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DINARRECAPS8 6/27/24 DINARRECAPS8 6/27/24

7 Things You Must Do When You Start Making 6 Figures

Heather Taylor Wed, June 26, 2024

Once your salary reaches $100,000, you need to take certain steps to ensure you keep building wealth and stay in good financial health.

There’s a chance you already might be making some of these money moves, even if you’re earning a little less. Make sure you start taking these actions as soon as you begin earning $100,000.

Heather Taylor Wed, June 26, 2024

Once your salary reaches $100,000, you need to take certain steps to ensure you keep building wealth and stay in good financial health.

There’s a chance you already might be making some of these money moves, even if you’re earning a little less. Make sure you start taking these actions as soon as you begin earning $100,000.

`1. Eliminate High-Interest Debt

Those who just started earning six-figure incomes will need to quickly pay off any high-interest debt. Think student loans, credit card balances or any other outstanding debt where the interest rate is extremely high.

Alissa Krasner Maizes, financial planner and founder of Amplify My Wealth, said eliminating this debt yields the quickest return on investment. Not sure where to begin? Krasner Maizes recommends automating monthly payments beyond the required minimum payment due.

Start with your highest-interest debt and, once you eliminate this debt, move on to paying off debt with the next highest amount of interest. Keep going until you have paid off all high-interest debt — and find yourself debt-free.

2. Maximize Retirement Contributions

Once you have cleared any outstanding debt, Krasner Maizes recommends maximizing your retirement contributions. Those earning a six-figure income should contribute the amount their employer matches for their retirement account.

“Ideally, maximize your contributions to tax-advantaged retirement accounts and consider the advantages of a Roth option as you will pay tax now,” Krasner Maizes said. “As long as you follow the necessary rules, you will not pay taxes on the growth or when you withdraw the money for retirement.”

3. Create a Holistic Financial Plan

When you start earning six figures, it’s a good idea to make sure you have a solid plan in place for your future. There are free financial tools you can use to help ensure your money is well-managed and invested.

A financial services company called Empower has free tools that let you check your net worth, plan your savings and retirement and do a checkup on your investments. It also offers professional wealth management and various investment products.

Its portfolio analyzer lets you assess your overall risk, analyze past performances and model individualized asset allocations. There’s also a free investment-return calculator that estimates how much money you can earn over time, based on the amount of money you invest and the expected rate of return.

If you’re trying to develop a long-term plan for your money, this is a good place to start. You’ll learn how much money you really have, how much you should be saving, make sure you’re properly invested and gauge where you’re at in your retirement-savings journey.

DINARRECAPS8 6/26/24 DINARRECAPS8 6/26/24

7 Things You Should Never Do in Retirement

Adam Palasciano Tue, June 25, 2024

Retirement: A magical time of life when you no longer (necessarily) have to work for your money. Instead, decades of hard work coupled with saving and smart investments should mean that your money now works for you.

Careful financial planning can certainly lead you to this outcome. However, there are several things you’ll want to street clear of to ensure that you don’t end up in financial trouble after you call it quits at work.

Here are seven things you’ll want to seriously avoid if you’re approaching retirement or you’re already retired, according to Ameriprise and Think Bank.

7 Things You Should Never Do in Retirement

Adam Palasciano Tue, June 25, 2024

Here are seven things you’ll want to seriously avoid if you’re approaching retirement or you’re already retired, according to Ameriprise and Think Bank.

1. Retiring Too Early

Deciding to stop work too early can have long-term implications on how long your money will last you. If it’s clear that you don’t have enough money saved, consider working for a few more years to augment your retirement savings. As a general rule of thumb, it’s important to save at least 15% of your annual income toward retirement throughout your working life — or more, if you can.

2. Overspending

Many people find themselves on a reduced or fixed income in retirement. So, it’s really important to make sure you’re not overspending. Creating a clear budget can help you track where your money is being spent each month, ensure you’re not living above your means, and help you stay out of debt.

3. Taking Social Security Too Early

It’s possible to collect Social Security as early as age 62. However, you’ll only be eligible for a portion of your maximum monthly benefit by doing so. The longer you wait to collect Social Security, the larger your monthly payment will be for life. So, waiting longer can have huge long-term impacts on your cash flow and financial stability.

4. Underestimating Effects of Inflation

You won’t be immune to the effects of inflation just because you’re retired. It’s crucial to consider how even low levels of inflation ranging from 1-2% can erode your purchasing power. It’s best to consult a financial advisor to devise an investment strategy that mitigates the effects of inflation once you’ve stopped working.

5. Underestimating Medical Expenses

DINARRECAPS8 6/26/24 DINARRECAPS8 6/26/24

Ex-Millionaires Are Revealing How They Lost All Their Money, And I'm Actually Speechless

BuzzFeed Tue, June 25, 2024

Reaching millionaire status is a feat people dream of achieving. But unfortunately, having millions of dollars doesn't mean you're invincible, as evidenced by redditor u/HypnoticMushrooms, who asked people to share how they or someone they knew became an "ex-millionaire." I'm genuinely surprised at how some of these people weren't responsible with their money. Here are some of the most insightful stories:

1."COVID-19. I built a business that was given a valuation of a few million back in January, but the industry went down, and I'm doing all I can now to avoid bankruptcy."

