7 Areas Where You Should Continue To Be Financially Conservative
.7 Areas Where You Should Continue To Be Financially Conservative While the Economy Recovers
Andrew Lisa Wed, September 8, 2021
The pandemic forced people to regroup financially and reassess what they were doing right with their money and what they were doing wrong. In most cases, the answer was to be more conservative — to pare back spending, increase savings, be wiser with their investments and take fewer risks.
Now that places are reopening and things are changing, many people are letting their guards down — the problem is that “over” is an overstatement. Millions who could and should be vaccinated are not, the Delta variant is now raging across several states and new lockdown restrictions are being imposed.
7 Areas Where You Should Continue To Be Financially Conservative While the Economy Recovers
Andrew Lisa Wed, September 8, 2021
The pandemic forced people to regroup financially and reassess what they were doing right with their money and what they were doing wrong. In most cases, the answer was to be more conservative — to pare back spending, increase savings, be wiser with their investments and take fewer risks.
Now that places are reopening and things are changing, many people are letting their guards down — the problem is that “over” is an overstatement. Millions who could and should be vaccinated are not, the Delta variant is now raging across several states and new lockdown restrictions are being imposed.
In other words, don’t break the fast just yet. The next few months are hopeful but uncertain. These are the places in your financial life where it’s best to keep your guard up for now.
Keep Planning For the Worst
Don’t get lulled into free-and-clear post-pandemic complacency, particularly when it comes to saving for any new emergencies that might pop up in the back end of 2021. For now, stay on a financial war footing.
“If you’ve made it through the pandemic thus far unscathed financially, now is not the time to get lax in your resolve,” said Steffa Mantilla, a certified financial education instructor (CFEI) and founder of the personal finance website Money Tamer. “With the new Delta variant, areas could go back into lockdown, which will affect the job market and potentially your income. Make sure you have an emergency fund of six months’ worth of expenses built up.”
Keep Attacking Debt
Mantilla is so adamant about prioritizing emergency savings that she says you should build a financial cushion even if it means paying just the minimum balance on your debts — but only temporarily.
Then, once you have some money saved, you can go back to debt payoff,” Mantilla said.
Here, too, it’s all about preparing for late 2021 curveballs.
“The more debt you can get rid of, the more income is freed up,” she said. “Should you lose your job and need to take a lesser-paying job, you’ll have an easier time paying all of your monthly bills.”
Resist the Urge for a Celebratory Splurge
With new stories popping up every day about life in post-pandemic America, it’s easy enough for an “I deserve this” celebratory spending mentality to set it — but your kissing-a-sailor-in-Times-Square moment hasn’t arrived just yet. If you reined in spending to play it safe up until now, keep it up.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/7-areas-where-continue-financially-150013076.html
Do You Have a Healthy Emotional Relationship With Money?
.Do You Have a Healthy Emotional Relationship With Money?
Gabrielle Olya Fri, September 3, 2021,
GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall.
Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.
In today’s column, we chat with Lindsay Bryan-Podvin, LMSW, financial therapist and author of “The Financial Anxiety Solution,” about how to tell if you have a healthy emotional relationship with money — and what to do if you don’t.
What are some signs that a person does have a healthy emotional relationship with money?
Do You Have a Healthy Emotional Relationship With Money?
Gabrielle Olya Fri, September 3, 2021,
GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall.
Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.
In today’s column, we chat with Lindsay Bryan-Podvin, LMSW, financial therapist and author of “The Financial Anxiety Solution,” about how to tell if you have a healthy emotional relationship with money — and what to do if you don’t.
What are some signs that a person does have a healthy emotional relationship with money?
A person who has a healthy relationship with money understands the ins and outs of their personal finances and understands that mistakes happen. They are comfortable talking about money and asking questions when they don’t understand something financially related.
What are some signs that a person does not have a healthy emotional relationship with money?
They might avoid looking at money, not negotiate for raises, overspend or spend recklessly.
If someone doesn’t have a healthy relationship with money, what are some steps they can take to improve it?
1) Identify your current relationship with money. If you aren’t sure, I recommend taking note of your thoughts and feelings when interacting with money or financial tasks. Think: seeing your paycheck hit your bank account, handing your credit card over when you get your car repaired or hearing a story about the stock market on the radio. Knowing where you are now can help with where you want to be.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/healthy-emotional-relationship-money-110144434.html
Your Financial Power Of Attorney May Fail You When You Need It Most
.Opinion: Your Financial Power Of Attorney May Fail You When You Need It Most
Published: Sept. 8, 2021 at 7:44 a.m. ET By CD Moriarty
The legal documents — signed, witnessed and paid for — are being rejected by financial-services companies
Aging is hard. And aging in our legal and financial world can be confusing, even for those without cognitive impairment. More than half of adults in the U.S. have a financial power of attorney. Which is good, but will those legal documents be honored when they are needed? For the 40% of Americans who have done their estate planning, there is no guarantee. The answer is: It depends.
Opinion: Your Financial Power Of Attorney May Fail You When You Need It Most
Published: Sept. 8, 2021 at 7:44 a.m. ET By CD Moriarty
The legal documents — signed, witnessed and paid for — are being rejected by financial-services companies
Aging is hard. And aging in our legal and financial world can be confusing, even for those without cognitive impairment. More than half of adults in the U.S. have a financial power of attorney. Which is good, but will those legal documents be honored when they are needed? For the 40% of Americans who have done their estate planning, there is no guarantee. The answer is: It depends.
Without a national standard of legal practice, complications and a tangle of paperwork are greater than necessary. Well-meaning financial planners and legal professionals insist on clients’ valid state legal documents, including financial power of attorney (POA). But those legal documents — signed, witnessed and paid for — are being rejected by financial-services companies, whose compliance departments want their own version of a POA to protect their interests. This is true despite the fact that the Uniformed Power of Attorney Act was adopted in 2016 in the Uniformed Probate Code (UPC) of the U.S.
The best legal minds in the country serve on the Uniformed Law Commission and created this POA act. Yet, as a financial professional, I have seen this fail numerous times.
Such as for my client Maria (whose last name I will withhold), who was caregiving for her husband, Jack, who had early-stage Alzheimer’s. Despite having arranged their estate plan less than five years ago, Maria was struggling and needed help with her power of attorney.
The investment companies that held her husband’s IRAs and a credit card company did not accept the legal document their lawyer drew up. She thought she had done everything right but was no longer sure of what to sign or whom to trust, as she was overwhelmed.
To continue reading, please go to the original article here:
How and When Is Wealth Management Worth It?
.How and When Is Wealth Management Worth It?
Sam Lipscomb, CEPF® Wed, September 1, 2021
Wealth management services are some of the most high-level and comprehensive financial services that exist. While financial planning services can help with individual financial matters, and asset management services typically deal with investments, wealth management can encompass every part of an individual’s finances from taxes to estate planning, to charitable giving and more. But should you pay for wealth management services?
This will depend on your specific financial situation, so it’s important to make sure that it fits in with your overall financial plan and goals. If you decide you want wealth management, SmartAsset’s free matching tool can help you find a financial advisor.
How and When Is Wealth Management Worth It?
Sam Lipscomb, CEPF® Wed, September 1, 2021
Wealth management services are some of the most high-level and comprehensive financial services that exist. While financial planning services can help with individual financial matters, and asset management services typically deal with investments, wealth management can encompass every part of an individual’s finances from taxes to estate planning, to charitable giving and more. But should you pay for wealth management services?
This will depend on your specific financial situation, so it’s important to make sure that it fits in with your overall financial plan and goals. If you decide you want wealth management, SmartAsset’s free matching tool can help you find a financial advisor.
What Is Wealth Management?
Wealth management is a comprehensive financial service that not only offers clients investment advice, but also helps with a wide range of financial and financial-adjacent matters that affect different parts of a client’s financial life.
Wealth managers typically develop complex and holistic financial plans that detail information about investing, taxes, charitable giving, estate planning and any other relevant needs or goals. In turn, they typically manage your investments with an eye towards your long-term goals.
Wealth managers also help set, review and update goals, rebalance investment portfolios and assess whether clients need other services to protect their wealth. This could include managing charitable giving, tax liabilities and business plans.
Because of its comprehensive nature, wealth management is typically reserved for individuals who are at least above the high-net-worth threshold. This is generally seen as someone who has at least $750,000 in investable assets or a $1.5 million net worth.
Who Can Access Wealth Management Services?
Wealth management services aren’t typically available for everyone. Due to the comprehensive nature of them, firms can require high minimums, such as $500,000 or $1 million. In fact, they may even charge additional fees to cover the costs of wealth management services, being that they’re comprehensive.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/wealth-management-worth-000730186.html
15 Moments You Experience When You’re RICH
15 Moments You Experience When You’re RICH
253,009 views Sep 29, 2019
In this Alux.com video we'll try to answer the following questions:
What it's like to be rich? How can you tell you are rich? What is being rich like?
What does being rich feel like? What experiences to rich people have that normal people don't?
What are the differences between rich and poor? What kind of life do rich people live?
15 Moments You Experience When You’re RICH
253,009 views Sep 29, 2019
In this Alux.com video we'll try to answer the following questions:
What it's like to be rich? How can you tell you are rich? What is being rich like?
What does being rich feel like? What experiences to rich people have that normal people don't?
What are the differences between rich and poor? What kind of life do rich people live?
What's is like living like a rich person? How do people get rich? Lives of the rich and famous
What does it feel like to be rich? What It's REALLY Like To Be A Millionaire
What it's like to be a billionaire? Truth about being rich? What changes when you're rich?
What's life like when you become super rich? What do rich people do all day?
How do rich people live? Do rich people live differently?
9 Ways Following Warren Buffett’s Frugal Habits Can Save You Money
.9 Ways Following Warren Buffett’s Frugal Habits Can Save You Money
Serah Louis Mon, September 6, 2021,
He might have billions of dollars to his name, but unlike other celebrities and financial gurus, Warren Buffett prefers to live life simply. The Oracle of Omaha won't be found living in a mansion in the Hollywood Hills, collecting a fleet of fancy sports cars or dining daily on foie gras and caviar. The investing icon practices what he preaches when it comes to financial discipline, saving and paying off debt.
Simple living can pay off in the inflationary environment that's emerged during the COVID-19 pandemic. Buffett warned a livestream audience of over 28 million during Berkshire Hathaway's May 1 annual meeting that "substantial inflation" is hitting both retail prices and wholesale prices being charged to businesses.
9 Ways Following Warren Buffett’s Frugal Habits Can Save You Money
Serah Louis Mon, September 6, 2021,
He might have billions of dollars to his name, but unlike other celebrities and financial gurus, Warren Buffett prefers to live life simply. The Oracle of Omaha won't be found living in a mansion in the Hollywood Hills, collecting a fleet of fancy sports cars or dining daily on foie gras and caviar. The investing icon practices what he preaches when it comes to financial discipline, saving and paying off debt.
Simple living can pay off in the inflationary environment that's emerged during the COVID-19 pandemic. Buffett warned a livestream audience of over 28 million during Berkshire Hathaway's May 1 annual meeting that "substantial inflation" is hitting both retail prices and wholesale prices being charged to businesses.
Singling out Berkshire Hathaway's homebuilding investments, Buffett said, “We’ve got nine homebuilders ... we really do a lot of housing. The costs are just up, up, up. Steel costs, you know, just every day they’re going up.”
When one of the world's most successful investors raises concerns about rising prices, it's likely time to apply some well-tested strategies to tighten your belt.
Here are nine ways Buffett's frugality can help you save and spend wisely.
1. He Lives In The Same Home He Bought Back In 1958
While most billionaires bulk up on expensive real estate, Buffett originally paid $31,500 for his Omaha, Nebraska, home — that’s around $288,700 in today’s dollars — and he’s lived there for over 60 years.
His home is by no means tiny, however. The 6,570-square-foot, five-bedroom home has had plenty of renovations and additions over the decades and is worth about $1 million today. It’s also protected by fences and security cameras and most likely has a good homeowner’s insurance policy as well.
Buffett has no plans to move out, calling it “the third best investment I ever made,” in a 2010 letter to Berkshire Hathaway’s shareholders.
2. He Rarely Takes Out Loans
Buffett’s one-and-only mortgage was on a vacation home in Laguna Beach, California, which he purchased in 1971, although he certainly had the cash to afford the $150,000-listed seaside property.
He told CNBC that he took out the 30-year-mortgage loan because, “I thought I could probably do better with the money than have it be an all equity purchase of the house.” He decided to use the extra cash on-hand for shares in Berkshire Hathaway — the company that brought him billions — instead.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/9-ways-following-warren-buffett-170000430.html
The Ultra-Rich Are Saving Their Money Instead of Spending It
.The Ultra-Rich Are Saving Their Money Instead of Spending It – Now the Middle Class Is ‘Buried’ In Debt
Ann Logue Sun, September 5, 2021,
It’s easy to roll our eyes at outlandish spending from billionaires – say, buying NFTs or yachts – but their spending is good for the overall economy. Their savings, however, are not so good, according to new findings published in the Chicago Booth Review, which reports that the 1% has “buried” the middle class in debt with their saving habits.
A Harvard study tracking credit card debt resulted in similar findings last June. This time, Amir Sufi, a professor at the University of Chicago, discovered that the top 1 percent of households in the US currently have just as much influence as emerging-market economies in fueling the debt of the bottom 90 percent. Here’s what happens when that money sits in what is essentially “financial storage,” rather than being spent on goods and services.
The Ultra-Rich Are Saving Their Money Instead of Spending It – Now the Middle Class Is ‘Buried’ In Debt
Ann Logue Sun, September 5, 2021,
It’s easy to roll our eyes at outlandish spending from billionaires – say, buying NFTs or yachts – but their spending is good for the overall economy. Their savings, however, are not so good, according to new findings published in the Chicago Booth Review, which reports that the 1% has “buried” the middle class in debt with their saving habits.
A Harvard study tracking credit card debt resulted in similar findings last June. This time, Amir Sufi, a professor at the University of Chicago, discovered that the top 1 percent of households in the US currently have just as much influence as emerging-market economies in fueling the debt of the bottom 90 percent. Here’s what happens when that money sits in what is essentially “financial storage,” rather than being spent on goods and services.
Savings Earn Interest From Loans
Sufi and the economists he worked with looked at the glut of savings on world markets. One of the reasons that interest rates are so low is that there is a big supply of money relative to demand. At a basic level, banks take funds from savings accounts and lend them out to earn interest. With so much money available to loan out, banks heavily promote mortgages, credit cards, student loans, and other products that bring in interest income.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/ultra-rich-saving-money-instead-230007398.html
15 Things That Change Once You Get Rich
15 Things That Change Once You Get Rich
1,264,185 views Jun 20, 2017
In this Alux.com video we'll try to answer the following questions:
How does life change when you're rich? How does your life change once you get money?
How much does money impact your life? What to expect when you get rich?
How does you life change when you're a millionaire?
15 Things That Change Once You Get Rich
1,264,185 views Jun 20, 2017
In this Alux.com video we'll try to answer the following questions:
How does life change when you're rich? How does your life change once you get money?
How much does money impact your life? What to expect when you get rich?
How does you life change when you're a millionaire?
What is life like when you have a million dollars? How has your life changed since becoming a millionaire? What is like to be a billionaire
What should you know about money? What are some things that change once you get rich?
Do You Have a Healthy Emotional Relationship With Money?
.Do You Have a Healthy Emotional Relationship With Money?
Gabrielle Olya Fri, September 3, 2021,
GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall.
Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.
In today’s column, we chat with Lindsay Bryan-Podvin, LMSW, financial therapist and author of “The Financial Anxiety Solution,” about how to tell if you have a healthy emotional relationship with money — and what to do if you don’t.
What are some signs that a person does have a healthy emotional relationship with money?
Do You Have a Healthy Emotional Relationship With Money?
Gabrielle Olya Fri, September 3, 2021,
GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall.
Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.
In today’s column, we chat with Lindsay Bryan-Podvin, LMSW, financial therapist and author of “The Financial Anxiety Solution,” about how to tell if you have a healthy emotional relationship with money — and what to do if you don’t.
What are some signs that a person does have a healthy emotional relationship with money?
A person who has a healthy relationship with money understands the ins and outs of their personal finances and understands that mistakes happen. They are comfortable talking about money and asking questions when they don’t understand something financially related.
What are some signs that a person does not have a healthy emotional relationship with money?
They might avoid looking at money, not negotiate for raises, overspend or spend recklessly.
If someone doesn’t have a healthy relationship with money, what are some steps they can take to improve it?
1) Identify your current relationship with money. If you aren’t sure, I recommend taking note of your thoughts and feelings when interacting with money or financial tasks. Think: seeing your paycheck hit your bank account, handing your credit card over when you get your car repaired or hearing a story about the stock market on the radio. Knowing where you are now can help with where you want to be.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/healthy-emotional-relationship-money-110144434.html
How and When Is Wealth Management Worth It?
.How and When Is Wealth Management Worth It?
Sam Lipscomb, CEPF® Wed, September 1, 2021
Wealth management services are some of the most high-level and comprehensive financial services that exist. While financial planning services can help with individual financial matters, and asset management services typically deal with investments, wealth management can encompass every part of an individual’s finances from taxes to estate planning, to charitable giving and more. But should you pay for wealth management services?
This will depend on your specific financial situation, so it’s important to make sure that it fits in with your overall financial plan and goals. If you decide you want wealth management, SmartAsset’s free matching tool can help you find a financial advisor.
How and When Is Wealth Management Worth It?
