids haven’t already. Whether you’re sending little ones to school for the first time or getting young adults ready, your list is likely long and daunting — and with prices still affected by record inflation, searching for the best deal is no doubt important. MarketWatch Picks spoke to smart shopping and money saving experts to help arm you with the tools you need to get ready for school like a pro. 

    1. Trying to get it done all-in-one? Hit your favorite discount retailers

    “Back to school sales are extremely prevalent right now, so it should be easy to track down savings from many of your favorite retailers. Target and Walmart are both big picks for consumers, as they’re great for checking off pretty much everything on most school supply lists,” says Julie Ramhold, consumer analyst with DealNews.com. “They also tend to be great options for parents who need to shop for uniforms, too, so if you don’t want to shop multiple stores, these are both definitely worth being your first picks,” Ramhold adds. 

    If you’re shopping primarily for basic supplies, you’re likely to spend a lot less browsing store brands than name brands or at other retailers, says money saving expert Andrea Woroch. “When it comes to basic supplies and clothing, you can save up to 50% by opting for store brands over name brands. For example, Target’s Up & Up 1-subject notebook costs just $0.99. Comparatively, the same type of notebook from Five Star costs $3.39. That’s a $2.40 price difference for just 1 item,” she says. “For clothing, you can get this girl’s polo uniform shirt from Walmart’s Wonder Nation for under $5. Meanwhile, a similar style from Land’s End will cost you nearly triple even when it’s on sale for $16,” Woroch says.

    Certainly, if you have a membership at one of these retailers — like Walmart+ or Target Circle — that may help you decide where to shop if your loyalty is divided.

    The MarketWatch Picks team has put together this guide to see if springing for a Walmart+ membership is right for you. 

    But don’t forget to compare prices between the two. “Don’t spend your time driving around to them to see how they stack up; instead, take the school supply list and add every item to your cart online at each store,” Ramhold says. 

    And don’t forget to check out even the off-brand discount stores if you’re looking to save on the basics, says Trae Bodge, smart shopping expert at TrueTrae.com. “For example, at Dollar General, you can find more than 100 back-to-school items from brands like Crayola, BIC, and Elmer’s, plus store brands like iMagine and Office Hub that offer a 100% satisfaction guarantee.

    2. Got younger kids? Splurge on some items that will last

    There is an exception to Woroch’s approach to opting for store brands over name brands: Items like backpacks and sneakers tend to hold up longer if they’re higher quality, giving you more bang for your buck. “For this reason, shop discount stores or at outlet centers to get name brands for less. I also suggest going with a backpack in a plain print or color so your child can use it for a few school years. Opting for a character style backpack could mean that your child outgrows it the following school year and you will have to replace it,” Woroch says. 

    3. Got older kids? Save by empowering them to shop on their own

    Older kids have likely shopped for back to school with you a few times by now and may have their own ideas about what works best for them. Luckily for you, this can also serve as a smart budgeting tool. “For teens and tweens, I strongly recommend giving them a gift card to shop for themselves. They will be much more mindful of what they buy with “their” money vs. yours, and they’ll learn quickly about how pricey items can impact their budget,” Bodge says. “To make it fun, I like to give a personalized Visa or Mastercard with the Build-a-Card service from GiftCardGranny. You can upload a fun photo and personalized message and the cards ship within 1-2 days.”

    You can also use cash back apps like Fetch to score gift cards, Woroch notes. “Just take pictures of all your school shopping receipts and upload them to the app to earn points which are good towards free gift cards to various stores that sell school supplies like Target, Amazon and Walmart which you can then use to offset additional school purchases either now or mid year when you need to restock your supplies!”

    4. Stack your errands list if you’re strapped for time and look for free loyalty programs where you already shop (if you haven’t already)

    Chances are you’ll have to hit the pharmacy sooner or later. “For example, if you need to pick up other things at CVS, you’ll find that they have a broad selection of healthy snacks for lunches as well as budget-friendly school supplies. If you join their free ExtraCare program, you’ll save even more with access to sale prices and ongoing personalized offers online or in the CVS Pharmacy app,” Bodge says.

