Every Senior Discount in America

Every Senior Discount in America

We’ve gone through and researched every company in America to see which ones offer discounts to seniors and retirees. Use our searchable database next time you’re stopping in at a store or restaurant to see if they offer an additional 10-50% off what you’re purchasing!

TO READ MORE: https://retirehub.org/every-senior-discount/

16 Things Financial Advisors Never Do With Their Money

16 Things Financial Advisors Never Do With Their Money — and You Shouldn’t Either

Jennifer Taylor  Sat, August 31, 2024   GOBankingRates

Financial advisors to help clients manage their money. As financial experts, they can offer advice on everything from investing to smart spending habits — but it can also be helpful to know what money moves they would never make themselves.

GOBankingRates spoke with a few financial advisors to find out what they would never do with their money. Here’s what they had to say.

Ignore It

“Ignoring your money doesn’t make problems go away, nor does it lead to wealth,” said Christopher D. Musick, CFP, CKA, founder and financial planner at Purpose Financial Planning.

To be intentional with his cash flow, he sets time aside to budget monthly.

“I plan for how much is coming in, and what’s going toward spending, saving, giving, taxes and debt,” he said.  “I also review my accounts regularly, including my investments.”

Use Consumer Debt

“I don’t take on debt to afford my lifestyle,” Musick said.

He said doing so isn’t sustainable.

“Car loans leave you in debt and paying interest on a depreciating asset,” he said. “Carrying credit card debt is even worse, as it often has higher interest rates and is typically used to fund immediate consumption, leaving you with nothing to show for that debt.”

He said consumer debt works against building wealth.

“It takes away from your net worth and constrains your future cash flow,” he said.

Invest My Emergency Fund

“I don’t want to worry about stock market volatility in the midst of an emergency,” Musick said. “My emergency fund is in a high-yield savings account (HYSA), but other options include things like CDs or money markets.”

He said he wants his emergency fund to be liquid, accessible and guaranteed to be there when he needs it.

Forget Taxes

“The last thing I want is to get surprised by a big tax bill in April,” Musick said.

Instead, he keeps a close watch on his earnings throughout the year to ensure he’s withholding enough taxes and determine if estimated taxes are necessary.

“I also look for tax-planning strategies that may help me lower what I owe in taxes now or in the future,” he said.

Keep It All for Myself

TO READ MORE:  https://news.yahoo.com/news/finance/news/16-things-financial-advisors-never-160030886.html

Car Dealers Hate When You Ask These 3 Questions

Car Dealers Hate When You Ask These 3 Questions

Cynthia Measom   Updated Fri, August 30, 2024   GOBankingRates

Buying a car can be stressful. Dealers may use tried-and-true tactics to push you into a quick sale, but knowing the right questions to ask can put you in the driver’s seat.

According to Mark Beneke, co-owner of Westland Auto Sales in Fresno, California, some questions potential buyers ask might make a dealer uncomfortable because they can reveal more about the vehicle’s true condition and history. Here are three questions that some car dealers dislike — and why they’re so important for you to ask.

Can I Take the Vehicle to My Mechanic To Inspect?

Why Ask: Beneke said that a third-party mechanic can provide an unbiased assessment of the car’s condition, potentially uncovering issues the dealer might have overlooked or may not take care of as part of their process. “This will also give you some insight into the attitude of the dealership and their confidence in their work,” he added.

Why Dealers Avoid It: Beneke explained that if a dealer is aware of issues with the car or isn’t confident in the quality of the work they provide, they might be hesitant to allow you to take the car to your own mechanic.

How Long Has the Vehicle Been on the Lot?

Why Ask: “Most dealerships buy their inventory through a form of credit line, so for each day that the vehicle sits on the lot, they are paying and losing the potential to buy and sell other vehicles,” explained Beneke. “Because of this, they may be more willing to negotiate the price to move the inventory.”

