Tense Times
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What's Happening Today Good morning! It's Kristin with your daily morning digest.
Stocks are mixed as tensions heat up in Eastern Europe. The European Union (EU)—along with the U.S.—has announced economic sanctions against Russia for moving troops into certain regions of Ukraine. Sanctions from the EU and the U.S. will target Russian leaders, banks, and financial institutions, and prevent American investment in Ukrainian regions under Russian control. President Joe Biden's executive order also bans imports from those areas.
So what does this mean for your wallet? Markets have been reacting negatively to the news, and oil prices have been on the rise, shaking up things further. Some investors have been selling assets like Bitcoin and flocking to traditional safe havens and lower-risk investments like gold instead. Rising oil prices also typically make inflation worse, so don't expect relief at stores (or the gas pump!) anytime soon.
And don't forget to tune in today at 4 p.m. Eastern for our final Instagram Live conversation about homebuying. We'll be talking with Patrice Washington, host of the "Redefining Wealth" podcast, author, and #MoneyMaven of the "The Steve Harvey Show" about how to enjoy and pay for your new home. We hope to see you there!
- Kristin Editors' Picks
Spotlight: Celebrating Black History Month In honor of Black History Month, we're highlighting content that celebrates Black communities. Throughout February, we're addressing the homeownership gap between Black households and their counterparts, which has contributed to racial wealth inequality. There are many costs of owning a home, some of which might be unexpected. Learn how to budget and plan for new expenses. Off the Charts When the government's expansion of the child tax credit expired in December, 3.7 million children fell below the poverty line, according to a new study from Columbia University's Center on Poverty and Social Policy. Number of the Day That's how much consumers could save annually because a wave of banks have curtailed their overdraft fees over the past year, according to one analysis.
SPONSORED BY DISCOVER PERSONAL LOANS The start of a new year is a great time to strengthen good money habits. These tips can help you reduce debt and take charge of your finances. LEARN MORE >
More From The Balance A Roth IRA and a 401(k) are two types of tax-advantaged retirement accounts. While you open a Roth IRA individually, a 401(k) is sponsored by your employer. For tax purposes, a full-time student is someone who meets IRS requirements such as attending school for at least part of the month for five months in a calendar year. Good news if you've had a lot of bad debt in the last few years: there's a seven-year limit that applies. After seven years, many bad debts fall off your credit reports. Follow The Balance on Instagram to join this discussion and receive IG live alerts!
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