    Ramhold notes that the CVS ExtraCare program also has a “Spend $40, get $10” program right now. “You could earn free money to use at CVS for purchases you’d buy anyway and then apply that free money towards additional school supplies so you can get items without spending more out of pocket,” Ramhold adds.

    5. Take a beat to understand what you don’t need to buy as well as what you do – and don’t buy everything right now.

    It’s definitely important to make sure that what you need isn’t just sitting under your nose. “Before you go shopping, take stock of what you have at home. This way, you’re not wasting money on supplies you already have at home! For example, you can tear out pages from half-used notebooks, reuse folders and binders, and put together a pack of crayons or markers from a scattered set. Lastly, toss that dirty backpack in the wash so it looks new again,” Woroch says.

    Obviously buy whatever necessary supplies your child’s teacher recommends, but hold off on spending too much on clothing, Bodge suggests. “Reason being is that they will inevitably see a trend at school that they’d like to take part in, and fall clothing will start to go on sale in October,” Bodge says.

    You can also save by swapping rather than buying, shopping second-hand, or collaborating with other local families. “Swapping is another way to avoid spending. Reach out to other families from your school or in your neighborhood to set up a clothing or supply swap,” Woroch says.

    Both Bodge and Woroch note that if your family has a Sam’s Club or Costco membership, consider buying supplies and snacks in bulk or teaming up with another family – or even a whole classroom – for a supply run. “Have 1 parent buy all the supplies and divvy it up among families, then collect cash via Venmo/Paypal/Zelle,” Woroch says. 

    Considering a wholesale membership? Check out this deal from MarketWatch Picks: You can now get a free $30 Costco gift card when you buy the gold Costco membership for just $60

    As for shopping secondhand, Bodge recommends considering retailers like ThredUp and Poshmark for clothing or purchasing refurbished tech from Best Buy to save on big ticket items. This can help you save significantly. “If your kids are like, “ew, used” show them how much further their budget will go when buying secondhand. Plus, no one besides you will ever know,” Bodge adds. 

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  • How to enjoy retirement without busting your budget

    How to enjoy retirement without busting your budget

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    The goal of many (or most) savers and long-term investors is to achieve financial independence. The combination of building up a nest egg, paying down debt and eventually receiving Social Security payments or another source of retirement income might put you in a comfortable position, but even people who have worked together to achieve financial independence may disagree on what to do after their careers end.

    Quentin Fottrell — the Moneyist — heard from one couple who are facing a quandary. They have been financially responsible, but as they near retirement, the wife wishes to be very careful with their combined investment portfolio, while the husband wants to begin spending a significant portion of it. They both make reasonable arguments. Here’s what they should do.

    From the Help Me Retire column: My 57-year-old husband works three shifts and is burned out. Can he retire?

    You have to get there first

    A behavioral study finds a correlation between having one specific type of conversation and taking action to build wealth.


    Getty Images

    Doing this even once might help encourage you or someone you know to begin saving and investing for the long term.

    The ‘Magnificent Seven’ stocks may not remain at the top

    Salesforce is among the companies passing a Goldman Sachs screen for growth of sales and earnings.


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    Even an index that includes hundreds of stocks can be heavily concentrated. Large technology-oriented companies have led this year’s 16% rebound for the S&P 500
    SPX,
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    ,
    following last year’s 18% decline (both with dividends reinvested). But the index is weighted by market capitalization, which means the “Magnificent Seven” — Apple Inc.
    AAPL,
    -0.59%
    ,
    Microsoft Corp.
    MSFT,
    -1.19%
    ,
    two common share classes of Alphabet Inc.
    GOOGL,
    -0.52%

    GOOG,
    -0.65%
    ,
    Amazon.com Inc.
    AMZN,
    +1.11%
    ,
    Nvidia Corp.
    NVDA,
    +0.95%
    ,
    Tesla Inc.
    TSLA,
    -0.76%

    and Meta Platforms Inc.
    META,
    -0.50%

    — make up 27.9% of the SPDR S&P 500 ETF Trust
    SPY,
    -0.25%
    .

    In the Need to Know column, Barbara Kollmeyer lists companies that might turn out to be among the next Magnificent Seven, based on a Goldman Sachs screen.

