Investing

Lululemon logo is seen on the building in Santa Monica, United States on November 12, 2023.
Jakub Porzycki | Nurphoto | Getty Images

The U.S. stock market witnessed a strong run in the first quarter of 2024, but uncertainty looms as investors await interest rate cuts and anticipate the upcoming U.S. elections.
Wall Street analysts are ignoring the short-term noise and remain focused on companies that have strong fundamentals and can generate attractive returns in the long run.

Bearing that in mind, here are three stocks favored by the Street’s top pros, according to TipRanks, a platform that ranks analysts based on their past performance.
Micron Technology
This week’s first stock pick is memory chipmaker Micron Technology (MU), which impressed investors with its strong quarterly performance. The company also offered solid guidance, thanks to demand stemming from the artificial intelligence boom.
Following the beat-and-raise quarter, Needham analyst Quinn Bolton reiterated a buy rating on MU stock and increased the price target to $120 from $100. The analyst stated that the company’s high-bandwidth memory (HBM) trends are significantly boosting revenue estimates.  
Bolton noted that Micron’s HBM3E memory solution generated revenue in the fiscal second quarter and has already sold out for calendar year 2024.
He highlighted management’s commentary about generating several hundred million dollars of revenue from HBM3E in fiscal 2024 and driving fiscal 2025 revenue to record highs. Additionally, the analyst expects Micron’s gross margins to increase through fiscal 2024 and into fiscal 2025, driven by favorable pricing and product mix.

Bolton expects the company to gain from the rebound in the memory cycle in 2024 and stated, “Long-term, we view MU as a key beneficiary of strong data center demand (AI/ML), automotive semi content, graphics and industrial automation.”
Bolton ranks No. 17 among more than 8,700 analysts tracked by TipRanks. His ratings have been profitable 66% of the time, with each delivering an average return of 30.7%. (See Micron Technical Analysis on TipRanks)
Lululemon
Next up is athletic apparel maker Lululemon (LULU). The company recently reported better-than-expected results for the fourth quarter of fiscal 2023. However, shares fell as investors were disappointed with the company’s guidance, which reflected soft sales in the U.S. due to the impact of macro pressures on consumer spending.
Following the print, Guggenheim analyst Robert Drbul slightly lowered his fiscal 2024 earnings per share estimates to reflect the macro backdrop in the U.S. and higher marketing investments. The analyst also reduced the price target for LULU stock to $525 from $550 but reiterated a buy rating on the stock, calling it his firm’s “favorite growth story in 2024.”
Despite a slower start to the first quarter in the U.S., Drbul noted that management continues to be optimistic about the potential to grow LULU’s domestic business this year and gain market share.
The analyst also highlighted the continued robust momentum in LULU’s international business in the fourth quarter. He is optimistic about Lululemon achieving its goal of quadrupling its international revenue by the end of fiscal year 2026 compared to fiscal year 2021 levels. He thinks this would drive higher overall revenue and operating margins, justifying the stock’s premium multiple.  
“We remain BUY rated as we believe LULU stands to benefit from favorable secular tailwinds (health, wellness, casualization, and fitness, including at-home),” said Drbul.   
Drbul ranks No. 574 among more than 8,700 analysts tracked by TipRanks. His ratings have been successful 58% of the time, with each delivering an average return of 8%. (See Lululemon Stock Buybacks on TipRanks) 
Broadcom
This week’s list includes another tech giant: semiconductor company Broadcom (AVGO). The company is widely viewed as one of the key beneficiaries of the generative AI wave. At a recent investor meeting, the company discussed its innovations, which will help to achieve its target of generating $10 billion in AI chip sales in 2024.
Following the event, Susquehanna analyst Christopher Rolland reiterated a buy rating on AVGO stock with a price target of $1,650. Among the key takeaways from the event, the analyst highlighted how the company is poised to meet its annual AI sales target, backed by its solid portfolio across AI accelerators and networking products.
In contrast to industry expectations that the InfiniBand networking communication standard would dominate the market, Rolland noted, Broadcom’s management continues to be confident about Ethernet over InfiniBand. The company is optimistic about the ability of its Ethernet products to compete in AI applications.
Rolland also highlighted how Broadcom’s customized chips drive cost efficiencies in consumer AI applications. The company works with its customers to co-design the architecture of their AI accelerators, which helps enhance performance efficiencies and hardware optimization.
Commenting on Broadcom’s strategic acquisitions, including Symantec and VMware, Rolland said, “Broadcom is one of the best integrators in the business, continuing to prove that economies of scale are a viable driver of earnings power for those that can execute in the semiconductor industry.”
Rolland holds the 15th position among more than 8,700 analysts tracked by TipRanks. His ratings have been profitable 69% of the time, with each delivering an average return of 25.7%. (See Broadcom Stock Charts on TipRanks)  More

