Bonds – The Ultimate Guide
.Bonds – The Ultimate Guide: What Is A Bond, How Bonds Work, And Why They’re In The News So Much!
November 15, 2021
Have you noticed that bonds are all the rage all of a sudden? Sure, when it comes to stocks, all the hoopla makes sense. They’re all over the place from one minute to the next! But bonds are the slow-moving cousin of stocks. So why all this interest?
Well, bonds are pretty fascinating once you start to understand them and today you’ll learn just how deep the bonds rabbit hole goes.
We’ll learn what bonds are, how to invest in bonds, types of bonds including savings bonds, why and when you might want to invest in bonds, and how well do bonds perform.
Bonds – The Ultimate Guide: What Is A Bond, How Bonds Work, And Why They’re In The News So Much!
November 15, 2021
Have you noticed that bonds are all the rage all of a sudden? Sure, when it comes to stocks, all the hoopla makes sense. They’re all over the place from one minute to the next! But bonds are the slow-moving cousin of stocks. So why all this interest?
Well, bonds are pretty fascinating once you start to understand them and today you’ll learn just how deep the bonds rabbit hole goes.
We’ll learn what bonds are, how to invest in bonds, types of bonds including savings bonds, why and when you might want to invest in bonds, and how well do bonds perform.
What is a bond?
Bonds are called “fixed income instruments” but that’s economics jargon. In real-people terms bonds are loans given to other people, but unlike a loan you would give a friend, bonds are nicely packaged up so that they can be traded around easily.
They have well spelled-out terms, like payback dates, payback value, terms in case the borrower goes bankrupt and interest payments.
Since they are nicely packaged and well spelled out, these bonds can be traded to bond experts or even traded around on the stock market by the click of a button.
Also unlike a loan you might give to a friend, these loans are usually given out by huge companies or governments who are willing to go through the effort of making them. Then since these entities are very large the loans are usually quite a bit safer than one you might give to a friend.
Bond Definition
A bond is a chunk of debt issued by a company or government to individual investors. Bonds return the full principal and a fixed interest amount called a coupon to the investor at the end of the bond’s maturity, or as regular payouts called dividends.
How to invest in bonds?
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If You Have This Much Money, You Should Have a Financial Advisor
.If You Have This Much Money, You Should Have a Financial Advisor
Patrick Villanova Wed, January 5, 2022,
A couple meets with their financial advisor. A recent survey found that those with more than $1.2 million in household assets report significantly higher levels of happiness when working with a financial advisor compared to those without an advisor.
Money can’t buy happiness directly, but it seems like paying a financial advisor sure can help.
A new survey found people with more than $1.2 million in household assets report higher levels of happiness when working with a financial advisor compared to those who don’t have an advisor. The finding is part of Herbers & Company’s inaugural Consumer Financial Behaviors Study, which polled 1,000 consumers across the U.S.
If You Have This Much Money, You Should Have a Financial Advisor
Patrick Villanova Wed, January 5, 2022,
A couple meets with their financial advisor. A recent survey found that those with more than $1.2 million in household assets report significantly higher levels of happiness when working with a financial advisor compared to those without an advisor.
Money can’t buy happiness directly, but it seems like paying a financial advisor sure can help.
A new survey found people with more than $1.2 million in household assets report higher levels of happiness when working with a financial advisor compared to those who don’t have an advisor. The finding is part of Herbers & Company’s inaugural Consumer Financial Behaviors Study, which polled 1,000 consumers across the U.S.
A financial advisor can help you manage assets and plan for retirement. Find a trusted advisor today.
“As individuals move past $1.2 million of assets, those who work with financial advisors rapidly increase in happiness, while those without advisors rapidly become less happy,” wrote Sonya Lutter, the certified financial planner (CFP) and licensed therapist who authored the study.
Herbers & Company is a consultancy firm that specializes in helping independent financial advisory firms grow their businesses.
