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In 2015, the couple quit their full-time jobs as web designers to start a hospitality business, The Joshua Tree House. Now, the group's properties include two that are available for guests to book in Joshua Tree, California and Tucson, Arizona. Lucas Mullikin for CNBC Make ItIn 2018, Rich was browsing listings online when he came across what looked like an empty canyon in Tucson, Arizona. The Joshua Tree House: Tucson, Arizona inn has seven bedrooms. Lucas Mullikin for CNBC Make It

Persons: Sara, Rich, Combs, Joshua Tree House, Joshua, Lucas Mullikin, Joshua Tree, Banks Organizations: CNBC Locations: Arizona, Joshua Tree , California, Tucson , Arizona, Marfa , Texas, San Francisco, Posada

I ignored my Dad's advice about saving money and investing until I saw him retire a decade before his peers. Then I watched my Dad retire at least a decade before many of his peers, and my entire perspective changed. My stepmom, on the other hand, never had plans to retire early until she started dating my Dad. Invest aggressively ... and diversifyLike most people, a 401(k) was central to my parents' retirement plan. Because they wanted to retire early, my parents had to have other investments they could rely on for retirement income.

Persons: Lizzie, stepmom, Dad, there's, they've, doesn't, Get, shouldn't, you've, you'll, Thomas, They've, I've Organizations: Service, Acura Integra —, Invest Locations: Wall, Silicon, South Africa, Germany, St, Caribbean, Europe, Panama

☆ A fashion designer who retired at 36 after investing in stocks shares the 3 funds she holds and the 4th she's now aggressively buying that's up by over 580% since inception.
▼ + stars: | 2023-08-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Rachel Covert aggressively invested for seven years to build a retirement portfolio. Her large salary and aggressive budgeting allowed her to build an almost half-a-million-dollar retirement portfolio, according to financial statements viewed by Insider. For this reason, the majority of her retirement portfolio sits in the Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). This was the best choice for an aggressive growth fund. Her goal was to increase her exposure to more volatile technology growth stocks.

Persons: Rachel Covert, Roth, Covert, I'm, Investopedia Organizations: Vanguard, Market Locations: New York, Portugal, QQQ

☆ A millionaire who retired at 36 shares the top 4 funds he's holding, the ones he's sold due to high fees, and the stock up 1,000% in the last 10 years that's yielded him the most gains
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

He began by investing in stocks and funds with higher fees. Early retirement wasn't an accident for Quan, nor was it a sudden decision after he sold his company. Gaining exposure to this fund helps balance his exposure to US stocks which he gets from a few funds he holds. "Ironically enough, I want to say that COKE has grown the most over the time as an individual stock," Quan said. He has mainly been allocating to iShares' IEMG in order to increase his exposure to those markets.

Persons: Michael Quan, wasn't, Quan, CWGIX, COKE, maxing, wife's ROTH Organizations: Income, Vanguard, Investment Company Institute, Holdings, Vanguard FTSE, Cola Consolidated Inc, DFA Locations: Canada, Europe, Japan

If you're 50 or older, you can funnel extra money into your 401(k), known as "catch-up contributions." But starting in 2024, higher earners can only make 401(k) catch-up contributions to after-tax Roth accounts, which don't provide an upfront tax break but the funds can grow levy-free. Fund pretax catch-up contributions for 2023Guarino urges higher earners to fund pretax catch-up contributions in 2023 while they still can because it provides a bigger tax break. Change provides tax diversificationWhile some higher earners will lose a tax break, the catch-up contribution change is "not necessarily a bad thing," according to Dan Galli, a CFP and owner at Daniel J. Galli & Associates in Norwell, Massachusetts. Preparing for the catch-up contribution change

Persons: Peter Cade, deferrals, Roth, Jim Guarino, Baker Newman Noyes, Guarino, they've, Dan Galli, Daniel J, Galli, John Loyd Organizations: Getty, Galli & Associates Locations: Woburn , Massachusetts, Norwell , Massachusetts, Fort Worth , Texas

☆ A 31-year-old millionaire who has 7 different types of investment accounts says that his HSA is 'my favorite by far' — and explains how he's using it to build long-term wealth
▼ + stars: | 2023-07-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Of all of his different types of accounts, his favorite is his health savings account (HSA). He and Erin, who own their primary residence in Texas outright, owe $12,000 in property taxes each year, so they send $1,000 a month to a high-yield savings account to cover that expense. High-yield savings accounts, which earn multiple times more than a traditional savings account, typically return between 3.40% APY and 4.25% APY. (That's if you're under 65; after 65, you can use your HSA money to cover any expense without incurring a penalty.) HSA accounts, unlike FSAs (flexible spending accounts, which are another type of account that can help with health care costs) don't have a "use it or lose it" policy.

Persons: Brennan Schlagbaum, Erin, Brennan, Schlagbaum, Erin Schlagbaum, Dravet, It's Locations: IRAs, Texas

I made a lot of mistakes with money in my 20s. When life got busy, I turned a blind eye to my money situation — until my credit card bill was sent to me. AdvertisementAnother big-ticket item on my credit card bill was rideshare costs, which could have been avoided in most cases. Before I knew it, I had a lot of open credit cards — and a desire to close them all. I knew that opening credit cards could help my credit score, but only if I used them and paid them off immediately.

