Is There Any Point In Me Writing A Will?

 Maurie Backman     Moneywise

Sun, August 18, 2024 I’m 75, in poor health and I scrape by on Social Security alone. Is there any point in me writing a will?

I’m 75, in poor health and I scrape by on Social Security alone. Is there any point in me writing a will?

The average 75-year-old American has about $462,000 in retirement savings, according to the Federal Reserve, but not everyone has the cache needed to ease through their golden years.

Many people reach their senior years with few to no assets. They don’t have savings, they don’t own homes and they’re largely reliant on the money they get from Social Security to cover their living expenses.

I Just Received A $10M Inheritance  What Should I Do?

Christy Bieber  Sun, August 18, 2024  Moneywise

I'm 31, single and just received a $10M inheritance from a parent I didn't know I had — what should I do?

A caller to "The Ramsey Show" experienced a shocking twist when his mom showed up on his doorstep to tell him the two of them had just inherited a fortune — but the news also delivered a major curveball.

"A family friend who she’s known for a long time passed away," the caller told co-hosts George Kamel and John Delony. "This individual left my mother and myself in his will, and according to the lawyer who's handling the estate, it’s worth between $10 million and $14 million."

That sounds like a good thing, but there was more to come. As the caller explained: "In the will, he’s designated me as his son. I’ve never met this man, never met him before in my life."

I’m a Financial Expert: 4 Things You Don’t Know About Your Money

Laura Beck   Fri, August 16, 2024   GOBankingRates

You might think you’ve got a handle on your finances, but there’s probably a thing or two you don’t understand.

GOBankingRates spoke with financial experts to uncover some surprising truths about money that many people overlook. Carlos Rodriguez, director of financial planning at Edelman Financial Engines, pointed to EFE’s 2023 Everyday Wealth in America report, which indicated that 46% of Americans cite personal finances as their top source of stress. That emphasizes the importance of effective financial management for overall well-being.

From investment strategies to the power of small savings, these insights could change the way you think about your hard-earned cash. Here are four things you (probably) don’t know about your money.

Ramit Sethi’s Most ‘Brutally Honest’ Money Advice That Can Impact Your Wallet

Peter Burns  Wed, Aug 14, 2024,  GOBankingRates

When it comes to the topic of money management, suggestions can get complicated quickly. Sometimes, the best financial advice is blunt and straightforward, even if it is a bit uncomfortable to hear.

In a recent video, Ramit Sethi, personal finance expert and New York Times bestselling author of “I Will Teach You To Be Rich,” got frank and gave direct lessons that can help you improve your finances.

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

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.