DIRS.INFO The most relevant business & tech news

☆ What's the most you should pay for housing? Here's a breakdown by salary, from $30,000 a year to $120,000
▼ + stars: | 2024-11-14 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Housing costs are the biggest expense most people face, so knowing how much you can afford to spend can be key to staying on top of your budget. As a rule of thumb, financial planners commonly recommend spending no more than 30% of your gross income on housing, whether that's mortgage or rent costs. This advice is often based on guidelines set in the 1980s by the U.S. Department of Housing and Urban Development, which defined spending beyond 30% as "housing cost burdened." That means if you earn the U.S. median income of around $80,000, you should aim to keep your housing costs to $2,000 a month. Considering that Americans are routinely spending more than 30% of their income on housing, the guideline can feel more like an ideal than a realistic rule of thumb.

Organizations: U.S . Department of Housing, Urban Locations: U.S

☆ 4 red flags to look out for when choosing a financial advisor—and one green flag
▼ + stars: | 2024-11-11 | by ( Judy Lagrou | In Judylagrou | ) www.cnbc.com time to read: +5 min

Here are four red flags to look for when choosing a financial professional, plus one green flag that an advisor could be a good fit, according to certified financial planners and advisors from across the U.S.Red flag No. 1: The financial advisor does most of the talkingIf a potential financial planner is doing most of the talking without letting you get a word in edgewise, it's a bad sign. Financial advisors who are also registered as investment advisors will have a public disclosure record with the SEC as well. In addition, you will also want to make sure that your financial advisor is certified in the way they claim. 4: You don't trust themOne red flag can't be found on a list or spreadsheet: lack of trust.

Persons: Carla Adams, Adams, Sean Williams, they've, Marisa Rothstein, Rothstein, Ashton Lawrence Organizations: U.S ., Ametrine, Cadence Wealth Partners, Industry, Authority, SEC, Siena Private, Mariner Wealth Advisors Locations: U.S, Michigan, North Carolina, Avon , Connecticut, South Carolina

☆ The No. 1 move to improve your finances in 5 minutes, according to CFPs
▼ + stars: | 2024-11-01 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

But that doesn't mean there aren't small, concrete steps you can take toward a better financial future that only require a few minutes. We asked financial planners the top piece of advice they'd give to clients who had only five minutes to meaningfully improve their finances . A doctor wouldn't attempt to help you improve your diet or exercise habits without knowing what you're currently doing. Getting to know your spending habits is like checking your financial vitals. To that end, you'll have to spend some time — more than just the initial five minutes — regularly reviewing your monthly spending.

Persons: Kevin Coombs, — you'll, there's, Tracy Sherwood, James Guarino, Coombs Organizations: CNBC Locations: Atlanta , Georgia, Clarence , New York, Woburn , Massachusetts

☆ 31-year-old Harvard grad quit her VC job to cycle in the Olympics: ‘I only made $7,000’ my first year but it led to gold
▼ + stars: | 2024-10-22 | by ( Morgan Smith | ) www.cnbc.com time to read: +6 min

The 31-year-old ended a 40-year-drought for the U.S. by placing first in the women's road race; she also took home the women's track cycling team pursuit gold. "I needed an outdoors fix," Faulkner told NBC News, recalling how she signed up for an introductory women's cycling clinic in Central Park. In her first year of competitive cycling, Faulkner earned just $7,000. Another reason Faulkner wanted to continue working in venture capital was so she'd have at least 5 years of professional experience before taking a hiatus. She's also committed to advocating for equality in women's cycling, noting that while salaries have improved, there's still a long way to go.

Persons: Kristen Faulkner, —, Faulkner, she's, Faulkner didn't, Alex Broadway, you've, I'd, I'm, She's Organizations: Team United, Olympic Games, Games, Tour de, NBC News, Harvard University, New, American Continental, Threshold Ventures, VC, The United, de, Femmes, Velo, Getty, Angeles Olympics Locations: Trocadero, Paris, France, U.S, New York, Central Park, Homer , Alaska, Girona, Spain, San Francisco, The United States, Le

☆ 3 money moves you can make today to feel wealthy, according to CFPs
▼ + stars: | 2024-10-11 | by ( Judy Lagrou | In Judylagrou | ) www.cnbc.com time to read: +3 min

Luckily, feeling wealthy is less about the money in your bank account and more about your attitude toward the money you already have. In short, your ability to feel wealthy depends on "what your experiences and perceptions on money are." This involves letting go of a well-known number like $1 million and embracing your personal financial journey, she says. Goals such as establishing an emergency fund or improving your credit score, when reached, can help you feel wealthy without having to build a huge net worth. In other words, you don't need $1 million in hand today to feel wealthy — just a plan to grow your money over time.

