4 Reasons Retired Women Need More Money Than Men

4 Reasons Retired Women Need More Money Than Men — And What To Do About it

June 6, 2024  by  Jennifer Taylor

Like many things, retirement isn’t the same for men and women. Specifically, retired women tend to need more money than men.

There’s a variety of reasons for this, which can be frustrating for women. Retirement is often thought of as time to enjoy your golden years, but it’s hard to do so without sufficient funding.

Walking away from a steady paycheck can be hard — or even impossible — for women who don’t have the savings to do so. You’re not alone if you feel like you’re behind on your retirement savings, but you can catch up.

Here’s a look at some reasons why retired women need more money than men, and more on how an annuity could help solve this problem.

1. Career Interruptions

Women are statistically more likely than men to take time away from the workforce to care for others, like children or aging parents. For example, only about one in five stay-at-home parents in the U.S. are dads, according to the Pew Research Center1.

In 2023, 66% of women identified as caregivers, compared with just 34% of men, according to an AARP New York Survey. Of current and former women caregivers, 35% said they didn’t work while providing care2.

Taking time away from the workforce can have a profound effect on women’s retirement savings. While they’re not working, they’re of course not earning a paycheck, but they’re also not able to take advantage of any employer-matched retirement savings benefits or pay into Social Security.

Even when they return to the workforce, being away may impact long-term career growth. This can cause them to have a lower earning potential, which may limit their retirement savings.

2. The Gender Pay Gap

In 2022, women earned 82% as much as men on average, according to the Pew Research Center3. This isn’t anything new, as women earned 80% as much as men in 2002.

Not earning as much as men can impact women’s finances in both the present and future — like in retirement. For example, Fidelity® recommends putting 15% of your pretax income aside for retirement each year4.

However, working women might not be able to afford to save that much for retirement. Even if they can manage to do so, it won’t total as much as male co-workers earning more than them.

Social Security benefits are also based on average career earnings. In 2021, the average annual Social Security income received by women ages 65 years and up was $14,204, compared with $18,108 for men, according to the Social Security Administration5.

To Read More:  https://www.gobankingrates.com/retirement/planning/reasons-retired-women-need-more-money-than-men/?utm_term=morefrom_link_4&utm_campaign=1277605&utm_source=yahoo.com&utm_content=10&utm_medium=rss

8 Money Moves Empty Nesters Should Make Immediately

8 Money Moves Empty Nesters Should Make Immediately

Cindy Lamothe  Fri, July 12, 2024   GOBankingRates

The moment your youngest moves out of your family home is an emotional time, to say the least. You’re dealing with enormous change while also thinking about the future.

Becoming an empty nester can be an overwhelming experience, but according to experts, you should also make some strategic financial moves right away.

“Empty nesters must immediately reassess their financial priorities and redirect resources previously allocated to child-rearing,” said Abid Salahi, co-founder of FinlyWealth.

Reevaluate Your Financial Goals

“As empty nesters, it’s time to revisit and update your financial plans,” said Justin Godur, finance advisor and founder of Capital Max.

With fewer immediate responsibilities, he said you can now focus on long-term goals like retirement savings, travel or starting a new venture.

“I always tell my clients to adjust their savings strategies and ensure they align with their new life stage.”

Ben Klesinger, co-founder and CEO of Reliant Insurance Group and Helping Hand Financial, also reevaluated his financial goals with his wife upon becoming empty nesters.

“With fewer expenses, we travel internationally once a year now,” he said.

“Experiencing new cultures and adventures is rewarding after years of focusing on family responsibilities,” Klesinger said. “The trip budget comes from funds previously spent on the kids’ activities and expenses.”

Maximize Retirement Contributions

At this stage in life, experts advise increasing your contributions to retirement accounts like 401(k)s or IRAs.

“I personally boosted my retirement savings significantly once my children were on their own, leveraging catch-up contributions to maximize tax advantages,” Godur said.

Experts agree that this period is perfect for catching up on any retirement savings gaps.

“When I became an empty nester five years ago, I was shocked to realize I had unknowingly spent an average of $14,000 annually on my children’s expenses,” Salahi said.

“I’ve significantly improved my financial outlook by redirecting these funds to my retirement accounts,” he said. “This personal experience has shaped my advice to clients in similar situations.”

Streamline Your Budget

Make sure to analyze and adjust your budget to reflect the change in household size. For example, redirect funds previously allocated for children’s expenses towards investments or debt reduction.

