DINARRECAPS8 10/11/25 DINARRECAPS8 10/11/25

3 Money Rules Every Young Person Should Know

I Was a Millionaire by 26: 3 Money Rules Every Young Person Should Know

Laura Bogart Sat, October 11, 2025 GOBankingRates

It isn’t easy being in your 20s. Apart from all the challenges of emerging into adulthood, like figuring out your values and creating meaningful relationships, you’ve also got to build the scaffolding for your future — especially when it comes to your finances. You want to build real wealth, but you don’t have much experience managing money. What do you do?

As part of GOBankingRates’ Top 100 Money Experts series, we asked Ryan Scribner, a personal finance expert and YouTube personality who became a millionaire by age 26, to share his insights on how people can start building wealth in their 20s. His answer isn’t about flashy stock picks — it’s about building a foundation of financial knowledge that pays off over time.

I Was a Millionaire by 26: 3 Money Rules Every Young Person Should Know

Laura Bogart Sat, October 11, 2025 GOBankingRates

He distilled that guidance into three simple rules to help 20-somethings get started.

1. Use Your Free Time To Learn About Finance

When Scribner was in his early 20s, he says he was “obsessed with learning about building wealth.” Emphasis on learning. Even if you don’t have much money to start investing, you have one resource in abundance: time. So use it wisely.

He invested in himself, spending hours studying real estate and private equity — knowledge that would serve him well later in life. He suggests other twenty somethings take advantage of free resources such as their local library to study topics like investing and retirement savings.

“As a young person, you probably have a lot of time on your hands but maybe not a lot of money,” he said. “However, a lot of young people make the mistake of focusing too much on trying to invest the small amount they might have right now. The way I think about it is, you can invest your time or your money — sometimes both.”

Building knowledge now helps you make better decisions with your money once your income grows.

2. Understand That Big Risks Don’t Always Equal Big Rewards

One common misconception Scribner sees among other young people is the idea that taking huge risks is the only way to get huge returns.

DINARRECAPS8 10/11/25 DINARRECAPS8 10/11/25

The Worst Financial Gifts To Give To Your Kids

September 16, 2023 The White Coat Investor

Parents with fantastic intentions often hurt their children by giving terrible financial gifts. Here's how to change that.

PIMD welcomes the White Coat Investor. WCI is a physician-specific personal finance and investing website. The White Coat Investor can help you to become financially literate and disciplined, which will allow you to spend your time and effort on your patients, your family, and your own wellness. WCI truly believes that a financially secure doctor is a better partner, parent, and practitioner. White Coat Investor is an affiliate partner of PIMD.

As a general rule, parents love their kids and would do anything for them. However, due to a lack of financial literacy, many parents with fantastic intentions end up hurting their children. Here are some of the ways they do that.

The Worst Financial Gifts To Give To Your Kids

September 16, 2023 The White Coat Investor

Parents with fantastic intentions often hurt their children by giving terrible financial gifts. Here's how to change that.

#1 A Car

I'm sure there are people who think it is a bad idea to give your kid a car because it will spoil them. That's not what I'm talking about. If you really want to spoil them, knock yourself out (actually we'll get to this under #6).

What I am talking about is giving your kid a car that isn't yet paid for. Yeah, some people do this. Can you believe it? They go down to the dealership, put down a $300 down payment, sign up for some loan payments, and then get the car for their kid. Along with the responsibility to make the payments! Uhhh . . . thanks, Mom. I guess it could be worse. They could have signed you up for a lease.

#2 Whole Life Insurance

Another common situation is a parent who bought their kid a whole life insurance policy at birth. It would stand to reason that if you're buying baby food and life insurance from the same company, one of the two probably isn't a very good product.

Despite that, I keep running into people in their 20s and 30s who have just been given a whole life insurance policy and asked to take over the payments. Their parents have been making monthly payments on these for 2-3 decades, but the surrender value is only a four-figure amount at this point and the child is basically being asked to pay a two- or three-figure amount every month for the rest of their life.

It wasn't a good policy to start with. It doesn't address any financial need they actually have (because the face value is usually something like $20,000). And now they have no idea what to do with it, so they just start making the payments too!

