I’m an Economist: 6 Ways You Can Tell If a Recession Is Coming (And What To Do)

Laura Beck   Tue, September 3, 2024    GOBankingRates

Most people are worried about the economy, and the dreaded word “recession” is on many people’s lips. But how can you tell what’s actually happening and what’s not worth worrying about?

GOBankingRates spoke to economists and financial professionals to get the inside scoop on what’s going on in America right now. Here are six ways to tell if a recession is coming and what you can do about it.

Current Economic Outlook

Michael Faulkender, former assistant secretary for economic policy at the U.S. Department of Treasury and currently the dean’s professor of finance at the University of Maryland, provided a measured perspective.

Regulation D And Savings Account Withdrawal Limits – Here’s What Changed

Matthew Goldberg  Tue, September 3, 2024   Bankrate

Key takeaways

Regulation D sets reserve requirements for banks and credit unions, and it previously limited the amount of certain types of withdrawals and transfers consumers could make to six.

During the coronavirus pandemic, the limitation was lifted.

Some financial firms now allow consumers to make more than six withdrawals and transfers from deposit accounts while others have maintained the pre-2020 rule.

While banks historically limited the number of transactions that customers could make each month in savings and money market accounts, a pandemic-era rule change means you may now have easier access to your funds.

Regulation D, or Reg. D, is a Federal Reserve Board rule that previously limited withdrawals and transfers to six each statement cycle. The Fed revised the rule, but many banks have maintained the six-transaction limit. Others have increased the number of allowable withdrawals and transfers.

High-Yield Savings Account Vs. Treasury Bill: Which Is Right For You?

Sarah C. Brady·Contributor  Updated Tue, September 3, 2024  Yahoo Personal Finance

Both can be a great option for your savings, depending on your goals.

It was not too long ago that low-risk investments like Treasury bills were the underdogs of the financial world. While T-bills provide a safe place to store your savings while earning a fixed interest rate, they were simply not worth the low returns they offered — especially when compared to the flexibility of savings accounts.

Then, in 2022, something unusual happened: Interest rates started increasing, and they just kept on shooting upward, until the rates on some T-bills, and even savings accounts, passed 5%.

Here’s Why Having 2 or 3 Bank Accounts Isn’t Enough, According to Money Expert Martin Lewis

Vance Cariaga   Mon, September 2, 2024  GOBankingRates

Although there are vast differences in the amount of wealth Americans have amassed, one thing almost everyone has in common is a banking relationship. Nearly 96% of U.S. households have a checking or savings account at a bank or credit union, according to the latest FDIC data.

Research from Consumer Affairs showed that the average consumer had a total of 5.3 accounts across financial institutions as recently as 2019, though many have only one or two.

Every Senior Discount in America

We’ve gone through and researched every company in America to see which ones offer discounts to seniors and retirees. Use our searchable database next time you’re stopping in at a store or restaurant to see if they offer an additional 10-50% off what you’re purchasing!

16 Things Financial Advisors Never Do With Their Money — and You Shouldn’t Either

Jennifer Taylor  Sat, August 31, 2024   GOBankingRates

Financial advisors to help clients manage their money. As financial experts, they can offer advice on everything from investing to smart spending habits — but it can also be helpful to know what money moves they would never make themselves.

GOBankingRates spoke with a few financial advisors to find out what they would never do with their money. Here’s what they had to say.

Car Dealers Hate When You Ask These 3 Questions

Cynthia Measom   Updated Fri, August 30, 2024   GOBankingRates

Buying a car can be stressful. Dealers may use tried-and-true tactics to push you into a quick sale, but knowing the right questions to ask can put you in the driver’s seat.

According to Mark Beneke, co-owner of Westland Auto Sales in Fresno, California, some questions potential buyers ask might make a dealer uncomfortable because they can reveal more about the vehicle’s true condition and history. Here are three questions that some car dealers dislike — and why they’re so important for you to ask.

