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I'm a financial planner, and I remind clients to look at a long timespan and plan for the worst. A long-term financial plan that works accounts for inevitable shifts in goals, values, priorities, and circumstances. Look for ways to earn morePersonally, I've shifted from "retire as soon as possible" to a more balanced approach with my financial goals. My financial plan can accommodate this choice for two main reasons:First, I saved aggressively when I could for almost a decade. Remember, frugality will only get you so farNo matter what you want to do, you'll need money to afford your chosen lifestyle in the future.

Persons: I've, Read Organizations: Service Locations: Wall, Silicon

☆ Young people say this is the No. 1 factor in building wealth—but there's more to it
▼ + stars: | 2023-08-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

While earning a high salary can play an important role in growing your wealth, it won't make you wealthy on its own. The most important factor in building wealth: your salary, according to 67% of both millennials and Gen Zers, a recent survey from financial services company Empower found. The younger generations chose salary above other wealth-building factors such as being debt-free, job stability and living below your means. There are a number of ways you can build wealth , from founding a successful start-up to receiving a hefty inheritance. But investing in low-cost index funds is a time-tested, self-made millionaire-approved method to build wealth on virtually any income.

Persons: Gen Zers, Scot Johnson, Johnson, Warren Buffett Organizations: Carpenter Inc, CNBC Locations: Adell, Harriman

☆ TSX ends lower as tech falls, investors weigh bank earnings
▼ + stars: | 2023-08-24 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 103.96 points, or 0.5%, at 19,775.83, giving back some of the previous day's rally. "Considering the softness on the U.S. side, the Canadian market held up well," said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc. Shares of Toronto-Dominion Bank (TD.TO) were down 3.2% after the bank missed analysts' estimates for quarterly profit. But Royal Bank of Canada (RY.TO) shares ended 2% higher as it beat estimates, helped by cost cutting measures.

Persons: Chris Helgren, Jerome Powell's, Lorne Steinberg, Steinberg, Fergal Smith, Siddarth, Marguerita Choy, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Tech, RBC, Toronto Stock, Federal, Lorne Steinberg Wealth Management Inc, Dominion Bank, Royal Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, U.S, Toronto, Bengaluru

☆ Legendary investor Jeremy Grantham sees shades of the dot-com bubble in markets - and predicts stocks will slump and recession will strike
▼ + stars: | 2023-08-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jeremy Grantham compared the post-pandemic boom in stocks to the dot-com bubble. The GMO cofounder doubts AI buzz can offset the impact of higher interest rates and tech woes. The buying frenzy was fueled by rock-bottom interest rates, stimulus checks, federal grants and loans, lockdown boredom, and other factors. The resulting surge in stocks was "in many ways about equal to the 2000 tech bubble," the veteran investor and GMO cofounder added. Grantham added that a recession could still hit this year, and forecasted moderately higher inflation and interest rates in the years to come versus the last decade.

Persons: Jeremy Grantham, Grantham, David Rubenstein, It's Organizations: Service, Bloomberg, Federal Locations: Wall, Silicon

☆ A 33-year-old who built up a 6-figure net worth through 'lazy investing' says even though 2022 was a 'a decidedly bad year for investors,' he didn't change his investment strategy. Here's what his por
▼ + stars: | 2023-08-20 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

After paying off $42,000 worth of debt, he got serious about investing and built up a six-figure net worth through "lazy investing" while saving for his first home simultaneously. He reacted to the 2022 downturn similarly to how he did when the stock market crashed in 2020: apathetically. These are Vanguard, Fidelity, and Schwab's total stock market index funds. Another component of the lazy investing strategy is periodic rebalancing. It probably shouldn't be any more than four times a year because then the 'lazy investing' turns a bit too hands on."

