20 Genius Things Mark Cuban Says To Do With Your Money
.20 Genius Things Mark Cuban Says To Do With Your Money
Valencia Higuera Sat, June 19, 2021
You might have heard this billionaire's name, but who is Mark Cuban and how did he make his money? It's possible you know him as one of the sharks on the hit show “Shark Tank," but Cuban is more than just a TV personality -- he’s also the owner of the Dallas Mavericks and a successful investor. In fact, Mark Cuban's companies are so successful that he made his first million in 1990 after selling his business to CompuServe and then earned a $5.9 billion paycheck after he sold his online streaming audio service to Yahoo in 1999.
Cuban knows how to be rich and successful, and he isn’t afraid to share his insight. Check out Mark Cuban's advice, so you can learn how to budget money and think like a billionaire.
20 Genius Things Mark Cuban Says To Do With Your Money
Valencia Higuera Sat, June 19, 2021
You might have heard this billionaire's name, but who is Mark Cuban and how did he make his money? It's possible you know him as one of the sharks on the hit show “Shark Tank," but Cuban is more than just a TV personality -- he’s also the owner of the Dallas Mavericks and a successful investor. In fact, Mark Cuban's companies are so successful that he made his first million in 1990 after selling his business to CompuServe and then earned a $5.9 billion paycheck after he sold his online streaming audio service to Yahoo in 1999.
Cuban knows how to be rich and successful, and he isn’t afraid to share his insight. Check out Mark Cuban's advice, so you can learn how to budget money and think like a billionaire.
1. Be a Little Bit of a Risk Taker
Talk to any self-made millionaires or billionaires and they might preach the importance of taking calculated risks. Sometimes, risks and rewards go hand-in-hand, as Cuban pointed out in a 2017 interview with Money magazine while discussing the value of investing your savings. He explained that it's possible to save a million dollars, but only if you’re disciplined and take risks. Many who achieve higher levels of financial success aren’t afraid to invest for the betterment of their future -- whether they’re investing in the market, a business or their education.
2. But Only Invest Up To 10% in Risky Investments
If you do take risks in the investment realm, limit the amount you contribute.
"If you’re a true adventurer and you really want to throw the Hail Mary, you might take 10% and put it in bitcoin or Ethereum, but if you do that, you’ve got to pretend you’ve already lost your money," Cuban told Vanity Fair. "It’s like collecting art, it’s like collecting baseball cards, it’s like collecting shoes -- something’s worth what somebody else would pay for it. I’d limit (risky investments) to 10%."
Learn: 12 COVID-Proof Money Tips From Financial Planners
3. Put It in the Bank
In an exclusive interview with Young Money, a personal finance education and media company, Cuban offered this general investing advice and then followed the statement by saying, “The idiots that tell you to put your money in the market because eventually it will go up need to tell you that because they are trying to sell you something. The stock market is probably the worst investment vehicle out there.”
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/20-genius-things-mark-cuban-190057232.html
How Can Investing In Spain Earn You Residency and Eventual Citizenship
.Notes From The field By Simon Black
Sovereign Man: Ultimate Plan B Series:
Helping you secure a robust Plan B, one actionable email at a time...
Looking for a Plan B in one of the world’s most desirable locations? For those with the means to invest in a Spanish Golden Visa, the benefits of EU residency can be obtained here with ease.
Find out how you can benefit below...
How Can Investing In Spain Earn You Residency and Eventual Citizenship
Offering world-class infrastructure, sumptuous cuisine and a leisurely pace of living, Spain is one of the world’s most sought after second home and retirement destinations – and with good reason. The Iberian country truly offers it all. Established in September 2013, the Spanish Golden Visa has long been one of the most popular programs of its kind in Europe. While it has historically been very popular among Russians and Chinese nationals, the US has cropped up in the Top 5 source countries for the program since 2019.
How Can Investing In Spain Earn You Residency and Eventual Citizenship
Sovereign Man: Ultimate Plan B Series:
Helping you secure a robust Plan B, one actionable email at a time...
Looking for a Plan B in one of the world’s most desirable locations? For those with the means to invest in a Spanish Golden Visa, the benefits of EU residency can be obtained here with ease.
Find out how you can benefit below...
How Can Investing In Spain Earn You Residency and Eventual Citizenship
Offering world-class infrastructure, sumptuous cuisine and a leisurely pace of living, Spain is one of the world’s most sought after second home and retirement destinations – and with good reason. The Iberian country truly offers it all. Established in September 2013, the Spanish Golden Visa has long been one of the most popular programs of its kind in Europe. While it has historically been very popular among Russians and Chinese nationals, the US has cropped up in the Top 5 source countries for the program since 2019.
