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I get asked all the time about the possibility of a recession, and I'm telling everyone to prepare. To start, pay off high-interest debt, bulk up your rainy-day reserves, and don't sell your investments. As a financial planner, I often get asked when the next recession is coming. Pay off high-interest debt ASAPThe last thing you want to deal with during a recession is high-interest debt weighing you down. If you really want to take action before any future recession, I would recommend simply revisiting and rebalancing some of your investments.

Persons: We're, you've, there's Organizations: Service Locations: Wall, Silicon, I'm

☆ After Credit Suisse takeover, UBS gives first glimpse of new group
▼ + stars: | 2023-08-29 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

Credit Suisse has already flagged that it expects to post a hefty loss for 2023. Rich clients often kept accounts at both UBS and Credit Suisse, so as not to place all their eggs in one basket. In previous quarters, UBS had reported significant inflows, as it benefited from Credit Suisse clients looking for safer alternatives. SWISS BANK'S FUTUREMany bank watchers are waiting to see what UBS does with Credit Suisse's "crown jewel" - its Swiss arm. The huge figure largely reflects a one-off boost to the bottom line from UBS buying Credit Suisse for a fraction of its value.

Persons: Ralph Hamers, Sergio Ermotti, Colm Kelleher, Stefan Wermuth, Rich, Benjamin Goy, Ermotti, Keefe, Thomas Hallett, Noele, John O'Donnell, Tomasz Janowski Organizations: UBS Group AG, UBS, REUTERS, Rights, Credit Suisse, SUISSE, Suisse's, Swiss, Deutsche Bank, UBS's, CORE UNIT UBS, Suisse, Thomson Locations: Zurich, Switzerland, SWISS, Swiss, Woods

I started investing in my 403(b) retirement account as soon as I became eligible as a teacher. But I invested in expensive mutual funds on the advice of another teacher. He recommends index funds as well as passively managed mutual funds or exchange-traded funds (ETFs). Before you join a 403(b) plan, know that costly 403(b) fees can significantly reduce your savings over the course of your career — sometimes by hundreds of thousands of dollars. You should learn what your 403(b) plan fees are, as well as the fund fees of the different investment options you have within the plan.

Persons: Brian Walsh, Read, Bobby Glotfelty, Glotfelty, Walsh, it's Organizations: Service, Business Locations: Wall, Silicon

When I learned about Barista FIRE, where you work part-time in "retirement," it was perfect for us. I thought, There are people who have decided to forgo the "work until you're of standard retirement age" lifestyle? It's called "Barista FIRE" because some people choose to work part-time as a coffee shop barista in early retirement. Then, you subtract the amount you think you will earn from your expenses number to get your Barista FIRE number. Using the same numbers as above and assuming $25,000 a year earned from part-time work or passive income, our Barista FIRE number changes dramatically.

Persons: It's, Read, Roth, — Organizations: Barista FIRE, Service, FIRE, Barista Locations: Wall, Silicon

FIRE stands for "financial independence, retire early," and the movement has gained momentum over the last decade. Yet, I don't work because I love it, or because writing is some sort of passion I have. Some would say we are pursuing Fat FIRE, which is basically early retirement on steroids. 3 reasons to pursue early retirementWhat's funny is, a lot of people seem to think pursuing early retirement is really strange. We all know that not everyone can pursue early retirement, or for some, any type of retirement at all.

Persons: it's, —, It's, doesn't, Get, Heck, That's, Read Organizations: FIRE, Service, Centers for Disease Control Locations: Athens, Zagreb, Rome, United States, Dubai, Maldives

Wealthy people use many accounts to build wealth, and three are widely available. And they love to buy low-cost index funds in brokerage accounts to build accessible wealth. Rich people use Roth IRAs for tax advantagesRich people are always looking to minimize the impact of taxes, and Roth IRAs are designed to do just that. Roth IRAs do have income limits, but that doesn't mean wealthy people and high earners don't use them. A workplace's 401(k) plan might not seem like a likely place to amass wealth, but these accounts offer powerful perks.

