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☆ Here are some big money blind spots you need to avoid, advisors say
▼ + stars: | 2024-04-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Here are some of the biggest financial blind spots, according to several certified financial planners on CNBC's Digital Financial Advisor Council. 1. Credit scoresConsumers often don't understand the importance of their credit score, said Kamila Elliott, CFP, co-founder and CEO of Collective Wealth Partners based in Atlanta. The average person with a credit score between 760 and 850 would get a 6.5% interest rate, according to national FICO data as of April 1. The latter's monthly payment would cost $324 more relative to the person with a better credit score — amounting to an extra $116,000 over the life of the loan, according to FICO's loan calculator. "Ten out of 10 people couldn't explain how the tax withholding system works," said Ted Jenkin, CFP, CEO and founder of oXYGen Financial based in Atlanta.

Persons: Kamila Elliott, Wills, Barry Glassman, I'm, Glassman, Elliott, That's, Ted Jenkin, Uncle Sam, Jenkin Organizations: Getty, Digital Financial, CFP, Wealth Partners, Consumer Financial, Bureau, Wealth Services, Westend61, Collective Wealth Partners, Business, Employers, Workers Locations: Atlanta

☆ 'Gray divorce' has doubled since the '90s — and the financial risk is high for women
▼ + stars: | 2024-03-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The rate of "gray divorce" — a term that describes divorce at age 50 and older — doubled from 1990 to 2019, according to a 2022 study published in The Journals of Gerontology. The 'chronic economic strain' of gray divorceIn heterosexual relationships, gray divorce typically "has more negative implications for women than for men," said Kamila Elliott, a certified financial planner and co-founder of Collective Wealth Partners, based in Atlanta. Altogether, women's standard of living declined by 45% following a gray divorce, while the drop for men was less severe, at 21%, Brown and Lin wrote. These negative economic outcomes persisted over time, "indicating that gray divorce operates as a chronic economic strain," they said. For example, let's say a husband is eligible for a larger Social Security benefit relative to his female spouse.

Persons: Susan Brown, Lin, Kamila Elliott, Laura Tach, Alicia Eads, Natalie Colley, Brown, Elliott, Women shouldn't, Colley, I've Organizations: Gerontology, Bowling Green State University, Collective Wealth Partners, Cornell University, University of Toronto, Francis Financial, Social Security, Women, Collective Wealth Locations: Atlanta, New York

☆ 52% of Black Americans say homeownership is a mark of success, report finds. But it can conflict with other goals
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty Images'Homeownership has a lot more expenses than renting'"Homeownership has a lot more expenses than renting: taxes, insurance, maintenance, down payment. All these factors need to be considered," said Cherry, a member of CNBC's Financial Advisor Council. "Understand what it is to be a homeowner and how things work," said Elliott, also a member of CNBC's Financial Advisor Council. "The cost of homeownership versus renting has been made [it] daunting to become a homeowner. "At the end of the day, what good is being a homeowner when you can't provide basic necessities for yourself and your loved ones?"

Persons: Cherry, Kamila Elliott, Elliott, Susan M, Wachter, Preston D, Jacob Channel Organizations: Digitalvision, Getty, CNBC's, CFP, Wealth Partners, CNBC, Council, The Wharton School, University of Pennsylvania, Cherry Locations: Atlanta, U.S

☆ The first step to setting an annual budget: Figuring out your net income
▼ + stars: | 2023-12-30 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

However, setting a budget goes a long way in managing your personal finances. "Many people spend time doing a New Year's resolution," said Kamila Elliott, a certified financial planner at Collective Wealth Partners. "Knowing your income is extremely important because you know exactly how much you have to deploy," explained Elliott. The final step is setting a goal. Watch the video to find out more about how to set an annual budget for the New Year.

Persons: Kamila Elliott, Elliott Organizations: BMO Financial Group, Wealth Partners, Social Security, CNBC's

ETFs are a wrapper for individual assets such as stocks and bonds, similar to mutual funds. However, many ETFs have better tax efficiency and lower expense ratios than mutual funds, driving many investors to make the switch. "ETFs have come a long way over the past 15 to 20 years," said certified financial planner Barry Glassman, founder and president of Glassman Wealth Services in McLean, Virginia. In 2022, investors sold more than $900 billion from mutual funds and poured roughly $600 billion into ETFs, according to Morningstar data. The most attractive feature of an ETF is that most don't distribute capital gains at the end of the year.

