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☆ 28-year-old with a net worth over $500,000 shares 5 signs you're better with money than you think
▼ + stars: | 2024-02-25 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

But a lot of people who feel helpless are probably doing better than they think they are, says the 28-year-old former financial analyst, who has a personal net worth of more than $500,000. To help people feel "less hopeless," the author of "Break Your Budget" recently shared several signs you're doing better financially than you think you are on TikTok. Here are five signs that you're on track with your personal finances, according to Allocca. Allocca suggests putting the money in a high-yield savings account to maximize the interest you earn on those funds. This includes high earners who still live paycheck to paycheck because they aren't tracking their expenses.

Persons: Michela Allocca, Allocca, they're Organizations: CNBC, Financial Locations: Allocca, U.S

☆ After a 5-month-long 401(k) rollover process, a financial professional told me I should've asked 2 questions before even starting — and explained when it makes sense to keep your money separate
▼ + stars: | 2024-02-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

From start to finish, it took me five months to combine my retirement money into one account. Before moving your retirement money, consider the investment options at your current plan (or plans if you have multiple accounts) and the new plan. “The average 401(k) plan only has about 15 to 20 investment options, so we want to look at those options: ‘Are they good? The main ones to look into are plan administration fees, individual service fees, and investment fees. Your employer is required to provide you with information on the company 401(k) plan, including the fee structure.

Persons: Brent Weiss, Weiss, that's, ”, “, you’re, — Organizations: Fidelity, Vanguard, Business

☆ January Is Nearly Over. Have You Done Your Retirement Review?
▼ + stars: | 2024-01-27 | by ( Brian J. O Connor | ) www.nytimes.com time to read: +1 min

The crash diets have crashed, the brand-new budgets won’t budge and your Peloton is now the world’s most expensive laundry rack. But even if every one of your New Year’s resolutions is toast, there’s still one start-of-the-year chore you would be wise to handle: your retirement review. This is a perfect time to take stock of where your retirement is heading — whether you’re still on the job or have stopped working and are now collecting Social Security — financial planners say. Nearly all of them will need to support themselves for decades. Whether you are still working or already retired, reviewing your retirement plan and how it’s shaping up when compared with reality is a crucial step, said Michael Crews, author of the book “Saturday Everyday” and chief executive of North Texas Wealth Management in Allen, Texas.

Persons: you’re, Michael Crews Organizations: Alliance for Lifetime, North Texas Wealth Management Locations: Allen , Texas

☆ I rolled over my 401(k) because I thought it was the smart financial move. Several delays and 5 months later, I regret even starting the process.
▼ + stars: | 2024-01-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +13 min

While my case may have been a little on the extreme side, a financial planner assured me that I'm far from the only person to have struggled with a 401(k) rollover. August 15, 2023: Fidelity cuts two checks — made out to Vanguard, not me (this, I later learn, is key) — and mails them to me. I was supposed to make my rollover checks payable to them. The author attempted to mail the rollover form and checks from Brooklyn, New York. I never want to initiate a 401(k) rollover ever again.

Persons: —, I've, Roth, Vanguard There's, Kathleen Elkins, Brent Weiss, that's, Ascensus, Weiss, wasn't, it's Organizations: Business, Fidelity, Vanguard, Neat, UPS, Trust, Facility, IRS Locations: Los Angeles, New York City, Brooklyn , New York, Brooklyn Heights, North Carolina, Charlotte, New York

☆ How much money Americans have in their savings accounts—nearly half have less than $500
▼ + stars: | 2024-01-24 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023. About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they're able to build one. Why an emergency fund is importantFinancial planners commonly recommend keeping a reserve of cash, known as an emergency fund, on hand to cover unexpected expenses. To get started, you'll need to find room in your budget for monthly emergency savings contributions, which can be easier said than done.

Persons: Alex Lozano, Christopher Lazzaro, Lazzaro, Lozano, It's Organizations: Lozano Group Wealth Management

☆ A viral theory about the one thing millionaires do differently with their money is making waves
▼ + stars: | 2024-01-09 | by ( Andrew Lloyd | ) www.businessinsider.com time to read: +4 min

On December 14, a TikToker who goes by Taylor Money posted a video with an on-screen caption that read, "Millionaires do 1 thing different." He regularly shares videos about what he describes as millionaires' approach to life and making money . This story is available exclusively to Business Insider subscribers. AdvertisementThe theory is that richer people tend to view money as a way to build even more wealth, rather than a means to a different end. They said they had little to no money after paying their basic bills, so using money to make money was only possible for those with expendable income.

