7 Biggest Ways You’re Wasting Money While Traveling

7 Biggest Ways You’re Wasting Money While Traveling

Andrew Lisa  Fri, July 19, 2024  GOBankingRates

Travel demand continues to soar, and naturally, prices have soared along with it.

If you have a vacation coming up, you should expect to spend more — but you should also strategize to spend less wherever you can. Knowing which purchases don’t deserve your dollars, pesos and euros is the best way to start.

Here are the most common budget-busting wastes of money to avoid when you travel.

Buying Pricey Gift Shop Trinkets

The easiest way to waste your money on any vacation is in the gift shop. Usually, the shot glass, coffee mug or indigenous mask you splurge on winds up collecting dust in a box soon after your return flight touches down.

 “Most tourist destinations have souvenir shops that charge significantly higher prices for their merchandise compared to the local markets that are outside the tourist hotspots,” said Kevin Mercier, founder of the travel blog Kevmrc.com. “Travelers often end up wasting their money by purchasing souvenirs like keychains, shirts, and magnets at these over-priced shops. I always compare prices at different shops before purchasing, which helps me make a more informed decision.”

Overspending on Hotels

As the COO of Exotic Voyages, a luxury travel company offering private and custom-made tours, James Thai knows it’s easy to save money on hotels and resorts no matter your budget or lifestyle. However, it’s also just as easy to overspend.

“One of the biggest money traps for travelers is splurging on accommodations,” said Thai. “While a comfortable stay is important, it doesn’t mean you have to break the bank. Avoid overpaying for hotels in prime locations or choosing luxury options when budget-friendly alternatives are available. Consider staying in guesthouses, hostels or vacation rentals, which often offer excellent value for money without compromising quality. Additionally, booking your accommodation well in advance or taking advantage of last-minute deals can help you secure affordable rates.”

Dining at Tourist Traps

When you eat at the crowded and trendy restaurants you see in hotel and train station brochures, overspending is always on the menu.

“Another common mistake is falling into the tourist trap of expensive and mediocre restaurants,” said Thai. “Instead of dining at heavily advertised tourist hotspots, explore local eateries and street food stalls where you can savor authentic cuisine at a fraction of the cost. Engage with locals or consult online resources to discover hidden gems that offer delicious food and an immersive cultural experience. Not only will you save money, but you’ll also embark on culinary adventures that create lasting memories.”

Paying Foreign Transaction Fees

Although overpriced souvenirs and tourist-trap restaurants are ill-advised purchases for tourists on a budget, at least they give you something to show for your dollars. But when you pay for the privilege of spending money, you might as well just throw your cash in the trash.

“One of the things people spend the most amount of money on unnecessarily are foreign transaction fees,” said Nicole Cueto, a certified travel advisor with Fora Travel who’s visited 41 countries and all seven continents. “When paying for something abroad with your credit card and prompted with the choice of whether to pay in the local currency or your home currency, always choose the local currency. You’ll get the best conversion rate. It might not seem like a big difference, but it adds up.”

T0 READ MORE:  https://www.yahoo.com/finance/news/7-biggest-ways-wasting-money-133021858.html

Does It Seem That Every American Has More Money Than You?

Does It Seem That Every American Has More Money Than You?

Here’s why everyone in America seems to have more money than you. It may not be what you think

Vawn Himmelsbach  Updated Thu, July 18, 2024  Moneywise

If your friends, family, and coworkers always seem to be dining out, going to parties, taking exotic vacations — and maybe even paying $2,000 each for Taylor Swift tickets — while you clip coupons for groceries, you might feel like everyone you know has more money than you.

This could be especially painful if you’re feeling the pinch of inflation, right down to your grocery bill.

But Americans have a lot of debt. In fact, U.S. household debt reached $17.69 trillion in the first quarter of this year, according to data from the Federal Reserve Bank of New York (FRBNY). Although inflation has been mostly declining over the past two years — after pandemic highs — the Consumer Price Index increased 3.3% during the 12 months ending May 2024.