“In my experience, this reallocation can substantially improve financial health and free up resources for future endeavors,” Godur said.

Consider Downsizing

A big money move to start considering is the possibility of downsizing your home.

Read More:  https://www.yahoo.com/news/finance/news/8-money-moves-empty-nesters-150052163.html

4 Saving Strategies I Swear By for Long-Term Wealth

I’m a Banker: 4 Saving Strategies I Swear By for Long-Term Wealth

Angela Mae   Thu, July 11, 2024  GOBankingRates

When it comes to saving money, there’s one-size-fits-all strategy. What might work for some people won’t always work for others. Depending on your goals and financial situation, you might be able to save more aggressively than others. Or you might only be able to save small amounts at a time over a long period.

Whatever the case, if you’re trying to build long-term wealth, it’s crucial to find the savings strategy — or strategies — that work best for you. If you haven’t found yours yet, don’t worry — it’s never too late to get started.

GOBankingRates spoke with Teri Williams, president and COO at OneUnited Bank, about which savings strategies she swears by for long-term wealth — and which ones she would outright avoid. Here’s what she said.

Automate Those Savings

One of the first things Williams suggested was setting up an automatic savings account.

“What wealthy folks know is that you MUST set up an automated process such [as] that funds transfer from your paycheck to a savings/investment account,” she said. “If money goes ‘into your pocket,’ you are more likely to spend it.”

Most banks and credit unions, as well as online banking services, will allow you to connect two accounts — like a checking and savings account — and automate your savings contributions. Depending on your goals and finances, you may be able to set it up to where a certain amount of money gets deposited into your savings account each month. Or you might be able to have a specific percentage of your paycheck put into your savings.

Check over your budget and see how much money you can comfortably save each month. You can always make adjustments as you go, but the important thing is getting started.

Prioritize Increasing Your Income

If you’re trying to save money to build long-term wealth, you’ve probably been told to cut out that daily latte habit or cancel those extra streaming service subscriptions. And while cutting back on things you don’t need, want or even use doesn’t hurt, it’s not the way to become wealthy.

Instead, Williams suggested focusing on your income over your expenses.

“The wealth gap, as an example, is largely due to the income gap, rather than a difference in how we spend our money,” she said. “Avoiding purchasing a cup of coffee or lunch is not as important as improving your job skills and career path.”

These small cut-backs might help in the moment, but your actual earnings are what are more likely to push you into greater financial stability and wealth over time.

To Read More: https://www.yahoo.com/finance/news/m-banker-4-saving-strategies-150027509.html

Seeds of Wisdom RV and Economics Updates Friday Afternoon 7-12-24

Good Afternoon Dinar Recaps,

CFTC CHAIRMAN TOLD AN ILLINOIS COURT THAT BITCOIN AND ETHEREUM ARE DIGITAL COMMODITIES

"CFTC Chair Rustin Behnam says 70-80% of cryptos are not securities."

"(Kitco News) – The battle over digital asset regulation appears to be heating up as Commodity Futures Trading Commission (CFTC) Chair Rustin Behnam told an Illinois court that Bitcoin (BTC) and Ethereum (ETH) are digital commodities under the Commodity Exchange Act and that 70-80% of tokens in the cryptocurrency market are not securities. "

"Behnam made the comments while testifying before the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s hearing on the oversight of digital commodities."

"Given the risks that this unregulated market poses to U.S. investors, I have consistently and publicly called for new legislative authority for the CFTC, including before this Committee. Congress must act quickly in order for regulators, like the CFTC, to provide basic customer protections that are core to U.S. financial markets.”

"Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk.”

"Dr. Roger Marshall, the Republican Senator from Kansas, brought up the turf war between the SEC and the CFTC over who gets to regulate digital assets, and asked Behnam, “Wouldn’t it be simpler if we put this whole thing under the CFTC's jurisdiction?”

@ Newshounds News™

Read more:  Kitco

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PUTIN SAYS THAT BRICS WILL LIKELY CREATE THEIR OWN PARLIAMENT while speaking at the 10th BRICS  Parliamentary Forum

"Russia’s President Vladimir Putin, speaking Thursday at the tenth BRICS Parliamentary Forum in St. Petersburg, indicated his openness to the creation of a BRICS Parliament. "

"Present were guests from 18 countries, including non-BRICS CIS States. This is the first such forum since the UAE, Iran, Egypt, and Ethiopia joined the group in January."

