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☆ Here are 3 reasons you can’t stop comparing yourself financially to others, says bestselling author
▼ + stars: | 2023-08-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Easy access to credit Readily available lines of credit may encourage consumers to live up to standards that are not economically feasible, said Thakor. Credit card balances are up almost 20% from a year ago, according to a quarterly credit industry insights report from TransUnion. Social media "Social media puts everything on steroids," said Thakor. People who consume social media are often exposed to content that shows images of people they may know, or from influencers, that make them feel, quite often, inadequate. Remember that social media can be misleading "The bottom line is we are inundated with misinformation around how people become wealthy and how wealthy people spend their money," he said.

Persons: Jennifer Aniston, Rachel Green, Matt LeBlanc, Joey Tribbiani, David Schwimmer, Ross Geller, Lisa Kudrow, Phoebe Buffay, Hannigan, Matthew Perry, Chandler Bing, Courteney Cox, Monica Geller, Bing, Thakor, They've, Credit Karma, Bradley T, Klontz, Juan Algar Organizations: NBCU, Credit, YMW Advisors, CNBC Locations: New York, TransUnion, influencers, Boulder , Colorado

You also may find more time to review your financial goals and decide whether you need a reboot. Here are three key actions financial experts suggest you take midyear. Oscar Wong | Moment | Getty Images"Make practice payments to yourself," said Corbin Blackwell, a CFP and senior financial planner at Betterment. Check your tax withholdingTo avoid having too little tax withheld from your pay and facing an unexpected tax bill or penalty at tax time next April, check your tax withholding. Adjusting your tax withheld now can also help with your cash flow and ensure you receive a bigger paycheck and smaller refund at tax time.

Persons: Stacy Francis, —, Jordan Awoye, Oscar Wong, Corbin Blackwell, Tim Maurer, Blackwell Organizations: Francis Financial, Awoye, CNBC, IRS Locations: New York, Bay Shore , New York, Atlanta, Charlotte

☆ Decision of when to retire has little to do with how much you've saved for retirement, report finds
▼ + stars: | 2023-06-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Pixdeluxe | E+ | Getty ImagesAmericans often worry about hitting specific money goals for retirement, but a new report finds that the decision to retire often happens independently of reaching that "magic number." The report found that more than a third, 36%, of households ages 55 to 64 are already retired. In that age group, 27% are within five years of stopping full-time work and 37% expect to continue working full-time for more than five years. About a third, 35%, of people in that age group who have less than $50,000 in investable assets described themselves as retired. That may be especially true of those in the 55-plus age group, who may believe they have enough, but cannot predict whether they will live another four decades.

Persons: haven't, Laura Varas, Carolyn McClanahan, that's, McClanahan Organizations: Getty, Hearts, Census, Federal Reserve, Finance, Planning Partners, CNBC Locations: U.S, Jacksonville , Florida

☆ 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

☆ Fed's pause on interest rates is a blow to affordable housing in California
▼ + stars: | 2023-06-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: 1 min

Mortgage rates are likely to remain high despite the Federal Reserve's pause on interest rate hikes. While that may be good sign for fixed-income funds in California, the pause is a blow to affordable housing in the state, said Fiona Ma, California state treasurer, during the CNBC Financial Advisor Summit.

Persons: Fiona Ma Organizations: CNBC, Summit Locations: California

☆ 'We’re all crazy when it comes to money,' advisor says. How to manage your psyche for better finances
▼ + stars: | 2023-06-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

D3sign | Moment | Getty ImagesHuman psychology and money don't mix well. Left unchecked, our psyches can easily sabotage financial decision-making, behavioral experts said during a panel discussion at CNBC's Financial Advisor Summit. "We're all crazy when it comes to money," said Brad Klontz, managing principal of YMW Advisors in Boulder, Colorado, and a founder of the Financial Psychology Institute. Additionally, feelings of shame, such as thinking we have too much or too little money, are pervasive, experts added. It's kind of like a thumbprint, so it's very unique," added Cherry, a CFP and member of the CNBC Financial Advisor Council.

Persons: Brad Klontz, Klontz, Preston Cherry, Charles Schwab, Cherry Organizations: CNBC's Financial, YMW Advisors, Financial, Institute, CNBC Locations: Boulder , Colorado, Green Bay , Wisconsin

☆ Millionaires support raising Federal Deposit Insurance Corp. limits. They may be overlooking ways to access more coverage on deposits now
▼ + stars: | 2023-06-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Currently, the Federal Deposit Insurance Corp. insures $250,000 per depositor for each ownership category for deposits held at an insured bank. That year, the standard maximum deposit insurance amount was temporarily raised to $250,000, from $100,000. How future deposit insurance may changeThe FDIC in May released a report that outlined three options for the future of the deposit insurance system. This may include an increased, yet also "finite," deposit insurance limit, the FDIC's report states. A third choice, targeted coverage, would provide different levels of deposit insurance coverage for different types of accounts, with higher coverage for business payment accounts.

