I’m Comfortably Middle Class: The Best Money Advice I Ever Took

Andrew Lisa  Sun, July 21, 2024  GOBankingRates

Financial publications love interviewing billionaires to learn about the money advice that propelled people like Bill Gates, Beyonce, Jeff Bezos and Warren Buffett to 10-, 11- and 12-figure success.

But how many people do you really know on the Forbes Richest list?

It might be more practical to learn about the advice that helped people with typical backgrounds and average salaries achieve stability and security in America’s ever-shrinking middle class.

GOBankingRates spoke with a business owner who went from financially faltering to fiscally fabulous in just a few years after building her money mindset around a simple yet transformative quartet of financial wisdom that she received when times were tough.

Times are not tough anymore.

Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Yaël Bizouati-Kennedy  Sun, July 21, 2024  GOBankingRates

Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” has argued — against conventional wisdom — that “the historical advice to ‘save’ is no longer a sufficient way to prepare for retirement.”

According to the “Rich Dad” blog, you won’t be able to retire if you rely on saving money alone. Instead, Kiyosaki said adjusting your mindset is the key to preparing for retirement in the right way.

That, in addition to investing and creating steady cash flow, is his preferred method of staying financially secure during retirement.

Should married couples merge their finances?

Sean Kernan YAHOO CREATOR  Updated June 18, 2024

Brian’s complaining went from a weekly affair, to a daily nuisance. We convened in a shared office gym each day. He was a well spoken and well paid engineer in his late 30s, and was having incrementally larger arguments with his wife over money.

It made no sense on paper. Both of them made more than $100K per year and lived in a low-cost area of Florida. Money should have been the last of their concerns. Yet every day in the gym, he’d groan, “She is constantly questioning every purchase.” Or, “I can’t even spend my own money without a fight.”

They’d succumbed to lifestyle inflation, which occurs when your spending rises alongside your income. They’d wracked up debt buying a bigger house and fancier cars. They’d also put their kids in a slightly-nicer private school that cost twice as much, which created resentment on Brian’s side.

And, as they’d added these costs, they’d also combined bank accounts. Because I was working as a budget manager for our company, and perhaps because we were friends, he thought I could help him navigate this domestic maze. But Brian’s problems appeared much deeper than just money. Sadly, he and his wife split just one year later.

Unsurprisingly, money and finances are a key factor in many divorces. Even with the best of intentions, a shared bank account can unleash a wave of problems that are hard to resolve. Yet combining accounts can be quite beneficial. So how do we navigate this predicament?

The Best Strategy for Financial Freedom and Retiring Early

Ghazal Ahmed  Fri, July 19, 2024 Insider Monkey 

This article takes a look at the best strategy for financial freedom and retiring early. Check out our complete list of 20 Strategies for Financial Freedom and Retire Early.

Here are the strategies for financial freedom and retiring early:

20. Run the numbers

According to T. Rowe Price, your likelihood of an early retirement starts with evaluating your current savings rate and spending levels. Using online retirement income calculators is a good start, allowing individuals to assess their likelihood of early retirement based on their current planning levels.

 By accounting for factors such as current levels of saving, life expectancy, and expected retirement age, retirement calculators allow individuals to make informed goals about investing, saving, and spending habits.

19. Clearly Define Your Financial Goals

Once an individual has assessed where they currently stand, it’s time for them to clearly define their financial goals. Start by setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. For instance, “I want to retire early” is a vague goal.

7 Biggest Ways You’re Wasting Money While Traveling

Andrew Lisa  Fri, July 19, 2024  GOBankingRates

Travel demand continues to soar, and naturally, prices have soared along with it.

If you have a vacation coming up, you should expect to spend more — but you should also strategize to spend less wherever you can. Knowing which purchases don’t deserve your dollars, pesos and euros is the best way to start.

Here are the most common budget-busting wastes of money to avoid when you travel.

Buying Pricey Gift Shop Trinkets

The easiest way to waste your money on any vacation is in the gift shop. Usually, the shot glass, coffee mug or indigenous mask you splurge on winds up collecting dust in a box soon after your return flight touches down.

Does It Seem That Every American Has More Money Than You?

Here’s why everyone in America seems to have more money than you. It may not be what you think

Vawn Himmelsbach  Updated Thu, July 18, 2024  Moneywise

If your friends, family, and coworkers always seem to be dining out, going to parties, taking exotic vacations — and maybe even paying $2,000 each for Taylor Swift tickets — while you clip coupons for groceries, you might feel like everyone you know has more money than you.

This could be especially painful if you’re feeling the pinch of inflation, right down to your grocery bill.

But Americans have a lot of debt. In fact, U.S. household debt reached $17.69 trillion in the first quarter of this year, according to data from the Federal Reserve Bank of New York (FRBNY). Although inflation has been mostly declining over the past two years — after pandemic highs — the Consumer Price Index increased 3.3% during the 12 months ending May 2024.

As if the debt weren’t enough, almost half of Americans (48.6%) consider themselves “broke,” according to a MarketWatch Guides survey, with about two-thirds (66.2%) “living paycheck to paycheck.”