Ex-Millionaires Are Revealing How They Lost All Their Money, And I'm Actually Speechless

BuzzFeed Tue, June 25, 2024

1."COVID-19. I built a business that was given a valuation of a few million back in January, but the industry went down, and I'm doing all I can now to avoid bankruptcy."

2."I dated a guy who unexpectedly inherited $6 million. His parents had been killed in a drunk driving accident when he was a baby, and so their life insurance and money from a legal settlement sat in an account collecting interest for 18 years. He got a call from a lawyer on his 18th birthday, and that's how he found out about it. He went nuts. Every time I saw him, he had a new car.

He bought an extravagant house and insisted on taking these big vacations. He would go to our local comic shop and buy EVERYTHING. His spending was a major factor in why we broke up. It was all too much, watching him blow through money like that. He didn't invest any of it. He blew through all his money in five years. Last I saw him on Facebook, he was destitute."

3."I built a business worth around $3 million, had a house worth $1.4 million, investments worth more than $2 million, and had four nice cars. Divorce laid me low. An ex-wife, a lawyer, and a judge stripped me of at least 75% of that. I was left with a Miata race car, a bit of money, and 51% of my company.

And I still had to pay alimony. I gave up. I negotiated my way out of alimony by giving up more of the company and liquidating everything else.

I bought a boat and fucked off. 26 months later, I sailed back into my life and started over. I've earned enough to live a modest retirement, and that's where I am today. Don't get married, boys. I've done it twice. The first time was a disaster, and the second time was an annoyance. Just my opinion and experience."

4."A family member of mine did very well in tech. He was an incredibly smart physicist but a horrible businessman. He retired, having made his millions, then bought a beautiful antique yacht. 10 years later, he's in debt and has struggled to sell the boat for years. His family is so pissed at him. TL;DR: don't buy a boat.

5."I was close to being a millionaire after selling my company to a bigger competitor. I reinvested most of it since I didn't have much use for the money, but then I got scammed for about half a million on buying some real estate.

I basically bought a fantastic holiday destination facility from someone who did not own said fantastic holiday destination facility. And by 'bought,' I mean that I'd put a substantial down payment to keep other interested parties at bay. Classic."

6."My grandfather died and left everything to my mom. Then, my father died and left everything to my mom. Mom always thought she was a smart gambler that would win. As proof, she won maybe $25k from the lottery once and went out and bought a car. After that, she was hooked. When Dad was alive, he didn't let her gamble; he kept it under control. After he died, my mom found a boyfriend — a former bookie who was a 'professional' gambler.

They used to like going to casinos, squandering every penny and more. Then, my mom sold the big house for another $500k and bought a small condo. She took out a home improvement loan for it for $50k, but no improvements were ever made. Casinos and lottery tickets. A cool million or two gone."

DINARRECAPS8 6/25/24 DINARRECAPS8 6/25/24

I’m a Wealthy Millennial: 4 Financial Skills I’m Passing Down to My Children

Heather Taylor Mon, June 24, 2024

Gen Alpha, and future generations to come, may be on track to receive the financial literacy they deserve.

A new study from Bank of America titled the “2024 Study of Wealthy Americans” reveals emerging trends around generational wealth and its influence on financial strategies. Data from the 2024 quantitative survey shows that 48% of wealthy Americans said they would initiate the conversation when it comes to teaching their children or heirs financial skills.

What kinds of financial skills are wealthy Americans planning to pass down to their children or heirs? GOBankingRates spoke to Dave Fortin, the millennial co-founder of investing app FutureMoney and a new dad, to learn more about the financial skills he plans to pass down to his children.

I’m a Wealthy Millennial: 4 Financial Skills I’m Passing Down to My Children

Heather Taylor Mon, June 24, 2024

Gen Alpha, and future generations to come, may be on track to receive the financial literacy they deserve.

Delayed Gratification

In March 2024, GOBankingRates surveyed 1,008 American adults on a series of questions related to financial literacy. When asked about the poor money habits they learned from childhood, 36% of respondents said they picked up impulse shopping.

This won’t be the case for Fortin. He told GOBankingRates he plans to talk to his kids about delayed gratification. Beyond avoiding impulse purchases, it’s a lesson that will help his children in many other aspects of their lives.

“By using the language of money, you can show your kids the advantages of saving today for something in the future, and how your money can grow,” said Fortin.ughh

Goal Setting

Another skill Fortin plans to teach his children is how to set goals, which he considers to be important in money and in life.

Learning how to set a goal — whether this is a goal towards going to college, buying a car or purchasing your first home — is only one part of the equation, according to Fortin. He added that it’s important for children to learn how to create a plan that will help them achieve the goal.

Being Good Stewards of Capital

Fortin’s list of financial skills he plans to teach his children include comparing income and expenses, understanding taxes, basic banking products and basic investing principles. Many of these skills are confusing to adults, especially those who lack the proper financial literacy background. As an example, nearly 17% of Americans surveyed by GOBankingRates in March 2024 said they didn’t clearly understand how taxes work.