How Happiness is Measured
A recent survey found that those with more than $1.2 million in household assets report significantly higher levels of happiness when working with a financial advisor compared to those without an advisor.
A recent survey found that those with more than $1.2 million in household assets report significantly higher levels of happiness when working with a financial advisor compared to those without an advisor.
To quantify a respondent’s level of happiness, the survey presented each consumer with a list of 43 questions concerning his or her daily behaviors and interactions. The survey also pinpointed four core principles of happiness – fulfillment, intention, impact and gratefulness – and gauged how much respondents identify with each.
All participants in the survey have at least $250,000 in household assets.
To continue reading, please go to the original article here:
https://news.yahoo.com/much-money-financial-advisor-215030637.html
11 Steps to Writing a Will
.11 Steps to Writing a Will
Emma Kerr Tue, January 4, 2022, 10:54 AM
Most people should have a will, but it's rarely the most significant estate planning document an individual holds.
Many of a typical household's assets, such as retirement accounts, can be transferred outside of a will by naming beneficiaries, and documents such as the financial and medical powers of attorney can be more powerful in determining the outcome of an estate.
Still, having a poorly written or out-of-date will can be costly and derail an otherwise well-planned estate. Wills are also particularly important for individuals with dependent children; the will serves as the best means to name guardians for children in the event of the death of both parents.
11 Steps to Writing a Will
Emma Kerr Tue, January 4, 2022, 10:54 AM
Most people should have a will, but it's rarely the most significant estate planning document an individual holds.
Many of a typical household's assets, such as retirement accounts, can be transferred outside of a will by naming beneficiaries, and documents such as the financial and medical powers of attorney can be more powerful in determining the outcome of an estate.
Still, having a poorly written or out-of-date will can be costly and derail an otherwise well-planned estate. Wills are also particularly important for individuals with dependent children; the will serves as the best means to name guardians for children in the event of the death of both parents.
Experts typically advise individuals to get the basic estate planning documents in order around the time they are married or buy a home, for example, and revisit the will regularly with special emphasis on this process around the time of retirement. Get started and complete your will in 10 simple steps:
1. Find an Estate Planning Attorney or Use a Do-it-Yourself Software Program
Individuals or families with relatively simple financial situations may be able to use an online, reputable software program to complete their wills. Some software programs to consider include:
-- Quicken WillMaker & Trust -- Fabric -- LegalZoom
Many situations, however, will require an estate planning attorney.
"There are so many rules that come into play," says Patrick M. Simasko, an elder law attorney in Mount Clemens, Michigan. "They can't make it to the lawyer or they go onto LegalZoom, which is great, and they prepare their own documents, go to a website, download the will or they download trusts or different forms. But they don't know how to fill them out right, sign them right, notarize them right, so they don't mean anything."
Hiring an attorney to create basic estate planning documents may cost a few thousand dollars, while an online software program can cost $100 or less. However, experts warn that improperly prepared documents can be costly down the road.
To continue reading, please go to the original article here:
6 Signs You May Want To Ditch Your Financial Adviser
.‘This is a red flag.’ 6 Signs You May Want To Ditch Your Financial Adviser
Alisa Wolfson Wed, January 5, 202
How to know when it’s time to leave your financial adviser.
Like with many relationships, your relationship with your financial adviser might not be working. But how do you know it’s time to head for the hills? We asked certified financial planners and finance experts the things to consider before firing your current financial adviser and hiring a new one.
‘This is a red flag.’ 6 Signs You May Want To Ditch Your Financial Adviser
Alisa Wolfson Wed, January 5, 202
How to know when it’s time to leave your financial adviser.
Like with many relationships, your relationship with your financial adviser might not be working. But how do you know it’s time to head for the hills? We asked certified financial planners and finance experts the things to consider before firing your current financial adviser and hiring a new one.
