What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot

What You Should — And Shouldn't — Do If You Win The Mega Millions Jackpot, according to an expert

Kate Murphy  ·Reporter  Updated Tue, December 24, 2024  Yahoo News

There’s still a chance — 1 in nearly 303 million — for a lucky winner to score the Mega Millions jackpot, which climbed to an estimated $1 billion ahead of Tuesday's 11 p.m. ET drawing.

While securing the golden ticket is all a matter of luck, holding on to one’s newfound fortune after such a windfall requires some strategy.

In fact, compared to the average American, lottery winners are more likely to declare bankruptcy within three to five years, due to a lack of financial planning.

Yahoo News spoke to Andrew Lokenauth, a personal finance expert and founder of thefinancenewsletter.com, for some tips on what to do, and not to do, if you are the jackpot winner. Some answers have been lightly edited for length and clarity.

Someone just won the lottery jackpot, what should they refrain from doing?

Andrew Lokenauth: One: Don't sign the ticket, because once people know who claimed it, everyone is going to be rushing after you. I would say put it in a safe place, and depending on the state you're in, you can claim it anonymously (Delaware, Kansas, North Dakota, Ohio, South Carolina or Maryland).

Two: Don't tell anybody. This leads back into the first point because you could become the victim of robbery, or people can try to extort you.

Go private until things get under control. You'd want to delete your social media or make it private until you figure things out. Legally change your address to a P.O. box. And get a new phone number and email address, because it can be easy to find both online.

What actions should lottery winners take?

Make digital copies (on encrypted storage) or print copies of your ticket. If you lose it or someone steals it ... these are time-stamped items of proof that you actually own the ticket.

You're going to want to look into hiring six different professionals. The first would be a lawyer, who would help you structure a legal entity [and set up a] trust that protects your money.

Who else should you hire?

TO READ MORE:  https://www.yahoo.com/news/what-you-should--and-shouldnt--do-if-you-win-the-mega-millions-jackpot-according-to-an-expert-154711354.html

5 Toxic Money Habits You Should Stop Right Now

5 Toxic Money Habits You Should Stop Right Now, According to Financial YouTuber Tae Kim

John Schmoll  Sun, December 22, 2024  GOBankingRates

Managing your finances takes work and commitment. Unfortunately, it’s far too easy to betray our goals through inaction or following certain toxic money habits. In some cases, you may need to get out of your own way and determine actionable goals.

Finance YouTuber Tae Kim concurs, acknowledging that some habits hold us back while others benefit us in his YouTube Video.

These are five bad money habits Kim said Americans need to quit.

Blindly Imitating People Around You

People are social creatures and it’s easy to want to follow those around us. This can be incredibly toxic when you apply it to personal finances. We all have different goals, and blindly following the goals of others can leave you open to costly mistakes.

“Just because our friends spend on fancy cars doesn’t mean we have to. Your money values might prioritize different things,” Kim said.

Instead of merely accepting the goals of your friends, ask yourself what you want, then apply that to spending.

Believing You Can’t

It’s easy to assume that it’s only people with letters behind their names that can succeed with money. That is not true, and following this philosophy can leave people open to making poor financial decisions.

You don’t need an MBA in finance to grow wealth or keep spending in check. “Money is like any other skill you can learn,” said Kim.

You simply need to start with something, such as tracking spending. This knowledge helps eradicate fear and breeds confidence that success is possible. Thankfully, there’s an abundance of free tools available online to help you learn how to manage your finances effectively.

Living in Fear

Fear is a debilitating emotion and is one of the worst toxic money fears. It holds people back from taking action to attack goals. As Kim noted, healthy fear has a time and place but it shouldn’t consume our lives or hold us back.

This can be true with investing. A recent poll from Allianz Life revealed that 53% of Americans were hesitant to invest additional money in the stock market for the foreseeable future. That fear may prevent potential losses, but it also prevents potential gains that may greatly benefit their retirement portfolios.

