Does Beneficiary Designation Overrule a Will?

Ashley Kilroy   Mon, May 22, 2023

Some financial products like life insurance or tax-advantaged retirement accounts require you to name one or more beneficiaries. However, that’s not the case with many assets. For instance, you can buy a house or set up a savings account without designating who should receive it when you pass away.

While beneficiary designations for specific financial products are necessary, they are not sufficient by themselves for creating a comprehensive estate plan. A financial advisor can help ensure that you have a holistic estate plan.

How to Make a Retirement Plan When You Don’t Have Kids

 By Kara

I don’t want to have kids. So I hear often: who’s going to take care of you when you get old? And while I don’t love that question, it’s an important one to ask yourself. Today we’re going to talk about how you can set up a financial plan now and later in life to make sure that you have a plan for care.

First, let’s be clear that kids are not a retirement plan in general, and having kids just so that you have someone to take care of you later in life is a really bad idea. It’s also absolutely no guarantee of care.

Personal Representative vs. Trustee: What’s the Difference?

A reader writes in, asking:

“I’ve read your book twice, and FINALLY got my wife to face the reality that I’m likely to die before her (I’m 82, she’s 76)!

I love the simplicity of the book, however there is one topic I think needs some fleshing out: the text seems to use the terms Personal Representative and Trustee interchangeably. The functional roles seem a bit fuzzy.

How Much Cash To Have Stashed at Home at All Times

Jordan Rosenfeld   Sun, May 21, 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.

However, just how much cash should you have on hand? We asked experts to weigh in and the answer is: It depends.

20 Tips To Stay Financially Healthy Without Sacrificing What You Want

Cameron Huddleston   Fri, May 19, 2023

If you're trying to live on a budget, you might not feel like you can have the things you want. But you don't have to resign yourself to living a bare-bones existence if your budget is tight -- it's possible to live on a budget and get some of the stuff you want.

Create a Budget That Prioritizes Needs

If your income is limited, make sure it covers your needs first. "Food, shelter, clothing and utilities are needs," said Donna Freedman, author of "Your Playbook For Tough Times. "The rest is just a series of wants."

Experts Explain Hyperinflation and 8 Ways to Prepare and Protect Your Money

Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling day after day. This situation might sound like a fictitious movie plot, but it has happened many times before in our world. It’s called hyperinflation, and it can wreak economic devastation on people.

Right now, the increasing prices of goods and services across the board have already stretched people’s budgets. That’s just called inflation. But during hyperinflation, things would get dramatically worse. While the odds of this happening in the U.S. are small, there is no better time to get your financial house in order.

48 Easy Things You Can Do To Live Better and Save Money

May 10, 2023   By Terence Loose

If it seems like the world is getting more expensive, that’s because it is.  The cost of consumer goods is rising, according to the Bureau of Labor Statistics. But there are still ways to live well and have inexpensive fun in a higher-priced world. By using these strategies, you can keep more of your paycheck for yourself.

Mark Cuban Says This Is the No. 1 Thing To Do To Build Wealth

Cameron Diiorio   Thu, May 18, 2023

Mark Cuban is an American businessman known for his work as a shark on “Shark Tank” and for his ever-growing portfolio of businesses. He is the owner of the NBA’s Dallas Mavericks and the founder of Cost Plus Drugs, a pharmaceutical company that provides pharmaceutical drugs at a reduced cost to customers in need. Chosen by GOBankingRates as a Top Money Expert, Cuban shares his expertise and provides tips on how to build wealth and begin an investment journey.

I’m a Financial Advisor: These Are the Worst Money Mistakes I See People Make

Heather Taylor   Wed, May 17, 2023

Throughout the course of their careers, financial advisors see many people make a lot of money mistakes. Some of these mistakes, unfortunately, are repeatedly made over and over again. If they continue to make the same money mistakes, it can have a significant impact on their financial health in the short- and long-term.

Which money mistakes are among the most common? GOBankingRates spoke to several financial advisors who shared the worst money mistakes they see people make.