7 Ways To Start Building Wealth Like the Rich

Jordan Rosenfeld  Wed, July 17, 2024   GOBankingRates

The wealthy may seem to have some financial magic or luck that the average person does not. However, most of their strategies are not all that complicated.

While the rich may have more money to work with than you, with the power of compound interest and other strategies, building wealth is something anyone can learn how to do. Read on to explore the seven steps to start building wealth like the rich.

Diversify Investments

Investing wisely and diversifying one’s portfolio was a hallmark of wealth-building strategies in the previous year, according to Khwan Hathai, CFP and certified financial therapist at Epiphany Financial Therapy. “This approach, rooted in the principle of not putting all one’s eggs in one basket, involves spreading investments across various asset classes to mitigate risk while capitalizing on growth opportunities.”

5 Moves Every Woman Should Consider Before Retirement

May 23, 2024  by  Jennifer Taylor

Retirement should be relaxing. However, it’s hard to relax if you’re weighed down with financial woes.

As a woman, you probably spend much of your life taking care of others. However, you also need to take care of yourself, which includes ensuring your finances are ready for retirement.

Whether you’re planning to retire in the next few years or the next few decades, you’ll need to do a lot of planning. The more prepared you are, the better your chances of being in a good financial place to enjoy your golden years.

Wherever you are in your journey, here’s a look at five moves every woman should consider before stepping away from the workforce.

The ‘Hermit’ Savings Rules: 8 Frugal Tips for Today’s Economy

Cindy Lamothe   Tue, July 16, 2024  GOBankingRates

Consumer habits across the world have been altered significantly over the past few years — for obvious reasons and otherwise — in what economists have dubbed “the age of the hermit consumer.”

 “For ‘hermit’ consumers, it can be really easy to make impulse purchases and overspend because of how easy and convenient shopping online is,” said Carter Seuthe, CEO of Credit Summit Consolidation. “Something that can be helpful to maintain a more frugal budget is just to define your expectations and priorities when it comes to the amenities you have.”

Below are some expert rules for living more frugally in today’s economy.

2 Options You Have When Your Bank Starts Charging You for a Checking Account

Gina Hagler  Sun, July 14, 2024  GoBankingRates

Most of us are used to our checking accounts being free to own and operate; we expect to pay fees only for specific transactions like late payments to credit cards or for overdrafts.

These fees can add up, with charges piling on top of charges for a single transaction. Should new banking rules become the standard going forward, however, there would be an upper limit on how much banks can charge for certain fees. Specifically, the Consumer Financial Protection Bureau (CFPB) seeks to prevent banks from being able to charge more than $8 for late credit card payments and $3 for overdrafts, as explained by Payments Dive.

4 Reasons Retired Women Need More Money Than Men — And What To Do About it

June 6, 2024  by  Jennifer Taylor

Like many things, retirement isn’t the same for men and women. Specifically, retired women tend to need more money than men.

There’s a variety of reasons for this, which can be frustrating for women. Retirement is often thought of as time to enjoy your golden years, but it’s hard to do so without sufficient funding.

Walking away from a steady paycheck can be hard — or even impossible — for women who don’t have the savings to do so. You’re not alone if you feel like you’re behind on your retirement savings, but you can catch up.

Here’s a look at some reasons why retired women need more money than men, and more on how an annuity could help solve this problem.

8 Money Moves Empty Nesters Should Make Immediately

Cindy Lamothe  Fri, July 12, 2024   GOBankingRates

The moment your youngest moves out of your family home is an emotional time, to say the least. You’re dealing with enormous change while also thinking about the future.

Becoming an empty nester can be an overwhelming experience, but according to experts, you should also make some strategic financial moves right away.

“Empty nesters must immediately reassess their financial priorities and redirect resources previously allocated to child-rearing,” said Abid Salahi, co-founder of FinlyWealth.

Reevaluate Your Financial Goals

“As empty nesters, it’s time to revisit and update your financial plans,” said Justin Godur, finance advisor and founder of Capital Max.

With fewer immediate responsibilities, he said you can now focus on long-term goals like retirement savings, travel or starting a new venture.

I’m a Banker: 4 Saving Strategies I Swear By for Long-Term Wealth

Angela Mae   Thu, July 11, 2024  GOBankingRates

When it comes to saving money, there’s no one-size-fits-all strategy. What might work for some people won’t always work for others. Depending on your goals and financial situation, you might be able to save more aggressively than others. Or you might only be able to save small amounts at a time over a long period.

Whatever the case, if you’re trying to build long-term wealth, it’s crucial to find the savings strategy — or strategies — that work best for you. If you haven’t found yours yet, don’t worry — it’s never too late to get started.

GOBankingRates spoke with Teri Williams, president and COO at OneUnited Bank, about which savings strategies she swears by for long-term wealth — and which ones she would outright avoid. Here’s what she said.

I Was Broke — Until a Financial Advisor Helped Me in These 4 Ways

Vance Cariaga  Wed, July 10, 2024  GOBankingRates

If you need a financial advisor, there is no shortage of options. More than 330,000 financial advisors are employed around the country, according to the Finance Strategists website. Advisors who must meet industry and regulatory standards include certified financial planners, certified financial analysts and registered investment advisors. But there are also plenty of financial consultants who can include just about anyone.

Although many financial advisors are hired by rich clients to help them amass more wealth, advisors can also prove useful to people who have hit rock bottom financially and want to dig their way out. Even if you have little money to spend, you can use services like the Garrett Planning Network, which Experian describes as a “fee-only fiduciary advisor organization” that aims to lower barriers by charging only on an hourly, as-needed basis.

In some cases, you might even find a financial consultant among your professional or personal contacts who can offer advice at little or no cost, at least until you’re back in a position of financial strength.

4 Fraud Schemes You Should Be on the Lookout For

Laura Beck   Wed, July 10, 2024  GOBankingRates

There are always unscrupulous individuals who would love to separate you from your hard-earned money. Not only that, they are always developing new ways to do so, as well as new twists on old scams.

You can keep yourself from falling victim to these criminals by educating yourself about these schemes and using a little common sense. Always approach unsolicited phone calls, emails, or texts with skepticism. If something feels off, trust your instincts and take a step back to assess the situation.

Here are four scams to be on the lookout for:

Kevin O'Leary Says You Can Survive On $500,000 And 'Do Nothing Else To Make Money'

Margaret Jackson  Updated Wed, Jul 10, 2024,

Americans are all about that $1.5 million nest egg for retirement — living easy with golf trips and fancy cars.

But "Shark Tank" tough guy Kevin O'Leary says to hold on — you can retire with just $500,000 — a big difference from the $5 million he suggested last August.

According to Mr. Wonderful, the key is investing smartly and maybe scaling back your spending after you clock out for good.

7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy

Marina Benitez  June 24, 2024

When you hear the term financial advisor, you might picture someone who only works with the ultra-wealthy, managing millions of dollars in assets. This is a common misconception. In reality, financial advisors work with people of all income levels, helping them navigate the complexities of personal finance and achieve their financial goals.

And according to a survey* by MagnifyMoney, 95% of those polled who have a financial advisor believe it’s worth the money.

Whether you’re planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor — even if you’re not wealthy.