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She started investing early, and increased her rate of investment after learning about FIRE. And these accounts are separate from Pham's husband — together their estimated net worth is just under $2 million. And when it feels easier to just spend freely, tracking her net worth has helped keep her focused. "That gives us another safety net," Pham says, noting the pension as an added benefit to working in public service. "By then, we should have at least $2 million in net worth.

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We asked two successful investors under 30, each with a net worth of over six figures, which apps they use. Tiffany James uses TD Ameritrade's thinkorswim and Imani Porter uses Charles Schwab. Now, she teaches other young Black women to invest their money and grow their net worth as well. According to records reviewed by Insider, her net worth is $199,000 between I-bonds, stock investments, and retirement accounts. When I was really new to investing, Schwab would answer all my questions so patiently!"

Persons: Tiffany James, Ameritrade's thinkorswim, Imani Porter, Charles Schwab, —, James, she's, Porter, thinkorswim Tiffany James, thinkorswim, Read, Schwab Organizations: Service, Ameritrade

So here I am with an investment portfolio of mutual funds that were explained to me, but I still did not really understand them. I had no real financial advisor to call to discuss investment strategy because the bank representative was really just there to sell financial products. Finding a qualified financial advisor doesn't have to be hard. Take the following hypothetical example of how knowing risk tolerance helps alleviate fear and can lead to more sound investment decision making. Mary hires a financial advisor who constructs an investment portfolio for her to invest the inheritance.

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Bloggers Marques and Shyra paid off their Sacramento home 21 years early. They paid an extra 1/12 of their payment twice per month, totaling two extra payments every year. You take your monthly mortgage payment amount and divide it by 12," Marques told Insider by email. With just 1/12 of their payment, they didn't notice the extra money they were putting towards their mortgage payment each month. They automated this extra payment to their mortgage lender so they didn't have to think about it.

Persons: Bloggers Marques, Shyra, —, Black, they'd, Marques, hustles Organizations: Bloggers, Sacramento, Service, Debt Free, Marques Locations: Sacramento, Shyra

However, as a financial professional and homeowner myself, I still see renting as a more conducive and efficient option to invest and build wealth. In this situation, the renter would have a higher return on investment, with $1.8 million compared to the homeowner with just $617,000. Even though the homeowner's payment stops once the mortgage is paid, the return on investment from just the down payment and maintenance expense favors the renter. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Also, the homeowner still pays property taxes, which may increase over time, and still has to contend with annual maintenance.

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Fritz Gilbert retired at age 55 and says four smart choices led to a comfortable retirement. He said that saving right out of college at 22, and saving all his raises, prepared him well. Reading and learning about personal finance helped, too, along with marrying the right person. He started saving for retirement right out of collegeGilbert didn't wait to start saving for retirement, and said that decision helped him to retire earlier than the standard age 65. Start saving for retirement with Robinhood today.

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While many retirees said retirement has been great, there are hard parts. Figuring out how to spend your time is another part of retirement retirees struggle with. Retirement is generally great, retirees said. But retirement also has its downsides — and it's not just the stress of saving enough in your retirement plan. Insider spoke with retirees to find out the biggest struggles of retirement.

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After years of denying myself, I experienced "frugality fatigue" and went on a splurging binge. I added fun spending and a weekly treat to my budget so I don't feel deprived. Frugality fatigue led to overspendingI realized I was experiencing "frugality fatigue." I made 2 important changes to my budgetThe key to avoiding frugality fatigue comes in allowing small splurges or occasional unnecessary spending. I added 'fun spending' to my budgetBefore my mindset switch, I felt guilty about buying things for myself.

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☆ My husband and I paid off our mortgage more than 15 years early by following a simple money rule we learned from our parents
▼ + stars: | 2023-10-04 | by ( Marisa Palmieri Shugrue | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +6 min

This July, my husband and I sent in our final mortgage payment. Why we decided it made sense to pay off our mortgage earlyAn early mortgage payoff had been a major financial goal of ours since 2016. After doing some research and calculations, we realized a combination of investing and paying off our mortgage early would give us the more flexible lifestyle we had in mind. We have not had a car payment in five years. It led us to paying off our mortgage early, which has allowed us both to choose more fulfilling work and spend more time with our daughters.