DINARRECAPS8 10/9/25 DINARRECAPS8 10/9/25

Podcast: Even at $4,000 Gold the Miners Are Ridiculously Cheap

Notes From ther Field By James Hickman (Simon Black) October 8, 2025

Yesterday we wrote that with gold topping $4,000, it’s time to step back and look at the big picture—and the fundamentals haven’t changed.

Foreign governments and central banks hold about $10 trillion in US denominated reserves. But for years they’ve been trading this paper for gold— because it is their only realistic alternative.

Podcast: Even at $4,000 Gold the Miners Are Ridiculously Cheap

Foreign governments and central banks hold about $10 trillion in US denominated reserves. But for years they’ve been trading this paper for gold— because it is their only realistic alternative.

Why are they searching for an alternative? Because they are losing confidence in the US government.

The debt, the political dysfunction, the weaponization of the dollar— these all make them less excited about loaning money to the US government.

And their steady buying of gold is what pushed it to these levels.

Those catalysts have not gone away, and if anything, are stronger than ever.

When a few hundred billion in demand can double the price of gold, imagine what happens if even a small portion of the remaining trillions rotate into gold.

Does 5% of dollar reserves shifting into gold translate to $10,000 gold? 20% re-allocation to $20,000 per ounce?

We don’t know exactly, but these numbers are not fantastical. There’s still enormous room for upside.

In the short term, of course, we can see plenty of noise.

Markets respond to headlines—like the new prime minister of Japan openly calling for more money-printing. Any environment like that naturally drives gold higher.

But at the same time, we’re seeing signals that a correction could be near—a stampede of new individual investors, record inflows into large gold ETFs, and a drop off in jewelry sales.

There are some classic signs of a short-term top.

But we don’t focus on short term trading. We always look at the long term big picture. And the long-term trend remains solidly intact.

So does the most important story of all right now: the much ignored mining sector.

Even after a massive run, many gold miners are still deeply undervalued relative to the long-term intrinsic value of their businesses.

One company featured in our premium investment research is up 5x in the past year. Yet even if gold fell back to $3,000, it would still be turning enough profit to trade at just four times earnings.

It’s debt-free. It pays a dividend. And it offers massive downside protection.

So while no one has a crystal ball—and we can’t tell you what happens tomorrow—the reality is that the mining, drilling, and service companies behind this bull market remain absurdly cheap.

That’s an opportunity to take seriously.

We dug into all of this in our latest podcast which you can listen to here.

For the audio-only version, check out our online post here.

Finally, you can find the podcast transcript for your convenience, here.

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

https://www.schiffsovereign.com/podcast/podcast-even-at-4000-gold-the-miners-are-ridiculously-cheap-153684/?inf_contact_key=1f919ccb60db55e5bf8b1f2fa4927e1ab51161ba063939a3213f94f46454e7e9

DINARRECAPS8 10/8/25 DINARRECAPS8 10/8/25

More Money, Literally More Problems: Unique Estate Planning Concerns for the Ultra Wealthy

Patrick Villanova, CEPF® Thu, September 21, 2023

In the realm of personal finance, estate planning stands as a paramount consideration for those who have amassed substantial wealth. For ultra-high-net-worth individuals – people with over $30 million in investable assets – the complexities and implications of legacy planning become even more pronounced. While it’s often tempting to delay such discussions, proactively managing your wealth’s future distribution is essential to ensure a seamless transition for your beneficiaries. A financial advisor may be able to help you manage your wealth and create an estate plan tailored to your needs.

More Money, Literally More Problems: Unique Estate Planning Concerns for the Ultra Wealthy

Patrick Villanova, CEPF® Thu, September 21, 2023

Importance of Proper Estate Planning

Estate planning is a powerful gear in the engine of wealth management and preservation. It establishes mechanisms like trusts, which cater not only to the future needs of heirs but also ensure your assets are distributed according to your wishes. A well-drafted plan clearly outlines the distribution of assets, minimizing the chance of disputes and legal battles. This not only preserves family relationships but also reduces stress during an already challenging time.

Without precise planning, heirs could also face taxing burdens and legal puzzles that can whittle down the value of their inheritance.

Additionally, estate planning offers a chance to express one’s healthcare preferences through documents like living wills and medical powers of attorney. These documents ensure that an individual’s medical wishes are respected, even when they are unable to communicate their desires.

