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☆ YouTubers are pushing dodgy crypto investment advice. Here’s why you should ignore it.
▼ + stars: | 2022-09-26 | by ( Rob Price | Meghan Morris | ) www.businessinsider.com time to read: +15 min

Together, these revenue streams mean cryptocurrency influencers profit off their viewers no matter which way the market turns. Of course, crypto YouTube is a far cry from the regulated world of traditional finance. Armstrong told the Post that he made "maybe close to a million" from before dropping sponsored content in January 2022. A price list leaked by ZachXBT appears to show that dozens of small crypto influencers also have menus for similar undisclosed deals. But with little regulatory oversight, crypto influencers show little sign of slowing down — despite the precipitous decline of the crypto market.

☆ A CFP who was rated as one of America's top financial planners in 2021 explains why employees who get restricted stock options should sell as soon as their lock-up ends
▼ + stars: | 2022-09-22 | by ( A.J. Cohen | ) www.businessinsider.com time to read: +5 min

If you've received a job offer that includes equity-based stock options, you may have been offered something called restricted stock units (RSUs). Stock options are more commonly offered, and involve the company giving employees the ability to buy company stock at a discounted price, usually referred to as "strike price" or "exercise." "Research has shown that this is best achieved by receiving market performance via low cost index funds." Index funds are passively managed, low-cost investment funds that places the investor's assets to a portfolio of stocks that are meant to mimic a particular financial market. Index funds are popular with a lot of people striving for early retirement due to their consistency and the longevity on those returns.

☆ While inflation causes many workers and consumers to panic about the economy's future, author and financial planner Roger Ma tells his clients not to panic. Here's why.
▼ + stars: | 2022-09-16 | by ( A.J. Cohen | ) www.businessinsider.com time to read: +7 min

Proactive planning is about keeping your eye on goals and being flexible if circumstances change. In addition to the rising cost of goods, inflation also forces the Federal Reserve to hike up interest rates in an attempt to slow it down. Higher interest rates can make it more difficult for people to buy homes or take out new loans. When you have the Fed raising interest rates, they're trying to control inflation and put the brakes on a red-hot economy," Ma said. Once you've done that, you can go full steam ahead into proactive financial planning.

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A Registered Investment Advisor (RIA) is a professional firm that manages the assets of clients and offers investment advice. During your search, you may have learned about Registered Investment Advisor (RIAs). And how does a Registered Investment Advisor differ from all those other folks offering financial advice? What is a Registered Investment Advisor (RIA)? What does the "registered" in Registered Investment Advisor mean?

☆ A 40-year-old software developer who built a hugely popular early-retirement calculator says 2 'boring' tips are helping her reach financial independence
▼ + stars: | 2022-07-14 | by ( A.J. Cohen | Reporter | Read More | ) www.businessinsider.com time to read: +5 min

She created an early-retirement simulator that's been used over 500,000 times in the last year. When asked what methods the couple has used to near their FIRE goal, Boland said they did it "the boring way." She stressed that it's particularly important to keep housing costs low, but understands that this can be a big challenge right now. Shared housing could help keep costs down — for example, splitting costs with family members or having long-term, reliable roommates. Budget for a monthly investment contribution and stick to itAfter you slash your living costs, the next step is simple: Invest what you've saved.

"I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, investment advisor representative and founder of Verbatim Financial. Traditional financial advisors: These include Certified Financial Planners (CFP), brokers, Registered Investment Advisors (RIA), and wealth managers. Find a financial advisor near youJust about anyone can benefit from working with a financial advisor. 7 questions to a financial advisor before you hire themBelow are a few of the most important questions to ask a financial advisor you're considering hiring. The financial takeawayConsulting with a financial advisor is a smart way to make headway in achieving both short-term and long-term financial goals.

A financial advisor is a professional who provides clients with guidance pertaining to financial goals, mortgages, insurance, retirement, investing, and general financial management. "I became a financial advisor to mentor my clients through all financial aspects of their lives," says John Stoj, founder of Verbatim Financial. "In an ideal world, a financial advisor should look at your overall financial picture and help you build a plan to get to and through retirement," says Mary Lyons, financial advisor and founder of Benchmark Income Group. 7 questions to a financial advisor before you hire themBelow are a few of the most important questions to ask a financial advisor you're considering hiring. How much a financial advisor cost varies from advisor to advisor, and can look different depending on how they charge you.

Persons: —, it's, John Stoj, Here's, John Hagensen, Mary Lyons, Lyons, they're, Fee, you'll Organizations: Service, Financial Planners, Investment, NASAA, RIA, National Association of, Financial, Creative, Benchmark Income, CPA, Chevron, Consulting

I want to make sure I have passive income coming in if a recession hits, so I asked experts. Financial planners recommend investing in self-storage and other real estate, including REITs. Over the years, I've made passive income by selling online courses and ebooks, and doing affiliate advertising on content I create for my own website or social media channels. That's why I asked financial experts to share some recession-proof passive income streams that might be worth considering. "The passive income derived from term rents and leases is recession-proof and has a low correlation to market volatility," says Nicola.