Persons: —, Salary.com, Investopedia, I've Organizations: Service, Quicken, Karma Locations: New York City

5, home to the biggest pool yet, being a pool owner felt less like a fantasy and more like a nonnegotiable. After all, if we had been willing to spend more on a house that came with a pool, why not just buy a pool? First of all, apparently, the average in-ground pool costs a lot more than $30,000. I found out that while the unusual shape of our yard meant we weren't getting the pool I'd imagined, this limitation could actually solve all of our problems. This left us with a fully buried, semi-in-ground (an in-ground pool without a deep end) as our only option.

Persons: there'd, I'd Organizations: Service Locations: Wall, Silicon, Midwest, Europe

My dilemma is that because they think I'm "rich", my siblings and sometimes even my parents expect me to pay for everything. How do I tell my family that I can't afford to pay for everything and I need them to step up? 4 ways to take control of your credit card debt »That said, generosity and family are some of my highest values. You asked me how to tell your family that you can't pay for everything and that you need them to step up. Still, as I am sure you know, credit card debt is often more complicated than being a shopaholic.

Persons: —, it's, Scrooge Organizations: Service Locations: San Fransisco, Kansas City

☆ The N.C.A.A. Wants More Money From TV. Maxing That Out Could Prove Tricky.
▼ + stars: | 2023-06-16 | by ( Billy Witz | ) www.nytimes.com time to read: +1 min

For more than 20 years, fans of college sports like softball, baseball, women’s basketball and more than two dozen others have known just where to find N.C.A.A. championships — on ESPN’s spectrum of channels. The arrangement has worked well for both parties: The N.C.A.A. A sign of how comfortable the N.C.A.A. and ESPN were with their partnership came in 2011, when they agreed to a 13-year, $500 million renewal without the N.C.A.A.’s ever taking the rights to market.

Persons: ’ Organizations: ESPN

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHow to get a $5,000 loanYou'll need to meet some lender qualification requirements before you can be approved for a $5,000 loan. How to qualify for a $5,000 loan with bad creditCredit scores are key in determining whether or not you'll be able to pay back your loan. Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to get a $5,000 loan FAQsHow much would a $5,000 loan cost per month? The monthly cost of a $5,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, You'll, they'll, Goldman Sachs, Avant, you've Organizations: Service, Social, National Credit Union Administration, PenFed Credit, Chevron Locations: Massachusetts , Ohio, New Mexico, Georgia

☆ Shanghai breaks more than century-old heat record in sweltering May
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

[1/3] A person uses clothing to protect themselves from the sun, as they walk on the Bund on a hot day, in Shanghai, China May 15, 2023. The peak recorded by the Shanghai Meteorological Bureau on Monday beat the previous May record of 35.7 degrees Celsius set in 1876, 1903, 1915 and 2018, according to bureau statistics. Earlier, many localities in Sichuan province, which is home to more than 80 million people, issued high-temperature warnings, with some areas maxing out at 42 degrees Celsius, local media reported. In the next three to five days, the maximum temperature in some cities in Sichuan, located in China's southwest, will reach 38 degrees Celsius, and hit 42 degrees Celsius in some areas, according to state media. China, known for extreme weather conditions, has also been experiencing torrential rains for weeks in some regions.

☆ Op-ed: Why cash is king for emergency funds and queen for short-term savings
▼ + stars: | 2023-05-22 | by ( Stacy Francis | ) www.cnbc.com time to read: +6 min

You would have been lucky to find a high-yield savings account paying out 1%-2% at that time. Where to keep your emergency cashAn emergency fund is a cash cushion of roughly three to six months of living expenses. American Express High Yield Savings and Barclays Online Savings Account are highly competitive. The easiest way to reach this goal is to automatically have a portion of your paycheck directed toward your emergency or short-term savings fund. Your emergency fund and short-term savings should be directed toward something other than your everyday checking or savings account.

Since the value of a home isn't guaranteed to go up, it's important to build wealth in other ways. Buying a home comes with long-term costs, but it's also a chance to plan for long-term goals. Compare rates On Rocket Mortgage's website Compare rates On AmeriSave Mortgage Corporation's website Compare rates On New American Funding's website1. Property isn't guaranteed to go up in valueIn the past, buying property was viewed as a way to build wealth and a cornerstone of the American dream. This taught me that a condo isn't a guaranteed appreciating asset.

Money is a big concern for a lot of retirees, but there are fears that go deeper than that. One of the biggest concerns for retirees is what their retirement will mean for the people close to them. Courtesy of Diane WiggerIt's perfectly normal to have financial and healthcare fears, especially for those who are more self-reliant. Wigger conquered her retirement fears moving abroad, gaining access to good healthcare, and living within her means. Blattner recognizes his retirement fears are different from most.