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For Drock, a lobbyist who lives in Washington, DC, and his wife, the road to a $1 million net worth by 35 was littered with trade-offs. Drock told Insider there are three lifestyle tradeoffs that have had an outsized impact on his and his wife's ability to build wealth. "When I first asked her to consider moving, she literally cried," Drock wrote in a blog post. It turned out to be a "key decision for our financial life," he said. Their combined income stands at $300,000 a year, "which still seems surreal to me," Drock wrote on his blog.

Persons: Drock, Drock's, Read, they've, we've Locations: Washington ,, Mint, Europe

LONDON (AP) — Britain’s inquiry into the response to the coronavirus pandemic and its impact on the nation entered its second phase Tuesday, with political decision-making around major developments, such as the timing of lockdowns, set to take center stage. The first phase, which concluded in July, looked at the country's preparedness for the pandemic. An array of experts and politicians are set to testify during the current phase, which is due to end on Dec. 14. The decisions of Boris Johnson, who was prime minister during the pandemic, will be in particular focus. After Hallett's introductory statement, the inquiry heard emotional video testimonies from families who lost loved ones or whose children have suffered long-term physical and mental effects of the virus, so-called long COVID.

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Lifestyle creep can leave even extremely high earners struggling with debt, saving for retirement, or meeting other financial goals and obligations. HENRY stands for "high earner, not rich yet," a common description of those who have fallen victim to lifestyle creep. If you're expecting a raise, Castro says it's important to look at your budget and goals before it goes into effect. Create habits while you're youngAccording to Drucker, one of the best defenses against lifestyle creep is building strong saving and investing habits young. Go back to the basicsIf you've found yourself with a lifestyle creep problem, both financial planners advise going back to the basics of budgeting and planning.

Persons: Brittney Castro, Gideon Drucker, HENRY, Drucker, you'd, it's, Castro, what's, doesn't, Get, you've Organizations: Drucker Wealth Management

Doreen and Lawrence Delva-Gonzalez had a zero-dollar net worth in 2017. In 2017, Doreen and Lawrence had a net worth of zero dollars. Four years later, the couple had built a net worth of around $500,000, according to records viewed by Insider. "I think the first step is to use a tool like Personal Capital to pull up your net worth and acknowledge where you are," Lawrence said. "People should work on their soft skills because that's going to position them to interview better, so they can make more money," Lawrence said.

Persons: Doreen, Lawrence Delva, Gonzalez, —, Lawrence, They've, Gonzalezes, Read, Roth IRAs, lef, Lawrence's, Lawrence siad Organizations: Service Locations: Upper Marlboro , Maryland, Haiti, Marlboro , Maryland, Tallahassee , Florida

When my husband and I bought our second home at the end of 2019, we were excited about the lower interest rate compared to our first mortgage. We were comfortable with the new payment, but the lower rate made it easier to stomach the higher monthly payment. In the spring of 2021, however, we realized we could likely get an even lower rate and decided to go through the refinance process. Refinancing our mortgage allowed us to go from a 3.875% to a 2.875% 30-year fixed mortgage, shaving 1% off our mortgage interest rate. For anyone that has closed on a home, you know that closing costs are typically thousands of dollars.

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Due to the competitive real estate market, even in small-town Kansas, homes only stayed on the market for a matter of days at most. Our competition responded first, by keeping their offer as it was but waived their right to have the house inspected before closing. Perhaps for a moment we wondered if we should have also waived our inspection and saved that money. In fact, while we were buying our house, a relative was having a similar foundation problem repaired to the tune of $15,000. Check today's average mortgage rates and learn more about the amount of house you may be able to afford.

Persons: Kansas, Ian, didn't, We're Locations: Utah, Kansas

I married my husband when we were both 21 years old. We sold our first house for twice what we paid for it, and I found a way to make my English degree pay. We always wait for movies to leave theaters before we see them, and we've walked miles to avoid paid parking. This mindset has saved us a lot of money through the years, even as it shifted from survival strategy to muscle memory. Because honestly, I am pretty sure those younger, hungrier versions of ourselves are the ones who got us here.

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☆ I lost out on 5 houses before finally buying a home, and the experience taught me 5 things I think other buyers should know
▼ + stars: | 2023-09-17 | by ( Laura Grace Tarpley | Stephanie Hallett | Personal Finance Reviews Editor | ) www.businessinsider.com time to read: +6 min

We waived the inspection contingencies in our offers, but we still scheduled pre-offer inspections. Not only did we bring extra cash toward a low appraisal, but we made our earnest money non-refundable. But having low appraisal money in the double digits definitely gave us a leg up. We made our earnest money non-refundableEarnest money is a percentage of your down payment that you make upfront, sort of like a safety deposit. Our earnest money deposit was $10,000, and we marked on our offer letter that we forfeited our earnest money.