Persons: Paul Morrone, —, Rachel Elson, Elson, Morrone, There's Organizations: Northwestern Mutual Locations: North Haven , Connecticut, San Francisco , California

You don't need to know exactly how you'll use your retirement savings — instead, focus on timing. I recently spoke with my financial planner, Liz Schieck, about investing and saving for retirement. I asked her what she's hearing from clients, particularly millennials and Gen Z clients, about best practices. Current trends around investing and retirementMany new clients at Schieck's firm first reach out because they want to discuss saving for retirement. Schieck believes that you don't always have to know what you're saving for.

Persons: Liz Schieck, —, Schieck, you've, they're, doesn't Organizations: Service

☆ Inheritance can destroy a family or be a life-changing gift. Here's how I advise my clients as an estate-planning attorney.
▼ + stars: | 2024-10-08 | by ( Jen Glantz | ) www.businessinsider.com time to read: +8 min

Dana Blue is an estate-planning attorney who helps families navigate assets after a loved one dies. AdvertisementThis as-told-to essay is based on a conversation with Dana Blue, a 44-year-old estate planning, probate, and real estate attorney in Philadelphia. AdvertisementAfter almost a decade of being an attorney, I've witnessed the variety of ways inheritance has changed people, both positively and destructively. It can isolate you from family membersInheritances can impact family members in different ways and even tear them apart. A brother who moved away 20 years ago and cut himself off from the family will still receive his 50% inheritance.

Persons: Dana Blue, —, I've, client's, there's, didn't, you'll, it's, Lauryn Haas Organizations: Service, Rover, lhaas Locations: Philadelphia

☆ 40% of Americans plan to retire with $1 million or more—it might not be enough
▼ + stars: | 2024-10-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

A million dollars isn't the symbol of wealth that it used to be, but saving that much for retirement is still rare. In fact, among those currently saving for retirement, 57% say the amount they're hoping to save is less than $1 million. If you withdraw money from your portfolio too fast, you drastically decrease the chances that the money will last for your entire retirement. Divide that figure by 4%, and you'll arrive at the amount you'll need to retire with: $2.5 million. If you plan to retire with $1 million, by the same calculation you can expect to withdraw $40,000 in your first year.

Persons: you'll Organizations: CNBC, SurveyMonkey, Security

Best Personal Loans for Quick FundingHere are Business Insider's picks for the best personal loans for quick funding:Compare Personal Loan RatesTop Quick Personal Loan LendersLightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped our list of the best personal loans, and quick funding is yet another bonus. This lender also made Business Insider's list of best personal loans. Here is each company's score:Lender BBB Grade LightStream Personal Loan A Upstart Personal Loan A+ Avant Personal Loan A+ Best Egg Personal Loan A+ LendingPoint Personal Loan A+ Rocket Loans Personal Loan A+ OppLoans Personal Loan A+All of our top picks for quick personal loans are rated A or higher by the BBB. Find her on Twitter at @lizknueven Read more Read less Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: doesn't, LendingPoint, aren't, You'll, Markia Brown, Ryan Wangman, Liz Knueven, Liz, Read, Elias Shaya, Elias Organizations: LightStream, Avant, West Virginia, Better Business Bureau, BBB, Credit, National Credit Union Administration, Chevron, The Savannah College of Art, Twitter, Finance, Northwestern University, Boston Globe Locations: Nevada, West, Iowa , Nevada, West Virginia, Massachusetts, Ohio, New Mexico, Georgia, Chevron, Cincinnati , Ohio, New York City

☆ I tried to retire twice, once at 40 and again at 62. But I like working with people too much.
▼ + stars: | 2024-09-24 | by ( Gary Nunn | ) www.businessinsider.com time to read: +5 min

Twice in my life, I've attempted to retire, and both times, I've been tempted back into full-time work. Both my husband and I had done very well in our jobs, so I was fortunate enough to be able to retire early. By the age of 40, I'd worked my way to the top as a financial planner. AdvertisementDuring my second attempt at retirement, I realized how much I loved working with clientsThen, I really lost my mojo for work. While this adventure was exhilarating, I ultimately realized I missed being at home near loved ones and, most of all, working with clients.

