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7 Ways to Develop Financial Trust in Your Relationship
7 Ways to Develop Financial Trust in Your Relationship
Harris Financial Coaching
If you find that you're constantly fighting about money or hiding how you spend money from your partner, it may be time to rethink your relationship goals and values. Fighting about money can create tension in a relationship and make it challenging to accomplish future goals. When one spouse gets frustrated with the other, it can seem like you're on an island all on your own, trying to resolve a difficult situation. How can couples develop and build financial trust in their relationship?
From creating a long-term goal to paying bills on time, here are several tips for developing financial trust in your relationship.
7 Ways to Develop Financial Trust in Your Relationship
Harris Financial Coaching
If you find that you're constantly fighting about money or hiding how you spend money from your partner, it may be time to rethink your relationship goals and values. Fighting about money can create tension in a relationship and make it challenging to accomplish future goals. When one spouse gets frustrated with the other, it can seem like you're on an island all on your own, trying to resolve a difficult situation. How can couples develop and build financial trust in their relationship?
From creating a long-term goal to paying bills on time, here are several tips for developing financial trust in your relationship.
Share a Joint Credit Card
Opening a joint credit card is a great way to build and develop financial trust. Being transparent and on the same page when it comes to handling money is a crucial aspect in any relationship.
This allows couples to develop a line of credit that'll benefit future investments if both parties maintain a good credit score. It also helps couples define their combined budget, savings, and expenses more than having completely separate finances.
- Gigi Ji, Head of Brand and Business Development, KOKOLU
Establish Clear Boundaries
Couples can develop and build financial trust in their relationship by establishing clear boundaries. In other words, couples need to define what's theirs and what's not clearly. This can help them avoid unnecessary conflicts and misunderstandings and prevent any nasty surprises when one partner wants to spend money on something they've already agreed not to do.
It's also important for couples to address any financial disagreements as soon as possible so they don't fester and become bigger problems later on. When couples ignore their financial disagreements, it can lead to resentment and even result in divorce. Therefore, I believe couples who can talk about their money issues openly and honestly are much more likely to find a solution that works for both parties. - Tiffany Homan, COO, Texas Divorce Laws
Have Regular, Transparent, and Productive Discussions
One way for couples to develop financial trust in their relationship is to have open and honest conversations about finances. This includes discussing each person's income, debts, expenses, savings goals, and any other financial matters that could affect the relationship. It's important for couples to be transparent with each other about their finances and to come up with a plan that works for both of them.
This could include setting a budget, discussing how to save money, and creating an emergency fund. Having these discussions can help couples build trust in each other and their financial decisions, as well as provide peace of mind knowing that both partners are on the same page. - Michael Alexis, CEO, Tiny Campfire
Be Open and Honest About Financial Situations
In marriage, finances are an important issue. One way for couples to build financial trust is by being open and honest about each of their financial situations. Couples should communicate with each other about their income, debts, and investments. They should also agree on a budget that works for both parties. This will ensure they're each aware of how much money is coming in and where it's going. - Jennie Miller, Co-Founder, Midss
9 Unexpected Obstacles To Plan For Before It’s Too Late
Jordan Rosenfeld Fri, January 24, 2025 GOBankingRates
If you find yourself in the lucky position of either passing along your wealth to your heirs or receiving a wealth transfer from a relative, this is an exciting thing, but it does come with some legal and financial concerns if not done well.
To save you and your beneficiaries from expensive hassles, experts offered nine obstacles to prepare for and get ahead of to avoid messy court battles or tax implications down the road.
Jordan Rosenfeld Fri, January 24, 2025 GOBankingRates
If you find yourself in the lucky position of either passing along your wealth to your heirs or receiving a wealth transfer from a relative, this is an exciting thing, but it does come with some legal and financial concerns if not done well.
To save you and your beneficiaries from expensive hassles, experts offered nine obstacles to prepare for and get ahead of to avoid messy court battles or tax implications down the road.
Not Laying Out a Vision
Kevin Landis, a CFP, chartered financial analyst and senior vice president with Wealth Enhancement Group, said there are two main types of wealth transfers for those who are not uber-wealthy. The first is beneficiary wealth, leaving your estate to your beneficiaries, and the second is legacy wealth, setting up something that “goes on in perpetuity” such as a trust. You want to decide what kind of wealth transfer is right for you and your beneficiaries ahead of time.
“The bottom line though is just [creating a] vision of what you’d like to see done with your money,” Landis said.
If you don’t leave instructions for your vision, you not only lose control over how your wealth will be disbursed, but you could leave your heirs with a messy legal process on their hands to figure it out, too.
Not Clarifying Tax-Qualified From Nonqualified Assets
Landis shared that the IRS considers wealth transfers such as IRA and 401(k) accounts as “tax qualified” because they have tax benefits. Nonqualified money includes such things as stocks, bonds, brokerage accounts and certificates of deposit (CD).
“So there’s a 10-year rule now that if the kids receive anything that’s tax-qualified, that money has to come out of that tax preferred environment within 10 years, but they lose up to a third of it in income taxes.”