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

I’m a Self-Made Millionaire but Received No Formal Financial Education – 5 Resources I Used To Teach Myself

Brooke Barley Mon, June 24, 2024

Did you know that there are 24.5 million millionaires in the United States? That means every 7 out of 100 people have millions in wealth at their disposal. How can you become one of them?

You might think that to amass a million dollars, you have to go to the right schools, take the right internships and get in on the ground floor somewhere right after college. That’s one path, but it’s not one that everyone takes. Some millionaires never take one business course at a university and still end up with a fortune.

I’m a self-made millionaire who received no financial training,” Stan Dzhishkaryani said. Despite no financial training, Dzhishkaryani is the founder and CEO of DZ Moving, a moving and logistics management company. “My financial acumen was based a lot on making lifestyle adjustments such as living a minimalist lifestyle and prioritizing health, which made a big difference.”

I’m a Self-Made Millionaire but Received No Formal Financial Education – 5 Resources I Used To Teach Myself

Brooke Barley Mon, June 24, 2024

Did you know that there are 24.5 million millionaires in the United States? That means every 7 out of 100 people have millions in wealth at their disposal. How can you become one of them?

1. Read Financial Texts

If you’re looking to grow your net worth, you don’t necessarily need to enroll at a business school. Your path to wealth can be as simple as going to the library.

Arvind Rongala didn’t have any financial education in a formal setting, but he is now the CEO of Edstellar, a company that provides corporate training solutions. Rongala said that he expanded his business knowledge by reading financial texts.

“When I first started, I lacked official financial knowledge, but I used several tools to learn. Personal financial, investment and entrepreneurial books were gems. For instance, reading books like ‘Rich Dad Poor Dad’ by Robert Kiyosaki and ‘The Intelligent Investor’ by Benjamin Graham taught me a lot.”

Other popular books for financial literacy include ‘The Richest Man in Babylon’ by George S. Clason, ‘Your Money or Your Life’ by Vicki Robin & Joe Dominguez, and ‘The Simple Path to Wealth’ by J.L. Collins.

Though Rongala didn’t knock formal schooling, he says teaching yourself offers the freedom you might not have in a school setting. “Self-teaching gives flexibility and [you can] be just as successful if one is dedicated and creative.”

You can focus on growing your business while absorbing the essential information to improve.

2. Check Out Online Courses

Even if you don’t have the money to enroll in college courses, you can still get so much from taking an online class. Kevin McLaughlin started his own contracting business Heritage Exteriors LLC. To do that, he looked for resources online that catered to his line of work to learn everything he could.

“Online resources and industry publications became critical as my business grew. For instance, to stay updated on best practices and new products, I frequently visited websites like the National Roofing Contractors Association (NRCA). I also spent many hours reading trade magazines such as ‘Roofing Contractor’ and ‘Qualified Remodeler,’ which provided actionable insights and real-world case studies.”

Rongala agreed with McLaughlin, saying there are plenty of websites now that offer courses in pretty much any field you’re looking to learn more about. “Websites like Coursera provide excellent free courses on company management and financial literacy.”

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

The US Debt Is Near $1,000,000 Per American: Where the Money Went and Why It Matters to You

J. Arky Sat, June 22, 2024 GoBankingRates

America has a problem: We, as a country, are in a massive money hole. It’s one of many issues the nation is currently facing and attempting to figure out a solution forward. While many nations frequently struggle to maintain balance in a financial standing with lenders and other countries, the United States is facing a staggering number of $1,000,000 worth of debt per citizen.

In March 2024, CNBC reported that America’s national debt “…permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months. U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion.”

The US Debt Is Near $1,000,000 Per American: Where the Money Went and Why It Matters to You

J. Arky Sat, June 22, 2024 GoBankingRates

That is a lot of money and there are not a lot of clear answers as to how to pay it off. Even in an advanced country, which is often seen as the richest and most powerful nation in the world, the path to wiping the slate clean and going back to zero remains murky at best. So where did all this debt come from and how is it going to impact you as a citizen of the United States? GOBankingRates checked in with a few economists to find out.

How Did We Get Here?

“The U.S. national debt reaching nearly $1,000,000 per American can be a startling figure, but it is essential to break down where this debt comes from and its implications,” said Dennis Shirshikov, a finance professor at the City University of New York.

Shirshikov defined the national debt as the total amount of money that the U.S. federal government owes to creditors, which range from financial institutions, private investors and other lenders across international lines.

“It comprises both public debt, owed to foreign and domestic investors, and intragovernmental holdings, such as Social Security and Medicare trust funds,” Shirshikov explained. “The debt has accumulated over decades due to persistent budget deficits, where government expenditures surpass revenues.”

The rise of high-interest consumer credit options played a huge role for the current balance facing Americans, according to Michael Schmied, senior financial analyst at Kredite Schweiz, who specifically highlighted the role of credit cards, personal loans and those tempting buy-now-pay-later offers as contributors to the nation’s debt.

“They make borrowing money way too easy — and often come with sky-high interest rates,” Schmied said. “This combo has led folks to rack up debt faster than they can pay it off, pushing the average debt per person up to almost $1 million.”

