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Rich Americans May Be About To Lose A Tax Benefit They Love
Rich Americans May Be About To Lose A Tax Benefit They Love — and now they're racing to get their affairs in order
Christy Bieber Mon, October 21, 2024 Moneywise
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The clock is ticking for wealthy families who want to take advantage of a major tax break that allows for the tax-free transfer of up to $27.22 million in assets.
The tax break was established by the Tax Cuts and Jobs Act, which was signed into law in 2017, and it is sunsetting automatically in 2025 — so it could disappear for the foreseeable future.
Here's what the tax break is, along with some details on how families are rushing to take advantage of it and some advice on whether you should do the same.
13 Lessons From Millionaires
13 Lessons From Millionaires
Laura Gariepy Mon, October 21, 2024 GOBankingRates
13 Lessons From Millionaires That Financial Planners Use To Help Others Get Rich
Financial planners have seen it all while working with clients — from financial ruin to financial freedom. Over the years, they’ve learned what separates millionaires from those who struggle to get their monetary footing.
Eight of them shared the insights they’ve picked up from clients in the seven-figure club that they now use to help others build the life of their dreams. Here are 13 of those lessons below, and when you’re done, check out these lessons too.
7 Frugal Money Habits That Could Destroy Your Finances
7 Frugal Money Habits That Could Destroy Your Finances
Cynthia Measom Wed, October 16, 2024 GOBankingRates
If you find yourself constantly looking for ways to save every single penny, you might be overlooking the bigger picture. Frugality, while an admirable trait, can lead you to make choices that might seem smart in the short term but actually cost more in the long term regarding finances, time and quality of life.
“Letting the concept of frugality take over life so you are neglecting the bigger picture for small savings can backfire,” said Allison Sanka, accredited financial counselor, financial coach and principal and founder of Journey Financial Wellness. “That immediate dopamine hit of saving a few cents that makes you feel like you’re making progress towards your financial goal — like paying off debt or saving — can actually cost more if you do the math.”
6 Wealth-Destroying Mistakes People Make Every Day Without Knowing It
6 Wealth-Destroying Mistakes People Make Every Day Without Knowing It
Nicole Spector Fri, October 18, 2024 GOBankingRates
When we think about wealth, we tend to think mostly about building and maintaining it. But we need to look at the other side of the equation, too: losing wealth. It’s easier to do than you think, and you could be losing wealth regularly with no idea that you’re doing so.
GOBankingRates spoke with financial experts to learn about wealth-destroying mistakes people make every day, without even knowing it.
A Real Asset With A 12% Dividend Yield
A Real Asset With A 12% Dividend Yield
Notes From the Field By James Hickman / Simon Black October 17, 2024
It’s very hard to overstate just how obliterated the global economy was following World War II. Europe was in ruins, with many major cities having been bombed back into the Stone Age. Japan had literally been nuked.
And just about every economy around the world that still had any manufacturing capacity was pumping out guns, bullets, and bombs; there was hardly any economic activity taking place that wasn’t somehow tied to the war.
It was sort of like Covid— the regular economy was shut down... and governments discovered very quickly that they couldn’t simply turn the global economic machine back on with the flip of a switch.
A Real Asset With A 12% Dividend Yield
A Real Asset With A 12% Dividend Yield
Notes From the Field By James Hickman / Simon Black October 17, 2024
It’s very hard to overstate just how obliterated the global economy was following World War II. Europe was in ruins, with many major cities having been bombed back into the Stone Age. Japan had literally been nuked.
And just about every economy around the world that still had any manufacturing capacity was pumping out guns, bullets, and bombs; there was hardly any economic activity taking place that wasn’t somehow tied to the war.
It was sort of like Covid— the regular economy was shut down... and governments discovered very quickly that they couldn’t simply turn the global economic machine back on with the flip of a switch.
Do I Need to Worry About Gift Taxes?
Do I Need to Worry About Gift Taxes?
Eric Reed Tue, October 15, 2024 SmartAsset
I Want to Give $50k to My Daughter for a Down Payment on a Home - Do I Need to Worry About Gift Taxes?