Persons: Jesse Cramer, Berkshire Hathaway, Cramer, haven't, I'm, hasn't, they're, Cramer rebalances, it's, Berkshire Hathaway Cramer doesn't, Warren Buffett, Charlie Munger, Hathaway, I'd Organizations: Berkshire, Vanguard, Fidelity Locations: Berkshire

After selling my home and moving to New York, I've found renting to be a better fit for my lifestyle. I'm not saying that owning a home, or the desire to be a homeowner, is a bad thing. Here are four reasons why I am actually benefiting from being a renter right now — and why it's not a waste of money:1. For now, not having a mortgage and maintenance costs has put more money in my savings account, which brings to my next point. My savings account is easily accessible if I need it or the unexpected happens.

Persons: I've, I'm, it's Organizations: Service Locations: New York, Wall, Silicon, New York City

☆ For Gen Z, financial security isn't enough to feel wealthy
▼ + stars: | 2023-08-18 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

A new survey shows having "a better quality of life" makes more Gen Zers feel wealthy than financial security. In contrast, 61% of baby boomers said feeling "wealthy" means having financial security, followed by having good health at 33%. That's not to say financial security isn't important to Gen Zers. According to Credit Karma data shared with Insider, the average Gen Z credit card balance is up 45% since March 2022. All this is to say Gen Zers may be looking to invest in vacations with friends to feel wealthy instead of saving up every dollar to feel financially secure.

Persons: Zers, Gen Zers, Gen, —, Schwab, That's, Gen Z, Z, they're, Zer Organizations: Service, US Bank, Boomers Locations: Wall, Silicon

☆ What Is a Roth IRA and How Does It Work?
▼ + stars: | 2023-08-16 | by ( Tanza Loudenback | ) www.wsj.com time to read: +13 min

How does a Roth IRA work? “A Roth IRA offers investors a lot of flexibility which, in my opinion, is its biggest benefit,” says Eric Presogna, a financial planner in Erie, Pa.How is a Roth IRA different from a traditional IRA and from a 401(k)? The annual limits apply to traditional and Roth IRAs, in aggregate—meaning you can’t add more than the allowed amount to your traditional and Roth IRAs combined. High-income workers can use the “backdoor Roth” strategy to get money into a Roth IRA. How to fund a Roth IRAA Roth IRA typically needs to be funded before you can start choosing investments.

Persons: Roth, “ Roth, ”, David Edmisten, Internal Revenue Service doesn’t, you’re, Roth IRAs, we’ll, “, Eric Presogna, Nick Cantrell, don’t, posttax Roth, Cantrell, Zach Teutsch, brokerages, IRA —, ” Teutsch Organizations: IRA, Internal Revenue Service, Roth IRA, Washington , D.C, Fidelity, Vanguard, IRS, Financial Locations: Prescott, Ariz, Erie, Pa, Massachusetts, Washington ,

☆ TikTok influencers want to rent you a very cool home. Just don't call them landlords.
▼ + stars: | 2023-08-16 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

While live-in landlords are far from a novel concept, the pandemic-era fever around passive income and real-estate investing has sparked a rise in the popularity of house hacking. While Turner's initial strategy emphasized small multifamily buildings, some house hackers applied the concept to single-family homes. In 2019, he published a book called "The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom." And I think house hacking is one obvious way to eliminate, or at least drastically reduce, what likely is your largest expense." "Yeah, it's called 'house hacking," the owner and roommate, also played by Jarman, who has 4 million followers, replies.

Persons: Kelly Clark, Clark, scoffed, TikTok, Zers, Brandon Turner, Turner, Ryan Lehman, Lehman, Brandon, I'm, Craig Curelop, BiggerPockets who's, Curelop, influencer Addison Jarman, renter, it's, Jarman, Jay Parsons, John Liang, TikToker, Liang, —, It's, doesn't, Insider's Daniel Geiger, she'd, James Rodriguez Organizations: Federal Housing Administration, BiggerPockets, Census, YouTube, RealPage Locations: Spokane , Washington, Silicon, millennials, Seattle, Spokane

☆ Looking to buy a starter home? They're more expensive than ever.
▼ + stars: | 2023-08-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

In June, the median sale price for the typical starter home reached an all-time high of $243,000. The income needed to purchase a typical starter home has increased 13% from 2022, to $64,500. That's because starter homes are disappearing from the market as homeowners with low, locked-in monthly payments refrain from listing their homes for sale, and homebuilders focus on more lucrative projects. It means the few that are making their way to the market are priced way higher than they once were. Here's the state of starter homes right now.

