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☆ Retailers are losing $100 billion a year from 'friendly fraud,' report finds — and sometimes it's an accident
▼ + stars: | 2024-07-25 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Man sits on a sofa in his living room and uses a credit card to pay online. Stefanikolic | E+ | Getty ImagesFriendly fraud is a broad termCredit card experts say identifying friendly fraud can be difficult. "We look at the number of accounts, number of disputes, number of overturned disputes, number of closed accounts. Looking at Socure's research, $89 billion of the $100 billion attributed to this type of fraud is lost by merchants. The remainder comes from credit card fraud loss ($18 billion) and the dispute resolution from the top 15 U.S. banks.

Persons: Robert Painter, Chi Chi Wu, That's, Wu, Johnny Ayers, Ayers, Domenic Cirone Organizations: Getty, National Consumer Law, Merchant Risk Council Locations: U.S

Forgoing travel insurance can leave you dealing with an unexpected, costly emergency. The biggest of these fees is foreign transaction fees, which typically tack on around 3% on every purchase made outside the United States. On the flipside of that, buying travel medical insurance ahead of time can ensure you get the care you need without ruining your finances. Not investing in a broad travel insurance policyOther inclusions in a travel insurance plan can prove crucial. Get Travel Insurance Quotes Find affordable travel insurance policies with SquareMouth.

Persons: —, Stephanie Montague, Nia Adams, Krissy Yoder, Erica Wood, Christina Schlegel, you'll, Schlegel Organizations: Service, MMGY Travel Intelligence, Travel, Daybreak Travel, Bluetail Locations: United States

I had never used a high-yield savings account until selling my house. There's one safe way to make some money on your money without the risk of investing, though: putting your cash in a high-yield savings account. Putting our money in a high-yield savings accountWe decided to invest some of the money we made on the sale of our house and put the rest into our high-yield savings account to beef up our emergency fund. In the end, I decided to open an American Express high-yield savings account and deposit $80,000 into it. Featured Nationally Available Deposit Rates Account Name APY (Annual Percentage Yield) Accurate as of 7/22/2024 Minimum Account Opening Balance BrioDirect High-Yield Savings Account 5.30% $5,000 Forbright Growth Savings 5.30% $0 NexBank High Yield Savings Account 5.26% $1This article was originally published in April 2020.

Persons: —, I've, it's Organizations: Service, Citibank, American Express, American

Now that I have a family, travel insurance is important — but I'm getting it through my credit card. According to SquareMouth travel insurance, the average cost of travel insurance is around 5% to 10% of your total trip price. In an effort to save that cash while still getting the protection we need, I decided to open a travel rewards credit card with travel insurance benefits. I picked a credit card with low fees and substantial travel benefitsSince this trip to Greece will cost a few thousand dollars, I decided to open a credit card with travel insurance to take advantage of travel rewards and travel insurance benefits that are offered. I decided to go with the Chase Sapphire Preferred® Card credit card since it had the most robust travel insurance benefits.

Persons: I've Organizations: Chase, Sapphire Locations: Greece

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. If your siblings don't already recognize how lucky they are to have you, I assure you they will someday. Another way you can help your siblings when you're gone is to prepare them for it now. Write to For Love & Money using this Google form .

Persons: —, I've, I'm, You've, you've, doesn't Organizations: Service, SNAP, Medicaid

I asked a financial planner whether I should take money out of savings if interest rates drop. I haven't felt ready to follow their advice, especially since my high-yield savings account at Ally Bank has been offering 4% to 5% APY on the money in the account. If that happens, it might make sense for me to move money out of my high-yield savings account. I met with certified financial planner Jake Skelhorn, who shared three things I can do with that cash if interest rates drop. "While more volatile year-to-year, stock market returns have averaged approximately 10%, which is about double what you're getting in a high-yield savings account today."

Persons: it's, they've, haven't, Jake Skelhorn, Skelhorn Organizations: Ally Bank

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

Read previewAfter having our first child together in 2023, my husband and I agreed that we both needed life insurance. Get a joint life insurance policyWe quickly decided it didn't make sense for us to have two separate life insurance policies. Since we're married, we can get a joint life insurance policy — we looked at one through New York Life Insurance. Bulk discount on two separate policiesWe also noticed that some life insurance policies offered a bulk discount if we both got two separate life insurance policies simultaneously. Progressive Life Insurance was one option that also offered bundles with other types of insurance, like auto or renters insurance.

Persons: —, we're, there's Organizations: Service, Business, New York Life Insurance, Insurance, State Farm Life Insurance Locations: New

I always said I would give my land to my adult children when we married, and I moved in with him. He is upset that I am giving our marital assets to my adult children, and he says that is not fair to him or his three adult children. If this solution doesn't work for your husband, it's his job to find an alternative, not yours. AdvertisementAnother compromise might be giving your adult children a larger share of your personal assets and one another's children smaller bequests. And you can't have the conversation until your husband is willing to have it.

