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 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.

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.

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.

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.

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.”

The Art and Science of Spending Money

Jan 12, 2023  by Morgan Housel@morganhousel

Former General Electric CEO Jack Welch once nearly died of a heart attack. Years later he was asked what went through his mind while he was being rushed to the hospital in what could have been his last moments alive.

“Damn it, I didn’t spend enough money,” was Welch’s response.   The interviewer, Stuart Varney, was puzzled, and asked why in the world that would go through his mind.

“We all are products of our background,” Welch said. “I didn’t have two nickels to rub together [when I was young], so I’m relatively cheap. I always bought cheap wine.”

After the heart attack Welch said he “swore to God I’d never buy a bottle of wine for less than a hundred dollars. That was absolutely one of the takeaways from that experience.”

“Is that it?” Varney asks, stunned.

“That’s about it,” says Welch.

7 Mistakes People Make When Choosing a Financial Advisor

Helping people make smart financial decisions

SmartAsset -- January 2023

Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come.

A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.1

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.2

How Do I Know If I'm Rich?

Ashley Kilroy   January 11, 2023

Openly discussing the topic can be uncomfortable. But you’ve probably wondered who can be considered truly rich and whether you fit that definition (or ever will). According to Schwab’s 2022 Modern Wealth Survey, the average American thinks being rich means having a net worth of $2.2 million. However, wealth has no universal definition. Just as beauty is in the eye of the beholder, being rich depends on your personal definition and circumstances. Here’s what you need to keep in mind when determining whether you are rich and what most people consider to be rich.