With preplanning, heirs can create a strategy to offset some of that transferred income with other deductions to minimize taxes, he explained.
Not Getting Things in Writing
It’s not enough to just tell your beneficiaries what you want — it needs to be in writing, just in case anyone else contests the right to your money or assets, Landis said. Not having things in writing can send your estate to probate, a long, expensive and often protracted legal process that can also create bad blood among family members and other beneficiaries.
TO READ MORE: https://www.yahoo.com/finance/news/wealth-transfers-9-unexpected-obstacles-190015566.html
The Most Common Banking Mistakes
The Most Common Banking Mistakes
I’m a Financial Advisor: Here Are the Most Common Banking Mistakes I See Among Clients
Laura Bogart Thu, January 23, 2025 GOBankingRates
Financial advisors have seen it all. From people who are burdened by six figures of credit card debt to millionaires, their clients span a range of backgrounds, income, stages in life, and relationships to money. That’s what makes their jobs equal parts challenging and rewarding.
The Most Common Banking Mistakes
I’m a Financial Advisor: Here Are the Most Common Banking Mistakes I See Among Clients
Laura Bogart Thu, January 23, 2025 GOBankingRates
Financial advisors have seen it all. From people who are burdened by six figures of credit card debt to millionaires, their clients span a range of backgrounds, income, stages in life, and relationships to money. That’s what makes their jobs equal parts challenging and rewarding.
However, as financial advisors gain experience, they come to observe a few general patterns in their clients’ banking and how they manage their finances. And in those patterns, there are some common mistakes. Fortunately, almost every mistake provides an opportunity for people to learn more and do better — if they know where to start.
GOBankingRates connected with a few financial advisors to learn more about the common money mistakes they’ve seen and to share their advice for avoiding them.
Taking a One-Size-Fits-All Approach to Retirement
As the Founder and CEO of 11 Financial, Taylor Kovar has helped a lot of business owners achieve their financial goals over the years. However, he’s also seen that many of his clients, particularly business owners, are reluctant to retire completely, even as they reach the age where a lot of people are ready to sail off into the sunset professionally.
Though society often portrays retirement as carefree, there are also many individuals who want to stay involved in the businesses they’ve built, even part-time. Those people sometimes don’t realize they can factor continued income from their businesses into their retirement budgets. Worse, they may avoid budgeting for retirement altogether because they think it would mean giving up their passions. And if they choose to stay working, even at reduced hours, failing to account for taxes can become a costly mistake.
“It’s important to remind clients that retirement doesn’t have to look like the traditional model,” said Kovar. “They can create their own version that allows them to continue doing what they love, just at a different pace.”
Leaving Money in a Traditional Savings Account
For Andrea Woroch, a nationally recognized consumer finance and budgeting expert, one of the biggest, most frustrating errors people make is leaving money on the table by keeping it in a traditional savings account.
TO READ MORE: https://www.yahoo.com/finance/news/m-financial-advisor-most-common-183009744.html
4 Common Fears About Money To Overcome
4 Common Fears About Money To Overcome
Heather Taylor GOBankingRates
Most people share certain types of financial fears in common. Some will be able to overcome these fears with support, but others will let fear rule the rest of their lives. Leading a life where financial fears take top priority can keep you trapped in an unhealthy financial mindset. It can even lead to losing money throughout your lifetime.
Even if you feel scared to do it, it is possible to break the cycle and develop a healthy financial attitude where money is viewed as a tool that can help, not hinder, you. Here are some of the most common financial fears and what it takes to overcome each one.
4 Common Fears About Money To Overcome
Heather Taylor GOBankingRates
Most people share certain types of financial fears in common. Some will be able to overcome these fears with support, but others will let fear rule the rest of their lives. Leading a life where financial fears take top priority can keep you trapped in an unhealthy financial mindset. It can even lead to losing money throughout your lifetime.
Even if you feel scared to do it, it is possible to break the cycle and develop a healthy financial attitude where money is viewed as a tool that can help, not hinder, you. Here are some of the most common financial fears and what it takes to overcome each one.
Fear of Going Broke
Let’s start with one of the most common financial fears: going broke or even bankrupt.
This is often a learned money belief or habit, said Chloe Elise, certified financial coach and CEO of Deeper Than Money. Typically, the person who holds this fear has observed it from their parents or grandparents.
“They look at money as always being scarce, and they fear they will run out,” Elise said.
While this belief can be extremely difficult to break, the ultimate goal is to view money through an abundance mentality. Elise said some of her clients adopt the mantra “money flows to me” as a way to start welcoming money into their lives.
It takes more than a mantra though! To start welcoming money into your life is to watch your money work for you. Elise’s favorite recommendation for doing this is to keep your emergency fund in a high-yield savings account.
“With total liquidity and no risk, a HYSA is an incredible way to begin to see interest accumulate on your account by doing nothing,” said Elise, who adds that as of right now interest rates are over 3%.