Persons: Lauren Justice, First Republic —, Martin Gruenberg, Gruenberg, Ted Jenkin, Atlanta . Jenkin, Jenkin Organizations: Bank, Bloomberg, Getty, Valley Bank, Signature Bank, CNBC, Millionaire Survey, Federal Deposit Insurance Corp, First, Committee, Silicon Locations: Beverly Hills , California, First Republic, Atlanta .

☆ The Harvard economics PhD whiz who is teaching generative AI to invest for everyone
▼ + stars: | 2023-06-06 | by ( Kiley Lambert | ) www.cnbc.com time to read: +3 min

Szilagyi has the record for the fastest-ever Harvard Economics Ph.D. (2.5 years), studying under Ken Rogoff. In addition to his economics Ph.D., Szilagyi holds BA and MA degrees in mathematics and economics from Yale. Szilagyi: Toggle is a generative AI startup that sits squarely at the intersection of finance and artificial intelligence. Toggle AI was really born from observing the ever-mounting flow of financial data that we needed to track. Thanks to his support, Toggle AI took off with a mission to provide every investor and advisor with powerful AI tools in an easy-to-navigate, chat interface.

Persons: Jan Szilagyi, Szilagyi, Stanley Druckenmiller, Lombard Odier, Ken Rogoff, Giuseppe Sette, Druckenmiller Organizations: Duquesne Capital, Lombard, Harvard, Yale, CNBC, Summit, Microsoft, Duquesne Locations: Szilagyi, Lombard

☆ How to invest ahead of the market's next challenges, according to a top financial advisor
▼ + stars: | 2023-06-01 | by ( Kiley Lambert | ) www.cnbc.com time to read: +3 min

A member of the CNBC Financial Advisor Council, Sun is a regular media on-air contributor for a variety of local and national programs. Sun recently shared her thoughts on a number of savings and investment topics ahead of the CNBC Financial Advisor Summit on June 15. Sun: The most important advice we are giving our clients right now is to stay aware of the current market environment but prepare for more challenges ahead. As financial advisors, it is crucial for us to not only hear but truly listen to cues of stress and emotions from our clients. While we may perceive a financial decision as clear and straightforward, our clients may still feel hesitant.

Persons: Winnie Sun Organizations: Sun, Wealth Partners, CNBC, Summit Locations: Irvine , California

☆ 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.

☆ A recession could hit single women especially hard, says financial advisor. Here's how they can prepare
▼ + stars: | 2023-05-05 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Fotostorm | E+ | Getty ImagesFears of an upcoming recession and high inflation may be weighing most heavily on single women, according to a financial advisor who works with that demographic. "Rising inflation hits women harder with their smaller incomes," she said. If there is a recession later this year, as some economists predict there will be, many single women would enter it in a more financially vulnerable situation, Curtis said. For women who live alone, losing a paycheck can mean a pause in all income for the household, and lower wages relative to men may mean single women also have less savings to turn to. Look for ways to cut back on expensesWomen worried about an economic downturn may want to cut back on their discretionary spending as much as possible, Curtis said.

☆ More women are out-earning their husbands, but still picking up a heavier load at home
▼ + stars: | 2023-04-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowMore women are becoming breadwinners, but the division of labor at home has barely budged, a new report found. Women are achieving increasing levels of education, making them more likely to out-earn their husbands, according to Richard Fry, a senior researcher at Pew. But as women's financial contributions increase, they still pick up a heavier load when it comes to household chores and caregiving responsibilities, the report also found. Age, race and family size also play a role, the Pew report found, with Black women more likely to be the breadwinners, as well as older women and women without children. In marriages where husbands and wives earn about the same, women spend roughly 2 hours more a week on caregiving and about 2½ hours more on housework, according to the Pew data.

☆ Financial experts share their greatest money regrets — all have one thing in common
▼ + stars: | 2023-04-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Here, CNBC Financial Advisor Council members share their greatest money mishaps, and what they do differently now. "For my first five years in financial planning, I made the same amount of money." Money mistake: Leasing 'too much' carThianchai Sitthikongsak | Moment | Getty Images"My biggest money mistake was back when I was working at Smith Barney as an early financial advisor," said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. So, Sun, a member of the CNBC Financial Advisor Council, splurged on her dream car. Money mistake: Unloading inherited stock "My wife had inherited shares of Phillip Morris stock from her father," said Lee Baker, a CFP based in Atlanta.

☆ If you're worried about market volatility, here's how this advisor says you should handle the stress
▼ + stars: | 2023-04-06 | by ( Andrew Osterland | ) www.cnbc.com time to read: +4 min

Behavioral finance tells us we are inherently bad investors, prone to making decisions based on emotions rather than evidence and self-interest. "We may think we're making rational decisions, but we're usually not," added certified financial planner Maurer, who is also a member of the CNBC Financial Advisor Council. By the time that most people react to events in the market, the market has already priced in the risk. "When it feels like the market is at a top, it's not unnatural to think about changing your investment strategy. "They are more likely to look through stock market volatility and do a better job investing for their future."