Where Did All This Money Go?

DINARRECAPS8 6/23/24 DINARRECAPS8 6/23/24

$15M Jackpot But Will Take Home Just $4.5M After Taxes

Ohio Woman Wins $15M Jackpot But Will Take Home Just $4.5M After Taxes — Did She Throw Money Down The Drain?

Bethan Moorcraft Sat, June 22, 2024

Lady Luck was present and accounted for when a woman from Sandusky, Ohio, won big in the state’s 50th Anniversary scratch-off game in June.

The winner, identified only as Jeanne, dropped to the floor when she realized she’d won a $15 million jackpot from a $50 scratch-off card, according to the Ohio Lottery Commission.

When she took the winning card to the clerk at Friendship #83 in Sandusky, they “both just cried,” Jeanne said in a press release. “There were people in line looking at me like I lost my mind.”

Jeanne had two options for how to claim her enormous prize: she could take an annuity of $600,000 for 25 years (which would total $15 million), or she could take a lump sum of about $7.5 million.

She opted for the $7.5 million cash option, a sum that will actually shrink to around $4.5 million, Moneywise estimates, once she’s paid her federal and state taxes.

That $10.5 million difference between the advertised $15 million prize and her eventual winnings begs the question, did she throw money down the drain by picking the lump sum?

Ohio Woman Wins $15M Jackpot But Will Take Home Just $4.5M After Taxes — Did She Throw Money Down The Drain?

Bethan Moorcraft Sat, June 22, 2024

Lady Luck was present and accounted for when a woman from Sandusky, Ohio, won big in the state’s 50th Anniversary scratch-off game in June.

The winner, identified only as Jeanne, dropped to the floor when she realized she’d won a $15 million jackpot from a $50 scratch-off card, according to the Ohio Lottery Commission.

Jeanne had two options for how to claim her enormous prize: she could take an annuity of $600,000 for 25 years (which would total $15 million), or she could take a lump sum of about $7.5 million.

She opted for the $7.5 million cash option, a sum that will actually shrink to around $4.5 million, Moneywise estimates, once she’s paid her federal and state taxes.

That $10.5 million difference between the advertised $15 million prize and her eventual winnings begs the question, did she throw money down the drain by picking the lump sum?

Taxing Mega Lottery Wins

The IRS requires all lottery agencies to withhold 24% of lottery winnings over $5,000 for federal taxes. On Jeanne’s $7.5 million purse, this amounts to tax of $1.8 million.

But as lottery winnings are taxed as ordinary income, a windfall of this size would land Jeanne in the highest federal income tax bracket of 37%, meaning she must progressively pay additional tax until she meets the bracket’s threshold. In the end, her total federal tax bill will land at around $2.73 million.

The Buckeye State also taxes lottery winnings like normal income. Jeanne’s $7.5 million lump sum win would place her firmly in the top state income tax bracket of 3.5% for 2024, which would eat approximately $262,000 from her total.

After all that, Jeanne’s total tax liability related to her win alone comes to about $3 million — meaning she’ll only get to enjoy around $4.5 million from her $50 scratch-off win (which is still a stunning return-on-investment).

She has big plans for her winnings. Jeanne says she wants to pay off her best friend’s mortgage, whom she’s stayed with for the past two years, and she’d love to buy a house in Florida.

But could she have achieved those goals and collected more money in the long-run by taking the annuity prize option?

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here's how you can save yourself as much as $820 annually in minutes (it's 100% free)

What If She Took The Annuity?

DINARRECAPS8 6/22/24 DINARRECAPS8 6/22/24

10 Signs You’re Financially Secure

Nicole Spector nFri, June 21, 2024

Financial security: What exactly is it? Essentially, it means you’re not only getting by, but getting by comfortably. Surveys have shown that most Americans do not feel financially secure, and it’s understandable why that’s the case. Wages aren’t keeping up with rising costs of living, inflation is still bullying our bank accounts and companies across sectors are carrying out mass layoffs.

Though it makes sense why you may be feeling financially insecure, it’s important to truly understand what financial security entails so that you can determine if your feeling is aligned with your reality.

Stephen Kates, CFP, principal financial analyst at RetireGuide.com and Annuity.org, walked us through the 10 key signs that indicate you’re financially secure.

10 Signs You’re Financially Secure

Nicole Spector nFri, June 21, 2024

Stephen Kates, CFP, principal financial analyst at RetireGuide.com and Annuity.org, walked us through the 10 key signs that indicate you’re financially secure.

You Have a Robust Emergency Fund

Expert recommendations for how much you have in your emergency fund vary. The most common suggestion is to have three to six months of living expenses at the ready, but you may want to listen to financial guru Suze Orman, who recommends keeping eight to 12 months’ worth of essential expenses in an emergency fund.

You may also want to factor in how many streams of income your household has.

“The more sources of income your household has, the less you may need to keep in an emergency fund,” Kates said. “If there are two or more income sources, either two jobs or a dual-income household, you can begin to reduce your emergency savings.”

Again, though, the more prepared you are, the better!

You Spend Less Than You Earn

Even millionaires know the importance of spending less than they earn. It’s a key trait of financial security and, in fact, ensures future financial security.