Losing Track of Your Goals

TO READ MORE:  https://www.yahoo.com/finance/news/5-toxic-money-habits-stop-140232413.html

3 Scary Truths About the Future of Social Security

3 Scary Truths About the Future of Social Security

Lydia Kibet  Sun, December 22, 2024  GOBankingRates

For millions of Americans, Social Security isn’t just a paycheck. It’s a lifeline. With many reports that Social Security benefits may run out by 2035, it’s unclear what the future holds. Whether you’re already retired or still years away, you need to know these hard truths about the future of Social Security.

The Program Could Be Insolvent by 2035

What most people don’t get is that Social Security isn’t going bankrupt. It’s running a deficit, which means the program doesn’t have enough cash (coming in from upcoming payroll taxes) to fund benefits fully. For this reason, the Social Security Administration (SSA) has been pulling money from its trust funds to avoid the benefit cuts so far.

As stated by the SSA Trustees report, the current surplus will run out by 2035. However, this doesn’t mean the program will no longer pay benefits. Instead, the program will be able to pay only about 83% of the scheduled benefits. This means your monthly check could be potentially slashed by 17%.

“Policymakers can implement various Social Security reforms to rebuild this surplus, like raising the full retirement age from 66 to 70 or taxing workers on all their earnings,” said Steve Sexton, financial consultant and CEO of Sexton Advisory Group.

“Regardless of whether a surplus is achieved or not via reforms, I wouldn’t recommend leaving this up to chance, and it should motivate individuals who plan to retire in 2033 and beyond to reevaluate their retirement planning strategy. Future retirees should plan to beef up their reserves via other means of retirement income, whether through investments, real estate, part-time work or other income streams.”

According to Taylor Lee, financial advisor at Belmont Capital Advisors, “A scary truth about the future of Social Security is that people are living much longer now and drawing benefits into their 90s, whereas benefits can start as early as 62. It’s common sense that we need to raise the retirement age for Social Security, but no politician is going to do it because they’re afraid to lose votes.”

Inflation Is Eating Away at Benefits

Even if Social Security doesn’t become insolvent, it’s losing its buying power. While Congress adjusts Social Security benefits for inflation each year through the cost-of-living adjustment (COLA), it hasn’t managed to keep up with skyrocketing inflation. This means retirees are losing money each month as their bills surpass their benefits. If inflation keeps outpacing COLA, retirees will lose purchasing power on their benefits yearly.

“A recent analysis by The Senior Citizens League reported Social Security benefits have lost 20% of their buying power since 2010, which means the next generation of retirees cannot realistically depend on their Social Security check to fully support them in their golden years,” Sexton said. “Additionally, as necessities like housing, groceries and healthcare increase, retirees will struggle to afford basic needs if their Social Security benefits don’t keep pace with rising costs.”

TO READ MORE:    https://www.yahoo.com/finance/news/3-scary-truths-future-social-120059678.html                            

What To Do If You Win The Mega Millions Jackpot

What To Do If You Win The Mega Millions Jackpot

Jordi Lippe-McGraw  Sun, December 22, 2024

Did someone ask for a green Christmas?                                                                                                                         

Should someone win the Dec. 24 Mega Millions drawing, they would be waking up Christmas morning with an estimated $944 million in their pocket.

If won, the prize money, which equates to $429.40 million in cash, would be the largest amount won in December and the seventh largest in Mega Millions history.

No winner was named in the Dec. 20 Mega Millions drawing, which featured a jackpot totaling an estimated $825. The winning numbers were 2, 20, 51, 56 and 67, and 19 for the Mega Ball.

The biggest jackpot in Mega Millions history came in 2023, when one winning ticket in Florida earned someone $1.602 billion.

So, what exactly should you do if you find yourself holding the lucky ticket ?

While big paydays have spawned numerous rags-to-riches stories over the years, they have also spelled disaster for some. Not only do most winners have to deal with people coming out of the woodwork looking for a handout, but there have also been cases of bankruptcy, murder, robbery, drug abuse and various legal woes in the wake of big wins.

So, before you start picking out the gold finishings for your fleet of yachts or buying all your friends a set of matching mansions, here’s a list of nine tips on how to handle a mega windfall from people who know what they’re talking about.

