Why Keeping The Money Isn’t The Right Move

Why Keeping The Money Isn’t The Right Move

Will Kenton  Tue, September 2, 2025

Someone I don’t know deposited $500 to my Zelle account — is there any harm in just keeping it?

Your phone pings, and you open Zelle to find $500 sitting in your account, but it isn’t from your employer, a friend or anyone you recognize. Instead, it’s from a stranger, sent through Zelle with no explanation. At first, it feels like an unexpected windfall. Who wouldn’t be tempted to think of it as free money?.  But that surprise transfer may not be a lucky break. Money sent to your account by someone you don’t know often signals a mistake or, worse, the beginning of a scam.

And if you decide to keep or spend the funds, you could quickly find yourself in trouble. Understanding why these “accidental” payments happen and how scammers exploit them can help you protect your account and your wallet.

Why Keeping The Money Isn’t The Right Move

Unexpected deposits through payment apps are not gifts. Under federal rules like the Electronic Fund Transfer Act, unauthorized transactions can be reversed if they are reported. That means the money you see in your account could disappear just as suddenly as it appeared, especially if it was tied to fraud. Spending it can leave you in financial and legal trouble.

There is also a strong chance that what seems like a mistake is actually part of a scam.

Internet scams have become widespread. In the FBI’s latest 2024 Internet Crime Report, more than 859,000 complaints were filed with the Bureau, and reported losses to Americans increased 33 percent from 2023 to an eye-watering $16.6 billion.

How the scam works

The way the fraud typically unfolds is simple but effective. Here’s the basic play:

• A scammer sets up a payment app account with stolen credit card information.

• They send money to a random person (in this case, you) making it look like a lucky mistake.

• Shortly after, they reach out, often with a friendly or urgent message: “Hey, I sent you $500 by accident, can you send it back?”

• If you return the money, it doesn’t go back to the stolen card. The scammer has already switched their account to a real card they own, so your “refund” goes straight into their pocket.

• Meanwhile, your bank eventually realizes the first payment was fraudulent and reverses it. That $500 disappears from your account, but the money you sent back is gone for good.

TO  READ MORE:  https://news.yahoo.com/news/finance/news/someone-don-t-know-deposited-120000474.html

You Worked Hard To Build Wealth — Use This 3-Step Checklist To Protect It

You Worked Hard To Build Wealth — Use This 3-Step Checklist To Protect It

June 13, 2025  by  Laura Bogart  GoBankingRates

To say you’ve worked hard would be an understatement. You’re no stranger to pulling a 5 to 9 after your 9 to 5 ends. You’ve met with financial advisors and investment professionals to figure out how to stretch your money and grow it through passive income. What you’ve accomplished at this point in your life is impressive — and now, you’re starting to think about what the next phase might look like.

That next chapter should start with protecting what you’ve built. Just as you mapped a master plan to build your wealth, you’ll need a strategy to safeguard it. While personalized advice from your financial advisor is always smart, these three essential steps can help you prepare now.  

Create an Estate Plan  

An estate plan is a cornerstone of protecting your financial legacy — helping ensure the hard work you’ve put in today will continue to bear fruit long after you’re gone. One of the most powerful ways to protect your assets is to keep them in the family and make sure your loved ones can access them easily and responsibly. 

Start by working with a trusted financial and legal team to create a will or a revocable living trust. A revocable trust allows you to manage your assets while you’re still around and to lay out clear instructions for how those assets should be distributed after your death. It can be changed or revoked at any time, as long as you’re making competent, voluntary decisions. It also spares your heirs the time and expense of probate.

To reduce the emotional and financial burden on your family in a crisis, you should also set up an advance healthcare directive and designate durable powers of attorney for both medical and financial matters. These documents ensure your wishes are honored and take difficult decisions off your family’s shoulders.  

Make Sure You Have the Right Life Insurance  

At a minimum, life insurance is designed to protect your family’s financial future if something happens to you unexpectedly. A policy can help them pay off debts, cover day-to-day living expenses and continue pursuing long-term goals like college or retirement savings.

