What Income Level Is Considered Rich?
What Income Level Is Considered Rich?
Rebecca Lake Tue, January 17, 2023
Earning more money can make it easier to pay the bills, fund your financial goals and spend on hobbies or “fun,” but what income is considered to make you rich? The answer can depend on several factors, including where you live, what type of job you have, how much you save or invest and how you typically spend your money. If you’re looking for help to reach your financial goals and be considered “rich” in your own eyes then consider building a plan and working with a financial advisor.
What Income Level Is Considered Rich?
Rebecca Lake Tue, January 17, 2023
Earning more money can make it easier to pay the bills, fund your financial goals and spend on hobbies or “fun,” but what income is considered to make you rich? The answer can depend on several factors, including where you live, what type of job you have, how much you save or invest and how you typically spend your money. If you’re looking for help to reach your financial goals and be considered “rich” in your own eyes then consider building a plan and working with a financial advisor.
What Income Is Considered Rich?
Pinning down an exact income level that qualifies you as “rich” is difficult, as there are numerous studies and surveys that attempt to measure it. To keep things simple, let’s consider where the Internal Revenue Service (IRS) sets the bar for the top 1% of earners first.
According to the most recent data available for fiscal year 2019, an income of $540,009 per year puts you in the top 1% category. Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you’re in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
What Is a Rich Monthly Income?
The amount of money you need to make each month to be rich depends on which metric you’re using. If you’re going by the IRS standard, then you’d need to make approximately $45,000 a month to be rich. On the other hand, if you’re aiming for the top 1% as measured by the EPI, you’d need a monthly income of $68,277.
To reach that level of income, you’ll likely need to have something more than the typical 9-to-5 job. Examples of people with monthly incomes in that range can include successful business owners, celebrities, athletes and online influencers or content creators.
How Much Income Do You Need to Be in the Top 20%?
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/income-level-considered-rich-140003986.html
Knowing Your (Net) Worth
Knowing Your (Net) Worth
ZachP Dec 30, 2022 THE SYTCH
Keeping track of your net worth is equivalent to having an annual checkup with the doctor that includes bloodwork. Getting the annual doctor checkup may not be necessary, but if you want to optimize your health as you age, it is vital. How do you avoid high blood pressure becoming a major issue? Identify it as early as possible and treat it. The same goes for many other ailments or conditions as you age, such as issues with your sugar levels.
Think of tracking your net worth like the annual doctor checkup. It may not be a necessary step to achieve financial success for some, but if you want to get nerdy with your finances and optimize every dollar, tracking your net worth is a must. Knowing your net worth every year requires you to do a deep dive into your finances. This forces you to diagnose any issues you are having.
Knowing Your (Net) Worth
ZachP Dec 30, 2022 THE SYTCH
Keeping track of your net worth is equivalent to having an annual checkup with the doctor that includes bloodwork. Getting the annual doctor checkup may not be necessary, but if you want to optimize your health as you age, it is vital. How do you avoid high blood pressure becoming a major issue? Identify it as early as possible and treat it. The same goes for many other ailments or conditions as you age, such as issues with your sugar levels.
Think of tracking your net worth like the annual doctor checkup. It may not be a necessary step to achieve financial success for some, but if you want to get nerdy with your finances and optimize every dollar, tracking your net worth is a must. Knowing your net worth every year requires you to do a deep dive into your finances. This forces you to diagnose any issues you are having.
Getting started with anything in life is one of the hardest parts. New information is scary. If you keep a general track on the numbers in your checking and savings account, you may have an idea where you stand financially. But you are keeping your relationship with your finances at arm’s length. To get a real grip on your financial health and your future, you must have an intimate relationship with every dollar to your name. No, do not name each dollar bill, but feel free to nickname them
What Does “Net Worth” Mean?
The simplest way to explain your net worth is to implement the following formula. Assets minus liabilities = net worth. In other words, your net worth is how much cash you would have if you were able to liquidate your major assets, minus your debts. There are many sources out there that walk you through what to include in your asset column and what to consider as part of your liabilities. Personally, we use this tool to keep track of our net worth. There are many free resources out there as well (such as this post).