1. Establish proof that it’s your ticket

While signing the back of the ticket is one step a winner will want to take, Robert Pagliarini of Pacifica Wealth Advisors once told TODAY it would be smart to take another step in case you ever need to prove it’s yours.

“I would take a selfie with it,” he said. “I would take a video of the ticket and me smiling.”

2. Keep it on the down low.

That selfie or video clip isn’t for bragging on social media. While no one would blame you for wanting to shout from the rooftops that you’re the latest member of the billionaire club, Pagliarini added, “You really want to keep this as private as possible.”

Or as Laura Adams, author of “Money Girl’s Smart Moves to Grow Rich,” once told TODAY, “Other than a spouse or life partner, I wouldn’t tell anyone about your good fortune until after you’ve created a solid plan with the professionals. Well-meaning friends and family may not offer you the best financial advice.”

3. Hire a team of professionals to manage your money

In fact, a man who won $20 million from a Quick Pick ticket in 2014 considers getting professional help his own top tip.

Cameron, who preferred not to reveal his last name when he spoke with TODAY, said, “Get you a financial advisor and get yourself a lawyer.”

Ric Edelman, chairman and chief executive officer of Edelman Financial Services, recommended using a financial advisor “as a buffer with all those who ask you for money — this will help insulate you and protect your relationships.”

4. Don’t accept the prize money right away

TO READ MORE:  https://www.yahoo.com/finance/news/win-1-25-billion-mega-220010350.html

13 Habits of Highly Effective Risk-Takers

13 Habits of Highly Effective Risk-Takers

By Nate Silver   GEAR Newsletter   DEC 19, 2024 4:00 AM

From poker players to venture capitalists, there’s a mindset to making the most of opportunities, and engineering the odds of success.

I played poker professionally before I ever wrote about politics or built an election model. What really fascinates me about gambling is the mindset that drives this behavior—a way of thinking that unites a cohort I call “the River.”

The River is a sprawling ecosystem of like-minded people that includes everyone from low-stakes poker pros to crypto kings and VC billionaires.

 It is a way of thinking—analytical, abstract, competitive, contrarian—and a mode of life. Most “Riverians” aren’t rich and powerful, but rich and powerful people are disproportionately likely to be Riverians.

I call the following the “13 Habits of Highly Effective Risk-Takers.” The quantitative risk-takers of the River and those who take physical risks—astronauts, deep-sea explorers, NFL players—have these traits in common. Based on my research, I hold the view that there is something hardwired in people who seek out risk and wrangle it successfully. How many do you share with them?

Successful Risk-Takers Are Cool Under Pressure

Being calm when other people lose their shit is a rare quality—and one that’s essential for a winning gambler. It doesn’t matter how well you execute in everyday situations—you’ll never reach the top of your craft if you choke when the pressure is on.

They Have Courage

In poker and sports betting, the vast majority of players lose money. To be at the very top requires a careful balance. Overconfidence can be deadly in gambling, but playing poker against the best is not for the faint of heart.

They Have Strategic Empathy

They put themselves in their opponent’s shoes—but don’t mistake this for the touchy-feely kind of empathy. In psychological studies, there’s a negative correlation between systematic thinking—what Riverians are skilled at—and empathetic behavior. Strategic empathy comes up a lot in poker—which is very much both a mathematical game and a people game.

They Are Process Oriented, Not Results Oriented

They play the long game. “Don’t be results oriented” is a mantra ingrained in many poker players. Yes, in the long run, results are what count, but one good thing about the River is that our compensation ultimately depends on objective measures.

TO READ MORE: LINK

How Homebuyers Can Stay Safe In 2025

How Homebuyers Can Stay Safe In 2025

Danielle Antosz  Wed, December 18, 2024  Moneywise

West Virginia couple loses $255K, life savings in real estate scam — how homebuyers can stay safe in 2025

After months of house-hunting, Raegan Bartlo and her husband finally found their dream home in a small West Virginia community just a few hours from Washington, D.C.