You’re not that comfortable sharing personal details with them
“Your adviser should be someone who you’re comfortable sharing your financial goals with and count on to act in your best interest,” Tiffany Lam-Balfour, investing spokesperson at NerdWallet says. And money is often tied up in emotional things that can be hard to talk about — maybe you want to save for infertility treatments or worry you can’t pay for a funeral or a home health aid— so it’s essential you can share those kinds of things, with confidence, with your financial adviser.
There are conflicts of interest
When you first hired the adviser, did you get into how they were paid? If not, do it now, and look out for an adviser who isn’t incentivized to work in your best interest.
“If you feel like your advisor has conflicts of interest, that they are not providing advice and recommendations in your best interest, or that you don’t have a strong partnership together, you might consider seeking an adviser that better fulfills your needs,” says Amy Richardson, certified financial planner with Schwab Intelligent Portfolios Premium. This guide (questions 3 -5) will help you understand how your adviser is being paid.
You’re not getting a prompt return phone call
To continue reading, please go to the original article here:
The Imbecile King Who Put His Foot On The Gas Pedal
.The Imbecile King Who Put His Foot On The Gas Pedal
January 3, 2022 Notes From The Field By Simon Black
Charles II was only three years old when he became the supreme ruler of the Spanish Empire in 1665. But anyone who took just one look at the child knew they were all doomed.
Charles had come from a long line of prominent European nobles known as the Habsburgs-- a family so exclusive that they frequently married one another in order to keep their blood line ‘pure’.
Genetic defects abounded at as result.
The Imbecile King Who Put His Foot On The Gas Pedal
January 3, 2022 Notes From The Field By Simon Black
Charles II was only three years old when he became the supreme ruler of the Spanish Empire in 1665. But anyone who took just one look at the child knew they were all doomed.
Charles had come from a long line of prominent European nobles known as the Habsburgs-- a family so exclusive that they frequently married one another in order to keep their blood line ‘pure’.
Genetic defects abounded at as result.
Charles II inherited some of the worst of these genetic defects; his father and mother were uncle/niece. And his grandparents were first cousins.
So it comes as no surprise that Charles II was deformed, spindly, weak, constantly sick, and partially paralyzed. He was also referred to by his contemporaries as the ‘imbecile king’ for his slow-witted stupidity.
Spain had been the dominant European superpower only a century prior to Charles II. It had vast colonies all over the world, a terrifying army and navy, and unimaginable wealth.
But history proves that an Empire’s wealth and power never last forever.
And even well before Charles II took the throne, Spanish rulers were already running everything into the ground.
One clear lesson from history is that empires tend to be extremely expensive… especially when you’re the dominant superpower, and all of your rivals are constantly waging war against you.
Spain was no exception. Their empire was extremely expensive to administer, and they were routinely engaged in costly wars.
The emperors were forced to borrow a lot of money to pay for these wars. And Spain’s debt became so vast that the government defaulted at least SEVEN TIMES between the mid 1500s and mid 1600s.
Desperate to make ends meet, the government also hiked taxes to exorbitant levels, including imposing a 14% sales tax. (Somewhere the governor of California is taking notes…)
The government also predictably began rapidly expanding the money supply and debasing its own currency… resulting in one of the worst long-term episodes of inflation in all of human history up to that point.
Spain’s Emperors also began interfering heavily in trade and commerce; they passed rules granting special monopolies to favored businesses, essentially killing off competition, and they inserted extreme government bureaucracy into some of the most important industries like shipping and mining.
It wasn’t long before economic and trade activity began to shrink as a result of these policies.
Between 1600 and 1700, in fact, Spanish shipping volume from the New World had declined by an astonishing 75%.
Part of this decline was because of emerging social trends.
In the early 1400s and early 1500s, the seas were teeming with Spanish explorers-- Cortes, Pizarro, de Soto, Ponce de Leon, etc. These men were regarded as national heroes in Spain, and international trade was considered a highly respected industry.