Imagine you have $50,000 to give to your daughter and her husband for a down payment on their new home. The question is, will you owe gift taxes because of your generous gesture?
Despite popular framing, the federal gift and estate taxes only apply to very wealthy households. Unless you have approximately $13 million to give away over your lifetime, these taxes likely won’t apply to you.
Financial Role Models of Millionaires: Who Do They Look Up To?
Financial Role Models of Millionaires: Who Do They Look Up To?
Cindy Lamothe Sun, October 13, 2024 GOBankingRates
Many people seeking to grow their wealth may look up to millionaires as a source of inspiration, But who do these wealthy individuals admire?
According to Stephen Greet, CEO & co-founder of BeamJobs, self-made millionaires often seek advice from bold thinkers outside of traditional finance. “While this advice can be valuable for people with lower net worth, it’s crucial to adapt it carefully to fit your financial situation,” he said.
Below are some of the types of financial role models that inspire millionaires.
6 Frugal Habits of the Super Rich and Famous
6 Frugal Habits of the Super Rich and Famous
Caitlyn Moorhead Mon, October 14, 2024 GOBankingRates
In order for you to live frugally, you might want to take a page out of the super-rich. Though it may seem counterintuitive, wealthy people often practice a frugal lifestyle as they only spend their money when they see that money’s worth. In other words, they don’t just throw their money around, but rather make it work for them by forming healthy habits.
No matter if they are just making a good living or they have the net worth of Warren Buffett, the super-rich are also often frugal people. It’s not necessarily about clipping coupons or not using your credit cards, but it is about reshaping your spending habits in order to meet your long-term financial goals. Here are six ways millionaires practice a frugal lifestyle.
3 Things the Wealthy Worry About Most
3 Things the Wealthy Worry About Most
Christy Bieber Updated Mon, October 14, 2024 Moneywise
2 out 3 millionaires in the US don’t consider themselves rich — here are the 3 things the wealthy worry about most
Most people in America don't believe they're rich. In fact, only 12% of the population thinks they're wealthy, according to recent research from Edelman Financial Engines.
Surprisingly, it's not just low- and middle-income households who don't feel flush with cash. A separate Northwestern Mutual study revealed only 33% of millionaires count themselves among the rich.
Here Are 7 Things You Should Leave Out Of Your Will In The US
Here Are 7 Things You Should Leave Out Of Your Will In The US if you really care about your loved ones
Maurie Backman Sun, October 13, 2024 Moneywise
Estate planning is one of the most important things you might do in your lifetime. But it can also be a bit complicated and, let's face it, uncomfortable. That perhaps explains why only 32% of Americans have a will, according to a survey from Caring.com, while 1-in-4 of those without a will don’t plan on getting one.
3 Ways To Overcome Fear of Spending in Retirement
3 Ways To Overcome Fear of Spending in Retirement, According to a Financial Expert
T. Woods Sat, October 12, 2024 GOBankingRates
James Canole is the founder of the financial advice website Root Financial Partners, and is a CFP professional/financial advisor whose podcast, “Ready for Retirement,” helps guide people toward a comfortable and prosperous nest egg for their retirement years.
On a recent episode of his podcast series, Canole spoke to a retiree facing a fundamental challenge: how to comfortably spend money in your retirement
How to Buy Gold for $900 per Ounce
How to Buy Gold for $900 per Ounce
Notes From the Field By James Hickman / Simon Black October 11, 2024
Today’s letter is about how to go back in time.
A lot of us remember 2009 as a pretty tough economy. The whole world was in bad shape. Major banks had failed, panic had set in, governments were spending money hand over fist, and debts were rising fast. It was pretty brutal.
But if there’s anything nostalgic about 2009, it would be that, almost exactly 15 years ago, gold traded below $1,000 an ounce for the last time. Today, the price of gold is hovering at its all-time high, more than $2,600 per ounce.
We’ve talked a lot about why that is. Central banks have been buying up physical gold, literally by the metric ton, primarily because they are looking to diversify a portion of their reserves outside of the US dollar.
And central banks are sitting on a LOT of US dollar reserves— more than $8 trillion.