But that dream became a nightmare as a few days before the closing, Bartlo received an email she thought was from her title company. The email provided instructions on how to wire the money for closing. She wired the $255,000 down payment as per the email’s directions, ABC 7 reported.

On closing day, she received another email saying her closing time had been moved. When she called her realtor to ask about the change, she received devastating news. The first email wasn't from her title company — and that $255,000 down payment was now gone.

"At that point, my whole world fell apart because I had already wired all of the down payment money for our house,” Bartlo told ABC 7 News. “And that was about $255,000. And so our nest egg, our savings, everything at that moment was gone."

Wiring fraud is becoming an increasing issue

Bartlo was a victim of real estate wiring fraud. This happens when scammers gain access to the email of a title company, mortgage company or realtor. They can see you're due to send a large payment, so they email you to provide wiring instructions. However, those funds go to the scammer's account.

“I just remember shaking a lot and not being able to think straight. To feel like everything you had saved for to be able to have financial stability was just taken,” Bartlo shared with ABC 7. “And what if I didn't have a house? My mother lives with us. Where was she going to go? What were we going to do?”

It's a story that Tom Cronkright, founder of CertifiED, a company that helps prevent wire fraud, said he hears every day. He started his company in 2015 after he lost $180,000 to a wire fraud scam.

“I see it happen daily, if not multiple times a day," he told ABC 7. "The reality of it is these are some of the most sophisticated bad actors that have invested hundreds of millions of dollars into their own tradecraft.”

According to Cronkright, huge, global crime syndicates and cartels are often behind these scams. They hack into banks, real estate companies and law firms to gain information they can use to impersonate a trusted company or person. With that information in hand, they're able to send realistic-looking emails that consumers often don't question.

“The email, that includes the payment request with wiring instructions, isn’t coming out of the blue, it's tacked on to a thread of emails that they've been having for two, three, four weeks,” said Cronkright. “And now they're just saying, ‘Well, instead of bringing a check tomorrow for closing, we need you to send a wire, and here's why’."

Cronkright estimates losses to wiring fraud are close to $5 billion a year. His company has partnered with federal law enforcement to help educate consumers and businesses about the signs of wire fraud scams. But getting the money back is often unsuccessful. To protect themselves, consumers need to know how to spot the signs of wire fraud.

How to protect yourself from real estate wire fraud

TO READ MORE:   https://www.yahoo.com/finance/news/west-virginia-couple-loses-255k-114100120.html

The Fed Saves Its Own XXX at Your Expense

The Fed Saves Its Own XXX at Your Expense

Notes From the Field By James Hickman (Simon Black)  December 19, 2024

Marco Polo never actually set foot on Japanese soil. But that didn’t stop him from writing the most wildly exaggerated tales about the immense, incredible wealth of Japan-- which he called Cipangu.

Supposedly Marco Polo had spoken to merchants and traders who’d been there, but it’s entirely possible he made it all up—typical for Marco Polo and his tall tales.

Nevertheless, about a century and a half later, a young Italian sailor devoured Polo’s writings and became convinced he had to lead an expedition to Cipangu and exploit the unimaginable wealth described in Polo’s stories.

That sailor, of course, was Christopher Columbus. After years of struggling to secure the necessary investment, he finally set sail in 1492. When he landed in Hispaniola, he thought he’d found Asia.

The local chieftain greeted Columbus with gold. So Columbus, channeling his inner Marco Polo, sent a letter home in the spring of 1493 describing the incredible wealth and gold riches of the discovered island.

Word spread quickly—well, as quickly as could be expected in the 15th century. But eventually, other explorers mounted their own expeditions.

In 1521, Hernán Cortés sent gold and silver from Mexico back to Europe, which arrived in Brussels that August. The artist Albrecht Dürer, traveling through Brussels at the time, described the gold pieces as big as the sun, and the silver as big as the moon.

Ten years later, in 1532, Francisco Pizarro ambushed the Incan Emperor, Atahualpa, who had to pay a literal king’s ransom in silver and gold.