Persons: it's, we're Organizations: Service

My pet insurance is $25 a month, and I get great care for my cat with affordable co-pays. I pay $25 a month for pet insuranceI have Fetch pet insurance, which costs about $25 a month for one cat (although it started at $22). Get Pet Insurance Quotes Find affordable pet insurance policies with Petted. Rose used to have pet insurance for Mar through her job, which gave her access to Nationwide pet insurance for about $8 a month out of her paycheck. Now, doing research on pet insurance, Rose expects to pay a higher cost than before.

Persons: I've, I'm, She's, It's, Cuddles, Rose Rogers, Rose, Mar, it's Organizations: Sherwood Cat, Mar, Nationwide Locations: I'm, Portland , Oregon, Oregon's, Seattle

Instead, buying gold makes sense if it's a way to diversify my investments — and gold IRAs work well. Before buying gold, he told me to consider all the other costs I might face. Investing in gold can diversify your portfolioSkelhorn did confirm that investing in gold could be a good way to diversify my portfolio. However, he said that before buying gold bars, we should understand there could be added fees depending on how we buy and store it. Whether you're opening a Gold IRA or buying physical gold to diversify your portfolio, Goldco can help you seamlessly navigate the process.

Persons: Jake Skelhorn, —, we're, Skelhorn, it's Organizations: Service, IRA

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

One of the big money moves I made this year was merging all of my savings accounts into one account. My previous savings strategy stopped working for meI've had three savings accounts for the past couple of years:Account A was for my emergency savings, stored in a standard savings account at the same bank as my checking account. Account B was for my homeownership dreams, stored in a high-yield savings account at an online bank. I opened multiple savings accounts to keep my savings separate and reduce the temptation to spend that money on other things. Merging my savings accounts meant embracing simplicityBefore doing anything, I sat down and wrote out what I wanted from a savings account.

Persons: I've Organizations: Research

☆ I write an advice column about money and relationships. When I get questions about weddings, I always remind readers that they're about two people.
▼ + stars: | 2024-07-12 | by ( Olivia Christensen | Avril Ayers | Read More | ) www.businessinsider.com time to read: +6 min

In my advice column, For Love & Money, I get a lot of big questions about paying for weddings. The key to all my advice is that a wedding is about exactly two people — and that's OK.Do you have your own questions about money and relationships? It seemed that what hurt the aunt most was that this niece later married the guy anyway, without a big wedding, inviting the aunt, or repaying her. I encouraged the bride to lean into the universally acknowledged truth that a person's wedding day is their own. Looking for advice on how your savings, debt, or another financial challenge is affecting your relationships?

Persons: —, Big, she'd, doesn't Organizations: Service Locations: United States

The information for the following product(s) has been collected independently by Business Insider: Marriott Bonvoy Boundless® Credit Card. We paid for our travel and hotel entirely with points, and we saved by booking months in advance. Add to it the guilt of paying for said trip, and it's even harder to justify an adults-only trip. That's why we decided to cash out our Marriott Bonvoy points and airline points to pay for the entire trip guilt-free. Whether you're looking to maximize transferrable credit card points for loyalty programs or get your first credit card, our guide to the best credit cards can help you make the right choice.

Persons: We've, —, it's, I've, Brand, We're, you've Organizations: Business, Service, Marriott, JW Marriott, We're Marriott, Ritz Carlton, Residence, Delta Locations: Cabos, Cabo, Delta

Then, in 2008, the California Supreme Court legalized same-sex marriage, and we were legally married in our home state. Prop 8 passed in November 2008, making same-sex marriage once again illegal in California. In 2015, the U.S. Supreme Court legalized same-sex marriage nationally, and that's when my wife and I started to truly reap the benefits of marriage. Owning property togetherWhen we bought our condo in 2004, we weren't legally married, so we couldn't just let the title company take care of the deed. Freedom from financial fearAfter the decision to legalize same-sex marriage in 2015, I felt like a full citizen for the first time.

Persons: —, It's, that's, doesn't Organizations: Service, California Supreme, U.S, Supreme, Social Security Locations: California

I've paid rent with a credit card, along with taxes, tuition, and virtually everything in between. I even convinced extended family members to let me pay their home-renovation costs with my credit card. That's right: I charged the cost of a new vehicle to my credit card without any fees. Sifting through my wallet, I found an even better option: my World Of Hyatt credit card. Not all of us are able to make large purchases like this with a credit card, but it certainly never hurts to ask.

Persons: I've, Hyatt, I'd, That's Organizations: Service, Hyatt, Hyatt Card, Liberties Dublin Locations: New York

However, I was raised in a household where it was deeply ingrained that we were to be generous and help others at all costs. While I do want to help my family, this messaging isn't conducive to tucking funds away for Future Me and putting my own financial needs and goals top of mind. By taking care of your financial needs, you'll be in a much better place to care for your loved ones. Depending on your situation, you not only need to know your wants and needs, but you also might need to know your family's wants and needs. If you want help with your financial situation and juggling your needs and your family's needs, consider working with a financial advisor.