Persons: —, Chris Childs, I've, I'd, We'd, wasn't, I'm, David, He'd Organizations: Service, Business, mojo Locations: Australia, Italy, France, England

☆ What to do with your money as interest rates drop
▼ + stars: | 2024-09-18 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

The last time the Federal Reserve Board cut interest rates was in 2020. Read more on buying a house after interest rates drop »Read more on refinance rates after an interest rate drop »Your savings ratesExpect: Savings account and CD rates to start falling. Remember, though: High-yielding money market and savings accounts continue to outearn regular bank accounts even as rates drop. Read more on savings rates after an interest rate drop »Compare Banking OffersYour investmentsExpect: Short-term fluctuations that shouldn't affect long-term strategies. Read more on investing after an interest rate drop »Your credit card debtExpect: More of the same.

Persons: We're, Read, you've Organizations: Federal Reserve Board, Fed, overreacting, Federal

Lower interest rates may impact your investment portfolio following the Fed's first rate cut. "They get spooked by something like policy changes and sell out of a diversified investment portfolio. "Generally, lower interest rates boost the economy as lending gets cheaper for consumers and businesses, " says Eckles. However, as interest rates fall, the attractiveness of these cash investments declines. The inverse relationship between bond prices and interest rates means that as rates fall, bond prices rise, providing another return component.

Persons: Banks, Goldman Sachs, JP Morgan, Bakkum, Pam Krueger, annualized, Jaime Eckles, Plante Moran, doesn't, We've, Krueger, Cash Organizations: Federal Reserve

☆ 2 things millennials tend to spend way too much money on, according to financial planners
▼ + stars: | 2024-09-13 | by ( Business Insider | Stephanie Hallett | ) www.businessinsider.com time to read: +5 min

Financial planners say millennials have a few not-so-great spending habits. According to financial planners, there are two things millennials overspend on way too often. AdvertisementFinancial planners say it's OK to spend your money on these things, but it becomes a problem when it doesn't fit into your budget or you're not meeting your financial goals. "I think most people, not just millennials, don't really have a budget and don't know how much they spend. This will help you figure out your discretionary spending budget once you've covered your priorities.

Persons: —, they've, Clari Nolet, Hewins, millennials, Nolet, doesn't, Asad Gourani, you've, lattes, Gourani Organizations: Service, AG Wealth Management

If the Fed cuts rates on September 18, bank account interest rates are likely to decline further. High-yield savings and money market accounts outearn typical checking or savings accounts even when rates decline. If the Fed decides to cut rates, savings account and CD rates will likely decline. AdvertisementEven in a declining interest rate environment, the best high-yield savings accounts offer a higher annual percentage yield than savings accounts at brick-and-mortar banks. Some of the highest-yield saving accounts include the EagleBank High-Yield Savings Account (0.01% to 5.35% APY), Western Alliance Bank High-Yield Savings Premier( 5.31% APY), and BrioDirect High-Yield Savings Account (5.30% APY).

Persons: —, they'll, George Salinas, ™, Nate Hanft, there's, Banks, it's, I've, Hanft Organizations: Service, CFS, Manske Wealth Management, Barclays, Connexus Credit, Wealth, Western Alliance Bank, Yield Savings Locations: Salinas

☆ Bitcoin's dizzying price movements make it a risky investment, say investing experts: 'It's pure, unadulterated speculation'
▼ + stars: | 2024-08-08 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Bitcoin's price has been particularly volatile as of late. The coin both rose and fell this week, at one point dropping by about 7% in a single hour alone. These recent movements in bitcoin's price serve as a stark reminder of how erratic the cryptocurrency can be and why financial planners often consider it a discretionary investment. Although bitcoin's price has roughly doubled in value since August 2023, it's not an appropriate investment for everyone, especially those with a lower risk tolerance. Bitcoin's frequent price fluctuations undermine its reliability as a store of value or as a hedge against inflation, at least in the short term.

