DINARRECAPS8 12/14/24 DINARRECAPS8 12/14/24

The Most Insolvent Bank In The History Of The World Is. …..

Notes From the Field By James Hickman (Simon Black) December 12, 2024

As the 1800s came to a close and the world propelled itself full of innovation and optimism into the 20th century, there was perhaps nowhere else on the planet more admired and envied (except for the United States) than Argentina.

In fact, just like America in the late 1800s and early 1900s, Argentina was overflowing with immigrants from all over the world looking for a better way of life in that land of opportunity.

Notes From the Field By James Hickman (Simon Black) December 12, 2024

In fact, just like America in the late 1800s and early 1900s, Argentina was overflowing with immigrants from all over the world looking for a better way of life in that land of opportunity.

Argentina had already become a rich country at that point. And it was becoming richer so quickly that its economic growth was outpacing even that of the United States.

By 1900 Argentina’s economy was larger than the rest of Latin America combined, and roughly as large as all of Western Europe combined. It seemed like there was nowhere to go but up.

Plus the country was teeming with natural resources— everything from fresh water to some of the world’s most fertile soil, to vast oil and gas reserves. Argentina should have been unstoppable.

(This is still true today; Argentina still boasts one of the largest shale reserves in the world, having quadrupled its output over the last five years.)

You’d have to work really, really hard to screw up such wealth potential. And they did!

For much of the 20th century, Argentina slid into severe economic decay, and it remained that way for decades, mostly due to corrupt, excessive, outrageously irresponsible government spending and idiotic central planning.

Hyperinflation took hold, the banking system collapsed, and the economy has been in an extended depression.

Yet when the new chainsaw-wielding President Javier Milei took over last year, he pledged to change everything. And so far the results are pretty hard to argue with.

Earlier this week, Milei announced that Argentina has just posted a budget surplus— its FIRST surplus since those golden years in the early 1900s.

It’s not an accident. Milei has eliminated entire government departments, fired ministers, and dramatically reduced the size and scope of government.

In his announcement, Milei didn’t hold back, calling his predecessor a “fiscal degenerate” for ballooning the national debt and running massive deficits. These deficits, of course, were essentially funded by Argentina’s central bank, which printed all the money and created inflation.

Milei said that, just last year, his predecessor printed so much money that it was equal to roughly 13% of Argentina’s GDP.

Well, if printing 13% of GDP qualifies as fiscal degeneracy, then the Federal Reserve in the United States is guilty of the same thing— TWICE.

The first instance was in 2009, during the global financial crisis. Under then Chairman Ben Bernanke, the Federal Reserve created trillions of dollars of new money, roughly equivalent to 15% of GDP, to bail out the big Wall Street banks.

The second instance was during the pandemic in 2020 and 2021, when the Fed printed roughly 14% of GDP.

This reckless money printing not only engineered historic inflation in the US, but it also has created enormous problems for the Federal Reserve itself.

The Fed is now wildly and hopelessly insolvent. And that’s not some wild conspiracy theory; it is a fact straight from its own financial statements.

Here’s how it happened:

Going back to 2008, and most significantly during the 2020-2021 pandemic, the Fed created trillions of dollars, then used that money to buy government bonds. They concurrently slashed interest rates to zero.

The net result was that the Fed is now holding trillions of dollars worth of bonds at the lowest yields in recorded history.

But then they suddenly reversed course in 2022, hiking rates rapidly from 0% to more than 5%.

Well, if there’s one thing to understand about bonds, it’s that higher rates cause bond prices to fall. So when the Fed raised rates, they simultaneously caused the value of their bond portfolio to plummet.

And “plummet” is being rather polite.

As it stands today, the Fed faces $818.4 billion in net unrealized losses from all the bonds that it purchased during the pandemic— far exceeding the mere $44 billion it has in equity capital.

Literally according to its own financial statements, the Federal Reserve is totally insolvent. In fact, at nearly $1 trillion, the Fed is the most insolvent bank in the history of the world.

Talk about fiscal degenerates.

Now, the Fed has only a few options:

One, ignore the problem. Continue to pretend that the insolvency of the largest and most systemically important central bank on the planet is no big deal.

Two, request a bailout: Go to the Treasury with hat in hand.

The problem is, the Treasury doesn’t have any money; in fact, the US government already overspends by $2 trillion per year and has to borrow most of that money from the Fed.

