DINARRECAPS8 10/31/24 DINARRECAPS8 10/31/24

How The Rich Stay Rich: The 8 Best Ways To Preserve Your Wealth

Rachel Christian Thu, October 31, 2024 BANKRATE

The ultra-wealthy have a knack for not just getting rich but also staying rich. Many wealthy people start out with a lot more money than the average person, but growing and protecting their money over time can be a challenge. To do this, they often make use of a number of wealth preservation strategies.

You don’t have to already be rich to benefit from these strategies, though. Anyone looking to boost their net worth and make their money last can apply these practices to their own financial situation.

How To Stay Rich: 8 Ways To Preserve Your Wealth

DINARRECAPS8 10/30/24 DINARRECAPS8 10/30/24

7 Steps I Took To Get Out of Massive Debt

Laura Beck Mon, October 28, 2024 GOBankingRates

I’m a Former Shopping Addict: 7 Steps I Took To Get Out of Massive Debt

When Mary H. of Portland, Oregon looked at her credit card statements in 2022, she felt her stomach drop: $100,000 in debt, mostly from years of impulse shopping and living beyond her means. Today, she’s debt-free and sharing her journey to financial freedom.

Here’s how she turned things around.

DINARRECAPS8 10/30/24 DINARRECAPS8 10/30/24

Where Does the Buck Stop?

Victoria Vesovski Tue, October 29, 2024 Moneywise

‘Sitting on their piles of gold’: Adult son outraged his parents, worth $10M+, haven’t offered him help. From midnight diaper changes and years of running on caffeine to those last-minute dashes to buy poster boards and relearning algebra just to help with homework, for decades, parenthood means putting the kids first.

But while you’d drop everything to help them at 4 years old, should the same still hold true at 44?

DINARRECAPS8 10/29/24 DINARRECAPS8 10/29/24

Flood Insurance Isn't Perfect But You Should Probably Buy It Anyway

Claire Boston · Senior Reporter Sat, October 26, 2024 Yahoo Finance

Flood insurance can be expensive and have major coverage limitations when disasters strike. But as climate change increases the frequency of extreme weather, it’s becoming essential coverage even for those who don’t live in traditional high-risk areas.

Recent disasters like Hurricane Helene, which severely flooded inland, mountainous parts of North Carolina, and catastrophic rainfall in central Vermont underscore the risks of flooding in areas far from the coasts. Last weekend, record-setting rain in Roswell, N.M., brought flash flooding that killed two people.

DINARRECAPS8 10/28/24 DINARRECAPS8 10/28/24

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.

DINARRECAPS8 10/27/24 DINARRECAPS8 10/27/24

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.

DINARRECAPS8 10/26/24 DINARRECAPS8 10/26/24

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.

DINARRECAPS8 10/24/24 DINARRECAPS8 10/24/24

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.

DINARRECAPS8 10/23/24 DINARRECAPS8 10/23/24

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

Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience.

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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.

DINARRECAPS8 10/22/24 DINARRECAPS8 10/22/24

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.

DINARRECAPS8 10/19/24 DINARRECAPS8 10/19/24

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.