Tips For A Financially Healthy 2025

Tips For A Financially Healthy 2025

Russ Wiles, Arizona Republic   Sun, December 29, 2024

The economy enters 2025 in reasonably good shape, with a low unemployment rate, modest inflation, a trend toward declining interest rates and strong corporate profit growth that has been giving the stock market a lift.

It's thus not a bad backdrop for getting a fresh start on improving your finances. Here are some trends, issues and tips to mind in coming weeks:

Choose a savings resolution, and stick to it

New Year's resolutions can provide the motivation to improve your financial situation in many ways, such as building up your retirement plan, reviewing your insurance policies or getting started (or updating) an estate plan.

However, the resolution most Americans are focusing on heading into 2025 is more basic: Sock more money into emergency savings. You can hold money in various forms from a money-market mutual fund to laddered bank certificates of deposit (those coming due in intervals such as every three months).

The idea is to have enough liquid cash to meet big unexpected expenses while earning at least a modest yield in the meantime.

In a Fidelity Investments survey, 72% of respondents said they suffered a notable financial setback this year, with nearly half having to dip into their emergency funds to pay for it. It’s thus no surprise that 79% of respondents hope to build up their cash reserves, 38% worry about unexpected expenses and 20% say another surprise could set them back in 2025. Women, more than men, said they didn’t have an emergency fund to dip into, but 80% of them resolved to build one in 2025.

Get relief from a consumer-friendly banking rule

A new rule that could help some of the most hard-pressed consumers is one that mandates lower overdraft fees at banks.

The federal Consumer Financial Protection Bureau in December issued a final rule that it said will cut typical overdraft fees from $35 per transaction to $5, saving an average of $225 annually for the 23 million or so households that pay such charges.

TO READ MORE:  https://www.yahoo.com/finance/news/tips-financially-healthy-2025-130102443.html

7 Financial New Year’s Resolutions for Gen Z

7 Financial New Year’s Resolutions for Gen Z

Ashley Donohoe   Mon, December 30, 2024  GOBankingRates

The Fidelity Investments 2025 Financial Resolutions Study found that Gen Zers came in second behind millennials for feeling financially optimistic, making plans to reach financial goals and being willing to set resolutions. However, some in this group struggle with paying off student debt, lack sufficient savings and have a hard time managing expenses.

If you’re an adult Gen Zer, starting 2025 with some smart money goals can help improve your financial stability and prepare you for big decisions, including buying a home and starting a family.

Learn the Basics of Money

Since financial literacy is very important for achieving goals, a good 2025 resolution is learning the basics of budgeting, handling debt, saving, investing and managing risk. However, Gen Z is often prone to using social platforms like TikTok to get money advice that might not be accurate. In fact, TikTok is one of the most popular sources for Gen Z to get financial information, as reported by CNBC.

While some of this information can be helpful, Gen Zers may be better off turning to reliable sources, such as financial advisors or mentors, bank financial education portals, expert videos, and personal finance books. Universities and government agencies also often provide financial education courses and other resources.

Live On a Realistic Budget

The Fidelity study also found that Americans in all age groups struggled with inflation and everyday bills. But with many in college or early in their careers, Gen Zers can particularly struggle and rely on extra money from parents to help cover housing and other essentials.

Improving financial stability in 2025 will require making a budget that wisely allocates income and avoids splurging on luxuries that hinder financial goals. It’s then necessary to live on that budget and change financial behaviors when spending appears to get out of control.

You might find keeping this resolution easier with apps like Goodbudget and Rocket Money.

Fill Up an Emergency Fund

According to the 2024 Bank of America Better Money Habits survey, 57% of Gen Z respondents lacked a three-month emergency fund, which is commonly viewed as the minimum recommendation. Not having one not only increases financial stress but also puts Gen Zers at a bigger risk of building up credit card debt.

To prepare for unexpected expenses, consider a New Year’s resolution of setting up a high-interest savings account and contributing regularly until you’ve built up at least three months’ worth of expenses. That money should stay put until it’s needed for true emergencies — such as medical bills or big repairs — rather than unnecessary splurges.