TO READ MORE:  https://www.gobankingrates.com/money/financial-planning/you-worked-hard-build-wealth-checklist-protect-it/?hyperlink_type=manual

Avoid These 4 Common Mistakes When You Get Rich Overnight

Avoid These 4 Common Mistakes When You Get Rich Overnight

Laura Bogart  Sun, August 31, 2025  GOBankingRates

You’re about to score a financial touchdown. Maybe you’ve crushed it at work and landed a sweet promotion. Perhaps you’ve won a lottery or stumbled into a side hustle that suddenly pays off. As you near the end zone, heart pounding, head full of dreams, you can’t afford (literally) to fumble. Whether you’re blindsided by unexpected taxes or tripped up by bad financial advice, you have a lot to lose if you drop the ball.

If there’s one thing Brandon Copeland, former NFL linebacker turned financial expert, knows, it’s how not to fumble good fortune — whether that’s a game-changing play or a sudden influx of cash.

As founder of Copeland Media and Athletes.org, and the author of “Your Money Playbook,” Copeland now dedicates his time to making financial education more accessible for everyone, from high earners to those just trying to get a handle on their first paycheck.

His financial expertise, shaped both by personal experience and by watching fellow NFL players navigate big contracts, has taught him what to do — and, crucially, what not to do — when you come into some money. As part of GOBankingRates’ Top 100 Money Experts series, he answers Question #16: Why do so many people fumble a windfall, and what moves should I make if it ever happens to me?

YouTube:  https://www.youtube.com/watch?v=XJ2DcWPD7qw

1. Not Taking the Time To Learn About Money

When Copeland is outside tossing the pigskin with his five-year-old son, the little guy doesn’t catch it every time. And despite being a force on the field himself, Copeland doesn’t expect his son to be perfect — after all, he’s still learning. He sees a clear parallel to how most of us approach money.

“Most things in life take practice, and unfortunately when it comes to money, many of us never had the chance to learn or practice those skills,” he said. “We just start earning it. So, it’s not absurd to think, ‘Hey, I’m not going to be perfect at this.'”

To Copeland, a windfall doesn’t just reveal your financial blind spots — it magnifies them. That’s why he’s so passionate about financial education, both in the classroom and through his foundation.

“My goal is to help a younger version of myself,” he said. “I think of the problems I had growing up, where I wanted money, but nobody taught me about it. I was blessed to have a high school football coach who ran a hedge fund and invited me to intern with him.”

That mentorship gave Copeland his first real playbook for success in life — and in finance. It’s one he would carry into teaching financial literacy at the University of Pennsylvania, as well as the nonprofit he started with his wife, Beyond the Basics.

2. Giving in to the Urge To Splurge

TO READ MORE: https://www.yahoo.com/finance/news/avoid-4-common-mistakes-rich-131819561.html

3 Things To Focus On To Make Sure Your Identity Isn’t Too Wrapped Up in Money

3 Things To Focus On To Make Sure Your Identity Isn’t Too Wrapped Up in Money, According to Rachel Cruze

Peter Burns   Mon, September 1, 2025  GOBankingRates

Money is an integral part of everyone’s life. Money allows you to buy things you need to survive and helps you maintain your health. It gives you freedom and opportunities to pursue your dreams. It also gives you security and peace of mind. However, when you have a lot of money, it can be easy to root your entire identity in your finances.

Many individuals believe that purchasing designer clothes, buying sports cars and eating at upscale restaurants can improve their social status, but this leads to an important question: Who are you if you lose everything?

Personal finance expert and co-host of “The Ramsey Show” Rachel Cruze asks herself this question often. She explained that it’s possible to lose everything you have, from your car to your home to your gym membership, so it’s crucial to focus on what truly matters: ensuring you aren’t defined by your possessions. In a recent YouTube video, Cruze recommended focusing on these three things to make sure your identity isn’t just your possessions.

A Higher Purpose

“There are things in life that are so much bigger than you,” Cruze said. Keeping yourself grounded in what’s really important is an excellent way to make sure you don’t lean too much into your wealth and ego.

To Cruze, this relates to religion: “If I am worshiping something so much bigger than me that cannot be taken away, there is value and security in that for me.”

However, you don’t need to be religious to have guiding principles that add meaning to your life.