With the rapid rise of tipping culture post-pandemic, consumers face more opportunities to tip for a wider range of services than ever before, a trend also referred to as “tip creep.”
But recent surveys show shoppers are experiencing “tip fatigue” and starting to tip less — and resent “guilt tipping” even more.
On average, guests tend to be the stingiest when tipping on Sundays and steadily tip more as the week progresses.

“Customers are being asked to tip at the more traditional service encounters [and] also app-based services, ride-share and delivery apps. This gives the perception that tipping is everywhere, which does seem the case,” said Tim Self, an assistant professor of hospitality at Austin Peay State University in Clarksville, Tennessee.

Indeed, the pressure to tip has increased over the past year, NerdWallet’s consumer budgeting report also found — a feeling now known as “guilt tipping.”

‘Guilt tipping’ is on the rise

Particularly when it comes to payment prompts with predetermined options that can range between 15% and 35% for each transaction, “the guilt kind of washes over you,” Self said.
However, “you are not obligated to tip,” Self added. “Ultimately, it comes down to the consumer making that choice and I think more people will get comfortable saying ‘no.’ That’s where I think a tip jar makes more sense.”

Jgi/jamie Grill | Tetra Images | Getty Images

With inflation, shrinkflation and tipflation, consumers are getting squeezed at every turn, according to Alex Skijus, CEO and founder of True Life Wealth Management in Tampa, Florida, and many have had enough.
Too often, consumers feel obligated to tip, he said. “It’s based on basic guilt.”
Skijus advises shoppers, regardless of income, to consider tipping when you want to express gratitude, but not at every point of sale, even when prompted. In the end, he said, that will be what causes business owners to scale back on suggested tip amounts or eliminate tip prompts altogether.
“People have a fear of being ostracized,” he added, but “stick to your guns.”  

Some are already sticking to their guns. According to Toast’s most recent restaurant trends report, tipping at full-service restaurants and quick-service establishments were both down in the fourth quarter of 2023 from five years earlier.
When adding a tip on a credit card or digital payment, guests at full-service restaurants left 19.4%, on average, down from 19.5% in 2018, while quick-service restaurant tips fell to 16% from 16.6%.
But it could also depend on the day. On average, guests tend to be the stingiest when tipping on Sundays and steadily tip more as the week progresses. Tipping peaks on Thursdays, then drops again on Fridays and Saturdays, Toast found.  
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New cars today are loaded with high-tech features for car shoppers. But with those advancements come questions about driver privacy, said Ivan Drury, the director of insights at Edmunds, a car site.
“This is still kind of the ‘Wild, Wild West’ of data collection and aggregation,” said Theresa Payton, the founder, president and chief executive officer of Fortalice Solutions, a cybersecurity advisory firm.
While it remains to be difficult to do your own research, there are three steps car shoppers can take as they assess potential new cars.

New cars today are loaded with high-tech features for car shoppers, from their own operating systems to navigation and remote unlock.
But with those advancements come questions about driver privacy, said Ivan Drury, the director of insights at Edmunds, a car site.

“As much advancement as we have when it comes to new features, many of them are data dependent,” he said, whether it’s through a computer that is built into the car or a GPS service on your phone that connects to your car systems.
Almost every new vehicle collects different types of details about you — and they will share and sell that data, according to a September report by Mozilla, a data privacy advocate, which looked at the privacy practices of 25 different car brands.
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Most of the reviewed brands, 84%, share personal data with service providers, data brokers and other parties not named, the report found. About 76%, or 19 of the consulted brands, said they sell customer data to third parties.
Only two car brands currently allow users to delete their personal data, Mozilla found: Renault and Dacia. 

