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Author: Moneywise

  • My mom passed away and I was shocked to learn she left me 10 times as much money as I expected in her will. It’s a nice problem to have, but I’m a little lost on how to handle all this cash

    My mom passed away and I was shocked to learn she left me 10 times as much money as I expected in her will. It’s a nice problem to have, but I’m a little lost on how to handle all this cash

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    In the next 20 years, Americans will inherit an estimated $72 trillion as boomers pass down their accumulated wealth to younger generations in a phenomenon dubbed the Great Wealth Transfer.

    That means there will be a lot of people like you who are surprised — even if pleasantly so — to be inheriting money and unsure about how best to manage it.

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    This problem stems from a lack of communication around estate planning. A 2024 Edward Jones report found that more than one in three Americans have no plans to talk about their estate with their families, even though 48% plan to leave an inheritance.

    You were unprepared for this windfall, but it’s good to be thoughtful about how you’re going to manage the money going forward so you don’t waste this opportunity to improve your life now and in the future.

    Here are some options to explore.

    Invest in your retirement

    If you’ve inherited a large sum of money, one thing you could do is to put it into an investment portfolio that’s earmarked for retirement.

    A 2024 CNBC survey found that 40% of Americans are behind on retirement planning and savings, while 21% of current retirees have no savings at all to live on.

    You don’t want to rely on Social Security in retirement, because those benefits only replace 40% of your paycheck if you’re an average earner. Plus there’s a possibility of Social Security cuts in the not-so-distant future.

    Investing your inheritance now could give you greater retirement security, and help you build a legacy for future generations.

    It’s important to maintain a diverse mix of assets in your portfolio. If you’re years away from retirement, you might keep the bulk of your portfolio in stocks and a smaller portion in bonds.

    For instant diversification, consider investing in S&P 500 index funds, giving you exposure to the 500 largest publicly traded companies. For the bond portion of your portfolio, consider a mix of corporate bonds, Treasuries, and municipal bonds for tax diversification.

    However, diversifying outside of the stock market is equally critical, especially given its recent volatility. Investing in commodities like gold can help stabilize your portfolio and ensure your retirement fund continues to grow.

    When you open a gold IRA with Priority Gold, you can roll over existing 401(k) or IRA accounts into a precious metals IRA without tax-related penalties. Qualifying purchases can also receive up to $10,000 in free silver.

    Learn more about why Priority Gold has 5-star reviews on Trustpilot and the Better Business Bureau when you download their free 2025 guide on investing in precious metals.

    Another way to diversify is to invest in real estate. You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

    Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

    To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

    Address your family’s most pressing needs

    There’s nothing wrong with using proceeds from an inheritance to improve your life and that of your family — right now. So think about your most pressing needs.

    If you’re living in cramped quarters, you might use some of your money to finish off your home’s basement for extra living space. Or you could buy a larger home.

    Mortgage Research Center (MRC) can help you get started on the buying process in less time than you’d think. Their online platform allows you to quickly compare rates and estimated monthly payments from multiple vetted lenders. All you have to do is enter some basic information about yourself, such as your zip code, your desired property type and price range and annual income.

    Based on the information you provide, MRC will show you mortgage offers tailored to your needs so you can shop for a mortgage with confidence.

    After you match with a desired lender, you can set up a free, no-obligation consultation to see if you’ve found the right fit. You can also invest in your children’s education. A December 2023 Discover survey found that 70% of parents are worried about not having enough funds to cover their children’s education.

    You could put some of your inheritance into a 529 plan toward your children’s college education, allowing it to grow tax-free.

    Consult a financial advisor

    Whenever your financial situation changes substantively, it’s a good idea to consult a professional. A financial advisor can guide you through some of the best ways to invest your inheritance to meet your goals — and advise you on tax and legal implications.

    For example, income from certain assets could bump you into a higher tax bracket. An inherited IRA might be subject to the 10-year rule, meaning you have to withdraw all the funds within 10 years of the original account owner’s death.