Once you do this, Elise said you can start to look into other investments, like retirement accounts or real estate. This eases the fear of stepping outside of your comfort zone and increases the likelihood you will be rewarded.
Fear of Checking Your Bank Account
Who among us has indulged in an expensive weekend out, or a week-long vacation, and then felt paralyzed with fear about what their bank account will look like in the aftermath of these pending transactions?
Here’s what happens when you don’t check your bank account today. You’re not likely to check it tomorrow or the day after.
“What often happens is we let this feeling of guilt and shame from spending money spiral,” Elise said. Before long a month passes and you start to experience anxiety about facing your finances.
To overcome this fear, Elise recommends planning as much in advance as possible. If you are going on vacation, Elise said you can create a bucket in your savings account specific to the trip.
TO READ MORE: https://finance.yahoo.com/news/4-common-fears-money-overcome-160015068.html?fr=sycsrp_catchall
Is the New Golden Age Possible? We Do the Math
Is the New Golden Age Possible? We Do the Math
Notes From the Field By James Hickman (Simon Black) January 23, 2025
The Wall Street Journal this morning released its latest economic forecast survey. This is where they ask leading economists what they think inflation and economic growth will be in 2025 and beyond.
The results were pretty incredible. Between the last survey, in October before the election, and this month’s survey, the predictions for US economic growth have increased dramatically.
Optimism is clearly everywhere, not just in the economic forecasts but also the labor market, stock market, etc. One of the reasons for that, obviously, is that Americans were just promised a New Golden Age of prosperity.
Is the New Golden Age Possible? We Do the Math
Notes From the Field By James Hickman (Simon Black) January 23, 2025
The Wall Street Journal this morning released its latest economic forecast survey. This is where they ask leading economists what they think inflation and economic growth will be in 2025 and beyond.
The results were pretty incredible. Between the last survey, in October before the election, and this month’s survey, the predictions for US economic growth have increased dramatically.
Optimism is clearly everywhere, not just in the economic forecasts but also the labor market, stock market, etc. One of the reasons for that, obviously, is that Americans were just promised a New Golden Age of prosperity.
We’ve written before, many times, that America’s gargantuan fiscal challenges are still fixable.
But a Golden Age? Is that really feasible?
Well, above everything else at this organization, we are intellectually honest, and we let the math be our guide. And in today’s podcast, we actually do the math at a high level and discuss whether that Golden Age actually is possible.
Spoiler alert: it is!
But it’s gong to require what I believe are modest budget cuts— roughly $300 billion— and significantly higher economic growth.
When you think about it, it’s really something to be said that the US, i.e. the most advanced economy in the world, only clocks around 2% “real” GDP growth each year.
Given America’s population growth, the literally tens of trillions of dollars of investable capital, the massive pool of talent, and innovation, 2% growth is utterly pathetic. Talk about under-achieving your potential.
It’s deregulation, ease of doing business, and tax policy that can really move the needle on that growth.
And these are all completely realistic goals.
At the same time, there are so many forces and entrenched special interests that will battle against reform. So while there’s plenty of reason to be optimistic, it’s not a forgone conclusion.
That’s why it makes so much sense to have a Plan B.
We talk about all this and more in today’s podcast, as we walk through the math on the New Golden Age. (For the audio-only version, check out our online post here.)
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
Some Thoughts On Today’s Record High Prices
Some Thoughts On Today’s Record High Prices
Notes From the Field By James Hickman (Simon Black) January 22 2025
Herbert Hoover was an unstoppable force in 1928.
The Roaring Twenties were in full swing. Prosperity (it seemed) was everywhere. The stock market was soaring. People were making money hand over fist. And Hoover was the ‘status quo’ Presidential candidate that year.
In other words, a vote for Hoover was a vote for the good times to continue. And the guy vanquished his opponent on election day, November 6, 1928, by one of the most lopsided margins in history up to that point.
So the euphoria continued. In the four months between Hoover’s election victory in November, and his inauguration in early March, the stock market soared by more than 20%.
Some Thoughts On Today’s Record High Prices
Notes From the Field By James Hickman (Simon Black) January 22 2025
Herbert Hoover was an unstoppable force in 1928.
The Roaring Twenties were in full swing. Prosperity (it seemed) was everywhere. The stock market was soaring. People were making money hand over fist. And Hoover was the ‘status quo’ Presidential candidate that year.
In other words, a vote for Hoover was a vote for the good times to continue. And the guy vanquished his opponent on election day, November 6, 1928, by one of the most lopsided margins in history up to that point.
So the euphoria continued. In the four months between Hoover’s election victory in November, and his inauguration in early March, the stock market soared by more than 20%.
Optimism was everywhere. And, convinced that asset prices would only go up, Americans borrowed heavily to buy shares on the stock market.
But it was less than eight months into Hoover’s presidency that the stock market crashed... and all that confidence quickly evaporated. The Dow Jones Industrial Average went on to lose nearly 90% of its value over the next three years.