“This is still kind of the ‘Wild, Wild West’ of data collection and aggregation,” said Theresa Payton, the founder, president and chief executive officer of Fortalice Solutions, a cybersecurity advisory firm.
“There are several challenges that remain in place for consumers,” she said, as drivers try to find the best car that fits within their budgets and their own privacy concerns. 
To be sure, data collected by cars nowadays may not be too different from that shared from the “cellphones already in our pocket,” said Tom McParland, a contributing writer for automotive website Jalopnik and operator of vehicle-buying service Automatch Consulting.
Said Drury: “Think about how you use your phone. There’s a lot of stuff that people don’t realize that they’ve already given up when it comes to data.”
While it remains to be difficult to do your own research, there are three steps car shoppers can take as they assess potential new cars, experts say. 

1. Ask about data privacy at the dealership

Once you narrow your options down to a specific vehicle, the first thing you can do is talk to the dealership and see what insight they can give you on that brand’s data collection practices, experts say.
You can ask representatives at the dealership about a carmaker’s privacy policies and if you have the ability to opt-in or opt-out of data collection, data aggregation and data monetization — or the selling of your data to third-party vendors, said Payton.
Additionally, ask if you can be anonymized and not have the data aggregated under your name and your vehicle’s unique identifying number, she said. 
People at the dealership “might even point you towards talking to the service manager, who often has to deal with any repairs and any follow up and technical components,” said Drury.
“Your service provider or the service adviser is actually going to have a little more insight versus the salesperson,” he said.

2. Talk to your auto insurance provider

It may also be worthwhile to ask your auto insurance provider about car data collection, said Drury. Auto insurers may be receiving data of this nature as automakers share or sell it.
While people at the dealership will have some knowledge on a specific vehicle, the insurance provider might give a better holistic view of it because they’re covering many different makes and models, he said.
“I’d ask the insurance company, ‘Are you using this and do you have an option to opt in or opt out different devices to monitor,'” said Drury.

3. Periodically wipe your car’s onboard computer

These days, many newer vehicles essentially have an onboard computer. If you don’t want to be tracked or have vehicle data collected and shared, you might find instructions in your owner’s manual on how to wipe out your personalized data and information from the onboard computer, said Payton.
“That can be a great way if you are already in a car and you love the car, but you don’t like the data tracking,” she said.
While you may not know if the data was already collected and sent out to third parties, you could do this on a periodic basis, she said.
Some separate online tools might also help: An online resource called Privacy4Cars can help users delete personal data stored by automakers, including text messages and geolocations, Payton said.
“They are providing this tool to help users understand the data their cars collect and to give them an option to safeguard their privacy,” she said. 

Why removing a car’s computer might not work

In a recent episode from The New York Times’ “The Daily” podcast, a woman paid a mechanic $400 to remove the device in her vehicle that provided internet connectivity. She essentially disconnected her car to eliminate its ability to share her location, and in the process, lost features like navigation services and the ability to call roadside assistance. 
While it may be possible to isolate and remove a car part or chip like this, you can’t just rip out a CPU of a car, said McParland.
“Almost everything nowadays is going to have these integrated systems,” he said.
Drury agreed: “These systems are so integrated with everything that your vehicle’s doing. [The] sensors … that help with [a] vehicle’s semi-autonomous features, those are wired to your throttle, to your steering, to your breaks. It can be extremely dangerous for somebody to go around there and start unplugging things.”
Drivers can always tap into the older, used car market to find a vehicle without high-tech features, but such cars might have their own risks the older they are, said McParland.
Additionally, the car’s onboard computer can provide a lot of safety features like car alerts, said Payton: “If you were to ostensibly turn off the onboard computer, you might miss out. It’s finding that right balance, it’s a risk versus reward.” More

Smart Tax Planning

With roughly two weeks until the federal tax deadline, there are still a few ways to reduce your tax bill or boost your refund.
There may be a deduction for contributions to a pretax individual retirement account, spousal IRA or health savings account.

Drakula & Co. | Moment | Getty Images

More from Smart Tax Planning:

Here’s a look at more tax-planning news.

