DIRS.INFO The most relevant business & tech news

I was encouraged to start saving for retirement at 24 because my job offered a 401(k) with a generous match. Pick a tax-advantaged retirement account that makes sense for your financial situation and goals, and set up automatic contributions. When it comes to retirement, saving something is always better than saving nothing, so don't be too hard on yourself if you haven't made it a priority until now. Pick a retirement account (or two)Get familiar with the features of each type of retirement account. She writes most frequently about saving money, planning for retirement, taxes, debt management, and strategies for building wealth.

Retirees say that saving and investing for retirement consistently is critical, as investing can help grow savings over many years. Sometimes, the simplest strategies are best — one retired grandfather used a buy-and-hold stock strategy to build a portfolio worth millions. Luckily, lots of people have retired comfortably and are willing to share the steps they took to do so. Here, we've compiled the best advice from four retired people for anyone who's looking forward to a long and happy retirement. Sean says that his grandfather's advice has helped him get on track to hit $6.8 million at age 60, or retire early.

Persons: that's, —, you've, we've, Sean, didn't, It's, Michelle Jackson's, it's, Jackson's, Jackson, Eric Rosenberg didn't, Rosenberg Organizations: Business, Service, Walmart Locations: United States

Gerald Grant Jr. and Gerald Grant III are financial advisors in Miami and coauthors of a new book about building generational wealth. This article is part of "Money That Lasts," an ongoing series about generational wealth from Personal Finance Insider. In conversation with Business Insider, Gerald Grant Jr. and Gerald Grant III, father-son financial advisors at Equitable Advisors in Miami, said there are at least two ways Black Americans can start building wealth for themselves and their kids today. Income also appears to be a key factor in stock-market participation for Black Americans, according to a survey by Ariel Investments in 2015. About 57% of Black Americans earning between $50,000 and $100,000 were invested, while 81% earning $100,000 or more were invested.

☆ The smart investor's toolkit: 7 tips from personal finance professionals for building wealth through investing
▼ + stars: | 2020-09-28 | by ( Tanza Loudenback | ) www.businessinsider.com time to read: +12 min

The experts shared tips for developing an investment strategy, balancing risk within a portfolio, navigating market downturns, and more. We've turned their insights and advice into a toolkit of best practices for investors who want to build wealth wisely. AdvertisementBelow, we've turned their insights and advice into a toolkit for smart investors. AdvertisementReduce risk through diversificationThere's always going to be risk if you're investing in a financial market. Advertisement"It is possible, not probable, to beat the market," Matthews said.

Persons: Kevin Matthews, Kelly Lannan, Loudenback, We've, —, we've, Matthews, " Matthews, Lannan, there's, it's, isn't, Roth, haven't Organizations: Fidelity Investment's, Business Insider's, Service, IRA

When the enslaved population was first freed, the Freedman's Bank was established to provide a savings and wealth-building tool. Black bank customers lost millions in deposits. When Freedman's Bank closedA short nine years after opening, the Freedman's Bank closed in 1874. The Freedman's Bank collapse destroyed Black people's trust in financial systemsMy grandmother had a bank account. In short, in the African American community, the Freedman's Bank collapse is to finance what the Tuskegee experiments are to healthcare.

The racial wealth gap in America is well-documented, but there are steps we can take now to help close the gap — including encouraging Black Americans to invest more. In the US, Black Americans tend to invest at lower rates than white Americans, reducing Black Americans' opportunity to build wealth. There has been some progress related to investing in recent years, and the racial investing gap seems to be shrinking. That means the existing racial wealth gap can then feed into the investing gap. Research has found that Black Americans also tend to take fewer financial chances when compared to white Americans.

☆ When homeowners associations were first created, they helped keep Black people out of the neighborhood. They're still doing it today.
▼ + stars: | 2020-09-18 | by ( Mariette Williams | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +8 min

Today, HOAs are majority white and Asian, and Black homeowners say they experience targeted discrimination and harassment by their HOAs. Black homeowners say they're targeted by HOAsWhile the federal Fair Housing Act was passed in 1968, prohibiting racial discrimination in the sale and rental of homes, HOAs still find ways to exclude or discriminate against Black homeowners. HOA discrimination can also look like preferential treatment of white homeowners. While some accusations of HOA discrimination can be considered circumstantial, many HOAs still have "racially restrictive" language in their documents. Homebuyers may not have the funds to hire a lawyer, and HOA discrimination is often hard to prove.

