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

Madeline Duley   Tue, June 18, 2024

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

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

Getting Bills Too Large

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

“One mistake I often see is taking out large bills to spend at local businesses, because most won’t accept them because businesses are worried about fraudulent bills,” said Haley West, head teller at Kohler Credit Union.

"Strategy to Retain Wealth" by Quantum Warrior

Emailed to Recaps 11/19/2013  From Recaps Archives

 (Dinar Recaps Note: This post is for informational purposes only.  It is not legal, tax or investment advice.  Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)

Strategy to Retain Wealth by Quantum Warrior

The "recipe" below is my personal one- if it does not suit you, don't do it. If you don't like the ideas, fair enough, we all have that right, but please don't complain to Recaps or me, just read something else. The usual disclaimers apply- do your own due diligence, every situation is different.

Do You Have to Pay Taxes on a Trust Inheritance?

Hilary Collins   Sun, Jun 16, 2024

When making an estate plan, using a trust is a way to make passing assets — including both cash and physical assets — a bit easier. In fact, when using a trust, you can often allow your family to avoid a lengthy probate process after you’ve died. Inheriting a trust comes with certain tax implications. The rules can be complex, but generally speaking, only the earnings of a trust are taxed, not the principal.

A financial advisor can help you minimize inheritance tax by creating an estate plan for you and your family. Find a financial advisor today.

Trust Basics

A trust is simply a legal vehicle which can be filled with myriad assets, including cash and physical holdings. The person who creates the trust is known as the grantor. A trust is overseen by a trustee. The trustee can be a person or a firm that manages the trust for the beneficiary. The beneficiary of the trust is the person who benefits from these assets. This beneficiary can be an individual, such as a child or other relative, or an organization like a charitable group.

Trusts are often used as a tool to minimize estate taxes. Also, while assets transferred via a will usually have to go through the probate process, trusts can usually bypass that step, speeding up the process and saving on court fees.

Buy two, get one half off? How 'Spaving' Discounts Can Derail Your Finances

Daniel de Visé, USA TODAY  Updated Sun, June 16, 2024 119

Any time you buy two of something and get a third item for half off, or add a few dollars to an online order to secure free shipping, you are “spaving.”

Spaving is a mashup of “spending” and “saving”: spending more to trigger savings.

But don’t fool yourself, experts say: Spaving is mostly spending.

“It’s always more spending. It’s not always more saving,” said Jeff Galak, an associate professor of marketing at the Tepper School of Business at Carnegie Mellon University in Pittsburgh.

Elon Musk: 5 Things Poor People Waste Money On

David Nadelle   Thu, June 13, 2024

Despite a rough start to 2024, Elon Musk is once again the world’s richest person, according to Forbes, and in the spotlight this week due to the vote to approve his vote-of-confidence $56 billion pay package being held later today and a sexual harassment lawsuit filed against him and SpaceX recently by eight former employees.

Even the most news-avoidant person will know who Musk is. If there is one thing we can say with certainty, it’s that the SpaceX and Tesla, Inc. CEO knows how to stir the pot like few others. Musk’s social media influence and business acumen is always up for debate. However, as Aeon reported, “Not since Steve Jobs has an American technologist captured the cultural imagination like Musk.”

Older Americans Are Stashing Thousands Around The House. Here's Why This Practice Can Lead To Lost Wealth

Serah Louis  Fri, June 14, 2024

Adrienne Volpe almost threw out her grandmother’s collection of books after she passed away — a decision that could have lost her a small fortune.

“My grandmother had pressed thousands of dollars in single bills inside books,” Volpe told the New York Times (NYT), recounting how she thought she would find autumn leaves within the pages instead.

Volpe’s grandmother had stashed about $10,000 in bills as small as $20 within her books.