Now, don’t get me wrong— I’m not predicting an imminent crash of the stock market. America’s economy today is fundamentally different than it was in 1929.
But there are some similarities.
One key similarity is that stock valuations, i.e. the amounts that investors are willing to pay for every dollar of a company’s earnings, revenue, and/or assets, are more stretched than they were even in 1929.
And the cause is also similar.
By 1929 the Federal Reserve was still pretty new; it had only been formed in 1913, and had spent most of the decade engaged in a rate-cutting monetary bonanza that fueled wild financial speculation.
Roughly nine decades later, the Fed engaged in a similar monetary bonanza as the pandemic began. They conjured trillions of dollars out of thin air and slashed rates to zero, sparking one of the most extreme speculative bubbles in financial history.
I’m sure you remember: even the most outrageous assets— meme stocks, shitcoins, and ‘artwork’ consisting of a banana duct-taped to the wall, traded hands for unbelievable prices.
Interest rates have risen significantly since then, and the Fed has made some efforts to make tiny reductions to the money supply. But most of the excesses still remain— hence historically high stock market valuations like Price/Earnings ratios, or the total stock market capitalization to GDP ratio.
If stock market valuations were to return to historic averages, it would require either a sharp decline in stock prices... or an extended period of stagnant market performance.
But again, I’m not predicting this is going to happen. There’s absolutely no reason why stocks can’t remain expensive... or become even more expensive. Historic averages are indicators of some deviation from the norm. But they don’t dictate immediate outcomes.
But for investors, this environment presents a dilemma. On one hand, it’s difficult to justify paying record high prices for assets at super-stretched valuations. Yet, again, on the other hand, historically high valuations don’t necessarily mean that a collapse or pullback is imminent.
But there is an alternative worth considering.
Early in his career, Warren Buffett favored an ultra deep-value strategy that focused on buying companies trading at steep discounts to their intrinsic worth.
Some of these businesses were of questionable quality. In a way, Buffett was willing to buy almost anything if it were cheap enough.
But soon his long-time partner Charlie Munger entered the picture and introduced Buffett to a transformative idea: instead of sifting through mediocre companies simply because they were cheap, why not seek out high-quality businesses with durable competitive advantages, even if they came at a higher— but still fair— price?
Buffett eventually understood the axiom: “it’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
(Obviously it’s even better if you can find wonderful businesses at wonderful prices.)
Where can you find that today?
Well, it’s very difficult in the US. There are some wonderful businesses. But it’s hard to argue that a 100x Enterprise Value to Free Cash Flow ratio is a “fair price”.
But if you expand your horizons abroad, there are fantastic businesses around the world that trade for next to nothing. It seems like everyone is buying US stocks, but they completely ignore amazing deals overseas.
Another option we’ve talked about many times before is the real asset sector, i.e. vital resources and commodities such as metals, energy, agriculture, and productive technology.
There is a severe lack of investment in many of these real asset companies, to the point where certain commodities are becoming scarce relative to demand.
Uranium is a great example. There is now literally a supply deficit, i.e. not enough production to meet demand. And given the momentum for nuclear power, uranium is poised to become one of the world’s most important resources.
Gold is another example. For years, exploration has been lackluster, partly due to lack of investor interest in the sector. Remaining mine reserves are dwindling, and future gold production is questionable.
Yet demand for gold has skyrocketed— mostly from central banks who have been dumping their US dollars. So the gold miners who have efficient production, high quality mines, and solid reserves are making huge profits... yet their share prices have barely moved.
In other words, investors would rather pay 100x earnings for a popular tech stock than pay 3x earnings for a profitable, debt-free, dividend paying gold stock.
Again, the stock market could keep flying higher to even more dizzying heights. But there are definitely some excellent companies out there which offer profits, dividends, and substantial value— if you’re willing to look beyond the mainstream.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
PS- We routinely name specific real asset companies, which we believe are primed to boom under these conditions, in Schiff Sovereign Premium.
We focus on businesses which have valuations just 4 or 5 times their yearly free cash flow, and often pay out a lot of those profits through dividends.
https://www.schiffsovereign.com/trends/some-thoughts-on-todays-record-high-prices-152000/
Is this America 3.0? One Key Question to Ask Yourself
Is this America 3.0? One Key Question to Ask Yourself
Notes From the Field By James Hickman (Simon Black) January 21, 2025
When the Founding Fathers put the finishing touches on the Constitution in late September of 1787, they probably had no idea whether or not it would be formally adopted by the states. There had been intense debate. Criticism. Dissent. And so the ratification of the Constitution was by no means guaranteed. Delaware became the first state to ratify the document on December 7, 1787. Then Pennsylvania and New Jersey within the same month.
But Article VII stated that the Constitution would not be considered valid unless formally approved by at least nine states. And that milestone wasn’t reached until June 21, 1788 when the state of New Hampshire ratified the Constitution.