Unique Estate Planning Concerns for the Wealthy

If you’re ultra-wealthy, the complexity of your wealth demands a more intricate plan than what the average person or even high-net-worth individual may require.

Ultra-high-net-worth individuals often possess wealth that spans multiple generations. Ensuring this wealth endures and thrives requires strategic estate planning. Structures like family limited partnerships (FLPs) and generation-skipping trusts can be employed to efficiently pass assets to grandchildren, avoiding excessive taxation while maintaining family control over assets.

Many affluent individuals also hold a deep commitment to philanthropy. Establishing charitable foundations or trusts can allow you to leave a lasting impact on causes dear to your heart.

Collections of art, rare cars or other unique assets may require special attention. Estate planning must account for their valuation, distribution and potential capital gains implications. Proper planning can ensure these assets are handled with care and integrated into the overall estate plan, underling the importance of this process.

Tip #1: Save By Gifting

Rather than being just a kind gesture, gifting is a proven strategy that enables you to transfer wealth during your lifetime, reducing the size of your estate and potential estate tax. In 2023, the IRS permits you to gift up to $17,000 ($34,000 for married couples) to as many people as you want per year. Individual gifts that exceed this annual limit count against your lifetime gift and estate tax exemption, which stands at $12.92 million in 2023.

Estates larger than $12.92 million are subject to the federal estate tax, which ranges from 18% to 40%. While the average estate won’t be subject to this tax, the estates of the ultra-wealthy often are, underscoring the importance of strategic gifting.

DINARRECAPS8 10/8/25 DINARRECAPS8 10/8/25

This Is the Top Reason You Go Broke After the Holidays

Cindy Lamothe Tue, October 7, 2025 GOBankingRates

The holidays have a way of sneaking up on your budget. Between shopping for the perfect gifts, splurging on fancy dinners, decorating the house and booking last-minute travel, it all feels justified in the spirit of celebration.

But then January rolls around, the glitter fades and suddenly your bank account looks a little scarier than the holiday credit card bill itself. According to CNBC, Americans are “wired” to overspend during the holidays.

This Is the Top Reason You Go Broke After the Holidays

Cindy Lamothe Tue, October 7, 2025 GOBankingRates

If you’ve ever wondered why it feels so easy to go broke right after the holidays, you’re not alone. And while overspending on gifts plays a role, there’s another factor that harms your finances — and it might not be what you expect.

Credit Card Minimum Payments Eat Up Your Budget

If you’re paying for lots of holiday costs with credit cards, that could catch up with your budget come January. That could be especially the case if you’re making only minimum payments.

The spending feels fun in the moment, according to Ashley Akin, CPA, a tax consultant specializing in tax compliance services and senior contributor at CEP DC, but when the bills arrive in January, reality sets in.

“People often underestimate how fast interest adds up and how much of their monthly budget gets eaten by minimum payments,” he said.

What felt like a few extra gifts or one big trip can take months to pay off.

It’s Not Just About the Balance

Akin noted that the financial wreck happens because credit card debt is not just about the balance. “It pushes other expenses aside, creates stress and makes it harder to save,” she said.

If a family is already stretched thin, those extra bills can trigger late fees, overdrafts or borrowing from one card to pay another. That cycle is what breaks budgets.

The Way Out Starts Before the Season

DINARRECAPS8 10/7/25 DINARRECAPS8 10/7/25

10 Genius Things Warren Buffett Says To Do With Your Money

September 21, 2025 by Elyssa Kirkham

Warren Buffett is commonly referred to as the most prophetic and respected investor of all time. He is also known for his folksy charm and memorable quotes about the art of investing. As the “Oracle of Ohama” has an estimated net worth of around $150 billion, the proof is in the pudding.

10 Genius Things Warren Buffett Says To Do With Your Money

September 21, 2025 by Elyssa Kirkham

When you’re aiming to reach the top of the mountain and want a competitive advantage, it’s usually wise to follow the footprints of those who have successfully made the climb before you, to the tune of billions of dollars. Your odds of investing success can increase exponentially if you learn and apply Buffett’s best investing tips.

Never Lose Money

One of the most popular pieces of Buffett advice is as follows: “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.” If you’re working from a loss, it’s that much harder to get back to where you started, let alone to earn gains.

