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☆ 3 steps to take before you start investing, according to a financial advisor
▼ + stars: | 2023-06-07 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Yet some people put their money into stocks before they're ready, warns certified financial planner Douglas Boneparth. To achieve the benefits of long-term investing, Boneparth said, you should take these three steps first. "When you have time on your side, you can take more risk," Boneparth said. "It's usually not worth the risk of losing that money you're going to need pretty soon," he said. Of course, identifying why you're investing will also help you know how much you need to put away.

Persons: Douglas Boneparth, Boneparth Organizations: Bone Locations: New York

☆ Mastering this skill is the ‘hardest part’ of personal finance, advisors say
▼ + stars: | 2023-05-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The following is an excerpt from "This week, your wallet," a weekly audio show on Twitter produced by CNBC's Personal Finance team. Being a "master of cash flow" is a key element of household finance — and also one of the most challenging, said certified financial planner Douglas Boneparth. "Balancing these two things [is] arguably the hardest part of all of personal finance," he said. While investing for long-term goals is important due to the power of compounding, "what good is investing if you can't stay invested?" Without discipline around cash flow, an unforeseen life event may arise that causes you to dip into those investments that you'd hoped not to touch for years, he added.

☆ My younger sister asked me for money advice. Here are 5 answers I gave to improve her financial life
▼ + stars: | 2023-04-02 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

This cash should be in a high-yield savings account, offer higher-than-average returns, experts say. You can find an online savings account offering an interest rate of 3% or more, for example, while the typical savings account rate is around 0.4%. Make sure the savings account you choose is insured by the Federal Deposit Insurance Corp., which means up to $250,000 of your deposit is protected from loss. Where should I invest money? To get a better understanding of your spending, experts recommend looking back at your purchases over the past couple of months.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

☆ 'Staying the course is the play,' advisor says. 4 tips to help weather market volatility
▼ + stars: | 2023-03-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

"In the months ahead, volatility may come and go," Vanguard global chief economist Joe Davis said last week. "And for all of us, I think it's important to remember to focus on what we can control," he said. By staying invested in the markets, investors have a better chance of success when it comes to achieving their long-term goals, Davis said. There are a few things to keep in mind that can help you stick through market turbulence, advisors say. "It's important to remember that by staying invested, you're playing the game of compounding your returns," Boneparth said.

☆ Social media can be a 'messy place,' says advisor. Here's how to vet online financial advice
▼ + stars: | 2023-03-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

watch nowIn the era of social media influencers, some investors are turning to platforms like YouTube, TikTok and Instagram for answers to their most pressing financial concerns. Boneparth, who is president of Bone Fide Wealth and a member of CNBC's Financial Advisor Council, said when sifting through social media advice, it can be difficult to know who to trust and whether the information is accurate. Why 'due diligence' matters with social mediaWhen it comes to financial advice on social media, Boneparth urges caution. When weighing social media advice, you need to check the source and whether the information has been verified, Boneparth said. By balancing it with other sources of information, you may avoid making the wrong decision or taking financial advice that "actually might do more harm than good," he said.

☆ Financial advisors share their advice for DIY investors
▼ + stars: | 2023-03-17 | 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 advisors share their advice for DIY investorsCNBC FA Council members Stacy Francis and Douglas Boneparth share their advice for those investing without hiring financial advisors.

☆ Financial advisor on the danger of letting social media influence your investing habits
▼ + stars: | 2023-03-17 | 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 the danger of letting social media influence your investing habitsCNBC FA Council member Douglas Boneparth joins CNBC to talk about the common mistake of letting social media influence your investing habits.

☆ Despite market volatility, advisor says he's 'bullish' on crypto education. Here's why
▼ + stars: | 2023-03-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

watch nowBoneparth, who is president of Bone Fide Wealth and a member of CNBC's Financial Advisor Council, said the recent events and crypto market volatility have made him even more "bullish" on learning about the technology. "Clearly, the decentralized financial world is interconnected to the traditional financial world more so now than ever before," he said. "I've learned a lot in my journey without having to take an exorbitant amount of risk," Boneparth said. Douglas Boneparth President of Bone Fide Wealth"That's powerful stuff," Boneparth said. "It's not always putting your money into the latest craze of crypto; it's learning what it's all about."

☆ After SVB and Signature failures, what small businesses should look for when choosing a bank
▼ + stars: | 2023-03-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. The same holds true for customers of Signature Bank, which was shut down by regulators Sunday. Yet they now need to find another place to keep their money — and they and other small firms may fear a similar calamity elsewhere. For starters, the message is that when a bank fails, customer deposits will be covered for an unlimited amount, Boneparth said. FDIC coverage may be enough for some firmsAdditionally, for some small businesses, the FDIC coverage at their bank should be sufficient.

☆ CNBC FA Council members share their strategies for a volatile market
▼ + stars: | 2023-03-08 | 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 EmailCNBC FA Council members share their strategies for a volatile marketCertified Financial Planners and CNBC FA Council members Douglas Boneparth and Stacy Francis share their outlooks and strategies for an unpredictable 2023 market.

☆ 35% of millionaires say retirement is 'going to take a miracle,' report finds
▼ + stars: | 2023-02-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

It suggests that retirees can safely withdraw 4% of their investments (adjusted for inflation) each year in retirement. Given current market expectations, the 4% rule "may no longer be feasible," researchers at Morningstar wrote in a recent paper. "Maybe you have that $1 million but you've taken a 20% hit on it," Goodsell said. "Or meet with a financial advisor who can hopefully put you at ease or provide you with a plan to get you feeling better." "You can remove the guesswork," said Boneparth, who is also a member of the CNBC Financial Advisors Council.

