It’s Vital That You Keep These 7 Financial Documents Forever
It’s Vital That You Keep These 7 Financial Documents Forever — Here’s Why
Vawn Himmelsbach Mon, June 3, 2024
Many of us have piles of papers we’re saving "just in case,” probably gathering dust somewhere.
While some of those documents could probably head straight to the shredder, there are others that you should keep forever — and preferably not in a cardboard box in the basement.
But sometimes we just don’t know what we need to keep (and for how long), and what we can safely get rid of.
Here are seven financial documents you shouldn’t get rid of (ever) — and why.
Gold Will Soon Displace The US Dollar, And Americans Are Missing Out
Gold Will Soon Displace The US Dollar, And Americans Are Missing Out
Notes From the Field By James Hickman (Simon Black) June 3 2024
Next month will mark 80 years since the US dollar was formally anointed as the world’s reserve currency.
It was July 1944. And with the war in Europe near its denouement, governments were already trying to plan what the postwar world would look like. Most urgently, they needed to figure out how to rebuild their devastated economies.
Just think about the mess they were in: nearly every industrialized country in Europe had been destroyed by war. Manufacturing and farming were both in the dumps, and they had very little savings to invest in economic revival.
They also had a gigantic mess when it came to international trade. Dozens of countries each had their own currencies, so commercial trade meant each government keeping 20-30 currencies in reserve.
France, for example, would have to hold Austrian schillings, British pounds, Spanish pesetas, Italian lira, Dutch guilders, Soviet rubles, etc. in reserve, just to be able to trade.
4 Purchases Financial Experts Regret and What They Wish They Had Spent Money On
4 Purchases Financial Experts Regret and What They Wish They Had Spent Money On
Laura Bogart Thu, May 30, 2024
Financial advisors may know a lot of things about wisely spending money, but they don’t know everything. Even the best educated, most experienced and all around savviest financial expert is still, at the end of the day, a human being trying to make the best decisions based on the information they have on hand.
Sometimes, these advisors regret their decisions in hindsight. And sometimes, looking back on the purchases they regret the most will teach the experts in a more intimate way than they’d get in their studies or on the job.
GOBankingRates talked to some financial experts about the purchases they most regret and what they now wish they’d purchased instead.
Investing In a Startup
As the co-founder and CEO of Reliant Insurance Group and Helping Hand Financial, Ben Klesinger is a seasoned financial professional. But that doesn’t mean that he didn’t have to acquire some of his expertise the hard way by making investments he would come to regret.
Would You Pay €1 For This House?
Would You Pay €1 For This House?
Notes From the Field by James Hickman (Simon Black) May 29, 2024
In 2007, Giuseppe Ferrarello found himself facing a monumental challenge as the newly-elected mayor of Gangi, Italy — an incredibly picturesque yet dwindling town nestled in the mountains of Sicily.
Like many rural communities across Italy and beyond, the village of Gangi was grappling with depopulation and economic decline. Once home to 15,000 people, its population by 2007 stood at just 7,000. Young people in particular were leaving to seek job opportunities in northern Italy and elsewhere in Europe, leaving behind aging parents and empty houses.
At first glance, the situation seemed hopeless. Gangi’s inland location far from the coast rendered it unattractive to tourists.
6 Tools That Can Help You Become Debt Free
6 Tools That Can Help You Become Debt Free
J. Arky Tue, May 28, 2024
Close your eyes and just imagine it: Being debt free. For many people working today, that feels like an impossible dream to realize. Between having to take out loans for your education, getting a mortgage on a house and putting expenses on a credit card, debt can feel never ending.
Thankfully, there are some modern tools that can help you become debt free. This doesn’t mean you won’t slip into debt here and there along the way — it’s almost inevitable these days — but these methods can aid you in getting yourself out, managing any future debt and staying in the black going forward.
Here are the six tools that can help you become debt free.
Banking Habits You Should Change in Retirement
Banking Habits You Should Change in Retirement
Jordan Rosenfeld Sat, May 25, 2024
While retirement is often a time when you finally get to stop thinking so hard about many of the little details in life, there are some you want to stay on top of, like your banking habits.
Some of your pre-retirement banking habits may not be as useful, protective or financially savvy after retirement.
Experts explain some banking habits you might still be doing that you’ll want to change in retirement.
Wealthy people know the best money secrets. Learn how to copy them.
Not Saving More Than Before
Retirees should consider having more money in a bank account than they did while they were working and earning an income, according to Chris Urban, CFP, a retirement planner and founder of Discovery Wealth Planning.