Persons: Barry Glassman, " Glassman, Cathy Curtis, Marguerita Cheng, Kamila Elliott, Cheng Organizations: Wealth, CNBC's, Morningstar, CNBC's FA Council, Curtis Financial, Blue, Global Wealth, Wealth Partners Locations: McLean , Virginia, Oakland , California, California, Gaithersburg , Maryland, Atlanta

Girls and young women want to be homeowners by the time they're 30 — a higher priority even than getting married or earning a lot of money. About half, 52%, of young women ages 7 to 21 want a house by 30, the most of any goal, according to Girlguiding's Girls' Attitude Survey 2023 . To compare, 48% want to be married by age 30, and 39% said it's a goal to earn a lot of money. The organization polled 2,614 girls and young women in the U.K. between the ages of 7 and 21 earlier this year. Lenders look at your debt-to-income ratio to figure out how much mortgage debt you can take on.

Persons: Fannie Mae, it's, Melissa Cohn, William Raveis, Kamila Elliott, Cohn, Jessica Lautz, Elliott, Roth, Lazetta Rainey Braxton, Braxton Organizations: Fannie, William Raveis Mortgage, Federal Reserve, Wealth Partners, National Association of Realtors, CNBC, Partners, IRA, CNBC FA Council, CNBC FA Locations: New York, Atlanta

Money market funds, on the other hand — while also generally safe — are a bit riskier, experts said. Investors who prefer money market funds may opt for government money market funds, which carry slightly less risk, Elliott said. YieldMoney market funds tend to pay a slightly higher interest rate relative to high-yield savings accounts, Elliott said. TaxesInterest income for both high-yield savings and money funds is taxed as regular income, experts said. However, some money market funds may carry tax benefits, said Eric Bronnenkant, head of tax at Betterment.

Persons: Kamila Elliott, Elliott, Greg McBride, They've, McBride, Treasurys —, Eric Bronnenkant, Bronnenkant Organizations: Wealth Partners, CNBC, Bankrate, Federal Reserve, Deposit Insurance Corporation, Treasury, Lehman, Federal Reserve Bank of Boston, Investor Protection Corporation, Investors, Data, Federal, Consumers, U.S Locations: Atlanta

☆ Here's why Americans can't stop living paycheck to paycheck
▼ + stars: | 2023-08-17 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

For many Americans, payday can't come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over. Almost three-quarters, 72%, of Americans say they aren't financially secure given their current financial standing, and more than a quarter said they will likely never be financially secure, according to a survey by Bankrate. That amount already accounts for about 61% of the median take-home pay.

Persons: Ida Rademacher, there's, Kamila Elliott Organizations: Aspen Institute, Principal Financial, Institute, Finance, U.S . Bureau of Labor Statistics, for Community, Economic Research, Wealth Partners, CNBC's Locations: U.S, Atlanta

☆ 3 reasons it can be smarter to rent, even if you can afford to buy
▼ + stars: | 2023-06-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"If you can't commit to being there [at least] three years, don't buy," said Elliott. Benefits of ownership are 'vastly overstated'Richard Newstead | Moment | Getty ImagesThe financial benefits of homeownership are "vastly overstated," Boudreaux said. For one, a financial assessment of affordability is incomplete if consumers only compare monthly rent and mortgage costs. Secondly, a tax deduction for mortgage interest isn't as valuable as it once was, Boudreaux added. Jude Boudreaux senior financial planner with The Planning CenterIn a general sense, it's also more difficult to get the financial benefits of a tax deduction.

Persons: Kamila Elliott, Elliott, Boudreaux, Guido Mieth, There's, landscapers, Richard Newstead, Trump, Jude Boudreaux, it's, Laurie Goodman, Christopher Mayer Organizations: Wealth Partners, Urban Institute, Columbia University . Home Locations: Atlanta

☆ Mortgage points may help homebuyers lower monthly costs amid high interest rates. How to know if this strategy is right for you
▼ + stars: | 2023-06-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Other experts say buyers purchasing mortgage points can be a great strategy for the right situation. Being able to lower that monthly payment can really help give some more wiggle room in people's budgets and help them reach affordability. "Being able to lower that monthly payment can really help give some more wiggle room in people's budgets and help them reach affordability," Bachaud said. In addition to higher upfront costs, home buyers should also weigh other factors before buying mortgage points. But putting those sums toward a down payment likely will not make much of a difference on your monthly costs, Elliott said.

