Expectations vs. Reality Gap

The Expectations vs. Reality Gap is huge when it come to millennials desire to own a home.

In a nationwide survey of nearly 7,000 prospective homebuyers, Point2 found that 74% of the Millennials who are interested in purchasing a home would like to do so in the next 12 months. However, 88% of respondents between 25 and 40 years old have significantly less in savings than the average national down payment amount, which is $62,600. Moreover, 14% of the Millennials surveyed stated that they hadn’t managed to set aside anything at all, meaning that the desire to buy a home might be in conflict with Gen Y’s budgetary realities.

Time Needed to Save a Down Payment

Time Needed for Down Payment in 100 Largest Cities

Click on the above link for an interactive graph of cities.

Assuming a saving rate of 8% and a 20% down payment, in Austin it would take 11.8 years to save a down payment, Chicago, 9.6 years, Denver 12.8 years, Los Angeles 25 years, San Francisco 18.3 years.

Budget Realities

  • Most Millennials tend to greatly underestimate the amount of money they will need for a down payment.
  • The national average down payment is about $62,000, but 40% of Millennials expect it to be less than $10,000. What’s more, 61% of young people have less than $10,000 in savings. Of those, 14% have no savings at all.
  • The average savings rate in the last decade was 8%. And, although personal savings went through the roof in April (reaching 33.7%) one month of extraordinary budgeting may not move the needle.
  • Considering savings rates, median incomes and median home prices, the time needed to save for a 20% down payment in the 100 largest U.S. cities varies significantly: from 10 years in Los Angeles and around nine years in Long Beach and


The CNET stimulus payment calculator can help you estimate how much money you could get from the IRS if a second check comes to be.

Sarah Tew/CNET

If Congress approves a second stimulus check by the end of 2020, how much money could you expect as a payment? There are a number of variables that factor in, so we built a handy calculator to help make estimating the amount as easy as possible.

The IRS is expected to follow the same guidelines as with the first stimulus check of up to $1,200 per person, but with a twist. If and when Congress signs off on a second direct payment, there could be changes to qualifications for you or your family members, which could result in more money for you. However, there are two different proposals for what that means, so things could get tricky. It’s important to read the next section below before you use the calculator tool.

Our stimulus check calculator is based on rules from the CARES Act, which governed the first stimulus check, and does not retain your personal details in any way. Keep in mind this tool supplies estimates only — the IRS may calculate a final figure based on other factors.

Read: What do your taxes have to do with stimulus checks? Everything.

Important: Before you start calculating

You will need your adjusted gross income, or AGI, from your 2019 or 2018 tax information. If you’ve filed your 2019 federal tax return, you can find that figure on line 8b of the 2019 1040 federal tax form. It’s line 7 on the 2018 1040 tax form. 

The CARES Act allowed you to claim child dependents for $500 apiece, as long as they’re 16 years old or younger (that is, under

Billionaire casino mogul Phil Ruffin disputes that there was anything unusual about a multi-million dollar payment the Las Vegas hotel he co-owns with President Donald Trump made to the Republican candidate during the 2016 election.

The New York Times published a story Friday examining the one-time payment to Trump as part of its ongoing coverage of the president’s tax returns. The story asserted that Trump was in desperate need of cash as he self-financed his 2016 campaign.

The story builds on a 2019 Kansas City Star story in which Ruffin disclosed that the hotel made a $28 million payment to Trump in 2016 for back fees.

The New York Times story states that the total payment was $21 million based on Trump’s tax returns, but in an interview with The Star Friday, Ruffin continued to assert that the amount was $28 million.

Ruffin, who grew up in Wichita, said that the money was for licensing fees the hotel owed Trump as part of their joint venture.

“It was fees we owed him and the property owed him, and so he got paid. What he did with the money, I don’t know,” Ruffin said Friday. “It’s his money. … He accumulated over a 10-year period these fees and he didn’t ask for it until the property was paid off. It’s a straight deal.”

Ruffin first disclosed the payment in 2019 when Trump’s former lawyer, Michael Cohen, faced questions during a House Oversight Committee hearing about payments from a Kansas businessman.

