I’m a Bank Teller: 7 Biggest Cash Withdrawal Mistakes I See People Make Every Day

Madeline Duley  Fri, July 26, 2024  GOBankingRates

If you have a bank account, you’re likely familiar with the process of withdrawing cash, depositing checks and handling bills. While these might seem like basic tasks, there are a few common mistakes that are easy to make when carrying out these seemingly simple financial transactions.

Find out from a bank teller if you’re making these seven common cash withdrawal mistakes — and learn how to avoid them.

Getting Bills Too Large

Although efficient and compact, large bills aren’t as versatile as you might think.

Take The Cash Or Lifetime Annuity?

If You Win The Lottery, Here's What Suze Orman Suggests You Do: Take The Cash Or Lifetime Annuity?

Ivy Grace  Wed, July 24, 2024  Benzinga

Unfortunately, winning the lottery is just a dream for most people. While the odds may not technically be in your favor, it's fun to fantasize about what you'd do if you found yourself winning millions – or, in some cases, hundreds of millions.

Podcast host and finance expert Suze Orman has offered some advice for lottery winners over the years, emphasizing the importance of making informed decisions about managing sudden wealth. One of the most commonly debated and hardest decisions is choosing between a lump sum or a structured settlement.

In 2022, Speaking at the National Structured Settlements Trade Association’s annual conference, Orman covered the benefits of structured settlements for lottery winners. She explained, “If you win a lottery, it’s no different from getting a large inheritance. All that money’s gone within a few years. Why is that? Because they don’t know how to structure their finances to last forever."

Here’s How Much Cash You Need Stashed If a National Emergency Happens

Jaime Catmull  Wed, July 24, 2024   GOBankingRates

You’ve probably heard countless times that it’s important to have a rainy-day fund set up “just in case” something unexpected were to happen. But we’re now at a time when having an emergency fund is more vital than ever.

The coronavirus pandemic was a prime example of how something unexpected can have devastating effects on the economy at large and on an individual level, too. While we all hope the worst of it is over, here’s how to be prepared in case it’s not — plus how to set up a fund for unexpected future national emergencies.

Why You Need a National Emergency Fund

Part of being prepared for any contingency, big or small, is having a reserve of emergency cash at your disposal at all times. When you can’t rely on accessing your funds electronically, you’ll need some legal tender to buy food, gas or other necessities.

Wealthy Beginnings: How the Rich Raise Their Babies Differently

July 7, 2024 5 by  Cindy Lamothe  Edited by  Ashleigh Ray

Raising babies takes a lot out of you — emotionally, physically and financially. Rich parents are often better equipped to handle the toll because of one simple thing: resources.

“Wealthy families do not automatically make better parents, but they do have access to more support and therefore more time than most,” said Christine Landis, a former CEO of a global fintech company, a parent of two children and the founder of Peacock Parent.

Having this additional time and support allows both parents to be less resentful, and more present with their kids (and each other). Keep reading to see just how the wealthy raise their babies differently

7 Major Differences Between Rich and Poor People, According To Money Expert Humphrey Yang

Adam Palasciano  Tue, July 23, 2024  GOBankingRates

Of course, everyone wants to be rich. The idea of not having to worry about money seems like a dream for most. But, becoming rich takes lots of discipline and determination. The reality is that it’s easier to be poor.

In a recent YouTube video from financial guru Humphrey Yang, he outlined the seven major differences between rich and poor people that are important to understand.

If you want to become rich, you’ll need to understand the key differences between the rich and the poor.

Nearly half of young Americans rely on the bank of Mom and Dad to get by — When’s The Right Time To Turn Off The Tap?

Chris Clark  Mon, July 22, 2024   Moneywise

A new report from Bank of America suggests Gen Zers are relying on financial help from Mom and Dad — a “parent trap” that raises big questions about financial independence and the long-term impacts on their parents’ financial health, particularly their retirement savings.

The study found that 46% of adult Gen Z-ers rely on financial help from their parents, ranging from covering everyday expenses to helping with significant financial commitments such as rent, mortgage payments and other debt repayments.

About one in four respondents to BoA’s study said housing expenses were a chief barrier to financial independence, and over half said they do not pay for their housing.

I’m Comfortably Middle Class: The Best Money Advice I Ever Took

Andrew Lisa  Sun, July 21, 2024  GOBankingRates

Financial publications love interviewing billionaires to learn about the money advice that propelled people like Bill Gates, Beyonce, Jeff Bezos and Warren Buffett to 10-, 11- and 12-figure success.

But how many people do you really know on the Forbes Richest list?

It might be more practical to learn about the advice that helped people with typical backgrounds and average salaries achieve stability and security in America’s ever-shrinking middle class.

GOBankingRates spoke with a business owner who went from financially faltering to fiscally fabulous in just a few years after building her money mindset around a simple yet transformative quartet of financial wisdom that she received when times were tough.

Times are not tough anymore.

Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Yaël Bizouati-Kennedy  Sun, July 21, 2024  GOBankingRates

Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” has argued — against conventional wisdom — that “the historical advice to ‘save’ is no longer a sufficient way to prepare for retirement.”

According to the “Rich Dad” blog, you won’t be able to retire if you rely on saving money alone. Instead, Kiyosaki said adjusting your mindset is the key to preparing for retirement in the right way.

That, in addition to investing and creating steady cash flow, is his preferred method of staying financially secure during retirement.

Should married couples merge their finances?

Sean Kernan YAHOO CREATOR  Updated June 18, 2024

Brian’s complaining went from a weekly affair, to a daily nuisance. We convened in a shared office gym each day. He was a well spoken and well paid engineer in his late 30s, and was having incrementally larger arguments with his wife over money.

It made no sense on paper. Both of them made more than $100K per year and lived in a low-cost area of Florida. Money should have been the last of their concerns. Yet every day in the gym, he’d groan, “She is constantly questioning every purchase.” Or, “I can’t even spend my own money without a fight.”

They’d succumbed to lifestyle inflation, which occurs when your spending rises alongside your income. They’d wracked up debt buying a bigger house and fancier cars. They’d also put their kids in a slightly-nicer private school that cost twice as much, which created resentment on Brian’s side.

And, as they’d added these costs, they’d also combined bank accounts. Because I was working as a budget manager for our company, and perhaps because we were friends, he thought I could help him navigate this domestic maze. But Brian’s problems appeared much deeper than just money. Sadly, he and his wife split just one year later.

Unsurprisingly, money and finances are a key factor in many divorces. Even with the best of intentions, a shared bank account can unleash a wave of problems that are hard to resolve. Yet combining accounts can be quite beneficial. So how do we navigate this predicament?

The Best Strategy for Financial Freedom and Retiring Early

Ghazal Ahmed  Fri, July 19, 2024 Insider Monkey 

This article takes a look at the best strategy for financial freedom and retiring early. Check out our complete list of 20 Strategies for Financial Freedom and Retire Early.

Here are the strategies for financial freedom and retiring early:

20. Run the numbers

According to T. Rowe Price, your likelihood of an early retirement starts with evaluating your current savings rate and spending levels. Using online retirement income calculators is a good start, allowing individuals to assess their likelihood of early retirement based on their current planning levels.

 By accounting for factors such as current levels of saving, life expectancy, and expected retirement age, retirement calculators allow individuals to make informed goals about investing, saving, and spending habits.

19. Clearly Define Your Financial Goals

Once an individual has assessed where they currently stand, it’s time for them to clearly define their financial goals. Start by setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. For instance, “I want to retire early” is a vague goal.

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.

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?

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.