So a bailout would first require the Fed to print money, loan that money to the Treasury, and the Treasury then gives it back to the Fed. Talk about bizarre.

The third option is to cut interest rates. Lower rates mean that its bond portfolio will increase in value, thus reducing the Fed’s near trillion-dollar insolvency.

But cutting rates would only invite more inflation.

Inflation is already creeping back. Just yesterday, the latest report showed an increase in the inflation rate with signs it will rise further. Yet the Fed has all but promised to cut rates again next week.

What’s clear is that the Fed is abandoning its responsibility to rein in inflation and maintain a sound currency. Instead, it’s inflating its way out of insolvency.

The result? Every single person who uses US dollars will end up bailing out the Federal Reserve through higher inflation.

And this is why we continue to maintain that real assets— which are an excellent inflation hedge— make so much sense, especially given that so many high quality real asset producers are selling at laughably low valuations.

To your freedom,

James Hickman Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/the-most-insolvent-bank-in-the-history-of-the-world-is-151888/

PS: Just a reminder, this week we have opened up Total Access, our highest tier membership. We intentionally keep the membership closed for most of the year, to limit the group to a small, tight-knit community.

If you want to learn more about what Total Access offers, including the unparalleled camaraderie of fellow members, click here.

DINARRECAPS8 12/12/24 DINARRECAPS8 12/12/24

12 Assets To Avoid Leaving to Your Heirs When You Die

Jennifer Taylor Thu, December 12, 2024 GOBankingRates

You want to leave your loved ones with assets that will enrich their lives. However, not all assets are created equal. Despite your best intentions, some of the assets you plan to bestow upon your heirs might be more of a headache. Whether they’re difficult to manage or potentially costly, you won’t be doing them any favors.

GOBankingRates spoke with financial advisors to find out which assets you don’t want to pass on. Here’s what they had to say.

12 Assets To Avoid Leaving to Your Heirs When You Die

Jennifer Taylor Thu, December 12, 2024 GOBankingRates

GOBankingRates spoke with financial advisors to find out which assets you don’t want to pass on. Here’s what they had to say.

Tax-Deferred Accounts

You worked hard to save for retirement, so it makes sense that you want to leave any remaining balance in your accounts to your heirs.

“Tax brackets are key to building this proactive inheritance strategy,” said Chad W. Holmes, CFP, CPWA, founder and financial planner at Formula Wealth in Montgomery, Alabama. If you’re in a lower tax bracket than your children, he said it might make sense to advance IRA withdrawals over the period of a few years.

“By spreading out this taxable income over multiple years, they never have a spike in tax rates,” he said. “When they pay taxes on the tax-deferred assets, they’re able to put the money into an after-tax account where it can again be invested.”

Ultimately, he said this is the best way to ensure they get as much of your hard-earned money as possible.

“Now the higher tax bracket children will receive an asset that gets a step up in basis at death, essentially inheriting the funds with no built in gains or taxes,” he said.

Health Savings Account

An HSA can be a good or bad investment to pass on, depending on who the heir is in relation to you. If you leave it to a spouse, they’ll be able to continue using the money for medical expenses with no taxes or penalties, said Pam Horack, CFP at Pathfinder Planning LLC of Lake Wylie, South Carolina.

“However, if you leave an HSA to your child, estate or other organization, it may be considered income in the year it is received,” she said. “They are not allowed to use the tax advantages for their own healthcare, and the income could inadvertently throw your heirs into a higher tax bracket.”

Real Estate Properties With High Maintenance Costs

In theory, leaving real estate to your heirs might seem like a good inheritance, but it depends on the property.

“Properties that require extensive upkeep, such as large estates or vacation homes, can burden heirs with ongoing expenses,” said Alex Doyle, CFP, wealth manager at Woodson Wealth Management in Rochester, New York. “Consider selling such properties or converting them into rental properties to generate income, or even donating them to a charitable organization.”

Illiquid Investments

DINARRECAPS8 12/12/24 DINARRECAPS8 12/12/24

6 Reasons Your Tax Refund Will Be Higher in 2025

Jordan Rosenfeld Thu, December 12, 2024 GOBankingRates

Tax refunds can feel like the reward for the hassle of filing your taxes, but many Americans forget that this is not extra money coming back to you, but your own money that, in essence, you overpaid (or under-deducted) to the government. A big tax refund might actually be a sign of financial changes you need to make with your accountant, but who doesn’t like getting money back instead of paying it out?