Get High Value at a Low Price

Another key principle Buffett has shared is, “Price is what you pay; value is what you get.” Losing money can happen when you pay a price that doesn’t match the value you get — such as when you pay high interest on credit card debt or spend on items you’ll rarely use.

Instead, live modestly, or in the case of stocks Buffett recommends when approaching your investment strategy, start by looking for opportunities to get more value at a lower price. “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down,” he wrote.

Form Healthy Money Habits

In an address at the University of Florida, Buffett said, “Most behavior is habitual, and they say that the chains of habit are too light to be felt until they are too heavy to be broken.” Work on building positive money habits — and breaking those that hurt your wallet.

Avoid Debt, Especially Credit Card Debt

Buffett built his wealth by getting interest to work for him — instead of working to pay interest, as many Americans do. “I’ve seen more people fail because of liquor and leverage — leverage being borrowed money,” Buffett said in a 1991 speech at the University of Notre Dame. “You really don’t need leverage in this world much. If you’re smart, you’re going to make a lot of money without borrowing.”

Buffett is especially wary of credit cards. His advice is to avoid them altogether. “Interest rates are very high on credit cards,” Buffett once said. “Sometimes they are 18%. Sometimes they are 20%. If I borrowed money at 18% or 20%, I’d be broke.”

Keep Cash on Hand

DINARRECAPS8 10/7/25 DINARRECAPS8 10/7/25

$4,000 Gold: Is It Time To Sell?

$4,000 Gold: Is It Time To Sell?

Notes From the Field By James Hickman (Simon Black) October 7, 2025

You’d think Charles de Gaulle would have been a little bit more grateful to America.

As head of the Free French Forces during World War II, de Gaulle was essentially a leader in exile, and he had to base himself in England for the majority of the war after the Nazis took Paris.

It was only because of the sacrifices made by American troops-- and exceptional generosity from US general Dwight Eisenhower-- that de Gaulle was allowed to enter Paris on August 25, 1944.

$4,000 Gold: Is It Time To Sell?

Notes From the Field By James Hickman (Simon Black) October 7, 2025

You’d think Charles de Gaulle would have been a little bit more grateful to America.

As head of the Free French Forces during World War II, de Gaulle was essentially a leader in exile, and he had to base himself in England for the majority of the war after the Nazis took Paris.

It was only because of the sacrifices made by American troops-- and exceptional generosity from US general Dwight Eisenhower-- that de Gaulle was allowed to enter Paris on August 25, 1944.

America had already done all the fighting. But de Gaulle marched through the streets in triumph as if he had personally won the war.

The US government then went on to cement his power, so de Gaulle became head of France’s post-war provisional government, then later French president. France also received billions in aid from the Marshall Plan, courtesy of US taxpayers.

The guy pretty much owed his entire political career, not to mention the liberation and economic solvency of his country, to the United States.

But de Gaulle’s ego was far greater than his sense of gratitude; in fact in his own memoirs he compared himself to Joanne of Arc. He even whined that he didn’t receive enough US support.

The ultimate disrespect came on February 4, 1965. De Gaulle called a press conference to criticize America’s “exorbitant privilege” in global finance, concluding that the world needed to return to a classical gold standard.

Ever since July of 1944, the world had been on the “Bretton Woods” system. Every currency was pegged to the US dollar, and the US dollar was pegged to gold at a price of $35 per ounce.

Having the global reserve currency meant that America could finance its government deficits by simply printing more money. This is still the case today. De Gaulle was jealous of this benefit, so he tried wrecking the financial system.

In addition to demanding a return to the classical gold standard, de Gaulle also insisted that the US government redeem France’s dollar reserves for gold.

The idea caught on. Governments around the world, along with financial speculators and investors, started paying attention… and many began trading their dollars for gold as well.

This trend picked up steam over the next several years until, finally, in 1971, Richard Nixon shut it down… announcing that the United States would no longer redeem US dollars for gold.

The gold price naturally started to rise. Within a few months, gold was already above $40, up 13.5%. It reached $60 in 1972 (up 42%), nearly $100 in 1973 (up 66%), and $180 in 1974 (up 80%).