As if the debt weren’t enough, almost half of Americans (48.6%) consider themselves “broke,” according to a MarketWatch Guides survey, with about two-thirds (66.2%) “living paycheck to paycheck.”

Considering the financial instability of everyday Americans, why does it appear like everyone is living the high life — except you?

Racking up credit card debt

Americans have an enormous amount of credit card debt. Outstanding balances on credit cards reached a grand total of $1.12 trillion in Q1 — up 13.1% from the same period last year — according to data from FRBNY.

This is a grim milestone, as 2023 was the first time outstanding credit card balances surpassed the $1 trillion mark.

Another Bankrate survey found that 49% of credit card holders were carrying a balance from month to month in 2023. In some cases, Americans may be relying more on their credit cards as their finances are stretched thin, thanks to the higher cost of everyday expenses and higher interest rates on credit and loans.

But with credit card interest rates around the 21% mark — and in some cases as high as 30% — using a credit card to foot bills or bridge monthly shortfalls can be a losing game. If you buy groceries with a credit card and only make the minimum monthly payments, it could take years to pay off that bill, since you’ll be paying back the interest rather than the principal.

In other cases, people might be living the high life by charging everything to their credit cards (or even taking out loans), while ignoring the consequences. So, while it might look like they have a lot of disposable income, they’re racking up more and more debt, which eventually will catch up with them.

Making lifestyle sacrifices or trade-offs

Maybe one of your friends always seems to be traveling to yet another exotic locale. It’s possible they’re living beyond their means, but they could also be making sacrifices in other areas to prioritize travel. For example, maybe they’ve chosen not to buy a car and use public transit instead, so they can funnel more of their budget toward travel.

A LendingTree study of census data found that 18.3 million homeowners in the U.S. spend more than 30% of their monthly income on housing. So if someone you know has a beautiful home, they may have chosen to make sacrifices in other areas — such as entertainment expenses or vacations — so they can afford their home.

Some people you know may be working long hours and missing time with family and friends in order to fund their lifestyle. They also might be working side hustles to bump up their disposable income.

TO READ MORE:

https://news.yahoo.com/news/finance/news/why-everyone-america-seems-more-105500103.html

7 Questions You Should Never Answer When Buying a Car

7 Questions You Should Never Answer When Buying a Car

Andrew Lisa  Thu, July 18, 2024  GOBankingRates

Unless you live for the wheel and deal, car dealerships can be an intimidating place for potential buyers. Not only are you entering an unfamiliar territory inhabited by experts, but there’s a lot of pressure to make the right choice.

Expensive to buy and maintain, worth less and less with each mile driven, car ownership can be both a burden and a necessity. According to Kelley Blue Book, the average new car price was a record high $48,644 in June 2024 — just $266 more than the month before and $307 lower than in June 2023.

It’s might not always be possible to enjoy the car buying experience, but you can certainly reduce anxiety by knowing what you want and keeping certain information close to your chest. Read on for seven questions you should never answer when buying a car.

“How Much Do You Know About Cars?”

When it comes to a major purchase, never put yourself at a disadvantage. If you’re planning on spending thousands on a new vehicle, you have to do your research.

That said, even if you know less than nothing about cars, don’t let a salesperson know. Dealers are trying to sell cars as eagerly as you want to buy one.

Get a good idea of what you want, check reputable website rankings and don’t buy any car you’re unsure of — it’ll remind you every day of the mistake you’ve made.

A salesperson wants to make the biggest commission possible. To do that they want to take the reins and guide you through the process on their terms, not yours.

 “Why Do You Need a New Car?”

There’s no reason to be insolent, but the reason you’re buying a new car is irrelevant to a salesperson/stranger. Divulging personal, professional or financial information — or even a motive — while buying a new-to-you vehicle is unnecessary during the negotiating of a sale.

When you drive your clunker into a dealership hoping that you’ll be landing the car of your dreams, you’re the one in charge, regardless of how poor that clunker looks and rides. Even if you’re desperate, knowing exactly what you want will have the salesperson following your lead.