According to Alex Freund, a financial advisor and owner of Freund & Smith Advisors, a Northwestern Mutual firm, here are six reasons why your tax refund could be higher in 2025.

6 Reasons Your Tax Refund Will Be Higher in 2025

Jordan Rosenfeld Thu, December 12, 2024 GOBankingRates

According to Alex Freund, a financial advisor and owner of Freund & Smith Advisors, a Northwestern Mutual firm, here are six reasons why your tax refund could be higher in 2025.

If You Earned the Same (or Less) Income as Last Year

A common reason you might wind up with more money back in 2025 is if you earned the same, or even less, income because there are inflationary adjustments that occur to the tax rates, brackets and deductions, Freund explained.

“Almost everything in the tax code is stipulated and scheduled to increase on an annual basis with inflation,” Freund said.

If you don’t make any more income in 2025 compared to 2024, you’ll actually pay less in taxes and get a bigger refund “because the deductions are going up by inflation as well as the brackets,” he said.

If You Made Increased Contributions to Retirement Accounts

If you made any increased contributions to tax advantaged retirement accounts, such as a 401(k), which reduce your taxable income now, the taxes on your gains or even later upon withdrawal, such as with a Roth IRA, your refund might be higher. Freund pointed out that the federal government provides these kinds of deductions to “incentivize people to make these contributions so they aren’t broke or asset-less as they get near or into retirement, or be fully reliant on Social Security or government assistance.”

For example, he said, let’s say a couple is in a 22% tax bracket. If you’re married filing jointly, that’s generally taxable income between $100,000 and $200,000, you’re paying about 22 cents on every dollar in taxes. “Well, the same holds true if you put away a dollar into a retirement plan — you’re saving about 22 cents in taxes,” he said.

If You Take Self-Employment Deductions

The self-employed small-business person or independent contractor is entitled to take a variety of deductions for “reasonable and necessary” business expenses and operations, Freund explained. While you want to work with a CPA to make sure you’re doing this correctly, if you had greater expenses or discovered new deductions you’re eligible for, this could reduce your taxable income and potentially see a return to you of more of the taxes you paid to the government.

If You Qualify For Tax Credits

Tax credits are basically “government incentives to do something,” Freund said, and they can reduce your taxable income. “So in this world where we’re trying to become more green, you have tax credits for installing efficient furnaces and air conditioning units and solar panels on your house, efficient washers and dryers, et cetera,” he explained.

DINARRECAPS8 12/11/24 DINARRECAPS8 12/11/24

Great News If You Own A Company

Notes From the Field By James Hickman (Simon Black) December 7, 2024

Right at the beginning of the year in early January, I wrote to you about one of the dumbest laws to hit the books in the Land of the Free in a VERY long time. It’s called the Corporate Transparency Act.

Great News If You Own A Company

Notes From the Field By James Hickman (Simon Black) December 7, 2024

The article was called, “Get ready to spend two years in prison,” because, two years in prison is literally the penalty for noncompliance.

You see, the do-gooders in Washington decided that there is too much criminal money laundering taking place in the US banking system. Nevermind that these brainiacs have already passed countless other laws to combat money laundering... all of which seem to be dismal failures.

So they decided to pass yet another anti-money laundering law, which requires every company in America to file a special report to the federal government disclosing the names of its owners.

So if you own a Delaware LLC, for example, to own your family investments, then they wanted you to file this report... even though you ALREADY report the exact same information to the IRS each year.

Well that doesn’t matter. The government wants you to send the same info— but in a different format— to another agency within the Treasury Department. And if you don’t file the report, they threatened everyone with up to two years in prison.

Obviously “ignorance of the law is not an excuse”. They just expect you to keep up with the flood of new laws, plus agency rules, plus court decisions which might modify or nullify all the rules and laws.

Case in point: earlier this week, a VERY sensible federal judge thankfully issued a nationwide injunction on the Corporate Transparency Act, suspending compliance requirements until a final ruling.

This is great news; it means that, at least for now, you do not have to comply with the CTA. But it also illustrates how quickly the laws change. Like literally every single day.

It’s practically a full-time job to keep up with all the changes... and it’s virtually impossible to have a functioning society when the rules are so fluid.

