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DINARRECAPS8 8/16/24 DINARRECAPS8 8/16/24

Ramit Sethi’s Most ‘Brutally Honest’ Money Advice That Can Impact Your Wallet

Peter Burns Wed, Aug 14, 2024, GOBankingRates

When it comes to the topic of money management, suggestions can get complicated quickly. Sometimes, the best financial advice is blunt and straightforward, even if it is a bit uncomfortable to hear.

In a recent video, Ramit Sethi, personal finance expert and New York Times bestselling author of “I Will Teach You To Be Rich,” got frank and gave direct lessons that can help you improve your finances.

Earning passive income doesn't need to be difficult. You can start this week.

Peter Burns Wed, Aug 14, 2024, GOBankingRates

When it comes to the topic of money management, suggestions can get complicated quickly. Sometimes, the best financial advice is blunt and straightforward, even if it is a bit uncomfortable to hear.

Earning passive income doesn't need to be difficult. You can start this week.

You’re Not Unique

It’s true that no two people are the same. However, when it comes to personal finance, people have a lot in common. By following basic guidelines, most people can improve their financial situation regardless of how much they make and how much debt they have.

It’s Not About Your Morning Routine

Social media has brought an onslaught of creators explaining exactly what you must do in the morning to make yourself rich. While getting the most out of your morning is important, what you do won’t amount to more savings. The most important thing is to be intentional with your time and figure out what works best for you.

Don’t Blame Inflation

Inflation has become a common scapegoat for individuals with poor financial habits. Rather than blaming inflation, take accountability for your actions. Start keeping a budget and tracking your spending to make a real difference. Then, invest the money you save from cutting your expenses to counter inflation.

Don’t Try To Time the Market

People new to investing will try to execute the age-old adage: buy low, sell high. The advice is correct if you’re trying to profit, but predicting when low and high occur can amount to substantial losses. Sethi said you should ride out market fluctuations by keeping your money in the market long term. Instead of waiting for the market to dip down so you can buy shares, you should invest a bit of your income each month.

Focus on the Right Things

People often focus on the wrong things when they try to get their finances in order. These include things like getting the right finance app, buying the cheaper drink at a restaurant and deciding which budgeting category to put expenses in. While these decisions can help, prioritizing the bigger picture is more important. Focus on being consistent and following the right financial rules to succeed.

You Probably Can’t Afford It

DINARRECAPS8 8/15/24 DINARRECAPS8 8/15/24

4 Shrewd Ways to Protect Your Wealth

By Marina Benitez August 1, 2024 GoBankingRates

Keep your money where it belongs — secure and working for you.

Wealth isn’t about how much money you make, but how much you keep. Whether you’re just starting out or have already built a comfortable nest egg, protecting your wealth can feel like a never-ending game of whack-a-mole. From market fluctuations to unexpected expenses, there’s always something trying to chip away at your hard-earned money.

But don’t worry; we’ve got some clever and easy-to-implement strategies to keep your money right where it belongs — secure and working for you.

4 Shrewd Ways to Protect Your Wealth

By Marina Benitez August 1, 2024 GoBankingRates

Keep your money where it belongs — secure and working for you.

But don’t worry; we’ve got some clever and easy-to-implement strategies to keep your money right where it belongs — secure and working for you.

1. Protect Your Portfolio With Precious Metals

If the past few years have shown us anything, it’s that disruptions to the market can come out of nowhere. Between the pandemic, supply-chain issues and bear markets, a lot of people’s retirement savings felt the impact.

That’s why it can be a smart idea to look for ways to protect your retirement savings from the unpredictable. For a lot of people, investing in precious metals is a way to diversify and protect their investments.

One way to do this is with a precious metals IRA through a company like American Hartford Gold. Precious metals often outperform other investments in a volatile market, and their value tends to rise with inflation, making them an effective hedge during uncertain economic times.

Opening a gold or silver IRA is easy, and you can roll over funds from existing retirement accounts. Or you can buy gold and silver directly from American Hartford Gold’s collection.

Worried you may need to sell your precious metals in the future? American Hartford Gold offers buyback commitment and will purchase your assets back from you at the highest price. Plus, American Hartford Gold has an A+ rating with the Better Business Bureau.