One type of higher purpose may be self-development. Dedicating yourself to creative arts or lifelong learning can be fulfilling. It’s about the journey rather than the outcome. Self-development improves your mental health, happiness and confidence, allowing you to be more than just the items you own.

Generosity

The second way to make sure money doesn’t control your identity is through generosity.

“If crap hits the fan and you have nothing else, there is something that is built through a generous life that will stay with you forever,” Cruze explained.

Embracing a generous lifestyle when you do have money can help you sustain that spirit when you don’t. Even when you don’t have much, Cruze recommends allocating 10% of your budget toward giving to a worthy cause. When you do this, it shifts the focus off your own problems and reminds you of what you do have and what you can do to help others.

Even if you don’t have money to spare, you can still be generous with your time and effort. An SWNS survey found that out of 2,000 American adults, 54% want to leave a positive mark on the world. You can achieve this by mentoring youth, volunteering, building up your community and motivating others.

YOU TUBE VIDEO:  https://www.youtube.com/watch?v=MWvsJi1Kz0A&embeds_referring_euri=https%3A%2F%2Fwww.yahoo.com%2F&source_ve_path=OTY3MTQ                                

TO READ MORE: https://www.yahoo.com/lifestyle/articles/3-things-focus-sure-identity-141631667.html

‘Check Washing’ Costs Americans Over $1 Billion Each Year, Says USPIS — How To Spot It And Protect Your Money

‘Check Washing’ Costs Americans Over $1 Billion Each Year, Says USPIS — How To Spot It And Protect Your Money

Jessica Wong  Sat, August 30, 2025  Moneywise

Despite seeming retro, check fraud is experiencing a surprising resurgence, with criminals stealing billions of dollars through these schemes.

According to the U.S. Postal Inspection Service (USPIS), "check washing" fraud is inflicting substantial financial damage on Americans. Postal inspectors report intercepting more than $1 billion in fraudulent checks and money orders annually.

Despite the rise of digital financial transactions, thieves are increasingly targeting mail containing paper checks as a vulnerable point in the system.

Using common household supplies, scammers can modify stolen checks by removing the original information and substituting false details before depositing them under assumed identities. Below, we explain their tactics and how to protect yourself.

What is “check washing”?

Check washing is a theft method where criminals steal checks, commonly from mailboxes, and use household chemicals such as nail polish remover or rubbing alcohol to erase the ink. After removing the original information, the thief changes the payee name and amount, cashes the altered check and escapes with the stolen funds.

This scheme, which has been around for decades, has seen a significant increase in incidents since 2021, with check fraud cases nearly doubling according to the FBI's Internet Crime Complaint Center. Postal inspectors warn that this troubling trend is expected to worsen throughout 2025.

Criminal organizations have been identified selling stolen checks on digital platforms and recruiting individuals known as "money mules" to deposit falsified checks into fraudulent accounts, according to NASDAQ Verafin. In a contemporary evolution of this long-established fraud scheme, these stolen checks are now being traded on dark web marketplaces in exchange for cryptocurrency.

Real-world cases show just how quickly it can happen, and victims are losing thousands.

According to ABC7 NY, when Carol Perlman mailed a $656 check, criminals altered it to $9,000. Though her bank eventually refunded the money, they only did so after local media covered her story.

In the same ABC7 NY report, Matt Schick became a victim after depositing a contractor's payment in a street mailbox. Within days, someone had intercepted and cashed it for $7,500.

Fortune magazine reported on entrepreneur Steve, who was stunned to discover that his $310,000 IRS payment never arrived. Thieves had chemically "washed" the check, replacing "IRS" with another name before depositing it. He was forced to pay his taxes again, including penalties and interest, while still fighting with his bank to recover the stolen funds.

TO READ MORE:  Read more: Rich, young Americans are ditching stocks — here are the alternative assets they're banking on instead

FBI, Cybersecurity Experts Warn Of 3-Phase Scam That Is Draining Bank Accounts

FBI, Cybersecurity Experts Warn Of 3-Phase Scam That Is Draining Bank Accounts

Jeremy Tanner  Sat, August 30, 2025 

(NEXSTAR) – A multi-phase scam credited with emptying the financial accounts of numerous Americans – many of whom were nearing the age of retirement – is again making headlines after the FBI recently issued a warning.