This is the topic of this weekend’s podcast— we hope you enjoy and look forward to speaking with you again next week.

To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC

ABOUT THE AUTHOR James Hickman (aka Simon Black) is an international investor, entrepreneur, and founder of Sovereign Man. His free daily e-letter Notes from the Field is about using the experiences from his life and travels to help you achieve more freedom, make more money, keep more of it, and protect it all from bankrupt governments.

https://www.schiffsovereign.com/trends/podcast-great-news-if-you-own-a-company-151858/

DINARRECAPS8 12/10/24 DINARRECAPS8 12/10/24

What Does It Mean To Have A Plan B?

Notes From the Field By James Hickman (Simon Black) December 10, 2024

What does it really mean to have a Plan B— especially these days?

We’ve used the term Plan B for almost the entire 15 years since I started this business in 2009.

Back then the national debt was really starting to become a major problem. The Federal Reserve was printing trillions of dollars to bail out irresponsible bankers. The economy was on the ropes after the Global Financial Crisis.

What Does It Mean To Have A Plan B?

Notes From the Field By James Hickman (Simon Black) December 10, 2024

What does it really mean to have a Plan B— especially these days?

We’ve used the term Plan B for almost the entire 15 years since I started this business in 2009.

Plus a guy who told business owners, “You didn’t build that,” had just become President of the United States— and then bizarrely awarded the Nobel Peace Prize.

So the need for a “Plan B” seemed pretty obvious.

Today there is a lot more reason to be optimistic. There’s people coming to power that want to take a wrecking ball to the rot, corruption, and inefficiency that has been plaguing the country for far too long.

Frankly, I’m rooting for them. I’m even willing to pitch in and help. To be frank, I’m not comfortable with a world where China is the dominant superpower.

And there certainly seems to be a real opportunity right now to get the country back on track.

Let’s not be naive though. There are still serious challenges ahead. And the people coming to power have a very narrow window to get things back on track.

But we haven’t had this much reason to be optimistic in quite a while.

This isn’t just about an election or single individual, but rather a clear sign from the entire country, sick and tired of being lectured by out of touch “experts.”

Voters practically demanded a return to sanity and prosperity, even if it means dismantling large chunks of a broken system.

In today’s podcast, we talk about what it really means to have a Plan B in this kind of environment, where there’s reason to be optimistic, yet major challenges remain.

This, after all, is the entire point of a Plan B; to put yourself in a position of strength, and take advantage of great opportunities, while hedging clear and obvious risks.

We talk about that a lot in today’s episode.

We actually start with our CEO Viktorija, fresh off of a Total Access trip to El Salvador, telling us about the VIP treatment our group received from senior levels in both the public and private sector.

Then we transition into things that America needs to get right in short order. And the consequences if this doesn’t happen.

We then discuss the concept of a Plan B, versus having a dangerous “bunker mentality”, and how to think about hedging those risks, both in terms of investments, as well as non-financial solutions.

One of the key ideas is taking steps that make sense, regardless of what might or might not happen int he future. And one example of this is building strong relationships with people who share your values. That’s the whole idea of what “community” is supposed to be.

And this is exactly the type of community that we have developed with our Total Access group.

There are incredible VIP trips, exclusive investment conferences, compelling private investment opportunities, in-depth research, world class discounts, and a whole lot more.

But ultimately, the thing we are most proud of is the community and camaraderie among members.

That is consistently what our Total Access members rate as the biggest benefit to our organization. Many say they have found their tribe.

We usually keep membership closed, and only open up enrollment a few times each year.

To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC

We are doing that right now, and you can check out more about Total Access here.

https://www.schiffsovereign.com/trends/plan_b-151869/

DINARRECAPS8 12/10/24 DINARRECAPS8 12/10/24

What Is A SIM Swap Attack & How You Can Protect Yourself

California man says he lost $38,000 — money meant for his mom — to a SIM swap scam. Here's how you can protect yourself

Danielle Antosz Mon, December 9, 2024 Moneywise

Justin Chan of Carlsbad, California, says a hacker drained $38,000 from his bank account after his phone number was compromised in a SIM swapping scam — and he’s not sure he’ll get the money back.

“This could happen to anybody,” he told ABC 10 News in a story broadcast Nov. 25.