By the mid 1600s, however, trade, commerce, and production had all fallen out of favor. Traders and industrialists were viewed with suspicion instead of esteem.
The economies in cities like Valencia, which had once been famous for its factories and high quality products, quickly decayed. And suddenly Spain found itself importing most of its goods and services from its chief rivals-- France, England, and the Netherlands.
Meanwhile the Spanish Inquisition was busy killing off thousands of intellectuals… and condemning tens of thousands more to life imprisonment.
Their crime? Expressing independent thought that differed from the official narrative.
Spain’s message to the world was clear: freedom of thought had no place in the Empire. So anyone capable of innovation stayed as far away as possible.
And as a final point, Spain had suffered a series of embarrassing military defeats from the late 1500s through the mid 1600s, including the Spanish Armada’s humiliating loss to the English in 1588.
Suddenly the rest of Europe realized that Spain was not invincible. The Empire was bankrupt, economically weak, socially decayed. And its military had been embarrassed.
Remember-- this was already the situation BEFORE 1665.
And that’s when Charles II took the throne.
In other words, a weak, mentally incompetent fool was put in charge of an Empire that was already in serious decline… and whose chief rivals were rising rapidly.
You don’t need a PhD in European History to figure out how that movie ended: the situation became much worse under Charles II.
And within a few decades, Spain would go on to lose a major war against its rivals that struck the final blow to its dominance.
That’s when the torch was passed, and France became the dominant superpower. Eventually the UK surpassed France, then the United States surpassed the UK.
This cycle has been taking place for more than 5,000 years. Empires rise and fall. Economies rise and fall. And no nation holds the top spot forever.
It’s not hard to understand why.
When an economy is on the rise, people are hungry. They work hard. They save money. They’re focused on the future.
Governments run lean budgets and spend responsibly. They maintain a sound currency.
Once an economy has reached its peak, however, priorities change. Hard work and saving are no longer prized social values. People become more focused on consuming in the present, rather than investing in the future.
Debt levels skyrocket. Government spending balloons. Regulations soar. Prices rise.
Little by little, a nation chips away at the very values and institutions that made them powerful to begin with.
If fiscal responsibility has made the nation wealthy, they begin printing record sums of money, engineering inflation, and taking on mountains of debt.
If capitalism has made the economy prosperous, they cheer socialism.
If personal freedom and self-reliance have created a strong society, they embrace totalitarianism, intolerance, and censorship.
Not to mention, there always seems to be some rival, rising power lurking, ready to take advantage of the situation… and some weak leadership like Charles II who hits the gas pedal on the way towards the precipice.
This story is as old as human civilization. And while the exact circumstances today are different, the themes are very similar.
To your freedom,
Simon Black, Founder, SovereignMan.com
The Imbecile King who put his foot on the gas pedal | Sovereign Man
Be Curious
.Be Curious
Jan 3, 2022 by Ted Lamade Managing Director at The Carnegie Institution for Science
There is a great scene in the first season of Ted Lasso in which the show’s antagonist, Rupert Mannion, challenges Lasso to a game of darts. After seeing him make a few poor throws, Mannion is confident that it is easy money. The two play and Mannion appears to be on the verge of winning with Lasso needing two “triple 20s” and a bullseye on his final three shots. Then, just before he throws his darts, Lasso turns to Mannion and says in his Southern drawl,
“You know Rupert, guys have underestimated me my entire life. It used to really bother me, but then one day I was driving my little boy to school and saw a quote by Walt Whitman painted on a wall that said, ‘Be curious, not judgmental’. I liked that. See all those fellas who belittled me, none of them were curious.
