Latest from Michelle Singletary

What you need to know about setting up a 401(k) on your first job

Here are some tips to help a young adult sign up for a 401(k) for the first time. With the right contribution level and time, they can become a 401(k) millionaire.
  • Jun 8, 2021

The tax system is built to favor wealthy Whites, new book argues

Racial bias in the tax code contributes to wealth disparity, Emory law professor Dorothy Brown argues in her book "The Whiteness of Wealth."
  • May 28, 2021

Amid the pandemic, some people can’t afford rent, others became 401(k) and TSP millionaires.

Despite the continued impact of the pandemic on the U.S. economy, average balances in retirement accounts skyrocketed, according to the latest quarterly retirement report from Fidelity Investments. The number of 401(k) and Thrift Savings Plan millionaires hit record numbers.
  • May 25, 2021

Millions of consumers paid down their credit card balances during the pandemic. Let’s keep this trend going.

The New York Fed reported that total credit card balances declined by $49 billion. It was the second-largest quarterly decline in the history of the data, which originated in 1999.
  • May 21, 2021

Cryptocurrency scams rose 1,000 percent in the past year and cost consumers at least $80 million, FTC says

As the number of Americans investing in cryptocurrency has increased, so too have the scams. The Federal Trade Commission released new data showing cryptocurrency-related investment scams have skyrocketed.
  • May 18, 2021

What you need to know about the May 17 tax deadline

This FAQ addressed top issues from taxpayers for the May 17 tax deadline. People still aren't sure about the taxability of the unemployment income, stimulus payments, or whether they can take a home-office deduction.
  • May 16, 2021

Gig-economy jobs and how to manage the irregular income

The pros and cons of working in the gig economy. Adapted from “What to Do With Your Money When Crisis Hits: A Survival Guide,” to be published Tuesday by HMH.
  • May 14, 2021

Inflation is up. The stock market is down. Here’s why you shouldn’t panic.

Yes, inflation is up and the stock market is turbulent. Gas prices shot up after a major U.S. pipeline was shut down. Financial experts weigh in on what consumers can do to deal with higher consumer prices and why investors shouldn't panic.
  • May 13, 2021

The IRS is struggling to hire, which means a massive backlog of tax returns and refunds, government watchdog says

Agency staffers have also complained that a lack of functioning printers and copiers has contributed to the backlogs.
  • May 11, 2021

Covid forced more borrowers to be late on their mortgages than at any time since the Great Recession, CFPB reports

Communities of color have been hit hard by the pandemic, and many borrowers are still struggling, a new report from the Consumer Financial Protection Bureau says.
  • May 7, 2021