Before long, mines across Latin America were producing vast amounts of precious metals, and Spanish treasure ships were crisscrossing the Atlantic, transporting gold and silver back to Europe.

The King of Spain couldn’t believe his newfound wealth. But there was a side effect.

All this new gold and silver flowed into the Spanish economy (and also the economies of other European kingdoms). Yet farmers were growing the same amount of food. Artisans were making the same number of shoes, hats, and clothes.

In short, the supply of goods and services in Europe remained unchanged, yet the supply of money circulating in the economy increased dramatically.

The natural consequence was a bout of inflation that lasted more than a century. Economic historians refer to this period as the “Great Inflation” or sometimes “Price Revolution”.

It’s extraordinary that modern-day “experts” can’t seem to figure out this basic principle.

During the pandemic, the Federal Reserve increased the money supply by trillions of dollars, practically doubling the size of its balance sheet almost overnight in early 2020.

And unlike the Spanish in the 1500s, the Fed didn’t have to mine any gold and silver-- they just push some buttons, and, poof, trillions of dollars of new money.

At the same time, though, throughout 2020-2021, people were told to stay home, cower in fear, and NOT work. This resulted in a DECLINE in goods and services in the economy.

In short-- the supply of money increased dramatically, while the supply of goods and services decreased. The result? Inflation. And the problem still hasn’t been fixed.

The Fed has been playing the ‘hero’ role for most of this year, acting as if they saved the economy and slayed the evil inflation monster once and for all.

Well, the most recent inflation report finally put an end to their hubris. Inflation is up, and even the Fed can’t deny it any longer.

Bizarrely, at this week’s policy meeting, the Fed decided to CUT interest rates... which is pretty much the opposite of what a central bank is supposed to do when battling inflation.

But we’ve already discussed why they’re doing this:: the Fed is saving its own ass at your expense.

Throughout the pandemic, the Fed used its trillions of dollars of newly-created money to buy US government bonds at a time when interest rates were at all-time record lows (i.e. bond prices were at record highs).

But then interest rates rose significantly in 2022, so the value of the Fed’s bonds plummeted. As a result, the Fed’s losses now exceed $800 billion, making it the most insolvent bank in the history of the world.

It’s crazy to think that the most systemically important bank on the planet is insolvent. But that’s the truth.

The only way for the Fed to become solvent again is to inflate the value of its bond portfolio, which means cutting interest rates—even though this won’t arrest inflation and risks making it worse.

Bear in mind, these people failed to anticipate the consequences of printing trillions of dollars and slashing interest rates to zero back in 2020. They failed to notice inflation when it was obvious in 2021. They called it “transitory.” They failed to act.

And when they finally did act in 2022—far too late—they failed to anticipate the consequences of their rate hikes, including the bank failures we saw in 2023.

Now inflation is rising again, but they’re cutting rates. Totally backward policy. It’s sort of like how Congress tries to spend and borrow its way out of debt.

Sure, these people at the Fed are human beings. They’re fallible and will make mistakes just like anyone else. Yet they’ve been so consistently wrong on just about everything... while at the same time their mistakes affect the lives and livelihoods of hundreds of millions of people.

What’s really strange is that this system is completely involuntary. Everyone alive is substantially affected by the Fed’s decisions, but we don’t elect Fed leaders. Only a handful are even appointed by the President. The rest are appointed by commercial banks like Citibank and Bank of America, which technically “own” the Fed.

For a country that claims to be a beacon of representative democracy, it’s crazy that the people who have the most influence over our financial lives are unelected “experts” who have been consistently and woefully wrong at almost every turn.

To your freedom,   James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/the-fed-saves-its-own-ass-at-your-expense-151918/

Cliff-side Villa - $10M In The Bank — With No Heirs. Who Should Get My Fortune?

I’m 79, Live In A Cliff-side Villa In California And Have $10M In The Bank — With No Heirs. Who Should Get My Fortune?

Christy Bieber  Tue, December 17, 2024   Moneywise

A 79-year-old in a villa with $10 million in the bank has a very large potential legacy to leave — but what if there's no obvious person to leave it to?