No matter the method you choose, please make sure to do three things immediately:
Start today.
Do it again once every year moving forward (I have read how some people track it weekly. I am not a fan of this, but if that is what it takes for you to stay financially fit, do it!)
Compare your net worth to previous years and see if there is anything you need to change.
If you can manage to do these three things moving forward, you will undoubtedly become financially fit.
How To Calculate Net Worth?
You will first want to figure out what to include in your “asset” column. The major assets I include are cash, investments (tax free, tax deferred, and after-tax), business interests, and property. I will go through each in turn.
To continue reading, please go to the original article here:
4 Common Fears About Money To Overcome
4 Common Fears About Money To Overcome
Heather Taylor Tue, January 17, 2023
Most people share certain types of financial fears in common. Some will be able to overcome these fears with support, but others will let fear rule the rest of their lives. Leading a life where financial fears take top priority can keep you trapped in an unhealthy financial mindset. It can even lead to losing money throughout your lifetime.
Even if you feel scared to do it, it is possible to break the cycle and develop a healthy financial attitude where money is viewed as a tool that can help, not hinder, you. Here are some of the most common financial fears and what it takes to overcome each one.
4 Common Fears About Money To Overcome
Heather Taylor Tue, January 17, 2023
Most people share certain types of financial fears in common. Some will be able to overcome these fears with support, but others will let fear rule the rest of their lives. Leading a life where financial fears take top priority can keep you trapped in an unhealthy financial mindset. It can even lead to losing money throughout your lifetime.
Even if you feel scared to do it, it is possible to break the cycle and develop a healthy financial attitude where money is viewed as a tool that can help, not hinder, you. Here are some of the most common financial fears and what it takes to overcome each one.
Fear of Going Broke
Let’s start with one of the most common financial fears: going broke or even bankrupt.
This is often a learned money belief or habit, said Chloe Elise, certified financial coach and CEO of Deeper Than Money. Typically, the person who holds this fear has observed it from their parents or grandparents.
“They look at money as always being scarce, and they fear they will run out,” Elise said.
While this belief can be extremely difficult to break, the ultimate goal is to view money through an abundance mentality. Elise said some of her clients adopt the mantra “money flows to me” as a way to start welcoming money into their lives.
It takes more than a mantra though! To start welcoming money into your life is to watch your money work for you. Elise’s favorite recommendation for doing this is to keep your emergency fund in a high-yield savings account.
“With total liquidity and no risk, a HYSA is an incredible way to begin to see interest accumulate on your account by doing nothing,” said Elise, who adds that as of right now interest rates are over 3%.
Once you do this, Elise said you can start to look into other investments, like retirement accounts or real estate. This eases the fear of stepping outside of your comfort zone and increases the likelihood you will be rewarded.
Fear of Checking Your Bank Account
Who among us has indulged in an expensive weekend out, or a week-long vacation, and then felt paralyzed with fear about what their bank account will look like in the aftermath of these pending transactions?
Here’s what happens when you don’t check your bank account today. You’re not likely to check it tomorrow or the day after.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/4-common-fears-money-overcome-160015068.html?fr=sycsrp_catchall
9 Steps To Become A Millionaire in 2023
Where to Exchange Currency (It’s Not the Bank!)
Where to Exchange Currency (It’s Not the Bank!)
January 13, 2023
A few weeks ago, I walked into Chase Bank in Florida and asked to withdraw cash from my checking account in the form of Australian dollars for an upcoming trip. The branch manager smiled and quoted me a currency exchange rate that was seven percent worse than the accepted market rate. As if that weren’t bad enough, he also told me I’d have to wait 2 business days to get my devalued money.
This type of inefficiency isn’t unique to the Chase foreign currency exchange. Almost all major banks are dinosaurs when it comes to financial technology, which is why Lauren and I go elsewhere for things like fee-free investment accounts, higher-interest savings accounts, and now — international currency conversion.