Is this America 3.0? One Key Question to Ask Yourself
Notes From the Field By James Hickman (Simon Black) January 21, 2025
When the Founding Fathers put the finishing touches on the Constitution in late September of 1787, they probably had no idea whether or not it would be formally adopted by the states. There had been intense debate. Criticism. Dissent. And so the ratification of the Constitution was by no means guaranteed. Delaware became the first state to ratify the document on December 7, 1787. Then Pennsylvania and New Jersey within the same month.
But Article VII stated that the Constitution would not be considered valid unless formally approved by at least nine states. And that milestone wasn’t reached until June 21, 1788 when the state of New Hampshire ratified the Constitution.
One could easily argue that it was that date— June 21, 1788— that “Project America” really began, i.e. America 1.0.
It’s hard to even imagine the amount of work that had to be done to build a country from nothing, to create a government from nothing. Everything from creating a new currency to establishing postal routes...
They had to create offices, figure out how to hold elections, and even design the ‘swearing in’ ceremonies and oaths of office.
It must have been a mind-boggling amount of work. And they had to do it all with virtually no resources.
The brand new country was in debt up to its eyeballs from the Revolutionary War. It had almost no revenue or economy. Infrastructure, even by pre-industrial standards, was nonexistent.
Yet at the same time, the new nation had enormous potential; the massive continent held vast resources, plus people willing to do the hard work to create lasting prosperity.
That version 1.0 of the United States changed over time— Civil War, Reconstruction, rapid industrialization, etc. But it wasn’t until the 1940s that ‘America 2.0’ took shape.
Word War II was still raging. But by early July 1944 it was clear that the Allies— led by the US— were going to vanquish the Nazis.
It was also that same month when representatives from around world held a formal gathering (which ironically also took place in New Hampshire) called the Bretton Woods Conference.
Bretton Woods was a big deal. Dozens of government officials from countries ranging from Australia, Bolivia, China, to Yugoslavia, literally got together in a room and signed a document formally anointing the United States as the world’s dominant superpower.
The Bretton Woods agreement was formally ratified and went into effect on December 27, 1945. And you could argue that this was the launch date of America 2.0: the biggest, most dominant military and economic superpower atop the new global order— entrusted with the global reserve currency, and armed with nuclear weapons.
America 2.0 went on to win the Cold War, invent much of the world’s most important technology, and become the global beacon of strength and prosperity.
But America 2.0 has been in decline for decades.
A quarter-century of war, unbelievable deficit spending, irresponsible bailouts, extreme government incompetence, etc. have led to a major decline of America’s prestige and status.
The national debt now exceeds $36 trillion. The interest bill alone on that debt is over $1.1 trillion per year and rising quickly, consuming 23 cents out of every single tax dollar collected.
Plus, major entitlement programs like Social Security and Medicare are set to run out of money within the next seven years, and those will require trillions of dollars in bailouts.
Frankly, politicians from both parties have fiddled while this dumpster fire burns.
But as the clock struck high noon yesterday in Washington DC, countless millions of people breathed a collective sigh of relief as Trump 47 announced boldly and confidently, without the slightest hint of doubt, “From this moment on, America’s decline is over,” to be replaced with a new “Golden Age” for the United States.
He may be right. I hope he’s right.
And if he is, future historians may look back— just as we have the luxury today of looking back to 1788 and 1945— and say that January 20, 2025 marks the emergence of America 3.0: a re-imagined, back-to-business, stronger, freer, less divided, more prosperous version of the United States that most people don’t even remember at this point.
And there are similarities between now and 1788.
The task back then was enormous— seemingly impossible. The debt was sky-high, and there were almost no resources to tackle the challenges.
Today, the work that needs to be done also seems extremely difficult. They’ll have to dismantle an entrenched, toxic bureaucracy; killing entire departments and programs; make deep cuts to the budget; eliminate thousands upon thousands of regulations.
Along the way their efforts will be stymied by deranged legacy media, blocked by litigation (likely in California’s activist 9th Circuit Court), and impeded by members of Congress from both parties.
Some of those obstacles existed in the 1790s as well. But today’s America has the benefit of having the most advanced economy in the world... so even if they don’t get everything right (which they won’t), as long as they head in the right direction and move quickly, they can make some serious gains.
So, again, they might pull it off. Perhaps this is the emergence of a new golden age.
But any rational person ought to seriously ponder the question: what if they don’t pull it off? What if they aren’t able to overcome the special interests, bureaucracy, media, and activist courts?
Well, in that case the decline may very well continue.
And fundamentally the question is, what will you do in that scenario? It’s really worth thinking about.
In fact, there is no better time to think about this question than when you’re feeling optimistic.
You don’t want to wait for things to get really bad to think about a Plan B; at that point you’ll be emotional and anxious— bad elements which prevent rational decision making.
So I’d encourage you to invest some of today’s optimism into thinking about credible risks— and what sensible steps you could take to reduce or eliminate the consequences in case this isn’t America 3.0, and they are unable to reverse the decline.
This is Plan B thinking. It’s sensible and rational.
How would you deal with the inflation? What about Social Security going away? How would you mitigate higher taxes, or more intense social divisions?