Is a Golden Visa right for you?
The one key thing you get with a Golden Visa -- apart from an investment property -- is peace of mind: the knowledge that you’ll always have another place to live in, should something go very wrong in your home country. (And you can include your spouse and dependent minor kids in your application.)
The other is flexibility. Unlike with a host of other residency visas, you don’t have to spend significant amounts of time in Spain in order to maintain your residency status. In fact, Spain doesn’t enforce any minimum annual stays, whereas in Portugal, you’re in for a minimum average of one week per year.
It is important to note that most people investing in Golden Visas are looking for a “paper residency” as a back-up plan; they’re NOT looking to emigrate; at least not initially.
But not everyone needs a Golden Visa. If you’re ready to up sticks and go settle in Spain, you can get a Non-Lucrative Visawithout investing in property.
Similarly, you can get a D7 Visa in Portugal,, again without parting with several hundred thousand euro.
Yet, if you’ve got the means to invest, and your business or lifestyle requires flexibility, then a Golden Visa can make a lot of sense.
As an SMC Member, you’ll learn exactly how to:
Obtain a second residency or passport -- potentially for next to nothing
Legally and significantly reduce your taxes
Pass 100% of your estate to your family -- tax-free
Create a firewall around your assets -- and especially your home...
And much, much more!
Spain vs Portugal: Which Golden Visa should you choose?
There are alternatives to the Spanish Golden Visa, and they are worth considering.
For the vast majority of applicants, a property investment makes the most sense, although a growing number of applicants are opting for fund-based investments too.
COST: Price-wise, Spain’s Golden Visa is the most expensive in continental Europe in terms of its property based option. The minimum eligible investment amount is €500,000, whereas you can get away for as little as €280,000 in Portugal, and €250,000 in Greece. (You can find out more about the different investment options for the program here.)
PATH TO CITIZENSHIP: If you’re looking at a Golden Visa with a view to get a second passport, then Portugal wins hands-down. It offers a path to citizenship after only 5 years, whereas in Greece, it takes 7 years, and at least 10 years in Spain
Moreover, Greece is known to give citizenship applicants a very hard time, especially if you are not of Greek origin. And in Spain, unlike in Portugal, you can’t just occasionally pop in for a few months at a time if you want to apply for Spanish citizenship. You’ll need to be present in Spain for an average of ten months per year throughout your residency period in order to qualify.
Unless you’re originally from a former Spanish colony, that is. Citizens of all of Spanish-speaking Latin America, as well as Brazil, the Philippines and Puerto Rico, can naturalize in Spain after holding residency for only two years.
And if you’re originally from one of the above-mentioned countries, you also won’t have to give up your native nationality and passport in order to become a Spanish citizen. (Everyone else is required to give up their native citizenship in order to become Spanish, as the country does not recognize dual citizenship.)
TAXATION: Spain is not very tax-friendly. Once you start spending more than six months per year there, the Spanish revenue service will likely view you as a tax resident.
As an example: On an annual salary of €60,000 (~$70,000) per year, which is fairly moderate by North American standards, you will pay the top tax rate of 45%.
But even there you can take advantage of the Beckham law, whereby for five years, a new resident will not be considered a tax resident in Spain even if they live there full time. But for this to work, you need to be employed by a Spanish company that you do not control.
And if you come to Spain under the Non-lucrative residency (the “pensioners visa”, with no right to work in Spain) and keep paying your taxes elsewhere, Spanish tax authorities generally won’t bother you.
On the other hand, Portugal has sweetened the deal in terms of taxation. While it is far from being a tax haven, its Non-Habitual Residency (NHR) Program is open to any new residents, offering extremely attractive tax benefits. With the NHR regime, most of your worldwide income can be tax free for 10 years.
But given the appeal of the Spanish national brand, taxation tends to be a secondary consideration for most people acquiring citizenship there...
Key Program Differences Between Portugal And Spain
What are the key Golden Visa requirements for Spain?
While the below list is not exhaustive, the following core criteria apply as of February 2021. You have to:
Be a non-EU national over the age of 18 at the time you apply.
Have a clean criminal record in your country of residency.
Make an eligible investment of no less than €500,000, and this investment cannot be financed, either in part or in full.
Maintain your Golden Visa investment for the entire period of your legal residency in Spain.
Ready to apply for your Golden Visa? Then don’t delay, because...