“If you spend every penny, you live on the precipice of financial troubles,” Kates said. “As the saying goes, ‘It’s not what you make; it’s what you keep.'”

You Contribute to a Retirement Account

Kates pointed out that retirement accounts — 401(k)s, 403(b)s and IRAs — are essential to setting yourself up for financial security in your golden years. If you are contributing the necessary amount to these funds, you have one of the telltale signs of financial security.

You Invest and Diversify

If your retirement funds and excess savings are invested into a diversified strategy, you’re also exhibiting a sign of financial security.

“Contributing money toward an account isn’t enough to beat inflation long-term,” Kates said. “Putting your money to work by investing in the market is essential for long-term growth.”

DINARRECAPS8 6/20/24 DINARRECAPS8 6/20/24

7 Reasons You Shouldn’t Keep More Than $3,000 in a Checking Account

I’m a Bank Teller: 7 Reasons You Shouldn’t Keep More Than $3,000 in a Checking Account

Laura Beck Thu, June 20, 2024

Many people simply leave a large chunk of money in their checking accounts and let it sit there. But is that the best move? Probably not. GOBankingRates spoke to Rachael P., a seasoned bank teller who had seen it all when it came to customers’ banking habits. She knew firsthand the pitfalls of keeping too much money in a checking account and was always ready to offer tough financial advice when needed.

Here are the seven reasons why a bank teller advised against keeping more than $3,000 in a checking account.

No Interest Earned on Larger Balances

The number one reason Rachael disliked seeing huge balances in checking accounts was the complete lack of interest earned. “Why would you keep $10,000 just sitting there doing nothing?” she asked. Checking accounts are meant for money that will be spent in the short term, not for larger sums that could be earning interest elsewhere.

I’m a Bank Teller: 7 Reasons You Shouldn’t Keep More Than $3,000 in a Checking Account

Laura Beck Thu, June 20, 2024

Here are the seven reasons why a bank teller advised against keeping more than $3,000 in a checking account.

No Interest Earned on Larger Balances

Easier Access Makes Frivolous Spending More Likely

Rachael had noticed a clear correlation between the size of a customer’s checking account balance and the amount of frivolous spending they do. “It’s like having a milkshake in front of you 24/7 — you’re going to keep taking sips whether you need them or not,” she said. Separating out larger sums makes it psychologically harder to dip into funds earmarked for other purposes.

You Lose Out on Opening Bonuses

Many banks offer lucrative bonuses of $200 or more just for opening new checking or savings accounts and maintaining a minimum balance. But if you already have a large checking account balance, you miss out on the ability to cash in on these deals. “Why leave money on the table?” Rachael asked. “That bonus could go right into investments.”

Your Money Isn’t as Safe as You Think

For all the security surrounding banks, a checking account balance only has $250,000 of FDIC insurance if the bank fails. Any amount over that is not protected. By keeping an excessively large sum in a checking account, customers were needlessly putting their money at risk. “Write that number down and decide if it’s worth it,” Rachael said.

No Opportunity for Compounding

“The miracle of compounding only works if your money is actually invested and earning returns,” Rachael shared. By leaving large amounts of money in checking accounts, many people were depriving themselves of decades of potential growth. Even a simple high-yield savings account could earn a customer hundreds — if not thousands — more per year than a standard checking account.

DINARRECAPS8 6/20/24 DINARRECAPS8 6/20/24

Giving Your Kids a Living Inheritance? Why It Might Be Necessary With Today’s Cost of Living

Cynthia Measom Tue, June 18, 2024

Depending on their goals, wealthy parents or grandparents may opt to give a living inheritance instead of waiting until they die to pass on their assets.

Dana Blue, Esq., an experienced estate planning attorney at Dana Blue Law, explained that a living inheritance — also known as an accelerated inheritance — means giving some of your money or assets to your family while you’re still alive, rather than waiting until after you’re gone.

“It’s like helping them out when they need it, whether it’s for buying a house, starting a business or paying for education,” she said.

Giving Your Kids a Living Inheritance? Why It Might Be Necessary With Today’s Cost of Living

Cynthia Measom Tue, June 18, 2024

Depending on their goals, wealthy parents or grandparents may opt to give a living inheritance instead of waiting until they die to pass on their assets.

“It’s like helping them out when they need it, whether it’s for buying a house, starting a business or paying for education,” she said.

Understanding more about why a living inheritance may be helpful to your loved ones and its pros and cons helps you decide if it’s the right choice for your financial planning.

Are More People Opting To Give a Living Inheritance?

“In my job as an estate planning attorney in Philadelphia, I’ve noticed more families considering this option lately,” Blue said. “With today’s high costs of living and uncertain economic times, many people see it as a better way to provide financial support when it can make the most difference. It’s about directly impacting and easing financial worries during important milestones.”

“Several factors contribute to the growing necessity of living inheritances today,” said Marty Burbank, an expert in estate planning and elder law and owner of OC Elder Law. “One key reason is the rising cost of living and education expenses that younger generations face. Additionally, witnessing their descendants benefit from their financial support and ensuring that assets are transferred tax-efficiently are strong motivators for benefactors.”