And when you are looking at options, it makes sense to have a global view.
Consider places that could give you the highest and safest return on investment. Or places where you could have a less expensive, more pleasant retirement, where your money goes further, and there is affordable, high quality healthcare.
I’m as optimistic as anyone right now. However, this is the whole point of a Plan B: you might not need it. But you and your family will be in a much better position for giving serious thought to some obvious risks.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
https://www.schiffsovereign.com/trends/is-this-america-3-0-one-key-question-to-ask-yourself-151990/
9 Bad Money Habits To Ditch in 2025
9 Bad Money Habits To Ditch in 2025, According to Rachel Cruze and George Kamel
Angela Mae Mon, January 20, 2025 GOBankingRates
Personal finance gurus Rachel Cruze and George Kamel recently released a video about things to stop doing with your money in 2025. In the video, they covered some key bad money habits people often fall victim to, many of which require some degree of work to break.
If you want to improve your own financial habits and start 2025 right, here’s what Cruze and Kamel suggest you stop doing right now.
9 Bad Money Habits To Ditch in 2025, According to Rachel Cruze and George Kamel
Angela Mae Mon, January 20, 2025 GOBankingRates
Personal finance gurus Rachel Cruze and George Kamel recently released a video about things to stop doing with your money in 2025. In the video, they covered some key bad money habits people often fall victim to, many of which require some degree of work to break.
If you want to improve your own financial habits and start 2025 right, here’s what Cruze and Kamel suggest you stop doing right now.
Putting Your Financial Goals Aside
If you’ve been putting your financial goals on the back burner, it’s time to make a change. Don’t wait to do something good for your finances. Do it as soon as you can.
According to Kamel, people often say, “I’ll just do it next year, I’ll get to that later or I’ll save when I’m older.” But this can be problematic since, in most cases, working toward and achieving those goals takes time. The longer you wait to get started, the harder it is to get to where you need to be.
Not Knowing What’s in Your Bank Account
Cruze pointed out that many people don’t really know what’s actually in their bank account when making a purchase. This ties in to the concept that ignorance is bliss, but it’s a problem when the money simply isn’t there — or should have been saved for something more important.
Kamel gave the example of someone who says, “I don’t want to look at my bank account because I don’t need that negative energy in my life.” This leads to avoidance rather than a tangible solution.
Judson Brewer, a psychiatrist and doctor, told Chime that financial avoidance tendencies stem from survival instincts, in which we try to avoid pain and seek pleasure. In fact, unexpected bank fees, including overdraft fees, affected 20% of Americans in 2023, per a Chime study.
Using Your Credit Card as an Emergency Fund
TO READ MORE: https://www.yahoo.com/finance/news/9-bad-money-habits-ditch-160018000.html
8 Purchases You Should NEVER Make With Your Credit Card
8 Purchases You Should NEVER Make With Your Credit Card
In an attempt to keep their money safe, most Americans are tempted to reach out to their plastics instead of paying with cash. While there are many disadvantages when paying with cash, such as security, credit cards are no good either. At least not when referring to certain purchases.
Your credit card is not the best form of payment, especially when you’re struggling with debt. Fortunately, if you’re facing a ton of debt, you can still keep your finances safe and avoid adding more debt by steering clear of the following credit card purchases.
8 Purchases You Should NEVER Make With Your Credit Card
In an attempt to keep their money safe, most Americans are tempted to reach out to their plastics instead of paying with cash. While there are many disadvantages when paying with cash, such as security, credit cards are no good either. At least not when referring to certain purchases.
Your credit card is not the best form of payment, especially when you’re struggling with debt. Fortunately, if you’re facing a ton of debt, you can still keep your finances safe and avoid adding more debt by steering clear of the following credit card purchases.
1. Household Bills
As more and more American adults struggle to pay their household bills, they have no choice but to use their saving accounts. Cellphone, utility, as well as cable bills, shouldn’t be paid with a credit card.
How so? Because if you’re not used to paying off (or you just can’t) your full balance every single month, you will face an interest that will make your household bills even more expensive.
2. Cars
Most car dealers don’t agree with credit card purchases and that’s mainly because they will have to pay fees in order to process transactions. However, if you don’t have the possibility to pay for the car outright, you should definitely visit a credit union or your current bank to get approved for a car loan.
Thankfully, to get the best interest rate possible, you can compare the vast majority of auto loan rates online.
3. Retail Therapy
If you think that a new purchase will boost your mood levels, you’re wrong. You’ll probably be happier for, let’s say two hours after making the purchase, but you will most definitely regret it the next day when you’ll see that your credit card balance went nuts.
4. Medical Bills
Are you using a medical credit card in order to pay the bills? If that’s the case, make sure to check the fine print, especially your obligations regarding when and, more importantly, how interest is charged.
Also, if possible, try to reduce your health care costs as much as you can.
