Cryptocurrency is gaining traction, and there’s buzz about Amazon potentially accepting it as payment. Meanwhile, we're diving into the latest on child tax credit payments and effective ways to manage college tuition costs.

This Week In Your Wallet: College Edition

The bills for the upcoming college semester are rolling in. If you’ve planned ahead, great job! If your kids have earned merit aid or scholarships, that’s a win for everyone.

But if you’re thinking, “I can handle this, but how many more years can I manage?” we can help with that.

Unsure about utilizing your 529 plan effectively? We’ve got insights for you.

Confused about borrowing options beyond Federal Direct loans? Check out our guide to navigate the choices.

We’ve launched a new series this week titled How To Pay For College. I discovered valuable insights while reporting these stories, which is always refreshing after so many years in personal finance. If you know anyone heading to college soon, share this information!

Bitcoin Makes Waves

Bitcoin briefly surged to $40,000 yesterday on speculation that Amazon might accept cryptocurrency for payments. For those still hesitant about entering the crypto space, questions abound: Is it too late? Should I include Bitcoin in my retirement portfolio?

The Wall Street Journal’s Anne Tergesen addressed these questions after discovering that many financial advisors report clients asking about crypto. She suggests considering a small allocation of your assets—around 10% of the 5% set aside for alternatives—while being aware of the investment's volatility and lack of regulation. If you’re curious about buying crypto and which accounts to use, she covers that too.

Child Tax Credit Insights

The first round of child tax credit payments has been distributed, with another set expected mid-August. These monthly payments, up to $250 for children aged 6 to 17 and up to $300 for those under 6, can significantly support many families. However, ensure the IRS won't request any funds back when tax season arrives.

This credit is fully refundable for the 2021 tax year. The key is the 2021 aspect. The IRS determines eligibility based on your last tax return. If your income dropped in 2020 but rebounded in 2021, you might receive the funds but could be asked to return them later. Reporter Tara Siegel Bernard discusses other potential complications, including issues for divorced parents and self-employed individuals. Review her article here.

Podcast Feedback on Sobriety

Kathryn Tuggle and I received great responses to this week’s podcast, which explored the #sobercurious movement. In a candid discussion with Laura McKowen, founder of The Luckiest Club, we examined alcohol's role in our lives and its financial implications. Listen in and share your thoughts.

Navigating Interview Questions

Among the most dreaded interview questions is “What’s your greatest weakness?” You can’t say something that isn’t a real weakness or it sounds disingenuous, but revealing too much can backfire as well. Our reporter Sophia Surrett shares tips on how to answer this question effectively.

And that wraps up the highlights!