Persons: Rich, Roth, Peter Thiel's Roth, Insider's Hillary Hoffower, Warren Buffett, Read Organizations: Service, PayPal, Ramsey Solutions Locations: Wall, Silicon

☆ A man who 'hopes he runs out of money' before he dies explains why you may not need as much cash to retire as you think
▼ + stars: | 2023-08-20 | by ( Liz Knueven | Stephanie Hallett | Personal Finance Reporter | ) www.businessinsider.com time to read: +6 min

Bill Perkins wants to spend every penny before he dies, he explains in his book "Die With Zero." He thinks most people are saving too much for retirement, given that a lot of it goes unused. Instead of leaving a large inheritance, he'd rather use his money on experiences, helping his children while they're starting out, and spending the money on his needs. While some people did use up their money, many retirees actually see their net worth increase with time. "Retirees with less than $200,000 saved up for retirement ... had spent down only one quarter of their assets 18 years after retirement."

Persons: Bill Perkins, Perkins, doesn't, Get, it's, overspending Organizations: Service, Federal, Board, Medicare Locations: Wall, Silicon

Paying off debt can give you more money to save and invest, and free up your budget later. Increasing your income with a raise or side hustle could give you more money to save. Cut your living expensesIf you're able to downsize your living expenses, it could allow you to save more. Additionally, living below your means can help you save more and create a lifestyle now that will be sustainable in retirement later. Investing the difference could help you save more and get closer to your goal.

Persons: You'll, Brian Weitzel, you've, Read Organizations: Service Locations: Wall, Silicon, New York City, Seattle, Manhattan

While it's uncommon, it's possible to save too much for retirement, financial planners say. If you're saving too much, you might notice you're consistently going over contribution limits. However, if you're saving too much, there are two sure signs. You're not meeting your other money goalsIf you're over-saving for retirement, it might mean that you're having trouble keeping up with your other goals. "More commonly what we see come up is [people] ignoring all of their other saving goals and only saving for retirement," says Walsh.

Persons: you've, it's, Brian Walsh, Michaela McDonald, Walsh, doesn't, Get, that's, McDonald Organizations: Service Locations: Wall, Silicon, SoFi

Early retirement is popular with my clients right now, and I always offer the same advice. If you fall within the 11% crowd, there are a few things you need to consider before deciding on early retirement. With early retirement, many individuals start to experience a lack of social interaction since their peers are all likely still working. Be realistic about your monthly retirement income needsMany people approach early retirement the same as traditional retirement when it comes to their budget. To plan for these expenses, you should consider at least a 4-5% annual increase for out-of-pocket healthcare expenses during retirement.

Organizations: Service, Research, Medicare Locations: Wall, Silicon

A 401(k) is an excellent retirement savings account, but it shouldn't be the only one you choose. Tax diversification in retirement will protect you from changes in tax law and keep money flowing. The benefits of tax diversification in retirementInvesting in both pre- and post-tax retirement accounts gives you the best of both worlds. If you have extra funds available, consider investing next in an after-tax account like a Roth IRA or Roth 401(k). In other words — like the benefits of portfolio diversification, tax diversification reduces your overall risk from tax law changes or other policy changes.

Persons: you've, Roth, there's, you'll, Roth IRAs, you'd, Uncle Sam Organizations: Service, Roth Locations: Wall, Silicon

Considering contributing to a 529 plan for their college education, or making them your life insurance beneficiary. But when that generosity comes at the cost of depleting your own retirement savings, the prospect becomes a lot less compelling. At current levels, most American families will have absolutely zero interaction with federal estate taxes. Amorello explained: "Gifting money actually can help grandparents lessen their own net worth to lower estate taxes. Because if you're leaving behind an inheritance, but half of it is going to the estate taxes, that can be a daunting realization."

Persons: Kathryn Amorello, Don, It's, Amorello, you've, they're, we've, — Organizations: Service, Financial, Internal Revenue Service Locations: Wall, Silicon, Amorello

A financial planner who works with millionaire clients says many have similar habits that keep them wealthy. His richest clients have a financial plan and stick to it, and they don't try to time the market. Wealthy people have a financial plan and stick to itWealthy people who keep — and even build — their wealth over time always have a bigger-picture financial plan, Rush says. For many of his millionaire clients, a financial plan doesn't just refer to how they'll spend and save. For many of Rush's wealthy clients, investing isn't an active process — it's about patience.