Tackle Student Loans and Credit Cards

TO READ MORE:  https://www.yahoo.com/finance/news/7-financial-resolutions-gen-z-130106706.html

3 Things To Sell To Pay Off Holiday Credit Card Debt

3 Things To Sell To Pay Off Holiday Credit Card Debt

Andrew Lisa  Sat, December 28, 2024  GOBankingRates

If your generous nature outperformed your budget this holiday season, hopefully you’re anticipating a year-end bonus to cushion the blow. If not, look around — your ticket out of a post-holiday financial fiasco might be hiding among your household clutter.

The most common advice is to sell things like vinyl records, trading cards, comic books and classic toys. The problem is that those kinds of collectibles tend to carry significant sentimental value and — unless they’re truly rare, unique and pristine — are usually rendered next to worthless by the law of supply and demand.

However, the following items could have enough real-world resale value to break your financial fall without forcing you to part with long-held favorites that mean something to you.

Unwanted Furniture

If you have to sell your bed to pay the bills in January, even if it means sleeping on the floor through the spring, you probably spent too much on the holidays.

But if you have furniture collecting dust in an attic, basement, unused office or outdated room, think twice before you kick it to the curb with a handwritten “free” sign taped to it.

Here are three ways to convert furniture into cash.

A Hidden Gem Could Bring a Windfall

Furniture is no different than baseball cards, Fabergé eggs or any other collectors’ items. Its value is tied to its rarity, age, condition, maker and status among buyers, and it’s worth whatever someone is willing to pay for it.

If you happen to stumble upon a gem, you could get anywhere from a few hundred bucks to, in the case of the Guinness record-holding 18th-century Italian Badminton cabinet, $36.66 million.

Don’t hold your breath for the latter, but do keep your eyes peeled for the former. Try to identify the wood type, style, period, condition, quality and maker’s mark, according to Decorative Collective. If you think you’ve got something, use sites like Ask Antique Experts and Value My Stuff to get a quick online appraisal.

A Little Restoration Can Steer Double-Digit Prices to Triple or Beyond

If you find a priceless antique Chippendale chair hiding in your attic, the last thing you want to do is alter it. However, you can add value to well-made but inconsequential furniture with a little basic DIY restoration and renewal.

Authorities like Home Depot offer simple tutorials that most people can use to improve a piece for sale, and Amazon sells highly rated DIY kits that include most of what you’ll need for around $20.

With a little effort, you can list your shiny like-new piece on a platform like Etsy, Facebook Marketplace or AptDeco for more than you could have without the elbow grease.

Esty users routinely sell refinished furniture ranging from the high hundreds to well into the thousands.

TO READ MORE:  https://www.yahoo.com/finance/news/3-things-sell-pay-off-120010153.html

What To Know And Do If You Win The Mega Millions Jackpot

What To Know And Do If You Win The Mega Millions Jackpot

Medora Lee and Amaris Encinas, USA TODAY Updated Thu, December 26, 2024

'Keep it quiet:' Here's what to know and do if you win the Mega Millions jackpot

Whether you bought a ticket yourself or got some as a stocking stuffer, could that $1.15 billion Mega Millions jackpot have your name on it? The odds may be against you − like 1 in 302.6 million − but that doesn't mean you can't prepare.

If there is a winner, Mega Millions jackpot would be the fifth-largest jackpot in Mega Millions history, making the take-home prize a lump-sum payment of an estimated $516.1 million after taxes. How do you even begin to get ready for a windfall like that?

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The "smartest thing" you can do, in the event that you do win, is keep calm and carry on, financial advisers shared with USA TODAY back in March. And avoid posting any and all details of your win on social media.

"If you’re lucky enough to win the lottery, keep it quiet," Rob Burnette, an Ohio-based financial adviser at Outlook Financial Center. "Get organized and make a plan. Consider staying anonymous, if it’s a possibility.”

Who, if anyone, do I tell about my Mega Millions win?

If you find yourself in a situation where you stand to inherit millions of dollars, the best people to get in touch with financial experts right off the bat so scammers don't get the chance to bleed you dry before you even get the chance to cash in.