2. Get Matched With A Financial Advisor for Free

If you’re not already wealthy, getting a financial advisor probably sounds expensive and out of reach. That’s why we like a company called Unbiased. They’ll match you with a financial advisor in your area — for free.

DINARRECAPS8 8/15/24 DINARRECAPS8 8/15/24

6 Mistakes People Make at the Bank During a Recession

I’m a Banking Expert: 6 Mistakes People Make at the Bank During a Recession

J. Arky Tue, August 13, 2024 GOBankingRates

Economic ups and downs still have lots of people worried about a potential recession. During times of downturn, many people become hyper-focused on the markets, jobs and their own personal finances tied up in banks.

While there might be some desire to move money around or take it out of financial institutions altogether, that could actually end up doing more harm than good on both a macro and micro level.

GOBankingRates reached out to banking experts to understand the six mistakes that people make at the bank during a recession. Here is what we found out below, and you can also check out why a recession is worse for your wallet than inflation.

I’m a Banking Expert: 6 Mistakes People Make at the Bank During a Recession

J. Arky Tue, August 13, 2024 GOBankingRates

While there might be some desire to move money around or take it out of financial institutions altogether, that could actually end up doing more harm than good on both a macro and micro level.

Failing To Review Your Financial Goals

Just because there is a recession does not mean you don’t have financial goals, nor any way of working on achieving them. Do not lose sight of your future when it comes to your money.

“One of the most common yet frequently overlooked mistakes during a recession is not re-evaluating your financial goals,” said Adam Garcia, founder of The Stock Dork. “Most people will carry on saving, spending as well as investing just like they were used to before the economy went down.”

He continued, “However, it is better to be cautious in times like these. Review your financial plan by focusing on liquidity and debt reduction rather than aggressive growth or luxury purchases if possible. This should ensure you are grounded and do not go through tough times when sources of income become unpredictable.”

Not Having a Safety Net for Your Account

Running your account into the red can be dangerous, particularly during a recession.

“Overdrafting an account might seem like a small error, but during a recession it can have severe consequences,” Garcia explained. “If you overdraw often enough, those fees add up quickly and may hurt your credit score thus making it hard for you to get loans or credit cards when they would be most useful to you.

“To avoid this scenario, consider putting aside a small emergency cushion in checking or linking it to a savings account for automatic transfer purposes. In case of overdrawing, call your bank immediately so that you could tell them what landed you in such a position. Many banks offer courtesy fee waivers if it’s a rare occurrence or due to an exceptional circumstance,” suggested Garcia.

Failing To Recognize Interest Rate Changes

During times of economic turmoil, interest rates can change. If you have a loan or credit card connected to your bank, not taking note of these fluctuations can put you in dire financial straits.

“Central banks usually adjust interest rates during recessions leading to fluctuations that affect savings and loan repayments directly. Therefore, one of the mistakes that people make is not paying attention to these changes,” Garcia said.

“If interest rates drop, it might be an excellent opportunity to refinance high-interest loans or mortgages,” he added. “Conversely, if you notice interest rates rising, you should consider locking in lower rates for savings accounts or certificates of deposit (CDs). Taking the initiative regarding interest rates can save you a lot in the long run.”

Stopping Automatic Payments

Money tends to become tight during a recession, but nevertheless, there are bills to pay. If you have automatic payments turned off, consider turning them back on again.

DINARRECAPS8 8/14/24 DINARRECAPS8 8/14/24

How Much Cash Should I Have On Hand?

How Much Cash Should I Have On Hand? It Might Be Less Than You Think

Ivana Pino ·Senior Writer Tue, August 13, Yahoo Personal Finance

According to an analysis by Capital One, 47.8% of American adults make no cash purchases in a typical week. And in the U.S., an estimated 87.4% of all transactions are cashless.

With card and digital payments emerging as the primary payment methods for most consumers, you might wonder how much cash you should keep in your wallet — if any at all.

Here’s a look at the benefits and drawbacks of carrying cash, and how to go about deciding how much you should keep on hand.

How Much Cash Should I Have On Hand? It Might Be Less Than You Think

Ivana Pino ·Senior Writer Tue, August 13, Yahoo Personal Finance

According to an analysis by Capital One, 47.8% of American adults make no cash purchases in a typical week. And in the U.S., an estimated 87.4% of all transactions are cashless.