Brussels does not like Golden Visa and Citizenship By Investment programs one bit, and are actively seeking to shut them down. In fact, two of these programs, one in Cyprus and the other in Moldova, were recently shuttered due to pressure from the EU government.
Portugal has also just confirmed some significant changes to their Golden Visa Program, so it is clear that these programs may not be around forever.
So, if you’re ready to activate this key part of your own Plan B, now is the time to take action to avoid missing out.
Yours in Freedom, Team Simon Black, Founder, SovereignMan.com
Money Secrets From 25 Millionaires Under 25
.Steal These Money Secrets From 25 Millionaires Under 25
Here's how to make and manage money to become a millionaire.
By Cynthia Measom March 31, 2021
Unless you’re independently wealthy, you’ve probably entertained the idea of being a millionaire. As you read about the latest celebrity splurge, you might wonder what a normal person can do to make that kind of money.
The rich often know the secrets to financial success, and now you can, too. By knowing how these 25 millionaires under 25 amassed their fortunes, you can get some personal finance and budgeting tips that apply to your own life and growing bank account.
Steal These Money Secrets From 25 Millionaires Under 25
Here's how to make and manage money to become a millionaire.
By Cynthia Measom March 31, 2021
Unless you’re independently wealthy, you’ve probably entertained the idea of being a millionaire. As you read about the latest celebrity splurge, you might wonder what a normal person can do to make that kind of money.
The rich often know the secrets to financial success, and now you can, too. By knowing how these 25 millionaires under 25 amassed their fortunes, you can get some personal finance and budgeting tips that apply to your own life and growing bank account.
Automate Your Finances
In 2016, when Mikaila Ulmer landed an $11 million deal with Whole Foods to sell her Me & the Bees Lemonade in 55 of its stores in four states, that was just the beginning of her financial success. Today, the 14-year-old entrepreneur's beverage is now also being sold by restaurants, food trailers and natural food delivery companies.
In a 2017 interview with CNBC, Mikaila said her best money advice is to automate your finances. What the teenage millionaire means is to use online technology to track numbers and share data to keep financial information easily accessible and in check.
Diversify Income Streams
People who are looking to become rich can take a cue from stars who know how to diversify their income streams — like Camila Cabello. The 23-year-old singer got her start on "The X Factor" television show in 2012 as a member of the group Fifth Harmony, which she left to become a solo act in 2016.
Since becoming a solo act, Cabello has collaborated with other artists, released a No. 1 album, toured solo, done a modeling campaign for Guess and took a role in a film adaptation of "Cinderella." According to Celebrity Net Worth, Cabello has a net worth of $14 million.
Liza Koshy, who cut her digital teeth on the now-extinct Vine, is another star who knows how to earn income from various ventures. She made Forbes' 2019 30 under 30 list. Koshy has two successful YouTube channels with millions of subscribers. She's had her share of sponsored content opportunities and has been hired for commercial ads.
To continue reading, please go to the original article here:
What It’s Really Like to Live on $50K, $300K and $1M
.What It’s Really Like to Live on $50K, $300K and $1M
Yes, even millionaires have money trouble.
By Jordan Rosenfeld January 15, 2021 Build Your Wealth
Wealth is relative. An annual income of $50,000 might be more than enough for a single person living in a mid-sized city. But a family of four in New York City might feel pinched on $500,000 if they live in a penthouse apartment, pay private school tuition and own a second house in the Hamptons. Even a big paycheck might not go far in some parts of the country if you have an over-the-top lifestyle.
To find out what life is like at various income levels in very different areas, GOBankingRates talked to three people with three very different paychecks. You might be surprised by the similarities and differences in their spending and saving habits. Click through to find out what it’s like to live on $50,000, $300,000 and $1 million and whether salary alone can make you wealthy.
What It’s Really Like to Live on $50K, $300K and $1M
Yes, even millionaires have money trouble.
By Jordan Rosenfeld January 15, 2021 Build Your Wealth
Wealth is relative. An annual income of $50,000 might be more than enough for a single person living in a mid-sized city. But a family of four in New York City might feel pinched on $500,000 if they live in a penthouse apartment, pay private school tuition and own a second house in the Hamptons. Even a big paycheck might not go far in some parts of the country if you have an over-the-top lifestyle.
To find out what life is like at various income levels in very different areas, GOBankingRates talked to three people with three very different paychecks. You might be surprised by the similarities and differences in their spending and saving habits. Click through to find out what it’s like to live on $50,000, $300,000 and $1 million and whether salary alone can make you wealthy.