Where to Exchange Currency (It’s Not the Bank!)
January 13, 2023
A few weeks ago, I walked into Chase Bank in Florida and asked to withdraw cash from my checking account in the form of Australian dollars for an upcoming trip. The branch manager smiled and quoted me a currency exchange rate that was seven percent worse than the accepted market rate. As if that weren’t bad enough, he also told me I’d have to wait 2 business days to get my devalued money.
This type of inefficiency isn’t unique to the Chase foreign currency exchange. Almost all major banks are dinosaurs when it comes to financial technology, which is why Lauren and I go elsewhere for things like fee-free investment accounts, higher-interest savings accounts, and now — international currency conversion.
Using these four strategies, you can exchange currency without high fees or long waits in nearly any country on Earth.
1. Use Your Credit Card as an Automatic Currency Converter
Unless you specifically need cash (which we’ll get to shortly), the most convenient and efficient way to convert US dollars into foreign currency without fees is to just use a credit card for all your purchases. This is one of the few things that major banks like Chase actually get right. You just swipe your card abroad, and the purchases show up on your statement in US dollars, magically converted at the right exchange rate.
But before packing your bags, make sure you have a card with no foreign transaction fees. Our Citi DoubleCash card is great for everyday purchases in the US, but we’d never use it overseas, since Citi imposes a 3% surcharge on all international DoubleCash purchases.
Personally, we use our Chase Sapphire Preferred or IHG Rewards Traveler cards abroad; they don’t charge any fees for international transactions. And in our experience so far, they’ve automatically converted our purchases in other currencies to US dollars to within ~1% of the correct foreign exchange rate. We earn cash back and other rewards as normal, too!
There are tons of good cards out there with no foreign transaction fees, so you might already have one in your wallet without knowing it. If not, you can always find an updated list of our favorite credit cards on our Recommendations page.
By the way, when you swipe a US credit card abroad, the merchant may ask if you’d like to pay in US dollars or in the local currency. As a general rule, you should always choose the local currency and let your credit card company do the foreign currency exchange for you. Merchant terminals typically impose unfair exchange rates.
As always, make sure you follow the basic rules of using any credit card responsibly, too.
2. Exchange Currency at a Foreign ATM
To continue reading, please go to the original article here:
https://www.tripofalifestyle.com/gear-and-tips/where-to-exchange-currency/
7 Experts Share Their Best Money Advice for Kids
7 Experts Share Their Best Money Advice for Kids
January 16, 2023 Financial Pilgrimage
There are a million things to worry about when raising children. Often, teaching our kids about money doesn’t rise to the top of the list. If your kids are anything like mine, they care about video games, dolls, sports, and many other things.
There is a push and pull when raising money-smart kids. As parents, we want to provide our kids with the best life. Sometimes that means giving them the toy we always wanted as a kid but could never afford. It feels terrific when your kid is happy.
7 Experts Share Their Best Money Advice for Kids
January 16, 2023 Financial Pilgrimage
There are a million things to worry about when raising children. Often, teaching our kids about money doesn’t rise to the top of the list. If your kids are anything like mine, they care about video games, dolls, sports, and many other things.
There is a push and pull when raising money-smart kids. As parents, we want to provide our kids with the best life. Sometimes that means giving them the toy we always wanted as a kid but could never afford. It feels terrific when your kid is happy.
The hard part is thinking through the downstream impacts of giving them everything they want. Handing everything to them will make it challenging to appreciate hard work. How will they learn to appreciate how fortunate we are to live in the United States of America, one of the wealthiest countries in the world? How do we teach them there is more to life than material things?
I’m not sure I have found the correct answers to these questions. Or at least I am still trying to figure them out. I turned to money experts on Twitter to share their best advice for kids. The responses were excellent, and I took a few notes as a parent. So read on for money advice for kids from seven personal finance experts.