Persons: Gen Zers Organizations: Service Locations: Wall, Silicon

☆ After funding her 401(k) for 25 years, one woman realized it wouldn't be enough to retire. Here's how she used real-estate investing to build wealth and help thousands through her women-only investmen
▼ + stars: | 2023-08-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

She eventually founded a network to help other women achieve financial freedom via real estate investing. "I didn't have an ounce of experience as a real estate investor," she said. I left my 25-year career, sold my house, and started investing in real estate — and, well, it changed my life." It's a good strategy for beginner real-estate investors looking to break into the industry since it doesn't require upfront capital. That's when the Women's Real Estate Investors Network (WREIN) truly took off.

Persons: Tresa Todd, Todd, Todd didn't, —, It's, wholesaling Organizations: wholesaling, Estate Investors, WREIN, Estate Locations: Tyler , Texas, Dallas, Fort Worth, Houston

☆ Millennials powered America’s homeownership boom
▼ + stars: | 2023-08-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Rather, the homeownership rate measures the percentage of all occupied housing owned by the occupants, as opposed to occupied by renters. By 2022, the US homeownership rate was 65.8%, up from 64.6% in 2019. Homeownership rates dipped as low as 63.4% following the foreclosure crisis that began in 2004 and the Great Recession that began in 2008. Homeownership rates have recovered just half of the 5.6% drop in homeownership between 2004 and 2016. Between 2016 and 2019, the homeownership rate increased for buyers under 55, according to the Census Bureau.

Persons: Yue, Chris Parsons, —, ”, Yue Parsons, — Parsons, Parsons, We’re, Jessica Lautz Organizations: Washington CNN, Census, National Association of Realtors, NAR Locations: New York City, Manhattan, United States, homebuying, San Francisco, New York, Austin , Texas, Miami, Phoenix, homeownership

☆ Bank of England should stop hiking and wait for higher rates to take effect, CIO says
▼ + stars: | 2023-08-07 | 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 EmailBank of England should stop hiking and wait for higher rates to take effect, CIO saysShanti Kelemen, chief investment officer at M&G Wealth, says "raising rates just doesn't feed through to the economy as quick as it used to," adding that the "economy is different today."

Persons: Shanti Kelemen Organizations: Email Bank of England, G

☆ Will AI be an economic blessing or curse? History offers clues
▼ + stars: | 2023-08-07 | by ( Mark John | ) www.reuters.com time to read: +6 min

Backers of AI predict a productivity leap that will generate wealth and improve living standards. The productivity gains it was once lauded for have slowed across many economies. In a globalised economy, there are other reasons to doubt whether the potential gains of AI will be felt evenly. That is just one of several factors that will help determine how AI shapes our economic lives - from antitrust policies that ensure healthy competition among AI suppliers through to re-training of workforces. "The question is: will AI exacerbate existing inequalities or could it actually help us get back to something much fairer?"

Persons: Richard Erkhov, Yiannis, Simon Johnson, Johnson, Daron Acemoglu, jenny, Natixis, Stefano Scarpetta, MIT's Johnson, Mary Towers, Eva Mathews, Mark John, Catherine Evans Organizations: REUTERS, MIT Sloan School of Management, McKinsey, Hollywood, Reuters, Labour, Social Affairs, Economic Cooperation, Development, UN, POWER, Britain's Trades Union, OECD, Thomson Locations: Pascal, Nicosia, Cyprus, U.S, American, Paris, Bengaluru

☆ Meet Ted Pick, the hard-charging 'deal junkie' who looks poised to succeed James Gorman as CEO of Morgan Stanley
▼ + stars: | 2023-08-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Morgan Stanley's hard-charging trading boss Ted Pick is the frontrunner to succeed CEO James Gorman. Morgan Stanley veteran Ted Pick is in the running to succeed chief executive James Gorman. Though Wall Street has dressed down over the last few years, he sticks to his suits and Hermès ties. While Morgan Stanley currently trades at a premium among its Wall Street peers, but its enviable success isn't thanks to Pick. He's a lot more like John Mack than James Gorman in terms of style," an ex-managing director said, referring to Gorman's sharp-elbowed predecessor.