Children and grandchildren of older Americans report finding hidden cash and valuables in their loved ones’ homes after they die — like under the mattress or even inside a freezer — due to mistrust in financial institutions

5 Myths About Debt That Nobody Should Believe in 2024

May 1, 2024    by Vance Cariaga

If you’re an adult, chances are you have some kind of debt. More than three in five Americans (61%) are in credit card debt and owe an average of $5,875. Americans collectively have about 84 million mortgages totaling more than $12 trillion, according to LendingTree. The Education Data Initiative estimates that 43.2 million U.S. borrowers have federal student loan debt.

Those stats don’t even include car loans, personal loans, business loans, lines of credit and other sources of debt. Given how much debt Americans carry, you’d think they’d do a better job of separating myth from reality.

Sadly, that’s not the case. Many debt myths are still alive and well in 2024. Here’s a look at five myths nobody should believe anymore.

Barbara Corcoran: Spend Money the Right Way and It Will Come Back to You

Adam Palasciano  Wed, June 12, 2024

Many people may be under the impression that diligently saving money can make them rich. However, two self-made millionaires have a different opinion.

Barbara Corcoran, a real estate entrepreneur and star of ABC’s “Shark Tank,” is a firm believer that saving money doesn’t result in wealth.

100 Top Money Tips From Tony Robbins That Are Always Relevant

June 11, 2024   by Virginia Anderson Edited by Chris Cluff

Entrepreneur and investor Tony Robbins is known for dishing out straightforward and actionable financial advice. Here are some of his most notable tips to reach your saving, investing and budgeting goals.

Focus on Your Money Goals

Robbins strongly believes in using the law of attraction to get what you want in all areas of life — including your finances. He says you can attract success over time by manifesting a positive attitude and mastering your money goals.

Surround Yourself With Successful People

Do you know a few people who have achieved financial success? Maybe they own their own business or plan to retire early. Talk to them and find out how they realized their goals. They can inspire you to reach your own.

Robert Kiyosaki Believes ‘Crash Has Begun’ — His 6 Ways To Use It to Your Advantage

Chris Ozarowski Tue, June 11, 2024  GoBankingRates

Robert Kiyosaki, financial influencer best known for his “Rich Dad Poor Dad” franchise, recently posted on X that he believes a significant economic downturn, or “crash,” has started. Such periods, he said, are challenging but present unique opportunities to acquire wealth.

Kiyosaki outlined six strategies to leverage during a crash to increase your chances of getting rich. Here’s what he said and which parts of his advice you can integrate into your own financial strategy.

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

What’s a Financial Crash?

11 Overlooked Risks That Could Ruin Your Financial Stability

By Claire Conway  Jun-12-2024

Financial pitfalls can throw a monkey wrench into even the most responsible person, which is why everyone should be aware of hidden threats that can derail your financial security. People reveal what unexpected life changes can turn your life upside down. Have you experienced any of these hidden financial threats?

1. All Homeowner-related Expenses

Where do I begin? Owning a home comes with endless potential repairs, from heat and water pumps to air conditioning, flooring, and roof repairs (and everything in between). Although owning a home is a significant life milestone, even the most frugal homeowner confesses that the expenses quickly pile up and easily turn a secure financial situation upside-down.

4 Ways the Upper Class Handles Inflation That the Middle Class Could Learn From

Jake Safane   Mon, June 10, 2024

Inflation can be a double-edged sword. On one side, it can cut into your budget by raising the cost of essentials like housing, food, and transportation. But it can also be harnessed to grow your wealth, such as by increasing the interest you earn on your savings.

In some sense, being wealthy makes it easier to benefit from inflation. If you have $100 in savings, the difference between a 1% annual percentage yield (APY) on a savings account and a 5% APY is only $4. But if you have $100,000 saved, then the difference is $4,000.

Still, it’s better to earn that extra $4 on a $100 in savings than, say, lose money due to bank fees or pay interest when borrowing money if your balance turns negative. And over time, you can build up your savings and investments more to benefit from inflation further, much like many wealthy people do.