Be Curious
Jan 3, 2022 by Ted Lamade Managing Director at The Carnegie Institution for Science
There is a great scene in the first season of Ted Lasso in which the show’s antagonist, Rupert Mannion, challenges Lasso to a game of darts. After seeing him make a few poor throws, Mannion is confident that it is easy money. The two play and Mannion appears to be on the verge of winning with Lasso needing two “triple 20s” and a bullseye on his final three shots. Then, just before he throws his darts, Lasso turns to Mannion and says in his Southern drawl,
“You know Rupert, guys have underestimated me my entire life. It used to really bother me, but then one day I was driving my little boy to school and saw a quote by Walt Whitman painted on a wall that said, ‘Be curious, not judgmental’. I liked that. See all those fellas who belittled me, none of them were curious.
They thought they had everything figured out. So, they judged everything* and everyone*. And then I realized that their underestimating me had nothing to do with it…..because if they were curious, they would have asked questions. Questions like, ‘Have you played a lot of darts Ted?’ Which I would have answered, ‘Yes sir. Every Sunday afternoon at a sports bar with my father from age 10 until I was 16 until he passed away’.”
Lasso proceeds to drill all three shots and wins the game (watch the scene on YouTube if you have a minute). In short, a hustler got hustled because he wasn’t curious enough. He made judgements based on incorrect assumptions and didn’t ask the right questions
Being curious is one of life’s most underappreciated qualities. It’s an admission that you don’t have it all figured out. It means you’re willing to listen and learn. Most importantly, it often differentiates the good from the great.
The Innovators
Ted Lasso is a work of fiction, but this concept of curiosity is not. Look no further than what Walter Isaacson said was the most common trait he observed in the people he wrote about in his book “The Innovators”.
“Curiosity. Pure, passionate, and playful curiosity about everything. Steve Jobs was curious about calligraphy and coding, while Da Vinci was curious about art and anatomy. They wanted to know everything about everything that was knowable. Ben Franklin wanted to know about science, the humanities and poetry. Even Einstein wanted to understand Mozart at the same time that he studied general relativity.
To continue reading, please go to the original article here:
Saving for Retirement: Definitive Guide
.Saving for Retirement: Definitive Guide
By Donny Gamble
One of the questions that we get asked most frequently is when is the best time to start saving for retirement. We always give the same answer - it's never too early to start saving for retirement, but it is also never too late to start doing so. When is the right time to start saving for your retirement? Right now!
Saving for the future is one of the most difficult things to do. Our brains are wired to worry about what is in front of us rather than planning for the future. This is a skill we developed during our cavemen days and haven't managed to shake off yet.
Saving for Retirement: Definitive Guide
By Donny Gamble
One of the questions that we get asked most frequently is when is the best time to start saving for retirement. We always give the same answer - it's never too early to start saving for retirement, but it is also never too late to start doing so. When is the right time to start saving for your retirement? Right now!
Saving for the future is one of the most difficult things to do. Our brains are wired to worry about what is in front of us rather than planning for the future. This is a skill we developed during our cavemen days and haven't managed to shake off yet.
Putting money aside that you are not going to use for 20+ years is a difficult task for anyone, especially if you could make use of it now. This is something that even financial experts struggle to do (and we should know better).
If you have put off setting up your finances so that you can save for retirement, don't feel too guilty. You're not alone, around 48% of Americans don't have a retirement bank account.
But don't worry too much, you have made the first step. You have started looking for help and you have come to the right place.
In the guide, we will talk you through the 7 most important stages of saving for retirement and life after work.
When Can You Retire?
The Importance of Saving For Retirement
7 Essential Steps to Getting Started
Summary
When Can You Retire?
To continue reading, please go to the original article here:
https://retirementinvestments.com/how-to-save-for-retirement/
17 Formerly Poor People Who Suddenly Became Rich Sharing What Shocked Them Most About Transition
.17 Formerly Poor People Who Suddenly Became Rich Are Sharing What Shocked Them Most About The Transition
Thu, December 30, 2021,
Coming into large sums of money all of a sudden can be a jarring experience for anyone, especially when struggling financially is all you've ever known. So we asked the BuzzFeed Community to share what surprised them most about the sudden shift from being poor to rich and how their lifestyles changed because of it.
