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☆ How to manage your money in your 40s, according to CFPs: As your investments grow, 'mistakes can get bigger' too
▼ + stars: | 2024-04-16 | by ( Annie Probert | ) www.cnbc.com time to read: +4 min

In your 40s, financial priorities can range from taking care of aging parents to funding the activities and futures of your kids. Here are four steps certified financial planners recommend taking with your money throughout your 40s. You generally have two options for life insurance: term or permanent. Term life insurance provides coverage for a set amount of time, often somewhere between 10 and 30 years, while permanent life insurance, also known as whole life, provides coverage for the rest of your life. Term life insurance is generally fitting for people looking for affordable, temporary coverage, while permanent life insurance is more flexible and can earn interest.

Persons: Andrew Fincher, Fincher, you've, Joe Conroy Organizations: Financial

☆ The No. 1 mistake people in their 50s make with their money, according to a CFP—and how to fix it
▼ + stars: | 2024-04-15 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

You might feel like your life, retirement savings and finances are set in stone at this age. But this mindset can be one of the biggest financial mistakes you make in your 50s, says Autumn Knutson, certified financial planner and founder of Styled Wealth. Here are three smart decisions to make with your money in your 50s, according to three certified financial planners. Secure long-term care insuranceAs you inch closer to retirement, your 50s are a good time to consider long-term care insurance, says Andrew Fincher, a CFP and financial advisor at VLP Financial Advisors. Separate from health insurance and Medicare, long-term care insurance covers expenses that often arise in your later years, such as assisted living care and at-home care.

Persons: —, Andrew Fincher, Fincher, Marguerita Cheng, Cheng Organizations: Financial, Blue Ocean, Fidelity Investments

☆ 3 money moves to make in your 30s to set yourself up for financial success
▼ + stars: | 2024-03-31 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

Your 30s are a decade often marked by big financial steps, from buying your first home to switching jobs to saving for future children. With more working years under your belt, you're likely making more money than you did in your 20s — but it can still be confusing to know exactly what you should be doing with it to set yourself up for financial success into your 40s and beyond. A 529 plan is a tax-advantaged savings account sponsored and operated by all 50 states and the District of Columbia. If you open a 529 account when your child is born, you'll have around 18 years to save and grow your investments, says Fincher. State tax deductions for 529 contributions also make these college savings plans appealing, though every state is different.

Persons: Andrew Fincher, you'll, Fincher Organizations: Financial, District of Columbia Locations: U.S

☆ 3 smart money moves to make in your 20s to be more successful
▼ + stars: | 2024-03-27 | by ( Annie Probert | ) www.cnbc.com time to read: +3 min

If you're questioning how to put your money to use in your 20s, here are three smart money moves to set yourself up for success later in life, according to two certified financial planners. The most common forms of debt for twentysomethings include credit cards, auto loans, student loans and personal loans. High interest rates have made paying off debt even harder, and in 2023 people under 29 carried an average of nearly $3,000 in credit card debt. To tackle credit card debt, Rossman recommends either signing up for a 0% balance transfer card or consolidating your credit card debt if you have several balances on different cards. Student loans are another common burden for many young people, with nearly 35% of adults ages 18 to 29 carrying student loan debt, according to the Education Data Initiative.

Persons: you've, Z, Andrew Fincher, Joe Conroy, Ted Rossman, Rossman, Fincher Organizations: Financial, CNBC, Education Data Initiative Locations: what's

High-yield savings accounts, with easy access to your funds, are worth considering, said Ken Tumin, founder and editor at DepositAccounts.com. While investors expect the Federal Reserve to start cutting interest rates next year, online savings account rates won't fall significantly until the policy shifts, he added. Treasury billsAmid rising interest rates, Treasury bills have also become a competitive option for cash, with yields well above 5%, as of Aug. 18. Money market fundsAnother option to consider is short-term money market funds, said certified financial planner Chris Mellone, partner at VLP Financial Advisors in Vienna, Virginia. Money market mutual funds — which are different from money market deposit accounts — typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills.

Persons: Ken Tumin, They're, Chris Mellone Organizations: Istock, Getty, Federal Deposit Insurance Corporation, Federal Reserve, U.S ., Treasury, U.S . Department of, VLP Financial Locations: TreasuryDirect, Vienna , Virginia

☆ Millionaires see market volatility, inflation among biggest threats to wealth, CNBC survey finds
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

"We're starting to climb that wall of worry again," said certified financial planner Chris Mellone, partner at VLP Financial Advisors in Vienna, Virginia, referring to market resilience despite economic uncertainty. The volatility index, or the VIX , is currently trending lower, below 15 as of June 5, Mellone pointed out. Inflation is still a top concernWhile inflation continues to moderate, many affluent Americans still worry about high prices. Annual inflation rose 4.9% in April, down slightly from 5% in March, the U.S. Bureau of Labor Statistics reported in May. Chris Mellone Partner at VLP Financial Advisors

Persons: Chris Mellone, Mellone, Natalie Pine, We're Organizations: Getty, VLP Financial, Briaud Financial, College Station ,, U.S . Bureau of Labor Statistics Locations: Vienna , Virginia, College Station, College Station , Texas

☆ What the debt ceiling standoff means for money market funds
▼ + stars: | 2023-05-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But some investors worry about increased risk as the debt ceiling debate intensifies. Money market funds — which are different than money market deposit accounts — typically invest in lower-risk, short-term debt, such as Treasury bills, and may make sense for short-term investing goals. As a result, some of the biggest money market funds are paying nearly 5% or more as of May 9, according to Crane data. Investors worry funds may 'break the buck'As default concerns rise, investors fear money market funds may "break the buck," which happens when a fund's so-called net asset value, or total assets minus liabilities, falls below $1. Money market funds may provide an 'opportunity'Despite the looming debt ceiling, advisors are still recommending money market funds for cash.

☆ 4 of the best places for cash as the Federal Reserve weighs a pause in interest rate hikes
▼ + stars: | 2023-05-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Hero Images | Hero Images | Getty ImagesWhether you're building an emergency fund or short-term savings, finding the best place for your cash isn't easy — especially as the Federal Reserve weighs a pause in interest rate hikes. The central bank on Wednesday unveiled another quarter percentage point interest rate increase, with signals that it may be the last. But higher yields are still available for those "willing to shop around," said Greg McBride, chief financial analyst at Bankrate. While the average savings rate is still below 0.5%, some of the top high-yield online savings accounts are paying over 4%, as of May 4. However, CDs are generally less liquid than savings accounts because you may owe a penalty for cashing out before the term ends.

☆ Here’s how to adjust your portfolio as the Fed hikes interest rates again
▼ + stars: | 2022-11-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After another 0.75 percentage interest rate hike from the Federal Reserve, financial experts have tips for investors amid volatility in the stock and bond markets. Continuing to fight inflation, the central bank on Wednesday announced its fourth consecutive three-quarters of a percentage point interest rate increase. More from Personal Finance:Series I bond to pay 6.89% annual rate for the next six monthsHere's what the inverted yield curve means for your portfolioEducation Dept. While some experts believe certain yield curve inversions may forecast a future recession, financial advisors say the economic conditions may also provide timely options for investors. "There are absolutely opportunities present with an inverted yield curve," said Andrew Fincher, a certified financial planner at VLP Financial Advisors in Vienna, Virginia.

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