With card and digital payments emerging as the primary payment methods for most consumers, you might wonder how much cash you should keep in your wallet — if any at all.

Here’s a look at the benefits and drawbacks of carrying cash, and how to go about deciding how much you should keep on hand.

How Much Cash Should I Have On Hand?

Cash may no longer be king, but it’s not obsolete by any means. There are instances when paying in cash might be more beneficial than using a debit card, credit card, or digital wallet. For instance, many small businesses prefer cash and may even offer a small discount because it saves them the fees associated with credit card transactions.

Experts say it’s common for most Americans to carry $20 or $30 in cash. Ultimately, however, the amount of cash you should have on hand depends on your unique financial situation.

When determining the right amount to carry in your wallet, consider how often you use cash and for what types of expenses. Do you prefer to save up cash for big-ticket purchases, or do you mainly rely on cash for smaller transactions such as tipping?

Either way, it’s best to minimize the amount of cash you keep on hand. For one, cash isn’t insured against loss unless it's deposited in a bank, making it vulnerable to damage, loss, or theft. Plus, physical cash doesn’t have the opportunity to earn interest or grow in value. And over time, inflation reduces the purchasing power of cash.

That said, you do want to ensure your spending money and emergency savings are “liquid.” For money that you expect to need in the near future, consider depositing it in a federally insured bank account, such as a checking account or high-yield savings account. This allows you to generate interest, which helps protect your purchasing power and increase your wealth over time, while also maintaining easy access to the funds.

Pros And Cons Of Carrying Cash

Having some cash in your wallet can be helpful when you find yourself in a situation where a merchant or retailer doesn’t accept cards or digital payments. But there are definitely downsides to carrying cash too.

Here are some of the major pros and cons of cash to consider when evaluating how much you should keep on hand.

DINARRECAPS8 8/13/24 DINARRECAPS8 8/13/24

5 Steps I Now Take To Protect My Money

I Recovered Financially From Identity Theft: 5 Steps I Now Take To Protect My Money

Cynthia Measom Mon, Aug 12, 2024 GOBankingRates

When Marissa was a single woman in her 40s, she was going through some medical challenges that required several surgeries and treatments.

“Between procedures, consultations and follow-ups, I found myself writing checks more often, mainly to hospital billing departments, specialist offices and pharmacies,” she explained. “I had trusted that my financial transactions were secure and stayed focused on my recovery, wanting to get back to a normal life.”

Little did she know that she was about to experience a new challenge: a stolen identity.

5 Steps I Now Take To Protect My Money

I Recovered Financially From Identity Theft: 5 Steps I Now Take To Protect My Money

Cynthia Measom Mon, Aug 12, 2024 GOBankingRates

When Marissa was a single woman in her 40s, she was going through some medical challenges that required several surgeries and treatments.

Little did she know that she was about to experience a new challenge: a stolen identity.

How the Identity Theft Happened

Marissa said that she was glancing through her bank statements — something she had been putting off for a couple of months — and noticed a check that didn’t look familiar. It was written at a retail store in a state she had never even visited.

“I had so many medical payments going out, and my mind was often scattered with everything going on, but this stood out like a red flag, because I had only written checks connected to my medical expenses,” Marissa said. “I panicked and began combing through my statements, checking every line, every check and every payment. I found out checks in my name were being written all over the country — some at retail stores, others at restaurants, even a few at high-end boutiques.”

That’s when she realized her worst fears: her identity had been stolen.

“I immediately contacted my bank, and they confirmed it,” Marissa said. “Someone had somehow gained access to my checking account and was forging checks they had created in my name with my account number. I thought I had always been cautious and careful with my information, but it hadn’t been enough.”

After reporting the theft to the authorities and closing her compromised accounts, Marissa began to piece together what might have happened. She concluded it had to be from the checks she had written in connection with her medical bills.

Later, the person responsible was arrested by authorities, and it was determined it was an employee of the hospital billing department where Marissa had received treatment.

How Marissa Protects Her Money Now

After her identity was stolen, here are the steps Marissa has taken to help protect her money.