9 Ways To Become Rich If You Were Born Poor
9 Ways To Become Rich If You Were Born Poor
Cindy Lamothe Fri, May 17, 2024,
Growing up with wealth is a privilege that lends financial stability and provides greater opportunities for future success. But what if you weren’t born with a silver spoon in your mouth? It’s hard to fathom going from poor to wealthy in a single lifetime, but according to experts, it’s not some distant fantasy. It isn’t easy either.
“Wealth building for individuals starting from a disadvantaged economic position requires a multifaceted approach, focusing on education, smart financial decisions and leveraging available opportunities creatively,” said Dennis Shirshikov, head of growth at Summer.
“Education, both formal and informal, is a cornerstone. It’s not just about earning degrees but acquiring financial literacy,” he added.
Overall, though, some experts disagree on how best to build wealth — especially when starting from a place of financial insecurity. Some say to invest in education, while others suggest skipping the fancy schools altogether.
The Fed Is Already Insolvent. Here’s How We Think This Plays Out
The Fed Is Already Insolvent. Here’s How We Think This Plays Out
Notes From The Field By James Hickman ( Simon Black ) 5-22-24
On Tuesday, September 15, 1992, the two most powerful financial officials in the British government held an urgent meeting that night to review their plan for when the markets opened the next morning.
The tone of the meeting must have felt frantic… even desperate… because the value of the British pound had been falling for weeks.
Investors and speculators were rapidly losing confidence in the UK government, mostly due to the ridiculous “Exchange Rate Mechanism” (ERM) which essentially pegged most European currencies to the German Deutschemark.
Rational investors viewed the ERM as an almost comical impossibility.
Germany’s economy was light years ahead of everyone else. Germany had vastly higher productivity, far greater savings, low inflation, high growth, and much more responsible monetary policy.
Here’s Why I Regret Being So Extreme Saving Money
I’m a Super Saver: Here’s Why I Regret Being So Extreme Saving Money
G. Brian Davis Sat, May 18, 2024
Most people spend too much and save too little of their paycheck. But it’s possible to go too far in the opposite direction.
While saving more money helps you build wealth and passive income streams, and possibly reach financial independence at a younger age, extreme savings and frugality come with a cost. Before budgeting for a high savings rate, beware of the following pitfalls.
Missed Experiences with Loved Ones
Life is meant to be shared. Sometimes that means spending money to share experiences with your family and friends.
“In their relentless pursuit of savings, I’ve seen many people sacrifice cherished experiences, personal growth opportunities, and meaningful connections with loved ones,” said Abid Salahi, co-founder of FinlyWealth. “One particular client of mine, driven by an insatiable desire to save every penny, missed out on attending important family events and cultivating hobbies.”
9 Reasons Banking In-Person Is More Financially Savvy Than Banking Online
I’m a Bank Teller: 9 Reasons Banking In-Person Is More Financially Savvy Than Banking Online
Laura Beck Fri, May 17, 2024
Most of us do our banking completely online now. It’s just a fact of the digital age — when you can deposit a check right into your bank’s mobile app, what’s the point of trekking to a branch? However, veteran bank teller Rachael P. says we shouldn’t abandon in-person banking entirely.
“There are still plenty of advantages to physically going into a branch,” Rachael shared. “Sure, digital banking is easy. But something can be lost when you have zero human interaction with your bank.”
While digital banking is booming, she believes making an effort to head into branches periodically can actually pay financial dividends. Here are the nine reasons you should consider in-person banking over banking online, according to a bank teller.
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An Economist’s Rule for Making Tough Life Decisions
An Economist’s Rule for Making Tough Life Decisions
Quartz Sarah Todd
"Whenever you cannot decide what you should do, choose the action that represents a change."
“You must change your life,” Rainer Maria Rilke exhorts readers in the final line of his poem “Archaic Torso of Apollo.” It’s a surprise-twist ending, meant to capture the sudden nature of epiphanies. Having spent the entire poem contemplating the beauty of an ancient Greek statue, Rilke practically reaches through the page to shake readers by the shoulders, urging us to transform ourselves—to use our rapidly-dwindling time on Earth as wisely as Apollo’s sculptor did.
But changing your life is a big deal. It takes a lot of work and emotional energy. And it’s often very difficult to predict if a dramatic turn will actually make us happier and more fulfilled, or if it will be the biggest mistake ever and we’ll shrivel up into little raisins of regret.