    Getting back to the current Magnificent Seven, you may be surprised to see which of the stocks is cheapest — by far — per one commonly used valuation metric.

    Related: Top investment newsletters aren’t bullish on tech, Tesla or Meta Platforms. Here’s what they do like.

    A thrill ride for EV makers

    An electric Rivian R1S.


    Rivian

    There has been a lot of news in the electric-vehicle space this week. Here are lists of coverage organized by topic.

    Rising unit sales among EV makers:

    Legacy automakers report sales increases, including a tremendous increase in EV unit sales for Ford
    F,

    :

    Reaction from analysts and investors:

    In other news, Mullen Automotive Inc.
    MULN,
    -12.97%

    has started to deliver electric vehicles. Further developments for the company this week included the announcement of a stock-buyback plan and possible action against naked short sellers.

    A changing job market

    The employment numbers for June from the U.S. Bureau of Labor Statistics showed the lowest level of job creation since late 2020. Then again, the demand for labor in the U.S. remains high, despite the Federal Reserve’s efforts to slow economic growth.

    If you are looking to make a career change, what does all this mean to you? Andrew Keshner points to a development in the employment market that may have you thinking twice about jumping ship.

    Threads and Twitter

    Meta’s Threads app has signed up as many as 50 million users in its first two days of operation, some reports say.


    AFP via Getty Images

    Meta rolled out its new Threads service on Wednesday to compete directly with Twitter and has already signed up 50 million users, according to some reports.

    Twitter CEO Linda Yaccarino was quick to respond.

    More reaction:

    Consumer spending may spike

    U.S. shoppers have been taking it slow during a period of high inflation, but the overall economy has been stronger than expected even as the Federal Reserve continues tightening its monetary policy.

    The coming flurry of July sales events at Amazon, Walmart Inc.
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    and Target Corp.
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    could signal a turnaround for consumers, as James Rogers reports.

    Financial crime

    Lukas I. Alpert writes the Financial Crime column. Have you ever wondered how you might steal a lot of cash from a company that is likely to have rather tight accounting controls in place? This week Alpert explains how the manager of an Amazon warehouse managed to scale the heights of criminal achievement to collect $10 million — and a 16-year jail sentence.

    Also read: Silver dealer ordered to pay $146 million in case of 500,000 missing coins

    Want more from MarketWatch? Sign up for this and other newsletters to get the latest news and advice on personal finance and investing.

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  • Here’s where inflation is hurting Americans the most

    Here’s where inflation is hurting Americans the most

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    Inflation in the U.S. has slowed from a 40-year peak of 9% last year, but prices are still rising rapidly and putting great stress on household budgets.

    Topping the list is rent — the single biggest expense for people who don’t own homes. Putting food on the table, caring for young children and owning a car have also become a lot more expensive.

    See the accompanying table to view where inflation is hurting Americans the most.

    The cost of groceries isn’t rising as fast as it was last year, but putting food on the table is much more expensive now compared to a few years ago.


    frederic j. brown/AFP/Getty Images

    The latest consumer price index, due Tuesday, is likely to show a further slowdown in inflation. Yet the cost of many goods and services remains stubbornly high and isn’t coming down as fast as the Federal Reserve would like.

    The Fed will meet Wednesday to weigh whether to raise interest rates for the 11th straight time since the spring of 2022. Wall Street widely expects the central bank will pause or skip a rate hike this month to see how much its prior increases are cooling off the economy.

    The rate of inflation, based on the CPI, has decelerated to a yearly pace of 4.9% as of April.

    The core rate that excludes food and energy has tapered off to 5.5% yearly pace from a peak of 6.6% last fall.

    The bad news for the Fed is that core inflation, viewed as a more accurate predictor of future inflation trends, has gotten stuck at an uncomfortably high level.

    The core rate has been flat at 5.5% to 5.6% since the start of the year, leaving it well above the central bank’s long-run target of 2% inflation.

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  • U.S. consumer sentiment rebounds slightly in late May, but worries persist

    U.S. consumer sentiment rebounds slightly in late May, but worries persist

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    The numbers: The final reading of a consumer-sentiment survey in May rebounded slightly to 59.2, but Americans remained worried about the future of the economy, especially against the backdrop of another fight in Washington over the debt ceiling.