Persons: Patrick Rush, Rush, They're Organizations: Service Locations: Wall, Silicon

As a financial planner, my clients often ask how much cash they should have on hand in their bank accounts. I recommend keeping enough to cover your expenses, plus any cash you may need in the next five years. For cash you'll need in 10 years (but less than 20), I tell my clients to invest it — a savings account will lose value over time. How much cash you need on hand right nowThe first thing you need to account for is your normal, month-to-month living expenses and spending. The only extra cash you need sitting around for this need might be a small buffer in your checking account to guard against accidental overdrafts.

Persons: it's, shouldn't Organizations: Service, Vanguard, Fidelity Locations: Wall, Silicon

I lived in Rota, Spain, for a while on assignment with the Navy. I grew up in Texas and was used to driving everywhere and cranking the AC, but that changed in Spain. I walked, biked, and carpooled to save money, ate locally, and learned to keep cool on the cheap. Now that I'm back Stateside I've taken the lessons I learned while deployed in Rota, Spain, and used them to save thousands by employing a few simple lifestyle tweaks. I stopped spending on things and chose experiences insteadIn that tiny Spanish apartment, I had very little room for things.

Persons: Gazpacho, I'm, Honda Organizations: Navy, Service Locations: Rota, Spain, Texas, Wall, Silicon, Florida, States, Europe

☆ Opinion | Are Doctors Doing Risky, Unnecessary Procedures?
▼ + stars: | 2023-07-28 | by ( ) www.nytimes.com time to read: +1 min

The writer is a professor emeritus of surgery at Mayo Clinic and the Medical University of South Carolina. Even minor amputations without an accompanying attempt to improve blood flow can result in risk of major amputation and death. Up to 50 percent of patients who receive an amputation will die within the first year; 70 percent will die within four years. People of color receive amputations at 1.5 to four times the rate of white Americans. The American Diabetes Association has declared war on preventable amputation by forming the Amputation Prevention Alliance.

Persons: John Hallett Charleston Organizations: Mayo Clinic, Medical University of South, Health, American Diabetes Association, American Heart Association Locations: S.C, Medical University of South Carolina

☆ Black homeowners' properties are chronically undervalued by appraisers. A new immersive technology promises to change that.
▼ + stars: | 2023-07-27 | by ( Stephanie Hallett | ) www.businessinsider.com time to read: +8 min

Experts say bias in the appraisal process is the reason for the gap, but change may be coming. That's not surprising, considering 95% of appraisers in Philadelphia — a majority nonwhite city — are white, a report by the Philadelphia Home Appraisal Bias Task Force found. "It's like a flight simulator for appraisers," Swinney said. Right now, Pennsylvania is among the 42 states that have signaled PAREA is an acceptable model for training appraisers. As a City Council member, she formed the Home Appraisal Bias Task Force, which produced a report with recommendations for and data on appraisal bias in the city.

Persons: Deborah Spence, Laura Eaton, Philadelphia Spence, That's, Brad Swinney, Swinney, you've, they're, Appraisers, Cherelle Parker, Philadelphia's, she's, Parker, Spence, we've, We've Organizations: Service, —, Brookings, Federal Reserve Bank of, Data USA, Pennsylvania Department, State, Democratic, Council, Force Locations: Pennsylvania, Wall, Silicon, Philadelphia, Federal Reserve Bank of Minneapolis, America, appraisers, Philly

How to fill out a money orderTo take advantage of the various benefits of money orders, you'll need to know how to fill out a money order correctly. Where to buy a money orderOne of the most inexpensive places to buy a money order is Walmart. Here's a quick overview of how much it costs to buy a money order:Places to buy a money order Price to buy a money order Walmart maximum fee of $1 USPS $2 for money orders under $500; $2.90 for money orders of $500.01 to $1,000; $0.65 for postal military money ordersMany grocery stores and convenience stores that you already frequent each week also may sell money orders. Filling out money order FAQsDo money orders expire? You'll need the money order number and precise dollar amount to see if a money order was cashed.