Edmunds: The Four Biggest Mistakes People Make When Buying A New Car

Josh Jacquot  Updated Thu, August 29, 2024

Car buyers have more tools than ever to get the right vehicle at the right price. Still, mistakes can happen quite easily. Often, car buyers get blinded by emotion or rushed timing. Edmunds’ experts reveal the four biggest mistakes car shoppers often make and offer tips to avoid them.

Trading in a Vehicle with Negative Equity

Being upside down on a trade-in vehicle is occurring with increasing frequency. According to a recent Edmunds report, nearly one in four consumers who financed a new vehicle purchase with a trade-in during the second quarter of 2024 were underwater on their prior car loan.

Boomers: Here Are 5 Types of Financial Advisors — and How To Choose the Right One for You

Kellan Jansen   Thu, August 29, 2024  GOBankingRates

We all need financial guidance from time to time. But the type of advice you need can depend on your age. Baby boomers, for example, often need support with stretching their funds in retirement and creating spending plans.

 If you’re part of this generation and looking for a financial advisor, your search should reflect your goals. This article will lead you through a process that will get you to the right match.

The 5 Types of Financial Advisors

First, it’s worth reviewing how financial advisors earn money from their clients. There are a few different pricing models, and the one you choose could impact the kind of advice you get.

Wealth Management 101: 4 Key Concepts and Strategies From a Finance Professor

Cindy Lamothe   Tue, August 27, 2024   GOBankingRates

For most people, managing finances is not the funnest thing in the world. Maybe that’s why you’ve likely postponed it up until now.  And maybe you’re truly interested in making a change but all of the financial jargon out there makes your head swim. How do you get started? What are the basics?

Thankfully, experts understand the challenge and are ready to break it down for you. Below, Robert R. Johnson, Ph.D., CFA and professor of finance at Creighton University‘s Heider College of Business, outlines some of the key concepts and strategies to know when it comes to wealth management.

If A Neighbor's Tree Falls On Your Property, Who Has To Pay For The Damage?

Maurie Backman   Updated Thu, Aug 22, 2024,

This year has already seen a host of named storms. In July, Hurricane Beryl became the earliest category-5 Atlantic storm on record. And in August, Hurricane Debby hammered the Southeast before moving upward to inflict damage on the Northeast.

The National Oceanic and Atmospheric Administration predicts that the coming months are likely to be active ones as far as storms go. In the course of its routine mid-season update, it increased the number of anticipated named storms to 17-24, of which 8-13 could become hurricanes. And given that hurricane season runs through November 30, homeowners in the path of hurricanes and tropical storms could be in for a world of misery.

It’s common for homes to sustain flood damage during a hurricane. And unfortunately, that’s not always covered by a standard homeowners insurance policy. Similarly, major storms tend to send trees flying, which could lead to all sorts of problems.

Think You Know Money? 23% of Adults Got Most Financial Literacy Questions Wrong-Test Yourself!

Patrick Villanova, CEPF®  Sun, August 25, 2024

Despite the vast depth of information and education available today, financial literacy isn’t improving among adults in the U.S. A financial advisor can help you improve your financial literacy to better understand your money.

Are you looking for a strong savings rate? Check out SmartAsset's high-yield savings account comparison tool.

On average, American adults correctly answered only 50% of the questions in the 2022 Personal Finance Index, an annual survey conducted by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business.

I’m a Financial Advisor: 7 Money Habits My Richest Clients Live By

Martin Dasko  Wed, Auive Bygust 21, 2024   GOBankingRates

While it’s easy to assume that many rich people came from money, the National Study of Millionaires, conducted by Ramsey Solutions, discovered that 79% of millionaires in America didn’t receive any inheritance from their families. This means that most rich people have to rely on financial habits that will help them build wealth and keep it, instead of receiving it for free.

GOBankingRates contacted two financial advisors to find out what money habits their wealthiest clients live by. Also, find out how a financial can help you, even if you’re not wealthy.