Persons: I'm, I've, Susannah Snider, it's, Snider, George Nicola, Nicola, Tammy Trenta, Marli Erickson, Erickson, Joseph Hogue, Hogue, Barnes, Noble Organizations: Financial, Service, Invest, Amazon Direct Publishing, Barnes, Noble Press, Apple Locations: Wall, Silicon

There's some cliché financial advice I've heard over and over that financial planners say to ignore. "Renting is throwing money away" and "a credit card balance is good for your credit score" are examples. That made me wonder if frequently passed-along financial advice always rings true. Crypto is the futureLately, all the financial advice my friends are giving me has to do with cryptocurrencies. "Since credit utilization is responsible for 30% of your credit score, it's a good idea to keep it as low as you can."

☆ 5 mistakes millennials are making when building their financial life
▼ + stars: | 2022-04-14 | by ( Kunyi Yang | ) edition.cnn.com time to read: +5 min

Our seven-part guide has helpful hints for paying off student loans, negotiating your salary, building credit, and more. The road to financial independence is not easy, and usually requires patience and diligence early on. Here are the five most common mistakes young adults are making when building their financial lives:1. Waiting too long to start retirement savingPlanning for retirement is about finding a balance between putting money aside for later and having enough to pay for stuff now. “Social media creates the desire to keep up with others,” said Nick Reilly, a certified financial planner based in Seattle.

A financial planner advises clients on cash flow, spending, savings, taxes, retirement, estate planning, and more. I'm not in the best financial shape, so I thought meeting with a financial planner was terrifying and embarrassing. I was paired with a financial planner who specializes in LGBTQ+ wealth, and I felt safe and supported. In an effort to bounce back from student loan debt and past financial hardships, I decided to hire my own financial planner to see what they had to offer. To my surprise, my financial planner was just willing to meet me where I am in my relationship with money.

I'm not alone, according to financial planners who shared with me big mistakes some clients made this year. I knew I wasn't alone in that, which is why I asked four of the best financial advisors to share the top money mistakes they saw clients make in 2021. Financial planner Scott Turner said this was a common mistake this year that he saw with his own clients. Perhaps there's extra cheer in this air this year because according to financial planner Chuck Zuzak, I'm not alone with that mistake. Financial planner R.J. Weiss said that prioritizing instant gratification when it comes to your money is a mistake.

Persons: I've, I'm, —, Scott Turner, Turner, Chuck Zuzak, Zuzak, R.J, Weiss, Olivia Summerhill Organizations: Service, Financial, Gamestop Locations: Summerhill

A fee-only financial advisor will be one you'll come across during your search. What is a fee-only financial advisor? A fee-only financial advisor is an advisor that's paid on a set rate based on the services they provide a client, rather than being paid based on commission. The financial takeawayWorking with a fee-only financial advisor can be a great way for clients to get fiduciary financial advice that's in their best interest. "Working with a fee-only advisor minimizes conflicts of interest, but just because someone is a fee-only advisor does not inherently mean they have the particular expertise you are looking for," says Brandon Renfro, CFP and owner of Belonging Wealth Management.

Some money decisions call for reinforcement from a financial planner, who can help organize your overall financial picture, or focus on specific financial needs. 7 reasons to hire a financial plannerHere are 7 reasons you should consider hiring a financial planner. If this sounds like you, consider consulting a financial planner to formulate an investment strategy that satisfies your risk tolerance. There are a few things you should know about any financial planner you're considering in advance of booking an appointment. And by working together with a financial planner, you can work your way to achieving your financial goals — and financial freedom.

Life insurance can help build wealth in the Hispanic community, but first there needs to be trust. Insider spoke to Silvia Tergas, a financial planner with Prudential, about how life insurance plays a role in financial wellness in the Hispanic community. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. "Financial planning begins and ends with the client's need for life insurance," said Tergas, "and at end of day, life insurance is risk management." She said based on your cash flow and potential resources, you should balance the need for permanent life insurance, which is more expensive than term life insurance.

Have a blend of permanent and term life insuranceThere are two types of life insurance: permanent life and term life. She recommends blending permanent and term life insurance, because permanent life insurance is a tool to build wealth and leave a legacy in the Black community. She said, "If you can't afford permanent life insurance, then get a term life insurance policy with the goal of converting it before the end of the policy." Convert your term life insurance to a permanent policy to prepare for retirementGlenn notes that life insurance is the optimal way to prepare for retirement. When you make the conversion from term life to permanent, understand that there are different types of permanent life insurance policies, like whole, universal, and variable life.

