Here are three of the week's top pieces of financial advice, gathered from around the web:
Building credit without a card
Millennials, it's time to get serious about building your credit history, said Suzanne Woolley at Bloomberg. Just 33 percent of adults between ages 18 and 29 report having a credit card, even though a good credit score is "essential when you apply for an apartment, a mortgage, an auto loan, or even to get a good deal on a cellphone." Getting on someone else's card as an authorized user is one way to start building credit, allowing a young person to piggyback off a parent's credit. "Starter" credit cards with low limits are another option, provided they're paid off every month to avoid their punishing interest rates. Secured cards, for which you put down a cash deposit as collateral, also build credit history, as long as you "promptly pay the balance in full over at least six months."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The cost of a teenage driver
"Parents looking forward to having their newly licensed teenagers drive themselves on errands this summer may be less enthusiastic when they see the family's new insurance bill," said Ann Carrns at The New York Times. Adding a teenage driver to an auto insurance policy increases the average premium by 79 percent, according to the latest analysis from InsuranceQuotes.com. That's because inexperienced teen drivers have the highest crash rate of any group in the U.S. However, buying a separate auto insurance policy for your teen is likely to be even more expensive, because auto premiums also factor in the parents' driving history and credit scores. To lower your family's premium, be sure to ask about "good student" discounts, which can be as much as 25 percent for young adults who maintain at least a B grade average.
Purchasing a solar-powered home
Buying a house that's already equipped with solar panels can help you avoid the initial legwork of installation, while still enjoying the benefit of lower energy bills, said Susan Johnston Taylor at US News. But "not all solar systems are created equal." Homebuyers need to "do their homework." First, find out if the panels are leased or owned. Ideally it's the latter, because leases are an ongoing liability that could affect the terms of your mortgage. Next, research the companies that manufactured and installed the system, and learn their warranty terms. You should also ask to see the current owner's electric bills. Finally, hire an independent professional to inspect the system, before committing to a purchase.
-
5 of the best platonic TV friendshipsthe week recommends Maintaining boundaries has proven tricky for all but the most committed of buddies on the small screen
-
Why are global postal services cutting off package delivery to the US?Today's Big Question 'Uncertainty' around new tariff rules halts small-dollar imports
-
SpaceX breaks Starship losing streak in 10th testspeed read The Starship rocket's test flight was largely successful, deploying eight dummy satellites during its hour in space
-
The pros and cons of noncompete agreementsThe Explainer The FTC wants to ban companies from binding their employees with noncompete agreements. Who would this benefit, and who would it hurt?
-
What experts are saying about the economy's surprise contractionThe Explainer The sharpest opinions on the debate from around the web
-
The death of cities was greatly exaggeratedThe Explainer Why the pandemic predictions about urban flight were wrong
-
The housing crisis is hereThe Explainer As the pandemic takes its toll, renters face eviction even as buyers are bidding higher
-
How to be an ally to marginalized coworkersThe Explainer Show up for your colleagues by showing that you see them and their struggles
-
What the stock market knowsThe Explainer Publicly traded companies are going to wallop small businesses
-
Can the government save small businesses?The Explainer Many are fighting for a fair share of the coronavirus rescue package
-
How the oil crash could turn into a much bigger economic shockThe Explainer This could be a huge problem for the entire economy