TO READ MORE: https://legalguidancenow.com/1088/yahoo/1115955/20004/8-purchases-you-should-never-make-with-your-credit-card/
Childfree People Get The Wrong Financial Advice
Childfree People Get The Wrong Financial Advice — and they’ll be paying for it in their old age
Alessandra Malito Sat, January 18, 2025 MarketWatch
People who don’t have children aren’t getting the best financial advice, one author says.
There are more than a dozen differences in financial and estate planning for people with children and those without — but the financial-planning industry doesn’t address them separately, according to Jay Zigmont, founder of Childfree Wealth, a life- and financial-planning firm dedicated to helping childfree individuals. Zigmont, who himself doesn’t have children, is also the author of a new book, “The Childfree Guide to Life and Money.”
Childfree People Get The Wrong Financial Advice — and they’ll be paying for it in their old age
Alessandra Malito Sat, January 18, 2025 MarketWatch
People who don’t have children aren’t getting the best financial advice, one author says.
There are more than a dozen differences in financial and estate planning for people with children and those without — but the financial-planning industry doesn’t address them separately, according to Jay Zigmont, founder of Childfree Wealth, a life- and financial-planning firm dedicated to helping childfree individuals. Zigmont, who himself doesn’t have children, is also the author of a new book, “The Childfree Guide to Life and Money.”
“There are assumptions and things built into the system that means, ultimately, childfree people are getting bad advice, or at least advice in the wrong direction,” he said.
Part of the problem could lie in how advisers make money. Individuals who don’t have children might want to spend all of their money while they’re living, while those with children could have bigger goals of leaving behind an inheritance.
This clashes with one of the most common ways advisers make money in the financial-planning industry: the assets-under-management model. With AUM, an adviser’s compensation is a percentage of what the adviser is managing — so when the money in the account dwindles, so does the fee.
“How does that compare when someone is trying to die with zero?” Zigmont said. “There’s a conflict of interest.”
The right financial planner for a childfree individual or couple will acknowledge the nuances, Zigmont said. “Your planner needs to understand how things are different for you, and that’s a challenge to get good advice,” he said.
Beyond the importance of money management is estate planning, which needs to be tended to immediately for childfree folks.
Zigmont spoke with MarketWatch about some of the most important aspects of planning for the childfree life, and how it differs from financial planning for people with children. This interview was edited for clarity and length.
TO READ MORE: https://finance.yahoo.com/news/childfree-people-wrong-financial-advice-105900984.html?.tsrc=fp_deeplink
15 Better Places Than Under the Mattress To Hide Money in Your House
15 Better Places Than Under the Mattress To Hide Money in Your House
By Laura Gesualdi-Gilmore
Consider storing cash in everyday items that make surprisingly good hiding spots.
You’ve probably seen it on TV and in movies 100 times before: a character trying to hide some cash throws it under a mattress.
But anyone breaking into your home looking for cash knows the mattress trick, making it a questionable place to hide money.
Of course, the best place for your money is in the bank — but if you’d like to keep some in your home, consider these less obvious, more secure hiding spots to reduce your money stress.
15 Better Places Than Under the Mattress To Hide Money in Your House
By Laura Gesualdi-Gilmore
Consider storing cash in everyday items that make surprisingly good hiding spots.
You’ve probably seen it on TV and in movies 100 times before: a character trying to hide some cash throws it under a mattress.
But anyone breaking into your home looking for cash knows the mattress trick, making it a questionable place to hide money.
Of course, the best place for your money is in the bank — but if you’d like to keep some in your home, consider these less obvious, more secure hiding spots to reduce your money stress.
A permanent, hidden safe
A safe could be a worthy investment if you plan to keep a lot of cash and other valuables in the home, but the safe should either be permanently bolted in place somewhere hidden — or weigh several hundred pounds.
An obvious-looking portable safe is simply too easy for thieves to run off with and figure out later.
Behind a drawer
Storing cash inside a kitchen or bedroom drawer is not the safest move. Anyone who breaks into your home will probably quickly sift through these looking for valuables.
However, putting cash in an envelope and taping it to the back or underside of the drawer (not in the drawer) can be a sneakier, more secure option.
Behind wall art or decor
Cash can also be stored in an envelope taped behind generic-looking art or something like a wall clock. Just make sure that the art or decor itself doesn’t look like something worth stealing.
In the bookshelves
Some people store bills among the books in their bookshelves. However, if you want to avoid shaking out every book when you need to go retrieve the cash, consider investing in one of the fake book safes Amazon sells.
These appear to be normal books but open up to a locked box.
A box in a box
In most cases, anyone looking to rob your home is going to be moving quickly, so the more obstacles you can add to your cash hiding spots, the better.
Consider hiding cash in a box placed within a box of something that would look unappealing to crooks — like winter clothes or Christmas ornaments (really anything that doesn’t scream value).
Opaque food jars
Certain food jars placed in odd places may be obvious—as will the stereotypical cash-filled old coffee can. But if you have some opaque food jars and keep them in their expected homes in your pantry, they can be a great place to hide cash.
You can also purchase things like fake Coke cans online that can be used as small safes.