Why Might a Living Inheritance Be More Necessary Now?

DINARRECAPS8 6/19/24 DINARRECAPS8 6/19/24

7 Biggest Cash Withdrawal Mistakes I See People Make Every Day

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.

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

Madeline Duley Tue, June 18, 2024

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.

The usability and convenience of smaller bills are well worth the annoyance of carrying around a thicker stack of cash.

Requesting Brand New Bills

There’s nothing more appealing than fresh, crisp bills, especially when you’re giving cash as a gift. However, requesting brand-new bills might have frustrating consequences.

“A mistake members make is requesting brand new bills as they are sticky and members tend to come back thinking that we shorted them or they gave too much when they purchased because the bills were stuck together,” West said.

Neglecting To Balance Accounts

Life gets busy and it can be hard to stay on top of account balances. An easy mistake to make is withdrawing cash from an account with inadequate funds.

“A staggering 19% of all payments in 2020 were cash transactions,” said Oliver Brifman, business insurance and financial services expert at eMerchant Authority. “Yet, many customers withdraw without checking their balance, leading to overdraft fees. Always check your balance before a withdrawal to avoid the plunge into overdraft territory.”

Rushing

When you are in a rush or distracted, it’s easy to make mistakes.

“Based on my time as a bank teller, I learned firsthand how easily little mistakes can happen with cash transactions if you’re not careful,” said Steven Kibbel, former bank teller and now a Certified Financial Planner and financial advisor at Prop Firm App. “When people are rushed or distracted, they often make the mistake of miscounting bills, mixing up denominations or neglecting to double-check important details on checks.”

DINARRECAPS8 6/18/24 DINARRECAPS8 6/18/24

"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.

"Strategy to Retain Wealth" by Quantum Warrior

Emailed to Recaps 11/19/2013 From Recaps Archives

Strategy to Retain Wealth by Quantum Warrior

Like all of you, I am not wealthy now (except possibly spguru :-) ). However, I have spent considerable time working on my strategy to retain the wealth, there are lots of comments in many posts (including my earlier one) about not behaving like a lottery winner. What does that mean? Simply spending like the money will never run out. It will.

To retain my wealth, I plan to do the following- your figure out your own plan, but these ideas are presented in case they will help clarify the thinking process for those who need the help.

There are some simple rules:

Work on yourself FIRST, then work on your money

Personal Crash Course in the Value of Money

Generate Cash flow from Capital (i.e. Protect Your Capital)

Do NOT ever get into debt, for any reason

When to buy the toys

Legacy - Meaning & Fulfilment

As you'll see you can't really do one of these without the others. But the effort it takes to follow this "recipe" is far less than the pain and consequences of loosing all that wealth after having waited for so long, when many others have given up already.

Work On Your Self FIRST

(Just to avoid the obvious comments- do your exchange first, especially if there is a 30 day window, then start here, OK? :-) )

The obvious question here is "Why?". Well the answer is simple, "Who's going to manage your wealth then?" If you seriously think some Financial Planner has more interest in your long term financial health than you, think again. Or just simply give them all your money and save yourself the future heartache.

No disrespect intended there are many good financial planners out there, but it really is your wealth, so you ought to be more aware than anyone else, for them it is a job, for you it is your future.

Wealth Magnifies Who We Are: If you are a kind considerate person now, chances are you still will be when you have more money than you've ever had. Unless you have some hidden aspects of your character that will come out and sabotage you. Which they will. How much you work on you will determine how much self-sabotage you engage in.

Having lived in the US (the country most infected by this problem in my experience), there is a "disease" if I can put that way, I've observed and not just from when I lived there, but from comments in many posts in Dinarland over the years.

The disease: The Happiness Pill = Either take a pill to solve the problem or hire someone to do it for you. To put this somewhat graphically, no one can go to the toilet for you. Only you can do what you've got to do.

There are no short cuts, no free lunches. If you want the benefits of your wealth, you're going to have to change something about your beliefs or what has happened to you with money in the past will only happen again. Only bigger, with more zeros.

You are capable of solving and learning all these things, else you would not be here with this potential wealth in your hands. It is time to believe in you.

You can't buy a pill to fix the issues you may have, you can't hire an expert to fix you. Only you can empower you. It is no one else's responsibility but your own. This applies to your health and your wealth. Your beliefs create your reality. 100% of the time. You may disagree, but this is like gravity, it is still there, even if you disagree with it.

It has been shown again, and again, that most illnesses start with emotional upsets that eventually become physical. Medication by and large only suppresses symptoms, it rarely cures. Doctors are great if you've broken your leg or something like that. Modern medicine is now beginning to recognise many illnesses (back pain, stomach issues, etc.) are "psychosomatic" in origin.

In other words, based on our belief system. Change that and the physical symptoms disappear. Please, do your own research on this one. Don't take my word for it.

Long term medical care is not the strong point of western medicine. Look at the "Food Matters" video and form your own opinion. Again, I am not disrespecting doctors, they do an amazing job with what they know. They key is there is more to us than medicine understands. Emotional health is vital to physical and mental well-being, that will never come out of a bottle.