    You can learn more about the unique rules and opportunities your new financial situation will entail with a professional advisor found on Advisor.com.

    This online platform connects you with vetted financial advisors best suited to help you develop a plan for your new wealth.

    Just answer a few quick questions about yourself and your finances and the platform will match you with an experienced financial professional. You can view their profile, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

    With that kind of guidance, your surprise inheritance might additionally surprise you in all the ways it can multiply abundance in your life.

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Americans in their 30s, 40s are finally breaking their way into the 401(k) millionaire club — here’s what they’re doing and why you should start copying in 2025

    Americans in their 30s, 40s are finally breaking their way into the 401(k) millionaire club — here’s what they’re doing and why you should start copying in 2025

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Americans think it’ll take $1.26 million, on average, to retire comfortably, according to an April 2025 survey by Northwestern Mutual. And reaching $1 million in retirement savings is a step in the right direction.

    There’s good news from Fidelity in that regard, and it’s that 401(k) millionaires are on the rise due to an uptick in worker contribution rates and stock market gains. And further good news is that millennials are finally joining the 401(k) millionaire club, albeit slowly.

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    While savers aged 28 to 43 represent fewer than 2% of 401(k) millionaires among Fidelity enrollees, the fact that some have gotten to that point is impressive. And with the right approach, you can, too.

    401(k) millionaires on the rise

    The number of 401(k) millionaires grew by 9.5% in the third quarter of 2024, hitting 544,000 from 497,000 in the previous quarter, according to Fidelity. What’s more, average 401(k) balances saw a year-over-year increase of 23%, climbing to $132,300.

    Balances are also rising among long-term savers. Gen X workers who’ve contributed to their 401(k)s for 15 years have an average balance of $586,100, suggesting that many 401(k) millionaires have been saving consistently for a long time.

    Meanwhile, millennials have an average 401(k) balance of $66,500. With the oldest millennials halfway through their careers and the youngest just starting, their balances are expected to grow as they continue to save.

    How to become a 401(k) millionaire yourself

    Becoming a 401(k) millionaire may be more realistic than you think. The key is consistent saving and starting as soon as possible.

    For example, if you invest $400 each month into a 401(k) with a 7% annual return for 41 years your total contribution of $197,000 could grow to over $1 million, thanks to compound interest. However, reducing that timeline to 31 years would only yield about $490,000 — illustrating the value of saving consistently and over the long term.

    If $400 per month seems out of reach, try starting with a smaller amount and work up from there. One way that might help is by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

    Plus, with an Acorns Silver plan you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

    You could also take advantage of Wealthfront’s automated investing platform, where the power of compound interest works for you. Their "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time. Wealthfront offers up to 17 global asset classes to help diversify your portfolio.

    If you open a Wealthfront account today, you can snag a $50 bonus. Whether you’re saving for retirement, a home or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Grow your real estate portfolio

    Investing in real estate has traditionally been one way to build wealth. But if you aren’t ready to jump into home ownership — financially or otherwise — platforms like Arrived can offer a pathway into real estate as an investment asset.

    You can invest in rental properties, potentially earn dividends and enjoy the benefits of real estate — all without the hassle of property management.

    Backed by world class investors like Jeff Bezos, Arrived’s easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals for as little as $100.

    Arrived’s flexible investment options allow both accredited and non-accredited investors to benefit from this inflation-hedging asset class.

    How it works is simple: start by browsing vetted properties, then simply select a property and choose the number of shares to buy.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘It’s sad’: Florida’s condo fee crisis could trigger the ‘next wave of homeless people’ in the state, says one representative — with seniors on fixed incomes at highest risk

    ‘It’s sad’: Florida’s condo fee crisis could trigger the ‘next wave of homeless people’ in the state, says one representative — with seniors on fixed incomes at highest risk

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    A new building safety law that was passed in the wake of the Surfside tragedy in Florida has resulted in a tremendous amount of financial pressure on condo owners. Now, one state lawmaker warns it could prompt the "next wave of homeless people," with elderly residents living on fixed incomes at the forefront.

