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Congrats high school grads! 🎓 As acceptances roll in, it’s time to make a decision about which college is right for you. There isn't one "best" college for every student, but our star ratings can help you build a list of standout schools that fit your budget. Check out our 2024 Best Colleges list, sponsored by SoFi. ⭐

More than a dozen cities, two states and Washington, D.C., raised their minimum wages on July 1, the halfway point of the calendar year. The increases mean tens of millions of residents are now covered by stronger minimum wage laws. Here are 15 cities and two counties that increased their minimum wage on July 1, according to a roundup by ADP: Alameda City, California: $17 per hour Berkeley, California: $18.67 per hour Chicago: $16.20 per hour Emeryville, California: $19.36 per hour Fremont, California: $17.30 per hour Los Angeles: $17.28 per hour Los Angeles County: $17.27 per hour Malibu, California: $17.27 per hour Minneapolis: $15.57 per hour (for small employers) Montgomery County, Maryland: $15.50 or $17.15 per hour Milpitas, California: $17.70 per hour Pasadena, California: $17.50 per hour Renton, Washington: $18.29 or $20.29 per hour (depending on employer size) San Francisco: $18.67 per hour Santa Monica, California: $17.27 per hour St. Paul, Minnesota: $12.25, $14 or $15.57 per hour (depending on employer size) Tukwila, Washington: $19.29 per hour (for mid-size employers)

Today's shopping trends can largely be traced back to the COVID-19 pandemic and the historic inflation that followed. These unprecedented forces have propelled consumers on a spending rollercoaster over the last five years, and the often-rough ride isn’t over yet. Shopping behavior changed in strange and conspicuous ways during the early months of the pandemic. (Think: skyrocketing sales of toilet paper and hand sanitizer.) More recently, the impact has been subtler, often involving a scaling-back in purchases that were incredibly popular not long ago. Brad Tuttle explores the areas where Americans are pulling back on spending, from grills and mattresses, to home reno projects. 👉 https://bit.ly/3Lkut92

Money is hatching a new way identify the best financial planners, the pros who can serve as quarterbacks for your finances. For more on the project, check out my video chat with Ben Lewis, who works for the Financial Planning Association (FPA), our partner in the venture.

A record share of renters are now “cost-burdened,” meaning they spend a high percentage of their income on housing. But even as tenants in many parts of the United States stretch their budgets, there are still cities that stand out for affordability, according to a new report from the Harvard Joint Center for Housing Studies. Pete Grieve has more: https://bit.ly/4cvaPmI

There are nine states that don’t tax workers' wages. But just because a state doesn't have income taxes doesn't necessarily mean it's an affordable place to live. If a state doesn’t charge income tax, it must find revenues elsewhere, which explains why other tax rates tend to be high in these locations. What’s more, the cost of living in some states with no income tax has soared in recent years, often as a result of skyrocketing home insurance prices related to climate change, as well as higher housing prices in general. As the Tax Foundation’s Andrey Yushkov tells Money, “for high-income individuals, income taxes may be one of the most important factors” in deciding where to live, assuming they’re aiming to keep as much of their earnings as possible. If you’re not super wealthy or your wealth is not based on income, however, the financial benefits of living in a state with no income tax are less clear. Before deciding to move to a state with no income tax, you should examine your individual circumstances, including “job opportunities, family considerations, climate, infrastructure, educational system” and various local taxes, Yushkov says. Brad Tuttle reports 👉 https://bit.ly/3VlhCJI

July is historically one of the best-performing months of the year for the stock market. According to Dow Jones Market Data, since 1928, the S&P 500 has posted an average gain of 1.7% this month, finishing in positive territory 60% of the time. However, given the current market environment, numerous factors could pose a challenge to that historical track record this July. https://bit.ly/3XSAIIH

A new federal #overtime pay rule went into effect Monday, expanding the protections to and earnings potential for about 1 million salaried workers. The U.S. Department of Labor’s rule change affects the exemption criteria for overtime pay. This overtime exemption — the executive, administrative or professional (“EAP”) exemption — applies when employees performs certain job duties and have higher salaries. The salary threshold to be "exempt" just jumped from $35,568 per year to $43,888. With a higher threshold for exemption, more workers are entitled to 1.5 times pay for overtime work. The threshold is scheduled to increase again on Jan. 1 to $58,656, which will benefit 3 million more people, according to the White House. Pete Grieve reports on who is eligible for overtime pay 👉 https://bit.ly/4cOlngF

Most #millionaires support imposing higher income taxes and a wealth #tax, according to a new poll — as long as those tax increases are for people richer than them. About 6 in 10 millionaires surveyed in a YouGov poll released Monday said they would support a new marginal tax rate of 50% or more on annual income over $100 million. Currently, the highest federal tax bracket in the U.S. is 37% for earnings over $609,350. Most respondents said they were likely to support a 2% wealth tax on households with more than $50 million and $100 million in assets. But there was far less appetite to tax households worth less than that amount.

On Monday evening, two federal court judges — both appointed by the Obama administration — struck down parts of President Joe Biden's marquee student debt repayment plan called SAVE. The overall plan is still in tact for the roughly 8 million current enrollees, but the Education Department can no longer cancel addition debt through the plan. Next month, new benefits were slated to go into effect, chiefly a major payment reduction that would slash loan bills in half for undergraduate borrowers enrolled in the program. These new benefits are also halted. So what's left of SAVE? • Well, borrowers can still enroll in the plan and get their monthly payments pegged to 10% of their disposable income. In many cases, that comes out to $0 per month under the plan's generous definition of disposable income. • Any interest accrual that would have otherwise caused balances to grow will be waived while enrolled in the plan, too. These injunctions are temporary — in place while the legal challenges play out in court. They could change or be lifted in the meantime, too. The White House has already said it plans to appeal the rulings. Still, advocates worry that the two separate rulings don't bode well for the SAVE plan in the long run, which could lead to the Supreme Court striking down SAVE entirely. In the background, the Biden administration is still forging ahead with its second attempt at broad student loan forgiveness. The federal court rulings don't directly affect that plan, which has yet to be finalized. Once it is, though, it's also expected to face legal challenges. https://lnkd.in/e5mudhtR