What It's Really Like to Live on 50K
Jamie Hickey, a furniture maker in Philadelphia, Pennsylvania lives on $52,000 per year, with a tiny bit of unreliable side income from several websites he runs. He, his wife and two kids, pay about $1800 for mortgage, spend between $150-$200 per week on food, have a car payment of $500 and pay about $2000 per year on health insurance.
It’s Enough for a Comfortable Life
Hickey and his family live a comfortable life. They can afford internet and streaming entertainment services, still put a little bit in savings, and take an annual vacation to the beach.
Hickey says one key is how he manages his debts. “I don’t have any debts. Some people wait until their monthly statement comes out, but I pay as soon as I use it. I don’t want to get into the habit of paying hundreds of dollars later.” Hickey uses his credit card mainly to get the points it awards him.
There’s Room in the Budget to Save
Hickey has always made it a point to save 10 to 15 percent of all income that he makes.
“You just have to be careful of what you have, save what you can and understand that there’s a big difference between things you need and things you want.”
To continue reading, please go to the original article here:
https://www.gobankingrates.com/money/jobs/what-its-like-to-live-on-50k-250k-million/
Bank Fraud Is On The Rise — Here Are 4 Ways To Protect Your Bank Account
.Bank Fraud Is On The Rise — Here Are 4 Ways To Protect Your Bank Account
Korin Miller June 3, 2021
One of the scariest things about internet fraud is knowing that someone could hack your bank account if they happen to get a hold of certain personal information. It's only natural, then, to wonder about how to protect your bank account from fraud.
Bank account fraud happens, and it can mean the difference between you keeping your hard-earned money and seeing it vanish. Bank fraud attacks increased 159 percent over the past year, according to an analysis of 12 billion global transactions over the past year by risk management platform Feedzai, making this a very real risk.
Bank Fraud Is On The Rise — Here Are 4 Ways To Protect Your Bank Account
Korin Miller June 3, 2021
One of the scariest things about internet fraud is knowing that someone could hack your bank account if they happen to get a hold of certain personal information. It's only natural, then, to wonder about how to protect your bank account from fraud.
Bank account fraud happens, and it can mean the difference between you keeping your hard-earned money and seeing it vanish. Bank fraud attacks increased 159 percent over the past year, according to an analysis of 12 billion global transactions over the past year by risk management platform Feedzai, making this a very real risk.
Luckily, you don't have to just hope you'll avoid getting scammed. Signing up for a password manager like LastPass Premium can help ensure that you create a strong enough password — and remember it — so that bank account fraud won't be an issue (but more on that later). Here's what you need to know about bank account scams and how to protect your account.
What Is Bank Account Fraud?
At a basic level, banking scams involve someone attempting to access your account, according to USA.gov. That's generally broken into four categories:
Overpayment Scams. This is when a scam artist sends you a counterfeit check. They then tell you to deposit it in your bank account and then wire part of the money back to them. The check is fake, and you'll have to pay your bank the amount — and you'll lose any money you wired.
Unsolicited Check Fraud. If you cash a check from a scammer that you received for no reason, you could be accidentally authorizing the purchase of goods or signing up for a loan you didn't ask for.
Automatic Withdrawals. A scammer can create automatic debits from your account to qualify you for a free trial or to collect a prize.
Phishing. This is when a scam artist sends an email asking you to verify your bank account or debit card number.
To continue reading, please go to the original article here:
25 Secrets Every Rich Person Knows
.25 Secrets Every Rich Person Knows
Gabrielle Olya Tue, June 22, 2021
If it seems like the rich know something about money that the rest of us don't, it's probably because they do. There must be some reason the richest 1% of people now hold more than 40% of the world's wealth, according to the Credit Suisse Global Wealth Report. Maybe the rich have certain secrets to accumulating wealth -- but that doesn't mean what they know has to remain a mystery. Learn about strategies that you can use so you can build your own wealth, too.
Spending Must Align With Goals
One of the keys to being rich is having goals, said Michael Kay, president of Financial Life Focus and author of "The Feel Rich Project." "(The rich) know what they care about," he said. "Maybe it's passing wealth to another generation, maybe it's attaining a particular lifestyle. They are mindful of not wasting resources on things that have no value."
25 Secrets Every Rich Person Knows
Gabrielle Olya Tue, June 22, 2021
If it seems like the rich know something about money that the rest of us don't, it's probably because they do. There must be some reason the richest 1% of people now hold more than 40% of the world's wealth, according to the Credit Suisse Global Wealth Report. Maybe the rich have certain secrets to accumulating wealth -- but that doesn't mean what they know has to remain a mystery. Learn about strategies that you can use so you can build your own wealth, too.