It’s not hard to understand why. Inflation was soaring. The world was a geopolitical hot mess. Then there was the Nixon political scandal at home. Uncertainty abounded, and gold was the remedy.

But then something interesting happened: Congress passed a law finally allowing private ownership of gold.

It seems crazy today, but ever since 1933, it had actually been illegal for Americans to own gold. Congress reversed this in 1974.

So just imagine you’re an average American in the 1970s watching gold rise more than 5x, from $35 to $180… but you can’t do anything about it because it’s illegal to buy. Then suddenly the law changes. Almost overnight, US investors started aggressively investing in gold.

Back then, of course, people didn’t have brokerage accounts, let alone access to futures exchanges. And there were no ETFs.

So instead people bought physical gold coins-- Krugerrands, Eagles, etc. And there was booming demand for a while.

But right around this time, large investors, hedge funds, etc. started feeling like gold was overbought… and that the price had risen too far, too fast. So they started selling. In fact many funds were selling as small retail investors were buying.

And as you can imagine, the gold price soon started to fall; in fact the correction lasted roughly 18 months. Gold eventually hit a low of ~$100 in August 1976-- a drop of more than 40% from its record high in 1975.

Yet even though speculators were selling, the fundamentals of gold had not changed.

Specifically, foreign governments and central banks were still seeking to diversify from their US dollar holdings. And more importantly, the US government financial condition was still atrocious.

So after an 18-month hiatus, the gold price started rising again in August 1976… from ~$100 to $800+ in December 1979.

So even though gold had reached a record high in 1974, people who understood the long-term fundamentals, i.e. why the gold price was going higher, saw an additional 4x return. People that were smart enough to buy more when the price fell did even better-- 8x in less than four years.

And people who sold their gold in 1975 missed the rise from $185 to $850.

Gold just hit $4,000 today. It’s up more than 50% in a year, and up 100% in two years. So is it time to sell?

In our view, this is like 1975 again. Gold may be overbought now; after all, nothing is supposed to go up (or down) in a straight line.

We’re also seeing interesting data from ETFs. The “GLD”, for example, the world’s largest gold ETF, is seeing record inflows, including more than $2 billion in a single day last month.

This is a sign that, just like 1975, individual investors are piling in to gold after sitting on the sidelines for the past few years.

Strong, sudden retail demand is often a top signal, at least temporarily. And it’s possible that there could be a short-term correction.

But even if that happens, it doesn’t change the fundamental story of gold. Just like the 1970s, foreign governments and central banks today are aggressively diversifying their US dollar holdings, and gold is the most convenient asset for them to buy.

We don’t believe this has changed at all. Foreign governments and central banks might pull back on their purchases temporarily to see what happens in the market. But long-term they are still strong buyers of gold thanks to the US government’s terrible fiscal trajectory.

And despite any short-term corrections, this is what will ultimately drive gold prices higher over the next several years.

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

https://www.schiffsovereign.com/trends/4000-gold-is-it-time-to-sell-153676/?inf_contact_key=a0098e0fbdc4e230a5f948ef216876ecb35f7cb4f843dbaf82489fd4b96e6293

DINARRECAPS8 10/6/25 DINARRECAPS8 10/6/25

Where Should Americans Keep Cash Now That The Fed Is Cutting Rates?

Where Should Americans Keep Cash Now That The Fed Is Cutting Rates? The answer is a lot simpler than you think

Vishesh Raisinghani Sat, October 4, 2025 Moneywise

In September, the Federal Reserve Open Market Committee delivered a long-anticipated cut to the federal funds rate. The benchmark interest rate is now in the range of 4%-4.25%. The board also signalled further rate cuts ahead, and the market now expects the rate to drop as low as 3.25%-3.50% by 2026, according to Morningstar. [1]

Where Should Americans Keep Cash Now That The Fed Is Cutting Rates? The answer is a lot simpler than you think

Vishesh Raisinghani Sat, October 4, 2025 Moneywise

In September, the Federal Reserve Open Market Committee delivered a long-anticipated cut to the federal funds rate. The benchmark interest rate is now in the range of 4%-4.25%. The board also signaled further rate cuts ahead, and the market now expects the rate to drop as low as 3.25%-3.50% by 2026, according to Morningstar. [1]

Simply put, we’ve entered an easing cycle which should benefit borrowers across the country. But if you’re a saver or lender, these rate cuts mark the end of an exceptionally lucrative era. If you’re a retiree or someone living off passive income, it may no longer be easy to generate high returns.