Correct diet and exercise can fix almost anything, food for thought as it were. After all, you want to be healthy to enjoy your wealth right?

If you think this is just hokum, how many people have posted they have become ill, or even people have died over the stress of waiting for the RV to solve their problems? Stress is directly linked to hugely suppressing our immune system, which then means areas where we are physically weak are more at risk.

Managing your emotions, health and mental state will be an essential component in managing your future wealth. If you make clear decisions, make sure you manage risks well, then you'll be more than comfortable, if you are unsure of yourself, you'll end up with even more stress after the RV than you were before because you don't know how to handle the wealth properly and with the fear of loosing it all.

This means looking within and being ruthlessly honest about your strengths and weaknesses, and allowing for them in your plans. Some people have a weakness for fame, others for sex, others for drink or drugs, others for the good opinion of others, others for greed. You get the picture. Clear the obsessions, or the obsessions will clear you out.

Sadly for many, religion today is infected with the idea that "money is the root of all evil". Not just Christianity, but Buddhism & Hinduism have his issue, to name a few. There is nothing wrong with money. It is neutral- it only reflects the nature of the person using it.

This is the most important step and probably the hardest. I could list loads of resources on this topic, but it makes more sense for you to do that work on your own, since what works for me, may not work for you.

Also, if you take this point seriously, you'll do something, if not, you won't. Your action or inaction on this point will simply reflect your beliefs back to you about where you're at in terms of introspection, or looking within.

For the record, with due respect to psychologists, I am absolutely 100% not suggesting you get a shrink. My personal experience is most psychologists are at least as screwed up as their patients, not all but many. The other problem, again, in my opinion and no disrespect intended, is psychology has way too many theories and attempts to shoehorn all human experience into one or another theory.

We are all much, much bigger than just our minds, emotions or our bodies. There are lots of good psychologists out there doing great work, but there is a lot of noise out there too, finding the right one, is kind of like being a princess kissing frogs to see if one turns into a prince.

If you are really stuck, the SEDONA process works very well. it is astonishingly simple:

Feel whatever the emotion is you want to deal with (this includes resistance, blockages, negative and positive emotions). Feel it as strongly as you can

Ask yourself "Could I release this? - The only answer is Yes or No, either is fine, just be honest with yourself

Next, ask "Would I release this?" Again, only answer Yes or No. If in doubt, the answer is always a No.

Lastly, ask "When would I release this?" Again, be honest.

Repeat until the feeling is released, this may take a number of "loops"

If you find resistance, release the resistance using the same process

If the resistance is another emotion, release that with the same process

As you can see, the process is controlled 100% by you, and you can tell when it works, since you will feel lighter and more at ease. Clear ALL the emotion, even only a small "amount" is left. A good clue you've let go of it is if you sigh deeply. The body, mind and emotions are deeply connected.

Just remember some emotions run deeper and are more tangled than others, so may require much more spadework.

The two most important emotional attitudes to consciously develop are forgiveness and gratitude. This especially includes forgiving yourself. If something bad happens to you, ask: "What can I learn from this?" or "What buried assumptions do I have that attracted this to me?".

If you still have an emotional blockage, come back and work through it again. The process is simple, no said it would be easy. But then the things worth doing are never easy.

This is not an instant "magic pill", it will take work, in some cases a lot of work, to clear emotional blockages. It took however many years you've been alive to get the way you are now, it is natural and normal to take a little time to clear this up. The effort is worth it, you'll feel better much faster as you clear the habit of feeling the way you currently do. Because it is just a habit, and habits can be changed.

This is really all you need- we are already in our true nature, amazing, we just deeply, passionately believe we are not. You and only you are in 100% responsible for your life, no one else, not God, not your mother in law, not your boss, YOU. God set up the rules for you to win at this game, but you must play the game to win.

That is scary at first, until you realize that with that responsibility comes control, you can change what you like. This means YOU are in full control of your life. Sure, things may happen that you don't like, but they are reflections of you back to you, of you. Change your patterns, change your world. Sometimes stuff just happens and it's not about us at all, "Suck it up, Princess" and deal with it in an emotionally healthy way.

Personal Crash Course in Managing the Value of Money

Set aside 10% of your capital (after allowing for taxes)- and then spend it as completely stupidly and recklessly as you can. 10% may be quite a lot of money. By doing this, it will clear the "addiction" of spending like a lottery winner, and hopefully you'll see how fast 10% of your wealth can disappear.

Especially, if you are the quiet, careful type, do this- there may well be a suppressed spendaholic in there. If you are a spendaholic, then this may cause you to sober up a bit.

I once read that Anthony Robbins cured someone of smoking in half an hour, by getting him to smoke 20 packets of cigarettes in that time. Same idea but without the cigarettes.

Generate Cash Flow from Capital (i.e. Protect Your Capital)

After you have cleared all (and I mean all your debts, credit cards, money from friends, etc) the next rule is: Never Spend the Capital- only use it to buy assets that generate cash flow. Your homework is to figure out which assets are right for you.

If you are going to start a business, you'd better really be prepared to know what you're doing and a successful business is almost never about the product, it is an important ingredient but not the most important.

