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3 simple money moves that could pay off this Labor Day
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Labor Day marks the unofficial end of summer, a time when many Americans gather with family and friends for barbecues, beach outings and relaxation. But as we take the time to honor the contributions and achievements of American workers, it’s also fitting to consider how to make the money you earn work harder for you.
After all, ensuring that you’re on a path to financial stability is incredibly important, especially right now. In today’s economic landscape, inflation and other economic hurdles are still having a big impact on many people’s finances — and so are the high borrowing rates tied to personal loans and credit cards.
But in addition to those challenges, there are also some simple ways to capitalize on today’s unusual economic climate and set yourself up for financial success. Here, we’ll detail a few ways to do that this Labor Day.
Set yourself up for success by adding gold to your portfolio this Labor Day.
3 simple money moves that could pay off this Labor Day
By making the smart money moves outlined below, you can potentially reap significant benefits in the months and years to come.
Invest in your future
If you’re not already investing, this Labor Day is an excellent time to start. If you are investing, use this opportunity to review and potentially rebalance your portfolio. Begin by assessing your retirement savings. Are you maximizing your contributions to tax-advantaged accounts like 401(k)s or IRAs? If not, consider increasing your contributions, even if it’s just by a small percentage.
You may also want to look at other investment opportunities, too. One alternative asset worth considering right now is gold. This precious metal can offer a lot of value to investors between its role as a portfolio diversifier, a safe-haven asset and an inflation hedge. There are also numerous gold assets to choose from, including physical gold, gold stocks and gold ETFs, and investing in a gold IRA can even help you prepare for retirement.
It could also be a smart time to invest in gold if your goal is to see quick returns on your investment. While gold is typically considered a long-term investment, the price of gold has been increasing since the start of the year and has increased by hundreds of dollars so far — and it could continue to climb. So, there could be the opportunity to capitalize on future price growth if you make your move now.
Find out how gold could boost your investment portfolio here.
Start tackling your credit card debt
Another smart move to make this Labor Day is to address your credit card debt. With average credit card interest rates sitting at around 23% (a record high), it’s crucial to find effective solutions to manage and reduce this financial burden.
Start by taking a comprehensive inventory of your credit card debts so you understand the full scope of your debt. Once you have this information, consider the following strategies to tackle your credit card debt:
- Debt consolidation: This approach involves combining multiple credit card debts into a single loan, ideally with a lower interest rate.
- Balance transfer: Look for cards offering 0% or low introductory APR on balance transfers. This can give you a window of time (often 12-18 months) to pay down your debt without accruing additional interest.
- Debt settlement: If your debt feels unmanageable, debt settlement might be an option. This involves negotiating with creditors to pay less than what you owe, typically in a lump sum. A reputable debt relief company can help you navigate this process and negotiate with creditors.
There are plenty of debt relief strategies to choose from, but the key is to act now and commit to a plan. Becoming debt-free is a process and every step you take brings you closer to financial freedom.
Learn more about the debt relief options available to you here.
Boost your emergency fund
Your emergency fund is a crucial component of your financial stability, providing a safety net in case of unexpected expenses or loss of income. And this Labor Day is a good time to consider whether it’s sufficient given your current lifestyle and financial obligations. Has your income or expenses changed significantly? If so, you may need to adjust your strategy.
One way to do that is to look for opportunities to boost the returns on your savings. To do that, you may want to move your emergency fund from a regular savings account to a high-yield savings account, many of which offer rates well above 5% right now. These accounts work just like your typical savings account but the difference is that they offer higher rates on your money.
You may also want to consider putting some of your emergency funds into a shorter-term certificate of deposit (CD). Rates on CDs are fixed, so by opening one with a short term, you could lock in a higher rate of return without drastically hindering access to your money.
The bottom line
This Labor Day, take some time to reflect on your financial goals and commit to taking action — whether it’s investing in gold, finding a solution for your high-rate card debt or maximizing the earning potential of your emergency fund. Small steps taken consistently can lead to significant improvements in your financial health over time, so don’t wait. As you enjoy the holiday weekend, you’ll have the added satisfaction of knowing you’ve taken concrete steps toward a more secure financial future.
TRENTON, N.J. — Democratic Newark City Council President LaMonica McIver has defeated Republican small businessman Carmen Bucco in a contest in New Jersey’s 10th Congressional District that opened up because of the death of Rep. Donald Payne Jr. in April.
McIver will serve out the remainder of Payne’s term, which ends in January. She and Bucco will face a rematch on the November ballot for the full term.
McIver said in a statement Wednesday that she stands on the “shoulders of giants,” naming Payne as chief among them.