What Is A SIM Swap Attack & How You Can Protect Yourself

California man says he lost $38,000 — money meant for his mom — to a SIM swap scam. Here's how you can protect yourself

Danielle Antosz Mon, December 9, 2024 Moneywise

“This could happen to anybody,” he told ABC 10 News in a story broadcast Nov. 25.

One night in September, Chan says he started receiving odd notifications on his phone and realized it was no longer connected to his cellular network. There were no bars and he was unable to send or receive calls. He now believes he was a victim of SIM swapping, a scam in which criminals take over your phone number.

Access to his cell service wasn’t the only thing Chan says he lost. A letter shared with ABC 10 News shows three wire transfers totaling $38,000 from a Bank of America account.

“I’ve never wired money out of Bank of America,” he said. “It’s just been money that’s been sitting there waiting for my mom to use as rent, as funds, as food, as utility payments.”

The bank initially denied his fraud claim, Chan says, and he’s worried he may never be able to recover the funds.

What Is A SIM Swap Attack?

A SIM swap is a type of fraud where scammers trick a mobile carrier into transferring a victim’s phone number to a device they control. This can be done by calling the company and impersonating the victim, which Chan claims happened to him.

“I told them that, ‘This is not me. Why did you switch the phone line over?’ And they basically said, ‘We have verification.’ And I asked them, ‘What kind of verification did you have?’ And they said, ‘We had the last four digits of your credit card.’ And I thought, ‘That was not me, and why would you do that?’” Chan said.

Once fraudsters gain control of a person’s phone number, they can intercept calls and texts, including two-factor authentication codes, which can give them access to a victim’s financial accounts. This scam often coincides with gathering a victim's personal details, which are used to help gain access to accounts.

DINARRECAPS8 12/9/24 DINARRECAPS8 12/9/24

6 Financial Moves You Should Make By Dec. 31: Wills, Trusts, Iras, More

Daniel de Visé, USA TODAY Sun, December 8, 2024

We’re nearing the end of 2024. So it's an especially good time to assess what financial moves you should make before the clock runs out. Luckily, financial planners spend the final weeks of the year thinking about just such things.

Back in 2023, we asked several experts for their thoughts, and we made a list of six key financial steps to take by Dec. 31. Readers responded, so we reached out to the same experts again this year, along with one or two new ones, to see if their advice had changed. The answer: Not really.

6 Financial Moves You Should Make By Dec. 31: Wills, Trusts, Iras, More

Daniel de Visé, USA TODAY Sun, December 8, 2024

Here are their suggestions, which include bolstering retirement savings, tweaking insurance coverage and seeking savvy tax shelters.

Update Beneficiaries On 401(K), Life Insurance Policy

A typical investment account or life insurance policy requires you to name beneficiaries, the loved ones who will get the money upon your demise. For many of us, beneficiary designations function as an estate plan: they’re legally binding and dictate what happens to a large portion of your assets.

Some people don’t get around to naming beneficiaries. Births, deaths and family feuds can change the estate-planning landscape. The end of the year is a good time to take stock.

“I suggest making sure your beneficiaries are up to date on your investment accounts,” said Colin Day, a certified financial planner in St. Louis.

“It might not be the first thing people think of, but you will be surrounded by loved ones during the holiday season,” Day said. “It's a great reminder that you love and support these people, and you want to make sure your hard-earned dollars will get to them if something were to happen.”

Review Estate Plan And Insurance Coverage

More broadly, the year’s end is a good time to review your estate plan, powers of attorney and insurance coverage, said Paul Mendelsohn, a certified public accountant in Livingston, New Jersey.

“Do you have life insurance, long-term disability insurance and long-term care insurance?” Mendelsohn said. If not, should you consider getting them? Long-term care insurance, perhaps the least-known of these three, helps cover the costs of assisted living and nursing homes.

Keep in mind, Mendelsohn said, that if one spouse has an insurance policy through work, “it does not cover the other spouse.”

If you haven’t done so recently, “schedule a meeting with an estate planning attorney to create or update your will, health care directives and other legal documents,” said Niv Persaud, a certified financial planner in Atlanta.

Make Charitable Donations And Gifts

DINARRECAPS8 12/8/24 DINARRECAPS8 12/8/24

8 Common Mistakes Retirees Make With Their Social Security Checks

Jordan Rosenfeld Sun, December 8, 2024 GOBankingRates

Beginning to take Social Security benefits can be an overwhelming process for retirees since there are lots of rules and regulations, often tucked into the fine print, so to speak.