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

I didn't want to have to sacrifice to the point of deprivation to live my ideal life. Then I learned about Slow FIRE — living your ideal life now while saving to reach your FIRE number. The idea that if you understood your numbers, you could aggressively invest, save, and reach retirement over a short period of time and begin living your best life when you hit your ideal retirement number. In retrospect, I'm surprised I felt so strongly about the FIRE movement, because nothing about my financial life would indicate that FIRE would ever be right for me. You don't have to be an entrepreneur to design your best life now.

Persons: I'm, weren't, hasn't, Read, It's, COVID, I've, doesn't, Get Organizations: Service, FIRE Locations: Wall, Silicon, Colorado

I made a ton of money mistakes in my 20s and have been trying to clean things up. I finally sat down with a financial planner, and he pointed out five mistakes I'm still making. I had spent most of my 20s making all kinds of money mistakes (from not saving for retirement to racking up credit card debt). I'm making this mistake because I'm not sure what else to do with that money and I'm scared to lose it. "To do so, you'd open a traditional IRA account and a Roth IRA account, then make 'nondeductible traditional IRA contributions' and convert the funds over to the Roth IRA."

Persons: I'm, Adam Scherer, Scherer, it's, doesn't, Get, I'd, Roth, we've, we're Organizations: Service, Greenbeat, Roth IRA, Roth Locations: Wall, Silicon

As a financial planner, there's certain tough advice my clients never want to hear. Advice like, buy less house — and don't expect your home to be a good investment. As a financial advisor, I'm constantly giving people good advice they don't want. I know no one wants to hear this kind of money advice. No one wants to imagine a worst-case scenario, but if something actually went sideways in your financial life, you'll be glad you had multiple levels of safety net built into your overall plan.

Persons: I'm, it's, We'd, doesn't, Get, you'll, It's Organizations: Service Locations: Wall, Silicon

I've been worried about how inflation will affect my money, so I asked financial planners. I decided to find financial advisors who can give me their advice on what to do with my cash. "The combination of inflation and rising interest rates mean that debt will be taking a much bigger bite out of most people," says Zigmont. He says average credit card interest rates are expected to rise. "When interest rates rise, bond prices decline due to the fact that new bonds will be issued offering higher interest payments," says Tolitsky.

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There's plenty of information available about how to reach financial independence and retire early. That's not the route I take with my financial planning clients who want to set a goal to retire early. When our clients want to retire early, we support that choice — and we want to build a realistic plan for doing so. It might not be all you hoped for, however, if you're trying to retire early just because you hate your job. If someone has values like Contribution, Community, and Meaningful Work — then early retirement might be a terrible goal!

Persons: That's, It's, Robinhood, — Organizations: Service, Robinhood Locations: Wall, Silicon

I want to retire a millionaire, so I asked a financial planner to look at my strategy so far. He said I need more tax diversification and income streams, and a plan for retirement income. He told me I need to contribute to my retirement account more often, not randomly throughout the year. That's why I found a financial advisor: I asked financial planner Adam Scherer to review my retirement portfolio and tell me if I'm on track to retire as a millionaire. To begin figuring out this strategy, Scherer recommends using a retirement calculator or working closely with a financial planner.

Persons: I've, Adam Scherer, Scherer, Roth, doesn't, Get Organizations: Service, Roth IRA Locations: Wall, Silicon

☆ I haven't contributed to my retirement accounts in years, but I have an even better plan for my future
▼ + stars: | 2023-09-01 | by ( Leslie Quander Wooldridge | Stephanie Hallett | ) www.businessinsider.com time to read: 1 min

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Online banks are the future of bankingA recent survey found that Americans of all ages are open to banking with an online-only bank. The survey, by Finder, found that about 30% of Americans already bank online or plan to make the switch. AdvertisementAdvertisementWhile you can't go to a bank branch for cash, online banks do issue debit cards. You can do almost everything with online bankingOutside of depositing cash, online banks can do just about anything traditional banks can. AdvertisementAdvertisementIf you've been debating making the switch, think about how often you really need to go to a bank branch for help.

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