Considering the financial instability of everyday Americans, why does it appear like everyone is living the high life — except you?

7 Questions You Should Never Answer When Buying a Car

Andrew Lisa  Thu, July 18, 2024  GOBankingRates

Unless you live for the wheel and deal, car dealerships can be an intimidating place for potential buyers. Not only are you entering an unfamiliar territory inhabited by experts, but there’s a lot of pressure to make the right choice.

Expensive to buy and maintain, worth less and less with each mile driven, car ownership can be both a burden and a necessity. According to Kelley Blue Book, the average new car price was a record high $48,644 in June 2024 — just $266 more than the month before and $307 lower than in June 2023.

It’s might not always be possible to enjoy the car buying experience, but you can certainly reduce anxiety by knowing what you want and keeping certain information close to your chest. Read on for seven questions you should never answer when buying a car.

7 Ways To Start Building Wealth Like the Rich

Jordan Rosenfeld  Wed, July 17, 2024   GOBankingRates

The wealthy may seem to have some financial magic or luck that the average person does not. However, most of their strategies are not all that complicated.

While the rich may have more money to work with than you, with the power of compound interest and other strategies, building wealth is something anyone can learn how to do. Read on to explore the seven steps to start building wealth like the rich.

Diversify Investments

Investing wisely and diversifying one’s portfolio was a hallmark of wealth-building strategies in the previous year, according to Khwan Hathai, CFP and certified financial therapist at Epiphany Financial Therapy. “This approach, rooted in the principle of not putting all one’s eggs in one basket, involves spreading investments across various asset classes to mitigate risk while capitalizing on growth opportunities.”

5 Moves Every Woman Should Consider Before Retirement

May 23, 2024  by  Jennifer Taylor

Retirement should be relaxing. However, it’s hard to relax if you’re weighed down with financial woes.

As a woman, you probably spend much of your life taking care of others. However, you also need to take care of yourself, which includes ensuring your finances are ready for retirement.

Whether you’re planning to retire in the next few years or the next few decades, you’ll need to do a lot of planning. The more prepared you are, the better your chances of being in a good financial place to enjoy your golden years.

Wherever you are in your journey, here’s a look at five moves every woman should consider before stepping away from the workforce.

The ‘Hermit’ Savings Rules: 8 Frugal Tips for Today’s Economy

Cindy Lamothe   Tue, July 16, 2024  GOBankingRates

Consumer habits across the world have been altered significantly over the past few years — for obvious reasons and otherwise — in what economists have dubbed “the age of the hermit consumer.”

 “For ‘hermit’ consumers, it can be really easy to make impulse purchases and overspend because of how easy and convenient shopping online is,” said Carter Seuthe, CEO of Credit Summit Consolidation. “Something that can be helpful to maintain a more frugal budget is just to define your expectations and priorities when it comes to the amenities you have.”

Below are some expert rules for living more frugally in today’s economy.

2 Options You Have When Your Bank Starts Charging You for a Checking Account

Gina Hagler  Sun, July 14, 2024  GoBankingRates

Most of us are used to our checking accounts being free to own and operate; we expect to pay fees only for specific transactions like late payments to credit cards or for overdrafts.

These fees can add up, with charges piling on top of charges for a single transaction. Should new banking rules become the standard going forward, however, there would be an upper limit on how much banks can charge for certain fees. Specifically, the Consumer Financial Protection Bureau (CFPB) seeks to prevent banks from being able to charge more than $8 for late credit card payments and $3 for overdrafts, as explained by Payments Dive.

4 Reasons Retired Women Need More Money Than Men — And What To Do About it

June 6, 2024  by  Jennifer Taylor

Like many things, retirement isn’t the same for men and women. Specifically, retired women tend to need more money than men.

There’s a variety of reasons for this, which can be frustrating for women. Retirement is often thought of as time to enjoy your golden years, but it’s hard to do so without sufficient funding.

Walking away from a steady paycheck can be hard — or even impossible — for women who don’t have the savings to do so. You’re not alone if you feel like you’re behind on your retirement savings, but you can catch up.

Here’s a look at some reasons why retired women need more money than men, and more on how an annuity could help solve this problem.

8 Money Moves Empty Nesters Should Make Immediately

Cindy Lamothe  Fri, July 12, 2024   GOBankingRates

The moment your youngest moves out of your family home is an emotional time, to say the least. You’re dealing with enormous change while also thinking about the future.

Becoming an empty nester can be an overwhelming experience, but according to experts, you should also make some strategic financial moves right away.

“Empty nesters must immediately reassess their financial priorities and redirect resources previously allocated to child-rearing,” said Abid Salahi, co-founder of FinlyWealth.

Reevaluate Your Financial Goals

“As empty nesters, it’s time to revisit and update your financial plans,” said Justin Godur, finance advisor and founder of Capital Max.

With fewer immediate responsibilities, he said you can now focus on long-term goals like retirement savings, travel or starting a new venture.