Property Theft Is A Genuine Risk
Property Theft Is A Genuine Risk
Christy Bieber Updated Sun, October 27, 2024 Moneywise
What Happens If Someone Sells Your Property In America Without Your Knowledge? It’s a lot more complicated than you might think
If you own a home or property, you need to know how this scam works and what you can do to protect your real estate from dishonest actors.
4 Reasons You Should Never Rely on a Promised Inheritance
4 Reasons You Should Never Rely on a Promised Inheritance
Cindy Lamothe Fri, October 25, 2024 GOBankingRates
Many adult children see their future inheritance as a safety net — a lump sum of money they can rely on for financial security. But that’s the worst way you can think about it, say experts. “Counting on an inheritance to secure your financial future is akin to building a house on quicksand,” said Kevin Shahnazari, founder and CEO of FinlyWealth.
“The foundation is unstable and can disappear in an instant, leaving you vulnerable and unprepared,” he explained. “I’ve witnessed clients who postponed crucial financial planning, banking on a substantial inheritance, only to find themselves in dire straits when that inheritance failed to materialize or was significantly less than expected.
6 Obstacles Women Face While Building Wealth
6 Obstacles Women Face While Building Wealth
Kimberly Lankford Tue, October 22, 2024 GOBankingRates
Women face extra challenges when working toward building wealth. Not only do they tend to earn less than men, but taking time off from work (or reducing their schedules) to raise children or care for aging relatives makes it more difficult for them to save for the future — even though they may need a larger nest egg to help cover their longer life expectancies.
“Women continue to face headwinds that put them at greater risk of not achieving a financially secure retirement — the persistency of the gender pay gap, time out from the workforce for parenting and caregiving, and [the fact that] statistically, women live longer than men, which implies we have to save even more for retirement,” said Catherine Collinson, CEO and president of the Transamerica Institute and the Transamerica Center for Retirement Studies. “These factors can put a woman on a very different trajectory in terms of her long-term retirement savings and retirement outcomes.
Here are obstacles women face when building wealth, and advice to learn what you can do to overcome them.
The Dirty, Four-Letter Word That Keeps the Lights On
The Dirty, Four-Letter Word That Keeps the Lights On
Notes From the Field By James Hickman (Simon Black) October 24, 2024
There’s a really dirty four-letter word that starts with a “C”. No, not that one. This is a word you simply cannot say around Greta Thunberg, otherwise her ears will melt off of her face.
I’m talking about coal. And it’s about to have its moment.
One reason is that global population grows each year, and every one of them needs energy in some way or another—to keep the lights on, to fuel the machines that harvest their food, to power virtually everything that keeps life going.
Rich Americans May Be About To Lose A Tax Benefit They Love
Rich Americans May Be About To Lose A Tax Benefit They Love — and now they're racing to get their affairs in order
Christy Bieber Mon, October 21, 2024 Moneywise
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The clock is ticking for wealthy families who want to take advantage of a major tax break that allows for the tax-free transfer of up to $27.22 million in assets.
The tax break was established by the Tax Cuts and Jobs Act, which was signed into law in 2017, and it is sunsetting automatically in 2025 — so it could disappear for the foreseeable future.
Here's what the tax break is, along with some details on how families are rushing to take advantage of it and some advice on whether you should do the same.
13 Lessons From Millionaires
13 Lessons From Millionaires
Laura Gariepy Mon, October 21, 2024 GOBankingRates
13 Lessons From Millionaires That Financial Planners Use To Help Others Get Rich
Financial planners have seen it all while working with clients — from financial ruin to financial freedom. Over the years, they’ve learned what separates millionaires from those who struggle to get their monetary footing.
Eight of them shared the insights they’ve picked up from clients in the seven-figure club that they now use to help others build the life of their dreams. Here are 13 of those lessons below, and when you’re done, check out these lessons too.
6 Wealth-Destroying Mistakes People Make Every Day Without Knowing It
6 Wealth-Destroying Mistakes People Make Every Day Without Knowing It
Nicole Spector Fri, October 18, 2024 GOBankingRates
When we think about wealth, we tend to think mostly about building and maintaining it. But we need to look at the other side of the equation, too: losing wealth. It’s easier to do than you think, and you could be losing wealth regularly with no idea that you’re doing so.
GOBankingRates spoke with financial experts to learn about wealth-destroying mistakes people make every day, without even knowing it.
A Real Asset With A 12% Dividend Yield
A Real Asset With A 12% Dividend Yield
Notes From the Field By James Hickman / Simon Black October 17, 2024
It’s very hard to overstate just how obliterated the global economy was following World War II. Europe was in ruins, with many major cities having been bombed back into the Stone Age. Japan had literally been nuked.
And just about every economy around the world that still had any manufacturing capacity was pumping out guns, bullets, and bombs; there was hardly any economic activity taking place that wasn’t somehow tied to the war.
It was sort of like Covid— the regular economy was shut down... and governments discovered very quickly that they couldn’t simply turn the global economic machine back on with the flip of a switch.
Do I Need to Worry About Gift Taxes?
Do I Need to Worry About Gift Taxes?
Eric Reed Tue, October 15, 2024 SmartAsset
I Want to Give $50k to My Daughter for a Down Payment on a Home - Do I Need to Worry About Gift Taxes?
Imagine you have $50,000 to give to your daughter and her husband for a down payment on their new home. The question is, will you owe gift taxes because of your generous gesture?
Despite popular framing, the federal gift and estate taxes only apply to very wealthy households. Unless you have approximately $13 million to give away over your lifetime, these taxes likely won’t apply to you.
Financial Role Models of Millionaires: Who Do They Look Up To?
Financial Role Models of Millionaires: Who Do They Look Up To?
Cindy Lamothe Sun, October 13, 2024 GOBankingRates
Many people seeking to grow their wealth may look up to millionaires as a source of inspiration, But who do these wealthy individuals admire?
According to Stephen Greet, CEO & co-founder of BeamJobs, self-made millionaires often seek advice from bold thinkers outside of traditional finance. “While this advice can be valuable for people with lower net worth, it’s crucial to adapt it carefully to fit your financial situation,” he said.
Below are some of the types of financial role models that inspire millionaires.
6 Frugal Habits of the Super Rich and Famous
6 Frugal Habits of the Super Rich and Famous
Caitlyn Moorhead Mon, October 14, 2024 GOBankingRates
In order for you to live frugally, you might want to take a page out of the super-rich. Though it may seem counterintuitive, wealthy people often practice a frugal lifestyle as they only spend their money when they see that money’s worth. In other words, they don’t just throw their money around, but rather make it work for them by forming healthy habits.
No matter if they are just making a good living or they have the net worth of Warren Buffett, the super-rich are also often frugal people. It’s not necessarily about clipping coupons or not using your credit cards, but it is about reshaping your spending habits in order to meet your long-term financial goals. Here are six ways millionaires practice a frugal lifestyle.