7 Experts Share Their Best Money Advice for Kids
Lesson 1: Make Their Money Work For Them
This article from the Interesting Dollar shared a great idea to use birthday money to demonstrate the value of interest. By gifting $300 a year for birthdays (between parents, grandparents, and aunts/uncles), you could demonstrate the growth provided by interest over a relatively short period. This simple exercise can help teenagers delay gratification and better understand how interest works. Below is an excerpt from the article.
“I did the math and thought that if they received $300 a year from age 10 to 17 and 8% interest, they would receive $2,592 on their 18th birthday. Then, each year they would receive the interest check on the balance in the account.”
Lesson 2: Embrace Minimalism
So much of what makes a person successful with their finances as an adult is being intentional. A high income helps, but many people make a lot of money and still live paycheck to paycheck. I love this article from One Frugal Girl about her conversations with her children. It’s not necessarily about depriving your kids of toys but getting them to be thoughtful about why they want something.
“I want them to learn how to use their imaginations to prevent boredom rather than depending on a room full of toys.“
Lesson 3: Use Money to Buy Your Time
To continue reading, please go to the original article here:
The Secrets of Stealth Wealth
The Secrets of Stealth Wealth
17. October 2022 Financial Imaginer
How many people do you know who have stealth wealth? Chances are, not many. That’s because stealth wealth is something that people living it don’t talk about. It’s a secret that they keep to themselves. But why? Why go to all the trouble of keeping your wealth a secret? In this article, I shall try to answer that question and more.
We will explore the concept of stealth wealth and discuss why it is something that everyone should be interested in. We will also provide tips on how to live a life of stealth wealth and how to recognize if others are doing the same. Lastly, we will explain what it takes for you to start living a stealthy wealthy life and why doing so can be so beneficial.
The Secrets of Stealth Wealth
17. October 2022 Financial Imaginer
How many people do you know who have stealth wealth? Chances are, not many. That’s because stealth wealth is something that people living it don’t talk about. It’s a secret that they keep to themselves. But why? Why go to all the trouble of keeping your wealth a secret? In this article, I shall try to answer that question and more.
We will explore the concept of stealth wealth and discuss why it is something that everyone should be interested in. We will also provide tips on how to live a life of stealth wealth and how to recognize if others are doing the same. Lastly, we will explain what it takes for you to start living a stealthy wealthy life and why doing so can be so beneficial.
Stealth Wealth is essentially all about having more control over your life and your finances and being able to do what you want when you want.
Contrary to popular belief, stealth wealth is not just for millionaires. Anyone can live a stealth wealth lifestyle if they know how. In this article, we will discuss the secrets of stealth wealth and how you can start living a richer life today!
The greatest wealth is to live content with little. – Plato
The Secrets of Stealth Wealth: How to Live a Bigger, Better Life on Your Own TermsCLICK TO TWEET
What is Stealth Wealth?
In short, stealth wealth is living beneath your means.
It’s about keeping your wealth hidden from others, even from family, friends and co-workers. It allows you to live the lifestyle you chose without having the outward appearance of being wealthy.
It’s about being content with what you have and not worrying about what other people think of you.
It’s about living a simple lifestyle and not constantly trying to keep up with the Joneses.
It’s about enjoying life without having to impress others with material possessions.
I’m most certain you’ve ever been curious about the financial status of people you know.
Now imagine if you’re filthy rich but don’t want anyone to know. That’s why some people lead seemingly ordinary lives while driving average cars and seem to be middle-class, while secretly being wealthy.
This is called stealth wealth, and it might just be the wisest decision anyone can make with money and wealth.
Contrary to your average “Nouveau-riche-Lambo-now Crypto Gazillionaire”, stealth wealth is about being wealthy without people knowing about it. Let’s be clear: this isn’t about hiding money away from the authorities; it’s about being aware of your surroundings’ possible responses to money and riches.
Stealth wealth is a mindset, a way of life, focusing less on bling-bling, status symbols, luxury cars, big houses, and all that stuff.
