Is It Better to Be Rich or Wealthy?

Rebecca Lake  Fri, April 28, 2023

Being rich and being wealthy are often seen as being the same thing. After all, people who are rich or wealthy tend to have more assets and greater financial freedom than the typical person. In reality, there are some major differences that define what it means to be rich vs. wealthy. If your financial goals include rising to the ranks of the rich or growing wealth, it’s important to know how they compare.

A financial advisor can help you create a financial plan for your wealth management needs and goals.

Experts: How To Spot Money Scams Via Email and Text Messaging

Heather Taylor  Thu, April 27, 2023

Have you ever received a text message or email making an unusual money request? This is a type of social engineering scam often referred to as phishing, and it is quickly becoming all too common among the masses.  According to Kevin Lee, VP of trust and safety at Sift, 98% of cybercrime involves social engineering. Fraudsters using social engineering scams will trick or manipulate people into revealing confidential information including passwords, credit card numbers or other credentials. Cybercriminals will use this information to commit payment fraud or account takeover (ATO) attacks. According to a recent Sift report, ATO attacks jumped by 131% in the first half of 2022.

Here's What Happens When You Don't Roll Over Your 401(k)

by Maurie Backman | Published on April 25, 2023

Key points

When you leave a job, you may have the option to keep your money in your old 401(k).

If you don't roll that 401(k) into a new one or an IRA, you might lose track of your money or leave it invested in assets that don't serve you well.

Can You Lose the Rights to Your 401(k)?

Laura Gariepy  Wed, April 26, 2023

Your employer can’t seize your 401(k) contributions or the investment earnings from those contributions when you change jobs voluntarily or when you get fired or laid off. However, your retirement plan is subject to rules imposed by the company and the IRS. Those rules could limit your rights to the funds in your account.

Here are three factors that can impact what happens to your 401(k) when you leave an organization:

What Happens To Your 401(k) When You Get Laid Off?

There is nothing pleasant about getting fired or laid off. It leaves you with much uncertainty about the future — and rightfully so, as this means a temporary halt in income. But although you are no longer earning, your 401(k) is not in danger.

So, what happens to your 401(k) when you get fired or laid off? Your 401(k) is safe even after a job layoff. You are entitled to the funds you contributed to the account and any earnings they generated.

Read on to understand what you can do and what your termination means for your investment.

How to Protect Assets From Stepchildren

Mark Henricks Wed, April 26, 2023

Parents in second marriages may want to leave assets to their own children while ensuring that stepchildren do not inherit. When stepchildren inherit, it can create resentment leading to legal disputes that can cost the estate significantly in delay and attorney fees. By taking specific estate planning steps, however, you can effectively protect assets from stepchildren. A financial advisor can inform you about your options when planning an estate involving stepchildren.

The Best Way To Invest An Inheritance and Protect Your Newfound Wealth

Charlotte Gifford   Tue, April 25, 2023   The Telegraph

Receiving a lump sum inheritance can be life-changing. But when it comes to deciding what you should do with a sudden windfall it is easy to feel overwhelmed by the range of options at your fingertips.

Undoubtedly one of the worst things you could do – besides spending it all at once in a mad frenzy – is put the money in your current account. This will leave your inheritance at the mercy of inflation. If inflation is on average 2 per cent, then in terms of purchasing power a £100,000 lump sum would be worth just £50,000 in 25 years.

How to Ease Your Kids Into Estate Planning

Elizabeth Ayoola  Mon, April 24, 2023 NerdWallet

When parents talk with their kids at the dinner table, estate planning probably doesn’t come up. But considering we aren’t immortal, it should.

It’s worth having age-appropriate conversations to introduce children to the idea of estate planning. As children grow older, parents can provide more specifics about their plans and eventually assist their children in developing their own plans as adults.