DINARRECAPS8 8/13/24 DINARRECAPS8 8/13/24

My Estranged Sister Wants To Borrow Money From Me

My Estranged Sister Wants To Borrow Money From Me — But I Don’t Feel Comfortable With That. What Should I Do?

Christy Bieber Sun, August 11, 2024 Moneywise

Estrangement among family members is hardly uncommon — and money matters can often make the situation worse.

According to research cited by the American Psychology Association (APA), 27% of Americans over age 18 are currently estranged from a relative. Of that cohort, 10% reported an active estranged from a parent or sibling.

Coping with these consequences can be difficult under the best of circumstances. But what happens when your estranged relative — for example, a sister who is in dire financial straits — reaches out and asks you for help? An already tense situation can become even messier.

If you find yourself in a similar situation, there are a few things to consider before giving a response.

My Estranged Sister Wants To Borrow Money From Me — But I Don’t Feel Comfortable With That. What Should I Do?

Christy Bieber Sun, August 11, 2024 Moneywise

Estrangement among family members is hardly uncommon — and money matters can often make the situation worse.

If you find yourself in a similar situation, there are a few things to consider before giving a response.

Put your financial security first

While offering financial help to an estranged relative may mend the rift, the more likely outcome could just spell more trouble.

In fact, a LendingTree study of more than 1,000 American adults found that nearly a third of respondents who lent or borrowed money from a family member reported negative consequences.

If you aren't close with your sibling, as an example, this rift in your relationship will likely only increase the odds that they won't live up to their end of the deal. You could find yourself losing money in the long run or encounter damaged credit if you co-sign for them.

In fact, more than a third of the lenders in the study have not been paid back, with 24% regretting their decision to loan money to their relative or friend.

Unless you're in a healthy financial position and have a genuine desire to provide a gift outright with no expectation of payback, avoid entangling your finances with an estranged relation.

Even if you do decide a gift is the right move, you may want to consider the reasons for their monetary request and whether you'll end up resentful about the interaction at a later date.

If they have a tendency to mismanage their money and are likely to be struggling financially again within a short amount of time, you’re likely going to be feeling worse about the situation than if the estranged relative had experienced an unexpected income loss, for example.

Because the stakes are high, proceed with caution when making your decision.

Offering to help in other ways

DINARRECAPS8 8/12/24 DINARRECAPS8 8/12/24

4 Reasons You Should Withdraw Your Savings Right Now

I’m a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now

July 25, 2024 by Angela Mae GoBankingRates

Roughly 95% of Americans have either a checking or savings account, according to the Federal Deposit Insurance Corporation (FDIC). For many people, a savings account is a great place to keep extra money for a major life event, like a wedding or home purchase, or emergencies.

Savings accounts are generally FDIC-insured up to $250,000, meaning your money is protected against bank failure. The funds are also still accessible but separate enough from your checking account to where you’re less likely to use them for everyday expenses.

I’m a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now

July 25, 2024 by Angela Mae GoBankingRates

Still, as useful as savings accounts can be, there is a right time to withdraw the funds. If you’re thinking about withdrawing the money from your savings account, here’s when you should do it — and when you shouldn’t.

You Need Extra Cash To Cover Something Planned

“Typically, the biggest reasons people withdraw their savings are to cover a bill, to make a purchase, home repairs, for vacations or for birthdays and holidays such as Christmas,” said Arielle Torres, an assistant branch manager at Addition Financial Credit Union.

These are all sound reasons to withdraw the funds.

Say you’ve been saving up for a down payment and are ready to close on your new home — that’s a good time to draw from your savings. Upcoming trips and major home repairs, ideally those that are planned out, are also valid reasons.

You might also want to withdraw from your savings account to cover debts, especially high-interest ones that are draining your monthly cash flow. If possible, wait until you have an emergency fund. Then, once you have the funds available, pull from your savings to pay off that debt

You’re Dealing With an Emergency

One of the clearest signs that you should withdraw from your savings account is in the event of unavoidable emergencies, said Torres. Common emergencies include surprise medical bills, a broken down car, necessary home repairs and layoffs at work — basically, anything that wasn’t planned and can’t be covered with your regular income or budget.

Ideally, you’ll have a separate emergency fund for this and won’t have to touch your regular savings account. But if you don’t and you need the money, your savings account is a good alternative. It’s also a better option by far than having to turn to high-interest credit cards or loans to cover the emergency expense.