To continue reading, please go to the original article here:
How Much Cash To Have Stashed at Home at All Times
How Much Cash To Have Stashed at Home at All Times
Jordan Rosenfeld Mon, January 16, 2023
Digital payment platforms like Venmo, PayPal and CashApp have changed the way we use and keep physical cash on hand. Most people rarely keep cash on their person, much less at home. However, there are always unexpected events that can lead to a necessity for having a bit of cash on hand, particularly emergencies ranging from catastrophic weather (hurricanes, wildfire), to power outages. If you can’t access your digital currency or your banking systems are down, having cash can allow you to get gas, food, and medicines with ease.
How Much Cash To Have Stashed at Home at All Times
Jordan Rosenfeld Mon, January 16, 2023
Digital payment platforms like Venmo, PayPal and CashApp have changed the way we use and keep physical cash on hand. Most people rarely keep cash on their person, much less at home. However, there are always unexpected events that can lead to a necessity for having a bit of cash on hand, particularly emergencies ranging from catastrophic weather (hurricanes, wildfire), to power outages. If you can’t access your digital currency or your banking systems are down, having cash can allow you to get gas, food, and medicines with ease.
However, just how much cash should you have on hand? We asked experts to weigh in and the answer is: It depends.
Keep Cash to a Minimum
From a security point of view, cash is the most insecure asset you can have. Keeping it to a minimum in the house in the case of fire or theft is a good rule of thumb, said Ryan McCarty, CFP from McCarty Money Matters.
Just how minimum is up for debate among financial experts. Danielle Miura, CFP, the founder and owner of Spark Financials, suggested, “You should keep enough money on hand to get you a couple of gallons of gas, pay for a delivery tip, or to help in unfortunate events,” or around $100-$200 at a time. “Emergency funds should not be held at your home, they should be stored in a high-yield savings account of your choice.”
McCarty framed it more in terms of a ratio: “In terms of amount, don’t let your cash exceed 10% of your overall emergency fund and/or $10,000. You can’t deposit more than $10,000 in cash in a given year without raising red flags with the IRS.”
Enough for Emergency Expenses
Yasmin Purnell, a personal finance expert and founder of The Wallet Moth, a finance website, suggested you keep enough cash on hand in case of an emergency that would require you to access “temporary accommodation, food and drink, gasoline, and medication.” Purnell added, “As a general rule of thumb, having access to $1,000 in cash at home would ensure you can at least pay for immediate expenses in the case of a national emergency.”
Ted Capwell, an investment manager and co-founder of Safe Trade Binary Options, a financial news website, suggests that instead of keeping cash for this kind of emergency, you could keep staples. “For example, instead of keeping $500 for food, buy frozen food and store them in a refrigerator. Or buy an emergency kit instead of keeping money for hospital bills.”
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/much-cash-keep-home-times-180337690.html
The Easiest 833x Return You Will Ever Make
The Easiest 833x Return You Will Ever Make
January 16, 2023 Simon Black, Founder Sovereign Research & Advisory
At precisely 8:13PM eastern time on the evening of October 28, 2003, a lonely 19-year old schoolboy took to the Internet to complain about the latest love interest who had left him dejected and angry.
“Jessica,” he wrote to the precisely zero people who paid attention to his LiveJournal blog, “is a bitch. I need to think of something to take my mind off her. I need to think of something to occupy my mind. Easy enough, now I just need an idea.”
The Easiest 833x Return You Will Ever Make
January 16, 2023 Simon Black, Founder Sovereign Research & Advisory
At precisely 8:13PM eastern time on the evening of October 28, 2003, a lonely 19-year old schoolboy took to the Internet to complain about the latest love interest who had left him dejected and angry.
“Jessica,” he wrote to the precisely zero people who paid attention to his LiveJournal blog, “is a bitch. I need to think of something to take my mind off her. I need to think of something to occupy my mind. Easy enough, now I just need an idea.”