1. Get an ‘immediate deduction’ from your IRA

One of the first options is a pretax individual retirement account contribution, according to Mark Steber, chief tax information officer at Jackson Hewitt.
“They’re still very popular and it’s just good planning,” he said.
You have until the federal tax deadline for 2023 deposits, which could reduce adjusted gross income, depending on your earnings and workplace retirement plan participation. For 2023, you can save up to $6,500, with an extra $1,000 for investors age 50 and older.
“You get an immediate deduction” if you qualify, regardless of whether you itemize tax breaks on your return, Steber said.

Of course, you may also consider a 2023 Roth IRA contribution. That doesn’t offer the upfront tax break, but the money grows tax-free.
“Typically, if you’re in the 10% or 12% [tax] bracket, you’re probably better putting money into the Roth IRA,” Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida, previously told CNBC.

2. Save to an ‘underutilized’ spousal IRA

There’s also a lesser-known option for married couples filing jointly, known as a spousal IRA, which is a separate Roth or traditional IRA for nonworking spouses. 
“They are underutilized,” said CFP Laura Mattia, CEO of Atlas Fiduciary Financial in Sarasota, Florida. “People don’t always think about them.”
Married couples can contribute up to the limit for each IRA, assuming the working spouse has enough earned income. Of course, you’ll need to weigh your short- and long-term situation, including possible tax consequences, before making any IRA contribution, Mattia said.

3. Add to your health savings account

You can also score a last-minute deduction with a 2023 health savings account contribution by the tax deadline, which offers a “multitude of benefits” — assuming you have a high-deductible health insurance plan, Steber said.
There are three tax breaks for HSAs: an upfront deduction for contributions, tax-free growth and tax-free withdrawals for qualified medical expenses.
You can deposit up to $3,850 for self-only coverage or $7,750 for a family plan for 2023. Investors age 55 and older can save an extra $1,000. More

A majority of Americans, 95%, said they plan to look for a new job this year, according to a January 2024 survey by job site Monster.
Money is a big reason, with 45% of workers saying they need a higher income.

Data from the Federal Reserve shows that job switchers increase their salaries more quickly, on average, than those who stay put. But focusing on money alone may not be the best strategy.
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Kyyah Abdul, a 29-year-old biotech and pharmaceutical global regulatory affairs consultant, knew early in her career that she eventually wanted to work for herself.
“I’ve always had this idea of where I wanted to end up in a certain amount of time,” Abdul, who is based in Los Angeles, told CNBC. “I told myself, ‘Okay, around the age of 30, try and get enough experience and exposure to the things that are required to have a consulting firm.'”
Abdul has focused on upskilling rather than only money. She’s changed jobs in her industry six times since 2016. The first time she switched jobs, she took a $20,000 pay cut in order to gain experience.

“I knew that that was okay because it would come back tenfold based on the experience I was going to be getting at the new place of work,” she said. “I ended up … almost doubling my salary after a year and a half.”
Abdul told CNBC she continued to grow her salary through promotions and other job hops.

This focus on experience can help insulate employees from layoffs, experts say, because they are building new skills that justify that higher pay.
“You don’t want to rise up the ranks too quickly and then be this expensive head that’s sort of easy to chop in any kind of downturn,” said Julia Pollak, chief economist at ZipRecruiter.
“I’ve seen a lot of people wanting to job hop because they want a higher salary but not understanding that that higher salary comes with responsibilities and comes with your ability to perform,” Abdul said. “It’s a mutually beneficial relationship, so if you can’t hold up your end of the bargain, that’s how you end up getting laid off.”
Watch the video above to learn more about when to consider leaving your job and how to approach your job search strategically. More

Tori Dunlap’s book, podcast and social media pages are resonating with women, who say they find the financial advice relatable and actionable.
After these women better their economic lives, they are providing the resources and information to others.

Sarah Wolfe

As Tiffany Mane read a personal finance book during her train ride to work, a woman sitting near her acknowledged that she, too, knew of the author. Shortly after, several bystanders began inquiring into its contents.
Mane was reading “Financial Feminist” by Tori Dunlap. The late 2022 release is one piece of Her First $100K, Dunlap’s money-focused education platform targeted at women and other marginalized groups.