Persons: —, Taylor Money, Taylor, That's, Rich, lew, ure, ideo Organizations: Service, Millionaires, Business, ust Locations: TikTok, iews

☆ Shohei Ohtani’s $700M Dodgers contract is huge — but its actual value is much lower
▼ + stars: | 2023-12-15 | by ( David K. Li | Kate Dore | ) www.cnbc.com time to read: +4 min

Japanese baseball player Shohei Ohtani attends a press conference on his presentation after signing a 10-year deal with the Los Angeles Dodgers at Dodgers Stadium in Los Angeles, California, on Dec. 14, 2023. At first glance, Shohei Ohtani's $700 million, 10-year deal with the Los Angeles Dodgers is nothing short of a Ruthian blockbuster, topping all other free agent pacts. The deal was originally reported as a $700 million, 10-year deal, which drastically tops all previous MLB contracts in terms of total compensation and average annual value. And on the other side of the spectrum, annual inflation was consistently less than 2% for much of the 2010s. For him, the decision to sign the deal with the Dodgers had more to do with earning things on the field than off.

Persons: Shohei Ohtani, Colin Gerrety, Mookie Betts, Freddie Freeman, Chavez, we've, Christopher Woods, Woods, he's, It's, I'm, Ohtani, David K, Li Organizations: Los Angeles Dodgers, Dodgers, NBC, Wealth, Los Angeles Angels, MLB, The Dodgers, Star, Silvis, Labor Department, Federal Reserve Locations: Los Angeles , California, Vienna , Virginia, Charlotte , North Carolina, L.A

☆ I made a multigenerational group of friends — from Gen Zers to Boomers — doing ski patrol
▼ + stars: | 2023-12-05 | by ( Melissa Hart | ) www.businessinsider.com time to read: +5 min

I ended up joining Backcountry Ski Patrol and making an intergenerational group of friends. Two years ago, when the dank Willamette Valley winters threatened to bury me in seasonal affective disorder, I begged Julie to teach me to cross-country ski. In the mountains near my house, I discovered not only bluebird skies above snowy slopes, but a group of multigenerational friends who inspired me to join Backcountry Ski Patrol. The members of our patrol in the Willamette National Forest span four generations, from Gen Zers to Boomers. Some of us cross-country ski.

Persons: Zers, —, Julie, she's, Gen Zers, who'd, who've, Julie Polhemus, I've Organizations: Ski, Boomers, Service, Volunteers, First Locations: Los Angeles, Oregon, Willamette

☆ A new era for the market means a new way to think about investing
▼ + stars: | 2023-12-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe market volatility in the wake of the pandemic gave people visions of getting rich overnight, but true investing is a long-term play. As a result, a new market regime means new investing strategies will be necessary, James and Will write. Setting aside recency bias, it's been relatively easy to generate good returns in the market over the past 10 years. AI names may have commanded the market's attention lately, but another corner of the market is seeing impressive gains: stocks tied to digital assets.

Persons: —, Liam Eisenberg, Insider's James Faris, Will Edwards, Let's, James, Will, Spencer Platt, that's, Arantza Pena Popo, bitcoin, Alyssa Powell, Prasad Kalyanaraman, Cybertruck, Elon Musk's Cybertruck, Jay, Tyra Banks, Blake Snell, Thomas Carlyle, I'd, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Business, Getty, Marathon Digital, Oxford Dictionary Locations: America, Europe, EU, New York City, San Diego, London, New York

☆ How to make your money work for you over the next decade
▼ + stars: | 2023-11-28 | by ( James Faris | William Edwards | ) www.businessinsider.com time to read: +16 min

"If there is a regime shift, then what has worked could be quite different from what does work," McLennan said. That means the growth stocks that dominated for years may come back to earth in the mid-2020s. He also recommends that investors diversify away from growth stocks that thrived under low rates and instead broaden out to value-oriented names. Valuations explain 80% of a stock's returns over a decade, according to Bank of America. Smead sees energy in stocks in Canada also outperforming in the coming decade, as well as European banks.