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US Families Are 'Woefully Under Prepared' For The Great Wealth Transfer

US Families Are 'Woefully Underprepared' For The Great Wealth Transfer

Maya Benjamin Sun, August 11, 2024 Yahoo Finance

The greatest intergenerational wealth transfer in history is underway, and people are unprepared, according to Michael Pelzar, head of investments at Bank of America Private Bank.

"Nearly half of wealthy families don’t have the most basic elements of estate planning in place,” Pelzar said. “What that means is that families are woefully underprepared for that wealth transfer that’ll be taking place.”

Baby boomers alone are projected to pass down over $68 trillion over the coming years. However, Pelzar explained that nearly half of wealthy families do not have the necessary preparations in place, such as a will, power of attorney, or healthcare proxy, to allow for easy inheritance.

US Families Are 'Woefully Under Prepared' For The Great Wealth Transfer

Maya Benjamin Sun, August 11, 2024 Yahoo Finance

The greatest intergenerational wealth transfer in history is underway, and people are unprepared, according to Michael Pelzar, head of investments at Bank of America Private Bank.

“When problems arise with wealth transferring from one generation to the next, it’s when communications have broken down or have not taken place," Pelzar said. "People aren’t educated on the value of trust and their benefits."

Older Americans Set To Pass Along Trillions In Assets Chart: LINK

Christina Lecholop, a certified financial planner at CAPTRUST, attributed this lack of action on estate planning to the "expanding and complex" investment universe, a shift in the definition of retirement, a changing understanding of careers, and the geopolitical climate.

"People tend to delay because of uncertainty," Lecholop said. "There's a lot of headlines. There's a lot of noise that can tell people not to take action when I think that they should. And while that's all a very real consideration to pay attention to, it's important to also get started, and when people hold on, they miss out on the opportunities."

Lecholop emphasized the benefits of working with a professional to help understand finances and establish goals and priorities that help dictate investment decisions.

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Dave Ramsey’s Top 26 Tips That Will Save You From Financial Disaster

Gabrielle Olya Thu, Aug 8, 2024

When it comes to personal finance, money expert Dave Ramsey is known for having your financial health in mind.

Whether you’re buying your first car or want to start saving for retirement, following Ramsey’s strategic tips can empower you to kick bad money habits to the curb and develop the necessary skills to comfortably reach your goals.

Put yourself on the right track for financial success with his 26 best money tips:

Dave Ramsey’s Top 26 Tips That Will Save You From Financial Disaster

Gabrielle Olya Thu, Aug 8, 2024

When it comes to personal finance, money expert Dave Ramsey is known for having your financial health in mind.

Put yourself on the right track for financial success with his 26 best money tips:

1. Gain Control of Your Money

If you’re unsure how to start fixing your financial situation, Ramsey recommends taking control of your money.

Gaining control of your money starts by making a financial plan. Ask yourself what you want for your finances and how your money can take you where you need to go.

2. Set a Budget and Give Every Dollar a Name

A big part of gaining control over your money is creating and sticking to a budget, which Ramsey highly recommends. Those who have a monthly budget can control their money and reach their financial goals, whether that means paying off debt, buying a home or investing for retirement.

Before each month begins, Ramsey said you need to give every dollar a name. These names may include buying groceries, making a mortgage or rent payment or contributing to your emergency fund, just to name a few. Every dollar in your budget should have an assignment as this is a big part of effectively managing your money.

3. Save $1,000 in a Starter Emergency Fund

The first of Ramsey’s 7 Baby Steps is to save $1,000 for your starter emergency fund.

Typically, emergency funds are advised to have between three to six months’ worth of expenses. However, Ramsey recommends getting started with this smaller buffer fund to help cover any unforeseen expenses that may come with everyday life.

Having a starter emergency fund gives you peace of mind in knowing you have enough money to pay for these emergencies and will not need to resort to going into debt to cover costs.

4. Use the Debt Snowball Method To Pay Off Debt

Step two in Ramsey’s 7 Baby Steps is to pay off all of your debt. You can get a jump on eliminating debt using Ramsey’s debt snowball method.