Persons: Getty, Grubbs, Nicole Bachaud, Bachaud, Kamila Elliott, Atlanta . Elliott, Elliott, Stephanie Grubbs Organizations: Fed, Zillow, Wealth Partners, CNBC, Douglas Locations: Atlanta ., Douglas Elliman

☆ Homeownership is a great way to build wealth, advisor says. Here's how to make that purchase successful
▼ + stars: | 2023-06-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Achieving that goal now can be challenging, with home prices still elevated and higher interest rates pushing mortgage costs higher, said Elliott, who is a member of CNBC's Financial Advisor Council. You should also work on improving your credit score, which will put you in the best possible position to get a good rate on your mortgage, Elliott said. Anticipate unexpected homeownership costsOne of the benefits of buying versus renting a home is the ability to have fixed costs, Elliott said. Look for flexibility on your purchaseThough home prices and interest rates are high, there are still possible ways prospective homebuyers can cut costs. By getting a shorter-term mortgage — say, for 15 years instead of 30 years — borrowers may access lower interest rates.

Persons: Kamila Elliott, Elliott, Carline Jean, Elliot Organizations: Wealth Partners, CNBC's, Tribune, Service, Wealth Locations: Atlanta, Parkland , Florida

☆ Collective Wealth Partners CEO on how to start investing in real estate
▼ + stars: | 2023-06-07 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCollective Wealth Partners CEO on how to start investing in real estateCollective Wealth Partners CEO and CNBA FA Council member Kamila Elliott joins CNBC to discuss how she advises clients to begin investing in the real estate market.

Persons: Kamila Elliott Organizations: Wealth, Wealth Partners, CNBA FA, CNBC

☆ Women need financial freedom to 'live on their terms,' advisor says. These 3 strategies can help
▼ + stars: | 2023-05-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Being out of the workforce for any period of time can impact women's financial security and retirement, she said. "I think it's important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability," Elliott said. Negotiate your payPonywang | Istock | Getty ImagesResearch has shown there is still a gender pay gap that results in women having lower earnings. It's important for women to feel empowered, and part of feeling empowered is having the financial resources and having financial stability. As average market returns bounce back, that can result in meaningful progress over time, Elliott noted.

☆ Financial Advisor on women and investing: It's important to feel empowered
▼ + stars: | 2023-05-22 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial Advisor on women and investing: It's important to feel empoweredCNBA FA Council member Kamila Elliott joins CNBC to talk about why it's so important for women to invest and how better representation in her field could help uplift underserved communities.

☆ As investors worry about a recession, take 3 steps to boost your financial security, advisor says
▼ + stars: | 2023-05-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A recent survey from Nationwide finds more than two-thirds of respondents — 68% — expect a recession within the next six months. Meanwhile, 62% of respondents believe the recession will be as severe or worse than the Great Recession of 2007 to 2009. "One of the things I share with others is control what you can control," Elliott said. While what happens with the economy or your employer may be out of your control, there are steps you can take to help boost your personal financial security. For many, we're using it as a buying opportunity to buy certain securities that are priced fairly low right now.

☆ Financial advisor on how to prepare for a soft recession
▼ + stars: | 2023-05-19 | by ( Sara Lindsay | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial advisor on how to prepare for a soft recessionCNBA FA Council member Kamila Elliott discusses how to adapt to market volatility and prepare for a possible recession.

☆ 41% of adults are preparing for a recession. It's time to stress-test your income, advisors say
▼ + stars: | 2023-03-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Yet many Americans — 41% — have taken steps to prepare for a possible economic downturn, according to a survey by Morning Consult. Still, there are a few steps advisors say you should take now to make sure you are prepared to weather a downturn. Barry Glassman president of Glassman Wealth Services"Stress-test your income against your ongoing obligations," Glassman said. The upside for conservative investors is they are now able to get higher interest rates on their cash. Reduce your debtsHigher interest rates mean consumer debts are climbing higher.

☆ Scoring the best deals on Presidents' Day holiday sales: 3 smart money moves to make as you shop
▼ + stars: | 2023-02-20 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +4 min

"For two reasons – the impact of inflation during a pandemic era and interest rates – what appears to be a deal may not be." Before you charge the purchase to a credit card, remember this is one of the most expensive ways to borrow money. The annual percentage rate on a credit card is at an all-time high of nearly 20%. Credit experts say that a cash-back rewards credit card with a 0% interest introductory offer may be an even better deal. Look for lower loan rates at a credit union: Many car brands offer Presidents' Day deals that lower the purchase price or interest rates or make lease deals more attractive.

☆ Hoping to win the $1.35 billion Mega Millions jackpot? Take these 3 steps to prepare for any cash windfall
▼ + stars: | 2023-01-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Of course, the size of the cash windfall and your own financial situation may completely change how you decide to spend it. But in any case, having the right mindset around extra cash can help you avoid squandering the opportunity when it arises. Sometimes you know a windfall is coming, like if you're expecting a decent tax refund. In any case, here are three steps you can take to prepare for a cash windfall. That can mean having a plan for all or part of your tax refund to go directly to your savings.

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