"Crooks usually try to get you to wire money for 'taxes' or 'fees,' or may try to get you to provide them with a bank account number, which they will then clean out," Mega Millions said. "No real lottery tells winners to put up their own money in order to collect a prize they have already won."

No Mega Millions representative would ever call, text, or e-mail anyone about winning a prize so be especially wary of who contact you out of the blue. In certain states, you can remain anonymous if you win.

Steve Azoury, owner of Azoury Financial in Troy, Michigan, who has advised many lottery winners, including a $181 million winner "who said ‘If I didn’t know you before, I don’t want to know you now.’”

"Get a tax attorney and a tax accountant right off the bat and then a financial adviser,” according to Azoury. “They’ll work hand in hand to figure out the plan.”

The "plan" will help you get some things squared away, such as whether you will opt to take an immediate cash payout, or if you'd prefer the cash distributed over time.

The Difference Between The Two Is Outlined Below:

TO READ MORE:  https://www.yahoo.com/finance/news/keep-quiet-heres-know-win-232828281.html

5 Best Savings Tips From Money Experts To Kick Off 2025 Right

5 Best Savings Tips From Money Experts To Kick Off 2025 Right

Chris Adam  Wed, December 25, 2024  GOBankingRates

If you’ve decided to make 2025 the year of savings, there are a few steps to take first whether you are looking to improve your finances, save for a big purchase or plan for retirement.

You’ll find lots of advice and expert tips about the best ways to save and what to do with that money. Here’s a look at some of the best tips we’ve found from five top money experts.

Suze Orman

If you’re looking for financial freedom in 2025, money expert Suze Orman said it starts with a commitment. According to Orman, you need to live below your means, but within your needs.

Orman said this rule is all about how you use the money you have and will have.

“Living below your means is simply choosing not to spend every penny,” she said. “Instead, make it your lifetime goal to spend what is necessary to meet your needs.”

Further, Orman said money isn’t the key to happiness, but overspending can get in the way of it.

Dave Ramsey

As we start a new year, you may be wondering about your savings. Specifically, you may be curious about how much money you should have in savings.

According to financial expert Dave Ramsey, “Eventually, your goal is to have 3-6 months of expenses in a fully funded emergency fund and at least 15% of your gross pay going into retirement savings.”

The idea is that once your savings are ready for bigger emergencies, you can focus on saving for retirement. Ramsey suggested setting a plan with savings goals along the way.

Rachel Cruze

TO READ MORE:  https://www.yahoo.com/finance/news/5-best-savings-tips-money-121508137.html

What Your Bank Isn't Telling You About Using Your Debit Card

What Your Bank Isn't Telling You About Using Your Debit Card

Here's what your bank isn't telling you about using your debit card — and what savvy spenders do instead

Vawn Himmelsbach  Updated May 31, 2024  Moneywise

The use of debit cards has been prevalent in the U.S. for decades, and for good reason. They offer several advantages over other forms of payment, such as cash and checks.

However, they also have a few downsides — and knowing what these are might make you rethink how you're paying (at least in some cases).

Since 2005, the number of debit card transactions in the U.S. has exceeded the number of credit card transactions, according to data from the most recent Federal Reserve Payments Study — and that gap has been steadily increasing.

In 2021, for example, there were 87.8 billion non-prepaid debit card transactions versus 51.1 billion credit card transactions.

But what is your bank neglecting to tell you about debit cards? Here are a few things you need to be wary of.

Pros And Cons Of Debit Cards

Many people prefer the convenience of a debit card, versus carrying around cash. These days, debit cards are accepted at most retailers (while checks are only accepted at a select few), and they’re not subject to surcharges that some merchants charge for using credit cards.

Another advantage is that using debit can help to control spending. You only spend what you have, and you can easily monitor transactions since they appear in your account immediately. This can help to prevent you from racking up debt.

But there are some downsides. Most debit cards have a daily spending limit, which can be an issue if you need to make a large purchase or several small purchases in a day.

Additionally, a debit card will not help you build a credit history, and if you spend more than you have in your account, you could be charged overdraft fees. While many credit cards offer rewards for spending, this isn’t as common for debit cards.