“BRICS does not yet have its own parliamentary institution, however, I believe that the idea will definitely be implemented in the future,” Putin said.

@ Newshounds News™

Read more:  The American Conservative

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OIL PRICES RISE AGAINST THE BACKDROPOF DECLINING INVENTORIES

Oil prices rose today, Thursday, against the backdrop of a decline in gasoline stocks and a decline in crude stocks after American refineries intensified processing operations, reflecting strong demand.

Brent crude futures rose 35 cents, or 0.4 %, to $85.43 per barrel.

US West Texas Intermediate crude rose 36 cents, or 0.5 %, to reach $82.47 a barrel.

Source: National Iraqi News Agency

@ Newshounds News™

Read:  Iraq News Gazette

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JP MORGAN EXPECTS BITCOIN AND THE CRYPTO MARKET TO REBOUND IN AUGUST

"Investment banking giant JPMorgan recently said that Bitcoin and the greater cryptocurrency market will see a massive rebound take place in August. Indeed, the bank also noted that ongoing liquidations taking place in the market are expected to last through the end of July."

“The reduction in the estimated net flow largely driven by the decline in Bitcoin reserves across exchanges over the past month,” JPMorgan’s Nikolaos Panigirtzoglous said. The bank said that the $12 billion mark was highly doubtful. This is likely due to BTC price relative to the production cost and price of assets like gold."

@ Newshounds News™

Read more:  Watcher Guru

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SILVER PRICE OUTLOOK: Will Strong Demand and Tight Supply Keep Prices Shining?

—Silver prices have risen due to a supply and demand gap, with demand outstripping supply for the fifth consecutive year.

—Industrial demand, driven by green energy, AI, and EVs, now accounts for 64% of global silver demand.

—A potential slowdown in China’s economy and prolonged high interest rates could dampen silver prices.

—Bullish Pennant pattern breakout hints at further upside. Will inflation data halt the move?

Silver prices have seen a remarkable rise this year, and with six months still to go, many are wondering just how high they could climb. One key factor to watch is the supply and demand dynamics, as demand for silver continues to outstrip supply.

According to the World Silver Survey, 2024 is the fifth year in a row with a silver shortage. In 2023, silver demand was higher than supply, leading to a market deficit of over 142 million ounces. By the end of 2024, this shortfall is expected to nearly double to 265 million ounces because of increasing industrial demand.

Silver Supply (Orange Line) and Demand (Green Line), 2019-2024 
Historically, half of the demand for silver was for industrial use and the other half for investment. Recently, industrial demand has grown significantly, now making up 64% of global silver demand, up 19% from last year.

This trend shows no signs of slowing. The primary drivers of the silver supply squeeze are the Green Energy Transition, particularly solar energy, and the high demand from the Artificial Intelligence and electric vehicle (EV) sectors. These industries are among the fastest-growing in the world today.

The only worry has been a recent dip in demand from China and the possibility of a slowdown in the Chinese economy. This could help balance the demand and supply gap. Prolonged higher interest rates from Central Banks could also dampen silver prices and possibly stop the rally. The sooner the US Federal Reserve cuts rates, the better it would be for silver prices.

@ Newshounds News™

Read more:  Action Forex

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SATOSHI'S VISION STILL ALIVE.  BITCOIN IS SHIFTING TOWARDS MORE P2P PAYMENTS

On-chain data suggests Satoshi’s original vision is alive and kicking as the Bitcoin network has shifted towards smaller transactions.

Bitcoin P2P Payment Transfers Have Been Gaining Steam Recently
In a new post on X, CryptoQuant founder and CEO Ki Young Ju has talked about a pattern shift on the BTC network regarding transactions that may be classified as peer-to-peer (P2P) payments.

First, Ju has discussed the trend in the transaction fees on the Bitcoin network. The “transaction fees” here naturally refer to the fees that senders on the blockchain have to attach with their moves as compensation for the validators.

