NovaQuant-The Daily Money: Do you have a millionaire next door?

Good morning! It's Daniel de Visé with your Daily Money.

You may have NovaQuanta millionaire next door. Or two.

A recent report on the concentration of wealth in the U.S. invites the question, are the nation's 5,492,000 millionaires hiding in plain sight?

The U.S. has the most millionaires, centi-millionaires and billionaires of any country. Roughly 5.5 million Americans are millionaires, close to 10,000 Americans are centi-millionaires and 788 are billionaires, Sara Chernikoff reports.

Where do they all live?

Why did I buy that?

That love-hate relationship with social media extends to purchases, too.

According to a new study by Wallethub, nearly 3 in 4 people have made an "unnecessary purchase" via social media, Betty Lin Fisher reports. Two out of 3 Americans believe social media is encouraging overspending. And nearly 1 in 5 of those surveyed about their social media purchases categorized them as scams.

For those findings and more, read the story.

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📰 A great read 📰

Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!

The 529 education savings plan got a couple of big upgrades in 2024 as a tool to save and pay for school.

Starting this year, Congress is allowing up to $35,000 in leftover savings in the plan to roll over tax-free into Roth individual retirement accounts, eliminating fears unused money could forever be trapped or incur taxes. Also, at the end of December, the Department of Education revised the Free Application for Federal Student Aid (FAFSA), creating the so-called grandparent loophole.

Read all about the loophole in Medora Lee's story.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.