7 Things You Must Do When You Start Making 6 Figures

Heather Taylor   Wed, June 26, 2024

Once your salary reaches $100,000, you need to take certain steps to ensure you keep building wealth and stay in good financial health.

There’s a chance you already might be making some of these money moves, even if you’re earning a little less. Make sure you start taking these actions as soon as you begin earning $100,000.

7 Things You Should Never Do in Retirement

Adam Palasciano   Tue, June 25, 2024

Retirement: A magical time of life when you no longer (necessarily) have to work for your money. Instead, decades of hard work coupled with saving and smart investments should mean that your money now works for you.

Careful financial planning can certainly lead you to this outcome. However, there are several things you’ll want to street clear of to ensure that you don’t end up in financial trouble after you call it quits at work.

Here are seven things you’ll want to seriously avoid if you’re approaching retirement or you’re already retired, according to Ameriprise and Think Bank.

I’m a Wealthy Millennial: 4 Financial Skills I’m Passing Down to My Children

Heather Taylor   Mon, June 24, 2024

Gen Alpha, and future generations to come, may be on track to receive the financial literacy they deserve.

A new study from Bank of America titled the “2024 Study of Wealthy Americans” reveals emerging trends around generational wealth and its influence on financial strategies. Data from the 2024 quantitative survey shows that 48% of wealthy Americans said they would initiate the conversation when it comes to teaching their children or heirs financial skills.

What kinds of financial skills are wealthy Americans planning to pass down to their children or heirs? GOBankingRates spoke to Dave Fortin, the millennial co-founder of investing app FutureMoney and a new dad, to learn more about the financial skills he plans to pass down to his children.

I’m a Self-Made Millionaire but Received No Formal Financial Education – 5 Resources I Used To Teach Myself

Brooke Barley  Mon, June 24, 2024

Did you know that there are 24.5 million millionaires in the United States? That means every 7 out of 100 people have millions in wealth at their disposal. How can you become one of them?

You might think that to amass a million dollars, you have to go to the right schools, take the right internships and get in on the ground floor somewhere right after college. That’s one path, but it’s not one that everyone takes. Some millionaires never take one business course at a university and still end up with a fortune.

I’m a self-made millionaire who received no financial training,” Stan Dzhishkaryani said. Despite no financial training, Dzhishkaryani is the founder and CEO of DZ Moving, a moving and logistics management company. “My financial acumen was based a lot on making lifestyle adjustments such as living a minimalist lifestyle and prioritizing health, which made a big difference.”

Ohio Woman Wins $15M Jackpot But Will Take Home Just $4.5M After Taxes — Did She Throw Money Down The Drain?

Bethan Moorcraft   Sat, June 22, 2024

Lady Luck was present and accounted for when a woman from Sandusky, Ohio, won big in the state’s 50th Anniversary scratch-off game in June.

The winner, identified only as Jeanne, dropped to the floor when she realized she’d won a $15 million jackpot from a $50 scratch-off card, according to the Ohio Lottery Commission.

When she took the winning card to the clerk at Friendship #83 in Sandusky, they “both just cried,” Jeanne said in a press release. “There were people in line looking at me like I lost my mind.”

Jeanne had two options for how to claim her enormous prize: she could take an annuity of $600,000 for 25 years (which would total $15 million), or she could take a lump sum of about $7.5 million.

She opted for the $7.5 million cash option, a sum that will actually shrink to around $4.5 million, Moneywise estimates, once she’s paid her federal and state taxes.

That $10.5 million difference between the advertised $15 million prize and her eventual winnings begs the question, did she throw money down the drain by picking the lump sum?

10 Signs You’re Financially Secure

Nicole Spector nFri, June 21, 2024

Financial security: What exactly is it? Essentially, it means you’re not only getting by, but getting by comfortably. Surveys have shown that most Americans do not feel financially secure, and it’s understandable why that’s the case. Wages aren’t keeping up with rising costs of living, inflation is still bullying our bank accounts and companies across sectors are carrying out mass layoffs.

Though it makes sense why you may be feeling financially insecure, it’s important to truly understand what financial security entails so that you can determine if your feeling is aligned with your reality.

Stephen Kates, CFP, principal financial analyst at RetireGuide.com and Annuity.org, walked us through the 10 key signs that indicate you’re financially secure.

I’m a Bank Teller: 7 Reasons You Shouldn’t Keep More Than $3,000 in a Checking Account

Laura Beck  Thu, June 20, 2024

Many people simply leave a large chunk of money in their checking accounts and let it sit there. But is that the best move? Probably not. GOBankingRates spoke to Rachael P., a seasoned bank teller who had seen it all when it came to customers’ banking habits. She knew firsthand the pitfalls of keeping too much money in a checking account and was always ready to offer tough financial advice when needed.

Here are the seven reasons why a bank teller advised against keeping more than $3,000 in a checking account.

No Interest Earned on Larger Balances

The number one reason Rachael disliked seeing huge balances in checking accounts was the complete lack of interest earned. “Why would you keep $10,000 just sitting there doing nothing?” she asked. Checking accounts are meant for money that will be spent in the short term, not for larger sums that could be earning interest elsewhere.

Giving Your Kids a Living Inheritance? Why It Might Be Necessary With Today’s Cost of Living

Cynthia Measom   Tue, June 18, 2024

Depending on their goals, wealthy parents or grandparents may opt to give a living inheritance instead of waiting until they die to pass on their assets.

Dana Blue, Esq., an experienced estate planning attorney at Dana Blue Law, explained that a living inheritance — also known as an accelerated inheritance — means giving some of your money or assets to your family while you’re still alive, rather than waiting until after you’re gone.

 “It’s like helping them out when they need it, whether it’s for buying a house, starting a business or paying for education,” she said.

I’m a Bank Teller: 7 Biggest Cash Withdrawal Mistakes I See People Make Every Day

Madeline Duley   Tue, June 18, 2024

If you have a bank account, you’re likely familiar with the process of withdrawing cash, depositing checks and handling bills. While these might seem like basic tasks, there are a few common mistakes that are easy to make when carrying out these seemingly simple financial transactions.

Find out from a bank teller if you’re making these seven common cash withdrawal mistakes — and learn how to avoid them.

Getting Bills Too Large

Although efficient and compact, large bills aren’t as versatile as you might think.

“One mistake I often see is taking out large bills to spend at local businesses, because most won’t accept them because businesses are worried about fraudulent bills,” said Haley West, head teller at Kohler Credit Union.