Persons: —, Peter Bates, Rowe Price, Damanick Dantes, We're, Dantes, you've, He's, Matt McLennan, McLennan, Kimball Brooker, Morningstar, Nicola Stafford, Stafford, it's, Molina, Bates, Russell, Cole Smead, that's, Phillip Colmar, Colmar, Bob Doll, Doll, Smead, Michael Sheldon, Sheldon, who's, there's, Chris Chen, Chen, Roth Organizations: Service, Business, Global, International, McLennan, First Eagle Global Fund, Eagle Investments, Goldman, Asset Management, Stock, Molina Healthcare, Vanguard Value, Healthcare, Bank of America, Comerica Wealth Management, MRB Partners, Canadian, Crossmark Global Investments, BlackRock, Energy, P Bank ETF, RDM Financial, Social Security, Social, Insight Financial, Trust, IRA Locations: Canada, Colmar, United States, Canadian, Europe, Treasuries

Financial planners say that dividends from the stock market are often overlooked for passive income. Buying an established small business can generate passive income quickly. If you want to start generating passive income, it might be easier than you think. Here are three ways financial advisors suggest getting into passive income. "Dividend income is definitely one major source of passive income that a lot of my clients have," she told Personal Finance Insider.

Persons: —, Akeiva Ellis, It's, Brent Weiss, Weiss, he's, I've, Get Organizations: Financial, Service, Finance, SEC

I asked financial planners where I could invest my money other than the stock market. Early last year, when I finally decided to invest some of the cash sitting idle in my high-yield savings account, I turned to the stock market. I've come a long way since then, optimizing my stock market strategy to include studying earnings reports and being more strategic with my picks. Real estateA good amount of my friends have turned to real estate investing over the past few years. "You can invest in real estate through REITs — Real Estate Investment Trusts — which pool together investor money to purchase, and sometimes operate, different forms of property.

Persons: —, Jason Dall'Acqua, Carolyn Yun, Privately, Yun, Get, Marguerita Cheng, Cheng Organizations: Service, Investment, SEC, Venture Locations: REITs —

You don't have to be wealthy to start investing — $100 is a perfectly fine amount to tuck away. We asked five financial planners how best to invest that $100 and they suggested Roth IRAs and more. To prove this, Insider spoke with five certified financial planners, each offering advice for how they'd invest a simple $100. Fill your health savings accountFrank McLaughlin, a financial planner with Merriman, agrees with Botto that a Roth IRA is the best place to invest $100. "If you're looking to invest in your future, what future do you want to invest in?"

Persons: Roth IRAs, —, you've, Wesley Botto, Botto, Roth, Cynthia Meyer, Meyer, Frank McLaughlin, Merriman, McLaughlin, Get, Tania Brown, Brown, it's, Laurie Nardone, Shira Organizations: Service, Films, Cornerstone Financial, IRS, Invest, Real, SEC, SaverLife, Wealth Management

I want to earn more passive income, so I asked financial pros how to start with just $500. One of the biggest things I'm working on this year is finding more ways to make passive income. Here are five tips, from financial planners and financial advisors, on how to start making passive income by investing just $500 or less. Start a side hustleIf you ever wanted to start your own business with the hope of it bringing in some side passive income, financial planner Tania P. Brown says you can start with just $500. High-yield ETFs or mutual fundsOne of the first ways I made passive income was through a high-yield savings account, but I've never considered other high-yield accounts.

Persons: crowdfunding, —, I've, crowdfunding I've, Cynthia Meyer, Meyer, Prosper, Justin Yoo, Yoo, Wealthfront, Read, Tania P, Brown, Alex Caswell, Caswell Organizations: Service

☆ Mark Cuban: Don't quit your job to start a business without doing this No. 1 thing first
▼ + stars: | 2023-11-19 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

Quitting your job to start a business can be both tempting and extremely risky. Make sure you have a safety net before taking the leap, says billionaire entrepreneur and investor Mark Cuban. Don't just leave [your job] unless you know what the hell you're doing," Cuban told Wired last month in a video Q&A. "We hear all of these stories about all of these people who quit their jobs, started a company and made all of this money," Cuban said. "What you don't hear are the stories of the people who quit their jobs, started a company and failed miserably, and are now working at a job they hate."

