Personal Archives - Page 12 of 56

November 13, 2022

These Celebs Share Their Life-Changing Personal Finance Advice

Who better to take money advice than the rich and famous, right?

We’ve all spent time reading about what they’ve been up to in the headlines, but when was the last time you looked into how the smart ways they manage their personal finances? Everyone needs a bit of guidance, particularly as we head into a recession in coming months. And this isn’t limited to celebrities.

Only 35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Americans are working with financial advisors according to a recent report compiled by Northwestern Mutual because they turn to other sources for financial guidance. 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} said their most trusted source for financial advice was themselves. Another 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} said their spouses or partners and family members (13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) are others they’d listen to for money tips.

So why not take a gander at what your favorite entertainers has to say about their financial journeys? Let’s take a look.

Oprah says you should spend like you care

“I hope the way you spend your money is in line with the truth of who you are and what you care about.” In her book, What I Know For Sure, she stressed the importance of investing your money in what you truly believe in. If you’re building a new investment portfolio, aim to direct your money toward companies that ethically align with your core beliefs instead of merely chasing a potential gain.

Queen Latifah’s mom told her this…

“My mom has always been my champion. She was very smart and grounded. She said, ‘Save your money. Pay your taxes. Don’t put everything in one basket,’ but she let me explore and be creative.”

The music and acting icon reportedly amassed $60 million in her three-decades-long career.

Steve Harvey says this advice is the best for married couples

“If one person works in the house, or if two people work in the house, it doesn’t matter,” he says in a video shared on his social media. “You need four bank accounts.” He shares that the first account should hold shared money. for “everything that maintains your lifestyle.” The second and third are personal accounts for the spouses. The fourth is a savings account.

Tyra Banks’s mother changed her outlook on how faith affects your finances

“There was this Merrill Lynch adviser that my mom called when I was 19 years old and he only took an acccount if you had a million dollars or more to invest,” she shared during a speech at the 2016 ESSENCE Festival. “My mom had $5,000 of my money and she went to him and she said, ‘My daughter is going to be really successful and I only have $5,000. I read about you [and] I know you’re really, really good. Will you take this account?’ He called my mom and was like ‘I’m so sorry, I can’t’ and my mom said ‘well, it’s your loss.’ He called back and he took it and I’m still with him to this day.”

Michelle Obama thanks herself for this advice she took as a young professional

In an interview with Oprah Winfrey published in Town & Country, the former FLOTUS shared: “In the book, I take you on the journey of who that little striving star-getter became, which is what a lot of hard-driving kids become: a box checker. Get good grades: check. Apply to the best schools, get into Princeton: check. Get there, what’s your major? Uh, something that’s going to get me good grades so I can get into law school, I guess? Check. Get through law school: check.”

She added some key advice her mother shared with her after realizing she hated being a lawyer: “Make the money, worry about being happy later.” She continued: “When she said that, I thought, Wow — what — where did I come from, with all my luxury and wanting my passion? The luxury to even be able to decide — when she didn’t get to go back to work and start finding herself until after she got us into high school. So, yes. It was hard.”

November 12, 2022

How Much Cash Should I Keep on Hand? | Personal Finance

Hard cash is king, the saying goes, but it appears to be ever more unnecessary in today’s planet. Buddies shell out just about every other with Venmo, delivery applications incorporate digital tipping selections and even small merchants now take credit score and debit payments.

“I see the require for dollars diminishing over and above individual alternative,” suggests Mark Sanchioni, chief banking officer for Ridgewood Cost savings Financial institution in New York.

A desire to use cash might be generational, according to Erin Wood, senior vice president of money setting up and advanced alternatives for the fiscal business Carson Team in Omaha, Nebraska. Older individuals may perhaps want to have some funds in their wallet, but youthful grown ups may well not see any need to have specified the skill to transfer dollars utilizing apps like Venmo and PayPal. “For them, that is dollars on hand,” she suggests.

Even with all the digital payment strategies available now, there could continue to be moments when you are going to be happy to have some hard cash in your pocket. Continue to keep reading for every thing you will need to know about how substantially income you should really preserve on hand.

When and Why to Carry Money

There are differing views about the require to carry hard cash on a each day foundation. Sanchioni, for occasion, says he rarely encounters conditions in which income is required. Some others feel acquiring some dollars on hand at all situations is intelligent.