Persons: that's, it's, shouldn't

☆ A boomer helped pay for his daughter's college and her husband's student debt. He won't start gifting their inheritance until they curb their spending.
▼ + stars: | 2024-07-28 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

Ken, a semi-retired health services executive, helped his daughter and her husband pay for college and for their home. AdvertisementKen said his daughter graduated from college without any debt, thanks to an academic scholarship and a 529 savings plan he contributed to. By the time his daughter got to college, the plan had about $75,000 in it. Ken wants to start gifting them money but wants to make sure they're savingHowever, Ken said they started spending heavily while trying to furnish and improve their home. Ken said he would like to start gifting them the annual amount that's allowed tax-free.

Persons: Ken, they've, Ken's, didn't, I've, that's boomer, hasn't, he's, it's Organizations: Service, Business

☆ Boomers who want to transfer wealth to their adult kids should make sure their finances can pass a stress test
▼ + stars: | 2024-07-25 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

So, how do you know if you're in a position to be able to start passing down your wealth? But even average baby boomers, who have a net worth of around $1 million, are getting in on early wealth transfers. Griffith said the first thing someone should do before transferring wealth is to look at their retirement resources and do something she calls a "stress test." That includes considering what the portfolio might look like when the markets are most volatile and declining. Griffith said a wealth advisor can help complete a stress test using specific software that looks at various simulations of what could happen to a person's finances.

Persons: boomers, Michelle Griffith, Griffith, it's Organizations: Service, Business, Financial, Citi, Wealth Management

Many people fail to adjust their retirement savings when their income grows. I started making my retirement savings strategy a priority, from automating monthly contributions to maxing out various savings vehicles, from 401(k) plans to SEP IRAs. Not adjusting your retirement savings with your lifestyleAnother retirement mistake? Consider a financial advisor. Finding a financial advisor doesn't have to be hard.

Persons: —, it's, Brent Weiss, there's, isn't, Jen Reid, Michael J, Ashley Feinstein Gerstley, you'll, Weiss, doesn't Organizations: Service, Yardley Wealth Management Locations: Roth

The Best Free Stock Trading AppsCharles Schwab: Best overall free stock trading appFidelity Investments: Best trading app for index fundsSoFi Invest: Best for beginnersWebull: Best trading apps for options tradingRobinhood Investing: Best trading apps for active tradingE*TRADE: Best trading apps for all types of investorsInteractive Brokers: Best trading apps for advanced tradersPassive and active investors can benefit from commission-free trading on investments like stocks and ETFs. Compare the Top Free Stock Trading AppsThe best free stock trading apps offer low account minimums, commission-free trading, research, financial tools, educational resources, and more. Interactive Brokers reviewBest Free Stock Trading Apps FAQsWhich app is best and free for trading? SoFi is our top pick for the best free stock trading app for beginners because of its automated trading services and low-cost investment strategies. How to Choose the Best Free Stock Trading AppThe best free stock trading apps for beginners will offer low fees, low minimums, easy-to-use platforms, and access to educational resources like webinars and blogs.

Persons: Charles Schwab, Charles Schwab's, Schwab, You'll, you'll, Morningstar, SoFi, Webull, Robinhood, litecoin, Brian Fry, Charlotte Geletka, Kaysian Gordon, isn't Organizations: Fidelity Investments, Invest, Interactive, Free, Business, Business Daily, Fidelity, SoFi, Financial, SoFi Invest, Nasdaq, Robinhood, Gold, Robinhood Gold, Apple, Traders, IBKR Pro, Paxos Trust, Traders Academy, Interactive Advisors, CDFA, CFP, Investors

Best Investing Apps of 2024Top Investing Apps of 2024The best investment apps help you achieve wealth-building goals while diversifying your portfolio and providing the accessibility and convenience of mobile trading for the everyday investor. Here are the best investment apps available to traders, as chosen by Business Insider's editors in 2024. Best Investing App OverallE*TRADE is a one-stop shop for investing and the overall best app. Betterment reviewBest Investing App for MobileAs one of the best stock trading apps for beginners, Acorns Invest is the best investing app for mobile traders seeking automated trading strategies and customized ETF portfolios. Best Investment Apps FAQsWhat is the best app to start investing on?