@ Newshounds News™

Read more:  Bitcoinist 

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THIS ARTICLE IS A PERFECT EXAMPLE OF HOW 3 LETTER AGENCIES CAN LEGISLATE BY MAKING "RULES" THEN PROCEED TO "ENFORCE" THOSE RULES WITHOUT THEM EVER BECOMING LAW OR SOMETIMES SLIPPING THROUGH A REVIEW PROCESS BY LAWMAKERS

GAO Concludes SEC's SAB 121 Is Subject to Congressional Review Act

"The SEC’s staff accounting bulletin 121 says that when an entity has an obligation to safeguard crypto for its users, that entity ought to reflect a liability on its balance sheet to reflect its obligation to safeguard that crypto at the fair value of the crypto. SAB 121 also says that the entity should, in turn, recognize a corresponding asset on its balance sheet measured at the fair value of the crypto."

"SEC Chair Gensler has said he is “actually quite proud” of SAB 121."

So, bottom line, if a something is a “rule” for purposes of the CRA, Congress has to be given a chance to review and reject that rule under fast-track procedures.

The GAO Says SAB 121 Is a Rule

"In August 2022, Senator Cynthia Lummis asked the Government Accountability Office to determine whether SAB 121 is a “rule” for purposes of the Congressional Review Act.1"

"Today the GAO released an opinion concluding (over the objections of the SEC) that, yes, SAB 121 is a “rule” for Congressional Review Act purposes."

"SEC did not submit a CRA report to Congress or to the Comptroller General in regard to the Bulletin. In its response to us, SEC maintained that the Bulletin is not subject to CRA because it does not meet the APA definition of a rule as it is not an “agency statement” of “future effect.” Response Letter, at 2–4. For the reasons explained below, we disagree. We find that the Bulletin does meet the definition of a rule under APA and that no exception applies. Thus, the Bulletin is subject to CRA’s submission requirement."

"It is true that the fact that SAB 121 is a “rule” for Congressional Review Act purposes will, for a window of time,2 make this easier. As noted above, a resolution of disapproval brought under the Congressional Review Act cannot be filibustered, so Senator Lummis or another pro-crypto Senator could force a vote on it if they so choose. But legislatively overturning SAB 121 would still require a majority vote in the Senate and in the House, and then the President signing the resolution into law. That seems unlikely here, for obvious reasons."

THIS PARAGRAPH ABOVE IS WHAT TOOK PLACE YESTERDAY (7/11/24) WITH THE HOUSE TAKING A VOTE TO OVERTURN BIDEN'S VETO UNSUCCESSFULLY

"The bigger question though is, regardless of when SAB 121 becomes “effective,” what exactly does that mean? And, equally, what does it mean for SAB 121 to have been ineffective from the time it was issued until the time (presumably in the near future) that the SEC submits SAB 121 to Congress?"

"Here again, I am not sure. The SEC’s position, according to today’s GAO opinion, is that SAB 121 “at most” indicates “how the Office of the Chief Accountant and the Division of Corporation Finance would recommend that the agency act.” So, taking the SEC at face value, SAB 121 should not, on its own, and whether “effective” or otherwise, have been the basis for any action by the Commission."

THE ARTICLE REFERENCED WAS WRITTEN IN OCTOBER OF 2023. THIS SHOWS HOW LONG THE DEBATE OVER SAB 121 HAS BEEN GOING ON. FOR FURTHER CLARITY PLEASE READ THE FULL ATTACHED BLOG ARTICLE.

@ Newshounds News™

Read more:  BankRegBlog
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BRICS DEVELOPING A PAYMENT SYSTEM USING BLOCKCHAIN

"In March, we learned that BRICS is actively developing a payment system utilizing the blockchain.  Many countries are starting to link payment systems.
Russia and China have almost stopped using the dollar in their mutual trade."

'Trade between Russia and China surged by 26% to $240 billion in 2023, with over 90% of settlements conducted in their national currencies.

This is very significant as the blueprint has arrived.
China's trade with other BRICS members rose 11.3% year-on-year in the first quarter, underscoring the growing ties within the group."

"The result?
More and more countries are shifting to localize trade to become less dependent on the dollar.
They are starting to put their foot down.
This week, a Russian IMF rep said BRICS could offer an alternative currency in the event of the dollar's and the international monetary system's collapse."

"Gold reigns supreme on this reset's chessboard, serving as the most strategic piece in this intricate puzzle."