Here's what they shared:
1."The biggest 'luxury' I've found myself indulging in after finding financial stability is medical care. I used to hesitate to go to the doctor for anything, but now I make appointments without hesitation. It sounds so silly, but I love being able to afford to get my foot pain taken care of, along with my acne and emotional trauma."
17 Formerly Poor People Who Suddenly Became Rich Are Sharing What Shocked Them Most About The Transition
Thu, December 30, 2021,
Coming into large sums of money all of a sudden can be a jarring experience for anyone, especially when struggling financially is all you've ever known. So we asked the BuzzFeed Community to share what surprised them most about the sudden shift from being poor to rich and how their lifestyles changed because of it.
Here's what they shared:
1."The biggest 'luxury' I've found myself indulging in after finding financial stability is medical care. I used to hesitate to go to the doctor for anything, but now I make appointments without hesitation. It sounds so silly, but I love being able to afford to get my foot pain taken care of, along with my acne and emotional trauma."
"Not only were the appointments at one point unaffordable, but so were many of the prescribed treatments. It makes me so sad that I didn't take care of myself for so long because of financial strain, but I love my regular appointments with my podiatrist, dermatologist, and therapist." —Anonymous
2."Suddenly coming into money changed everything. The first thing I did was FINALLY go to the dentist and get my teeth taken care of. I had tried to ignore them for a long time because we never had enough money. In the past, if it was a choice of paying the electric or getting my cavities filled, I always chose to pay bills." —Anonymous
3."When I was poor, doctors looked down on me and treated me like I was drug-seeking. Since I've become successful, I've been properly diagnosed with several conditions that had lingered for years. It's also wonderful being able to not worry about the cost of glasses or if the dentist recommends work."
"I still remember how one woman at the optometrist sneered at me when I asked if there were any other glasses options besides the huge Coke bottle glasses offered to kids on welfare. Now I can get whatever glasses I want, and everyone is always quick to help me." —Anonymous
4."Most recently, I got a new job that pays almost double what I was making. When I told a friend how much they offered, I broke down crying. She asked me why, and I told her, 'I can finally afford food!' To me, I feel rich because even though I have health insurance, I can pay my rent, car payment, car insurance, and phone; the one thing that always took a hit was food."
"During the pandemic lockdown, friends of mine that had food stamps would buy me food because even though one of my jobs laid me off, I didn't qualify for unemployment since I still had a second job. I used to make excuses to not have a meal with friends because I knew I couldn't afford it, or I would say that I had eaten at home so I wasn't hungry. Now, I am able to take my friends out to a nice dinner and pay for us. It might not seem like the biggest deal in the world, but to me, it means everything." —Anonymous
5."Middle-class background but my parents fell into debt in my early teenage years, and we struggled to meet ends meet ever since. I left Central/Eastern Europe for the UK to study at 18, became financially independent, and entered a highish-paying tech job at 21. It surprised me how much earning more than my parents at a young age caused me to have issues with our parent-child relationship."
"I couldn't stomach them paying for me at all, not even hosting dinner. I felt guilty and responsible. And they are the best parents ever, only proud of me and never expecting anything! I had to seek therapy, and it took me over a year to come to terms [with the fact that] I am not responsible for their choices and can live life at a different level than them. Never expected this psychological burden." —Anonymous
To continue reading, please go to the original article here:
https://www.yahoo.com/lifestyle/people-struggled-financially-fell-money-044602876.html
5 Ways To Close Your Financial Knowledge Gap
.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.”
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.”
“Financial stress and anxiety are incredibly common feelings among Gen Z and millennials,” says Alyssa Schaefer, general manager and chief experience officer at Laurel Road. “We see that cultivating ‘mental wealth’ is clearly a priority for many individuals.”