Persons: you'll, Vanguard's, Wealthfront, you've, Charles Schwab, we've, Brian Fry, Charlotte Geletka, Kaysian Gordon Organizations: Business, Mobile, Finance, M1 Finance, M1, IRA, Vanguard, Stock Market ETF, Bond, Blackrock, Invest, Chevron, SoFi Invest, Fidelity, Apple

We talked to several experts to help estimate the cost of creating a will and other estate planning documents. Average costsJack Hales, an estate and probate attorney at Hales and Sellers, said the cost of your estate plan can vary widely depending on what you need done. These frequently require notarization, which comes with a small fee, but other than that, they cost nothing but the cost of the paper on which they are written. Small changes using a lawyer may cost you a few hundred dollars, while updating your will through an online platform may only cost you $20. FAQsWhat is the average cost of creating a will?

Persons: Patrick Hicks, Hicks, Jack Hales, Hales, Sellers, Erin Bury, Rochelle Schultz, Weinstock Manion, it's, you'll, Notarization, Indrika Arnold, Will, Bury, who's, they're Organizations: Trust, Will, Bury, Financial, The Colony, National Council, Aging, Inc Locations: San Francisco, Topeka, Chevron

Financial planners said real estate is a top source of passive income for their clients. Making passive income isn't always as easy as it sounds — it takes time and money up front, and the benefits don't come overnight. To find out how people are earning passive income, Business Insider asked several financial advisors to share their clients' top passive-income sources. "Passive income sources like podcasts, websites, apps, YouTube channels generating income off of ads — those are really common sources of passive income that I've seen," he told Business Insider. Creating digital products for sale onlineEllis said that digital products are a common way she's seen clients earn passive income recently.

Persons: Brent Weiss, he's, Weiss, Akeiva Ellis, She's, it's, Wealthfront, Read, Andrew Westlin, I've, What's, Ellis, doesn't Organizations: YouTube, Business

☆ Boomer dad, who is 6 months away from retirement, has already started gifting his Gen X and millennial kids their inheritance
▼ + stars: | 2024-07-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.

Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada

☆ 6 in 10 Americans are uncomfortable with their emergency savings—but you may need less than you think
▼ + stars: | 2024-06-27 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Some 6 in 10 U.S. adults say they're uncomfortable with their level of emergency savings, according to a recent survey from Bankrate. Financial planners generally recommend stashing three to six months' worth of living expenses away in an emergency fund. More than half of Americans — 56% — say they have less than three months of expenses saved, including 27% who say they have no emergency savings at all. Why you need emergency savingsWhen it comes to your financial priorities, establishing an emergency fund should be close to the top of your list, which may feel counterintuitive. And when it does, having an emergency fund prevents you from taking money away from your other financial goals.

Persons: Alyson Basso, Greg McBride Organizations: Financial, Hayden Wealth Management, Bankrate Locations: U.S, Bankrate, Middleton , Massachusetts

☆ A rainbow logo isn't enough: How to find financial institutions that actually care about LGBTQ+ people
▼ + stars: | 2024-06-24 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

Rather, look to work with institutions and individuals that are aware of the community's unique financial needs . Some 3 in 10 LGBTQ+ adults (30.8%) say they experienced discrimination when accessing financial services, according to a recent survey from the Human Rights Campaign . In many cases, parade sponsors and participants include financial institutions, from banks to real estate agencies to investment brokerages. Making that process easier is a career goal for Charles Chaffin, a financial psychologist who founded Affirming Advisor — a program designed to help financial firms better serve LGBTQ+ clientele. Vet the firmIf a financial institution is publicly supportive of the LGBTQ+ community, that's certainly a good start, says Jay.

Persons: We've, Chris Jay, you've, Charles Chaffin, —, Chaffin, you'll, that's, Jay Organizations: Merrill, Human, CFP, LGBT Chamber, Commerce, Realtors, CNBC Locations: Seattle

Search resuls for: "Financial Planners"

25 mentions found