☆ Investors can boost income with this strategy, but should be aware of the risks
▼ + stars: | 2023-01-18 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

A foray into the world of options trading could give some investors a way to make money without deploying tons of cash in securities – but they should make sure they understand the risks first. A few important caveats While the strategy may sound simple – basically, it's betting on a stock going up – the process is a bit more complicated. First, such contracts require investors to promise to purchase 100 shares of a stock or ETF. While you get to keep the $500 premium, you've spent $9,000 on a stock that's fallen in value. Boneparth added that for most investors, options trading might not be a great idea because it might not add value and could instead be a distraction.

☆ Paid biweekly? Here are your 2 three-paycheck months in 2023 — and how to plan for them
▼ + stars: | 2023-01-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

An extra paycheck could help. If you are a W-2 employee and get paid biweekly, there are two months out of the year when you will receive three paychecks instead of the usual two. If your first paycheck in 2023 is Friday, Jan. 13, your three-paycheck months will be June and December. After that, consider stashing an extra paycheck in long-term savings, such as a Roth individual retirement account, Sun said. Further, companies often offer an employer match, which is essentially free money toward your retirement savings goals.

☆ It's never too soon to save for retirement. Here are 3 ways Gen Z workers can start now
▼ + stars: | 2022-12-07 | by ( Taiya Jarrett | ) www.cnbc.com time to read: +1 min

If you're just out of college, you may be wondering when the right time is to get started with a retirement savings plan. To that point, 55% of Americans already working think they are behind on saving for retirement, according to a recent Bankrate survey. But even some younger workers are concerned: Almost one-third, 30%, of Gen Z think they are behind. Plus, the most common regret among older employees and retirees is that they didn't start planning or saving for retirement early enough. "Not only will it reward you, it's necessary to successfully navigate your life," he said.

☆ Here are the pros and cons of owning cryptocurrency in your 401(k) plan
▼ + stars: | 2022-11-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Cryptocurrency is starting to pop up as an alternative asset class in some 401(k) plans. "Making it this easy and accessible has both pros and cons [for investors]," said Douglas Boneparth, a certified financial planner and founder of Bone Fide Wealth in New York. Fidelity Investments and ForUsAll, which administer workplace retirement plans, began offering cryptocurrency such as bitcoin to 401(k) investors within the past few months. However, that doesn't mean all 401(k) plans will offer crypto. "As volatile as it is, it has the potential for huge upswings," said Ivory Johnson, a CFP and founder of Delancey Wealth Management in Washington, referring to cryptocurrency.

And the stock market isn't the only aspect of the economy that's hurting soon-to-be retirees. Saving for retirement 101Most people have three primary sources of income in retirement: personal retirement accounts (401(k)s and IRAs), pensions and Social Security. In retirement, the individual would withdraw no more than 4% of their retirement portfolio annually, while adjusting for inflation. If you've been maintaining a diversified retirement portfolio with 60% allocated towards stocks and 40% towards bonds, you've probably noticed both asset classes taking big hits. But of course, if the market hasn't bottomed yet, you're taking a risk.

☆ Jobs, home prices and market volatility are among clients' big concerns right now, advisors say
▼ + stars: | 2022-10-03 | by ( Sarah O'Brien | Nicole Webb | Senior Vice President Financial Advisor At Wealth Enhancement Group | ) www.cnbc.com time to read: +3 min

We spoke with experts from CNBC's Financial Advisor Council to see what they were discussing with their clients. The unemployment rate remains low: The most recent U.S. Bureau of Labor and Statistics data shows an unemployment rate of 3.7% for August, up slightly from 3.5% in July. Memories of the Great Recession lingerYet some clients have memories of the 2008-2009 Great Recession and its accompanying broad-based job losses. In December 2007, ahead of the economic woes brought on by the financial crisis, the U.S. unemployment rate was 5%, according to the BLS. Boneparth said the labor market concerns come primarily from clients who work for startups that are largely tech-related.

"Clearly the SEC is making an example out of Kim Kardashian, who is the biggest influencer perhaps in the world," said Douglas Boneparth, a certified financial planner and the president of Bone Fide Wealth in New York. "We encourage investors to consider an investment's potential risks and opportunities in light of their own financial goals." Gensler also published a video warning investors not to make investment decisions based entirely on the advice of a celebrity or influencer. "Regardless of where we are hearing this advice, we need to remember what works for one person may not be the right advice for you," said Ted Rossman, a senior industry analyst at Bankrate. This used to be a rich person's game, but now everyone can buy stocks or crypto — but that can also lead toward a dangerous situation if you don't have knowledge.

☆ Pairing up? Here’s how to know when it’s time to combine your finances
▼ + stars: | 2022-09-23 | by ( Andrew Osterland | ) www.cnbc.com time to read: +3 min

From the point of view of managing household finances, sharing a joint bank account can make things a lot easier. watch nowBoneparth suggests that it's better to find out about a partner's spending habits, their debt obligations and general financial standing earlier rather than later. While people can and should designate beneficiaries for investment accounts and other assets, pooling assets and accounts with a partner may not always make sense. "There may be good reasons to keep some accounts separate and to divvy assets and liabilities up in different ways." The context of merging or keeping assets separate is often considered under the guise of a prenuptial agreement before a legal marriage.

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