    The law requires associations for condos three stories or higher to fully fund their maintenance reserves. Previously, they could waive filling these reserves, which potentially allowed damage to build up over decades. It’s also mandatory for buildings at least 30 years old to undergo structural assessments and address any critical issues. Many owners have blamed these rules for adding upwards of tens of thousands of dollars in new fees.

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    Rep. Mike Caruso rang the alarm after the issue was dropped from a special session in January.

    "It’s sad, and we’re not going to address it here in the Florida House," Caruso told the Miami Herald. "I’m shocked by it."

    Here’s what has Caruso concerned about elderly condo owners.

    New building safety law

    In 2021, 98 people died when Champlain Towers South, a 12-story condominium in the Miami suburb of Surfside, partially collapsed. Legislators rushed to pass safety reforms and a new bill was signed into law.

    But there was a problem. Many condo associations were short on reserve funds. This means that the costs for now-mandatory inspections and repairs were passed on to unit owners. These extra fees, or special assessments under Chapter 718 of the Florida Statutes, are typically levied in addition to existing fees.

    Seniors on a fixed income are especially vulnerable to sudden maintenance fee increases. This is even more true for seniors still paying off a mortgage on their condo. What’s more, Florida has one of the highest proportions of Americans over 65 in the country at 21.70% of the population, according to the U.S. Census Bureau.

    Taken together, this can put seniors on a fixed income in dire straits.

    Downsizing to a smaller place or refinancing the mortgage rate on your current home could be challenging in this economy — with 30-year fixed-rate mortgages hovering at 6.67% as of March, 2025.

    Shopping around for mortgage rates can help you find the lowest rate possible or negotiate better terms with lenders. Those who received two or more quotes from lenders saved, on average, up to $76,410 over the lifetime of a 30-year fixed-rate mortgage, according to a 2024 study from LendingTree.

    If you bought your home when mortgage rates were hovering around 23-year highs of 8% or have built up better credit, refinancing your loan could potentially result in lower payments.

    You can find the lowest refinancing rates near you or shop around for a mortgagethrough Mortgage Research Center.

    The process is simple: answer a few questions about yourself and the type of property you wish to refinance or buy, and Mortgage Research Center will match you with vetted lenders best suited to your needs.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Another source of financial stress

    Florida, which is prone to natural disasters, is also facing an insurance crisis. Prominent home insurance providers like Farmers, AAA, and Progressive have been steadily reducing or permanently shutting down operations.

    Home insurance prices in Florida are among the highest in the nation. The average annual premium for a $300,000 dwelling in the state was $5,340 as of March 24, nearly two-and-a-half times the national average of $2,242, according to Bankrate.

    But this doesn’t mean you can’t get affordable insurance coverage for your home.

    OfficialHomeInsurance.com is an online marketplace that lets you compare rates offered by leading aggregators near you for free. A side-by-side comparison of insurance premiums and other features can help you save up to $482 a year on average.

    After entering basic details about yourself and your home, OfficialHomeInsurance will sort through its database of over 200 insurance companies and display the best deals for you.

    From here, you can find the lowest home insurance rates available in only minutes.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Dave Ramsey ranted about 3 ‘illogical’ money mistakes Americans make that ‘baffle’ him — here’s how you can avoid these common financial errors

    Dave Ramsey ranted about 3 ‘illogical’ money mistakes Americans make that ‘baffle’ him — here’s how you can avoid these common financial errors

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Across 32 years of giving people financial advice on the airwaves, Dave Ramsey has probably seen it all. But on an episode of "The Ramsey Show" earlier this year, he called out financial mistakes callers frequently make as “Dumb! Really dumb!”

    He added: “These things baffle me, that’s why I’m hitting them,” he said. “Because they’re just illogical.”

