4 Shrewd Ways to Protect Your Wealth

By Marina Benitez   August 1, 2024  GoBankingRates

Keep your money where it belongs — secure and working for you.

Wealth isn’t about how much money you make, but how much you keep. Whether you’re just starting out or have already built a comfortable nest egg, protecting your wealth can feel like a never-ending game of whack-a-mole. From market fluctuations to unexpected expenses, there’s always something trying to chip away at your hard-earned money.

But don’t worry; we’ve got some clever and easy-to-implement strategies to keep your money right where it belongs — secure and working for you.

I’m a Banking Expert: 6 Mistakes People Make at the Bank During a Recession

J. Arky  Tue, August 13, 2024   GOBankingRates

Economic ups and downs still have lots of people worried about a potential recession. During times of downturn, many people become hyper-focused on the markets, jobs and their own personal finances tied up in banks.

While there might be some desire to move money around or take it out of financial institutions altogether, that could actually end up doing more harm than good on both a macro and micro level.

GOBankingRates reached out to banking experts to understand the six mistakes that people make at the bank during a recession. Here is what we found out below, and you can also check out why a recession is worse for your wallet than inflation.

How Much Cash Should I Have On Hand?  It Might Be Less Than You Think

Ivana Pino ·Senior Writer  Tue, August 13,  Yahoo Personal Finance

According to an analysis by Capital One, 47.8% of American adults make no cash purchases in a typical week. And in the U.S., an estimated 87.4% of all transactions are cashless.

With card and digital payments emerging as the primary payment methods for most consumers, you might wonder how much cash you should keep in your wallet — if any at all.

Here’s a look at the benefits and drawbacks of carrying cash, and how to go about deciding how much you should keep on hand.

5 Steps I Now Take To Protect My Money

I Recovered Financially From Identity Theft: 5 Steps I Now Take To Protect My Money

Cynthia Measom  Mon, Aug 12, 2024  GOBankingRates

When Marissa was a single woman in her 40s, she was going through some medical challenges that required several surgeries and treatments.

“Between procedures, consultations and follow-ups, I found myself writing checks more often, mainly to hospital billing departments, specialist offices and pharmacies,” she explained. “I had trusted that my financial transactions were secure and stayed focused on my recovery, wanting to get back to a normal life.”

Little did she know that she was about to experience a new challenge: a stolen identity.

My Estranged Sister Wants To Borrow Money From Me — But I Don’t Feel Comfortable With That. What Should I Do?

Christy Bieber   Sun, August 11, 2024 Moneywise

Estrangement among family members is hardly uncommon — and money matters can often make the situation worse.

According to research cited by the American Psychology Association (APA), 27% of Americans over age 18 are currently estranged from a relative. Of that cohort, 10% reported an active estranged from a parent or sibling.

Coping with these consequences can be difficult under the best of circumstances. But what happens when your estranged relative — for example, a sister who is in dire financial straits — reaches out and asks you for help? An already tense situation can become even messier.

I’m a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now

July 25, 2024 by  Angela Mae

Roughly 95% of Americans have either a checking or savings account, according to the Federal Deposit Insurance Corporation (FDIC). For many people, a savings account is a great place to keep extra money for a major life event, like a wedding or home purchase, or emergencies.

Savings accounts are generally FDIC-insured up to $250,000, meaning your money is protected against bank failure. The funds are also still accessible but separate enough from your checking account to where you’re less likely to use them for everyday expenses.

US Families Are 'Woefully Underprepared' For The Great Wealth Transfer

Maya Benjamin   Sun, August 11, 2024  Yahoo Finance

The greatest intergenerational wealth transfer in history is underway, and people are unprepared, according to Michael Pelzar, head of investments at Bank of America Private Bank.

"Nearly half of wealthy families don’t have the most basic elements of estate planning in place,” Pelzar said. “What that means is that families are woefully underprepared for that wealth transfer that’ll be taking place.”

Baby boomers alone are projected to pass down over $68 trillion over the coming years. However, Pelzar explained that nearly half of wealthy families do not have the necessary preparations in place, such as a will, power of attorney, or healthcare proxy, to allow for easy inheritance.

Dave Ramsey’s Top 26 Tips That Will Save You From Financial Disaster

Gabrielle Olya  Thu, Aug 8, 2024

When it comes to personal finance, money expert Dave Ramsey is known for having your financial health in mind.

Whether you’re buying your first car or want to start saving for retirement, following Ramsey’s strategic tips can empower you to kick bad money habits to the curb and develop the necessary skills to comfortably reach your goals.

Put yourself on the right track for financial success with his 26 best money tips:

10 Financial Documents You Should Never Get Rid Of — and How It Could Cost You If You Do

Adam Palasciano  Wed, August 7, 2024  GOBankingRates

As you get older, there are so many documents to keep track of. Official government documents, IDs, bank statements, bills, and other important notices can pile up fast.

It can be a struggle to keep everything organized and identify which documents are the most important to preserve. If you’re unsure, there are 10 specific financial and personal documents you must keep forever.

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.