@ Newshounds News™

Read more:  Twitter - Gold Telegraph

~~~~~~~~~

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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.

This is especially useful if you happen to be broke and need a plan to start earning income, saving money and building wealth. One person who can speak from experience is Ben Grant, founder and CEO of LearnSales, a global sales training platform where he partners with noted author and money expert Grant Cardone.

Ben Grant’s journey from financial hardship to entrepreneurial success is a “powerful testament to the transformative impact of professional financial guidance,” according to correspondence shared with GOBankingRates.

As Grant told GOBankingRates, he had a talent for generating income but found himself “nearly broke” because of poor money management skills.

“Overspending and unwise investments had taken their toll,” he said. “Realizing I needed expert advice, I sought the help of a financial advisor, which proved to be a pivotal decision in my career. My experience illustrates how hiring a financial advisor can play a crucial role in overcoming financial hardship. With expert guidance, individuals can transform their financial status, make smarter decisions and build a more secure future.”

Here are four ways a financial advisor helped Grant when he was in financial trouble.

Wealthy people know the best money secrets. Learn how to copy them.

Budgeting and Expense Management

“My financial advisor helped me establish a comprehensive budgeting plan,” Grant said. “By tracking my expenses meticulously and identifying areas to cut costs, I regained control over my finances and allocated funds more effectively towards my business and personal growth.”

Building an Emergency Fund and Savings

To Read More:  https://www.yahoo.com/finance/news/broke-until-financial-advisor-helped-180017299.html

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.

They’ve been itching to cut rates for months… almost desperate. And in large part that’s because they’re terrified about the US government’s insolvency.

The national debt is about to pass $35 trillion. And high interest rates mean that the annual interest bill this year will exceed the US military budget-- more than $800 billion-- for the first time in nearly 250 years of American history.

The Fed knows that they have to slash interest rates as quickly as possible. With ultra-low rates (like 1.5%), the interest bill on a $35 trillion national debt is manageable… as long as the federal government can rein in spending and stop the debt from growing further.

Of course there are two key problems with this thinking:

First, there is zero evidence that the government will rein in spending. If anything, they seem primed to spend even more. I’ve mentioned several times before that even the US government’s own budget forecasts project more than $22 trillion in additional debt over the next decade.

Second, slashing interest rates will most likely result in significant inflation-- just like we saw in 2021-2022.

We’ve written before how real assets are a safe haven from inflation, and I wanted to briefly discuss three real assets that look especially promising.

The first is physical gold and silver, which serve as a store of value-- especially during inflationary times.

Higher inflation will likely trigger a surge in demand, making the price of precious metals not only keep up with inflation, but exceed it.

But there is another reason why gold will do especially well the worse inflation gets.

The worse inflation becomes, and the worse the US national debt becomes, the more likely the US dollar will lose its spot as the dominant reserve currency. And central banks all over the world-- India, Poland, Singapore, etc. have been feverishly buying up physical gold over the past few years, most likely to prepare for that potential change.

So if inflation picks up, it’s a good bet that central banks will keep buying up gold-- and driving prices higher.

Gold mining stocks should also do extremely well in that scenario due to their exposure to gold prices.

What’s interesting right now, though, is that despite gold being near an all-time high, share prices of many gold mining companies are incredibly cheap.

That’s because central banks-- which have driven gold prices to record highs-- only buy physical gold bullion. They do not buy gold stocks.

However, while the price of gold has already increased substantially, the stock prices of many great gold miners has not.

This is because most of the current demand for gold is coming from central banks. And central banks only buy physical gold— not gold mining stocks.

This means that gold stocks are currently a bargain-- with a LOT of upside potential.

Last, US natural gas is another compelling real asset primed for huge growth.

Right now, natural gas prices in the US are dramatically lower than they are in Europe… and it’s easy to understand why: the US has some of the biggest natural gas reserves in the world, while Europe has almost nothing by comparison. (This is why Europe is so reliant on Russian gas).

And since Joe Biden has banned new LNG (liquefied natural gas) export terminals from the US, it’s difficult to move that US natural gas to Europe.

This is why prices in the US are less than $3, versus more than $10 in Europe. If US producers were free to export, prices in the US would rise, prices in Europe would fall, and the global natural gas prices would be more or less the same, similar to oil.

In terms of energy equivalence to oil, $3 per million BTU natural gas is the equivalent of paying around $15 - $20 for a barrel of oil. That’s cheap. And it means US natural gas is the most underpriced conventional energy commodity in the world.