“I assume it’s advisable,” claims Lamar Brabham, CEO and founder of Noel Taylor Agency, a monetary products and services firm in North Myrtle Seashore, South Carolina. “It’s all about acquiring entry if you have an crisis or an prospect.”

For instance, some modest stores may perhaps give reductions to these spending in dollars, but which is an possibility you will not have with out some bills in your wallet. Similarly, owning money could be useful in sticky situations.

Wooden points to an instance of a community gas station in her area that once had a specialized trouble processing card payments. Those with an vacant tank and some dollars could fill up ample to get to the up coming gas station whilst people without the need of hard cash desired to hope they could withdraw some from the ATM.

When there is disagreement about whether cash is essential for each day expenses, there is consensus that people who are traveling ought to have dollars in the nearby forex on them at all periods. Wooden suggests carrying more than enough to get you by way of a 24-hour time period, specifically when touring abroad. “You might not know the upcoming location is that you’ll have access to cash,” she suggests.

Opportunity Pitfalls of Carrying Cash

When income can occur in helpful in some situations, it’s susceptibility to theft could be a single motive why it has fallen out of favor among the several individuals.

“Carrying paper hard cash has a risk to it,” Sanchioni states. “However much you have is how significantly you are eager to eliminate.”

A stolen debit or credit rating card can be canceled, and fraudulent costs reversed. But with hard cash, when it is long gone, it is gone. “There’s not a large amount of approaches to shield hard cash,” Wooden says. “It’s not trackable.”

To decrease the likelihood of getting rid of all your income to a pickpocket or purse snatcher, look at splitting it between numerous distinctive places, these types of as some in a pocket and some in a purse.

A different pitfall of relying on money is the increase of cashless merchants. Even though nevertheless reasonably scarce, some retailers like not to cope with funds, primarily amid the COVID-19 pandemic. Even so, if handed and signed into law, a monthly bill at the moment right before Congress – the Payment Choice Act – would have to have merchants to acknowledge dollars payments for purchases a lot less than $2,000.

How Substantially Funds Should I Carry With Me?

There isn’t a single volume of hard cash that will be correct to have in all situations.

“It definitely relies upon on the unique,” Brabham claims. He indicates $100-$500, centered on your spending habits. For instance, if you are going to be undertaking getaway shopping at a craft or great arts reasonable, you could provide much more income considering the fact that some suppliers may price reduction price ranges for these payments if requested. “You can get a great offer if you shell out cash,” Brabham notes.

Though Wood indicates carrying plenty of to address fees for a 24-hour period even though touring, she thinks $20 is adequate for most people to have on them for a daily basis.

If you suggestion routinely, obtaining more income on hand may possibly be advisable, even though Sanchioni notes that ideas can be included to many digital payments.

How Considerably Funds Need to I Have on Hand at Home?

Some individuals like to have hard cash at home in the party of an crisis, but Sanchioni suggests there are pretty handful of events that would restrict a person’s skill to go to an ATM if funds is essential. Organic disasters this kind of as hurricanes may perhaps be a person time when having some money at household is handy.

In many instances, a pair hundred bucks may be ample, and people today need to be careful the place they retail outlet that money. A home safe acquired from a keep, for instance, could give a wrong perception of safety. “They can be carried out of Home Depot, and they can be carried out of your household,” Sanchioni states.

As with carrying money on your person, it may well be a excellent notion to shop money at property in various spots, notably if you have a massive sum. Some individuals get resourceful and put funds in envisioned destinations, such as wrapped like a package deal of meat in the freezer.

If you do have a massive volume of cash in your dwelling, really do not share that details with many others, lest you develop into a focus on for theft. On the other hand, you should really make absolutely sure your heirs can discover the hard cash must you move absent unexpectedly. Make a notice of its locale in your estate scheduling documents or share these details with one particular trusted individual.

Or, a more secure choice would be to preserve your funds in a secure deposit box at the bank, Wood advises.

How Significantly Is Way too Significantly Dollars to Have on Hand?

Obtaining some income on hand may possibly deliver a sense of stability, but also considerably could be a economic error.

“For the ordinary person, possessing a pair thousand in dollars would be the prime limit,” Brabham suggests.

Beyond that and you are lacking out on the option to receive interest from income stored in the bank. The FDIC insures up to $250,000 per depositor at member institutions, which means your funds is guaranteed. Sanchioni notes “I’ve never operate throughout everyone who has lost revenue in their FDIC-insured accounts.”