In His Situation, You Must Take Action.

You need to make an estate plan. Otherwise, default intestacy laws apply. These kick in when someone dies without a will. The law dictates who will inherit, starting with closest relatives and proceeding to more distant relations. However, if no relatives are found, the funds could go to the state.

So how to find a place to leave $10 million after you’re gone? It’s a good problem to have. Read on to find out some potential solutions.

Why wait until you die?

First things first: Remember you do not have to wait until you die to give money away.

Of course, you’ll want to make sure you have plenty of funds to live on and cover medical costs that could climb as you get older. However, $10 million plus a cliffside villa means you have more than enough to provide for yourself for the rest of your life.

Rather than waiting until you pass on, why not do something with that cash now? If you have the interest, time and desire, you could start a charitable foundation of your own. Or you could do things like arrange a scholarship fund with your alma mater, fund a project for a cause you care about, or do anything else you desire.

With a fortune as large as yours, you could contribute an endowment fund to a university, arts organization, research center or other institution. That would allow your investment to grow over time and continually be put back into the community in perpetuity.

Giving a gift to a charity now rather than after you die would allow you to see the benefits of your contributions in real time. That could be one of the best uses of your funds.

Read more: I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 3 of the easiest ways you can catch up (and fast)

Use The Right Estate Planning Tools

Whether or not you decide to give away some cash before you die, the fact remains that you're likely to still pass on with a lot of money left over. If that's the case, working with an estate planning lawyer to decide what to do with it is likely the best move.

TO READ MORE:  https://finance.yahoo.com/news/m-79-live-cliffside-villa-114400951.html    

AI Voice Scams Are On The Rise. Here's How To Protect Yourself

AI Voice Scams Are On The Rise. Here's How To Protect Yourself

Megan Cerullo   Updated Tue, December 17, 2024   CBS News

Artificial intelligence-enabled voice cloning tools have made it easier for criminals to mimic strangers' voices and dupe victims into handing over large sums of money.

For example, a scammer might target a victim posing as their grandchild and claiming they require cash — fast. Older people who might not be as familiar with new technologies such as AI can be particularly susceptible to these types of scams, particularly when the caller on the other line sounds identical to a loved one. Phone numbers also can be spoofed to mimic those of callers known to the target of voice cloning scams.

n 2023, senior citizens were conned out of roughly $3.4 billion in a range of financial crimes, according to the FBI data. The agency recently warned that AI has increased the "believability" or criminal scams given that they "assist with content creation and can correct for human errors that might otherwise serve as warning signs of fraud."

Also commonly known as "grandparent scams," a fraudster will impersonate an individual's loved one and claim they are in trouble, or need cash immediately for some sort of emergency.

"So much of it is based on psychology and hacking the limbic system," Chuck Herrin, field chief information security officer for F5, a security and fraud prevention firm, told CBS MoneyWatch. "They say things that trigger a fear-based emotional response because they know when humans get afraid, we get stupid and don't exercise the best judgment."

How To Create A Family Safe Word

The good news? Cybersecurity experts and law enforcement officials have a simple, but effective, recommendation for avoiding getting victimized by such scams: creating a family "safe word," along with a protocol for verifying a family member or loved one's identity.

That means choosing a word or phrase that can't be easily guessed. Obvious identifiers like a street name, alma mater or other information that may be readily available online are ill-advised, experts say.

"It needs to be unique and should be something that's difficult to guess," James Scobey, chief information security officer at Keeper Security told CBS MoneyWatch. "It shouldn't be something that can be researched online about you or your family. Avoid street names, towns, phone numbers and individual names as part of a pass phrase."

TO READ MORE:  https://www.yahoo.com/news/ai-voice-scams-rise-heres-211554124.html

Kiyosaki Warns That Boomers Will Be The Losers Once The ‘Biggest Crash In History’ Comes

Kiyosaki Warns That Boomers Will Be The Losers Once The ‘Biggest Crash In History’ Comes

Jing Pan   Sun, December 15, 2024  Moneywise

The U.S. stock market has seen clear sailing in 2024, with the S&P 500 up an impressive 28% year-to-date, but Rich Dad, Poor Dad author Robert Kiyosaki sees dark clouds on the horizon — and when the storm hits, it’s the one generation that will feel the brunt of it.