Persons: Morgan Stanley's, Ted Pick, James Gorman, Morgan Stanley, Pick, Gucci loafers, Blackstone, Tony James, Morgan, it's, Andy Saperstein, Dan Simkowitz, Gorman, John Mack, Bill Parcells, Ted Organizations: Archegos Capital Management, NFL

☆ A 27-year-old investor who's building a retirement portfolio of $2 million in 8 years shares the 3 index funds he's betting on, including one with an over 500% return in the last 10 years
▼ + stars: | 2023-08-05 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

So far, he has accumulated $47,400 in a brokerage account and another $72,774 in a retirement account, according to records viewed by Insider. His top 3 favorite index fundsA majority of his retirement account sits in index funds. One of his top holdings is the Vanguard 500 Index Fund ETF (VOO), which tracks the S&P 500. The second index he holds that is tied in ranking is the Vanguard Information Technology Index Fund ETF (VGT). Finally, his third-largest holding is the Vanguard Growth Index Fund ETF (VUG).

Persons: Austin Hankwitz, TikTok, Hankwitz, Roth, I've Organizations: Vanguard, Companies, Vanguard Information Technology Index Fund, Apple, Microsoft, Nvidia, Broadcom, Index Locations: Nashville , Tennessee, VGT

☆ Here are six ways the rich save big on taxes, from putting mansions in trusts to guaranteeing inheritance for future generations
▼ + stars: | 2023-08-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. The heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

Persons: Uncle Sam, Trump, Robert Strauss, Weinstock Manion, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI Organizations: Taxpayers, IRS, Biden, Blackstone, Lombard International, Federal Reserve Locations: Cayman Islands, Bermuda, Florida, Wyoming, Plenty

☆ You need to make at least $64,500 a year to afford your first home, says Redfin
▼ + stars: | 2023-08-02 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Buying your first home has become even less affordable, Redfin said. Buyers now need to make at least $64,500 a year to afford a starter home, up 13% in 12 months. Many on lower budgets can no longer stretch to even the most affordable homes, per Redfin. The real estate brokerage revealed first-time buyers must make about $64,500 a year to afford a starter home – 13% more than a year ago. "The most affordable homes for sale are no longer affordable to people with lower budgets due to the combination of rising prices and rising rates.

Persons: Redfin, Buyers, Sheharyar Bokhari Organizations: Service, Federal Reserve Locations: Wall, Silicon, New York, Chicago, Atlanta, San Francisco, Austin, Phoenix

☆ Terry Crews: 'I would have made more money at McDonald's' than I did in the NFL
▼ + stars: | 2023-08-02 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

After being drafted by the Los Angeles Rams in 1991, Crews spent five years bouncing between six professional teams, including one in Germany. "I would have made more money at McDonald's," Crews, 55, said. It's unclear how much money Crews made in total during his NFL career, which included 32 games for the Rams, San Diego Chargers and Washington Redskins. The Chargers now play in Los Angeles, and Washington D.C.'s team is now called the Commanders. When his ex-teammate stopped lending him money, Crews took a job sweeping factory floors for $8 per hour, he said.

Persons: Terry Crews, Crews, Dax Shepard's, I'd, — Organizations: National Football League, Los Angeles Rams, Green Bay Packers, NFL, Rams, San Diego Chargers, Washington Redskins, The Chargers, Washington D.C, National Bureau of Economic Research, CNBC Locations: Germany, Wisconsin, McDonald's, Los Angeles, Washington, skylines

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Subomi Plumptre: A woman on a mission to build prosperity in Africa
▼ + stars: | 2023-07-31 | by ( Susan Williams For Cnn | ) edition.cnn.com time to read: +6 min

However, one woman says she has made it her life’s mission to empower Africa’s squeezed middle class. She is the co-founder of Volition Cap, an investment cooperative that aims to help Africans build wealth and financial stability. But the middle class are the ones that create the most small and medium scale enterprises. So my focus on the middle class is actually very deliberate, because I realize that the middle class is the economic destiny of Africa,” Plumptre told CNN. That was what happened to my parents.”This tragedy made Subomi realize that she, like many middle class individuals, lacked a safety net when faced with critical emergencies.