Persons: I've, churchgoers, Thao Truong, Truong, you'll, I'm Organizations: Service, Business, Morton Wealth, Budget, Foundation, Financial Locations: Los Angeles, Vietnam

For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a reader's neighbor expects them to help pay for a garden between their homes. Write to For Love & Money using this Google form. Not to say your neighbors are scheming over their morning coffee for ways to force you to share a garden with them. Write to For Love & Money using this Google form .

Persons: —, they're, We've, doesn't Organizations: Service

One of the most important steps you can take is building a website for your business. I got my first business website around 2000. I vowed never to have another business website I couldn't manage myself. I built my freelance writing website in WordPress, which is much fancier than I could have designed without those tools. One way to choose a page builder is by looking at templates and using the builder for the template you like.

Persons: — Organizations: Service, WordPress, Beaver

I've spent a lot on vet visits for my dog, so I decided to look into what pet insurance I could get. In the last year, she's had a series of vet visits that left us with a few thousand dollars in bills to pay. I decided to price out three popular pet insurance plans to figure out which one is right for us. It offers a bundling discount of up to 10%, making my pet insurance premiums cheaper than any other provider. Plus, I received an insurance bundling discount because I already had other insurance plans through the company.

Persons: I've, she's, it's, —, Figo

☆ 2 teens won $50,000 for inventing a device that can filter toxic microplastics from water
▼ + stars: | 2024-05-23 | by ( Ellyn Lapointe | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +8 min

They wanted to find out whether this type of facility already had tools that could remove microplastics from wastewater. In a single pass, their device can remove between 84% and 94% of microplastics in water, according to a press release. On a smaller scale, it could filter microplastics in laundry machines and even fish tanks. In another 2023 study, researchers at Shinshu University tested a similar ultrasound-filtering method to remove microplastics from water. But Ou and Huang say their device is simpler, more efficient, and the first to use ultrasound to block and filter microplastics directly.

Persons: —, Victoria Ou, Justin Huang, Huang, Gordon E, Moore, Lisa Fryklund, Huang —, Chris Ayers, Society for Science Huang, Ou, Justin Huang didn't, Chris Ayers Ou, they're Organizations: Service, Mount, Business, Science, Engineering, Google, Environmental Sciences, Society for Science, EPA, ISEF, New Mexico Tech, Technology, Shinshu University Locations: Woodlands , Texas, Mount Everest, Victoria, Los Angeles, Texas, microplastics, Mt, Everest

CFP Daniel Masuda Lehrman says the two biggest contributors to poverty are housing and cars. I spoke with certified financial planner Daniel Masuda Lehrman founder of Masuda Lehrman Wealth, a Honolulu, Hawaii-based financial planning firm, on how Asians living in poverty can handle several money challenges at once. That's because housing is usually the biggest expense in your budget, says Masuda Lehrman, who specializes in multigenerational wealth. If you have credit card debt, see what hardship options the card issuer offers. Consider a credit card balance transferCredit card debt is expensive.

Persons: Daniel Masuda Lehrman, Masuda, Masuda Lehrman, there's, —, doesn't Organizations: Pacific Islander Heritage, Pew Research Locations: American, America, U.S, Honolulu , Hawaii

☆ The CEO behind the world's biggest science and engineering fair says the biggest mistake parents make is putting too much pressure on their kids
▼ + stars: | 2024-05-22 | by ( Jenny Mcgrath | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

"But they also feel the pressure of wanting to win and the pressure of going to college," she told Business Insider last week. The biggest mistake that parents with ambitious, curious kids can make is adding to that pressure, she said. Stepping back and letting the kids do the workGrace Sun holds an OECT device that helped her win the ISEF science fair. "We never pressure them," Maria Estrada, whose two children have both competed and won awards at ISEF, told Business Insider. Sun told Business Insider she had to miss hours of school to work in a university lab for her project.

Persons: —, Rhodes, it's, Ajmera, Gen Z, Grace Sun, Chris Ayers, Maria Estrada, Estrada, she's, Alexa Groff, Taylor, Groff, ISEF, Maddux Alexander Springer, Peggy Scripps, Krish Pai, Michelle Wei, George D Organizations: Service, Science, Engineering, MacArthur Foundation, Business, Society for Science, ISEF, Communication, Sun Locations: Hawaii, California, Kildare, Ireland, Shanghai, China, Los Angeles

For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a reader's husband spent thousands on another woman during an affair. Write to For Love & Money using this Google form. It must feel like your husband spent all this money on this other woman because he liked her better, but he didn't. Write to For Love & Money using this Google form .

Persons: —, I've, — Taylor Swift, it's, doesn't Organizations: Service

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