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☆ 4 financial tools that all parents should consider, whether their child is a newborn or a teen
▼ + stars: | 2023-06-01 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Things such as life insurance and investments can help increase your child's financial security. These are the tools a financial planner said parents should consider. Get — or update — life insuranceHaving up-to-date life insurance is one of the most important things you can do to look out for your child. And that's the perfect time to open a Roth individual retirement account, a type of retirement savings account. "To determine what's best for them, parents should consider their financial goals, risk tolerance, and their child's potential needs," Lofton said.

Persons: Jenna Lofton, Lofton, doesn't, They'll, Roth, they're Organizations: College, Roth IRA

☆ Over 60% of Americans don't talk about money—here's why that could hold you back from building wealth
▼ + stars: | 2023-05-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Growing up, you might have been taught that it's impolite to talk about money at a dinner party or other social gathering. The reason: Talking about money can help you make smarter financial decisions, feel more confident in your situation and, ultimately, build wealth. Majority of Americans talk about money with their spouses, but not with friendsWhen Americans do talk about money, they're most likely having those conversations with their spouse or partner. However, many couples still don't: Nearly half (46%) of respondents say they don't talk about money with their partners. On top of that, 75% of people don't have financial conversations with their friends.

Among Gen Z super savers (ages 18-25), 28% have an annual salary of less than $35K, with deferral rates of 15%+. 50% of super savers are 40 years old or younger and 53% make less than $100K annually. In our research, we learned several things from Gen Z super savers. 7 plan design updates to help more Gen Z employees become retirement super saversA few simple updates can help modernize your employer-sponsored retirement plan to prepare for the newest generation of workers. Among Gen Z super savers, 87% say their employer-sponsored retirement plan will be their main source of income in retirement.

☆ Credit card interest rates keep climbing. Here's what consumers need to know and what they can do about it
▼ + stars: | 2023-05-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Here's what consumers need to know about the rising rates on their cards — and what they can do about it. Your credit card statement should list your interest rate, and you can also find it online by logging into your account, Rossman said. There are ways to pay less interestFor those struggling with credit card debt, Rossman said he recommends first looking to see if you qualify for a so-called 0% balance transfer card. watch nowAnother option is taking out a personal loan and using the funds to pay off your credit card debt. GreenPath manager Cook said you can also try asking your credit card issuer if it will lower your interest rate.

☆ This organization built an app to boost financial literacy among older LGBTQ+ Americans
▼ + stars: | 2023-04-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Willie B. Thomas | DigitalVision | Getty ImagesFinancial stability is a concern for many older Americans, and challenges can be greater among marginalized groups such as elders in the LGBTQ+ community. But a free financial literacy app called SAGECents is looking to change that. What's worse, 1 in 5 older LGBTQ+ adults faced poverty during the Covid-19 pandemic, a 2023 study from the Williams Institute at UCLA's School of Law found. "They've faced a lifetime of discrimination and social stigma," said Christina DaCosta, chief experience officer at SAGE, a national organization dedicated to improving the lives of older LGBTQ+ people. Older LGBTQ+ Americans are more likely to be single and to live alone, making them less likely to benefit from a partner's health insurance or other "social welfare structures," he said.

Netflix star Ramit Sethi says most people work towards generational wealth without knowing what it means. Here are three steps Sethi recommends taking if you want to pass down generational wealth to your children. Set concrete goals"You'll notice that, in our culture, we conflate generational wealth with passing down a house. Sethi encourages people who want to build generational wealth to make concrete goals around what that wealth will look like. Start investingSethi's advice to anyone looking to build generational wealth is to start investing, even in small amounts.

☆ 53% of Americans say they don't have any emergency savings—3 tips to get started
▼ + stars: | 2023-04-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

It's perhaps understandable, then, that over half (53%) of Americans report not having emergency savings. Just 45% of respondents say they currently have an emergency fund, according to the CNBC Your Money Financial Confidence Survey, conducted in partnership with Momentive. See how your savings stack up below, as well as steps you can take to boost your emergency fund. Just 8% of respondents who say they have an emergency fund report having less than $1,000 in it. How to start building an emergency fund

☆ The Psychology of Money: What Drives Our Decisions
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Psychology of Money: What Drives Our DecisionsMost money decisions are driven not by numbers, but by emotions, particularly for women. We'll discuss how underlying feelings and motivations, along with cognitive biases, fuels behavior, and tips to achieving financial wellness.

How do I even begin to tackle this mountain of debt on a single income with minimal child support help? Costas is the vice president of EP Wealth Advisors and a certified divorce Financial Analyst. The snowball method is about using small financial achievements to fuel larger ones. The sense of victory you will feel from paying off that small debt will help you feel you've conquered a challenge, which will go a long way in helping you summit the $60,000 mountain of debt in your path. Ways to make your money go furtherKennedy also encouraged you to start saving money while you continue prioritizing paying down debt.