Persons: you've, You'll, you'll, refunding, it's, Here's, Price Organizations: Service, Walmart, United States Postal Service, Western Union Locations: Wall, Silicon, Chevron

She pays each of her four children up to $500 a month to do small tasks around her office. She deposits half their paycheck into a custodial Roth IRA, where the money could grow to millions. Diop's financial planner helped her move out of her mom's house and set her children up to become millionaires by age 30 using two simple steps. She uses a custodial Roth IRA, an investment account where kids can invest their earned income for retirement. She opened a kid's debit card with Green Light, a company that creates bank accounts for children and teens.

Persons: Ellie Diop, Ellie, Diop, it's, Elsa Organizations: Service Locations: Wall, Silicon, Los Angeles

Learn about the best real estate investing apps »Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Let's break down some of the myths around real estate as an investment that can mislead you — and in the process, show why real estate isn't a prerequisite for building assets. Real estate isn't always a good investment (or an investment at all)"Always" and "never" don't have a place in a savvy investor's vocabulary. You can invest in REITs, or real estate investment trusts. Start investing in realestate with a real estate investing platform »

Persons: We're, isn't Organizations: Service Locations: Wall, Silicon, Boston

He started purchasing real estate in 2016 as a strategy to reach financial independence and has since acquired six properties. Chaw is also a pharmacist, a job he plans to keep for the foreseeable future despite his significant real estate income. Related: How to get into real estate investing »2. "I don't want to be in a position where I'm desperate and having to make my next buck in real estate," he said. When he started investing in real estate in 2016, he planned to use the income stream to reach financial independence over seven or eight years.

Persons: Ryan Chaw, he's, It's, Chaw, He's, I've Organizations: Service Locations: Wall, Silicon

☆ 5G and Connectivity Playbook
▼ + stars: | 2023-07-17 | by ( Presented By | ) www.businessinsider.com time to read: +1 min

Whether you're aware of it or not, 5G technology is shaping your world every day. Like 4G before it, the fifth generation of cellular wireless technology powers high-speed internet on our phones. It's also forward compatible — meaning it's built to support technologies that are still in development or don't even exist yet. Business Insider's 5G and Connectivity Playbook is built for anyone who wants to know what's possible with this tech and other connectivity advancements — how they can take your business to new heights, expand your creativity, or enliven your world. Credits:Series Editors : Stephanie Hallett, Lily Katzman, Julia Naftulin, Ashley DavisReport ers : Sarah Sloat, Kristina Etter, Iona Brannon, Chris Stokel-Walker, Isabella Sayegh, Erin Gee

Persons: It's, Stephanie Hallett, Lily Katzman, Julia Naftulin, Ashley Davis, Sarah Sloat, Kristina Etter, Iona Brannon, Chris Stokel, Walker, Isabella Sayegh, Erin Gee

After 20 years in the business, financial planner Don Grant says clients hate to hear three things. First, you're not saving enough, either for retirement or your kid's education. Also, you can't afford that much house, and you need to take on more investment risk. Grant shared with Insider the top three pieces of money advice his clients never want to hear. All in all, Grant wants his clients to keep their eyes on the prize.

Persons: Don Grant, he's, I'm, Grant, aren't, I've, we're, you've, Susie, We've, they're, homeownership Organizations: Service, CFP, Fortis Advisors Locations: Wall, Silicon, Wichita , Kansas

I made a lot of mistakes with money in my 20s. When life got busy, I turned a blind eye to my money situation — until my credit card bill was sent to me. AdvertisementAnother big-ticket item on my credit card bill was rideshare costs, which could have been avoided in most cases. Before I knew it, I had a lot of open credit cards — and a desire to close them all. I knew that opening credit cards could help my credit score, but only if I used them and paid them off immediately.

Persons: —, Salary.com, Investopedia, I've Organizations: Service, Quicken, Karma Locations: New York City

5, home to the biggest pool yet, being a pool owner felt less like a fantasy and more like a nonnegotiable. After all, if we had been willing to spend more on a house that came with a pool, why not just buy a pool? First of all, apparently, the average in-ground pool costs a lot more than $30,000. I found out that while the unusual shape of our yard meant we weren't getting the pool I'd imagined, this limitation could actually solve all of our problems. This left us with a fully buried, semi-in-ground (an in-ground pool without a deep end) as our only option.

Persons: there'd, I'd Organizations: Service Locations: Wall, Silicon, Midwest, Europe

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