TO READ MORE: https://www.yahoo.com/finance/news/car-dealers-hate-ask-3-130004635.html

The Four Biggest Mistakes People Make When Buying A New Car

Edmunds: The Four Biggest Mistakes People Make When Buying A New Car

Josh Jacquot  Updated Thu, August 29, 2024

Car buyers have more tools than ever to get the right vehicle at the right price. Still, mistakes can happen quite easily. Often, car buyers get blinded by emotion or rushed timing. Edmunds’ experts reveal the four biggest mistakes car shoppers often make and offer tips to avoid them.

Trading in a Vehicle with Negative Equity

Being upside down on a trade-in vehicle is occurring with increasing frequency. According to a recent Edmunds report, nearly one in four consumers who financed a new vehicle purchase with a trade-in during the second quarter of 2024 were underwater on their prior car loan.

“Upside down,” “underwater” and “negative equity” are interchangeable terms for a bad situation: All three mean that the car owner owes more on the loan than the vehicle is worth. Not only has the number of upside-down trade-ins grown since 2022, but so has the amount owed on those loans.

If, for example, you are $5,000 upside down on your current vehicle and decide to trade in this car and buy a new one, you will have to pay the price of the new car plus the $5,000 you owe on the current car. Your monthly payments will be much higher because you’re rolling over what you owe on your old car to the loan on your new one.

The best financial solution is to keep your current car longer and continue paying off its loan. Waiting might be challenging — you want that new car, we get it — but if you can at least ensure your trade-in value equals your loan amount, you won’t have to pay extra for the new vehicle purchase.

Rushing Into a Vehicle Purchase

There can be legitimate reasons to expedite a vehicle purchase. Perhaps your vehicle was totaled in an accident, or maybe it broke down and it’s not worth paying to fix. Either way, you’ll need a new car right away. But many shoppers don’t think about doing valuable research beforehand.

There will be new and unfamiliar automotive features and technologies worth knowing about, especially if it’s been a while since you bought a new car. If you take your time, you’ll also be able to get several quotes before you commit to a deal and have time for a vehicle inspection if it’s a used car.

Even if you need to replace your car quickly, it’s often better to find alternative transportation while you research a new vehicle purchase. Renting a car for a few days might cost a few hundred dollars, but that’s better than picking the wrong vehicle or getting suckered into a bad deal.

TO READ MORE:  https://www.yahoo.com/finance/news/edmunds-five-biggest-mistakes-people-112528264.html

5 Types of Financial Advisors — and How To Choose the Right One for You

Boomers: Here Are 5 Types of Financial Advisors — and How To Choose the Right One for You

Kellan Jansen   Thu, August 29, 2024  GOBankingRates

We all need financial guidance from time to time. But the type of advice you need can depend on your age. Baby boomers, for example, often need support with stretching their funds in retirement and creating spending plans.

 If you’re part of this generation and looking for a financial advisor, your search should reflect your goals. This article will lead you through a process that will get you to the right match.

The 5 Types of Financial Advisors

First, it’s worth reviewing how financial advisors earn money from their clients. There are a few different pricing models, and the one you choose could impact the kind of advice you get.

For instance, if an advisor earns a commission on every trade you make and then recommends an unusually large number of trades, that’s a red flag. You might not spot something like that if you ignore how your advisor makes their money.

With that in mind, there are five main types of advisors, based on Securities and Exchange Commission regulations.

Fee-only: These advisors are paid based on the assets they manage for you. They may charge a percentage of those assets, an hourly rate or an annual fee.

Commission-based: These advisors earn a commission based on the products they sell you but may not charge you much, if anything, directly.

Fee-based: These advisors charge fees based on the assets they manage and may still earn a commission.

Registered investment advisors: These firms generally charge an annual account fee or a percentage of assets invested.

Robo-advisors: These automated online platforms offer low-cost investing advice and earn money through various account and trading fees.

You can find financial expertise across each of these pricing models. However, if you want your advisor’s incentives to align fully with your own, it’s a factor to consider.

How To Choose a Financial Advisor as a Boomer

The baby boomer generation spans 18 years, from 1946 to 1964. That means the youngest boomers are nearing retirement, while the oldest may have already been retired for a decade.

Given this gap, it’s no surprise that even people within the boomer generation have substantially different financial needs. However, with the right process, you’ll end up with a great advisor regardless of your needs. Here’s how to get there.

1. Define Your Goals

TO READ MORE: https://www.yahoo.com/finance/news/boomers-5-types-financial-advisors-140038347.html

4 Key Concepts and Strategies From a Finance Professor

Wealth Management 101: 4 Key Concepts and Strategies From a Finance Professor

Cindy Lamothe   Tue, August 27, 2024   GOBankingRates

For most people, managing finances is not the funnest thing in the world. Maybe that’s why you’ve likely postponed it up until now.  And maybe you’re truly interested in making a change but all of the financial jargon out there makes your head swim. How do you get started? What are the basics?

Thankfully, experts understand the challenge and are ready to break it down for you. Below, Robert R. Johnson, Ph.D., CFA and professor of finance at Creighton University‘s Heider College of Business, outlines some of the key concepts and strategies to know when it comes to wealth management.

Start With Limiting Debt

According to Johnson, people would be well served to realize that debt extinguishment should be a priority.

“To quote Albert Einstein, ‘Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.’

Johnson added, “People can put their financial house in order by reducing debt and acquiring assets that grow in value over time.”

He said the fastest way to improve your net worth is to obtain more assets that compound in value (e.g., stocks and CDs) and reduce your debts and interest payments.

“Typically, one should pay down the highest interest rate debt first,” he said. “And that is generally high interest rate credit card debt.”

Understand Not All Debt Is Bad

“Not all debt is bad,” Johnson said. “Some experts would contend that student loans are bad debt, but I disagree. I would categorize modest student loan debt as being good debt.”

In his opinion, student loans get a bad rap.

“There is no doubt that the system has been abused and that some students have accumulated a mountain of debt and have earned degrees that simply won’t provide the earning power to pay that debt back.”

But, used judiciously — and to earn degrees that truly build your human capital and earning power — Johnson said student loans can be essential bridges to career success.

Mortgage debt also can be considered good debt. Johnson cautioned against comparing mortgage interest against investment interest, because mortgage interest is tax deductible.

TO READ MORE:  https://www.yahoo.com/finance/news/wealth-management-101-4-key-170229585.html

If A Neighbor's Tree Falls On Your Property, Who Has To Pay For The Damage?

If A Neighbor's Tree Falls On Your Property, Who Has To Pay For The Damage?

Maurie Backman   Updated Thu, Aug 22, 2024,

This year has already seen a host of named storms. In July, Hurricane Beryl became the earliest category-5 Atlantic storm on record. And in August, Hurricane Debby hammered the Southeast before moving upward to inflict damage on the Northeast.

The National Oceanic and Atmospheric Administration predicts that the coming months are likely to be active ones as far as storms go. In the course of its routine mid-season update, it increased the number of anticipated named storms to 17-24, of which 8-13 could become hurricanes. And given that hurricane season runs through November 30, homeowners in the path of hurricanes and tropical storms could be in for a world of misery.

It’s common for homes to sustain flood damage during a hurricane. And unfortunately, that’s not always covered by a standard homeowners insurance policy. Similarly, major storms tend to send trees flying, which could lead to all sorts of problems.

But what if a tree on a neighbor’s property ends up falling during a storm and causing damage to your property — whether by taking out a chunk of your fence, hitting your roof or falling on your car? Who is responsible for the damage? The answer might surprise you.

Who's Liable For Damages?

Laws regarding liability are more clear in some states than others, but generally speaking, when a tree falls during a storm it’s considered an act of nature. And in many cases, it’s not your neighbor’s financial responsibility, even if it was their tree that fell from their property onto yours and caused damage.

However, there can be exceptions to this rule. If it can be proven that your neighbor knew about structural problems with the tree, or that it was dead or rotted, and they failed to do anything about it, then you may be able to pin them for damages.

For example, say you sent your neighbor a series of emails asking them to take down a dead tree that’s been teetering over your fence. If your neighbor’s response was an emphatic “no” each time, and you have that paper trail, you may be able to use it as evidence against them.

But if a healthy tree falls onto your property, or even an unhealthy tree whose issues were unbeknownst to you and your neighbor, then you might be the one who’s going to have to deal with the damage.

What To Do When A Neighbor's Tree Damages Your Property

TO READ MORE:  https://finance.yahoo.com/news/neighbors-tree-falls-property-pay-105000020.html

23% of Adults Got Most Financial Literacy Questions Wrong

Think You Know Money? 23% of Adults Got Most Financial Literacy Questions Wrong-Test Yourself!

Patrick Villanova, CEPF®  Sun, August 25, 2024

Despite the vast depth of information and education available today, financial literacy isn’t improving among adults in the U.S. A financial advisor can help you improve your financial literacy to better understand your money.

Are you looking for a strong savings rate? Check out SmartAsset's high-yield savings account comparison tool.

On average, American adults correctly answered only 50% of the questions in the 2022 Personal Finance Index, an annual survey conducted by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business.

Since researchers from the TIAA and George Washington University started gauging financial literacy among adults in 2017, functional knowledge hasn’t improved. The area where people struggle the most? Understanding financial risk. Here’s a look at the survey’s findings and some of the questions that were asked.

Financial Literacy Isn’t Improving

An annual survey conducted by TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business found that adults could correctly answer only one-half of the questions, on average, a troubling figure that has remained stagnant over time.

An annual survey conducted by TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business found that adults could correctly answer only one-half of the questions, on average, a troubling figure that has remained stagnant over time.

Unfortunately, this year’s survey and previous studies have revealed that many adults in the U.S. function with a poor understanding of financial topics. On average, U.S. adults answered only 50% of the index questions correctly in 2022, a figure that has remained steady since 2017.

While only 18% of respondents could correctly answer between 76% and 100% of the 28 questions that were posed in this year’s survey, nearly a quarter of adults (23%) incorrectly answered at least 75% of questions. What’s worse, the percentage of adults with poor financial literacy is on the rise. In 2020, only 17% of respondents got three-quarters of the questions wrong.

Assessing financial risk is the one area where functional knowledge is consistently lowest among U.S. adults, the survey found. Only 36% of questions related to risk were answered correctly, a 3% drop from the first survey in 2017.

“Comprehending risk involves, for example, understanding that the expected outcome in a given scenario depends on the range of possible outcomes, the financial implication associated with each outcome and the likelihood of each outcome occurring,” according to the study.

Which financial topic are American adults most knowledgeable about? Borrowing money. On average, 60% of questions related to borrowing were answered correctly, followed by questions focusing on saving (53%) and consuming (52%), the survey found.

Can You Answer These Questions Correctly?

TO READ MORE:  https://www.yahoo.com/finance/news/23-adults-got-three-quarters-143101841.html

7 Money Habits My Richest Clients Live By

I’m a Financial Advisor: 7 Money Habits My Richest Clients Live By

Martin Dasko  Wed, August 21, 2024   GOBankingRates

While it’s easy to assume that many rich people came from money, the National Study of Millionaires, conducted by Ramsey Solutions, discovered that 79% of millionaires in America didn’t receive any inheritance from their families. This means that most rich people have to rely on financial habits that will help them build wealth and keep it, instead of receiving it for free.

GOBankingRates contacted two financial advisors to find out what money habits their wealthiest clients live by. Also, find out how a financial can help you, even if you’re not wealthy.

Rich People Think About More Than Just Saving Money

“The wealthy that remain wealthy don’t just save — they save wisely, invest with discipline and keep their costs low,” said Andrew Latham, a CFP and managing editor at SuperMoney. “They play the long game, focus on minimizing taxes and know the value of diversification.”

Rich clients are known for being diligent about their investments. Since there are only so many hours in a day, you have to ensure that your money is working for you when you’re unable to do so.

Latham added, “It’s not just about earning more, but about holding onto it and letting it grow steadily over time.”

They Live Below Their Means

“Many wealthy people live frugally — driving older cars and living in reasonably priced homes,” said Latham. “Nearly 90% of millionaires are self-made, often living in homes under $500,000.”

Many financial experts recommend that you try to save 20% of your pay so that you can plan for the future. Ramsey Personality Jade Warshaw is a proponent of setting aside 15% of your take-home pay for retirement so that you can have your money work for you. Either way, the richest clients are usually those who have embraced some sort of frugality, so they don’t live above their means, ensuring that they can focus on building wealth.

They Track Their Finances

“The richest clients really pay attention to their expenses and track their cash flow closely,” said Taylor Kovar, CFP and CEO of 11 Financial. “This habit helps them make smart financial decisions and spot areas that might need to be improved.”

https://www.yahoo.com/finance/news/m-financial-advisor-7-money-160040498.html

4 Things You Should Never Put in a Living Trust

4 Things You Should Never Put in a Living Trust

Paige Cerulli   Sun, Aug 18, 2024   GOBankingRates

I’m an Estate Planner: 4 Things You Should Never Put in a Living Trust

A living trust can be a helpful estate planning tool, and it can help manage assets including your personal home, bank accounts, and investment accounts. But there are certain assets that you should never put in a living trust, or you could face tax implications, difficulty accessing funds you need, and other complications.

If you’re exploring creating a living trust, then it’s important to understand how it works and which assets it’s not the right option for.

How a Living Trust Works

Probate, which is the process of transferring your assets after you’ve died, can be time-consuming and expensive. Kelsey Simasko — attorney at Simasko Law in Mount Clements, Michigan — explained that you can use a living trust to help avoid your assets going through probate court. Living trusts may also help prevent family fighting.

“A living trust is essentially just a bucket that says, ‘I (the principal) am creating a bucket and I am in charge of everything in this bucket, and when I die, child A (the trustee) will be in charge of the bucket, and it’s their job to give $10,000 to the church and then split everything equally between my other three children (the beneficiaries),'” said Simasko.

In the above example, when the principal dies, child A will be responsible for selling the house and wrapping up the principal’s affairs, rather than those assets going through the probate process. Simasko explained that a trust offers the benefit of putting protections in place for the other beneficiaries if the trustee sells the house for less than the fair market value, or misuse the money. At the same time, the trustee doesn’t face the challenge of having to get everyone’s approval to do everything.

Cynthia Brittain — partner at Karlin & Peebles, LLP in Los Angeles — explained that a living trust also has important tax and protection benefits. “A trust document can be drafted to incorporate U.S. income and estate tax provisions that are highly beneficial,” she said. “The trust can be drafted such that the trust will shield assets from U.S. estate tax going forward.”

She noted that a trust also provides asset protection at some level on an ongoing basis, and gives the family more privacy than the probate process would.

Things To Never Put in a Living Trust

TO READ MORE:  https://finance.yahoo.com/news/m-estate-planner-4-things-150129110.html

Is There Any Point In Me Writing A Will?

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.

If you’re older with no savings or assets of significant value, then you may wonder if it’s worth writing a will. After all, why spend the time and go through the hassle if there’s nothing to pass down?

You should know, though, that you don’t need a sizable estate for a will to make sense, because it’s not always about the money.

You Still Want Control Over Your Assets

You may sell yourself short, but remember, the things you own may have sentimental value and potentially hidden value. If you want to ensure your belongings go to specific people — whether it’s a grown child, a grandchild or a beloved nephew — then you need a will to spell that out.

Without a will, there’s no telling what might happen to your assets upon your passing. That means the $23 painting your daughter has always loved might not end up with her if you don’t make your wishes clear.

Furthermore, you never know which of your assets might be more valuable than expected. That old piece of jewelry you kept as a gift from a former flame? You might assume it’s worth next to nothing, but an appraisal might reveal that it’s a $1,500 piece. And that $23 dollar painting your daughter loves might be a priceless work of art, like that Dürer drawing bought for $30 at a yard sale.

Even the old clunker in your driveway may be worth something — if not to a new driver, then to a dealer that can sell it for parts. So it’s best to create a will so that there’s no confusion over who gets to inherit your possessions and to also potentially help your loved ones avoid conflict.

An Estate-Planning Step You Can Handle On Your Own

TO READ MORE:

https://www.yahoo.com/finance/news/m-75-poor-health-scrape-115100087.html