    The index, produced by the University of Michigan, registered a six-month low of 57.7 earlier in May. The index sank from 62 in April.

    The consumer-sentiment survey reveals how consumers feel about their own finances as well as the broader economy.

    Americans are worried about the possibility of recession and threat posed by a stalemate in talks between Democrats and Republicans on raising the U.S. debt limit. A similar impasse in 2011 also hurt consumer sentiment.

    Sentiment is far below a recent peak of 88.3 in 2021 and a prepandemic high of 101. The index dropped to an all-time low of 50 last summer.

    Key details: A gauge that measures what consumers think about the current state of the economy edged up to 64.9 from an initial 64.5 in May.

    A measure that asks about expectations for the next six months also partly recovered to 55.4 from a preliminary 53.4 in May.

    Both indexes are still quite low, however.

    Inflation expectations haven’t changed much. Americans also think inflation will average just above 3% annually in the next five years.

    Big picture: Higher borrowing costs have depressed purchases of houses and many other big-ticket items and put the brakes on U.S. growth. Yet even though the economy is more fragile now, there’s still no sign of a pending recession.

    Market reaction: The Dow Jones Industrial Average
    DJIA,
    +1.00%

    and S&P 500
    SPX,
    +1.30%

    rose in Friday trades.

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  • Consumers spending falls at the end of 2022 and that’s not good news for the U.S. economy

    Consumers spending falls at the end of 2022 and that’s not good news for the U.S. economy

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    The numbers: Consumer spending fell 0.2% at the end of 2022, indicating the U.S. economy entered the new year with fading growth prospects and rising odds of recession.

    Analysts polled by The Wall Street Journal had forecast a 0.1% decline.

    Incomes rose 0.2% last month, the government said Friday, a bit faster than the rate of inflation.

    Key details: Americans spent less on gasoline in December after prices at the pump fell again. They also bought fewer new cars and trucks.

    While they purchased fewer goods last month, consumers spent more for services. Yet most of the money went to housing, medical care and transportation — necessities that Americans would prefer to spend less on.

    The U.S. savings rate rate, meanwhile, rose to 3.4% from 2.9% in the prior month. Savings had fallen late last year to the second lowest level on record going back to 1959.

    Households have dipped into their savings to support their spending habits because of high inflation. The so-called PCE price index is up 5% in the past year. And the better known consumer price index has risen 6.5% in the same span.

    Although inflation is slowing, prices are still rising faster than worker pay.

    Big picture:  Consumer spending, the main engine of the economy, sputtered toward the end of the year. Outlays also declined in November.

    High inflation ate into Americans’ budgets and rising interest rates made it more expensive to buy a car, home or other big-ticket items.

    Spending is unlikely to accelerate rapidly anytime soon, leaving the economy with weaker growth propects in 2023.

    The saving grace is a still-strong labor market that’s kept most Americans working — and earning a paycheck.

    Looking ahead: “A number of indicators are flashing red lights that a recession may be upon us,” said chief economist Bill Adams of Comerica. But “more data is needed to suss out whether the economy has definitively reached a turning point.”

    Market reaction: The Dow Jones Industrial Average
    DJIA,
    +0.08%

    and S&P 500
    SPX,
    +0.25%

    were set to open lower in Friday trades.

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  • Consumer spending barely rose at start of U.S. holiday shopping season

    Consumer spending barely rose at start of U.S. holiday shopping season

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    The numbers: Consumer spending rose a tepid 0.1% in November, suggesting greater caution by households and heavy discounting in the holiday shopping season.

    Analysts polled by The Wall Street Journal had forecast a 0.2% increase.

    Incomes climbed 0.4% last month, the government said Friday, a bit faster than the rate of inflation.

    Key details: Americans spent less on goods in November, especially new cars and trucks. Higher interest rates have put a dent in car sales while excess inventories forced companies to cut the prices of other products.

    Consumers may have also started their holiday shopping early, economists say. Spending rose a sharper 0.9% in October.