Whether you're self-employed or your employer doesn't offer one, 401(k) plans simply aren't available to everyone. According to financial planners, there are several ways you can keep saving or start saving, even without a 401(k) plan. Financial planner Kenneth Chavis IV of Lourd Murray recommends a Roth IRA for many people who are just starting to save. If you're self-employed, consider a solo 401(k)When you're self-employed, a solo 401(k) should be the first place to go, financial planners say. Advertisement"That's actually one of the best retirement savings vehicles there is if you know how to use it," said financial planner Brian Bruggeman of Baker Boyer Bank.

Persons: Roth, —, Kenneth Chavis IV, Lourd Murray, Chavis, Brian Bruggeman Organizations: Service, IRA, Baker Boyer Bank Locations: Baker

☆ A woman who hit a $1 million net worth in her early 30s shares the 3 strategies that helped her reach her goal
▼ + stars: | 2021-07-22 | by ( Liz Knueven | ) www.businessinsider.com time to read: +3 min

To reach a net worth of $1 million in her early 30s, Shang of Save My Cents made strategic moves. Shang, who doesn't share her last name online, reached a $1 million net worth and became work-optional in her early 30s. Blogging online at Save My Cents, the millennial built her net worth with three strategies she used over time consistently. By investing the money, she was able to earn even more from her side hustle and ultimately grow her net worth more quickly. Her net worth is made up of her savings alone; her husband has his own savings and investments.

That's why I turned to five financial planners, who shared the biggest retirement saving mistakes their clients make and how we can all do better. A better solution, according to Lubinski, is to create a financial plan based on their individual retirement needs and stick to it. Advertisement"When investors get within five years of retirement, I recommend removing the first five years of their retirement income from the market completely. Making retirement savings a priority is something Crane recommends. "Just as a business plan is critical before opening a business, a retirement plan is necessary before stepping into retirement.

Persons: —, procrastinating, Phil Lubinski, Kelly Crane, Crane, it's, Patricia Stallworth, Stallworth, Jonathan Gassman, he's, Gassman, Tania Brown, Brown, Jen Glantz Organizations: Service, Co, CFP, Wealth Management, Financial, CPA, SaverLife Locations: Napa, Brooklyn , New York, Florida

Think about a revocable trust, life insurance trusts, a will, and power of attorney for healthcare and finances as building blocks. The difference between term life insurance and permanent life insurance is similar to the difference between renting an apartment and owning a home. Permanent life insurance has a death benefit for your beneficiaries and a cash value that you can use during your lifetime. However, he said they are often pitched expensive life insurance policies that do not work for them, like million dollar whole life policies. Whole life insurance is one of the more conservative permanent life insurance products.

Fear of the stock market, an over-reliance on Roth retirement accounts, and savings mistakes are the biggest issues. We talked to a few financial planners about money mistakes they see millennials making, and some advice on how to change things. Roth retirement accounts are a useful way to save for retirement, but they might not be the best option for millennials. Money you put into a Roth account is taxed now, whereas money you put into a 401(k) or traditional IRA is taxed in retirement. You can request that your employer deposit 30%, for example, into your savings account and the remaining 70% into your checking account.

Persons: Millennials, Roth, —, TD Ameritrade, Kari Wolfson, Wolfson, Malik S, Lee, Felton, Shala Walker, Stavis, Cohen, Walker Organizations: Service, Deloitte, Peel Wealth Management, Smart

And, you might start taking on debt with high interest rates, like a personal loan or credit card. If you're not paying cash for your house, buying a home involves getting approved by a bank for a mortgage. If you're spending half or more of your income on your home each month, that goal might be out of reach. Credit card debt and personal loan debt often come with high interest rates — credit card interest rates average about 15%, while personal loans can range from 9% to 30%. These high interest rates can increase the amount you owe over time, and make your purchases more difficult to pay off.

For most people looking to retire, it involves years of saving, investing, and planning to go successfully. Here are a few signs you won't be ready for retirement, regardless of how long you've saved. You've made an early withdrawal or taken a loan from your 401(k)The CARES Act made it easier than ever to take loans and early withdrawals from a 401(k). Financial planners recommend saving about 15% of your salary for retirement, including any employer match in a 401(k). "You'd be amazed at how many 401(k) accounts I see with 50% or more sitting in cash," Taylor writes.

☆ 7 helpful things to read if you can't make up your mind about high-yield savings
▼ + stars: | 2020-12-03 | by ( Business Insider | ) www.businessinsider.com time to read: +5 min

As people get smarter about their savings, more banks are offering a high-yield savings option. High-yield accounts generally pay rates about 10 times higher than traditional savings accounts. However, did you know that saving large sums in a checking account, or even a traditional savings account, isn't much better? Each of the best high-yield savings accounts is free of monthly maintenance fees, FDIC-insured, and appropriate for modest and super savers alike. High-yield savings accounts and standard savings accounts are more similar than they are different: They're both offered by banks, federally regulated, and liquid.

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