It took about an 90 minutes… and a fair amount of booze… for inspiration to strike. And by 9:48PM he wrote an updated post, describing his “idea”.
He wanted to hack into the school’s official servers and download the photographs of every student on campus; he would then write a program that would randomly select two of those photos, place them side-by-side on a website, and allow other students to vote on who was more attractive.
At 11:09PM, his new website was complete. He called it FaceMash, and it attracted 22,000 page views in the first four hours.
The website’s creator, of course, is Mark Zuckerberg. And his FaceMash site eventually went on to become Facebook (originally called ‘The’ Facebook).
It was an instant sensation among users and quickly began to attract venture capital firms. Investor Peter Thiel bought 10% of the company for $500,000 the following year, in September 2004.
Three years later it was worth $15 billion. And when the company went public in May of 2012, it was worth more than $100 billion.
Today Facebook’s stock market capitalization is about $350 billion. So investors who bought in at the IPO 12 years ago have made about 3.5x their money, or about 12% per year. That’s a very solid return.
And of course, investors who were able to buy Facebook shares when it was still private are up 20x or more, which is incredible.
But returns like this are nothing compared to another investment where you can easily and consistently return 100x to 1,000x.
I’m talking about tomatoes.
Yes I’m serious.
Think about it: you can buy a pack of 100 organic, non-GMO ‘beefsteak’ tomato seeds for about three bucks (real price at WalMart). That works out to be 3 cents per seed.
It takes minutes (really seconds) to plant a tomato seed, after which, within a week or two, life will come bursting out of the soil. Before long, a full, healthy plant will have grown and begin producing tomatoes.
One plant can yield about 10 pounds of tomatoes. And even at a discount grocer, organic tomatoes cost at least $2.50 per pound.
So from a single seed (3c investment), you get $25 worth of tomatoes… a return of 833x. And given how quickly tomatoes grow, you can generate that 833x return in about four months. Pretty astonishing.
Now, tomatoes obviously require a little bit of work. They need some water, and, depending on where you live, occasional weeding and de-pesting.
But any investment requires work. Even owning Facebook stock means keeping up with quarterly reports and earnings calls (which any investor should absolutely be doing). And frankly it’s a lot more fun to be out in the garden than analyzing a company’s annual financial audit.
It’s not just tomatoes either. A lot of micro-scale agriculture comes with ridiculously high returns.
An egg-laying chicken, depending on breed, can run around $30 (though some are cheaper and others more expensive).
Chickens lay roughly 1 egg per day under the right conditions. And at roughly 30c per free-range, organic egg at the grocery store, your investment return works out to be 1% PER DAY. Junk bonds, by comparison, yield around 8% per year.
Fruit trees are another great example. A backyard apple tree can cost around $20 to $30, and, depending on species and other factors, it can yield about 50 pounds per season after several years once it begins bearing fruit.
At $1.50 per pound of organic apples, that’s $75, or about 3x per season. And the trees can produce for decades… so you could end up making 100x or more, while also increasing the value of your home.
Now, my point here isn’t to encourage you to become a tree farmer or to start raising chickens in your backyard… and certainly not to abandon sensible financial investments.
(Nor do I want to trivialize agriculture; just like any other kind of investing, you have to know what you’re doing in order for it to work.)
But we do live in a bizarre world where pessimism seems to be a dominant force. And it’s easy to understand why.
This ridiculous war is dragging on forever. Inflation is still far too high. Politicians are still far too destructive. Corporate layoffs are piling up. The stock market is falling.
Plus everyone seems to be talking about recession. ‘Experts’ are making predictions about how likely it will happen, when it will come, how severe it will be, etc. Their gloom is almost becoming a self-fulfilling prophecy.
The anticipation alone is agonizing; these forecasts for recession are like waiting on pins and needles for the oncologist to call with our cancer screening results: good or bad, we just want to get on with it already.
So it’s easy to feel frustrated these days, and even a little bit out of control.
And my comments on micro-scale agriculture are really just to show that there are small opportunities available to us every day to take back control.