    Spending on services, meanwhile, increased again. Americans are spending more on things like recreation and travel and not buying as many goods as they were during the pandemic when they were cooped up at home.

    The U.S. savings rate rate edged up to 2.4% last month from 2.2%, which was the second lowest savings rate on record going back to 1959.

    Households have dipped into their savings to support their spending habits because incomes are not rising as fast as inflation.

    The so-called PCE price index is up 5.5% in the past year. And the better known consumer price index has risen 7.1% in the same span.

    Big picture:  Consumer spending is the main engine of the economy, but it might be starting to sputter in the face of rising interest rates. The Federal Reserve has jacked up rates to try to tame inflation.

    What’s likely to keep spending going up for the time being is a strong jobs market. If layoffs increase and unemployment rises, however, the economy is bound to suffer.

    Higher borrowing costs depress the economy by making it more expensive to buy a home or car or take out a loan.

    Looking ahead: “It seems reasonable to expect people to become more cautious, now that they have run down about half of their accumulated pandemic savings, and labor market conditions are softening,” said chief economist Ian Shepherdson of Pantheon Macroeconomics.

    Market reaction: The Dow Jones Industrial Average
    DJIA,
    +0.53%

    and S&P 500
    SPX,
    +0.59%

    were set to open higher in Friday trades.

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  • ‘I’m paycheck to paycheck.’ I make $350K a year, but have $88K in student loans, $170K in car loans and a mortgage I pay $4,500 a month on. Do I need professional help?

    ‘I’m paycheck to paycheck.’ I make $350K a year, but have $88K in student loans, $170K in car loans and a mortgage I pay $4,500 a month on. Do I need professional help?

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    I’m the first of my generation to own a home and the first to earn this much annually and don’t want to mess this up. How, specifically, can a financial adviser help me?


    Getty Images

    Question: By the end of 2022, I will have made $350,000 before taxes as the sole breadwinner and head of household. This is a great starting point and I’m very aware how blessed we are to be in this position, but I’m always looking ahead on how to improve. I currently have $88K left in student loans (originally close to $150K) and very little credit card debt (less than $2K with more than $25K available). I have two auto loans totaling $170K for two electric vehicles at 5% interest.

    I’ve recently been offered a $200K HELOC at 9%, which would help me bring down some of my monthly payments and do some small home repairs and improvements, but I want to make the right moves. And I’ve also been presented with a few long-term real estate investment opportunities that are rental properties out of state and are currently bringing it 10-12% ROI.  But my biggest concern is that after taxes, 401(k) contributions, bills, savings and mortgage ($4,500), on paper I’m paycheck to paycheck. I’d like to use this HELOC to consolidate debt while also participating in some of these investment opportunities. I’m the first of my generation to own a home and the first to earn this much annually and don’t want to mess this up. How, specifically, can a financial adviser help me? (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

    Answer: You have a few questions to tackle here, so let’s go one by one. The first being the HELOC. Yes, HELOCs can be a good way to consolidate debt, but the rate you’re being offered isn’t favorable, as average HELOC rates are a little over 6%. “I would ask if 9% is the best rate you can get, because it appears a bit high,” says Chris Chen, certified financial planner at Insight Financial Strategists. What’s more, “I would like you to consider the potential impact that our Fed policy and inflation are having on interest rates, as HELOCs usually have variable interest rates and we’re in an environment with rising rates. You may start at 9% and end up significantly higher,” says Chen. 

    What’s more, your student loans, car loans and mortgage are all likely less than 9%, so it’s not likely that consolidation via a HELOC would save you money. “You may want to start somewhere different, like the snowball method, where you focus on one loan, usually the smallest one, and direct all of your resources to pay off that loan while maintaining payments on the others,” says Chen. This method could work to finish off your student loans and maybe one of your car loans, to start with. 

    Have an issue with your financial adviser or have questions about hiring a new one? Email picks@marketwatch.com.