Beware Of Phishing And Skimming

TO READ MORE: LINK

What Documents to Keep and for How Long

What Documents to Keep and for How Long

Daniel de Visé, USA TODAY  Wed, December 25, 2024

Can I just throw out those old documents in my basement? We asked accountants.

As you ransacked your basement in search of holiday decorations, perhaps you came upon boxes of documents from the last millennium. And then, you probably asked yourself: “Couldn’t I just throw these out?”

Companies and governments often have document retention policies. Most people do not.

Common wisdom suggests we keep important papers for seven years, for reasons that, we vaguely recall, have something to do with taxes.

For those of us with paper records dating to the Clinton Administration, that would seem to mean you can throw them away.

But does that mean everything?

We posed those questions to accountants and tax experts. Here’s what they told us.

Tax returns

Let’s start with the tax return, a near-universal document that fulfills our annual duty to Uncle Sam.

“The IRS can audit you for no reason, or any reason, for three years from the date you filed your return,” said Paul Mendelsohn, a CPA in Livingston, New Jersey.

“The IRS has more time,” beyond the three years, “if you pay late, file an amended return, file a fraudulent return or leave out income that is at least 25% of what you reported,” he said.

The seven-year rule exists, in part, because the IRS “typically has up to six years to audit your return if there’s a big issue, like unreported income,” said Mark Gallegos, a CPA in Chicago. The seventh year “is just a buffer.”

There are cases, though, in which even seven years is not long enough.

Example: There is no time limit for going after people who file a fraudulent tax return, or no return at all.

“If you never filed a tax return, the statute never starts, so you’d have to keep records indefinitely,” said Scott Brillhart, a CPA in Chicago.

Bottom line: Keep your tax returns for at least seven years, if not forever.

Tax supporting documents

The documents you file with your tax return or use to prepare it, including W-2 forms, 1099s, receipts and expense records, “can usually be tossed after seven years,” Gallegos said.

In fact, most of us won’t need the supporting documents for more than three years, Mendelsohn said.

And so, at a minimum, keep those records “for three years from the date you filed your original return, or two years from the date you paid the tax, whichever is later,” he said.

Bottom line: Keep supporting tax documents for at least three years, and ideally for seven.

Bank and credit card statements

TO READ MORE:  https://www.yahoo.com/finance/news/just-throw-those-old-documents-100545204.html

What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot

What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot, according to an expert

Kate Murphy  ·Reporter  Updated Tue, December 24, 2024  Yahoo News

There’s still a chance — 1 in nearly 303 million — for a lucky winner to score the Mega Millions jackpot, which climbed to an estimated $1 billion ahead of Tuesday's 11 p.m. ET drawing.

While securing the golden ticket is all a matter of luck, holding on to one’s newfound fortune after such a windfall requires some strategy.

In fact, compared to the average American, lottery winners are more likely to declare bankruptcy within three to five years, due to a lack of financial planning.

Yahoo News spoke to Andrew Lokenauth, a personal finance expert and founder of thefinancenewsletter.com, for some tips on what to do, and not to do, if you are the jackpot winner. Some answers have been lightly edited for length and clarity.

Someone just won the lottery jackpot, what should they refrain from doing?

Andrew Lokenauth: One: Don't sign the ticket, because once people know who claimed it, everyone is going to be rushing after you. I would say put it in a safe place, and depending on the state you're in, you can claim it anonymously (Delaware, Kansas, North Dakota, Ohio, South Carolina or Maryland).

Two: Don't tell anybody. This leads back into the first point because you could become the victim of robbery, or people can try to extort you.

Go private until things get under control. You'd want to delete your social media or make it private until you figure things out. Legally change your address to a P.O. box. And get a new phone number and email address, because it can be easy to find both online.

What actions should lottery winners take?

Make digital copies (on encrypted storage) or print copies of your ticket. If you lose it or someone steals it ... these are time-stamped items of proof that you actually own the ticket.

You're going to want to look into hiring six different professionals. The first would be a lawyer, who would help you structure a legal entity [and set up a] trust that protects your money.

Who else should you hire?