Unlike many scams, “Phantom Hacker” attacks often come in three distinct phases, each building on the last to thoroughly convince the victim to allow access to their funds.

“Victims often suffer the loss of entire banking, savings, retirement, or investment accounts under the guise of ‘protecting’ their assets,” the FBI said in a news release.

Aaron Rose, security architect manager at cybersecurity firm Check Point Software, told Nexstar in an email that the crooks often use victims’ personal interests against them. Fans of vintage cars, antique watches or other items might post publicly on social media, making them vulnerable to bad actors.

 “Criminals use personal interests to make their criminal actions appear authentic which decreases the chances of being caught,” Rose said, adding, “AI technology can analyze social media content to detect personal interests and life milestones which allows it to generate messages that seem personalized.”

Since 2024, the scam has reportedly been used to steal over $1 billion in funds, with the majority of victims being at least 60 years old, according to FBI data.

“These attacks are not just simple phone calls or phishing emails—they’re complex operations that involve multiple impersonators, spoofed phone numbers, and coordinated follow-ups,” Scott Davis, chairman of the Cybersecurity Association of Pennsylvania, said in a recent interview. “Seniors are being tricked into believing they’re protecting their money, when in reality they’re handing it straight to criminals.”

‘Tech support’ and the first phase

While pretending to work in tech support for a legitimate company, the scammer will use a phone call, text, email or pop-up window to contact the victim.

Once the victim calls for tech support help, the scammer instructs them to download a program giving access to the victim’s computer. After pretending to check the device for viruses, the scammer will then suggest the victim open financial accounts to look for unauthorized charges.

TO READ MORE:  https://news.yahoo.com/news/articles/fbi-cybersecurity-experts-warns-3-120000759.html

4 Secrets of the Truly Wealthy, According to Dave Ramsey

4 Secrets of the Truly Wealthy, According to Dave Ramsey

Caitlyn Moorhead   Wed, August 27,   GOBankingRates

One of Dave Ramsey’s most consistent pieces of financial advice is that wealth-building isn’t necessarily tied to how much money you make, but rather how you manage what you have. Many people assume that earning a higher income automatically leads to wealth, but Ramsey points out that a disciplined approach to spending and saving is far more important. Truly wealthy people live below their means and when they do spend money, they don’t advertise it.

Essentially, saving consistently is more important than the size of your paycheck or what you splurge on. Known for his no-nonsense approach to personal finance, Ramsey has helped millions of people get out of debt and take control of their financial futures. But what separates those who simply earn a good living from the truly wealthy?

According to Ramsey, “When you quit worrying about what people think and you’re actually living life for you and your family — that causes you to make completely different purchases and live a completely different lifestyle.” Here are key principles that truly wealthy people understand and practice consistently.

They Don’t Dress To Impress

The wealthy don’t leave their financial futures to chance. They create a plan, stick to it and regularly review it, which doesn’t leave a lot of wiggle room for extravagant purchases like designer clothing. Think about some of the billionaires you see in the news — many aren’t dressing like a million bucks even though they have more than a billion bucks.

Ramsey would recommend taking baby steps toward building an emergency fund, paying off debt or investing for retirement well before you spend thousands of dollars on pants or shoes. The truly wealthy know where their money is going each month and it’s not hanging in their closet.

They Don’t Share Their Vacation Pictures

Ramsey is a strong advocate for long-term investing and wealth-building strategies. However, once someone has grown their wealth to be in a place where they are considered rich, they tend not to advertise how much they have or are spending.

Some of the most lavish and luxurious expenses can include trips the wealthy take, but the truly wealthy don’t let you know about those.

Ramsey said, “They enjoy nice vacations but they seldom post them for you to see on Instagram because they didn’t take you on vacation. They wanted to go on vacation.”

They Keep Their Holiday Spending in Check

Generosity is a hallmark of the truly wealthy, and giving often brings even more fulfillment than financial success. However, that doesn’t mean they spend everything they can afford to during the holiday season.