“How Much Are You Willing To Pay Monthly?”

To Read More:   https://www.yahoo.com/news/finance/news/7-questions-never-answer-buying-130031537.html

7 Ways To Start Building Wealth Like the Rich

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.”

 For someone looking to emulate this, Hathai suggested starting to invest in a mix of financial products such as stocks, bonds, real estate or even exploring newer areas like cryptocurrencies or ESG (environmental, social and governance) investing, depending on one’s risk tolerance and financial goals.

Focus on Growth over Gains

A focus on long-term growth over short-term gains has always been a distinguishing factor of affluent investors as well, Hathai said. “[The rich] look beyond the volatility of markets, concentrating on assets and ventures that promise sustainable growth.”

She encouraged a patient and focused approach to investing, where the emphasis is on the interest appreciation over years or decades, rather than quick wins.

Utilize Tax Advantaged Accounts

To Read More:  https://www.yahoo.com/news/finance/news/7-ways-start-building-wealth-123008400.html

5 Moves Every Woman Should Consider Before Retirement

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.

1. Estimate How Much You’ll Spend in Retirement

You can’t know if you have enough saved for retirement without estimating the amount you’ll spend each year.

Generally speaking, people tend to spend 55% to 80% of their current income each year in retirement, according to Fidelity®. Of that, approximately 15% of expenditures are healthcare related2.

Therefore, if your ending salary was $100,000 per year, you’ll likely need $55,000 to $80,000 per year in retirement — including approximately $15,000 in healthcare-related expenses.

It’s also important to think of the lifestyle you desire in retirement, as this will largely drive your cost of living. For example, you might save money by no longer having to commute to work and downsizing to a smaller home, but you could also spend more with frequent travel or buying a vacation home.

There’s no one-size-fits-all approach to retirement spending, so take the time to customize your plan to fit your lifestyle.

2. Devise an Income Plan

Right now, you pay for your expenses with your weekly, bi-weekly or monthly paycheck. However, this steady paycheck will come to an end when you retire.

Chances are, you’ll have a variety of income streams in retirement — Social Security, perhaps a pension, an annuity, a 401(k), etc. This is great, but you’ll need to figure out which accounts you’ll be tapping to pay your monthly bills.

It can be wise to work with a financial planner on this, as they can help you create a plan that minimizes taxes, while maximizing future earnings. This will ensure you’re truly getting the most from your money.

To Read More:

https://www.gobankingrates.com/retirement/planning/moves-every-woman-needs-to-make-before-retirement/?utm_term=morefrom_link_3&utm_campaign=1278041&utm_source=yahoo.com&utm_content=8&utm_medium=rss

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

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.

Embrace a DIY Mentality

“DIY is my new favorite hobby,” said Andrei Vasilescu, co-founder and CEO of DontPayFull. “It’s cost effective, and YouTube is a great teacher. About 50% more people are getting into DIY now.”

Syed Lateef, business coach and CEO of SyedBNB, agrees.

“We can all see it,” Lateef said. “The focus has shifted towards a more home-oriented lifestyle, and I can personally say that more people are embracing do-it-yourself (DIY) activities.”

He said this is a good thing because mastering basic skills for home and car repairs can lead to considerable savings.

“Nowadays, the hundreds of online tutorials and resources makes it easier than ever to learn and perform these tasks ourselves,” he said, “reducing the need to hire professionals.”

Save Money by Cooking at Home

“The driving force behind the hermit economy isn’t entirely clear,” Lateef said.

He said it could be due to the lingering hesitation for close-contact services, the increase in remote work or a shift in social values.

“What’s obvious, though,” he said, “is that consumers are now more inclined to spend on home-centric activities.”

As a result, he said, many followers of the FIRE (financial independence, retire early) movement have come to realize that frequent dining out can be quite costly. So, frugal individuals are embracing the art of cooking at home, experimenting with budget-friendly and nutritious meals.

