5 Simple, Effective Ways To Set Yourself Up for a Financially Secure Future

Gabrielle Olya  Tue, May 14, 2024

One of the easiest ways to set yourself up for a financially secure future is to contribute to your workplace retirement savings account — but many women are not doing this. In fact, only 52% of women participate in 401(k) plans, and the average 401(k) account balance for men ($89,000) is 50% greater than that of women ($59,000), according to Bank of America’s 2023 Financial Life Benefits Impact Report.

This means they may also be leaving free money on the table if their employers offer matching contributions. Given the unique financial challenges that women face — including the gender pay gap and a longer life expectancy resulting in a need for more retirement savings — we should be doing all we can to maximize retirement accounts to ensure we’re on track for a secure financial future.

In this “Financially Savvy Female” column, we’re chatting with Julie Virta, CFP, senior financial advisor for Vanguard’s Personal Advisor Services, about how women can set themselves up for a financially secure future.

5 Ways The Rockefellers Created Generational Wealth

The Rockefellers Are Still One of the Richest Families of All Time — 5 Ways They Created Generational Wealth

Dawn Allcot   Sun, May 12, 2024

Only 10% of family wealth makes it to the third generation, according to a landmark Williams Group wealth consultancy study reported by Reuters in 2015. But a handful of families throughout history have managed to buck this “third generation curse” to create a legacy that has lasted for centuries. Among the best known are the Rockefellers.

How John D. Rockefeller Built His Wealth

John D. Rockefeller was one of the most famous business moguls of the 19th and early 20th centuries, building his family’s fortune through the Standard Oil Company. His company controlled 90% of the U.S. refineries and pipelines at a time when a need for oil was increasing thanks to the introduction of internal combustion engines and growing demands for electricity, according to History.

Rockefeller had amassed a net worth of nearly $900 million by 1912, according to Smithsonian Magazine. That’s equivalent to about $28 billion in today’s dollars and a staggering sum by 1912 standards.

7 Unforeseen Financial Obligations You Take On When You Retire

John Csiszar  Mon, May 13, 2024

Once you retire, you want your financial life to be as uneventful as possible. If you’re like most retirees, you’ll be living on a combination of investment income and Social Security benefits, and that income will be relatively fixed and predictable.

This means that unexpected financial obligations can cause serious distress, as it might be hard to find a way to pay for them without going into debt. To avoid falling into this situation, it’s best to plan ahead and build a bigger emergency fund before you retire so that none of these expenses send you into a financial tailspin.

General Healthcare Expenses

It’s a fact of life that at least statistically, healthcare expenses rise as you age. The problem in terms of budgeting for retirement is that there’s no way to know just how high those costs will go. For this reason, it’s best to head into retirement expecting these so-called “unexpected” healthcare costs and to budget on the high side if at all possible.

Avoid These 7 Mistakes When Rolling Over Money Between Retirement Accounts

Laura Beck   Fri, May 10, 2024

One of the most important financial decisions you’ll make is how to handle your retirement accounts when changing jobs. Rolling over your 401(k) or other accounts correctly can ensure your hard-earned retirement savings keep growing tax-deferred. But making mistakes during this process can cost you big time in taxes, penalties and lost future growth.

Here are six potentially costly mistakes to avoid when rolling over retirement money, according to financial advisors.

Having the Rollover Check Made Payable to You

“Rolling over your 401(k) to an IRA or another 401(k) is usually done by check. Do not have the check made out to yourself!” said Jake Skelhorn, CFP and former Merrill Lynch advisor now at Spark Wealth Advisors. “This is taxable and will be subject to a mandatory 20% withholding. The rollover check needs to be made payable to the gaining institution, or sometimes the name of your employer if it’s a 401(k).”

High Inflation May Be Here To Stay: 5 Money Moves To Keep Financially Ahead

Cynthia Measom    Tue, May 7, 2024

Inflation is still high and not likely to come down anytime soon, as reported by USA Today. But instead of risking falling behind, what if you could turn this economic challenge into an opportunity to keep (or get) financially ahead?

From tapping into the best budgeting tools to smart investment moves and even bringing in extra income, here are ways to not just cope, but potentially thrive in today’s economy.