TO READ MORE:   https://www.yahoo.com/finance/news/4-secrets-truly-wealthy-according-110551464.html

Kevin O’Leary: Top 2 Financial Rules From My Mom That I Still Follow

Kevin O’Leary: Top 2 Financial Rules From My Mom That I Still Follow

Gabrielle Olya  Sun, August 24, 2025 GOBankingRates

“Shark Tank” star Kevin O’Leary has built his wealth through entrepreneurship and savvy investing, but he credits his mother for setting him on the right financial path. There are several money lessons his mother taught him throughout his lifetime that still shape how he approaches finances today.

Here are two of the financial rules O’Leary learned from his mom that he thinks everyone should follow.

Keep Your Own Financial Accounts — Even in Marriage

When you get married, you may want to merge all of your finances — but O’Leary learned from his mother that this is not the smartest approach.

“My mother taught me a lot about financial independence,” he told GOBankingRates while discussing his partnership with HelloPrenup, an online prenuptial agreement platform. “She was married twice but kept a secret account from both of her husbands her entire life.”

O’Leary said that his mother started saving 15% of her pay when she was very young and kept that money completely sequestered during her marriages.

“She helped my brother and I through school [with that money],” O’Leary said. “She really believed that in a marriage, both spouses should have their own financial identity. They should never give that up because you don’t know it’s going to happen in marriage.”

TO READ MORE:  https://finance.yahoo.com/news/kevin-o-leary-top-2-201622431.html

The Real Reason Couples Fight About Money

Rachel Cruze: The Real Reason Couples Fight About Money

August 25, 2025  by  Jaime Catmull

Question #2 of GOBankingRates’ Top 100 Money Experts Series

What’s the best way to handle financial disagreements in a relationship?

Who doesn’t love a story that ends with “and they lived happily ever after”? Whether it’s a fairy tale or a rom-com, everyone swoons when the pair that belonged together all along finally heads off into the sunset hand in hand.

Yet the story usually ends at this point. There’s no mention of what that happily ever after really looks like — sharing space, juggling busy schedules and navigating arguments about money.

Part of merging your life with someone else’s means integrating your finances. Depending on your upbringing, personal history and beliefs, you could be bringing some very different money mindsets to the table — and serving up a perfect recipe for conflict.

Fortunately, according to Rachel Cruze, bestselling author and financial expert, achieving that “happily ever after” is possible — even when you’re still figuring out how to manage money as a couple.

GOBankingRates caught up with Cruze to ask why couples fight about money and what they can do to achieve their own financial harmony.

It Goes Deeper Than Dollars and Cents

Sometimes, a fight that seems like it’s all about money isn’t just about dollars and cents. Cruze explained that most financial disagreements stem from deeper emotional issues, like trust, communication and feeling disconnected from your partner.

 “I always say: Money touches every part of your life, from what groceries you buy to the dreams you have for your future,” she said. “So if there’s tension in how you’re handling money, it’s going to spill over into everything else. That’s why I’m such a big believer in working together, not separately.”

Understanding that there are emotional and philosophical factors at play in how you and your partner think about money is key to having practical, productive conversations about your finances. Cruze’s advice? “Stop hiding, start communicating, and get on a plan together.”

TO READ MORE:  https://www.gobankingrates.com/money/real-reason-couples-fight-about-money-how-to-fix-it-rachel-cruze/?hyperlink_type=manual

7 Morning Money Habits To Start Your Day the Frugal Way

7 Morning Money Habits To Start Your Day the Frugal Way

Caitlyn Moorhead  Sun, August 24, 2025  GOBankingRates

Adopting a frugal lifestyle doesn’t have to mean overhauling all of your financial habits. Making a few tweaks here and there to how you spend, save and invest could greatly improve your chances of building wealth.  Whether your goals include funding retirement accounts, paying off debt or just improving your financial health overall, sometimes the way you start the day is the best indicator of how you will finish the personal finance race. The morning offers a unique opportunity to set the tone for a day filled with wise financial decisions, such as these seven morning habits that can help you live more frugally.

Embrace a Home-Brewed Coffee Routine

If before you even open your eyes you are thinking about ways to spend money on coffee, your daily financial plan may already be off to a rough start. Yes, the allure and aroma of a cafe coffee can be strong, but the daily expense adds up quickly.