She cast ahead to the November election, saying the right to make reproductive health choices was on the ballot as well as whether the economy should benefit the wealthy or “hard working Americans.”
“I will fight because the purpose of politics and the purpose of our vote is to give the people of our communities and our nation a bold voice,” she said.
Bucco congratulated McIver on the victory in a statement but said he’s looking forward to the rematch in November.
“I am not going anywhere,” he said in an email. “We still have a second chance to make district 10 great again!”
Who are LaMonica McIver and Carmen Bucco?
McIver emerged as the Democratic candidate in a crowded field in the July special election. A member of the city council of New Jersey’s biggest city since 2018, she also worked for Montclair Public Schools as a personnel director and plans to focus on affordability, infrastructure, abortion rights and “protecting our democracy,” she told The Associated Press earlier this summer.
Bucco describes himself on his campaign website as a small-business owner influenced by his upbringing in the foster system. He lists support for law enforcement and ending corruption as top issues.
The 10th District lies in a heavily Democratic and majority-Black region of northern New Jersey. Republicans are outnumbered by more than 6 to 1.
It’s been a volatile year for Democrats in New Jersey, where the party dominates state government and the congressional delegation.
Among the developments were the conviction on federal bribery charges of U.S. Sen. Bob Menendez, who has denied the charges, and the demise of the so-called county party line — a system in which local political leaders give their preferred candidates favorable position on the primary ballot.
Democratic Rep. Andy Kim, who’s running for Menendez’s seat, and other Democrats brought a federal lawsuit challenging the practice as part of his campaign to oust Menendez, who has resigned since his conviction.
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Sean “Diddy” Combs at same Brooklyn detention center that held R. Kelly, Sam Bankman-Fried, other high-profile inmates
A second judge refused to grant bail to Sean “Diddy” Combs on Wednesday and he could remain in federal custody at a Brooklyn detention center until his trial for sex trafficking charges. Combs joins other high-profile inmates, such as singer R. Kelly, fallen cryptocurrency mogul Sam Bankman-Fried, rapper Ja Rule —even Al Sharpton served a brief stint— who were held at the same federal detention center.
Notorious for its horrible conditions —inmates won a $10 million class action settlement after enduring frigid conditions during an 8-day blackout in 2019— the waterfront industrial complex, MDC Brooklyn, houses 1,200 inmates.
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Violence and corruption have long plagued the facility; U.S. District Judge Gary R. Brown of the Eastern District of New York wrote the detention center had “dangerous, barbaric conditions” in a recent sentencing opinion. Two inmates were stabbed to death in recent months and several correction officers have been convicted for smuggling contraband and accepting bribes.
Combs joins a list of high-profile personalities that have landed at the MDC Brooklyn, partly because the city’s other federal detention center, MDC New York, closed in 2021, also due to horrible conditions. The disgraced financier Jeffrey Epstein died by suicide in his cell there in 2019. “Numerous and serious” instances of misconduct among corrections staff gave Epstein the opportunity to kill himself, a subsequent federal watchdog investigation found.
Kelly sued the federal detention center in 2022 for wrongly putting him on suicide watch after his sentencing. Kelly sought $100 million because he said the detention center knew he wasn’t suicidal after he was convicted in 2021 for racketeering and violating the Mann Act, which bars transporting people across state lines for prostitution.
Yuki Iwamura/Bloomberg via Getty Images
Former crypto billionaire Bankman-Fried survived on bread, water and sometimes peanut butter when he was in the MDC Brooklyn, his attorney said, because the detention center continued to serve him a “flesh diet” despite requests for vegan dishes.
Ja Rule stayed at the MDC Brooklyn for a brief time before being released after serving most of his two-year sentence for illegal gun possession. Most of his prison time was spent in a state prison in New York.
Sharpton served a 90-day sentence in 2001 and went on a hunger strike for protesting the U.S. Navy bombing of the island of Vieques, in Puerto Rico.
Combs was taken into custody on Monday and according to an indictment unsealed Tuesday he was charged with sex trafficking, racketeering conspiracy and transportation to engage in prostitution.
His attorney Marc Agnifilo told CBS News, “It’s impossible to prepare for a trial from where he is,” after a first federal judge denied Combs bail on Tuesday.
U.S. Magistrate Judge Robyn Tarnofsky agreed with prosecutors who argued the hip-hop mogul, who is accused of using his business empire as a criminal enterprise to conceal his alleged abuse of women, is a flight risk and poses an ongoing threat to the safety of the community.
Agnifilo said the part of the detention center where Combs is being held is “a very difficult place to be.”
contributed to this report.
