News You Can Use

Janet Yellen confirmed as Treasury secretary, and 1 out of 5 renters are behind on payments: How the headlines can affect your money

Yellen was the first woman confirmed to the position of Treasury secretary.

Janet Yellen, former chair of the U.S. Federal Reserve.
Getty Images

Markets were mixed on Monday, Janet Yellen is confirmed as Treasury secretary, and 18% of renters are behind on payments. Here's how the headlines could affect your money.

Markets start off week mixed

Markets were mixed Monday: The S&P 500 and the Nasdaq both closed on record highs while the Dow dipped 0.1%. Investors await quarterly earnings reports from some big players this week, including Apple, Microsoft, Netflix, Tesla, and McDonald's.

Stocks were tentatively on the rise Tuesday morning.

Janet Yellen confirmed as Treasury secretary 

The first woman to lead the Federal Reserve, Janet Yellen made history again on Monday when she was confirmed as Treasury secretary in an 84-15 Senate vote. She'll be the first woman to hold the position.

Among her first tasks will be working with a divided Congress on President Joe Biden's $1.9 trillion stimulus proposal. Yellen stated her support for the package during her confirmation hearings, saying she thinks Americans need more help "to get through these dark times."

How to spend a stimulus check if you're employed

Video by Jason Armesto

Nearly 20% of renters behind on rent

About 1 in 5 renters (18%), or around 10 million people, were behind on rent payments as of January. The typical renter is four months behind and owes as much as $5,600, according to an analysis from Moody's Analytics and the Urban Institute. Countrywide, renters owe an estimated $57.3 billion.

Among Biden's first executive orders was an extension of the moratoriums on evictions. This is "going to offer some sort of reprieve as far as imminent danger," Texas-based real estate attorney Rachel Khirallah previously told Grow, but it's "not a long-term solution." 

The findings are a good reminder to keep an emergency savings account at all times with as much as a year's worth of funds, if possible.

Words you've heard: windfall

A windfall is a large and sometimes unexpected financial gain from an inheritance, salary bonus, or property sale, for example. One lucky lottery player got a windfall this weekend when they won the $1.05 billion prize, the third biggest in lottery history.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

More from Grow: