.5 Ways To Close Your Financial Knowledge Gap

Serah Louis Sat, December 18, 2021, 10:01 AM·5 min read

60% of millennials and Gen Z are ‘constantly stressed’ about money — With Christmas around the corner and federal student loans switching on next month, money stress is reaching a peak for many young people — and it’s been bad for a while.

Nearly three in four Americans under 40 say managing their finances is taking a toll on their mental health, according to a new survey from Laurel Road, KeyBank’s digital banking platform. Over 60% feel “constantly stressed.”

.The Top Ways That US Millionaires Make Their Money

Andrew Lisa Thu, December 16, 2021

Nearly 22 million Americans have net worth's of at least $1 million, according to the 2021 Credit Suisse Global Wealth Report — more than 8% of the country’s adults. There are 820,000 millionaires living in New York City alone.

Each and every one of them has a different story about how they got there, but many of America’s millionaires share similar traits, skills, behaviors, philosophies and fields. All are either self-made or they were born into it, and most of those who earned their big bucks took one of four broad, general paths to get there. From there, 10 industries stand out above all the rest as assembly lines for the ultra-rich — but no matter the industry, most millionaires are joined together by a few common unifiers.

.How To Ensure You’re Not a Financial Burden in Your Later Years & Beyond

Gabrielle Olya Wed, December 15, 2021

For many Americans, the pandemic has brought to light the importance of legacy planning. A recent study conducted by financial services firm Edward Jones found that a third of U.S. adults report that the pandemic sparked conversations with close family members about their end-of-life plans and preferences, and for 18% of Americans, these were first-time discussions.

Although these conversations can be uncomfortable — 18% reported being too uncomfortable to discuss these topics — they’re important to have so that you and your loved ones are on the same page about your plans for your later years and beyond.

.6 Things the Rich Do To Stay Rich

Jennifer Taylor Wed, December 15, 2021,

If you’re trying to make more money, studying the rich is a great place to start. Some wealthy people were born into money, while others worked their way to the top. However they got there, many have figured out how to stay rich. Learning how to make millions is one thing, but mastering the art of keeping that fortune intact is a different task. Many people get rich, only to blow through their earnings in a matter of years.

Whether you have come into money or are still figuring out how to get rich, keep reading to learn more about how the rich stay rich.

.So, You Want To Be a Millionaire? 7 Ways To Set Yourself Up for Success

Jordan Rosenfeld Mon, December 13, 2021,

Becoming a millionaire may seem like the zenith of success for most people, particularly if you’ve worked for minimum wage or struggled to get a raise. And while earning a million dollars today is more feasible in some ways than it was even 30 or 40 years ago, aside from luck and winning the lottery, it takes strategic planning. Experts weigh in on seven ways to set yourself to become a millionaire.

Invest a Lot, and Early

Perhaps the most tried and true method to earn a million dollars is to start investing as much of your income as you can, as early as you can, said Scott Alan Turner, a certified financial planner and consumer advocate with Rockstar Financial Planning.

.How to Avoid the Gift Tax

Eric Reed Thu, December 9, 2021,

The gift tax is a tax levied on any unilateral transfer (a gift) from one person to another. This applies to any kind of taxable assets, including cash, securities and real estate. When the gift tax applies, it is the donor who pays, meaning that if you give a taxable gift you owe any applicable taxes. If you receive a gift, it is rare, if ever, that you owe taxes. It is exceedingly rare for someone to owe money due to the gift tax.

This tends to apply only to the wealthiest of households due to the tax’s high exclusions. This is because the purpose of the gift tax is to prevent wealthy families from avoiding the estate tax by simply gifting all their money to each new set of heirs. Here’s what you need to know.