How the debt snowball works is you start by paying off debt with the smallest balance. Once this piece of debt has been repaid, you work your way up, or snowball, to repay debt with the biggest balances. Debt snowball comes with plenty of psychological wins, like gaining confidence that your quick wins will allow you to confront your worst debts and pay them off in full.

5. Work a Side Hustle

Even if you carefully budget and work a good full-time job, you might find you need a way to earn extra money to reach your financial goals.

Ramsey recommends working a side gig to earn extra cash and fulfill goals like paying off debt or building your starter emergency fund. You might decide to drive rideshares, sell gently used items on platforms like Facebook Marketplace, or offer tutoring services.

6. Do Not Invest Until Your Debt Is Paid Off

This tip is often considered a bit controversial, but it is one that Ramsey firmly stands by.

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10 Financial Documents You Should Never Get Rid Of

10 Financial Documents You Should Never Get Rid Of — and How It Could Cost You If You Do

Adam Palasciano Wed, August 7, 2024 GOBankingRates

As you get older, there are so many documents to keep track of. Official government documents, IDs, bank statements, bills, and other important notices can pile up fast.

It can be a struggle to keep everything organized and identify which documents are the most important to preserve. If you’re unsure, there are 10 specific financial and personal documents you must keep forever.

10 Financial Documents You Should Never Get Rid Of — and How It Could Cost You If You Do

Adam Palasciano Wed, August 7, 2024 GOBankingRates

As you get older, there are so many documents to keep track of. Official government documents, IDs, bank statements, bills, and other important notices can pile up fast.

10 Financial Documents That You Should Never Throw Away

Here are 10 financial and personal documents that you should never get rid of, according to The Washington Post:

Birth certificates and adoption papers.

Death certificates.

Funeral programs.

Estate documents, including your will and power of attorney documents.

Marriage and divorce records.

Year-end pay stubs.

Social Security cards.

Military service records, including discharge documents.

Retirement or pension records.

Loan payoff statements.

If you have financial and personal records and you aren’t sure how long you should keep them, it’s best to err on the side of caution and keep them as long as possible.

Additional Important Documents and How Long You Should Keep Them

For all other important financial documents, here’s how long you should keep them, according to The Washington Post and Forbes:

DINARRECAPS8 8/6/24 DINARRECAPS8 8/6/24

How I Save For Emergencies — and Why I Still Worry About Having Enough

I’m a Millionaire: How I Save For Emergencies — and Why I Still Worry About Having Enough

August 2, 2024 by Cindy Lamothe GoBankingRates

One of the smartest pieces of financial advice out there is to have an emergency fund in case the unexpected happens. And while all of that is well and good, how much is enough?

GOBankingRates spoke with millionaires Tommy Mello, founder of A1 Garage Door Service, and David L. Blain, CFA, CEO of BlueSky Wealth Advisors, to discuss exactly how they save for emergencies and when they feel it’s sufficient.

“Since I founded A1 Garage Door Service in 2007, the company has grown to be a leader in the home-service industry,” Mello said. Through this journey, he’s faced numerous financial challenges and learned valuable lessons about saving for emergencies.

I’m a Millionaire: How I Save For Emergencies — and Why I Still Worry About Having Enough

August 2, 2024 by Cindy Lamothe GoBankingRates

One of the smartest pieces of financial advice out there is to have an emergency fund in case the unexpected happens. And while all of that is well and good, how much is enough?

“No one likes to think about worst-case scenarios, but being prepared financially for emergencies gives you peace of mind,” Blain noted. “Then you can focus on living your life without constant worry over what might go wrong.”

Here is how these two millionaires save for emergencies and why they still worry about having enough, along with tips for creating an emergency fund.

How I Save For Emergencies

“Building an emergency fund has always been a priority for me,” Mello said.

He sets aside a percentage of his business profits into a separate savings account dedicated solely to emergencies. “This fund acts as a financial cushion, providing security and peace of mind. I aim to have at least six to 12 months’ worth of operating expenses saved,” he explained.

This approach ensures that his business can weather any unexpected downturns or crises without compromising operations.

Concerns About Not Having Enough Savings

“Despite having a substantial emergency fund, I sometimes worry about whether it’s enough,” Mello said.

He explained that the home service industry can be unpredictable, and unforeseen expenses can arise at any time. “For example, economic downturns, natural disasters or sudden equipment failures can significantly impact our financial stability,” he said.