Persons: —, Jonathan Rothwell ,, HOAs, Melchior Julien, HOA, Julien, Rose Vincent, Vincent, Xers, Rothwell, Banning Organizations: Service, HOAs, Greenville News, HOA, Business, Americans Locations: HOAs, HOA, South Carolina, Florida, Tallahassee, South Florida

I'm a mom of two black children, and I know the importance of teaching them good financial habits to build wealth and close the racial wealth gap. My parents modeled good financial habits for me, and I'm passing along three lessons to my kids: avoid debt, use a budget, and save and invest. The three most important things I'm teaching my children are to avoid debt, use a budget, and save and invest. Save and investLastly, I saw my parents save and invest. While I do want my kids to have wealth, it's not just about a sum of money.

It might be a good idea to hire a retirement adviser if you're within 10 years of retiring. Above all, look for a retirement adviser who is a fiduciary. Retirement advisors have extensive knowledge of investment markets, workplace retirement plans, pensions, and Social Security. There are three main types of financial advisors:Traditional financial advisors: Advisors that can provide personalized advice and product recommendations based on a client's needs and goals. They are also dShould I Hire a Retirement Adviser?

Automatically putting money in a high-yield savings account, increasing your retirement contribution, and opening a brokerage account can all boost your wealth. By making smart choices with even small amounts of money you have today, you'll set yourself up for big changes over the long term. Big wins — like getting a raise — are wonderful, but small wins — like choosing the right investment or savings account — are even better, because you have total control. Even though interest rates are down compared to early 2019, a high-yield savings account can still help you earn up to 20 times more on your cash than a traditional savings account. Now, just opening a new savings account won't make you rich.

☆ 28-year-old millionaire: 'The slow way to wealth is to save'
▼ + stars: | 2020-02-21 | by ( Kathleen Elkins | ) www.cnbc.com time to read: +3 min

"The slow way to wealth is to save." It's a lot easier to make more money than to save more. Plus, if you make a lot, "it's a lot easier to save anyways," he says. "Meanwhile, the wealthy are focusing their energy on not just earning — but earning a lot of money." The wealthy are focusing their energy on not just earning — but earning a lot of money.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). Even if you bring home a big paycheck, it doesn't mean you're building wealth. If you can barely pay your bills each month, aren't saving any money in a retirement plan, or are spending more than 30% of your income on housing, you're probably not saving enough money. See Business Insider's picks for the best high-yield savings accounts »Earning a lot of money doesn't necessarily make you rich. To help you evaluate, we've rounded up nine red flags that indicate you're off track.

☆ The new head of Wells Fargo's massive wealth arm explains why human financial advisors should embrace roboadvisers, not fear them
▼ + stars: | 2019-12-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In his first interview as president and head of Wells Fargo Advisors, Jim Hays shared with Business Insider his view on the wealth management industry's future. He joined the unit's parent firm Wells Fargo in 2005, and was previously head of its Private Wealth Financial Advisors group. Wells Fargo Advisors has 13,723 financial advisors that oversaw some $1.6 trillion in retail clients' assets as of September 30. That being said, the predominance of technology and its impact on the financial advice industry can't be understated. Additionally, through Wells Fargo Advisors' Intuitive Investor, we've found users actually prefer a hybrid model: pairing powerful portfolios with advice from financial advisors.

Persons: Jim Hays, Hays, —, Wells, Charles Schwab, Wells Fargo, we've Organizations: Wells Fargo Advisors, Business, Wealth Financial, Wells, Advisors, Analysts Locations: Wells Fargo

☆ Millennials might lag behind their parents when it comes to money, but there's something they do better: talk about it
▼ + stars: | 2019-10-31 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +4 min

Millennials are more open to talking about money than their parents, according to a new survey by Insider and Morning Consult for "The State of Our Money." More than 80% of married millennial and baby boomer respondents said they share financial info with their spouse, but the similarities stop there. Millennials are much more open about money than their parents are. Thirty percent of millennials share financial info with their friends, compared to just 9% of boomers; 25% of millennials share financial info with their siblings, but 12% of boomers do the same; and 12% of millennials talk to their colleagues about money, whereas only 2% of boomers do. Copeland aims to make students more comfortable and knowledgeable when talking about money and encourages them to talk to mentors and parents about it.

☆ Rob Gronkowski said he hasn't ruled out an NFL comeback — here's how he saved his entire $54 million career earnings from the NFL
▼ + stars: | 2019-08-28 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +5 min

Gronkowski retired from the NFL in March with his entire career earnings: $54 million, according to Spotrac. He was able to save this nest egg by following a simple money rule: Keep it simple by saving surplus money. The New England Patriots tight end had a nice nest egg to fall back on: his entire NFL career earnings, which total $54 million after nine seasons, according to Spotrac. "I'd just say keep it simple," Gronkowski told Business Insider last year. One of those is frugality: a commitment to saving, spending less, and sticking to a budget.