Spending Must Align With Goals
One of the keys to being rich is having goals, said Michael Kay, president of Financial Life Focus and author of "The Feel Rich Project." "(The rich) know what they care about," he said. "Maybe it's passing wealth to another generation, maybe it's attaining a particular lifestyle. They are mindful of not wasting resources on things that have no value."
According to Kay, the wealthy tend to spend money only on things they care about. The rest of us can learn from this by setting our own goals and then monitoring our spending to see if it aligns with those goals.
Don’t Waste Money To Impress Others
Most rich people don't spend their time and money trying to impress others, Kay said. "They are not in a race. They know they have made it, so their attention is not on what others think." In fact, many wealthy individuals wouldn't have become rich if they had spent their hard-earned money buying things to keep up with others, he added.
Authors Thomas Stanley and William Danko said much the same thing in their 1996 best-seller, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," writing that a couple of key secrets of the country's richest people are living below their means and rejecting big-spending lifestyles.
Spending money to appear rich before you actually are rich is a surefire way to sabotage your wealth-building goals. So, forget about the Joneses and focus on what matters: accumulating wealth in the coming years.
Have Plenty of Liquidity
The rich make sure they have sufficient liquidity, or cash, to cover their short-term needs. They maintain an emergency fund so "they don't have to disrupt their life for an unexpected occurrence," Kay said. The fact that rich people have money set aside for a rainy day isn't solely a function of their wealth. They have cash reserves because they are disciplined enough to save.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/25-secrets-every-rich-person-210022728.html
LBJ Called, He Wants His Inflation Back
.LBJ Called, He Wants His Inflation Back
Notes From the Field by Simon Black June 21, 2021 Cancun, Mexico
1960 was supposed to have been a fantastic year. The world was largely at peace for the first time in decades and had fully recovered from the influenza pandemic that had broken out in the late 1950s. Exciting new technology was rapidly developing, from color TV to the invention of the microchip.
In the United States, the country was getting ready to decide a Presidential race between two young candidates, both in their 40s. That had never happened before (or since) in the history of US presidential elections.
Overall there was a lot of optimism and energy as a new decade emerged.
And then, without warning, a recession struck the US economy.
LBJ Called, He Wants His Inflation Back
Notes From the Field by Simon Black June 21, 2021 Cancun, Mexico
1960 was supposed to have been a fantastic year. The world was largely at peace for the first time in decades and had fully recovered from the influenza pandemic that had broken out in the late 1950s. Exciting new technology was rapidly developing, from color TV to the invention of the microchip.
In the United States, the country was getting ready to decide a Presidential race between two young candidates, both in their 40s. That had never happened before (or since) in the history of US presidential elections.
Overall there was a lot of optimism and energy as a new decade emerged.
And then, without warning, a recession struck the US economy.
As usual, almost nobody saw it coming. The Federal Reserve was just as surprised as the US government when everyone noticed that industrial production began to drop in February 1960.
Manufacturing declined, GDP fell, and unemployment rose steadily, reaching 7% by May 1961-- a level rarely seen since the Great Depression.
The government responded with its usual playbook; after Kennedy narrowly won the election of 1960 (despite significant evidence of voter fraud), he immediately endeavored to make good on his election promise: “Get the country moving again.”
He started with billions in stimulus spending-- highway spending, extended unemployment benefits, etc.
Kennedy was known to have had little regard for the national debt (which he expanded by 10% in two years). Even before becoming President, JFK had given speeches arguing-- quite bizarrely-- that the national debt is actually a sign of prosperity.
And while Kennedy dumped money into the economy, the Federal Reserve rapidly slashed interest rates, from 4% all the way down to 1.25%.
The measures worked. By 1962, the Fed declared victory over the 1960 recession. They even published a report defending their money printing and aggressive interest rate cuts, citing “an absence of inflationary pressures”.
And that was true. From 1962 through 1964, inflation was less than 2%. The economy was in good shape and everyone was happy.
Lyndon Johnson won the presidency in 1964 after promising to forge a “Great Society,” a term that encompassed widespread social spending on everything from free healthcare to national endowments for art.
Johnson spent billions expanding welfare, food stamps, public transportation, environmental protection, public housing, university funding, etc.
Yet simultaneously, LBJ also rapidly escalated US military involvement in Vietnam.
Prosecuting an unwinnable war while simultaneously building the Great Society proved to be incredibly expensive, and the US national debt grew dramatically under Johnson.
