I Was Broke — Until a Financial Advisor Helped Me in These 4 Ways
I Was Broke — Until a Financial Advisor Helped Me in These 4 Ways
Vance Cariaga Wed, July 10, 2024 GOBankingRates
If you need a financial advisor, there is no shortage of options. More than 330,000 financial advisors are employed around the country, according to the Finance Strategists website. Advisors who must meet industry and regulatory standards include certified financial planners, certified financial analysts and registered investment advisors. But there are also plenty of financial consultants who can include just about anyone.
Although many financial advisors are hired by rich clients to help them amass more wealth, advisors can also prove useful to people who have hit rock bottom financially and want to dig their way out. Even if you have little money to spend, you can use services like the Garrett Planning Network, which Experian describes as a “fee-only fiduciary advisor organization” that aims to lower barriers by charging only on an hourly, as-needed basis.
In some cases, you might even find a financial consultant among your professional or personal contacts who can offer advice at little or no cost, at least until you’re back in a position of financial strength.
3 Real Assets Primed For Growth In The Coming Inflation Bonanza
3 Real Assets Primed For Growth In The Coming Inflation Bonanza
Notes From The Field By James Hickman/Simon Black 7-11-24
After today’s inflation report showing ‘only’ 3% inflation, the Federal Reserve is all but guaranteed to start slashing interest rates.
The Fed Chairman essentially promised as much to Congress earlier this week, and has warned that if they don’t start cutting interest rates soon, “we could undermine the [economic] recovery.”
These guys still don’t get it. At this point it’s not even about 3% inflation (which is still too high) or 2% inflation. It’s about prices going back down to pre-pandemic levels… or just lower in general.
But that’s just never going to happen. The Fed doesn’t care about price reductions; they’re happy with a slower rate of price increases… which is totally out of touch with what people want and need.
4 Fraud Schemes You Should Be on the Lookout For
4 Fraud Schemes You Should Be on the Lookout For
Laura Beck Wed, July 10, 2024 GOBankingRates
There are always unscrupulous individuals who would love to separate you from your hard-earned money. Not only that, they are always developing new ways to do so, as well as new twists on old scams.
You can keep yourself from falling victim to these criminals by educating yourself about these schemes and using a little common sense. Always approach unsolicited phone calls, emails, or texts with skepticism. If something feels off, trust your instincts and take a step back to assess the situation.
Here are four scams to be on the lookout for:
Kevin O'Leary Says You Can Survive On $500,000 And 'Do Nothing Else To Make Money'
Kevin O'Leary Says You Can Survive On $500,000 And 'Do Nothing Else To Make Money'
Margaret Jackson Updated Wed, Jul 10, 2024,
Americans are all about that $1.5 million nest egg for retirement — living easy with golf trips and fancy cars.
But "Shark Tank" tough guy Kevin O'Leary says to hold on — you can retire with just $500,000 — a big difference from the $5 million he suggested last August.
According to Mr. Wonderful, the key is investing smartly and maybe scaling back your spending after you clock out for good.
7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
Marina Benitez June 24, 2024
When you hear the term financial advisor, you might picture someone who only works with the ultra-wealthy, managing millions of dollars in assets. This is a common misconception. In reality, financial advisors work with people of all income levels, helping them navigate the complexities of personal finance and achieve their financial goals.
And according to a survey* by MagnifyMoney, 95% of those polled who have a financial advisor believe it’s worth the money.
Whether you’re planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor — even if you’re not wealthy.
6 Frugal Habits Money Experts Disagree On
6 Frugal Habits Money Experts Disagree On
Cindy Lamothe Mon, July 8, 2024 GOBankingRates
There is no end to all of the financial advice you’ll see on the internet. Money influencers will say one thing — and then you’ll promptly read a rebuttal.
If you’re trying to stay on budget, knowing how to spend wisely should be your priority. That’s why it’s important to weigh all sides of an argument and arrive at your own conclusions.
Here are some of the top frugal habits money experts disagree on.
5 Financial Mistakes Millennials Got From Their Parents
5 Financial Mistakes Millennials Got From Their Parents
David Nadelle Tue, July 9, 2024 GOBankingRates
While only 27% of Americans across all ages say their money-saving habits are “excellent,” a new study found 65% of millennials and Gen Z-ers worry about baby boomers’ impact on their future.
The survey, conducted by OnePoll for National Debt Relief between Aug. 4-8, 2023, found that although younger generations were concerned about the effect older generations’ financial decisions will have on them, 62% of all respondents (split evenly by generation) admit they make poor money decisions sometimes. Almost half (48%) of respondents said their parents influenced their money habits.
With 51% of respondents admitting they have been in debt at some point, and 42% currently experiencing money troubles, the study also found that many Americans are eager to destigmatize “shameful” debt (36%) and are taking responsibility for their bad spending and savings habits.
10 Industries That Are Double Billing You — How You Can Avoid Paying So Much
10 Industries That Are Double Billing You — How You Can Avoid Paying So Much
J. Arky Tue, July 9, 2024 GOBankingRates
When was the last time you took a good look at your bill to make sure that what you were charged for is the correct amount? You might want to start double-checking the fine print and doing the math yourself since several industries are getting called out for double billing customers.
You might be able to negotiate to get the charges reversed or a partial refund, but at the end of the day, that’s time and money down the drain.
How can you avoid paying so much and not get double billed? It all starts with knowing which industries are notorious for charging customers twice. Here are the ones to be on high alert for so you do not get billed twice over.
Social Security Will Run Out Of Money In Nine Years
Social Security Will Run Out Of Money In Nine Years
Notes From the Field by James Hickman/Simon Black May 7, 2024
Social Security’s annual trust fund report was released yesterday… and, no surprise, the report states very clearly that trust fund balances “are projected to become depleted during 2033.”
Allow me to repeat that: Social Security’s most important trust fund will run out of money in nine years.
This is a fact, not some wild conspiracy theory; remember that the annual report is signed by top government officials including the United States Secretaries of the Treasury, Labor, and Health and Human Services… so the projection is about as official as it can get. But if you dive into the report, you quickly notice that even such a grim forecast may, in fact, be too optimistic.
Why The Dollar Will Lose Its Status As The Global Reserve Currency
Why The Dollar Will Lose Its Status As The Global Reserve Currency
Notes From the Field By James Hickman / Simon Black
By the early 400s, the Roman Empire was coming apart at the seams and in desperate need of strong, competent leadership. In theory, Honorius should have been the right man for the job.
Born into the royal household in Constantinople, Honorius had been groomed to rule, practically since birth, by the finest experts in the realm. So even as a young man, Honorius had already accumulated decades of experience.
Yet Rome’s foreign adversaries rightfully believed Honorius to be weak, out of touch, divisive, and completely inept.
Why Your Checking Account May No Longer Be Free
Why Your Checking Account May No Longer Be Free
Ana Altchek Fri, July 5, 2024 Business Insider
Chase Bank's boss warned that new federal fee caps could make everyday banking more expensive.
Marianne Lake said the bank is planning to pass the pain of their lost profits on to customers.
Some new costs may be placed on now-free services like checking accounts and financial tools.
Everyday banking might be about to get more expensive for consumers.
Marianne Lake, the CEO of consumer and community banking at Chase Bank, said federal regulations to cap overdraft and late fees would take a bite out of the company's bottom line. And she warned that making up that loss would be passed on to consumers, according to a report from The Wall Street Journal.