Persons: Africa’s, Cap, Plumptre, ” Plumptre, “, ” Organizations: CNN, African Development Bank Group, International Labour Office, World Bank, SEC Locations: Nigeria, Africa, Europe, America

☆ Real-estate investor Guido Nunez has built a portfolio of 150 units across multiple multifamily properties. He shares the refinancing and tax strategies he's used to continually snowball his wealth.
▼ + stars: | 2023-07-27 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

To scale up, he's used the BRRRR method and 1031 exchanges. One example of how Nunez has used the BRRRR method involves a property in Long Beach, California that he bought in 2015. For the 1031 exchange approach, Nunez did the same thing: he fixed up properties, forcing appreciation in them. To allow him keep all of the value he'd built up and not get taxed on it, Nunez used a 1031 exchange and bought other properties. When he believes he's maxed out a properties appreciation, he uses a 1031 exchange as opposed to a cash-out refinance.

Persons: Guido Nunez, he's, Guido Nunez's, Guido wasn't, He's, It's, Nunez, Dave Wieland — Organizations: Capital Locations: Long Beach , California

☆ Where Steve Cohen's Point72 Ventures sees opportunities in fintech, from generative AI to solving gamers' payments woes
▼ + stars: | 2023-07-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Tripp Shriner is a managing partner at Point72 Ventures, the VC arm of Steve Cohen's hedge fund. Point72 Ventures is now actively looking for new fintech investments after what it said was "a quieter period"— it last invested in payment startup Pagos' $34 million Series A in February. "We're still early, getting toward the check-writing side of things," Tripp Shriner, managing partner and fintech investor at Point72 Ventures, told Insider. The investment themes lay the groundwork for where Point72 Ventures will spend its time and money in the coming months and years. Point72 Ventures' approach to AI is largely guided by how financial firms want to use the tech.

Persons: Tripp Shriner, Steve Cohen's, Fintechs, We're, Shriner, it's Organizations: Point72 Ventures, Point72, Mastercard Locations: fintech, KYC

☆ Real estate billionaire Barry Sternlicht says the storm heading for the sector is unavoidable - and recession is coming despite soft landing talk
▼ + stars: | 2023-07-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The billionaire Starwood CEO predicted a coming recession and "Category 5 hurricane" in the real estate sector. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyA storm is headed for the real estate sector, and a recession is coming despite growing talk of a soft landing, according to real estate billionaire Barry Sternlicht. Higher rates and tighter financial conditions spell trouble for the real estate sector in particular. "I like to say there's a hurricane over real estate right now. While labor markets are hot still, inflation is steadily cooling, leading to talk of a Goldilocks scenario in which the Fed can lower inflation without crushing demand or crimping growth.

Persons: Barry Sternlicht, Sternlicht, David Rubenstein Organizations: Starwood, Service, Starwood Capital CEO, Bloomberg Wealth, Board Locations: Wall, Silicon

☆ New bill aims to help low-income Americans with disabilities build emergency savings through a federal match
▼ + stars: | 2023-07-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The Americans with Disabilities Act was signed into law 33 years ago to protect people with disabilities from discrimination. To help make it easier for disabled individuals with lower incomes to save, Sen. Bob Casey, D-Pa., who serves as chairman of the Senate Special Committee on Aging, is introducing a new proposal, called the ABLE MATCH Act. The legislation would create a federal dollar-for-dollar match for new and existing ABLE accounts for individuals who earn $28,000 or less per year. The tax-advantaged accounts allow for tax-free withdrawals for qualifying expenses, while investment gains may grow on a tax-deferred basis. The ABLE program has been a "lifeline for thousands of people with disabilities across the nation," Casey said in a statement.

Persons: Sen, Bob Casey, Long, Casey Organizations: Aging, Finance

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