Persons: Mark Cuban, — Organizations: Wired, Samsung, U.S . Bureau of Labor Statistics Locations: America

☆ Here’s how AI can — and can’t — help you look for a job
▼ + stars: | 2023-11-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Job seekers using free AI programs like ChatGPT are asking the programs to tailor their resumes to a specific employer and job description, write cover letters, create writing samples and provide answers on job applications, according to Gartner, a research and consulting firm. Job candidates also can use it to help prepare for interview questions, should they get to that stage. “Use AI as a tool, but don’t use it as your only tool. “AI may not be as good in highlighting transferrable skills or telling the narrative of why you want to change careers. The best and most common way people find their next job is through their network,” Haller said.

Persons: ”, Darci Smith, David Timis, ” Smith, Smith, Jamie Kohn, ” Kohn, you’re, You’re, Stacie Haller, Haller, “, Kohn, It’s, ” Haller Organizations: New, New York CNN, Gartner, CNN, Roklyn Consulting, Google Locations: New York, Timis

If you're investing your first $1,000 for maximum growth, try putting your cash in a Roth IRA. Financial planners also recommend choosing index funds or dividend growth stocks. Here's some advice from financial advisors on the four best ways to invest your first $1,000. Go with dividend growth stocksKeep an eye out for dividend growth stocks, which are stocks that are paying dividends and have been growing those dividends for a significant number of years in the past. According to Jonathan P. Bednar, II, a financial planner, dividend growth stocks are a smart way to make money now or use those dividends to reinvest.

Persons: —, I'm, Kenny Senour, Senour, Roth, Read, Jonathan P, Tony Grenier, Grenier Organizations: IRA, Financial, Service, Invest

Featured Investing App Robinhood Investing Start investing On Robinhood's website Icon of check mark inside a promo stamp It indicates a confirmed selection. Account Minimum $0 ($1 for fractional shares; $2,000 for margin trading Fees 0% ($5/month for Robinhood Gold) Pros Check mark icon A check mark. Goal-based planning, tax-loss harvesting, charitable giving, and socially responsible investing availableCheck mark icon A check mark. Streetbeat offers a list of stock picks based on investment data it has analyzedCheck mark icon A check mark. 0.25% for automated investing (0.06% to 0.13% for fund fees) Pros Check mark icon A check mark.

Persons: It's, Apex Crypto, It’s, Tessa Campbell, Read Organizations: Forbes, Robinhood, CFP, Invest, Trade, Ideas, Finance, New, Apex, M1 Finance

You shouldn't expect high-yield savings account interest rates to drop anytime soon. High-yield savings accounts are a great choiceDespite the fact that APYs will likely fall eventually, high-yield savings accounts can still be a really good place to put your money. "By its nature a high-yield savings account will still provide more interest than an ordinary savings account at a major bank," Herzog says. In fact, now may be the time to take advantage and put funds into a high-yield savings account if you haven't already. "If we see more talk of interest rates slowly declining, I think there will be more interest in longer-term securities or options to lock in those interest rates," Valega says.

Persons: —, you'll, we're, Andrew Herzog, Herzog, Catherine Valega, It's, Valega, it's Organizations: Service, Federal Reserve, Fed, Green Bee

☆ 60% of Americans feel behind on emergency savings—a 'sunny day' fund can help, says CFP
▼ + stars: | 2023-11-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

More than 4 in 5 say they did not increase emergency savings this year, according to a recent survey from Bankrate, and 60% say they feel behind when it comes to saving for a rainy day. That's why, in addition to your traditional emergency fund, some financial pros recommend building a so-called sunny day fund of money you can spend guilt-free or put toward exciting opportunities. What's more, consider the sorts of expenses your emergency fund could potentially cover to give yourself some piece of mind. "Another would be cash to cover living expenses during the disability waiting period, or elimination period." How a 'sunny day' fund can help you reach your goals

Persons: Spenser Liszt, Andy Baxley, Liszt Organizations: Motif, Planning Locations: Bankrate

The Biden Administration proposes a crackdown on "junk fees" in retirement savings plans. However, high expense ratios in your account may be cutting into your future retirement savings. But there are still some preventive steps you can take to minimize any potential "junk fees" in your retirement savings plan. 4 ways to lower 'junk fees' in your retirement planThe Biden Administration wants to crack down on "junk fees" in 401(k)s and other investment accounts. Until then, here are four steps you can take to lower fees in your retirement savings plan.