Inflation rose too. In fact 1965 began a long period of what economic historians call “The Great Inflation”. Inflation passed 4% in 1966, and was more than 6% by the end of the decade.
Inflation really started spiraling out of control in the 1970s after then-President Richard Nixon ended the dollar’s convertibility into gold; by 1974 inflation was more than 12%, and peaked at nearly 15% in 1980.
Even throughout the 1980s, annual inflation still held well above 4%… and even in the 1990s and early 2000s inflation hovered near 3% per year on average.
In fact the low inflation we experienced in the past 12-13 years, averaging 1.7% since the 2008 financial crisis, is a major anomaly.
We’re told by the all-knowing, all-powerful central bankers at the Federal Reserve that they will maintain a long-term inflation rate of 2%.
But the Fed’s inflation track record speaks for itself.
Starting with the Great Inflation in the 1960s, and going all the way through 2008, the average annual inflation rate in the Land of the Free has been 4.6%, more than twice as much as the Fed has promised.
So this phenomenon of higher inflation we’re seeing now is nothing new.
Fiscal and monetary conditions today are also quite similar to the early 1960s.
Remember-- in 1960 the US was emerging from a major pandemic, the government was going heavily into debt, and the Federal Reserve was happy to accommodate it all with low interest rates.
Today the US is emerging from a major pandemic. The national debt has soared, and the federal government has an insatiable appetite to spend trillions of dollars on every social program it can dream up.
And then there’s the Federal Reserve— which last week announced they will keep interest rates at near zero until 2023.
Talk about bizarre. It’s obvious to everyone that the economy is roaring back, and businesses are having huge problems finding workers. It’s also obvious that inflation is rising.
Yet the Fed doesn’t seem to notice or care. They’ll continue printing money and maintaining 0% rates, no matter the cost.
All of these factors are huge inflationary pressures.
The numbers will fluctuate month to month, year to year. Some months the inflation numbers will fall. Other months they’ll rise.
But the long-term trend is pretty obvious: massive government spending and low interest rates is like the 1960s Great Inflation all over again.
Remember, even though the Fed insists that they’ll maintain 2% inflation, their actual track record between 1965 and 2008 is an average 4.6% annual inflation rate.
So if your own long-term financial planning is based on the Fed keeping its promised 2% inflation rate, you may be in for a rude awakening.
To your freedom and prosperity, Simon Black, Founder, SovereignMan.com
https://www.sovereignman.com/trends/lbj-called-he-wants-his-inflation-back-32731/
11 Basic Money Moves Everyone Should Make During Hard Times
.11 Basic Money Moves Everyone Should Make During Hard Times
By Gabrielle Olya
The coronavirus pandemic has taken a major hit on the economy and the personal finances of workers across the country. The national unemployment rate was as high as 14.7% in April 2020. It's down to 6.1% now, but many Americans are still struggling to find jobs that pay them enough to stay afloat.
Whether you've lost your job, are experiencing reduced hours or are among the fortunate Americans who are still employed, here are the money moves experts say everyone should be making right now.
11 Basic Money Moves Everyone Should Make During Hard Times
By Gabrielle Olya
The coronavirus pandemic has taken a major hit on the economy and the personal finances of workers across the country. The national unemployment rate was as high as 14.7% in April 2020. It's down to 6.1% now, but many Americans are still struggling to find jobs that pay them enough to stay afloat.
Whether you've lost your job, are experiencing reduced hours or are among the fortunate Americans who are still employed, here are the money moves experts say everyone should be making right now.
Review Your Budget
It's important to revisit your budget so you know exactly how much money you have coming in and how much you will need to cover essentials.
"A budget is key to feeling financially secure right now and determining if you can make ends meet," said Tony Drake, CFP and founder of Drake & Associates in Waukesha, Wisconsin. "Write out your budget. List all your expenses, including fixed expenses like your mortgage, car payment and cell phone bill. It should also include variable expenses, such as utility payments, groceries and entertainment. Then determine how much income you have coming in. If your expenses outweigh your income, you’re going to have to take a hard look at where you can cut, even if it’s temporary."
Cut Back on Nonessential Spending as Much as Possible
"During these unprecedented times there are many things you cannot control, but how you save and spend is something you can manage," said Lindsay Sacknoff, head of consumer deposit and payment products at TD Bank. "Today's financial decisions will build a cushion to help you plan for what may lie ahead."
To this end, she recommends cutting out nonessential expenses -- any expenses outside of groceries, prescriptions, rent and utilities.