However, the simple truth is that you should probably keep cash in the same places you should have kept them before. Your emergency fund and other savings that you want easy access to should always be kept in safe, low-risk, liquid assets. Money that you won’t need in the short-term can go towards long-term investments that earn higher returns, like stocks.

If you haven't been optimizing your savings based on your needs, there are a wealth of options beyond simple savings accounts worth investigating for higher rates.

As of October 2, it’s still possible to get a 5% yield on a high-yield savings account at some online banks like AdelFi and Varo. This is an attractive yield for any cash you need to park temporarily, but the rate could decline if the Fed continues to cut rates.

If you’re looking for attractive interest rates for your cash savings, here are some other assets you should consider.

DINARRECAPS8 10/4/25 DINARRECAPS8 10/4/25

11 Overlooked Risks That Could Ruin Your Financial Stability

By Claire Conway Jun-12-2024

Financial pitfalls can throw a monkey wrench into even the most responsible person, which is why everyone should be aware of hidden threats that can derail your financial security. People reveal what unexpected life changes can turn your life upside down. Have you experienced any of these hidden financial threats?

11 Overlooked Risks That Could Ruin Your Financial Stability

By Claire Conway Jun-12-2024

1. All Homeowner-related Expenses

Where do I begin? Owning a home comes with endless potential repairs, from heat and water pumps to air conditioning, flooring, and roof repairs (and everything in between). Although owning a home is a significant life milestone, even the most frugal homeowner confesses that the expenses quickly pile up and easily turn a secure financial situation upside-down.

2. Missing a Credit Card Payment

In school, you learn about world history, calculus, and home economics, but you aren’t taught one of the most important life lessons: Paying your credit card payments on time. One of the most severe financial penalties you can face is failing to make the minimum monthly payment on your debt, causing interest rates to spike and your credit score to plummet. For many Americans, missing a credit card payment is catastrophic.

3. Car Loans

If you’re ever applying for an auto loan, always focus on the out-the-door cost of the vehicle you want to buy. The dealership will always push you toward lowering your monthly payment, even if there are better ways to navigate the loan. The longer your loan is, the more you’ll pay in the long run for your vehicle. Don’t fall for the “lower monthly payment” trick because it will cost you far more money in the end.

4. Losing Your Job

Nobody plans on ever losing their job, but sometimes, the unexpected happens. Getting laid off greatly affects your income, but nobody ever plans for it. After all, we misguidedly believe it will never happen to us. But trust me, your life can change in the blink of an eye when your “steady income” is suddenly ripped away! Obviously, an emergency fund is handy in times of unemployment, but that’s another aspect of financial wellness that many people underestimate.

5. Your Spouse’s Pension Ending

Unfortunately for married people, when one person passes away, their financial benefits cease to exist as well. One woman specializing in finding work for older Americans knows how hard it can be. “I’ve seen firsthand too often when the husband dies, the pension stopped,” one woman attests. “It sucked helping older women find jobs, especially when they had no experience in any job. We had to provide training in soft skills, too, like showing up at an exact time.”

DINARRECAPS8 9/30/25 DINARRECAPS8 9/30/25

The 6 Most Important Pieces Of Financial Advice

The 6 Most Important Pieces Of Financial Advice

Michelle Mastro Sun, September 28, 2025 Business Insider

I've worked in global banking for 25 years. These are the 6 most important pieces of financial advice I tell family and friends.

Racquel Oden has worked in global banking for over two decades.
Some of the advice she gives family and friends is to focus on retirement as soon as possible.
She also says to prioritize investments over student loan debt and CDs over regular savings accounts.

This as-told-to essay is based on a conversation with Racquel Oden, US head of wealth and private banking at HSBC. It has been edited for length and clarity.

The 6 Most Important Pieces Of Financial Advice

Michelle Mastro Sun, September 28, 2025 Business Insider

I've worked in global banking for 25 years. These are the 6 most important pieces of financial advice I tell family and friends.