That commuting experience highlights the growing community built around Dunlap’s wisdom. And there’s a cyclical effect at play: Women tap those resources to improve their financial lives, and then share the information with others.
“It really has changed my life,” said Mane, a 35-year-old human rights investigator in the Washington, D.C., area. “I realized there are so many women who don’t know this stuff and who don’t have the resources.”
Finance has historically been viewed as a man’s responsibility, creating a disparity within personal economics. New York Life found the average woman saved less than half a man did in 2022, and a 2021 survey from NerdWallet showed women were less likely to be invested in the stock market than their male counterparts.
But Dunlap and her growing fan base are looking to change that.
Dunlap rose to prominence by sharing her journey to save $100,000 by 25 years old. She was inspired to document this goal after finding that many existing resources didn’t adequately take into account the unique experiences of marginalized groups.

In Dunlap’s words, a lot of what was out there felt “bro-y” and out of touch with a young woman’s experience. She said society has largely characterized spending by women as “frivolous,” creating a critical culture for those seeking relatable financial advice.
“People want to feel seen and they want to feel heard,” Dunlap said. “This kind of identity-focused personal finance is one hundred percent necessary, and is the future of personal finance.”

‘Finance is personal’

What began as a side hustle on top of a marketing job has grown to a multiplatform product since Dunlap took the leap to run Her First $100K full time in 2019. Her “Financial Feminist” book sold more than 150,000 copies in its first year in print. Dunlap’s podcast of the same name, which typically has one full and one mini-episode out per week, touches on topics like homeownership and recession planning.
Both the Instagram and TikTok accounts for Her First $100K have amassed at least 2 million followers. A Facebook group named after the book has swelled to more than 100,000 members, where Mane and others converse about issues that impact their money and careers.
In that group, members share financial wins and trade advice on topics like which banks or credit cards to use. Some ask anonymous questions as they venture into sensitive subjects such as debt or the economic reality of divorce. Members have also organized virtual book clubs with others in the group to broaden their knowledge.
Dunlap said she isn’t surprised that the space has become meaningful to members in a society where women are unfairly criticized for their financial choices. She’s also been proud to see a culture free of judgment or shame as participants offer one another validation and feedback.

Tori Dunlap teaching a money workshop.
Courtesy Karya Schanilec

Fans said they appreciate Dunlap’s twofold approach to financial education. She offers actionable steps to improve their economic lives, they say, while also being aware of systematic barriers that make it harder for women and other marginalized groups to build wealth.
Specialized advice can benefit women, as research shows they have less confidence than men in money-related topics, according to Annamaria Lusardi, senior fellow at the Stanford Institute for Economic Policy Research.
These niche resources stand to better resonate with marginalized groups because they can touch on topics or examples that are disproportionately relevant to the specific population, said Lusardi, who is also founder of the Global Financial Literacy Excellence Center. For women, she said one area of emphasis could be on the economics of having or raising children.
“Finance is personal,” Lusardi said. “As a woman, I feel like I have different needs, have different circumstances. And so I want things more targeted to me.”

A ‘sisterhood’

For those who have engaged with Dunlap’s work and the virtual community, they’ve seen how the advice has changed their financial lives — and now feel inspired to pay it forward. In the words of Mane, the Facebook group feels like being part of a “sisterhood.”
Through Dunlap’s advice and subsequent research, Mane has implemented a plan for budgeting and opened a high-yield savings account. She also opened a Roth individual retirement account, which grows free of taxes, and she is beginning Dunlap’s educational program focused on investing called Stock Market School.
As a result, Mane, a child of immigrants who grew up below the poverty line, said she’s never felt so economically stable. Her upcoming wedding will be paid for in cash, a financial milestone she never thought would be possible.
Mane has gifted “Financial Feminist” to several women in her life. The human rights investigator has a copy in her office for curious colleagues, often explaining what it is and has meant to her. Beyond the Facebook group, she’s started passing down tidbits of wisdom to her nieces.
Thousands of miles away, Tierney Barker is seeing parallel effects. The 32-year-old Canadian first found Her First $100K’s resources on budget tracking and debt consolidation.
One of the travel agent’s first big changes was implementing a savings “bucket” strategy — in which money is earmarked for living expenses, goals and fun. Barker has also been finding time to review her finances on a regular basis. She, like Mane, has opened a high-yield savings account.
After seeing the impact on her own life, Barker recommended the book to others and requested its addition to her local library in British Columbia. Barker also found herself better equipped to discuss money with other women, something that once felt like a taboo subject that was the private reserve of men.
“It’s been easier to talk about it and to be open about it,” Barker said, adding that having the resources is “empowering.”
While Dunlap has been proud to see individuals benefiting from her advice and sharing it with others, she thinks that the work isn’t done.
She said the systematic barriers that disproportionately hurt women and minorities in the business world remain. After the Supreme Court’s decision to overturn Roe v. Wade, Dunlap said it’s more important than ever to push for social equity — including in the areas of economics and finance.
“I don’t believe we have any sort of equality for any marginalized group until we have financial equality,” she said. “A financial education is our best form of protest as women.”

