4 New Scams Targeting Americans and How To Keep Your Money Safe

Josephine Nesbit    Wed, March 8, 2023

Scams always seem to be on the rise, and criminals are constantly developing new tactics to swindle the average American. Recent Federal Trade Commission data showed that consumers reported losing nearly $8.8 billion to fraud in 2022 — a 30% increase over the previous year — with the most commonly reported being imposter fraud.

Half of Americans Say They’d Lose Everything in a Recession: Here’s How To Be Prepared

Gabrielle Olya   Wed, March 8, 2023

While economists are having trouble predicting if and when a recession will hit, many Americans believe one is inevitable. Three-quarters of Americans (75%) worry there will be a recession in 2023, while 69% say one is already here, according to a new Real Estate Witch poll.

Even more alarming, more than half of Americans (55%) said they would lose everything if a recession occurred.

Why Everyone Should Have These 5 Types of Savings Accounts

Heather Taylor   Tue, March 7, 2023

You might have heard of different types of savings accounts before, but how do you know which accounts are the best fit for your savings needs?

Your overall financial picture may require using one or more savings accounts to reach your financial goals. Let’s review some of the most common savings accounts and the types of savers these accounts make for an ideal match. Read on to see why everyone should have these savings accounts.

Tax Refunds Are Coming Up Shy This Year — to the tune of $300, on average. Here are the 2 big reasons why and what you should do about it

Bigger Isn't Always Better Though.

What are you looking forward to this spring? The Oscars? The return of Succession? King Charles III's coronation?   If you answered "a juicy tax return," we've got some bad news.

Early data from the Internal Revenue Service shows that as of Feb. 3 the average refund amount for those keeners who have filed their taxes is $1,963. That's a 10.8% decrease from average return of $2,201 on Feb. 4, 2022.

Understand This and Dodge Losses During the Next Paris Hilton Ape NFT Frenzy

Notes From The Field By Simon Black

[Editor’s note: Today’s missive is by Karl B, a former investment banker. Karl is now the new editor and publisher of The 4th Pillar investment newsletter. To read more about The 4th Pillar, you can click here.]

Bernard Baruch, one of the wealthiest financiers on Wall Street, said after the 1929 stock market crash:

“Taxi drivers told you what to buy. The shoeshine boy could give you a summary of the day’s financial news as he worked with rag and polish. An old beggar who regularly patrolled the street in front of my office now gave me [stock] tips. . .”

Types of Banks: Which Is Right for Your Needs?

There are many different types of banks, all of which have different target customers and perform different functions. But what exactly are the differences?

Jacquelyn White Mar 6, 2023

Though they dictate a large portion of our financial lives, many people don't know the difference between the many different types of banks. Discover what each bank does and how you can choose the right one for your needs.

How It All Works (A Few Short Stories)  MH

FEB 22, 2023  by Morgan Housel@morganhousel

Afew short stories whose lessons apply to many things:

Author R.L. Stine is one of the bestselling authors of all time. His Goosebumps series of scary kids books have sold over 400 million copies.  But horror wasn’t his first act. Stine spent the first two decades of his career writing kids’ joke books.  Scaring people, he discovered, is easier than making them laugh.

“Everyone has a different sense of humor, but we all have the same fears,” he said. “Kids are all afraid of the dark, afraid of being lost, afraid of being in a new place. Those fears never change.”

Everyone has different tastes, but emotions – especially fear and greed – tend to be universal.

Choosing a Life Insurance Beneficiary: What You Need to Know

Mutual of Omaha

Choosing one or more beneficiaries is an important step in purchasing a life insurance policy. After all, your beneficiary is probably the reason you have life insurance in the first place.

“Often, the reason to buy life insurance is if you have people that are dependent on your income stream,” explains Sheryl L. Rowling, CPA/PFS and head of Rebalancing Solutions at Morningstar. Other key reasons are to cover your final expenses or leave a gift to a charity or other organization.

If you are thinking about purchasing a life insurance policy, here are some things to think about when choosing your beneficiary.

After the Death of a Loved One, Some Decisions Can — and Should — Wait

Mutual of Omaha

Losing a loved one can be heart-wrenching. But couple that with handling funeral arrangements and personal affairs, and it can be overwhelming.

“When you’ve lost a spouse or partner, it affects every part of your day-to-day life,” says Peter Lichtenberg, director of the Institute of Gerontology at Wayne State University in Detroit. “It’s such a reorganization of who you are. It’s like taking things and shaking them up.”

5 Financial Mistakes To Avoid in 2023 (and Beyond)

Heather Taylor   Thu, March 2, 2023

The most financially savvy person isn’t immune to making money mistakes, and this is OK. Sometimes it can be helpful to check up on where you stand financially to ensure you’re not accidentally overspending on something you don’t need or putting off any financial commitments with deadlines.

Review some of these most common money mistakes and, if necessary, make the appropriate adjustments.