☆ Quick, simple things you can do this year to improve your financial future
▼ + stars: | 2023-03-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

New York CNN —You know very well you could do a million things to improve your financial situation. The problem, though, is that changing a million things means you’ll basically have to change way too much about how you live. Incremental, implementable and imperfect,” said Brent Weiss, co-founder and head of financial wellness at Facet, a financial planning firm. Break down where your money is going specifically and create a “needs” column and a “wants” column, said Rose Niang, the financial planning director at Edelman Financial Engines. Pay down high-interest debtCredit card interest rates are at record highs this year.

☆ As PayPal searches for a successor for its CEO, these 6 high-profile executives could be prime candidates to run the payments giant
▼ + stars: | 2023-03-01 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +2 min

Payments giant PayPal is in search of a new CEO. On February 9, PayPal's president and CEO, Dan Schulman, announced his plans to retire at the end of the year. The search for the new CEO comes at a critical time for the company, which has been on a cost-cutting crusade. In August 2022, PayPal estimated that savings from cost cutting would reach $1.3 billion in 2023, on the back of 2022 savings to the tune of $900 million. Insider spoke with seven analysts, VCs, and industry insiders to discuss who they think would be prime candidates to succeed Schulman.

☆ Amazon is trying to fix employee frustration over plunging pay by letting them pledge stock for home loans in a deal with Better
▼ + stars: | 2023-02-28 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Amazon employees, even those who have left, can pledge their stock as collateral for home mortgages. Under the new program, Amazon employees will be able to use their vested stock as collateral in the home-buying process, Better said in a statement on Tuesday. The company's stock price hovered around $93.50 on Tuesday morning — a drop from more than $150 a year ago. The home loan benefit applies to both "current and former Amazon employees with vested equity in Amazon," per Better's statement. Amazon employees have flagged concerns about the company's compensation packages trailing those of its Big Tech peers.

☆ PayPal's CEO search amid an uncertain economy will be no easy task
▼ + stars: | 2023-02-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In case you missed it, PayPal CEO and President Dan Schulman announced his plan to retire at the end of 2023 earlier this month. Coming off an extremely difficult 2022, and with competition seemingly coming at them from every which way, PayPal has to find a new CEO. I hesitate to compare this to the seemingly never-ending CEO search at Carlyle, but it's easy to see how a difficult quarter or two could complicate this entire search. The rich stay rich thanks to another loophole that helps them save on taxes. Elliott Management's Paul Singer and Two Sigma's David Siegel both played second fiddle to Haidar Capital's Said Haidar in 2022 when it came to comp.

☆ Who's going to run PayPal? Industry insiders highlighted 6 potential candidates to succeed Dan Schulman at the payments giant.
▼ + stars: | 2023-02-21 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +2 min

Payments giant PayPal is in search of a new CEO. Insider spoke with seven industry experts for their thoughts on who might be tapped for the role. On February 9, PayPal's president and CEO, Dan Schulman, announced his plans to retire at the end of the year. In August 2022, PayPal estimated that savings from cost cutting would reach $1.3 billion in 2023, on the back of 2022 savings to the tune of $900 million. Insider spoke with seven analysts, VCs, and industry insiders to discuss who they think would be prime candidates to succeed Schulman.

☆ Here’s how much money Americans saved at every age in 2022
▼ + stars: | 2023-02-10 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +4 min

In 2022, Americans reported saving an average of $5,011, with millennials reporting the greatest overall savings of $6,043. In fact, 54% of adults met or exceeded their 2022 savings goals, a recent Wealth Watch survey conducted by New York Life found. Gen Z adults saved $5,833.17 overall in 2022. Generation XIn 2022, Gen Xers (ages 43 to 58) reported the lowest overall savings of $3,998.11. Yet they also report the lowest average savings goal of $4,942.46 for 2023.

☆ Personal finance expert and author of 'The True Cost of Happiness' explains how investing into her passion and dropping her 'money script' helped her to build a business and find financial independenc
▼ + stars: | 2022-12-20 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +7 min

Tisdale uncovered her "money script" to understand her behavior and change her relationship with money. Not only get it right in terms of everyday money management, but also setting ourselves up for financial success. Tisdale's journey culminated in a study on financial behavior or "money scripts." It wasn't until she got out of her own way that she found career and financial success, Tisdale concedes. Her company has partnered with numerous organizations and corporations teaching their workforce positive financial behavior and encouraging healthy relationships around money.

As a woman in South Asian culture, I was taught that I wasn't supposed to be good with money. In fact, I can recall several conversations with aunties in our community advocating that we younger South Asian girls just "marry a rich Indian boy, from a good family." When it comes to South Asian women's relationship with money and their ability to attain financial agency, it's important to understand cultural context. "It became standard to try and pick up the bill, even when I knew I couldn't afford to, because this was something I'd seen up front and center in South Asian culture. Cultural expectations and narratives play a huge role in our ability as South Asian women to make different decisions, especially when it comes to our money and building wealth.