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If you miss a doctor’s appointment these days, you could get hit with a “no-show” fee of up to $100 — or more.
Here is what experts say about the fairness of such charges, and how to avoid them.

Eric Audras | Onoky | Getty Images

If you miss a doctor’s appointment these days, you could get hit with a “no-show” fee of up to $100 — or more.
This happened to me recently for the first time, and the charge was a steep $150. When I complained to friends and family, I learned that my experience wasn’t unusual — most had dealt with a similar fee.

I talked to experts and consumer advocates about why such fees are becoming common, if the charges are fair to patients and how to best avoid them.

Fees are a ‘disincentive’ for late cancellations, no-shows

“I very strongly support such fees,” said George Loewenstein, an economics and psychology professor at Carnegie Mellon University.
“Patients who don’t show up are taking up appointments which other patients could use,” said Loewenstein, adding that “without such a fee, patients have little if any disincentive for not bothering to cancel appointments well in advance.”
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Certified financial planner and physician Carolyn McClanahan said the fees are “totally fair.”

“If a patient doesn’t show up, that costs the practice money,” said McClanahan, a member of CNBC’s Financial Advisor Council. “The doctor and their staff is left with nothing to do and everyone still needs to get paid. Also, that empty slot is a time that another patient can get the care they need.”

Penalties shouldn’t ‘become a profit center’

Caitlin Donovan, a spokesperson for the National Patient Advocate Foundation, said “no-shows” are a reoccurring dilemma for doctors.
But, she said, “to solve this problem is not to charge patients more fees, which many can’t afford.”

She has heard of medical offices having success with call and text reminders to patients about their appointments. Patients should always be given the opportunity to bow out, she said.
That doesn’t always happen.
Earlier this month, my sister, Janna, tried to call her doctor twice to cancel her appointment for the next day.
“I was in elevator music purgatory for over 20 minutes,” she said. Both times, she didn’t get through to anyone. Three weeks later, she got a bill for a $100 “no-show” fee.
For my appointment, I did get a call the day before from the doctor’s office. But when I told the woman I’d forgotten about the appointment and couldn’t make it, she said I’d still be charged a cancellation fee.
Adam Rust, the director of financial services at the Consumer Federation of America, said using a fee to recover costs may be reasonable.
“But if penalty fees become a profit center, it may incentivize trickery and deception,” Rust said.

Isabel Pavia | Moment | Getty Images

In addition to sufficient reminders and opportunities to cancel appointments for patients, there can be other creative alternatives to “no-show” fees, Donovan said.
She recently spoke to one medical group in Camden, New Jersey, that had a problem with patients standing them up. They started asking people why they hadn’t come. Many said they just didn’t have reliable transportation to get there.
“They implemented a ride share, which came at a cost to the office, but their attendance levels went right up and more than compensated for the cost of the rides,” Donovan said.

Fees shouldn’t hurt credit, still may be worth disputing

When you make a doctor’s appointment, ask about the office’s policy around late cancellations and missed appointments, Donovan said. If you’re told you’ll be charged for missing an appointment, ask if you can reschedule it instead.
You can also try asking the office if they can waive the charge if you find it unfair or if you can’t afford it, she said. They should work with you.
“Ultimately, these fees are discretionary and I would be reluctant to work with any office that inflexibly charged them,” Donovan said.