    As for those real estate investments, what do you really know about those returns? “With regards to real estate investments, I assume that the 10% to 12% ROI you speak of is the income that you would be getting from the investment. If so, that’s very high and often when you get a return that is significantly higher than the norm, there’s something else that makes the investment less desirable. Be careful,” says Chen. (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

    Certified financial planner Kaleb Paddock says you may actually want to work with a money coach before you work with a financial adviser. Whereas a financial adviser assists with developing investment strategies and long-term financial plans, a money coach offers a more educational experience and focuses on shorter term goals for money management. “A money coach will help you with paying off all of your debts, maximize your cash flow and help you create systems and processes to direct your money proactively,” says Paddock. 

    While having a high income is great, there’s a concept called Parkinson’s Law, which essentially states that your spending will always rise to meet your income no matter how high that income rises, explains Paddock. “Working with a money coach will help you defeat Parkinson’s Law, eliminate your debt and then enable you to supercharge your investing and life planning with a financial adviser,” says Paddock.

    A financial adviser could help too, and Danielle Harrison, certified financial planner at Harrison Financial Planning, says to look for one who does comprehensive financial planning and can help you create a more holistic plan for your money. “They can assist you in the creation of both short and long-term goals and then help you by giving guidance on the financial decisions and opportunities you are presented with,” says Harrison.

    A financial adviser would also help you take a long-term approach to your money and help you create a spending plan where you don’t feel like you’re living paycheck to paycheck on a $350,000 salary. “Everyone has blind spots when it comes to their finances, so finding a competent financial partner can be invaluable,” says Harrison. (Looking for a new financial adviser too? This tool can help match you with an adviser who might meet your needs.)

    Have an issue with your financial adviser or have questions about hiring a new one? Email picks@marketwatch.com.

    *Questions edited for brevity and clarity.

    The advice, recommendations or rankings expressed in this article are those of MarketWatch Picks, and have not been reviewed or endorsed by our commercial partners.

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  • It’s a Bad Time to Buy a Car. How to Score a Decent Deal Now if You Can’t Wait.

    It’s a Bad Time to Buy a Car. How to Score a Decent Deal Now if You Can’t Wait.

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    Car buyers just can’t catch a break these days. Vehicle prices climbed sharply during the pandemic, and now the cost of financing a new set of wheels is going up.

    Even if prices ease, interest rates on car loans likely will climb higher, at least for a while, making this an inopportune time to replace a vehicle, financing experts say. 

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  • Some good news: One key driver of inflation is finally showing signs of easing

    Some good news: One key driver of inflation is finally showing signs of easing

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    Rent growth is beginning to cool. But it’s descending from a heck of a peak.

    Rental prices climbed 7.2% between September 2021 to September of this year, the largest annual increase since 1982, according to consumer price data released Thursday. Overall, shelter costs were also among the most significant drivers in rising consumer prices, along with the cost of food and medical care, the Labor Department said.

    Still, it’s not all bad news for tenants. A new report from Realtor.com out Thursday found that nationwide, median rental prices in 50 large metros grew at their slowest annual pace in 16 months in September — at 7.8%. That marked the second consecutive month of single-digit year-over-year growth for 0-2 bedroom properties, and it meant that median asking rents fell by $12 in a month, Realtor.com said. 

    Housing inflation in the Consumer Price Index lags trends in the rental market, though, meaning the slowdown in rent growth might not register in the data for a while. 

    While median rental prices are still nearly 23% higher than they were two years ago, they’re no longer climbing at breakneck speeds with no end in sight. These days, economists say, that counts as a silver lining. 

    “After more than a year of double-digit yearly rent gains and nearly as many months of record-high rents, it’s especially important to see consistency before we confirm a major shift like the recent rental market cool-down,” Realtor.com Chief Economist Danielle Hale said in a statement. “But September data provides that evidence, as national rents continued to pull back from their latest all-time high registered just two months ago.”

    “This return of more seasonal norms indicates that rental markets are charting a path back toward a more typical balance between supply and demand, compared to the previous year,” Hale added. “We expect rent growth to keep slowing in the months ahead, partly driven by the impact of inflation on renters’ budgets.” 

    Affordability, however, is worsening, Realtor.com said. Blame the fact that consumer prices are rising faster than wages. 

    (Realtor.com is operated by News Corp
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    subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)

    A Redfin
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    report out Thursday, meanwhile, said rents grew 9% year-over-year in September — the slowest pace since August 2021. Rents were still way up year-over-year in cities like Oklahoma City (24.1%), Pittsburgh (20%), and Indianapolis (17.9%.) 