"By cutting out any non-essentials from your budget, you can easily save a few hundred dollars in the coming months," Sackoff said. "Putting your gym membership on hold, canceling a streaming service you never use, and cleaning your home instead of hiring a service are all luxuries that aren’t necessary."
Reevaluate Your Spending on 'Wants'
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/savings-advice/money-moves-make-during-hard-times/
Rich People Who Won’t Leave Money to Their Kids
.Bill Gates and 15 More Rich People Who Won’t Leave Money to Their Kids
By Rachel Hoffman March 4, 2021
These members of the elite want their kids to tough it out.
Having rich and famous parents comes with its perks -- which can include a sizable inheritance. But some business people and celebrities aren't looking to pass on their riches to their kids. Instead, they're looking to donate their riches to charity or just want their kids to tough it out.
Mark Zuckerberg
Facebook founder Mark Zuckerberg became a billionaire before the age of 32 and is today worth $104 billion. But he won't be sharing the majority of his money with his daughters, Max (age 4) or August (age 3). In a letter to their newborn daughter in 2015, Zuckerberg and his wife, Priscilla Chan, pledged to give away 99% of their company shares, which topped $45 billion at the time.
Bill Gates and 15 More Rich People Who Won’t Leave Money to Their Kids
By Rachel Hoffman March 4, 2021
These members of the elite want their kids to tough it out.
Having rich and famous parents comes with its perks -- which can include a sizable inheritance. But some business people and celebrities aren't looking to pass on their riches to their kids. Instead, they're looking to donate their riches to charity or just want their kids to tough it out.
Mark Zuckerberg
Facebook founder Mark Zuckerberg became a billionaire before the age of 32 and is today worth $104 billion. But he won't be sharing the majority of his money with his daughters, Max (age 4) or August (age 3). In a letter to their newborn daughter in 2015, Zuckerberg and his wife, Priscilla Chan, pledged to give away 99% of their company shares, which topped $45 billion at the time.
According to the letter, the couple's goal in donating the funds is to "advance human potential and promote equality for all children in the next generation."
Sting
British musician Sting, who has a net worth of $400 million, said that he's not leaving any cash to his six children -- Joe, Fuchsia, Mickey, Jake, Eliot and Giacomo. In an interview with the Daily Mail, the musician said he plans to spend the majority of his fortune.
"I told them there won't be much money left because we are spending it," he said, citing previous commitments for his wealth. While Sting said he would help his children out if they were in trouble, he doesn't believe that will be necessary. "They have the work ethic that makes them want to succeed on their own merit," he said.
Elton John
Elton John and his husband David Furnish have a combined net worth of $550 million, but they do not plan to leave much of it to their sons, Elijah and Zachary.
"Of course I want to leave my boys in a very sound financial state. But it's terrible to give kids a silver spoon. It ruins their life," the music icon told the Daily Mirror. "Listen, the boys live the most incredible lives. They're not normal kids and I'm not pretending they are. But you have to have some semblance of normality, some respect for money, some respect for work."
Bill Gates
Bill Gates, who has a net worth of $137 billion, is not planning to turn over his massive fortune to his kids, Jennifer, Rory and Phoebe. The business mogul recently explained that his children will be given every opportunity to get an education, but they will not be left to live off a hefty inheritance.
"Our kids will receive a great education and some money, so they are never going to be poorly off, but they'll go out and have their own career," he said to "This Morning." "It's not a favor to kids to have them have huge sums of wealth. It distorts anything they might do, creating their own path."
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10 Reasons Why Talking To Kids About Money Is More Important Than Ever
.10 Reasons Why Talking To Kids About Money Is More Important Than Ever
By Gabrielle Olya
The coronavirus pandemic has disrupted many families' finances. Many parents have lost their jobs or have had their hours cut and are bringing in reduced earnings. Others might have lost money due to the stock market plummeting. These changes can obviously have an effect on their children, but money can be a difficult thing to talk to kids about. Even if you haven't felt adverse effects from the coronavirus pandemic personally, it's still a good time to have an honest conversation about money with your kids.
Here's why now is a good time to talk to your kids about money, plus how to have these important financial conversations.
10 Reasons Why Talking To Kids About Money Is More Important Than Ever
By Gabrielle Olya
The coronavirus pandemic has disrupted many families' finances. Many parents have lost their jobs or have had their hours cut and are bringing in reduced earnings. Others might have lost money due to the stock market plummeting. These changes can obviously have an effect on their children, but money can be a difficult thing to talk to kids about. Even if you haven't felt adverse effects from the coronavirus pandemic personally, it's still a good time to have an honest conversation about money with your kids.