It’s easy to make choices, or fail to, that can have a negative impact on your Social Security checks in big and small ways.

Here are some common mistakes retirees make with their Social Security checks so you can hopefully avoid them.

8 Common Mistakes Retirees Make With Their Social Security Checks

Jordan Rosenfeld Sun, December 8, 2024 GOBankingRates

Beginning to take Social Security benefits can be an overwhelming process for retirees since there are lots of rules and regulations, often tucked into the fine print, so to speak.

It’s easy to make choices, or fail to, that can have a negative impact on your Social Security checks in big and small ways.

Here are some common mistakes retirees make with their Social Security checks so you can hopefully avoid them.

Taking Benefits Too Early

Many retirees decide to start collecting Social Security benefits as soon as they reach the minimum age of 62, often without fully understanding the long-term implications of beginning benefits.

“Claiming benefits early can lead to permanently reduced monthly payments,” said Christopher Stroup, CFP and owner of Silicon Beach Financial. “Claiming your benefits at age 62 can result in decreased benefits upwards of 25% to 30% versus waiting until full retirement age.”

Moreover, Ray said, just because you postponed taking it at 62, for example, doesn’t mean you have to keep waiting until you’re 67. You can take it at any time in between and receive the prorated amount.

Not Understanding the Timing

A related aspect of this, according to Patrick Ray, senior vice president at Wealth Enhancement Group is not understanding the timing between when you file and when you first start receiving your checks.

The Social Security Administration gives people roughly a three-month window from application to first receiving your checks. Ray explained that he works with many retirees that leave their work payroll upon retirement, which means they’re no longer getting a paycheck, and often misinterpret the timing of when they’ll get their first checks.

“So if someone decides to retire in June, they probably should start the process in April as it turns out because that does not happen overnight.”

Not Factoring in Spousal Benefits

Some retirees overlook the potential benefits that could be available through spousal claims, Stroup said.

“A spouse can claim benefits based on their own earnings record or up to 50% of the other spouse’s benefit if it’s higher. For couples where one spouse has significantly higher earnings, failing to strategize around spousal benefits can result in missed opportunities,” he explained.

Not Understanding the Tax Implications

DINARRECAPS8 12/7/24 DINARRECAPS8 12/7/24

Suze Orman: 3 Things You Should Never Do When Buying Gifts This Holiday Season

Gabrielle Olya Sat, December 7, 2024 GOBankingRates

The holiday shopping season tends to be an expensive one. This year, the average American plans to spend around $528 on holiday gifts — an amount that could be budget-blowing for some. As many Americans are prepared to spend hundreds of dollars on gifts, money expert Suze Orman is cautioning against going financially overboard.

“Are you going to give yourself the best possible holiday gift this year? … I am talking about not overspending on gifts — when you spend more than you can afford out of a sense of love or obligation,” Orman wrote in a recent blog post

Suze Orman: 3 Things You Should Never Do When Buying Gifts This Holiday Season

Gabrielle Olya Sat, December 7, 2024 GOBankingRates

“Stop it, right now,” she continued. “You need to put yourself in the equation. I want to remind you of one of my guiding principles: True generosity is when a gift is as kind to the giver as the recipient.”

With this in mind, Orman shared three things you should not do when buying gifts this holiday season.

Charging Gifts You Can’t Afford on a Credit Card

Buying gifts with a credit card can allow you to earn cash back or points, but it’s never a good idea to do so if you won’t be able to pay the balance in full.

“The average interest rate on credit cards right now is more than 22%,” Orman wrote. “That is painful just to write. It is insanely difficult — on top of expensive — to owe that much on an unpaid credit card balance.”

Using Buy Now, Pay Later

Americans are predicted to spend a record $18.5 billion using third-party buy now, pay later (BNPL) services for holiday purchases — an 11.4% increase from last year’s holiday season, according to Adobe Analytics. While using BNPL may be more popular than ever, Orman cautioned against utilizing these services.

“It’s common now when you arrive at the e-checkout for an online purchase to be offered what seems like such a nice deal: you don’t have to pay the full amount but can chunk it out into four interest-free payments,” Orman wrote. “I get the allure of these BNPL offers, but I think they can be dangerous traps.