He added, “Hermit consumers save money but also encourage healthier eating habits.”

Focus on Secondhand Finds

In the current economic climate, looking at secondhand alternatives before buying new is a wise strategy, Lateef suggested.

“I believe that the ‘hermit’ consumers are now placing more emphasis on sustainability because of the pandemic, so shops like thrift stores and online marketplaces are trending because of the treasure troves of affordable, yet quality items.”

In terms of frugality, he said, this not only helps save money but also aligns with sustainable practices by repurposing and recycling items.

To Read More: https://www.yahoo.com/finance/news/hermit-savings-rules-8-frugal-140043078.html

“Inflationary Forces”? Duh

“Inflationary Forces”? Duh 

Notes From the Field By James Hickman / Simon Black 7-16-24

Jamie Dimon is the CEO of JP Morgan Chase, one of the world’s largest banks. And last week he issued a stern warning on the bank’s quarterly earnings call that “multiple inflationary forces” are still lurking.

File that one away under “duh”. It should be completely obvious to just about anyone paying attention to the world that many of the key drivers that rocketed inflation higher are still with us.

The Federal Reserve, of course, desperately wants to pretend that inflation is in the rear-view mirror, never to return. And they keep insisting that the downward trend of inflation justifies their interest rate cuts.

But as Mr. Dimon points out, “large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world” all create high risk of substantial inflation.

We agree with him.

“Remilitarization of the world”, i.e. conflict, is very expensive. The very nature of war means consuming vast quantities of resources to produce munitions that will destroy your adversaries’ resources.

Most governments don’t have the money to do this. The last time the United States was able to fund a war without going into debt was the Spanish-American War in 1898. Every other war, or even preparation for war, required significant additional debt... which ultimately resulted in printing more money.

So, in the end, warfare means more money in the system, but fewer resources. This is the very definition of inflation.

Dimon mentions trade disputes as well, which are also very expensive.

Free trade creates wealth. It allows countries and producers to specialize in what they do best, and trade for what other countries do best.

Germany is great at high tech manufacturing, pharmaceuticals, and various other industries. But they can’t produce bananas to save their life.

Fortunately, Guatemala exists. Guatemala has no high-tech industry. But they’re great at bananas. It’s a sensible trade.

When nations are in dispute with one another, trade breaks down and they start having to produce goods and services where they have no expertise.

Sometimes it works out; in one of their endless wars with France, Britain boycotted French wine... and in the process, accidentally invented port. But usually, such inefficiencies create a lot of inflation.

Dimon also mentions infrastructure needs. And that’s a massive understatement.

The US highway system is deteriorating. Amtrak is blowing money without any serious improvements. California is tens of billions of dollars over budget, and several years late, for a high-speed rail it promised from San Francisco to Los Angeles.

It doesn’t help that they put $1 trillion in the hands of an incompetent diversity hire like Transportation Secretary Pete Buttigieg.

All of this money will need to be conjured out of thin air by the central bank, which, again, is inflationary.

Lastly, Dimon also references “large fiscal deficits”, which is putting it politely.

We’ve said it many times— the government’s own internal projections expect an extra $22 TRILLION in deficit spending (i.e. new debt) on top of the $35 trillion national debt, over the next decade. Most of that will come within the next five years.

Deficits are inflationary, as we have seen over the past few years.

To be fair, there are some potential deflationary forces as well.

Increases in productivity are very deflationary. Technology, driven by artificial intelligence, could be monumental in improving productivity and keeping prices down.

Yet there are also a lot of people in government (and even within the AI industry), trying to slow down development and hold back AI.

Capitalism— which encourages competition to offer the best quality goods and services at the lowest prices— is also deflationary.

Unfortunately, many people in power despise capitalism and rail against it as racist, misogynist, or bad for the planet.

To Read More:   https://www.schiffsovereign.com/trends/inflationary-forces-duh-151157/

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

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.

