4 Ways the Upper Class Handles Inflation That the Middle Class Could Learn From

Jake Safane   Mon, June 10, 2024

Inflation can be a double-edged sword. On one side, it can cut into your budget by raising the cost of essentials like housing, food, and transportation. But it can also be harnessed to grow your wealth, such as by increasing the interest you earn on your savings.

In some sense, being wealthy makes it easier to benefit from inflation. If you have $100 in savings, the difference between a 1% annual percentage yield (APY) on a savings account and a 5% APY is only $4. But if you have $100,000 saved, then the difference is $4,000.

Still, it’s better to earn that extra $4 on a $100 in savings than, say, lose money due to bank fees or pay interest when borrowing money if your balance turns negative. And over time, you can build up your savings and investments more to benefit from inflation further, much like many wealthy people do.

8 Upper Class Money Traps That Ruin Your Wealth

Cindy Lamothe  Mon, June 10, 2024  GoBankingRates

Having a higher income doesn’t make you immune to making poor financial decisions. Those in the upper class might have access to more resources, but they can also easily fall for money traps that may jeopardize their wealth.

“One bad money habit that I have noticed among wealthy individuals is overspending,” said Paige Robinson, real estate investor and owner of House Buyers. “With their high income, some people tend to develop a habit of living beyond their means and indulging in expensive purchases or lifestyle choices.”

She added that this can lead to mounting debt and a false sense of financial security, as these people may believe that their high income will always cover their expenses. Below are eight more financial missteps the wealthy should be wary of making

I’m a Financial Advisor: Here Are the 6 Worst Secrets You Can Keep from Me

Cara Danielle Brown   Sat, Jun 8, 2024,

Some may be surprised to learn that the relationship between a client and their financial advisor can be an intimate one — largely because the events occurring in a client’s personal and professional life can have a significant impact on his or her financial future. And that means all those events — no matter how bad or ugly — need to be disclosed. It may even help to think of your financial advisor like a monetary life coach.

For various reasons, ranging from pride to shame, clients often fail to reveal sensitive information to their advisors which can put their financial future in jeopardy. To find out more, GOBankingRates spoke with seasoned financial advisors to reveal the worst secrets you can keep.

5 Common Emergency Expenses — And How Much They Cost on Average

Cindy Lamothe    GoBankingRates  Fri, June 7, 2024

One thing in life is certain: things are unpredictable unimaginable ways. While you can’t know what the future holds, you can plan for it. Because being unprepared can drain your emergency fund empty and leave you in the poor house.

“If your car breaks down, the cost to fix it can vary greatly,” said Melanie Musson, a finance expert with Clearsurance. “If you have a flat tire, you may need to replace all your tires, which will cost about $600 or more. However, you can expect to pay $2,000 or more for a replacement if your transmission goes. A new radiator will cost around $1,000. If you need a new battery, you have an easy fix for about $100.”

Justin Godur, financial expert and CEO of Capital Max, says understanding these common emergency expenses and their potential impact on your finances is essential for effective financial planning.

“By anticipating these costs and preparing accordingly, you can protect your financial well-being and avoid significant stress during emergencies.”

9 Times To Always Have $1 and $5 Bills on Hand While Traveling

Dawn Allcot  Thu, June 6, 2024  GoBankingRates

As we shift toward a cashless economy, there are still times you want cash on hand. For instance, when you fuel up at the gas pump, you can save as much as 10 cents per gallon — that’s more than $1 if you have a 12-gallon tank and take it down close to empty. There are other times, especially on vacation, when you’ll want a stash of $1 or $5 bills.

Before you leave for a trip, it’s wise to withdraw some $1 and $5 bills from the ATM and keep them in your pocket, a change purse, or your wallet for easy access.

6 Great Money Lessons From the 1950s You Should Use Today

Angela Mae  Thu, Jun 6, 2024,

America in the 1950s was a vastly different place than it is today. Unemployment rates were low, individual purchasing power was high, and mass production and new technologies were making everyday goods and services readily available and cheaper.

Many young adults in the 1950s grew up during the Great Depression — 1929 to 1941. As they went on to launch their own careers, start their own families and pursue the American dream, they did so with the financial lessons they learned along the way.

And those lessons? They were passed down to their children and their children’s children.

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.

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.