7 Income Streams That Make Millionaires Rich

Andrew Lisa   Mon, May 1, 2023

You can tell a lot about how rich people make their money by looking at their taxes -- which is probably why they work so hard to keep people from nosing around in their returns.

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The IRS gave regular people a glimpse into that insulated world in 2015 when it published the results of a research study titled, "Over the Top: How Tax Returns Show that the Very Rich Are Different from You and Me."

I’m a Financial Planning Expert: Here Are 5 Things You Should Never Spend Money on If You Want To Be Rich

Heather Taylor   Mon, May 1, 2023

If you’re not rich, you may wonder how you can get rich at various intervals of your life. Building long-term wealth generally means making smart decisions with your finances like investing consistently and prioritizing paying off any debt.  What it doesn’t include is spending money on stuff that does not have lasting value. How do you know which purchases are preventing you from building wealth? Here’s what one financial planning expert does not recommend spending your money on if you want to be rich.

What To Know If You Deposit More Than $10K Into Your Checking Account

Angela Mae  Mon, May 1, 2023

If you plan to deposit $10,000 or more into your checking account, there are a few things you should consider first. By law, banks have to report deposits that exceed a certain amount.  Not only that, but many bank accounts come with maximum deposit restrictions. You may also be subject to certain fees when making such a large deposit. If you frequently make large deposits, you should also watch out for any potential scams or fraudulent activity. But even if this is a one-time thing, it’s still important to know about these factors and how they might affect you.

4 Money Lessons From High-Net-Worth People That You Need Right Now

Wola Odeniran, CEPF®  Tue, April 25, 2023

Advisors often work with high-net-worth clients and are able to understand the expectations wealthy clients have about managing their finances. The good news is that some of those takeaways can be applied to clients who are not high-net-worth individuals.

Read on to understand four lessons advisors can take from high-net-worth clients – and how they can be applied to any client.

It’s Okay to Be in Debt, Just Not Okay to Stay in Debt

APRIL 26, 2023  Financial Pilgrimage

Ever since college, I have always thought I was good with money. At least, that’s what I’d tell myself in my 20s. At the age of 25, I was completely debt-free! Yet, we accumulated nearly $200,000 in debt by age 30.  Most purchases were normal today: a house, student loans, newer cars, a wedding, a condo at the lake. Oh wait, a lake house is not typical, but it happened. While getting into debt was not ideal, I don’t regret any of it, and thankfully we had the financial means to dig out. However, I know not everyone is as fortunate. Regardless, this is our story.

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.