These concerns drive him to continually evaluate and adjust his savings strategy to ensure he is well prepared for any eventuality.

Blain shared a similar view. “As a millionaire, I do worry about emergencies depleting my savings, even with a sizable emergency fund,” he said. “We keep enough cash on hand to cover six to 12 months of expenses, but medical issues or natural disasters could wipe that out quickly.”

Tips for Building a Solid Emergency Fund

According to Mello, when building an emergency fund, you should start small and be consistent. He advised beginning by setting aside a small percentage of your income each month. “Consistency is key. Over time, these small contributions will accumulate into a significant emergency fund,” he explained.

He also emphasized that building a solid emergency fund is crucial for long-term financial stability, especially in the unpredictable world of entrepreneurship. “By adopting disciplined savings habits and continuously evaluating your financial preparedness, you can ensure that you’re ready to face any challenges that come your way,” he said.

Blain agreed. “Building wealth is a marathon, not a sprint,” he said. Making regular contributions to your emergency fund and saving diligently over time is the key, according to Blain. “Stay disciplined, cut excess spending, and your emergency fund and net worth will grow over the years through the power of compounding,” he said.

Here are some additional tips for how to build a solid emergency fund.

DINARRECAPS8 8/6/24 DINARRECAPS8 8/6/24

What To Do When The Stock Market Sinks Like A Stone

'Don't Panic': What To Do When The Stock Market Sinks Like A Stone

Daniel de Visé, USA TODAY Updated Mon, August 5, 2024

If you are one of those amateur investors who checks your 401(k) balance at every meal, today might be a good day to fast.

Stocks had bad days Thursday and Friday. Monday looks to be worse. Global markets plunged overnight, with Japan’s Nikkei 225 index posting the worst one-day return in its history. The losses spread from Asia to Europe, and then to the United States, where the S&P 500 and Nasdaq opened sharply lower.

Market reporters trotted out such terms as “rout,” “correction” and even “panic,” descriptors that invoke memories of the market’s darkest days, such as the brief COVID-19 crash of 2020 and the deeper, longer dive of the Great Recession of 2008.

'Don't Panic': What To Do When The Stock Market Sinks Like A Stone

Daniel de Visé, USA TODAY Updated Mon, August 5, 2024

If you are one of those amateur investors who checks your 401(k) balance at every meal, today might be a good day to fast.

Though it's hard to stay calm as the stock market reels, amateur investors should at least try.

“My best advice is, don’t panic. Really, because you can’t,” said Catherine Valega, a certified financial planner in Boston.

'Stocks are on sale today'

If anything, financial advisers say, this summer stock swoon would be a great time to buy.

“Stocks are on sale today, right?” Valega said. “If you have some cash, let’s go put some money in the market.”

But that can seem counterintuitive.

To an armchair investor, the dilemma is familiar and frustrating: We are instructed to buy low and sell high. When the stock market tumbles, your first impulse is to sell. But then you are selling low.

The stock market “correction,” in dispassionate Wall Street parlance, unfolded swiftly and with seemingly little warning.

Just last Wednesday, Federal Reserve chief Jerome Powell waved off an interest rate cut and assured the nation that the economy was doing pretty well.

“It's just a question of seeing more good data,” he said.

The rest of the week yielded mostly bad data.

A surprisingly weak jobs report stoked fresh recession fears from forecasters. Toss in gloomy earnings reports from Amazon and Intel, and together, those tidings pushed stocks sharply lower on Friday.

That news ricocheted around the globe, seeding Monday’s losses in Asia and Europe. Those losses, in turn, triggered more losses in the U.S.

Market watchers urged consumers to keep a sense of perspective. As of late morning, the S&P 500 was higher than it was at moments in April and May, although that could quickly change.

“Short-term market movement can be unpredictable, but over the long term, the trend is up,” said Erika Safran, a certified financial planner in New York. “The irony is that we rush to buy items on sale, but when it comes to investing, when prices drop, the instinct is to sell.”

And we’re still talking about one bad jobs report. Right?

A 'recipe for sudden volatility'

Well, maybe not. The job market was weakening before Friday’s alarming report. Powell cited cooling job data in his news conference Wednesday, listing it as one rationale for the Fed to begin cutting interest rates soon, perhaps in September.