It doesn’t have to be complicated or exotic.
Something as simple as planting a tomato seed is an easy way to start taking back control… while generating a return that makes Facebook stock look pitiful by comparison.
To your freedom, Simon Black, Founder Sovereign Research & Advisory
https://www.sovereignman.com/investing/the-easiest-833x-return-you-will-ever-make-145153/
6 Smart Hiding Spots for Your Emergency Cash
6 Smart Hiding Spots for Your Emergency Cash
Life savings ready to to be buried in the back yard.
Those who keep extra money, like an emergency fund, in their homes may be curious about some of the best spaces to store it. Since traditional savings vehicles like high-yield savings accounts are not applicable in this situation, those in possession of excess funds need to get creative with where they keep this money.
Consider stashing your emergency cash into some of these clever spots.
6 Smart Hiding Spots for Your Emergency Cash
Life savings ready to to be buried in the back yard.
Those who keep extra money, like an emergency fund, in their homes may be curious about some of the best spaces to store it. Since traditional savings vehicles like high-yield savings accounts are not applicable in this situation, those in possession of excess funds need to get creative with where they keep this money.
Consider stashing your emergency cash into some of these clever spots.
Fake Personal Items
This is a helpful tip for those traveling overseas as well as those seeking hacks for keeping their money safe at home. Consider fake personal items, like the following, to discreetly store any emergency funds:
A hairbrush. Use a round hairbrush with a hollowed-out middle and store cash inside the brush.
Empty lip balm tubes. Do you need to tuck a tiny bit of cash somewhere safe? Store it inside an empty lip balm tube. Try a sunscreen lotion tube or an empty shaving can if you need a larger container for your savings. Always make sure the tubes are cleaned out before use!
Feminine napkins. Carefully open a sanitary napkin and hide folded money inside it. Then, fold it all back up and re-stick the sticker in place. These items are seldom, if ever, suspected for hiding excessive amounts of cash.
Remember, though: When storing emergency cash in fake personal items, keep the items tucked away in places you won’t forget.
The Bathroom
When it comes to hiding emergency cash, there are a number of hidden spaces inside your bathroom where the money can be easily stashed.
One of the most common is the toilet’s water tank. Seal your emergency cash into a jar or another watertight container to ensure it doesn’t get wet and store it carefully inside. A toilet’s water tank also makes for a great place to store other valuable items beyond emergency cash, like jewelry or stock certificates. (Again, we can’t stress enough the importance of storing these items into watertight containers.)
Where else in the bathroom can you hide emergency cash? Have you tried using your toilet spring bar? The spring bar is what holds your toilet paper roll in place. Carefully take it apart, roll up extra money, put it inside and reassemble into place.
Fake Electrical Outlets
It’s becoming much more popular for homeowners to construct fake infrastructure in their homes where you can hide emergency cash inside.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/money/financial-planning/hidden-places-to-stash-your-emergency-cash/
10 Genius Things Warren Buffett Says To Do With Your Money
10 Genius Things Warren Buffett Says To Do With Your Money
Elyssa Kirkham Sun, January 15, 2023
Warren Buffett is arguably the best-known, most-respected investor of all time. Buffett is also known for his folksy charm and his memorable quotes about the art of investing.
When you're aiming to reach the top of the mountain, it's usually wise to closely follow the footprints of those who have successfully made the climb before you. Your odds of investing success can increase exponentially if you learn and apply Buffett's best investing tips.
10 Genius Things Warren Buffett Says To Do With Your Money
Elyssa Kirkham Sun, January 15, 2023
Warren Buffett is arguably the best-known, most-respected investor of all time. Buffett is also known for his folksy charm and his memorable quotes about the art of investing.
When you're aiming to reach the top of the mountain, it's usually wise to closely follow the footprints of those who have successfully made the climb before you. Your odds of investing success can increase exponentially if you learn and apply Buffett's best investing tips.