☆ Cash stuffing budgets are all the rage right now. 2 women explain their polar-opposite experiences.
▼ + stars: | 2023-04-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

But then she decided to try "cash stuffing," a budgeting trend she'd heard about on YouTube two months earlier. Cash stuffing involves using envelopes to divide up cash for rent, groceries, gas, and other things. Vera KentCash stuffing isn't a good fit for everyoneNot everyone is a huge fan of cash stuffing, however. The video took off, racking up over 166,000 views, but Kent said she didn't take to cash stuffing and quit only three weeks after she started. Have you tried cash stuffing and are willing to share your story?

☆ Here's a decade-by-decade guide to building wealth
▼ + stars: | 2023-04-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

and founder and director of financial planning at Life Planning Partners in Jacksonville, Florida. You should also start planning for retirement. After that, open a Roth individual retirement account, if your income qualifies, McClanahan said. "You can borrow for college, but you can't borrow for retirement," McClanahan said. Carolyn McClanahan director of financial planning at Life Planning PartnersYou may also have aging parents, so be sure to check on their financial planning, McClanahan said.

☆ Yes, You Can Put Your Taxes on a Credit Card. Here’s How to Make It Work
▼ + stars: | 2023-03-23 | by ( ) www.wsj.com time to read: +14 min

Sign-up bonusesA much better strategy, according to credit card experts, is to use a hefty tax payment to help you qualify for a generous sign-up bonus on a new credit card. Downsides of paying taxes with a credit cardIn addition to fees, paying your taxes with a credit card isn’t without downsides. Most credit card issuers report your credit card balances and the amount of available credit to all three major credit bureaus monthly. Although having a large balance on a credit card can impact your credit score, the effects aren’t permanent. How to pay federal taxes with a credit cardThe IRS does not directly accept tax payments via credit card.

☆ A 28-year-old who says he puts away 100% of his salary and lives off of side-hustle income breaks down how he saves — and why he keeps most of his savings accessible in a high-yield account
▼ + stars: | 2023-03-23 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

He puts most of his savings in a high-yield account so it's highly accessible. "I'm 100% financially free for what my current lifestyle is from all the rental income that I get," the 28-year-old real estate investor told Insider. Recently, he started dipping his toe into the short-term vacation rental market. Since he's actively looking to buy more real estate, he likes to keep his savings highly accessible, which is why he chooses to put the majority of his money in a high-yield savings account. Some high-yield accounts are offering rates as high as 5.02% (UFB Preferred Savings), 4.45% (Bask Bank Interest Savings Account), and 4.35% (Primis Savings Account and MySavingsDirect Savings Account).

☆ Retirement vs. emergency savings: How to prioritize in a shaky economy
▼ + stars: | 2023-03-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jamie Grill | Getty ImagesWhen you're on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. Although the 401(k) contribution limit jumped to $22,500 for 2023, experts say you shouldn't forgo emergency savings to max out your plan. More than half of savers are prioritizing short-term financial goals in 2023, including emergency savings, according to a recent study from Fidelity Investments. While maxing out your 401(k) should be the goal, your emergency savings is also important, she said. If your emergency savings are short after that, you should "definitely" divert any additional funds to build up that cash reserve, she said.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). However, some vendors make that cost explicit by tacking on a fixed fee or percentage of the transaction to credit card payments. To avoid getting scammedMany credit card scams involve cardholders being victimized after willfully handing over their card or account information. To buy cash equivalentsMany credit cards offer cash advances, which allow you to borrow cash against your credit limit. Her credit history was pristine, but she only had two credit cards with low credit limits that she nearly exhausted each month on business and personal expenses.

☆ This couple bought an abandoned inn near Saguaro National Park for $615,000 and turned it into a desert oasis
▼ + stars: | 2023-03-11 | by ( Celia Fernandez | ) www.cnbc.com time to read: +5 min

Sara and Rich Combs bought the abandoned inn for $615,000 and poured over $500,000 into renovations. The couple already owned and operated The Joshua Tree House, a property comprised of individual guest homes in California. This space was only about a six-hour drive from Joshua Tree and offered a different, but still natural setting. The rooms in Joshua Tree House: The Posada range from $210 to $427 a night. Sara and Rich Combs

☆ 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.

How much you pay (or don't) in taxes has the potential to shift what's possible in your overall plan. When it comes to your taxes, making mistakes can mean losing money. Thankfully for my financial planning clients, I catch some common missteps before they are made — that's one of the benefits of working with a certified financial planner. Using tax software can be a great solution that saves money when your financial situation is very simple and straightforward. Using a CPA can help you avoid mistakes that would cost far more than the fee you pay to retain them.

☆ MsDowJones shares her top 7 money must-do tips for staying ahead in 2023
▼ + stars: | 2023-02-01 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

The old financial ways are not as applicable to younger generations, says Haley Sacks, who is a millennial herself. She built a career as an online personal finance influencer after her search for good financial information turned up empty. Sacks says 2023 should be the year of knowing where you stand financially, a key step to getting ahead. This leads to her next tip: stick to the 50/30/20 rule, which is the ratio by which your after-tax monthly expenses should be broken down. If you've knocked off all of the above and you still have extra cash, consider maximizing your tax-advantaged accounts, Sacks said.

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