7 Mental Money Traps That Keep You Poor

Crystal Mayer   Thu, September 28, 2023

A recent study shows that over 60% of Americans are living paycheck to paycheck. If you are like one of the millions of people struggling to find financial stability, you might be stuck in the wrong mindset. Avoiding certain mental money traps can help you adjust your spending and start saving for your future.

Creating a budget and sticking to it can help you achieve your financial goals, but you will also need to rethink how you spend money. Prioritizing your spending can help ensure that you have money left over each month to invest. If you are tired of seeing a miniscule balance in your checking account, reconsider these 7 mental money traps that keep you poor.

Robert Kiyosaki Shares 7 Steps To Reach Your Financial Goals

Heather Taylor   Wed, September 27, 2023

Did you know it only takes seven total steps to reach your financial goals? According to personal finance expert Robert Kiyosaki, it’s true, and he recently outlined all seven steps in an article on his Rich Dad blog.

Before you can start making your financial goals happen, Kiyosaki said you’ll need a few things. A support structure of friends, financial experts, brokers, mentors and teachers should all accompany you on this journey. You must also be true to yourself and who you are, creating a plan that fits you and your values and determining your “why.”

10 Financial Challenges You’ll Face in the First 10 Years of Retirement

Gabrielle Olya   Wed, September 27, 2023

You’ve created a plan, you’ve saved toward your goals and now you’re finally retiring. While you’ll ideally be in for smooth sailing at this point, it is possible that you will encounter some financial storms in your early retirement years.

The best way to weather these storms is to be prepared. Here are 10 financial challenges you’re likely to face in your first 10 years of retirement — and how to move past them.

12 Expenses That Drain Your Savings Without You Realizing It

Nicole Spector  Tue, September 26, 2023

Building up a nest egg can be terribly challenging in a society where the majority is forced to live paycheck to paycheck. But we all need to save for emergency expenses, as well as for our retirement. Sometimes, despite our best efforts, we get set back on our savings journey. This can happen without us even being completely aware of it.

Here’s a look at 12 expenses that can drain your savings without you realizing it and how to take back control so that you can keep building up your nest egg.

8 Things You Must Do Every Time You Save $500

Jordan Rosenfeld    Mon, September 25, 2023

It feels good to save money, to see those numbers climbing higher and higher in your savings account without necessarily being earmarked for anything in particular.

But money sitting in a savings account is not the best way to build wealth or contribute to a healthy financial future. Instead, experts recommend the following 8 things to do each time you save an additional $500.

3 Ways To Avoid Being Exploited As You Get Older

‘They left us with nothing’: This elderly couple was evicted from their home of 20 years — after their son transferred ownership. 3 ways to avoid being exploited as you get older

Serah Louis   Sun, September 24, 2023

An elderly California couple was devastated when they were served an eviction notice in April for the home they’d been making regular payments on for two decades.

Ismael and Angelita Ramirez purchased their home back in 2003 with their son, who told them they didn’t need to include their name on the title.

9 Middle-Class Money Traps That Keep You From Being Wealthy

Angela Mae  Thu, September 21, 2023

According to the Pew Research Center, approximately half of all American households are considered to be part of the middle class. This equates to roughly 165 million people.

Typically, people in the middle class have some kind of college education, some disposable income, and may even be planning for retirement. But that doesn’t mean they’re financially stable.

In fact, middle class households usually have some kind of debt — like a mortgage, auto loan or credit cards — that they need to pay off. Along with this, these individuals are also still subject to many common financial pitfalls, or money traps, that keep them from achieving true wealth.

More Money, Literally More Problems: Unique Estate Planning Concerns for the Ultra Wealthy

Patrick Villanova, CEPF®   Thu, September 21, 2023

In the realm of personal finance, estate planning stands as a paramount consideration for those who have amassed substantial wealth. For ultra-high-net-worth individuals – people with over $30 million in investable assets – the complexities and implications of legacy planning become even more pronounced. While it’s often tempting to delay such discussions, proactively managing your wealth’s future distribution is essential to ensure a seamless transition for your beneficiaries. A financial advisor may be able to help you manage your wealth and create an estate plan tailored to your needs.

The Worst Financial Gifts to Give Your Kids

September 16, 2023  The White Coat Investor

Parents with fantastic intentions often hurt their children by giving terrible financial gifts. Here's how to change that.

PIMD welcomes the White Coat Investor. WCI is a physician-specific personal finance and investing website. The White Coat Investor can help you to become financially literate and disciplined, which will allow you to spend your time and effort on your patients, your family, and your own wellness. WCI truly believes that a financially secure doctor is a better partner, parent, and practitioner. White Coat Investor is an affiliate partner of PIMD.

As a general rule, parents love their kids and would do anything for them. However, due to a lack of financial literacy, many parents with fantastic intentions end up hurting their children. Here are some of the ways they do that.