By switching to home-brewed coffee, you can save a significant amount of money each month, which will perk up your financial future. Invest in a good coffee maker and discover the joy of brewing your own. This is not only more cost-effective, but also allows you to experiment with different blends and flavors.

Plan Your Meals

The food you have at home is here to remind you of the money you’ll save by not making the impulse buy of fast food or ordering out. Meal planning is not just a way to eat healthier; it’s also a fantastic strategy for not depleting your bank account.

Take a few minutes each morning to plan your meals for the day as the little time spent here can save you a large amount of money down the road. This habit prevents impulsive food purchases and helps you stick to a budget. Utilize leftovers and plan meals around what you already have, reducing food waste and grocery bills.

YOU TUBE VIDEO:  Saving without sacrifice

https://www.youtube.com/watch?v=2hLMTb1pFrI&embeds_referring_euri=https%3A%2F%2Fwww.yahoo.com%2F&source_ve_path=OTY3MTQ

Use Public Transportation or Carpool

With everything from tariffs to economic volatility increasing car costs to almost unmanageable amounts, it may be time to evaluate your daily commute and consider inexpensive options like public transportation or carpooling. These alternatives can significantly reduce your fuel costs and wear and tear on your vehicle.

It’s also an environmentally friendly choice that helps both future generations and the future of your retirement plan. And, if public transportation is efficient in your area, it can offer a stress-free time to read or relax before starting your workday.

Practice Energy-Saving Techniques

Speaking of doing better things for both the environment and your finances, mornings are a great time to implement energy-saving habits. Simple actions like turning off lights in empty rooms, unplugging unused appliances and using natural light can reduce your electricity bill.

Also, consider shorter showers to save on water costs. These small changes can lead to noticeable savings every time you pay your monthly bills.

TO READ MORE:  https://www.yahoo.com/lifestyle/articles/7-morning-money-habits-start-141706004.html

A Financial Pro on Managing Money as a Couple

One of You Saves, the Other Spends — Now What? A Financial Pro on Managing Money as a Couple

August 16, 2025  by    Laura Bogart

What’s the best way to manage money with a partner? 

You’re sitting at the breakfast table with your partner. Gazing into their eyes, you think about how much you love them, how much they — to quote “Jerry Maguire” — “complete you,” and how fortunate you are to have them.

Just as you’re about to fall even deeper in love, they open their mouth to tell you they might have, ahem, put a little more on the credit card than they planned. Or perhaps to chide you for not taking your employer match on your 401(k).  

Ah, love. Ain’t it grand? It still can be — even if your money habits clash — when you learn how to balance different financial styles. That process might sound complex and uncomfortable, but according to Emma Johnson, founder of Wealthy Single Mommy and author of “The 50/50 Solution” and “The Kickass Single Mom,” it starts with something simple: listening to each other.  

GOBankingRates caught up with Johnson to get her take on how happy couples can stay happy couples when it comes to managing money together.

YOU TUBE:  https://www.youtube.com/watch?v=dqyl46S4HvM&embeds_referring_euri=https%3A%2F%2Fwww.gobankingrates.com%2F&source_ve_path=OTY3MTQ

Respect Each Other’s Financial Independence  

One of Johnson’s first pieces of advice is to recognize that you and your partner are, well, your own people. You each had fully formed identities and managed your own money before you got together. Acting like a parent or boss with your partner’s finances can only breed resentment.

“Each partner needs some financial autonomy – money you can spend without checking in first,” Johnson said. “You’re both adults.” 

Therapists back this up. Given how often couples argue over money, it’s not surprising that services like Ascencion Counseling include financial advice right on their websites. To keep your financial independence while managing joint responsibilities, you and your partner need to communicate and plan together.

One common approach is to open a joint account for major shared expenses like rent, utilities and groceries, while keeping separate accounts for personal spending. Once you agree on how much each of you will contribute — ideally based on income rather than splitting everything 50/50 — you can still maintain individual control over your own separate accounts.  

This kind of setup gives each partner more confidence in their financial abilities while also minimizing potential resentment. That’s a win-win.

Love Each Other Through Your Differences  

TO READ MORE:

https://www.gobankingrates.com/saving-money/savings-advice/one-saves-other-spends-financial-pro-manage-money-couple/?hyperlink_type=manual