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  • Amazon’s second ‘Prime Day’ of 2022: When it starts, the best deals and more

    Amazon’s second ‘Prime Day’ of 2022: When it starts, the best deals and more

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    Amazon Prime Day is coming back. Well, kind of.

    Amazon
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    is debuting a new holiday shopping event this week called “Amazon Prime Early Access Sale” where shoppers can get exclusive access to hundreds of thousands of deals ahead of the holidays.

    The new sale is essentially another Amazon Prime Day event, where subscribers can get certain deals for a 48-hour period, just with a different name.

    As millions of shoppers are impacted by record-high inflation in the U.S., some data still suggest, consumers are still set to spend more than last year this holiday season.

    According to data insights from Adobe Inc.
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    online-only holiday spending (Nov. 1 to Dec. 31) is expected to grow 2.5% in 2022, representing the smallest increase since Adobe began tracking this data in 2015. In 2021, holiday spending was 8.6% higher than the year prior, despite, at the time, the rate of U.S. inflation at a 30-year high.

    Here’s what you need to know about Amazon’s Early Access Sale:

    When is Amazon Prime’s Early Access Sale?

    Amazon’s savings event is two days long, running from Tuesday, Oct. 11 through Wednesday, Oct. 12. 

    What time does Amazon Prime’s Early Access Sale start?

    The Early Access Sale begins at midnight PT (3 a.m. ET) on Tuesday, Oct. 11, and runs for 48 hours, through the end of the day on Wednesday, Oct. 12.

    Which countries participate in Amazon Prime’s Early Access Sale?

    Fifteen countries in total are participating in the deals. Those countries include: Austria, Canada, China, France, Germany, Italy, Luxembourg, the Netherlands, Poland, Portugal, Spain, Sweden, Turkey, the U.K., and the U.S., according to Amazon.

    How does Amazon Prime’s Early Access Sale work?

    Items for sale can be viewed on Amazon.com or on Amazon’s app. Anybody can locate which items are listed on sale through Amazon’s platform, but the deals are only available to Prime subscribers, similar to how Amazon’s flagship annual savings event Prime Day is structured.

    Is Amazon Prime’s Early Access Sale only for Prime members?

    Yes. Only Prime members can participate in the deals. Non-Prime members can make purchases on Amazon, but won’t get the type of savings that members get — non members also don’t get access to typically cheaper, and sometimes free shipping costs.

    See also: ‘We are surprised and bewildered’: My brother passed away and left his house, cash and possessions to charity. Can his siblings contest his will?

    Additionally, people who sign up for a 30-day free trial of Amazon Prime can participate in the Early Access Sale.

    How much does Amazon Prime cost?

    An Amazon Prime subscription is $14.99 a month, or $139 for a full year. The subscription includes access to free delivery on millions of items, Prime Video, Prime Gaming, Amazon Music, and Amazon Photos, and broadcasts of “Thursday Night Football.”

    Earlier in 2022, Amazon increased its Prime subscription price from $119 to $139.

    Amazon increased its Prime subscription price from $119 to $139 in 2022.

    What are the best Amazon Prime Early Access deals this year?

    According to a statement from Amazon prior to the event beginning, some of the top deals will be on items including Fire TVs, Alexa enabled devices, and products from LEGO, Adidas
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    and Ashley Furniture.

    There will also be a Top 100 list that features the best deals on the e-commerce platform. The list will highlight the most popular products being purchased, Amazon says, and will launch in unison with the event’s start on Tuesday.

    Are retailers like Target and Walmart starting holiday deals too?

    Target Inc.
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    announced customers will enjoy “earlier than ever” holiday shopping deals this year, including seven weeks of Black Friday deals, marking another instance when retailers are ditching the traditional shopping calendar of the holidays.

    See also: Sorry folks, Black Friday has already started. But don’t worry if you miss the early sales.

    Last month, Walmart
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    announced a “holiday guarantee” that extends the return window for purchased items, beginning Oct. 1, and running through Jan. 31.

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