On a practical note, debt owed to a doctor’s or dentist’s office is considered medical debt, a spokesperson for the Consumer Financial Protection Bureau told CNBC. Such debts that are less than $500 are not reported to the credit bureaus, they added.
As a result, it seems unlikely that a no-show fee would harm your credit.
When my sister Janna got her no-show invoice, she simply called the number on the bill and explained that she’d tried without success to cancel her appointment. The customer service agent agreed to waive the fee immediately.
“I feel like they have a system where they send out the bill for a no-show and then if people make the effort of calling it to question it, they’ll get rid of it,” Janna said. “But there are some people who are just going to pay it, so they bank on those people.”

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Under a new rule, which goes into effect Sept. 30, food will no longer count toward calculations for eligibility for Supplemental Security Income benefits.
The change means SSI beneficiaries will no longer have to worry that the groceries or meals they receive from family or friends may reduce their monthly benefits, a disability advocate says.
The change is the first of several updates the Social Security Administration said it plans to put in place for SSI beneficiaries and applicants.

Zeljkosantrac | E+ | Getty Images

The Social Security Administration has issued a final rule that will prevent food assistance from reducing payments to certain beneficiaries.
The change applies to Supplemental Security Income, or SSI, which provides monthly checks to adults and children who are disabled, blind or age 65 and older, and have little or no income or resources.

Approximately 7.4 million Americans receive support either exclusively from SSI or in combination with Social Security.
Under the new rule, which goes into effect Sept. 30, food will no longer count toward calculations for eligibility for benefits, known as In-Kind Support and Maintenance, or ISM.
Currently, support in the form of food, shelter or both may count as unearned income for SSI beneficiaries, and therefore reduce their payments or affect their eligibility for benefits.
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The monthly maximum federal SSI amounts in 2024 are $943 for individuals, $1,415 for couples and $472 for essential persons, or those who live with an SSI beneficiary and provide care.

To qualify for SSI, beneficiaries must generally earn less than $1,971 per month from work. They must also have less than $2,000 in resources per individual, or $3,000 per couple.
That generally includes either money or other assets that can be turned into cash, such as bank accounts, bonds, property and stocks.
The new rule means SSI beneficiaries will no longer have to worry that the groceries or meals they receive from family or friends may reduce their monthly benefits, said Darcy Milburn, director of Social Security and health care policy at The Arc, a nonprofit organization serving people with developmental and intellectual disabilities.
The Social Security Administration, in turn, will no longer have to use its limited resources to document every time a beneficiary received free food and then cut their monthly benefit by as much as a third, she said.
“It represents a really meaningful step to address one of the most complex, burdensome and inhumane policies impacting people with disabilities that receive SSI,” Milburn said.

The change is the first of several updates the Social Security Administration said it plans to put in place for SSI beneficiaries and applicants.
“Simplifying our policies is a common-sense solution that reduces the burden on the public and agency staff and helps promote equity by removing barriers to accessing payments,” Social Security Commissioner Martin O’Malley said in a statement.
The new rule may help provide some relief to SSI beneficiaries as high inflation continues to prompt higher food and grocery bills for all Americans.
“People on SSI are one of the most food insecure groups in the United States,” said Thomas Foley, executive director at the National Disability Institute.
The new rule may also result in fewer overpayments or underpayments of benefits, and therefore increase financial security for beneficiaries, he said.

Congress may have the opportunity to enact bigger changes to SSI through a bipartisan bill that would raise the asset limits for beneficiaries to $10,000 for individuals, up from $2,000, and to $20,000 for married couples, up from $3,000.
“Disability affects everybody, so it’s a bipartisan issue,” Foley said.
“Restricting asset limits to the $2,000 level really impacts people’s ability to save and build a better financial future,” he said.
In December, bank CEOs including JPMorgan Chase CEO Jamie Dimon testified before the Senate that they are in favor of updating SSI’s rules.
“We have employees who don’t want us to increase their salary because if it goes over a certain amount, they can’t get that benefit which they’re entitled to,” Dimon said in December.
“This definitely should be fixed,” he said.

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