I’m a Millionaire: How I Save For Emergencies — and Why I Still Worry About Having Enough

August 2, 2024  by  Cindy Lamothe  GoBankingRates

One of the smartest pieces of financial advice out there is to have an emergency fund in case the unexpected happens. And while all of that is well and good, how much is enough?

GOBankingRates spoke with millionaires Tommy Mello, founder of A1 Garage Door Service, and David L. Blain, CFA, CEO of BlueSky Wealth Advisors, to discuss exactly how they save for emergencies and when they feel it’s sufficient.

“Since I founded A1 Garage Door Service in 2007, the company has grown to be a leader in the home-service industry,” Mello said. Through this journey, he’s faced numerous financial challenges and learned valuable lessons about saving for emergencies.

'Don't Panic': What To Do When The Stock Market Sinks Like A Stone

Daniel de Visé, USA TODAY Updated Mon, August 5, 2024

If you are one of those amateur investors who checks your 401(k) balance at every meal, today might be a good day to fast.

Stocks had bad days Thursday and Friday. Monday looks to be worse. Global markets plunged overnight, with Japan’s Nikkei 225 index posting the worst one-day return in its history. The losses spread from Asia to Europe, and then to the United States, where the S&P 500 and Nasdaq opened sharply lower.

Market reporters trotted out such terms as “rout,” “correction” and even “panic,” descriptors that invoke memories of the market’s darkest days, such as the brief COVID-19 crash of 2020 and the deeper, longer dive of the Great Recession of 2008.

People Are Sharing The Money Tips They Wish They Learned In School

BuzzFeed    Sun, August 4, 2024

Adulting is a headache even on a good day; there are so many different ways to mess up, and of course, no instruction manual. I think we all wish we had a class or two in school that would have prepared us better for navigating the maze that is taxes, insurance, and mortgages.

The next best thing to that, though, is asking advice from the older and hopefully wiser folks who have already stumbled through. So I turned to the BuzzFeed Community to ask: "What are the things you wish someone had told you about finance when you were starting out and knew absolutely nothing?"

People banded together to share the game-changing advice that made the biggest differences in their finances, and here's what they had to say, along with Redditors from the r/personalfinance community.

11 Money Moves You Should Make Soon To Be Ready for 2025

Laura Beck Sat, August 3, 2024 GOBankingRates

As we approach the final stretch of 2024, it’s more important than ever to position yourself for financial success in the coming year.

Whether you’re looking to achieve specific goals, optimize your tax situation or prepare for potential changes that a new year and election might bring, now is the time to take action. GOBankingRates consulted financial experts to bring you actionable advice on the money moves you should consider making. Here are 11 money moves you should make soon to be ready for 2025.

5 Unnecessary Bills You Should Stop Paying in 2024

July 1, 2024   Crystal Mayer

According to Forbes Health, improved finances was the second most popular resolution for 2024. Their research indicated that 38% of people wanted to get their money affairs in order over the next year. So if you, like many, have a New Year’s resolution that involves saving money, now is the time to take a look at your finances.

Many times, however, sticking to a budget is easier said than done. You may start with the best intentions but struggle to say no when it comes to going out to eat with friends or adding something new to your cart. One way to save money without completely depriving yourself is to look at your expenses and see if there is anything that you currently pay for that you no longer use.

GOBankingRates asked experts to weigh in on common things that people should consider cutting in the upcoming year. Here are the five unnecessary bills you should stop paying in 2024.

6 Ways To Improve Your Financial Outlook, Despite High Costs

G. Brian Davis  Thu, August 1, 2024  GOBankingRates

Some financial experts refer to inflation as the “silent tax.” You don’t see it come out of your paycheck or savings, but it drains their value nonetheless.

Inflation also impacts everyone across the financial spectrum. The rich, poor, and everyone in between notices the effects of inflation.

So in the wake of high inflation over the last few years, how can you improve your financial outlook no matter where you fall on the socioeconomic spectrum?

Retirement Planning: 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.

5 Money Mistakes Even Financially Savvy People Make

Cindy Lamothe  Thu, August 1, 2024  GOBankingRates

No matter how great you are at managing your finances, no one is immune to making the occasional money mistake — and some of these can be dire.

“It’s important to recognize that some seemingly minor errors can have significant long-term effects,” said Michael Ashley, finance expert and founder of Richiest.

While everyone has financial blind spots, the good news is you can learn about them before they cause you problems. Here are some of the top money mistakes even the most financially savvy folks make.

Earning passive income doesn't need to be difficult. You can start this week.

I’m a Financial Advisor: These Are the Top 4 Questions High Net Worth People Ask Me

Nicole Spector  Thu, August 1, 2024   GOBankingRates

Money can be complicated, and it doesn’t necessarily get any less so if you have a ton of it. In fact, it can get even more complex. Even high net worth individuals have stumbling blocks and points of confusion.

GOBankingRates spoke with financial experts who manage high net worth clients to learn about the most common money-related questions people with a lot of wealth ask — and the best ways to answer them.

Retirement Planning: 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.

Bank Refused ‘Deteriorated’ Bills

Sacramento senior, 66, found $6,000 that she lost, Bank Refused ‘Deteriorated’ Bills — how to deposit damaged money

Bethan Moorcraft  Tue, July 30, 2024  Moneywise

Mary Venegas was “flabbergasted” when she finally found an envelope containing $6,000 in cash buried beneath some cardboard boxes in her backyard.

The Sacramento senior thought the money was long gone after losing it four years ago and was “just so happy” to find it, since she’s living on a fixed income and had overdue utility bills to pay.

How does one come to lose a cash fortune in their backyard?

“I don’t know… I’m just a 66-year-old woman who’s very forgetful,” Venegas told CBS News Sacramento, explaining that she’d originally planned to use the money to pay her taxes.

You Can Now Withdraw $1K From Your 401(k) Penalty-Free — but You Still Shouldn’t

Gabrielle Olya  Tue, July 30, 2024  GOBankingRates

As of the beginning of this year, the Secure Act 2.0 allows Americans to withdraw up to $1,000 from tax-advantaged retirement accounts to pay for “unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses” without having to worry about an early withdrawal penalty.

While this can serve as a financial lifeline, some financial experts caution against tapping into your retirement savings to cover emergencies. Here’s why you may want to think twice before making a withdrawal from your long-term savings.

Retirement Planning: 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.

I’m a Financial Influencer: These Are the 6 Most Common Money Questions I’m Asked

Nicole Spector  Tue, July 30, 2024   GOBankingRates

With general financial literacy and better financial planning exploding on social media, millions of folks are turning to financial influencers to get their money questions answered without breaking the bank.

What are people the most curious or confused about? What are they reaching out to financial influencers to find out about? And how do financial influencers answer their queries or point them in the right direction?

GOBankingRates spoke with Jeff Sekinger, a financial innovator and entrepreneur, and the CEO and founder of Nurp LLC. Sekinger courts a following of 1.1 million on Instagram.