Sam Lipscomb, CEPF® Wed, September 1, 2021
Wealth management services are some of the most high-level and comprehensive financial services that exist. While financial planning services can help with individual financial matters, and asset management services typically deal with investments, wealth management can encompass every part of an individual’s finances from taxes to estate planning, to charitable giving and more. But should you pay for wealth management services?
This will depend on your specific financial situation, so it’s important to make sure that it fits in with your overall financial plan and goals. If you decide you want wealth management, SmartAsset’s free matching tool can help you find a financial advisor.
What Is Wealth Management?
Wealth management is a comprehensive financial service that not only offers clients investment advice, but also helps with a wide range of financial and financial-adjacent matters that affect different parts of a client’s financial life.
Wealth managers typically develop complex and holistic financial plans that detail information about investing, taxes, charitable giving, estate planning and any other relevant needs or goals. In turn, they typically manage your investments with an eye towards your long-term goals.
Wealth managers also help set, review and update goals, rebalance investment portfolios and assess whether clients need other services to protect their wealth. This could include managing charitable giving, tax liabilities and business plans.
Because of its comprehensive nature, wealth management is typically reserved for individuals who are at least above the high-net-worth threshold. This is generally seen as someone who has at least $750,000 in investable assets or a $1.5 million net worth.
Who Can Access Wealth Management Services?
Wealth management services aren’t typically available for everyone. Due to the comprehensive nature of them, firms can require high minimums, such as $500,000 or $1 million. In fact, they may even charge additional fees to cover the costs of wealth management services, being that they’re comprehensive.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/wealth-management-worth-000730186.html
How to Rebuild Your Finances After a Natural Disaster
.How to Rebuild Your Finances After a Natural Disaster
THE ASSOCIATED PRESS (NerdWallet staff)
September 1, 2021, 7:23 AM EDT Updated on September 1, 2021
(AP) -- Natural disasters can upend lives in an instant, but unwinding the financial damage can take many months. Still, those affected have many sources of help.
Here’s how you can get help and be strategic with your resources as you begin to rebuild after a disaster.
Deal with immediate needs first.
First things first: Contact the Federal Emergency Management Agency to get help via a disaster recovery center by texting your ZIP code and “DRC” to 43362. Texting “Apple” or “Android” to that same number will give you a download link for a mobile app from FEMA with additional resources, such as shelter locations.
Local and state agencies and nongovernmental groups such as the Red Cross can also help; call 211 from any phone or visit 211.org to get information.
How to Rebuild Your Finances After a Natural Disaster
THE ASSOCIATED PRESS (NerdWallet staff)
September 1, 2021, 7:23 AM EDT Updated on September 1, 2021
(AP) -- Natural disasters can upend lives in an instant, but unwinding the financial damage can take many months. Still, those affected have many sources of help.
Here’s how you can get help and be strategic with your resources as you begin to rebuild after a disaster.
Deal with immediate needs first.
First things first: Contact the Federal Emergency Management Agency to get help via a disaster recovery center by texting your ZIP code and “DRC” to 43362. Texting “Apple” or “Android” to that same number will give you a download link for a mobile app from FEMA with additional resources, such as shelter locations.
Local and state agencies and nongovernmental groups such as the Red Cross can also help; call 211 from any phone or visit 211.org to get information.
Check your credit card or hotel loyalty accounts as well. You might have points or a free night certificate. Most hotel loyalty programs have offered generous expiration date extensions for certificates that have gone unused due to the pandemic. And some general rewards credit cards allow you to use points to book hotels directly through their own travel portals or let you transfer points to a specific hotel loyalty program.
Next, tend to financial issues.
As soon as possible, turn to handling your finances. FEMA offers unemployment assistance, rental assistance, legal services and much more. You have several ways to register, including online at disasterassistance.gov, via the FEMA app, at a disaster recovery center or by phone at 800-621-3362.
Nonprofit credit counseling agency Money Management International has a free program called Project Porchlight that offers disaster victims support for up to a year. The program helps people navigate an unfamiliar process, stay on top of deadlines and address the trauma that makes handling tasks harder.
You do have several tasks to handle:
Contact insurers as soon as possible.
Act quickly so you can get the most out of your home insurance, renters coverage or auto insurance.
Review your policies for types of damage covered, coverage limits and deductibles. Home and renters policies typically do not cover flood damage, so check for flood insurance as well. Flood and wind damage to your car are covered as long as you have comprehensive insurance on your auto policy.
Report damage to your agent or insurance company as soon as possible, said Mark Friedlander, director of corporate communications for the Insurance Information Institute, in an email. Insurers will face a glut of claims, so the sooner you file, the better.
To continue reading, please go to the original article here: