7 Levels Of Wealth: What Stage Are You At In 2024 According To Grant Sabatier?

AJ Fabino   Thu, September 26, 2024  Benzinga

In a world where financial anxieties loom, many Americans wonder just how financially secure they are.

For those wondering, Grant Sabatier, a voice in the FIRE (Financial Independence, Retire Early) movement, offers a perspective with his seven-level framework of wealth. The road map, written in his book "Financial Freedom," is a gauge that might resonate with those seeking to understand their financial journey.

Sabatier’s first level, “Clarity,” is about taking stock. For some, it might mean confronting the reality of living paycheck to paycheck, which plagues 78% of working Americans, according to a 2023 Payroll.org survey cited by Forbes.

How Much Inheritance Will Ruin Your Kid?

How generational wealth impacts productivity and happiness

Sean Kernan

When my family lived near the Cavalier Country Club in Virginia Beach, we were the token middle-class family in the neighborhood. Many of the houses had hedged bushes, carefully carved into eccentric geometric shapes, and sports cars sitting unashamed in their driveway, announcing their owner’s achievements to all.

And despite this clear class divide, I got along great with the boys around me. Some were only 10, but had fathers that were entirely grey haired, and mothers who looked barely out of high school. I noticed the peculiarity of it but never connected the dots on what these unions meant.

Some of these boys were well-adjusted and great. Others were quite spoiled, and I often wonder what came of them. They were agitated and disobedient in school, often getting into fights on the playground.

The Downsides Of Buying A House In Cash

Christy Bieber  Sun, September 22, 2024  Moneywise

My financial advisor says I shouldn't pay 100% cash for a house — is it better to take out a mortgage and invest in the S&P 500 instead?

If you have a lot of cash and are considering buying a property, you may be tempted to pay for the home outright. After all, not having a mortgage sounds nice.

But the reality is that it’s not always a good idea to buy your house in cash for many reasons. Before writing a big check for your real estate investment, you’ll want to consider the opportunity costs of tying up your money this way.

Suze Orman Says You Must Do These 3 Things If You Receive an Inheritance

Cindy Lamothe   Sat, September 21, 2024   GOBankingRates

Receiving a financial windfall like an inheritance can be an emotional time — one that might stop you from seeing the bigger picture. As financial advisor Suze Orman said in a recent episode of her podcast, “I think it’s really important that we think about how we invest money today to make the most out of the situation that we have?”

In her episode, Orman outlines the next steps to take if you’re receiving an inheritance for the first time and need help figuring out what to do with the money. Here are her recommendations below for the top three things to do.

 There Are 7 Levels Of Wealth

Chris Clark  Thu, September 19, 2024  Moneywise

‘Financial Freedom’ Author Grant Sabatier Says There Are 7 Levels Of Wealth — What Stage Are You At In 2024?

A shaky economy, job uncertainty and rising everyday costs have Americans craving the financial independence that makes money worries a distant memory.

That might be why so many people are turning to author and personal finance expert Grant Sabatier’s seven-level breakdown to financial freedom.

Sabatier’s list is gaining attention because it ladders the distinct levels of wealth people reach on their path to prosperity. Understanding where you stand on the ladder can inform your next steps toward the final rung: complete money freedom.

Preparing for a Recession? Avoid These 6 Money Mistakes

Nicole Spector  Sun, September 15,  GOBankingRates

There’s been a lot of chatter in recent months that a recession could be about to hit the U.S. economy. Experts are divided on whether or not that will happen, but keep in mind, nobody — not even top global economists — can predict a recession with 100% accuracy.

“Believing that one can predict when a recession is going to occur and how that recession will affect one’s finances is fool’s gold,” said Robert R. Johnson, Ph.D., CFA, CAIA, professor of finance at Heider College of Business, Creighton University. 

Atlanta Woman Loses $120K To Fake Financial Adviser

Danielle Antosz  Tue, September 17, 2024   Moneywise

Here Are The Warning Signs Of Investment Fraud

An Atlanta woman, who chose to protect her identity with the pseudonym Yvonne, was defrauded of her life savings by a fake financial adviser.

Prior to the scam, she said she'd prided herself on her "common sense" and research skills. "My family would be the first to tell people, she’s the ‘go-to,’” she told WSB-TV Atlanta. But now, she’s out more than $120,000.

In an effort to invest for her family’s future, Yvonne decided to contact a finance professional she’d spotted on YouTube. The person appeared to receive glowing reviews on social media.

Mark Cuban’s Unconventional Lottery Advice: What He Says To Do If You Win Big

T. Woods   Tue, September 17, 2024  

GOBankingRates

You’re holding your Mega Millions lotto ticket in your shaking hand. You look up at your computer screen announcing the winning lotto numbers, and then back at your ticket. The numbers match. You’ve just won the jackpot.

While this is the dream come true for any person who’s ever purchased a lotto ticket, it also comes with a lot of potential financial mistakes, risks and dangers. Just what, exactly, are you supposed to do when you come into extraordinary wealth overnight?

I’m a Debt Expert: Here’s How Social Media Warps Our Perceptions of Debt

September 4, 2024 Vance Cariaga  GoBankingRates

Fancy meals, international vacations, luxurious nights out on the town — people share everything on social media. Or so it would seem.

One of the biggest problems with social media is that people only share what they want you to see. They’re not often sharing the difficult things we all go through, or even the mundane day-to-day life moments. And that has the power to skew the way we see all sorts of things — including debt.

This selective sharing can warp our perception of finances, according to Marc Russell, a Financial Literacy Educator, founder of BetterWallet and member of the Financial Board of  National Debt Relief, a company that provides debt settlement and relief services.