Ruffin lives in Las Vegas, but maintains holdings in Kansas, including the Wichita Greyhound Park and the Woodlands racetrack in Kansas City, Kansas.

“It was branded a Trump hotel and Trump has value. These were fees that we agreed to when we built the damn thing,” Ruffin said Friday, disputing

(Bloomberg) — The Trump administration’s potential restrictions on two Chinese payments giants would reverberate far beyond politics, potentially affecting multibillion-dollar deals, shaking up international commerce and even shaping the evolution of the global financial system.

a person sitting on display in a store: An advertisement for Tencent Holdings Ltd.'s WeChat Pay digital payment service is displayed outside a restaurant in Hong Kong, China, on Tuesday, Sept. 1, 2020. WeChat Pay and Ant Group's Alipay account for the majority of the mobile payments transactions in China.

© Bloomberg
An advertisement for Tencent Holdings Ltd.’s WeChat Pay digital payment service is displayed outside a restaurant in Hong Kong, China, on Tuesday, Sept. 1, 2020. WeChat Pay and Ant Group’s Alipay account for the majority of the mobile payments transactions in China.

U.S. officials have stepped up behind-the-scenes talks in recent weeks about possibly restricting the expansion of Ant Group’s Alipay and Tencent Holdings Ltd.’s WeChat Pay over concerns that the digital payment platforms threaten national security, Bloomberg reported on Wednesday.


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Read more: U.S. explores curbs on Ant Group, Tencent payment systems

If the administration proceeds, the most immediate hit would be to Ant Group’s plan for a stock listing in Shanghai and Hong Kong, a deal that could rank as the world’s largest initial public offering. Some international companies have been working with the payment apps and could see those strategies hurt or derailed. And while restrictions may ultimately head off potent competitors to U.S. and European banks, it could also — depending on how China responds — thwart their own planned expansion into the world’s second-largest economy.

Here’s a breakdown of the many companies with business at stake as President Donald Trump’s administration weighs its decision:

Ant’s IPO

Investors have been eager to pile into Jack Ma’s Ant Group. After gauging early interest, the company is seeking to raise at least $35 billion in its IPO, people familiar with the matter have said, potentially topping Saudi Aramco’s record $29 billion sale. Ant lifted the target based on an increased valuation of about $250 billion, which would exceed the market

Activist investor Dan Loeb is urging The Walt Disney Company’s CEO Bob Chapek to halt its $3 billion annual dividend payment and redirect the funds towards content production and acquisition for its streaming service, Disney+, according to a letter Wednesday obtained by FOX Business.

Ticker Security Last Change Change %
DIS WALT DISNEY COMPANY 122.89 +2.04 +1.69%

“By reallocating a dividend of a few dollars per share, Disney could more than double its Disney+ original content budget,” Loeb wrote. “These incremental dollars would, based on our analysis, generate returns that are multiples of the stock’s current dividend yield by driving high life-time-value  subscribers to your [direct-to-consumer] platform.”

Besides bringing in additional subscribers, Loeb said “increased velocity of dedicated content production will deliver several knock-on benefits spread across your existing base including elevated engagement, lower churn, and increased pricing power.”

“Together, the ability to drive subscriber growth, reduce churn, and increase pricing present the opportunity to create tens of billions of dollars in incremental value for Disney shareholders in short order, and hundreds of billions once the platform reaches a larger scale,” he added.

Disney announced in its third quarter earnings report in August that the streaming service had surpassed 60 million subscribers. Meanwhile, Hulu has surpassed 35.5 million subscribers and ESPN+ has surpassed 8.5 million subscribers.

Ticker Security Last Change Change %

The letter comes as the coronavirus has prompted the acceleration of cord-cutting from traditional cable and has forced media companies to adapt to a new release model while the pandemic continues to prompt the closure of theaters across the globe, including Cineworld’s Regal Cinemas. As for Cineworld’s competitors, AMC and Cinemark, both have expressed their commitment to remain