In pockets
Any hiding spot that would require a potential thief to sift through a lot of items adds a layer of safety. Cash folded up and placed in the pocket of a pair of slacks or a coat hung up among many in a closet is probably safe — as long as you can remember where it is.
TO READ MORE: https://financebuzz.com/better-money-hiding-places-than-mattress
16 Worst Places To Hide Cash in Your Home
16 Worst Places To Hide Cash in Your Home
By Stacy Garrels
Are burglars already onto your not-so-secret spots?
While digital wallets and contactless payments are taking hold, we still like cold, hard cash. Plenty of us like keeping an emergency stash at home to be prepared for hard times.
However, burglars and sticky-fingered guests know that most people have a hidden wad of bills somewhere. Here are some of the more obvious hiding spots you should avoid to protect your financial fitness in your own home.
16 Worst Places To Hide Cash in Your Home
By Stacy Garrels
Are burglars already onto your not-so-secret spots?
While digital wallets and contactless payments are taking hold, we still like cold, hard cash. Plenty of us like keeping an emergency stash at home to be prepared for hard times.
However, burglars and sticky-fingered guests know that most people have a hidden wad of bills somewhere. Here are some of the more obvious hiding spots you should avoid to protect your financial fitness in your own home.
Dresser drawers
No matter how well-organized, top dresser drawers can often become a catch-all place for lots of small goods and knickknacks: underwear, hair ties, cufflinks, and rolls of cash.
People like to sock money away there because it’s out of sight but still in an easy-to-remember location. It’s easy for crooks to remember, too.
Freezer or fridge
Opinions on fridges and freezers are mixed. While some home safety experts think they’re a smart option, many caution against it. Why? If you “think up” this tactic, it’s because you've seen it before in a movie or TV show — just like the bad guys.
Also, during economic downturns, thieves are known to steal food out of fridges and freezers.
During the Great Recession, I know many people who had crooks break in during the daytime (sometimes while the homeowners were upstairs) and help themselves to milk and meats along with wallets and laptops.
Children’s bedrooms
Sadly, yes. Kids’ rooms are a target for home burglars. The bad guys know kids often have tablets, game consoles, TVs, and iPads. They will rummage through your kids' room looking for cash in addition to pocketing any high-value goods.
Under the mattress or bed
It’s a cliche, but yes, people still tuck money away under their mattresses. Many naive homeowners think the bed is so obvious that no one hides their money there anymore, and that must make it a safe spot. It’s not; it’s one of the first places thieves look.
Toilet tanks
Using your toilet tank is about as cliche and obvious as your mattress. One TV show after another has crooks and good guys using the tank as a place to stash drugs, cash, and other valuables, and it’s one of the most common places thieves search.
TO READ MORE: https://financebuzz.com/worst-places-hide-cash-at-home
Ben Stein: 5 Ways You’ll Destroy Your Financial Health
Ben Stein: 5 Ways You’ll Destroy Your Financial Health
Peter Burns Wed, January 15, 2025 GOBankingRates
From maxing out your credit cards to financing a house you can’t afford, there are many things you can do to decimate your savings and derail your financial future. Personal finance expert and author Ben Stein kept track of the best ways to do just that.
In a fun twist of the financial improvement genre, Stein’s book, “How To Ruin Your Financial Life,” details the different ways you can bankrupt yourself through poor choices. Here are some bad decisions that will lead to financial instability.
Ben Stein: 5 Ways You’ll Destroy Your Financial Health
Peter Burns Wed, January 15, 2025 GOBankingRates
From maxing out your credit cards to financing a house you can’t afford, there are many things you can do to decimate your savings and derail your financial future. Personal finance expert and author Ben Stein kept track of the best ways to do just that.
In a fun twist of the financial improvement genre, Stein’s book, “How To Ruin Your Financial Life,” details the different ways you can bankrupt yourself through poor choices. Here are some bad decisions that will lead to financial instability.
Don’t Educate Yourself
It’s no secret that personal finance isn’t a priority in schools. In 2024, only 26 states in the U.S. required a personal finance course for all high schoolers, up from just eight states in 2020. If you’re hoping to remain in financial turmoil for your entire life, Stein suggests not making any attempt to educate yourself and improve your financial practices.
On the other hand, taking the initiative to learn about personal finance will lead to financial independence, less stress and better decisions. Following finance blogs, listening to podcasts, taking online courses and reading books can all help you better understand how money works and how it can work for you.
Keep Up With the Joneses
One of the easiest ways to negatively affect your financial health is by comparing yourself to others. Purchasing things to impress others often results in living beyond your means. Stein explains that spending more than you earn is an unsustainable practice that will drive you to debt.
You will never have to look far to find someone with a more expensive car, a bigger house or the newest gadget. Shifting your mindset toward achieving financial goals that improve your life instead of focusing on outspending your friends, colleagues and neighbors will make you happier in the long run.
Use Credit Cards as Much as Possible
TO READ MORE: https://www.yahoo.com/finance/news/ben-stein-5-ways-ll-190110626.html