☆ As the cost of living skyrockets, 23% of couples stay together mainly because of money constraints
▼ + stars: | 2023-03-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Money can be a relationship's downfall; it can also be the reason couples stay together. With more Americans feeling financially constrained, 23% of all couples are primarily staying in their current relationships due to financial dependency, according to a new report by LendingTree. Between sky-high inflation and stubborn gender dynamics, "I am not surprised at all," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. Couples in committed relationships also tend to do better financially. A Pew Research study found that men and women both earned more and were more financially sound in a relationship.

☆ '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.

☆ Should you be worried about your money, your bank or the U.S. banking system? Experts weigh in
▼ + stars: | 2023-03-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. Here, experts answer what a bank run is, how FDIC insurance works and whether your deposits are still secure. andresr | E+ | Getty ImagesThe short answer is "possibly," according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. "This is happening, in part, because of the Federal Reserve's sharp rise in interest rates," Francis said. Further, "many banks are seeing large withdrawals from cash depositors who are looking [for higher rates] to make more money," Francis added.

☆ Investing in 2023 is 'definitely going to be rocky,' advisor says. How to stay the course
▼ + stars: | 2023-03-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

In the latest example, the failure of Silicon Valley Bank rattled investors and sent stocks lower on Friday. By midday Monday, the markets had moved upwards, though certain bank stocks were still hurting. "This is going to be a great year, and it's definitely going to be rocky," Francis told CNBC.com in February. Likewise, grim market results in December were followed by some of the best upswings in decades in January. This is going to be a great year, and it's definitely going to be rocky.

☆ Investing is 'a must' for women to achieve a secure retirement, advisor says. These 3 steps can help
▼ + stars: | 2023-03-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Women tend to outperform men when it comes to investing, yet some may still be at risk of falling behind. While 67% of women are gaining the confidence to invest outside of retirement accounts, that still leaves 33% who are missing that opportunity, according to Fidelity. What's more, women are more likely, at 50%, to say they're behind on retirement savings, versus 35% of men, a recent report from Goldman Sachs found. "Investing is not a 'nice to' for women; investing is a 'must,'" Francis said. Maxing out 401(k) and IRA investments should be a priority, Francis said — and beyond that, the more an investor can do, the better.

☆ 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.

☆ 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.

☆ Just 8% of Americans have a positive view of cryptocurrencies now, CNBC survey finds
▼ + stars: | 2022-12-07 | by ( Steve Liesman | ) www.cnbc.com time to read: +2 min

The survey shows 43% of the public with a negative view of cryptocurrencies, up from 25% in March. That popularity attracted many ordinary Americans to crypto and the survey shows 24% of the public invested in, traded or used cryptocurrency in the past, up from 16% in March. The survey of 800 Americans nationwide was conducted Nov. 26-30 and has a margin of error of +/- 3.5%. According to the survey, 42% of crypto investors now have a somewhat or very negative view of the asset, in line with the 43% result for all adults in the survey. The main difference: 17% of crypto investors are "very negative" compared with 47% for non-crypto investors.

☆ Investor Jenny Harrington is finding consumer stocks to buy that are way too cheap even if there's a recession
▼ + stars: | 2022-12-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

In this environment, investors need to be very granular in their approach to the stock market, according to investor Jenny Harrington. "Everything in this market right now is moving asynchronously," Harrington said in an interview during the CNBC Financial Advisor Summit on Tuesday. While she is a dividend investor, she is also looking for value in this current market. "The share price has, I think, already discounted an incredibly weak consumer, trading at 10 times earnings," Harrington said. So those will actually become tail winds in next year earnings versus 2022 earnings."

☆ Social media financial content is a 'Wild West.' Here are the red flags to watch out for before investing your money
▼ + stars: | 2022-12-06 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Platforms should implement checks and balances for their content, Yang said. But there are red flags that people should watch for in the content they consume before they put their money at risk. By taking a balanced approach to your investments, that will give you the biggest chance to create long-term wealth, Barnes said. But it is possible to spot these schemes by doing some research on your own and comparing an investment's promises to normal returns, Yang said. The S&P 500 Index 's returns over the past 40 or 50 years would be a good benchmark, he said.

☆ 'It's possible the market can rally': Financial advisors say a recession isn't inevitable
▼ + stars: | 2022-12-06 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Ascentxmedia | E+ | Getty ImagesThe CEOs of some of the biggest American companies believe the economy may be heading for a recession. Yet financial advisors warn against too much certainty, or pessimism, over what's next. That's because investors try to get ahead of what's coming and price those expectations into stocks, Firestone said. "The market always anticipates slowdowns and recoveries," she said, adding that people inevitably resume their buying when they believe stocks are sufficiently discounted. "And so yes," she said, "I think it's possible that the market can rally."

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