Establish and Follow a Budget

If you don’t have a clear budget you’re following, now’s a great time to establish one so you can save money even as costs remain high,” said Todd Stearn, founder and CEO of The Money Manual. “If the idea is overwhelming or you just aren’t sure where to start, budgeting apps like Rocket Money, Simplifi and YNAB can help.”

Stearn said you can use these apps to track your progress, including how much you’re saving toward goals. “It’s likely to be more than you expected, which is fantastic motivation to continue,” he said.

5 Frugal Money Habits Americans Can Learn From Other Countries

J. Arky   Tue, May 7, 2024

When Americans travel outside of the United States, there’s often a lot of culture shock experienced. The food might be prepared in a unique way and taste the exact opposite of what it is like at home. The languages are obviously different. And the amount of money people spend in other countries for everyday basic items … might not be as much.

This could be due to the exchange rate differences, or, it could just be the frugal habits that non-Americans have adopted in their financial lives.

The U.S. is known for its capitalism, wealth and price tags galore, but that doesn’t mean everyone has to spend a lot of money to meet their needs. Here are five frugal money habits Americans can learn from other countries.

Daily Grocery Shopping

I’m an Attorney: Why You Should Think Twice About Buying a Home With Someone Before You’re Married

Andrew Lisa   Fri, May 3, 2024

According to Quicken Loans, since 2013, there’s been a sharp uptick in the trend of couples buying houses before getting married. While getting an early jump on building equity can be a proactive step toward financial freedom, the strategy has several downsides that can’t be ignored.

 “Buying a home with someone before marriage presents unique challenges from a legal and financial perspective,” said Marty Burbank, an elder law and estate planning attorney and the founder of OC Elder Law in Orange County, California.

Here’s a look at the potential downsides.

Unmarried Couples Lack Important Legal Protections

If you’re planning on getting married, you’re probably not planning on breaking up — but you might. And if you don’t wind up walking down the aisle, a shared property can become a legal minefield.

7 Surprising Money ‘Rules’ Most People Don’t Know (But Should)

Sarah Bourassa   Thu, May 2, 2024

You’ve probably heard common financial advice like keeping a budget and trying not to spend more than you make. But other tips aren’t as well-known that can help you save a lot of money and create a financially healthy life.

From daily hacks to long-term tips, we talked to financial experts about not-so-obvious money advice they follow. Here’s what to know:

1. Sometimes you have to spend more to save more.

“A low price on a lousy product is actually a terrible deal because you will end up spending more, in the long run, to replace cheaply made items that break easily,” Andrea Woroch, a consumer-finance and budgeting expert, told HuffPost. “Focus on quality and spend more if it means it will last.” 

‘Automatic Millionaire’ David Bach: 7 Retirement Planning Tips He Swears By

Kristopher Kane  Tue, April 30, 2024

Planning for retirement can be challenging and even a little scary. It’s an issue that raises some serious questions that need serious answers. Many of us put off retirement planning because it seems too far away or we’re having difficulty making ends meet with our current earnings.

How much should you save? What are the best methods for growing your nest egg? Where should you invest? David Bach, financial expert and author of 10 New York Times bestsellers, has some advice that might help make answering these questions easier.

Keep reading for a look at seven of Bach’s best tips for retirement, including how much you should try to save, what to do with those savings and how to make the most of your retirement fund.

Tip No. 1: Set Aside an Hour of Earnings Each Day

Bach’s first piece of advice is his trademark go-to phrase: Pay yourself first.

6 Money Moves the Rich Make To Stay Rich

Jennifer Taylor  Sun, Apr 28, 2024,

If you’re trying to make more money, studying the rich is a great place to start. Some wealthy people were born into money, while others worked their way to the top. However they got there, many have figured out how to stay rich.

Learning how to make millions is one thing, but mastering the art of keeping that fortune intact is a different task. Many people get rich only to blow through their earnings in a matter of years.

Whether you have come into money or are still figuring out how to get there, keep reading to learn more about how the rich stay rich.

They Avoid Get-Rich-Quick Schemes

One common misconception is that the wealthy constantly look to get richer more quickly through engaging in activities such as picking stocks, said Laurie Samay, director of financial planning at Apexium Financial LP. “In reality, the wealthy are typically more interested in preserving their wealth.”