Stop! Don't Make These 6 Dumb Mistakes With Your Financial Windfall

By Kentin Waits  

Maybe your lottery numbers finally came in. Maybe a favorite aunt remembered you in her will. Heck, maybe one day while you were shootin' at some food, up through the ground came bubblin' crude — oil that is! Texas tea! (See also: 50 Smart Things to Do With Your Tax Refund)

Whatever the source, you're the lucky beneficiary of a financial windfall. Revel in it and protect your new-found wealth by avoiding these six dumb moves.

1. Act Impulsively

Receiving money unexpectedly is exciting, and it can send even normally down-to-earth folks straight into the stratosphere. In those dizzying weeks and months following a financial windfall, we're really not ourselves, so making big decisions during that time is usually a terrible idea.

I’m a Financial Planning Expert: 6 Worst Purchases To Make in an Economic Downturn

Heather Taylor   Wed, July 12, 2023

More than half of Americans are pausing upcoming purchases due to economic uncertainty.

In the Planning & Progress 2023 Study from Northwestern Mutual, 60% of Americans surveyed said they are postponing plans and purchases. Thirty-six percent are postponing daily purchases including dining out, buying new clothes and buying tickets for events. Twenty-nine percent said they’re waiting to invest in large purchases or projects. Even major life decisions are on hiatus with 29% of Gen Z postponing changing their jobs.

How to Find Your Money ‘Why’

By Katherine Fusco March 9, 2022

There are lots of reasons to spend money, some good, some bad, most compelling. Of course, this is by design.  Not spending money, though… that’s a trickier thing. The reasons not to spend—or to save, if you’d like to put it more positively—are often vague, rooted in a fuzzy sense of what one should do.

When people are tired or temptations are especially aggressive (hello, holiday season!), the vague thought: I should pay off my debt, crumbles in the face of beautiful store displays or delicious scents wafting from strategically open bakery doors.

10 Things You Didn't Know About Millionaires

Egstark   Kara Brandeisky    

When you think "millionaire," John D. Rockefeller might spring to mind. But most American millionaires look more like your neighbor.   The seven-figure club is chock-full of surprises

Thanks to rebounding real estate prices and a bull market in stocks, millionaires have been staging a comeback since the financial crisis. The number of American households with more than a million in assets has hit 9.6 million, according to the Spectrem Group, finally surpassing the pre-recession high of 9.2 million. (And that’s a million bucks without counting your primary residence.) ...

Weird Ways Our Brains Control Our Money Habits

Written by Kristin Wong | Published: 09 July 2014 – Updated: 20 November 2018

I'll admit it. I'm a sucker for money psychology studies. And it's not just because I write about money. On a sheer curiosity level, they're fascinating.  But they also serve as a great reminder that money is more about mind than it is about math.

It's interesting to see exactly how our brains work when it comes to habits like spending and saving. And not only is it interesting, it can be helpful too. Understanding how we're wired helps us have a better understanding of our own individual money habits. This is why articles on sneaky marketing tactics are so popular — they're helpful! It helps to know how our subconscious is manipulated to spend more so we can consciously do something about it.

14 Key Signs You Will Run Out of Money in Retirement

Cameron Huddleston  Tue, July 11, 2023

You don't want to go broke in retirement. Despite all your preparation, however, you might discover that your retirement is going to cost more than you planned.

First and foremost, you need to become aware of the reasons that the budget you have in mind could be smaller than it needs to be. If you're worried about having enough money, check out the signs that you might not be saving enough for retirement.

10 Genius Things Dave Ramsey Says To Do With Your Money

Andrew Lisa   Mon, July 10, 2023

Investors starting to pivot into more growth-oriented ETFs as Fed slows rate hikes:  Strategist Businessman and a bestselling author. He’s also a self-made man who started with nothing and built a seven-figure net worth and a $250,000 annual income by age 26.

Now in his early 60s, he has spent many of the years between getting even richer by helping other people build wealth of their own. Here’s a look at some of the choicest wisdom and most sage advice that Dave Ramsey has doled out along the way to his legions of loyal followers.

How to Have More Money

Written by Jerrold Mundis | Published: 13 February 2012 – Updated: 18 November 2018

You can have more money. And you can have it — get it — without turning your life upside down or driving yourself nuts. Seriously.  I got it that way, quietly, simply, and still am. You can, too. Maybe only a modest amount more, maybe a lot more. I don't know. But I do know that you can have more. I'm not doing anything so far as concept and technique go that you can't either. I just work the simple little four-point program that follows. You're welcome to it.

Here's what I do — and don't do.  Never incur new unsecured debt

It Was Always My Choice to Make

 A ship at sea.  Date: January 14, 2018 Author: Live Your Wage

 I’m in the bowels of a large ocean liner steaming across the open sea. My heart is pounding and my arms ache. I’ve been shoveling coal from giant reservoirs into the furnace. Me and dozens of workers are in a giant boiler room and have been shoveling non-stop for 10 hours. (1)

 The burning coal provides the steam that turns the 8 giant 30-foot pistons just behind our massive boiler room. The pistons in turn rotate the two enormous propellers just aft of the ship. The more coal, the more steam. The more steam, the more pressure to turn the pistons and apply power to the propellers – and the faster we get to our destination.

Average American Inheritance, By Wealth Level

Eric Reed  Fri, July 7, 2023

People inherit less than you might expect. In fact, most people think they’ll inherit far more than they really will.

If you do inherit money, it most likely won’t be subject to federal estate taxes. In 2023, those apply only to estates worth more than $12.92 million. But very few households have that level of wealth and most people inherit nothing at all. Here’s what the inheritance landscape looks like, according to the Federal Reserve’s most recent Survey of Consumer Finances from 2016 to 2019. If you need help with your estate plan or have received an inheritance, consider working with a financial advisor.