☆ Layoffs mount, and Main Street still can't find any workers to hire for open jobs
▼ + stars: | 2022-11-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

"Inflation, supply chain disruptions, and labor shortages continue to limit the ability of many small businesses to meet the demand for their products and services." Meanwhile, the National Federation of Independent Business, the main small business trade group, reported last week the tenth-consecutive month of a confidence decline on Main Street, though little change in the need to hire more workers. When it comes to salary, small business owners generally don't play in the same league as larger companies. For example, don't just offer yoga or meditation apps or gym benefits; offer multiple ways employees can recharge, Lebovits said. Finally, small businesses need to understand what attracts job-seekers in the first place and play up these advantages in all of their communications with candidates.

☆ A16z-backed financial wellness benefits provider Brightside raises $33 million in Series B funding with plans to hire hundreds of employees
▼ + stars: | 2022-11-10 | by ( Emilia David | ) www.businessinsider.com time to read: +3 min

Brightside works with employers to provide financial wellness benefits to employees. Brightside, which sells its financial wellness platform to businesses for use as an employee benefit, is currently based in Arizona and only serves US businesses. The latest round brings Brightside's total funding to $75 million, after a $35.1 million in Series A funding round in June 2020. Financial wellness became a big topic for employees as companies aim to provide more benefits to entice them to stay. And roboinvestment company Betterment hinted at looking to acquire financial wellness companies as it seeks to expand beyond investment.

Author Ramit Sethi says most people work towards generational wealth without knowing what it means. Here are three steps Sethi recommends taking if you want to pass down generational wealth to your children. Set concrete goalsSethi says, "You'll notice that, in our culture, we conflate generational wealth with passing down a house. Sethi encourages people who want to build generational wealth to make concrete goals around what that wealth will look like. Start investingSethi's advice to anyone looking to build generational wealth is to start investing, even in small amounts.

☆ I teach actors they don't have to be 'starving artists' — here are my top 3 tips for financial independence
▼ + stars: | 2022-10-24 | by ( Shaun Grant | ) www.businessinsider.com time to read: +7 min

This idea is so widespread now that most people think of actors as people who don't have any money. Your energy could potentially become intertwined with an occupation that doesn't help you be the best actor you can be. It just doesn't help. If you desire more cash flow as an actor, help other actors achieve more cash flow. Our beliefs about money control our financial lives — when we set these beliefs in line with financial wellness, we can be unstoppable in the pursuit of goals.

☆ Bob Pisani: How my obsession with a Black Sabbath poster showed how irrational we can be when investing
▼ + stars: | 2022-10-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

If you think knowing something about behavioral economics prevents you from doing stupid things, let me tell you about the Black Sabbath poster I bought. How I almost lost my mind bidding on a stupid Black Sabbath poster One day I was monitoring an online auction of rock posters. A 1976 Black Sabbath poster came up for sale. It's not like Black Sabbath has an intense cult of collectors, like Zeppelin or the Velvet Underground. With that damn Black Sabbath poster, I violated all the rules.

☆ Here's an exclusive look at the pitch deck that fintech startup WageFi used to raise its first $400,000 from former American Express and Goldman Sachs executives
▼ + stars: | 2022-10-20 | by ( Emilia David | ) www.businessinsider.com time to read: +2 min

WageFi raised $400,000 from investors include former American Express and Goldman Sachs executives. Prshant Batra, who founded the company this year and serves as its CEO, previously worked for Goldman Sachs's consumer banking unit, Marcus, and American Express. The startup plans to mainly work with small and medium-sized businesses within the service industry that WageFi believes is underserved with financial products. While this is the first institutional funding for WageFi, Batra said he's not rushing any other fundraising for the company. Here is an exclusive look at the pitch deck WageFi used to raise $400,000 in pre-seed funding.

☆ I listed 'sex work' on LinkedIn and caused a viral uproar. This is the last time I'll defend that choice.
▼ + stars: | 2022-10-20 | by ( Arielle Egozi | ) www.businessinsider.com time to read: +13 min

In July, I added "sex work" to my LinkedIn work experience. But at least in sex work, there's an audience and a desire for every type of body, gender, and play. Sex work may have the word "sex" in it, but most of the job — digital, in person, or otherwise — has little to do with sex. A lot of people seem to ignore the "work" part of sex work. Sex work of all kinds is work, and that's the last time I'll defend that statement.

☆ How these cofounders continually update and reshape their company's benefits and wellness policies based on their employees' needs
▼ + stars: | 2022-10-19 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

The duo continually update their company's benefits based on employees' needs, they said. When crafting policies, George and Kennedy ask themselves what the company's benefits package should do for their employees. George spoke with Insider about continually improving her company's benefits based on employees' needs. The monthly wellness stipend, which allows employees to spend $50, was introduced in 2016. We noticed that our employees prioritized different aspects of personal wellness and we wanted to honor all of those practices.

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