The typical American household has a net worth of about $97,300. To be in the richest 20% of the US population, you need a household net worth of nearly $500,000. It can be helpful to see how your net worth compares with others', broken down by age. The typical American family had a net worth of $97,290 in 2016, which is the most recent data available. In other words, 50% of the population has a net worth below that threshold, and 50% has a net worth above it.

Get the latest tips you need to manage your money — delivered to you biweekly. Based on these stats, even those who fall into the 1% aren't necessarily wealthy enough to eschew budgeting and ignore the pitfalls of modern consumerism. Here are some budgeting tips for the highest earners (and everyone else, too) from the experts who help them manage their money:1. Fee-only financial adviser Ryan Inman of Physician Wealth Services and FinancialResidency.com says this is why the first step of budgeting is understanding your financial goals. That way, you can have a plan for the money you're bringing in without turning your budget into a part-time job.

I used to tell myself I could either live a life of passion and fulfillment, or I could be wealthy. Now in my 30s, I'm motivated to create a real plan towards real, long-term financial freedom. It's important when thinking long-term to consider what you need to be happy and fulfilled, because the truth is this is the only sustainable option. Now I'm motivated to create a real plan towards real, long-term financial freedom. I used to think that being wealthy meant sacrificing my values, and this is just plain wrong.

☆ Military spouse turned financial planner on creating wealth
▼ + stars: | 2019-06-17 | by ( Aj Horch | ) www.nbcnews.com time to read: +3 min

Transitioning from a civilian life to military life can be difficult, especially as a spouse. But former hedge fund analyst and wife to an officer in the U.S. Navy, Tara Falcone says spouses of service members do have options when it comes to creating wealth. Control your investment planYou don’t have to have a career to generate wealth for your family. While the Spousal IRA is not reserved solely for military spouses, the high unemployment rate among military spouses — as high as 24% in recent years — makes it popular. While the amount of money in the fund can vary, most financial experts recommend at least six months of living expenses.

Term life insurance is a life insurance product that lasts for a specific period of time. Term life insurance is "pure" life insurance, says Logan Sachon, an insurance editor at insurance comparison site Policygenius. Mark Cluett, director of content at Canadian life insurance comparison site PolicyAdvisor.com, says term life insurance is especially beneficial for those in their 30s or 40s who have major life events occurring during their prime earning years such as getting married, having children, and buying a home. Life insurance rates are based on an insurance company's calculation of your mortality, so rates are lower when you're younger. "Some diagnoses could even result in you not being able to buy term life insurance at all — for example, a terminal illness."

☆ Combat Vet shares financial advice for military families
▼ + stars: | 2019-05-28 | by ( Bill Simonet | Managing Partner At Simonet Financial Group | ) www.nbcnews.com time to read: +7 min

The following programs are positioned to give a vet some financial guidance:Blended Retirement System (for active duty and reservists): In January 2018, the traditional military pension system was converted to the Blended Retirement System. The BRS combines elements of the legacy retirement system with benefits similar to those offered in many civilian 401(k) plans. Fewer than 20% of service members who enlist actually choose to make the military their career and retire out. Here are some pros:Provides a benefit to service members even if they choose not to spend 20 years in the military. Thrift Savings Plan (for service members not on the BRS): The Thrift Savings Plan is the federal government's version of the civilian 401(k) plan.

☆ There's a simple rule to determine whether investing while paying off student loan debt is a smart move, according to the experts
▼ + stars: | 2019-04-21 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +3 min

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 PolicyStudent loan debt is at an all-time high — the national total student debt is over $1.5 trillion and the average student loan debt per graduating student in 2018 who took out loans is $29,800, according to Student Loan Hero. So should millennials still invest while they have student loan debt — or should they pay it off first? Based on that, any student loan debt with interest higher than 7% should be paid off first, she said. Consider the economic climate and company-match programsWhether you invest while paying off student loan debt also depends on the climate in which you're investing, according to Virta. A company match means your company will match whatever contribution you put towards your 401(k) up to a certain amount.

☆ Book Review: ‘Pachinko,’ by Min Jin Lee
▼ + stars: | 2017-02-02 | by ( Krys Lee | ) www.nytimes.com time to read: +2 min

(This book was selected as one of The New York Times Book Review’s 10 Best Books of 2017. Pachinko, the slot-machine-like game ubiquitous throughout Japan, unifies the central concerns of identity, homeland and belonging. For the ethnic Korean population in Japan, discriminated against and shut out of traditional occupations, pachinko parlors are the primary mode of finding work and accumulating wealth. From a young age, Sunja’s oldest son sees being Korean as “a dark, heavy rock”; his greatest, secret desire is to be Japanese. He believes there are still good Japanese people and sees himself as Japanese, too, “even if the Japanese didn’t think so.”

Search resuls for: "G Wealth"

23 mentions found