“BOOMERS are SOL: When the stock market bursts … BOOMERS will be BIGGEST LOSERS,” Kiyosaki posted on X.

As a boomer himself, he acknowledged that his generation has been lucky. Data supports that claim, with reports showing that Baby Boomers​​ are likely the wealthiest generation that has ever lived.

But that streak of fortune won’t last forever, he warned. “The biggest CRASH in history is coming. Please be proactive and get rich … before the BOOMER’s go BUST.”

So, how can people prepare? Kiyosaki offered some sage advice.

“If I were a child of a BOOMER … I would nudge my parents to sell their home, stocks, and bonds now … while prices are high … before the CRASH that is coming … and buy gold, silver, and Bitcoin now … before your BOOMER mom and dad move in with you … or expect you to pay for their rising healthcare or funeral costs.”

Precious metals

Kiyosaki’s recommendation to invest in silver and gold is hardly surprising — he has been a vocal proponent of precious metals for decades.

In October 2023, Kiyosaki predicted, “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700.”

That forecast has gained traction. Gold prices surged in 2024, now standing at about $2,700 per ounce.

Silver and gold have long been considered popular hedges against inflation. The reason is simple: central banks can’t print precious metals in unlimited quantities like fiat money.

Kiyosaki revealed that he has been purchasing gold and silver mines since 1985 and now he “literally owns tons of gold and silver.”

These days, there are many ways to gain exposure to gold. You can own bullion, buy shares of gold mining companies or ETFs, or even tap into potential tax advantages with a gold IRA.

Bitcoin

Bitcoin has been another standout performer in 2024, rising approximately 128% year-to-date.

TO READ MORE:  https://www.yahoo.com/finance/news/kiyosaki-warns-boomers-losers-once-113300030.html

Think You're Safe? Identity Theft Could Wipe Out Your Entire Life’s Savings

Think You're Safe? Identity Theft Could Wipe Out Your Entire Life’s Savings

Kurt Knutsson, CyberGuy Report  Fri, December 13, 2024

Identity theft has become a pervasive issue, affecting millions of Americans each year. In 2023 alone, American adults lost a staggering $43 billion to identity fraud. The following story illustrates the devastating impact this crime can have on individuals:

Paula Disberry, a former Colgate-Palmolive employee, was living a comfortable life when she discovered that her 401(k) account had been drained of $750,000. The shock came when she tried to access her account online, only to find it blocked.

A fraudster had impersonated her, changing her contact details and withdrawing her entire retirement savings in a single transaction. Stories like this of financial identity theft are becoming all too common. If you live in the U.S., you’ve likely already encountered one, or worse, experienced it firsthand.

The FBI's Internet Crime Report for 2023 reveals that adults 60 and above accounted for 24.08% of all identity theft claims and suffered 41.46% of the total financial losses. While they may not face a higher risk of becoming victims, the financial toll is significantly greater than any other age group. Older adults, especially those over 60, often feel the impact more deeply. Why? They typically have more assets than younger individuals and are less likely to monitor their bank accounts daily.

Identity theft has been a concern for centuries, with one of the most famous historical impostors being Frank Abagnale Jr. Abagnale claims to have successfully impersonated various professionals in the 1960s, including a Pan Am pilot and a doctor, forging checks and documents to amass a small fortune. His alleged exploits were so notorious that they inspired the film "Catch Me If You Can."

While Abagnale's story is a dramatic example, modern identity theft has evolved into a more pervasive threat, particularly with the rise of digital technology.

The widespread availability of personal information on the web, combined with a lack of regulation preventing companies from collecting data without consent, has made it easier for criminals to exploit personal data. The scale is massive, and the impact can severely disrupt your life and that of your family.

TO READ MORE:  https://www.yahoo.com/tech/think-youre-safe-identity-theft-150050449.html