DINARRECAPS8 8/5/24 DINARRECAPS8 8/5/24

This Is Why We Can’t Have Nice Things.

Notes From the Field By James Hickman / Simon Black August 5, 2024

Athenian general Miltiades was already a hero across ancient Greece when he set sail for the island of Paros in 489 BC.

Born into stardom as the son and nephew of famous Olympic champions, Miltiades made a name for himself as one of the most important and successful commanders in the Greek war against Persia.

In fact, Miltiades was responsible for devising the incredibly unique, surprise battle plan that confounded the Persian army at the Battle of Marathon in 490 BC. The Greeks were vastly outnumbered and outmatched... but they annihilated the Persians thanks to Miltiades’ tactical genius, making him an instant celebrity-hero throughout the region.

This Is Why We Can’t Have Nice Things.

Notes From the Field By James Hickman / Simon Black August 5, 2024

Athenian general Miltiades was already a hero across ancient Greece when he set sail for the island of Paros in 489 BC.

Born into stardom as the son and nephew of famous Olympic champions, Miltiades made a name for himself as one of the most important and successful commanders in the Greek war against Persia.

So, when he approached the Athenian government the following year and requested to lead a special mission to reclaim lost Greek territory in the Aegean Sea, they approved his mission without question. And the Hero of Marathon set sail a few months later with a fleet of 70 ships.

Unfortunately for Miltiades, his voyage was a total disaster; his fleet was nearly vanquished, he lost a great number of men, and he was unable to take the island of Paros. So, when he returned to Athens, all of his former heroics were forgotten… and people wanted his head. Literally.

It was commonplace in ancient Greece for politicians and military leaders to be held accountable for their decisions; many were even put on trial at the end of their rule and had their administrations publicly scrutinized.

These weren’t political witch hunts; rather, they were a form of checks-and-balances whereby anyone found to have been truly incompetent, disloyal, or duplicitous would be severely punished.

Miltiades-- again, the Hero of Marathon-- was charged with treason for causing such severe and embarrassing losses in his ill-fated Paros expedition. He was tried, convicted, and ultimately sentenced to death… however this was eventually reduced to a fine of 50 talents (roughly $10 million in today’s money) and a lengthy prison sentence.

Sometimes I feel like the Greeks were really on to something.

Sure, the world is complicated, and there’s never any guarantee of success in warfare, business, life, politics, etc. Decision makers don’t have a crystal ball and rarely have perfect information… so there can never be any certainty about future outcomes.

But leaders have a moral and legal obligation to always do their best… and to make rational decisions and take sensible risks. Most importantly, whenever there’s new information, they have an obligation to challenge their own decisions and adjust course if necessary.

Failure to do so is arrogant, deliberate incompetence.

We saw this all throughout the pandemic; at first, there was very little information available, and politicians’ knee-jerk reaction was to enact the most extreme measures.

But six-months later there was plenty of data. And politicians had plenty of opportunity to review the updated information, summon their courage, and make better, more rational decisions.

Some places (Florida) did. Others (New York, California) stuck to their failed, idiotic, destructive policies. They kept people locked down, they kept the schools closed, and they exacted an incalculable toll on their citizens.

But they will never be held accountable for their incompetence. Instead, they end up on lucrative speaking tours, awarded highly paid consulting or board positions, or advanced outrageous sums for their memoirs.

And this leads me to what’s happening in England right now.

As you’re probably aware, a sick-o teenager in northern England stabbed a bunch of kids last week in a horrifying rampage. Nine children were wounded, and at least three have died.

Rumors quickly circulated that the attacker was a Muslim refugee who had arrived by boat to England’s shores, and violent riots quickly broke out across the country.

The government and media were quick to correct the rumor; the 17-year-old attacker (he turns 18 on Wednesday) was born in the UK and is the son of Rwandan immigrants.

Then they further denounced the rioters as “far right” and “racist”, and the Prime Minister threatened to use the full force of the law against them.

Look, it’s completely inexcusable for rioters to engage in violence and destruction of property. But it’s also inexcusable for politicians to run their country into the ground.

The media has been quick to condemn the rioters. But they are completely silent, and frankly complicit, regarding the destruction of their country.