These Are the Best Ways To Transfer Wealth

I’m a Financial Advisor Who Works With Wealthy Families: These Are the Best Ways To Transfer Wealth

Andrew Lisa   Tue, May 30, 2023

It’s one thing to make money, but building generational wealth requires strategic planning for what happens with your assets after you’re gone. GOBankingRates spoke with financial and estate planning professionals with wealthy clientele and found there is no one-size-fits-all solution.

“No two individuals or families are identical, so every estate plan must be as unique as the people creating it,” said Seth Bier, a Los Angeles estate planning attorney and founder of Bier Law. “We focus on planning for what’s most important for each client, but our universal goals are planning for people to keep as much of their hard-earned money as possible, keep them out of court, and bring their loved one’s closer together during tough emotional situations.”

What I Think Heirs and Beneficiaries Should Know

Sean Bryant   Tue, May 30, 2023   GoBankingRates

I Went Through a Generational Wealth Transfer: Here is What I Think Heirs and Beneficiaries Should Know

It’s expected that over the next two decades, roughly $84 billion will be transferred from Boomers to Gen Xers and Millennials. This generational wealth transfer will be one of the biggest ever.

This leaves both heirs and beneficiaries with the important task of understanding how to approach this great transfer of wealth. How do you balance leaving enough for your loved ones with gifting to causes that are important to you? Within this article, we’ll dig into everything you need to know to prepare yourself for the great wealth transfer.

5 Best Money Tips From Top ‘Finfluencers’

32% of Americans Trust Social Media for Financial Advice: 5 Best Money Tips From Top ‘Finfluencers’

Cynthia Measom   Mon, May 29,

According to a recent GOBankingRates survey of more than 1,000 Americans, 32% trust social media for money advice. If you’re not familiar with financial influencers — aka “finfluencers” — they are people who are typically not licensed investment advisors, but are able to influence their audience to take their financial advice or buy a product or service they promote on social media.

Author Discovers 'Most Important Financial Skill' For Achieving Financial Freedom

Kerry Hannon·Senior Columnist  Sun, May 28, 2023

Most of us have fits and starts on our financial journeys. But in the end, it comes down to “prosaic prudence,” or to put it simply, a humdrum approach, according to Jonathan Clements, a retirement expert and author of the new book "My Money Journey."

Clements, who spent two decades at The Wall Street Journal, where he was the personal finance columnist, is also the founder and editor of HumbleDollar website. In his latest book, he shares the financial lives of 30 people, ranging in age from 30 to mid-80s, including a high school teacher, a minister, and a software engineer.

My Journey of Becoming Minimalist

Written By Joshua Becker   15 Years 15 Lessons

It’s almost unbelievable to me to think that this weekend marks 15 years since that Saturday morning in Vermont when I was first introduced to the word: minimalism.  In a world that continually exclaims “more is better,” the idea of intentionally owning less is countercultural—almost as if the idea must break through the noise. For me, it was a conversation with my neighbor. For others, it was a parent, a friend, or even this blog.

But regardless of how we came to be introduced to minimalism, the lifestyle begins to change us.

10 Brilliant Ways To Reduce Your Taxes in Retirement

John Csiszar  Mon, May 29, 2023

Though taxes might not be the first thing you think of when it comes to how you want to spend money in retirement, planning strategically can mean more funds for the things you love. That's why when you're budgeting for retirement, it's important to factor in how much of your money will be going to the IRS each year.

Reducing your taxes after retirement can help you reduce the savings you need to retire in your state. See how you can maximize your retirement savings.

‘I Got $300,000 in a Personal Injury Settlement. What Do I Do With It?’

MY TWO CENTS APR. 27, 2023 By Charlotte Cowles, the Cut’s financial-advice columnist

About three years ago, I was in a car accident. It was 100 percent the other driver’s fault (he had been drinking), and it left me with multiple injuries. Basically, I had to learn how to walk again, and I will probably have screws in my leg for the rest of my life. I was in school for nursing at the time and I had to take medical leave. I couldn’t work or even shower on my own. I moved back in with my mom while I did physical therapy and recovered.

Here’s What To Do If You Inherit a House

Crystal Mayer   Fri, May 26, 2023

Real estate is a valuable investment almost anywhere you go, so inheriting a property can have a significant positive impact on your finances. However, if you are not prepared, it also can strain your resources. Houses are not cheap.

6 Things Millionaires Are Doing With Their Money To Prep for an Economic Downturn

Gabrielle Olya   Wed, May 24, 2023

The majority of Americans (67%) believe the economy will enter into recession later this year, a new Northwestern Mutual study found. It also found that among those anticipating a recession, three out of four expect it to have a high or moderate impact on both their near-term (78%) and longer-term (75%) finances.  Even the ultra-wealthy don’t believe they’ll make it through a recession unscathed, so many are taking preemptive steps now to be ready when the downturn hits, the study found.

5 Pieces Of Terrible Life Advice Parents Should Stop Giving Kids

I’m a self-made millionaire: 5 Pieces Of Terrible Life Advice Parents Should Stop Giving Kids

Jasmin Merdan  Matt Higgins, CNBC Contributor   Tue, May 23, 2023

It’s graduation season, which means many parents will observe a sacred rite of passage: dispensing terrible life advice to their kids.  Mom and dad mean well. But the class of 2023 will enter a job market during one of the worst periods of uncertainty since the 2008 financial crisis.

7 Mistakes People Make When Choosing a Financial Advisor

Helping people make smart financial decisions

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 up end up with about 15% more money to spend in retirement.2