Here's why now is a good time to talk to your kids about money, plus how to have these important financial conversations.
It's Always a Good Idea To Talk To Kids About Money, No Matter the Circumstances
"First and foremost, I think it is a common mistake among parents to either wait until there are challenging financial times before they have the money talk with their children or never talk about money at all," said Kristina Morales, an MBA in banking and finance with more than 20 years of experience in commercial banking. "This is so important because it will help kids to better understand when parents need to make changes to their spending or lifestyle when difficult times arise. If they have no understanding or appreciation of where money comes from and how it works, they may have a very difficult time when times call for change or sacrifice."
Parents Now Have Time To Do It
"When financial literacy is not taught in schools and we have some important quality time available these days, it makes all the sense in the world to talk to your kids about something as important as finances and money," said Sandra D. Adams, CFP, partner at the Center for Financial Planning, Inc. in Southfield, Michigan.
Kids Will Be Seeing the Impact of Job Loss in Real Time
With parents losing jobs and assets, having open communication with your children about the new reality is important.
"This is a time when families are all together and when kids of all ages will have to see in real terms how the impact of job losses, job furloughs, asset losses and the need to cut back on expenses affect the entire family," Adams said. "The 'we are all in this together' motto here can make this a family affair, and they can be part of figuring out where the household can save on costs, cut back on expenses, etc. Lessons learned during these lean times will benefit children and parents alike, even when times get better and as children grow into adults."
Honesty Helps Children Become Comfortable With Talking About Money
Money is often seen as a taboo topic, but now is a good time to open up the lines of communication and encourage your kids to talk freely about financial matters.
"Right now are very tough times for so many families around the country, but it’s important to tell children about the circumstances that have occurred, be it a layoff or a reduction in pay or a loss in savings because of stock market trends," said Brent Weiss, CFP, chief evangelist at Facet Wealth. "Being honest helps children start to feel comfortable talking about money and learning about the importance of difficult decisions."
There Are Examples of Generosity and Good News Around Finances Now, Too
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Why You Need To Cut Your Kids Off — and How To Do It
.Why You Need To Cut Your Kids Off — and How To Do It
By Gabrielle Olya
Find out how to stop enabling your grown child.
If you're an empty nester who's still financially supporting your adult children, you're not alone. A survey of more than 1,800 empty nesters across the country conducted by 55places, an adult community comparison site, found that nearly 40% are still financially supporting their children in some way. Those who are still providing financial support spend an average of $254 per month on their child or children, with the most common expenses being cellphone plans, rent and groceries.
Although you might feel compelled to lend a helping financial hand to your kids, doing so can put you at risk of jeopardizing your own finances and retirement plans. Take these steps to cut off your children so you can retire comfortably one day.
Why You Need To Cut Your Kids Off — and How To Do It
By Gabrielle Olya
Find out how to stop enabling your grown child.
If you're an empty nester who's still financially supporting your adult children, you're not alone. A survey of more than 1,800 empty nesters across the country conducted by 55places, an adult community comparison site, found that nearly 40% are still financially supporting their children in some way. Those who are still providing financial support spend an average of $254 per month on their child or children, with the most common expenses being cellphone plans, rent and groceries.
Although you might feel compelled to lend a helping financial hand to your kids, doing so can put you at risk of jeopardizing your own finances and retirement plans. Take these steps to cut off your children so you can retire comfortably one day.
One-Third of Parents Said They Would Delay Retirement To Help Their Kids Financially
According to a separate survey conducted by Ameriprise, about one-third of Americans ages 30 to 69 with at least $100,000 in investable assets have delayed their own retirements or would do so to help their kids pay for college. The survey also found that 80% of respondents either have given or plan to give financial assistance to their children to pay for their first car. Another 78% either have contributed or plan to contribute toward their children's wedding expenses, while 40% either have contributed or plan to contribute toward their children's first home purchase.
Before you reach into your wallet, make sure you know the risks of continuing to provide financial help to your kids.
Paying For Your Kids Can Hinder Their Ability To Be Financially Independent
Allowing your grown children to lean on you financially can end up hurting them in the long run, said Ryan Moore, founder and CEO of Kingman Financial Group in Corpus Christi, Texas.
"If you’re a parent financially supporting children into adulthood, you’re enabling them to be reliant on your financial support for the rest of their lives," he said. "It’s critical that you teach your children the value and responsibility of earning and managing money."
It Can Harm Your Own Financial Health
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https://www.gobankingrates.com/saving-money/family/why-you-need-to-cut-kids-off-how-to-do-it/