Persons: Biden, —, Charles Schwab, Robinhood, Judy Diamond's, Roth, it's, Teresa Bailey, Chloe Wohlforth Organizations: Service, US Department of Labor, Biden Administration, Employers, Mutual, Roth IRA, Waddell & Associates, Robinhood, Department of Labor, CFP, Angeles Wealth Management

☆ Best 6-Month CD Rates for November 2023
▼ + stars: | 2023-11-01 | by ( Martha C. White | ) www.wsj.com time to read: +7 min

Rates for short-term investments, including CDs, savings accounts and more, have grown steadily more generous in recent months with the Federal Reserve hiking interest rates to fight inflation. Best six-month CD ratesfor NovemberThe market for six-month CDs is large and, as a result, quite competitive. Our six-month CD rate picks reflect the best available on DepositAccounts, com, which tracks roughly 275,000 rates at more than 11,000 banks and credit unions. For instance, you could start out with a six-month CD, along with a one-year CD. When the six-month CD matures, you would then roll over that balance into a new one-year CD.

Persons: Martha C, Haviland, ”, Ken Tumin Organizations: Federal Reserve, Deposit Insurance Corp, Federal, FDIC, National Credit Union Administration

☆ Best 5-Year CD Rates for October 2023
▼ + stars: | 2023-10-31 | by ( Martha C. White | ) www.wsj.com time to read: +8 min

Best 5-year CD rates for NovemberA five-year CD is one of the more common CD terms available. Interest rates on 5-year CDs have not climbed as sharply this year as rates for CDs with shorter terms. Our CD rate picks reflect the best available five-year CD rates we found on DepositAccounts, com, which tracks roughly 275,000 rates at more than 11,000 banks and credit unions. You expect interest rates to fallThe current interest rate environment is great for savers, but if the U.S. economy slows, the Federal Reserve policy makers are likely to cut interest rates in order to stimulate the additional growth. These accounts’ interest rates are variable, so if prevailing interest rates decline, banks will cut their rates and you will earn less money.

Persons: Martha C, —, ”, Ken Tumin, Dillon Haviland Organizations: Federal Deposit Insurance Corp, Federal Reserve, TBH Advisors, FDIC, National Credit Union Administration Locations: U.S, Nashville, Tenn

Black students are far less likely to have access to high school personal finance classes. But high schools with a majority of Black students are less likely to have a guaranteed personal finance course in their high schools. The student debt gapBlack borrowers are disproportionately burdened by student loan debt. Student debt can be daunting, but there are scholarships out there for Black students. 4. Credit discriminationRedlining is a well-known form of credit discrimination , but the issue goes beyond mortgages.

Persons: —, Tiffany Aliche, Pell, Biden, There's, Homeownership, doesn't, Aliche Organizations: Service, Finance, The Institute, College, NPR, National Bureau of Economic Research, Housing, Federal Reserve, Civil, Equal, The Association of African American Financial Locations: Brookings, Zillow

☆ Adjustable-rate mortgages are making a comeback
▼ + stars: | 2023-10-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Meanwhile, the average rate for a kind of adjustable rate mortgage — a 5/1 ARM — dropped to 6.33% from 6.49%. (Freddie Mac, which provides an average that CNN covers weekly, does not track interest rates for adjustable rate mortgages). When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fixed rate vs ARMWhile the overwhelming share of loans are still fixed-rate mortgages, ARMs are becoming more attractive in the current higher-rate environment. Generally, homeowners with higher mortgage rates will pay more in interest rather than principal for a longer time than those with lower interest rates.

Persons: —, Freddie Mac, ”, Bob Broeksmit, Melissa Cohn, Cohn, National Association of Home Builders —, ” Cohn, Kaylin Dillon, Jay Zigmont, ’ ” Zigmont, you’re Organizations: DC CNN, Mortgage, Association, CNN, “, ARM, Fed, Federal Reserve, William, Treasury, Mortgage Bankers Association, National Association of Realtors, National Association of Home Builders, Childfree Locations: Washington, Israel, Kansas, Mississippi

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