That means building more financial knowledge and setting up a financial plan so you can feel confident about the future. Here are five ways to achieve those goals:
1. Beat your debt into shape
While you may not be able to eliminate your student debt or credit card debt anytime soon, you can relieve a lot of pressure by getting them in the most manageable shape possible.
If you have a federal student loan, the government offers income-driven repayment plans that allow borrowers to make more affordable payments, based on what they earn. After you make 20 or 25 years of regular payments under an income-driven plan, your remaining debt will be forgiven.
Another simple money-saving step is to enroll in autopay, because signing up for automatic deposits will qualify you for a 0.25% interest rate reduction when payments resume.
On the other hand, if you have a private loan, your best bet could be refinancing with one of today’s cheap interest rates. Assuming you have a decent credit score, refinancing could help you pay off your loan more quickly and save you a huge amount in interest.
The same strategy can work for any high-interest debt you’re carrying, like the kind on credit cards. Refinancing to a lower rate could see you free yourself years sooner.
2. Create an actual budget
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/millennials-gen-z-suffering-mental-162500676.html
The Top Ways That US Millionaires Make Their Money
.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.
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.
To help illuminate a path toward a seven-figure net worth, GOBankingRates used a variety of sources to examine the industries, backgrounds, tendencies and income sources that are common to America’s millions of millionaires.
If You Don’t Win the Birth Lottery, You’ll Have To Earn It Yourself
Every millionaire in America falls into one of two categories: those who are self-made and those who became rich through that oh-so-important original roll of the dice when they were born into money. The latter, of course, is the easier of the two options — but it’s not the most common.
According to the 2021 Wealth-X World Ultra Wealth Report, the vast majority of ultra-high net worth (UHNW) individuals — those worth at least $30 million — are self-made, 72%, to be exact. Granted, that percentage is for the entire world, not just the United States, but America is the land of UHNW individuals.
And of these individuals, 101,240 of them live in the United States. The next closest competitor, China, is home to fewer than 30,000 despite the country’s enormous population advantage. The U.S. hosts three of the world’s top five UHNW cities (New York, Los Angeles and Chicago) and six of the top 10 (add on San Francisco, Washington, D.C. and Dallas).
The Four Paths to Seven Figures
In writing for CNBC, financial expert and author Tim Corley outlined the results of research he conducted for one of his books. The results revealed that people tend to follow one of four paths to becoming millionaires.
To continue reading, please go to the original article here:
https://news.yahoo.com/top-ways-us-millionaires-money-130019299.html
How To Ensure You’re Not a Financial Burden in Your Later Years & Beyond
.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.
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.
A fifth of those surveyed said they have avoided talking about end-of-life plans because they did not want to burden family members with their finances, but it’s not having these conversations that could cause your family members to deal with a large financial burden in the end.
Here’s what should be included in your plans for your later years and end-of-life to ensure your loved ones are financially prepared.
Create an Estate Plan
“There are many different factors to consider when developing an estate plan that best fits your unique needs,” said Alison Carnie, CFP, principal at Edward Jones. “First, work with your financial advisor to make a list of all of your assets including investment and retirement accounts (IRAs, 401(k) [plans], brokerage accounts); cash or checking/savings accounts; real estate; personal property (automobiles, boats, jewelry, artwork); insurance policies and annuity contracts.”
Next, determine what your priorities are. When it comes to the kind of legacy people want to leave to their families, nearly a third (32%) said leaving an inheritance is the most important thing.
One of the easiest ways to make sure your assets go to the people you intend is to list them as beneficiaries,” Carnie said. “Ensure that the correct beneficiaries are named on your accounts and that these designations are consistent with your overall estate plan. Brokerage accounts don’t automatically include beneficiary designations, but you can complete a Transfer on Death agreement to identify the person to whom the assets should go.”
You should review your beneficiaries any time something major happens in your life, such as when you marry, divorce or have a child, Carnie said.
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https://news.yahoo.com/ensure-not-financial-burden-later-210016052.html