TO READ MORE:  https://www.yahoo.com/news/what-you-should--and-shouldnt--do-if-you-win-the-mega-millions-jackpot-according-to-an-expert-154711354.html

5 Toxic Money Habits You Should Stop Right Now

5 Toxic Money Habits You Should Stop Right Now, According to Financial YouTuber Tae Kim

John Schmoll  Sun, December 22, 2024  GOBankingRates

Managing your finances takes work and commitment. Unfortunately, it’s far too easy to betray our goals through inaction or following certain toxic money habits. In some cases, you may need to get out of your own way and determine actionable goals.

Finance YouTuber Tae Kim concurs, acknowledging that some habits hold us back while others benefit us in his YouTube Video.

These are five bad money habits Kim said Americans need to quit.

Blindly Imitating People Around You

People are social creatures and it’s easy to want to follow those around us. This can be incredibly toxic when you apply it to personal finances. We all have different goals, and blindly following the goals of others can leave you open to costly mistakes.

“Just because our friends spend on fancy cars doesn’t mean we have to. Your money values might prioritize different things,” Kim said.

Instead of merely accepting the goals of your friends, ask yourself what you want, then apply that to spending.

Believing You Can’t

It’s easy to assume that it’s only people with letters behind their names that can succeed with money. That is not true, and following this philosophy can leave people open to making poor financial decisions.

You don’t need an MBA in finance to grow wealth or keep spending in check. “Money is like any other skill you can learn,” said Kim.

You simply need to start with something, such as tracking spending. This knowledge helps eradicate fear and breeds confidence that success is possible. Thankfully, there’s an abundance of free tools available online to help you learn how to manage your finances effectively.

Living in Fear

Fear is a debilitating emotion and is one of the worst toxic money fears. It holds people back from taking action to attack goals. As Kim noted, healthy fear has a time and place but it shouldn’t consume our lives or hold us back.

This can be true with investing. A recent poll from Allianz Life revealed that 53% of Americans were hesitant to invest additional money in the stock market for the foreseeable future. That fear may prevent potential losses, but it also prevents potential gains that may greatly benefit their retirement portfolios.

Losing Track of Your Goals

TO READ MORE:  https://www.yahoo.com/finance/news/5-toxic-money-habits-stop-140232413.html

3 Scary Truths About the Future of Social Security

3 Scary Truths About the Future of Social Security

Lydia Kibet  Sun, December 22, 2024  GOBankingRates

For millions of Americans, Social Security isn’t just a paycheck. It’s a lifeline. With many reports that Social Security benefits may run out by 2035, it’s unclear what the future holds. Whether you’re already retired or still years away, you need to know these hard truths about the future of Social Security.

The Program Could Be Insolvent by 2035

What most people don’t get is that Social Security isn’t going bankrupt. It’s running a deficit, which means the program doesn’t have enough cash (coming in from upcoming payroll taxes) to fund benefits fully. For this reason, the Social Security Administration (SSA) has been pulling money from its trust funds to avoid the benefit cuts so far.

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As stated by the SSA Trustees report, the current surplus will run out by 2035. However, this doesn’t mean the program will no longer pay benefits. Instead, the program will be able to pay only about 83% of the scheduled benefits. This means your monthly check could be potentially slashed by 17%.

“Policymakers can implement various Social Security reforms to rebuild this surplus, like raising the full retirement age from 66 to 70 or taxing workers on all their earnings,” said Steve Sexton, financial consultant and CEO of Sexton Advisory Group.

“Regardless of whether a surplus is achieved or not via reforms, I wouldn’t recommend leaving this up to chance, and it should motivate individuals who plan to retire in 2033 and beyond to reevaluate their retirement planning strategy. Future retirees should plan to beef up their reserves via other means of retirement income, whether through investments, real estate, part-time work or other income streams.”

According to Taylor Lee, financial advisor at Belmont Capital Advisors, “A scary truth about the future of Social Security is that people are living much longer now and drawing benefits into their 90s, whereas benefits can start as early as 62. It’s common sense that we need to raise the retirement age for Social Security, but no politician is going to do it because they’re afraid to lose votes.”

Inflation Is Eating Away at Benefits

Even if Social Security doesn’t become insolvent, it’s losing its buying power. While Congress adjusts Social Security benefits for inflation each year through the cost-of-living adjustment (COLA), it hasn’t managed to keep up with skyrocketing inflation. This means retirees are losing money each month as their bills surpass their benefits. If inflation keeps outpacing COLA, retirees will lose purchasing power on their benefits yearly.

“A recent analysis by The Senior Citizens League reported Social Security benefits have lost 20% of their buying power since 2010, which means the next generation of retirees cannot realistically depend on their Social Security check to fully support them in their golden years,” Sexton said. “Additionally, as necessities like housing, groceries and healthcare increase, retirees will struggle to afford basic needs if their Social Security benefits don’t keep pace with rising costs.”

TO READ MORE:    https://www.yahoo.com/finance/news/3-scary-truths-future-social-120059678.html                            

What To Do If You Win The Mega Millions Jackpot

What To Do If You Win The Mega Millions Jackpot

Jordi Lippe-McGraw  Sun, December 22, 2024

Did someone ask for a green Christmas?                                                                                                                         

Should someone win the Dec. 24 Mega Millions drawing, they would be waking up Christmas morning with an estimated $944 million in their pocket.

If won, the prize money, which equates to $429.40 million in cash, would be the largest amount won in December and the seventh largest in Mega Millions history.

No winner was named in the Dec. 20 Mega Millions drawing, which featured a jackpot totaling an estimated $825. The winning numbers were 2, 20, 51, 56 and 67, and 19 for the Mega Ball.

The biggest jackpot in Mega Millions history came in 2023, when one winning ticket in Florida earned someone $1.602 billion.

So, what exactly should you do if you find yourself holding the lucky ticket ?

While big paydays have spawned numerous rags-to-riches stories over the years, they have also spelled disaster for some. Not only do most winners have to deal with people coming out of the woodwork looking for a handout, but there have also been cases of bankruptcy, murder, robbery, drug abuse and various legal woes in the wake of big wins.

So, before you start picking out the gold finishings for your fleet of yachts or buying all your friends a set of matching mansions, here’s a list of nine tips on how to handle a mega windfall from people who know what they’re talking about.

1. Establish proof that it’s your ticket

While signing the back of the ticket is one step a winner will want to take, Robert Pagliarini of Pacifica Wealth Advisors once told TODAY it would be smart to take another step in case you ever need to prove it’s yours.

“I would take a selfie with it,” he said. “I would take a video of the ticket and me smiling.”

2. Keep it on the down low.

That selfie or video clip isn’t for bragging on social media. While no one would blame you for wanting to shout from the rooftops that you’re the latest member of the billionaire club, Pagliarini added, “You really want to keep this as private as possible.”

Or as Laura Adams, author of “Money Girl’s Smart Moves to Grow Rich,” once told TODAY, “Other than a spouse or life partner, I wouldn’t tell anyone about your good fortune until after you’ve created a solid plan with the professionals. Well-meaning friends and family may not offer you the best financial advice.”

3. Hire a team of professionals to manage your money

In fact, a man who won $20 million from a Quick Pick ticket in 2014 considers getting professional help his own top tip.

Cameron, who preferred not to reveal his last name when he spoke with TODAY, said, “Get you a financial advisor and get yourself a lawyer.”

Ric Edelman, chairman and chief executive officer of Edelman Financial Services, recommended using a financial advisor “as a buffer with all those who ask you for money — this will help insulate you and protect your relationships.”

4. Don’t accept the prize money right away

TO READ MORE:  https://www.yahoo.com/finance/news/win-1-25-billion-mega-220010350.html

13 Habits of Highly Effective Risk-Takers

13 Habits of Highly Effective Risk-Takers

By Nate Silver   GEAR Newsletter   DEC 19, 2024 4:00 AM

From poker players to venture capitalists, there’s a mindset to making the most of opportunities, and engineering the odds of success.

I played poker professionally before I ever wrote about politics or built an election model. What really fascinates me about gambling is the mindset that drives this behavior—a way of thinking that unites a cohort I call “the River.”

The River is a sprawling ecosystem of like-minded people that includes everyone from low-stakes poker pros to crypto kings and VC billionaires.

 It is a way of thinking—analytical, abstract, competitive, contrarian—and a mode of life. Most “Riverians” aren’t rich and powerful, but rich and powerful people are disproportionately likely to be Riverians.

I call the following the “13 Habits of Highly Effective Risk-Takers.” The quantitative risk-takers of the River and those who take physical risks—astronauts, deep-sea explorers, NFL players—have these traits in common. Based on my research, I hold the view that there is something hardwired in people who seek out risk and wrangle it successfully. How many do you share with them?

Successful Risk-Takers Are Cool Under Pressure

Being calm when other people lose their shit is a rare quality—and one that’s essential for a winning gambler. It doesn’t matter how well you execute in everyday situations—you’ll never reach the top of your craft if you choke when the pressure is on.

They Have Courage

In poker and sports betting, the vast majority of players lose money. To be at the very top requires a careful balance. Overconfidence can be deadly in gambling, but playing poker against the best is not for the faint of heart.

They Have Strategic Empathy

They put themselves in their opponent’s shoes—but don’t mistake this for the touchy-feely kind of empathy. In psychological studies, there’s a negative correlation between systematic thinking—what Riverians are skilled at—and empathetic behavior. Strategic empathy comes up a lot in poker—which is very much both a mathematical game and a people game.

They Are Process Oriented, Not Results Oriented

They play the long game. “Don’t be results oriented” is a mantra ingrained in many poker players. Yes, in the long run, results are what count, but one good thing about the River is that our compensation ultimately depends on objective measures.

TO READ MORE: LINK

How Homebuyers Can Stay Safe In 2025

How Homebuyers Can Stay Safe In 2025

Danielle Antosz  Wed, December 18, 2024  Moneywise

West Virginia couple loses $255K, life savings in real estate scam — how homebuyers can stay safe in 2025

After months of house-hunting, Raegan Bartlo and her husband finally found their dream home in a small West Virginia community just a few hours from Washington, D.C.

But that dream became a nightmare as a few days before the closing, Bartlo received an email she thought was from her title company. The email provided instructions on how to wire the money for closing. She wired the $255,000 down payment as per the email’s directions, ABC 7 reported.

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On closing day, she received another email saying her closing time had been moved. When she called her realtor to ask about the change, she received devastating news. The first email wasn't from her title company — and that $255,000 down payment was now gone.

"At that point, my whole world fell apart because I had already wired all of the down payment money for our house,” Bartlo told ABC 7 News. “And that was about $255,000. And so our nest egg, our savings, everything at that moment was gone."

Wiring fraud is becoming an increasing issue

Bartlo was a victim of real estate wiring fraud. This happens when scammers gain access to the email of a title company, mortgage company or realtor. They can see you're due to send a large payment, so they email you to provide wiring instructions. However, those funds go to the scammer's account.

“I just remember shaking a lot and not being able to think straight. To feel like everything you had saved for to be able to have financial stability was just taken,” Bartlo shared with ABC 7. “And what if I didn't have a house? My mother lives with us. Where was she going to go? What were we going to do?”

It's a story that Tom Cronkright, founder of CertifiED, a company that helps prevent wire fraud, said he hears every day. He started his company in 2015 after he lost $180,000 to a wire fraud scam.

“I see it happen daily, if not multiple times a day," he told ABC 7. "The reality of it is these are some of the most sophisticated bad actors that have invested hundreds of millions of dollars into their own tradecraft.”

According to Cronkright, huge, global crime syndicates and cartels are often behind these scams. They hack into banks, real estate companies and law firms to gain information they can use to impersonate a trusted company or person. With that information in hand, they're able to send realistic-looking emails that consumers often don't question.

“The email, that includes the payment request with wiring instructions, isn’t coming out of the blue, it's tacked on to a thread of emails that they've been having for two, three, four weeks,” said Cronkright. “And now they're just saying, ‘Well, instead of bringing a check tomorrow for closing, we need you to send a wire, and here's why’."

Cronkright estimates losses to wiring fraud are close to $5 billion a year. His company has partnered with federal law enforcement to help educate consumers and businesses about the signs of wire fraud scams. But getting the money back is often unsuccessful. To protect themselves, consumers need to know how to spot the signs of wire fraud.

How to protect yourself from real estate wire fraud

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