November 11, 2022

Ashton Library offering ‘Personal Finance’ class this month | News

November 10, 2022

Personal finance column: How to choose the right tax pro

Owning the right expert on your group can be vital to your economic achievements. Nevertheless dependent on your situation and plans, the leading tax qualified in the Roaring Fork Valley may well not be the ideal suit for you. Which is why it is crucial to do some owing diligence and take into consideration a wide variety of things when making your decision.

Here are five thoughts to question when choosing a tax pro:

1. What are their credentials?

The CPA (Qualified Community Accountant) is the undisputed gold conventional in the marketplace. On the other hand, if your circumstance isn’t elaborate, you could be correctly great functioning with an EA (Enrolled Agent). EAs target specially on taxation, even though CPAs typically tackle taxes and additional.

Considering that the specialist will be doing an significant perform and will have access to some of your most sensitive own information, it’s constantly a fantastic thought to verify to see if they have an lively license and any regulatory blemishes on their document. Two areas you can use to check involve the Colorado Division of P rofessions and Occupations (pick out “Accountancy”) and CPAverify.

2. Are they accepting new clients?

Lots of tax professionals in the Roaring Fork Valley are not. As such, you may possibly have to call fifty percent a dozen to uncover two or a few who have an opening. You can also appear outdoors the Valley if need to have be, but you must stay inside of Colorado simply because each and every condition has its personal exceptional tax guidelines.

3. Do they make use of tax minimization techniques?

Ideally, the tax pro you close up performing with will be able to precisely seize and report what occurred previous 12 months even though supporting you implement procedures that will reduce your foreseeable future tax bills.

The subsequent issues can assist you ascertain if they are a superior suit in that regard:

Will you give forward-hunting tax arranging suggestions as section of our function collectively?
What kind of tax minimization approaches do you commonly use with your customers?
Centered on what you know about my scenario, what are some of the tax minimization methods you could possibly suggest?

4. Do they work with consumers like me?

You are going to want to hire a tax advisor that works with purchasers like you. They are much more probably to be familiar with your established of situation and proactively provide alternatives that match your requires.

For case in point, if you’re a high earner with limited inventory units, financial investment revenue and rental homes, your CPA ought to realize these troubles inside of and out. Alternatively, if you’ve just inherited property and are seeking to lower your tax bill even though familiarizing you with all of the tax implications, you will want a tax professional that specializes in these locations.

Right here are some thoughts to check with oneself:

What phase of your life or occupation are you in?
What are your various revenue forms, sources, and quantities?
Are you self-used or do you individual a organization? How is that business structured?
What is your internet worthy of?

At the time you have a grasp on some of the important attributes that outline your economical posture, you can then appear for a tax pro with the relevant experience and know-how.

5. Do they really feel like a excellent match?

After you have identified a tax skilled who meets your requirements from a specialized standpoint, make positive they’re also a person you like and trust. Even though your preferred pro doesn’t require to be a pricey buddy, it is typically much easier to build a strong functioning romance with anyone whose character pairs effectively with your personal.

In addition, if you currently get the job done with a economical advisor or prosperity manager, look at inquiring them for a tax advisor referral. Many economical industry experts have shut operating interactions, and your financial advisor probable has at the very least just one tax professional they can endorse. Preferably, your financial advisor and tax specialist will function alongside one another to guarantee the techniques they put into action are in line with your fiscal targets.

Brian Littlejohn, MBA, CFP®, CFA is the founder of Sherwood Wealth Management in Basalt. Brian gives his clients with customized investment administration and detailed economical organizing providers to support them manage, develop, and protect their assets.

November 8, 2022

165,000 High Schoolers Nationwide Gain Access to Personal Finance Education through NGPF’s Gold Standard Challenge

Next Gen Personalized Finance’s 3-12 months Gold Normal Problem Grant Application has supplied more than $1 million to 194 faculties and districts

PALO ALTO, Calif., Nov. 3, 2022 /PRNewswire/ — More than 165,000 higher school pupils throughout the U.S. now have obtain to a standalone own finance class. This is many thanks to 194 finance instruction advocates who obtained a whole of $1 million in Gold Typical Problem grants from nonprofit Up coming Gen Personal Finance (NGPF).

“NGPF’s Mission 2030 to promise ALL large school college students acquire a semester of personalized finance in advance of graduation is only feasible since of the determination of these educators,” explained Christian Sherrill, Director of Advancement and Advocacy at NGPF. “The Gold Common Problem grant recipients are top their communities to brighter economical futures.”

Tag: Personal