Work ON the business NOT in the business. My preferred approach is to buy into existing, viable businesses for long term cash flow growth. There are other assets you can buy into, but the ones that really make money with lower risk are almost never sold by financial planners, in my opinion. You do your own due diligence.

For financial products, e.g. stocks and shares, again, clear, unemotional thought and a system that you follow 100% of the time (that is proven to work) are key. There are great buys out there, but you need to clear your mind, manage your emotions and find a wining strategy.

To be good at this, you'll need to learn to read a balance sheet. You'll also need to get your emotions, opinions and other biases out of the way. Your goals an and certainly should include the spiritual dimension, but the application of those goals should be clear sighted and meeting your objective of generating cash flow, cleanly, legally and ethically.

DO NOT EVER GET INTO DEBT FOR ANY REASON

This is really simple: If you can't afford it, don't buy it, save until you can. We've all suffered at the hands of the banks. They are in business for them, not us. Just because you have more money, doesn't mean you can't loose it.

As a safety net, to avoid ever being back where you are now, don't borrow money period. Make sure your cashflow "engine" can at least get you financially free, even if not rich. By staying out of debt, you never put at risk your cashflow assets, which you would otherwise use as collateral for loans.

By avoiding the temptation of "free" money (it's never free, always got strings attached), you avoid the risk of loosing your assets that support your cashflow. After all, there many people in Dinarland who were doing really well 10 years ago and are now really struggling. The world changes unpredictably. Debt is a great way to loose it all real fast.

When To Buy The Toys

Well, you've probably picked up by now, that my suggestion is "never". The thing about the toys is we want to buy the "lifestyle" not the toy as such. So rent them when you need them, based on your on-going cashflow. If you absolutely must have one, than have a business that supports owning them by the profit from it's cashflow, the operating costs of owning the asset.

Toys follow a well known progression:

More Toys - the usual suspects: cars, planes, boats, men, women, parties etc.

Bigger Toys - bigger versions of what you already have

Better Toys - e.g. owning a sports team

The problem is toys do not fill the void we are trying to fill. What fills that void, is meaning and fulfilment See Legacy below.

Also, if you really must own the toy, see Rule #1 - Work on Yourself FIRST. Why must you own it? Is it show off? To say "I've arrived?" What is your motivation? As long as you are clear about what your motivation is and why want to do it, and you are willing to accept the consequences of that choice, then go ahead, Enjoy!

Remember, very few boats, planes or fancy cars actually appreciate in value over time. See rule #3 - Protect your Capital

By all means use the cashflow you generate from your capital to get the lifestyle you want, just in my view, spending your RV capital to get it, is the slippery road to loosing it.

Yes, generating the cashflow will take time. Allow for that in your planning. Include in your thinking that inflation is usually double what the official figures are- so your cashflow must grow by that, plus some extra to keep money in motion.

Money stored in banks dies. Money needs motion to grow. Our job is to be smart, caring gardeners, who will continue to harvest abundance for decades to come.

Legacy - Meaning & Fulfilment

Do you remember your great-grand parents names? Chances are not. Maybe not even all your grand-parents either. Why? Whilst they may have been great people, they did not leave a legacy.

Contrast that with George Washington, Julius Caesar, Alexander the Great, Confucius and many more besides. We still speak their names hundreds or even thousands of years after their death. Why? Because they inspired ideas and change that outlasted their lifetimes and still affect us today.

They did not do thinking "In 2013 kids in schools will know my name! Yay!" they did it because they passionately believed in something that helped either a section of humanity, or humanity as a whole to grow and see itself in a new, better light.

Religions come and go, civilizations come and go, but the magic, the best of us, the human race, endures. If we commit ourselves to do the best we can, without expecting anything in return, for all the life on our planet, in whatever form we can, then we create a legacy that is worth having.

Conclusion

As you can see, all the points are connected. Each one supports and strengthens the others. But the first one, is the crucial starting point.

Hopefully you will find something useful in here, to help you grow and keep your wealth, have a fantastic lifestyle (you deserve it), one based on sustainable wealth, not greed that will allow you to give the best of you to helping others grow into the best they can be.

DINARRECAPS8 6/17/24 DINARRECAPS8 6/17/24

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.

Do You Have to Pay Taxes on a Trust Inheritance?

Hilary Collins Sun, Jun 16, 2024

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

Types of Trusts

There are quite a few types of trusts, but one of the biggest differences between trusts is whether they’re revocable or irrevocable. A revocable trust can be modified at any point during the lifetime of the person making the trust—also known as the grantor. The grantor can add or remove beneficiaries, add or remove assets from the trust or terminate the trust completely. Once the grantor dies, the trust then becomes set in stone and can no longer be changed.

On the other hand, an irrevocable trust is set in stone as soon as it’s finalized. The grantor can’t change the beneficiaries or the terms or remove any assets from the trust once it’s established.

These are the two main categories of trusts, but there are many other types of trusts you might run into as well. These include:

Marital trusts

Bypass trusts

Charitable trusts

Generation-skipping trusts

Grantor-retained annuity trusts

Life insurance trusts

Special needs trusts

Spendthrift trusts

Testamentary trusts

Totten trusts

If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

How Are Trusts Taxed?