Racquel Oden has worked in global banking for over two decades.
Some of the advice she gives family and friends is to focus on retirement as soon as possible.
She also says to prioritize investments over student loan debt and CDs over regular savings accounts.

This as-told-to essay is based on a conversation with Racquel Oden, US head of wealth and private banking at HSBC. It has been edited for length and clarity.

I've worked in global banking for HSBC, JPMorgan Chase & Co., Merril Lynch, and many more. Over the years, I've given my clients plenty of advice on saving, budgeting, investing, retirement, and financial planning.

When it comes to my family and friends, the most important financial advice I give them is to start putting away money as soon as possible.

You're never too young to start saving or investing — and there are many things that even Generation Z could be doing now to help themselves reach their financial goals, whether that's saving up for a down payment for a house, a dream trip abroad, a lavish wedding, or even an early retirement.

If You're Working, You Should Be Focused On Retirement And Your Personal Savings

I know it sounds far away, but you should always be saving for retirement by paying into your 401(k).

Simultaneously, you should also be getting to the point where you have enough in your personal savings account to support your living expenses for the next six months in case you happen to lose your job for whatever reason. This money is what I call short-term cash on hand, what you can use to pay your basic needs — things like your apartment rent, car payments, grocery bills, etc.

You're Ready To Invest Once You Have More Than Short-Term Cash On Hand

I think for a lot of young investors, they're unsure of when to start investing. We often think, "I need to have all this money to invest."

I want to take that stigma away. Any amount of money will work better for you in money markets than in a savings account, which doesn't provide much or any interest. Once you have more than short-term cash on hand, you can create another account in preparation for investing.

Create A Financial Plan With The Help Of A Financial Advisor

What's great about sitting down with a financial advisor is that most banks do not initially charge for this service.

DINARRECAPS8 9/30/25 DINARRECAPS8 9/30/25

8 Ways Lifestyle Creep Keeps You From Building Your Wealth

Joel Lim Sun, September 28, 2025 GOBankingRates

You’re not alone. Only 22.1% of Americans have more than $100,000 invested and it is at that financial point that your wealth really starts to grow, according to 24/7 Wall St.

Read on to explore the everyday actions you’re taking or not taking, that are holding you back from joining that 22%.

8 Ways Lifestyle Creep Keeps You From Building Your Wealth

Joel Lim Sun, September 28, 2025 GOBankingRates

You’re making decent money. You don’t feel like you overspend. And you don’t have a ton of bills. So, you wonder, why aren’t you building more wealth? You should be doing much better right now than you feel like you are, you figure. So what’s happening? You’re not alone. Only 22.1% of Americans have more than $100,000 invested and it is at that financial point that your wealth really starts to grow, according to 24/7 Wall St.

Read on to explore the everyday actions you’re taking or not taking, that are holding you back from joining that 22%.

You Increase Your Cost of Living Every Time You Get a Raise

It’s tempting — so tempting — to move into a bigger apartment, get a better car or start shopping at Whole Foods instead of Food 4 Less as you start to make more money. It makes sense. You’re tired of living frugally when you’re not, in fact, at that financial level anymore.

But this mistake is probably the biggest reason you’re not accumulating more wealth, even though you’re technically “doing better.”

How To Change: You don’t have to put every extra dollar you make into investments, but you do have to put some of it in there. As you first start getting raises and promotions, aim to contribute at least 50% of your raise to your investment portfolio, which is what Poor Swiss suggested. As your lifestyle improves, contribute a great percentage of each raise to investments until you reach your desired goal.

You Make Luxury Your Normal

If you look at most genuinely wealthy people in the United States, they don’t live wild and flashy lives. They tend to live simple lives with simple items for their necessities. They prioritize financial security over “things.” It’s a good approach to take to your lifestyle.

You don’t need the most expensive shoes, jacket or watch. And chances are, you don’t need a massive house with more bedrooms than you have family members. But you do need to add to your investment portfolio, where your investments can earn you 12% in returns, according to Ramsey Solutions. Your Chanel bag won’t get you there.

How To Change: Make a deal with yourself that you’ll treat yourself on occasion and the rest of your money will go toward necessities and growing your wealth. It’s a mindset shift you need to make to prioritize financial security.

You Try To Live Like an Influencer