According to Wall Street Journal, JPMorgan Chase — the largest consumer bank in the country — plans are underway to circumvent the regulation by instituting more consumer charges for owning a checking account or using wealth-management tools. Currently, most bank maintenance fees are avoided by having a balance above a threshold. But this could turn into a fee regardless of your balance.

 It won’t necessarily end there: reportedly, they are also considering increasing their interest rates and enacting a stricter policy on credit card loans. With this news in mind, here are your options should your bank start charging for a checking account.

Switch Your Account Type

You may have luck getting in contact with your bank supervisors and requesting to switch your account to avoid such fees. Certain individuals, like senior citizens or students, are often able to have monthly service fees waived— some banks will even offer various paid services for free, as explained by Forbes.

There are checking accounts specifically designed for seniors that are unavailable to others. If you don’t want to switch your account entirely, you may be able to qualify for a waiver within your existing account after passing the age threshold.

 Forbes also notes that the banks may introduce other fees in exchange for those waived. One possibility is overdraft fees which, if the CFPB is successful and the bank remains user-friendly, would be minimal.

To Read More:  https://www.yahoo.com/news/finance/news/2-options-bank-starts-charging-130112635.html

4 Reasons Retired Women Need More Money Than Men

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.

1. Career Interruptions

Women are statistically more likely than men to take time away from the workforce to care for others, like children or aging parents. For example, only about one in five stay-at-home parents in the U.S. are dads, according to the Pew Research Center1.

In 2023, 66% of women identified as caregivers, compared with just 34% of men, according to an AARP New York Survey. Of current and former women caregivers, 35% said they didn’t work while providing care2.

Taking time away from the workforce can have a profound effect on women’s retirement savings. While they’re not working, they’re of course not earning a paycheck, but they’re also not able to take advantage of any employer-matched retirement savings benefits or pay into Social Security.

Even when they return to the workforce, being away may impact long-term career growth. This can cause them to have a lower earning potential, which may limit their retirement savings.

2. The Gender Pay Gap

In 2022, women earned 82% as much as men on average, according to the Pew Research Center3. This isn’t anything new, as women earned 80% as much as men in 2002.

Not earning as much as men can impact women’s finances in both the present and future — like in retirement. For example, Fidelity® recommends putting 15% of your pretax income aside for retirement each year4.

However, working women might not be able to afford to save that much for retirement. Even if they can manage to do so, it won’t total as much as male co-workers earning more than them.

Social Security benefits are also based on average career earnings. In 2021, the average annual Social Security income received by women ages 65 years and up was $14,204, compared with $18,108 for men, according to the Social Security Administration5.

To Read More:  https://www.gobankingrates.com/retirement/planning/reasons-retired-women-need-more-money-than-men/?utm_term=morefrom_link_4&utm_campaign=1277605&utm_source=yahoo.com&utm_content=10&utm_medium=rss

8 Money Moves Empty Nesters Should Make Immediately

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 always tell my clients to adjust their savings strategies and ensure they align with their new life stage.”

Ben Klesinger, co-founder and CEO of Reliant Insurance Group and Helping Hand Financial, also reevaluated his financial goals with his wife upon becoming empty nesters.

“With fewer expenses, we travel internationally once a year now,” he said.

“Experiencing new cultures and adventures is rewarding after years of focusing on family responsibilities,” Klesinger said. “The trip budget comes from funds previously spent on the kids’ activities and expenses.”

Maximize Retirement Contributions

At this stage in life, experts advise increasing your contributions to retirement accounts like 401(k)s or IRAs.

“I personally boosted my retirement savings significantly once my children were on their own, leveraging catch-up contributions to maximize tax advantages,” Godur said.

Experts agree that this period is perfect for catching up on any retirement savings gaps.

“When I became an empty nester five years ago, I was shocked to realize I had unknowingly spent an average of $14,000 annually on my children’s expenses,” Salahi said.

“I’ve significantly improved my financial outlook by redirecting these funds to my retirement accounts,” he said. “This personal experience has shaped my advice to clients in similar situations.”