1. Never Lose Money
One of the most popular pieces of Buffett advice is as follows: "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1." If you're working from a loss, it's that much harder to get back to where you started, let alone to earn gains.
2. Get High Value at a Low Price
In the 2008 Berkshire Hathaway shareholder letter, Buffett shared another key principle: "Price is what you pay; value is what you get." Losing money can happen when you pay a price that doesn't match the value you get -- such as when you pay high interest on credit card debt or spend on items you'll rarely use.
Instead, live modestly like Buffett by looking for opportunities to get more value at a lower price. "Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down," Buffett wrote.
3. Form Healthy Money Habits
In a 2007 address at the University of Florida, Buffett said, "Most behavior is habitual, and they say that the chains of habit are too light to be felt until they are too heavy to be broken." Work on building positive money habits, and breaking those that hurt your wallet.
4. Avoid Debt, Especially Credit Card Debt
Buffett built his wealth by getting interest to work for him -- instead of working to pay interest, as many Americans do. "I've seen more people fail because of liquor and leverage -- leverage being borrowed money," Buffett said in a 1991 speech at the University of Notre Dame. "You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
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How To Pass On Your Wealth, According to Experts
How To Pass On Your Wealth, According to Experts
Andrew Lisa Thu, January 12, 2023
It’s hard to imagine that anyone looks forward to planning how their stuff will be divvied up after they die. But taking the time to ensure a smooth transfer of wealth could be your final act of selflessness — and your posterity will certainly be grateful for your efforts.
“Having a well-thought-out plan prepared in writing by an estate planning attorney is essential,” said estate planning and wealth transfer attorney Robert E. Kabacy of Kell, Alterman & Runstein, L.L.P. “Without a plan, even though statutes define how an estate is handled, heirs are sometimes left with questions.”
How To Pass On Your Wealth, According to Experts
Andrew Lisa Thu, January 12, 2023
It’s hard to imagine that anyone looks forward to planning how their stuff will be divvied up after they die. But taking the time to ensure a smooth transfer of wealth could be your final act of selflessness — and your posterity will certainly be grateful for your efforts.
“Having a well-thought-out plan prepared in writing by an estate planning attorney is essential,” said estate planning and wealth transfer attorney Robert E. Kabacy of Kell, Alterman & Runstein, L.L.P. “Without a plan, even though statutes define how an estate is handled, heirs are sometimes left with questions.”
Questions are just the start of what can go wrong if you neglect to make arrangements.
A poorly planned transfer of wealth can saddle your beneficiaries with high fees, unnecessary tax obligations and, worst of all, foster infighting, resentment and prolonged legal battles among your heirs.
The good news is that a little bit of planning can prevent all of those unfortunate outcomes and enshrine your legacy for generations to come.
If Nothing Else, Write a Will
The most basic tool in the wealth-transfer process is a will, which provides a record of your wishes. Without one, the state — and your heirs — are left guessing.
“A will is used to designate how you want your assets distributed to your surviving loved ones upon your death,” said estate planning attorney Tim Hurban of Hurban Law. “If you die without a will, state law governs how your assets are distributed, which may or may not be in line with your wishes.”
Create a Written Inventory of Your Assets
Every will is only as good as the chronicling of assets that goes with it.
“The single most important thing you can do to insure that your wealth is passed onto your loved ones is to keep an inventory of your assets somewhere,” said Tim Hewson, CEO and co-founder of U.S. Legal Wills. “In your will, you typically refer to ‘my estate,’ and it is the responsibility of your executor to gather up that estate and distribute it to your beneficiaries according to the instructions in the will.”
The problem, according to Hewson, is that executors often have no idea what or where your assets are. That’s why it’s crucial to create a detailed record that includes the information, account numbers, logons and passwords needed to access them.
“A generation ago, our parents may have had two bank accounts and a monthly statement sent to them in the mail,” Hewson said. “Today our assets are distributed all over the place, including in online accounts.”
Consider a Trust To Add Clarity and Reduce Cost
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