.Americans Say $516K Needed to Achieve Financial Wellness

Patrick Villanova Fri, August 6, 2021

A recent survey found that Americans on average think it takes $516,000 in savings to achieve financial wellness.

The key to financial wellness may be a cool half mil. Though the factors determining financial stability may be different to each investor and retirement saver, a recent Empower Retirement and Personal Capital survey found that most Americans believe it takes having more than $500,000 in savings to become financially healthy. The survey, conducted by The Harris Poll, interviewed 2,005 people across different age groups, racial and ethnic backgrounds, life stages and employment sectors to get their views on financial wellness.

$516K: The Magic Number For Financial Wellness?

.Why Do Some People Blow The Family Fortune? 5 Tips To Build Wealth For Generations

Benzinga Contributor Wed, August 4, 2021

As more baby boomers (those born from 1946 to 1964) move deeper into retirement, a massive transfer of wealth to younger generations is approaching. One report mentions that over the next 25 years, U.S. households will pass nearly $70 trillion to their children.

But there is no guarantee that a family’s wealth will last for generations. Building and maintaining wealth, so it benefits many generations, requires proper financial education, perspective among family members, and communication, says Chance Robinson, a financial advisor and author of Financial Myths: Important Information You May Not Know About Your Retirement And Financial Future.

.Steve Harvey Says Every Married Couple Should Have 4 Bank Accounts

Evan Romano Wed, August 4, 2021,

Steve Harvey shared some financial advice in a short video called "Couples Economy," originally posted to YouTube but now shared from his Twitter account.

In the video, Harvey breaks down why every married couple should have not one, not two, not three, but "a minimum" of four bank accounts. He shared his reasoning, calling it "the best advice I ever got."

On the set of Family Feud, for his motivational speaking video series "Motivated," Steve Harvey shared a bit of financial insight that he calls "the best advice I ever got." And given that the stand-up comedian, actor, and mogul has a reported net worth of around $200 million, there are probably worse people to take these sorts of tips from. The advice? That every married couple should have a minimum of four different bank accounts.

.The Best Money Moves for August 2021

Kenadi Silcox Mon, August 2, 2021

It feels like the summer just began, and yet it’s already starting to come to a close as August leads us into another back-to-school season.

The price of new backpacks, notebooks and sneakers — not to mention extracurriculars — can put a strain on many families’ budgets. And as we head back to “reality” after post-pandemic vacations and perhaps less-than-frugal spending, you’re certainly not alone if you’ve started wincing with every swipe of your credit card.

But there are tax savings to be had and another child tax credit payment on the horizon to help ease parents’ burden. We’ll walk you through both, along with other important money moves for this month. Here’s what you need to know in August:

.31 People Share The Best Money Advice They've Ever Gotten

Simple ways to save and smart ways to spend.

by Sally Tamarkinn BuzzFeed News Reporter

Everyone needs money, but everyone has different strategies for saving it and spending it. So we asked members of the BuzzFeed Community to share with us the best advice about money they'd ever gotten.

Here's what they shared:

1. Keep your three biggest expenses as low as you can.

"Your three biggest expenses are (usually in this order): housing, transport, and food. Keep those as low as you happily can, and that will make the most significant difference to your spending. I do this by sharing housing, cooking at home, and not having a car. You can lower other expenses and that definitely helps, too (i.e. get store brand, a cheaper mobile phone contract, clothes, etc.) but housing, transport, and food are where lowering costs will make the biggest difference." —maxw46042041e

11 Awkward (But Important) Conversations About Money Every Couple Should Have

From splitting the bill for dinner to splitting the bill for life.

by Megan Liscomb Personal Finance Editor

Talking about money can sometimes feel a little uncomfortable. And figuring out how to have a money conversation with someone that you ~like-like~ can take it to a new level of "I have no idea what I'm doing."

But even though it might feel awkward, talking about money is super important in a relationship. The way you and your partner handle finances (both separately and together) can have a huge impact on things that you might want to do together someday, like owning a home or starting a family.

So to get some guidance, I talked to Shelly Ann Eweka, Director of Financial Planning Strategy at the insurance company TIAA, and Tori Dunlap, a millennial money expert and Coupons.com spokesperson, to get some insights into conversations you should have about money in different stages of a relationship.

.What Is Bankruptcy, and How Does It Work?

by: Maurie Backman | Feb. 21, 2020

Many or all of the products here are from our partners. We may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

When you're drowning in debt with no end in sight, you may start wondering if you should file for bankruptcy. There are both benefits and drawbacks to taking this drastic step, so it's important to know what you're signing up for. Here, we'll discuss how bankruptcies work and help you decide if it's the right route for you to take.

.11 Great Documentaries That Might Change The Way You Think About Money

BuzzFeed Tue, August 3, 2021

1. The Most Important Class You Never Had

What it's about: This 35-minute film follows eight personal finance educators around the country as they talk with high school students about important financial concepts. Plus the students and teachers also share personal stories about their relationships with money that are honestly super relatable. If you've ever wished you learned more about money when you were in school, this film is a great place to start.

2. Money Explained

What it's about: This limited documentary series by Vox explores five financial topics: get rich quick schemes, credit cards, student loans, gambling, and retirement. And it covers a lot of ground quickly, with super digestible 22-minute episodes. Plus it features narration from celebs like Tiffany Haddish and Jane Lynch. TBH my only critique is that I wish there were more episodes!

.$1M Is No Longer the Standard Nest Egg – Here’s How Much Most Americans Think You Actually Need To Retire

Gabrielle Olya Wed, August 4, 2021

A common financial rule of thumb is that you should have $1 million saved for retirement, but this piece of advice may now be outdated — you may actually need roughly double that. At least, that’s what most 401(k) plan participants believe. A recent survey conducted by Schwab Retirement Plan Services found that on average, 2021 plan participants think they need to save $1.9 million for retirement. But how accurate is this number?

$1.9 Million Is a Good Estimate for How Much You Will Need in Retirement

Nathan Voris, director of business strategy at Schwab Workplace Financial Services, thinks that the survey participants have a pretty accurate idea of how much they will need in retirement.