Streamline Your Budget

Make sure to analyze and adjust your budget to reflect the change in household size. For example, redirect funds previously allocated for children’s expenses towards investments or debt reduction.

“In my experience, this reallocation can substantially improve financial health and free up resources for future endeavors,” Godur said.

Consider Downsizing

A big money move to start considering is the possibility of downsizing your home.

Read More:  https://www.yahoo.com/news/finance/news/8-money-moves-empty-nesters-150052163.html

4 Saving Strategies I Swear By for Long-Term Wealth

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.

Automate Those Savings

One of the first things Williams suggested was setting up an automatic savings account.

“What wealthy folks know is that you MUST set up an automated process such [as] that funds transfer from your paycheck to a savings/investment account,” she said. “If money goes ‘into your pocket,’ you are more likely to spend it.”

Most banks and credit unions, as well as online banking services, will allow you to connect two accounts — like a checking and savings account — and automate your savings contributions. Depending on your goals and finances, you may be able to set it up to where a certain amount of money gets deposited into your savings account each month. Or you might be able to have a specific percentage of your paycheck put into your savings.

Check over your budget and see how much money you can comfortably save each month. You can always make adjustments as you go, but the important thing is getting started.

Prioritize Increasing Your Income

If you’re trying to save money to build long-term wealth, you’ve probably been told to cut out that daily latte habit or cancel those extra streaming service subscriptions. And while cutting back on things you don’t need, want or even use doesn’t hurt, it’s not the way to become wealthy.

Instead, Williams suggested focusing on your income over your expenses.

“The wealth gap, as an example, is largely due to the income gap, rather than a difference in how we spend our money,” she said. “Avoiding purchasing a cup of coffee or lunch is not as important as improving your job skills and career path.”

These small cut-backs might help in the moment, but your actual earnings are what are more likely to push you into greater financial stability and wealth over time.

To Read More: https://www.yahoo.com/finance/news/m-banker-4-saving-strategies-150027509.html

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

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.

This is especially useful if you happen to be broke and need a plan to start earning income, saving money and building wealth. One person who can speak from experience is Ben Grant, founder and CEO of LearnSales, a global sales training platform where he partners with noted author and money expert Grant Cardone.

Ben Grant’s journey from financial hardship to entrepreneurial success is a “powerful testament to the transformative impact of professional financial guidance,” according to correspondence shared with GOBankingRates.

As Grant told GOBankingRates, he had a talent for generating income but found himself “nearly broke” because of poor money management skills.

“Overspending and unwise investments had taken their toll,” he said. “Realizing I needed expert advice, I sought the help of a financial advisor, which proved to be a pivotal decision in my career. My experience illustrates how hiring a financial advisor can play a crucial role in overcoming financial hardship. With expert guidance, individuals can transform their financial status, make smarter decisions and build a more secure future.”

Here are four ways a financial advisor helped Grant when he was in financial trouble.

Wealthy people know the best money secrets. Learn how to copy them.

Budgeting and Expense Management

“My financial advisor helped me establish a comprehensive budgeting plan,” Grant said. “By tracking my expenses meticulously and identifying areas to cut costs, I regained control over my finances and allocated funds more effectively towards my business and personal growth.”

Building an Emergency Fund and Savings

To Read More:  https://www.yahoo.com/finance/news/broke-until-financial-advisor-helped-180017299.html

3 Real Assets Primed For Growth In The Coming Inflation Bonanza

3 Real Assets Primed For Growth In The Coming Inflation Bonanza 

Notes From The Field  By James Hickman/Simon Black 7-11-24

After today’s inflation report showing ‘only’ 3% inflation, the Federal Reserve is all but guaranteed to start slashing interest rates.

The Fed Chairman essentially promised as much to Congress earlier this week, and has warned that if they don’t start cutting interest rates soon, “we could undermine the [economic] recovery.”

These guys still don’t get it. At this point it’s not even about 3% inflation (which is still too high) or 2% inflation. It’s about prices going back down to pre-pandemic levels… or just lower in general.