But it probably won’t stay that way for long.

First, large tech companies, which are building massive, energy-hungry AI data centers, are also looking at putting in their own power plants… which will most likely be powered by natural gas.

Second, the new export terminal ban probably won’t last. There are lawsuits, legislation, and an upcoming election, any one of which could restart new LNG exports. When this happens, US natural gas prices could quickly rise.

In either case, natural gas producers stand to benefit substantially from higher prices. And it just so happens that shares of many of the best quality producers right now are laughably cheap, with low multiples relative to earnings, book value, and Free Cash Flow.

Looking at the overall investment landscape now, with many conventional stocks and indexes near all time highs, these three sectors strike me as some of the most promising investments for an inflationary environment.

To your freedom,   James Hickman  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/investing/3-real-assets-primed-for-growth-in-the-coming-inflation-bonanza-151138/

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:

Wealthy people know the best money secrets. Learn how to copy them.

Pig Butchering Scams

A pig butchering scam is an elaborate con in which scammers build up your trust over an extended period, often through social media, dating apps, or text messages, before convincing you to invest in cryptocurrency.

“The ‘pig butchering’ scheme is a complex fraud that borrows elements from other existing scams,” said R. Persichitte, Affiliate Professor at the Metropolitan State University of Denver. “It typically begins with a romantic or a wrong number scheme to initiate contact.

A seemingly attractive individual will establish a casual relationship and then persuade you to make a small deposit into their phony investment, often using a legitimate site like Coinbase. They will then lure you into investing more by presenting fake statements of high returns. However, these returns are fictitious, and your money is lost when you transfer it.

To protect yourself from pig butchering, be skeptical of any unsolicited investment advice, especially from people you’ve only met online, or any texts from a “wrong number.”

Impersonating Your Bank or Another Service

To Read More: https://www.yahoo.com/finance/news/m-banking-expert-4-fraud-190021118.html

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.

"You can live off half a million bucks in the bank and do nothing else to make money," O'Leary said. "Do not invest in your brother's bar. Or a bowling alley, or a bar, or all that other crap, you'll lose your money."

But it depends on the type of lifestyle you want. According to Northwestern Mutual research, most Americans believe they need nearly $1.5 million to retire. That's up 53% since 2020 and 15% from last year.

O'Leary's logic is that you can make about 5% in fixed income with little risk, but if you only have $500,000, that amounts to $25,000 per year. If you are willing to ride the volatility, you can invest in equities, providing up to a 9% return or about $45,000 annually.

If you aim for a secure retirement, the 4% rule is widely used. The rule suggests retirees can withdraw 4% of their retirement savings annually for 30 years, adjusting the amount each year to keep up with inflation. Developed by financial adviser Bill Bengen, it's based on historical data analyzing stock and bond returns, aiming to ensure retirees don't run out of money.

Consider real-world spending. According to the Bureau of Labor Statistics, the average retiree over 65 spends roughly $52,141 annually. Rounding up for safety, you'd need at least $1.3 million saved to generate $53,000 per year using the 4% rule. That means if you had $500,000 saved, as O'Leary suggested, withdrawing 4% annually for 30 years would only provide a safe spending amount of $20,000 per year.

To Read More:  https://finance.yahoo.com/news/kevin-oleary-says-survive-500-140519576.html

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.

1. You Get Personalized Financial Guidance

Starting to save early and consistently is crucial for building a strong retirement fund. Expert advisors

Everyone’s financial situation is unique, and a one-size-fits-all approach rarely works when it comes to managing money. This is where personalized financial guidance becomes invaluable. Financial advisors tailor their advice to fit your specific needs, goals and circumstances. Whether you’re looking to create a budget, save for a major purchase or plan for long-term goals like retirement, a financial advisor can help you develop a customized strategy.

Imagine having an expert who understands your financial situation inside and out guiding you through important decisions and helping you avoid costly mistakes. With personalized advice, you can feel confident that your financial plan is designed specifically for you, taking into consideration your income, expenses, risk tolerance and future aspirations.

This level of tailored guidance can make all the difference in achieving financial stability and growth.

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Life is full of significant events that can dramatically impact your financial situation. Whether you’re getting married, having a child, receiving an inheritance, facing job loss or divorce — or any number of major events — these transitions often come with complex financial decisions. A financial advisor can be an invaluable resource during these times, providing the expertise and support needed to make informed choices.