DINARRECAPS8 12/7/24 DINARRECAPS8 12/7/24

6 Signs You’re More Financially Savvy Than the Average American

Vance Cariaga Fri, December 6, 2024 GOBankingRates

There’s no magic formula to being financially savvy, but there is nuance to being good with money. It’s mostly a mix of planning, common sense, your credit score, commitment and a little cost-of-living calculus. People who actively build a financial blueprint they can follow — budget included — are prepared for the future and manage their money in a way that builds wealth.

So how do you stack up? Are you savvier than the average American? Here’s a look at several signs you’re on the right path.

6 Signs You’re More Financially Savvy Than the Average American

Vance Cariaga Fri, December 6, 2024 GOBankingRates

So how do you stack up? Are you savvier than the average American? Here’s a look at several signs you’re on the right path.

You Seek Out the Highest APYs and Best Interest Rates

It doesn’t take much effort to find the best savings account interest rates — a simple internet search will deliver all the info you need to better reach your long-term goals. Even so, a lot of U.S. consumers settle for rates as low as 0.01% APY when they can score rates at or above 5.0% APY.

GOBankingRates consistently researches to find the best high-yield savings accounts available and here are some current recommendations:

Bask Bank Interest Savings Account

Betterment Cash Reserve Account

BMO Alto Online Savings Account

Bread Financial High-Yield Savings Account

FNBO Direct High-Yield Online Savings Account

GO2bank High-Yield Savings Account

Milli Savings Account

Salem Five Direct eOne Savings Account

You Take the Time To Plan and Budget

Making a financial plan and establishing a monthly budget might be the two most important traits of financially savvy people. Your financial plan should encompass both long- and short-term goals and include everything from leisure activities and investment goals to major purchases such as a house or car.

In contrast, your budget should center on current living expenses and day-to-day items. Here are six steps you can take to make sure you set the right budget and stick to it:

DINARRECAPS8 12/6/24 DINARRECAPS8 12/6/24

Warren Buffett: 6 Tips on How To Get Rich

Cindy Lamothe Thu, December 5, 2024 GOBankingRates

There is some advice that stands the test of time, and that is certainly what we can glean from one of the most successful investors in history — Warren Buffett.

He’s imparted a lot of wisdom over the years when it comes to both money and life in general. Below is a deep dive into some of his best advice when it comes to building wealth and achieving financial success.

Warren Buffett: 6 Tips on How To Get Rich

Cindy Lamothe Thu, December 5, 2024 GOBankingRates

There is some advice that stands the test of time, and that is certainly what we can glean from one of the most successful investors in history — Warren Buffett.

Start Investing Young

According to Buffett, the nature of compound interest is that it behaves like a snowball. And the trick is to have a very long hill — which means either starting very young or living to be very old. “If I were getting out of school today and had $10,000 to invest, I’d start by going right through companies,” he said, when it came to researching where to invest.

He recommended focusing on smaller companies that would be working with smaller sums and would likely have more of a chance that something is overlooked.

“You have to buy businesses,” he urged, “or little pieces of businesses called stocks. And you buy them at attractive prices and buy into good businesses.” He said this advice will be the same even 100 years from now.

Be Ready When Opportunity Comes

“The biggest mistakes are the ones that actually don’t show up. They’re mistakes of omission, not commission,” Buffett explained.

In his own life, he noted that he never lost a great deal of money on any one investment. “But it’s the things that I knew enough to do that I didn’t do. We have missed profits of as much as $10 billion that I knew enough to do that I didn’t do.”

He calls these missed opportunities: “There have been other investments where I did know enough to make that decision, and for one reason or another, I didn’t do it or I did it on a small scale.”

Learn the ‘Language of Business’

“If you’re interested in business, I definitely think you ought to learn all the accounting you can by the time you’re in your early 20s,” said Buffett, noting that accounting is the language of business, and you have to know the limitations of that language, as well as all other aspects of it.

He also advises that people work in a number of businesses. “There’s nothing like seeing how a business operates to build your judgment in the future,” he expressed, saying it’s important to understand what kinds of things are very competitive and what things are less competitive.

If you’re interested in investments, Buffett recommends doing a lot of reading. “I would talk business with people who are in business and find out what they think makes their operation tick or any problems and why. I just think you just kind of sop up every place you can.”

Focus on Overlooked Opportunities

“If I were working with a small amount of money, the universe would be huge compared to the universe of possible ideas I work with now,” said Buffett.