But that’s just never going to happen. The Fed doesn’t care about price reductions; they’re happy with a slower rate of price increases… which is totally out of touch with what people want and need.

They’ve been itching to cut rates for months… almost desperate. And in large part that’s because they’re terrified about the US government’s insolvency.

The national debt is about to pass $35 trillion. And high interest rates mean that the annual interest bill this year will exceed the US military budget-- more than $800 billion-- for the first time in nearly 250 years of American history.

The Fed knows that they have to slash interest rates as quickly as possible. With ultra-low rates (like 1.5%), the interest bill on a $35 trillion national debt is manageable… as long as the federal government can rein in spending and stop the debt from growing further.

Of course there are two key problems with this thinking:

First, there is zero evidence that the government will rein in spending. If anything, they seem primed to spend even more. I’ve mentioned several times before that even the US government’s own budget forecasts project more than $22 trillion in additional debt over the next decade.

Second, slashing interest rates will most likely result in significant inflation-- just like we saw in 2021-2022.

We’ve written before how real assets are a safe haven from inflation, and I wanted to briefly discuss three real assets that look especially promising.

The first is physical gold and silver, which serve as a store of value-- especially during inflationary times.

Higher inflation will likely trigger a surge in demand, making the price of precious metals not only keep up with inflation, but exceed it.

But there is another reason why gold will do especially well the worse inflation gets.

The worse inflation becomes, and the worse the US national debt becomes, the more likely the US dollar will lose its spot as the dominant reserve currency. And central banks all over the world-- India, Poland, Singapore, etc. have been feverishly buying up physical gold over the past few years, most likely to prepare for that potential change.

So if inflation picks up, it’s a good bet that central banks will keep buying up gold-- and driving prices higher.

Gold mining stocks should also do extremely well in that scenario due to their exposure to gold prices.

What’s interesting right now, though, is that despite gold being near an all-time high, share prices of many gold mining companies are incredibly cheap.

That’s because central banks-- which have driven gold prices to record highs-- only buy physical gold bullion. They do not buy gold stocks.

However, while the price of gold has already increased substantially, the stock prices of many great gold miners has not.

This is because most of the current demand for gold is coming from central banks. And central banks only buy physical gold— not gold mining stocks.

This means that gold stocks are currently a bargain-- with a LOT of upside potential.

Last, US natural gas is another compelling real asset primed for huge growth.

Right now, natural gas prices in the US are dramatically lower than they are in Europe… and it’s easy to understand why: the US has some of the biggest natural gas reserves in the world, while Europe has almost nothing by comparison. (This is why Europe is so reliant on Russian gas).

And since Joe Biden has banned new LNG (liquefied natural gas) export terminals from the US, it’s difficult to move that US natural gas to Europe.

This is why prices in the US are less than $3, versus more than $10 in Europe. If US producers were free to export, prices in the US would rise, prices in Europe would fall, and the global natural gas prices would be more or less the same, similar to oil.

In terms of energy equivalence to oil, $3 per million BTU natural gas is the equivalent of paying around $15 - $20 for a barrel of oil. That’s cheap. And it means US natural gas is the most underpriced conventional energy commodity in the world.

But it probably won’t stay that way for long.

First, large tech companies, which are building massive, energy-hungry AI data centers, are also looking at putting in their own power plants… which will most likely be powered by natural gas.

Second, the new export terminal ban probably won’t last. There are lawsuits, legislation, and an upcoming election, any one of which could restart new LNG exports. When this happens, US natural gas prices could quickly rise.

In either case, natural gas producers stand to benefit substantially from higher prices. And it just so happens that shares of many of the best quality producers right now are laughably cheap, with low multiples relative to earnings, book value, and Free Cash Flow.

Looking at the overall investment landscape now, with many conventional stocks and indexes near all time highs, these three sectors strike me as some of the most promising investments for an inflationary environment.

To your freedom,   James Hickman  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/investing/3-real-assets-primed-for-growth-in-the-coming-inflation-bonanza-151138/