Consider the challenges of planning a wedding, buying a home or preparing for a new addition to your family. Each of these milestones requires careful financial planning to ensure you’re making the best decisions for your future. Financial advisors offer guidance on budgeting, saving and investing to meet your changing needs.

By working with a financial advisor during life’s major events, you can avoid common pitfalls and set yourself up for long-term success. Their expert advice ensures that you’re not only addressing immediate concerns but also planning strategically for the future.

To Read More:  https://www.gobankingrates.com/consider-financial-advisor-not-wealthy-2287035/?utm_term=related_link_2&utm_campaign=1277259&utm_source=yahoo.com&utm_content=3&utm_medium=rss

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.

Skipping the Latte

“Some money experts still swear by practices like ‘skip the latte, buy a home’ when today that couldn’t be further from the truth,” said Dan Kroytor, director of TailoredPay.

“Even if you skip the $6 latte you buy daily every day for 10 years, eventually, that amount of money — for example, $21,900 — will still not be enough for a down payment on a home 10 years from now,” he said. “Especially considering real estate is only getting more expensive.”

Kroytor suggested a balance of being frugal and doing things you enjoy. “The argument is whether it’s more important to be economical and frugal instead of doing things we enjoy,” he explained. “While other experts may disagree, I see no reason why we can’t do both. Know your goals, know what’s realistic and then budget for both.”

Buying in Bulk

“Let’s consider the popular frugal habit of buying in bulk to save money,” said Esther Strauss, co-founder of Step By Step Business. “Many financial experts advocate for this approach, citing the lower per-unit cost of items when purchased in larger quantities.

“However, I take a more nuanced stance on this practice,” she explained. “While buying in bulk can indeed be cost-effective for consumables that you use frequently, it can lead to overspending and waste in other scenarios.”

For example, Strauss said buying perishable items, like fresh produce or dairy, in bulk often results in throwing away unused portions that have spoiled. “This negates the savings and contributes to food waste,” she said.

Similarly, Strauss said that bulk purchases of nonperishable items can lead to overconsumption or stockpiling of goods you don’t really need.

“For families in smaller living spaces, storing large quantities of products can also become an issue, leading to clutter and disorganization,” she noted. “My perspective is influenced by observing consumer behavior and the misallocation of resources that bulk buying sometimes encourages.”

Strauss suggested a more balanced approach. “Instead, I recommend a more tailored approach: buy in bulk selectively, focusing on items that you are certain to use and have the space to store efficiently,” Strauss added. This method, she said, ensures that the benefits of buying in bulk are realized without the accompanying pitfalls.

To Read More:

https://www.yahoo.com/finance/news/6-frugal-habits-money-experts-110054778.html

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.

There’s a lot of guilt and shame people feel when they’re in debt and that needs to change,” said Natalia Brown, chief compliance and consumer affairs officer at National Debt Relief. “The data shows that most of us face challenges with money and that none of us are alone in that.”

Here are the five most common bad money habits that you might have learned from your parents — and ones you need to unlearn as soon as possible — according to the National Debt Relief/OnePoll study:

Writing Off Small Purchases As Insignificant (43%)

It’s easy to make simple purchases that can add up over time, so you have to hold yourself accountable for how you spend your money. Even if it seems like an insignificant purchase, write it down or acknowledge it. Spending even a few extra dollars a week can account for hundreds of dollars a year.

Instead of making impulsive purchases like in-app purchases that give you that quick dopamine hit, give it 24 hours. If you still want (or even remember) to make that purchase, you should buy it.

Gambling (39%)

Gambling can develop into an addiction quickly. When gambling becomes uncontrollable, the problem gambler will spend even more money, attempting and usually failing, to win back their losses.

Regardless of income, those who spend too much on gambling are prone to have overdue bills, max out their credit cards and borrow money. Even low levels of gambling are linked to financial hardship and unemployment, per The Guardian.

If you or someone you know is struggling with a gambling addiction, it’s best to get help so you can start recovering your mental health and your finances. Call 1-800-GAMBLER for more information.

Using Credit To Pay Bills (33%)

Paying your bills with a quick credit card swipe or online payment can be tempting. When credit cards are considered an extension of income, people are often unable to pay the balance off entirely, leading to hefty credit card interest charges and increases in debt.

Credit card debt should always be counted as an expense in your budget. If you find you’re relying on them too much, it might be time to cut them up or consider a credit freeze so that you can curb your spending.

To Read More:  https://www.yahoo.com/finance/news/millennials-boomer-parents-blame-shameful-180041296.html