    However, some argue that economic and social trends may have made some of these mistakes unavoidable. Here’s a closer look at three of Ramsey’s top “dumb” money mistakes and why they’re so common.

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    1. Co-buying property

    Ramsey despises the prospect of buying property with anyone besides a spouse. He advises against this even in long-term relationships.

    This advice is rooted in the fact that separating assets between an unmarried couple can be complicated. They do not always share the same property rights as married couples.

    However, the housing crisis has pushed more people to consider co-ownership of property. A report by Co-Buy, a platform that helps multiple buyers share a property, says 26.7% of home purchases in 2023 were co-purchases, while 30% of those co-purchases were completed by unmarried couples.

    If you’re not in a position to purchase a home — whether on your own or with a spouse — you can still take advantage of real estate’s income-generating potential.

    You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

    Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

    To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    2. Wasteful spending on education

    Investing in your education, Ramsey believes, should yield higher earnings. Otherwise it’s a wasted pursuit.

    "Don’t spend $250,000 getting a master’s degree in sociology so you can be a caseworker for the state making $38,000," he said.

    He believes students should realistically consider their career prospects and future earnings before going into debt for college.

    You can also minimize the impact of paying for education by saving up for it ahead of time — whether for yourself or for your children — by using a high interest savings vehicle such as a certificate of deposit or other high-yield savings account.

    A certificate of deposit (CD) pays a fixed interest rate on money held for a set period of time. CD rates are usually higher than other savings accounts, but if you withdraw your CD funds early, you’ll be charged a penalty fee.

    But since this is a long-term savings play for your or your kid’s education, they are a strong option you’ll be less tempted to dip into.

    If you’re looking for safe, high-return options, certificates of deposit (CDs) are a great choice, and SavingsAccounts.com makes finding the best ones easy. Their comparison platform provides real-time data on CD rates and terms from various banks, offering tailored recommendations to maximize returns.

    Ideal for conservative savers and long-term planners, this tool simplifies the decision-making process, helping you grow low-risk, high-return investments without the stress.

    One thing to note about CDs: If you withdraw the money before the end of the term, you’re likely to face penalty fees.

    For those who already have student debt, it can be a daunting task to tackle it. Americans are collectively sitting on $1.6 trillion in student loan debt.

    If you’re in this boat, it is possible to make that debt pile more surmountable by refinancing your student loans. Through Credible — an online marketplace of vetted lenders — you can browse the best personal loan rates for you and opt to consolidate your student debt.

    With interest rates as low as 3.85% and repayment schedules ranging from 24 to 84 months, you’ve got time and flexibility.

    3. Upgrading cars

    Ramsey says a totaled car is not a reason to upgrade.

    “You were driving a $6,000 car,” he said. “Your car gets totaled, you get a check for $6,000 and, suddenly, $6,000 cars aren’t good enough for you. That’s dumb!”

    However, the high cost of vehicles could make this financial error difficult to avoid. The average cost of a new car in May was $48,389, according to the Kelley Blue Book, while the average used-car listing price was $25,670.

    If the cost of a new or used car has you worried, you can save on auto expenses by finding better car insurance rates using OfficialCarInsurance.

    Simply fill in a bit of information about yourself and OfficialCarInsurance will generate a list of the most affordable car insurance options near you so you can ensure you’re getting the lowest price for the coverage you need.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 65, have $120,000 saved, collect Social Security of $1,700/month — but monthly expenses total $3,900. How can I make sure money doesn’t run out without sacrificing lifestyle?

    I’m 65, have $120,000 saved, collect Social Security of $1,700/month — but monthly expenses total $3,900. How can I make sure money doesn’t run out without sacrificing lifestyle?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    At age 65, a $120,000 nest egg isn’t going to produce as much income as you might hope.

    Assuming you follow the 4% rule, you’ll only be able to withdraw $4,800 annually ($383 a month) from your retirement savings. — That rule would ensure your nest egg lasts 30 years.

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    Add a $1,700 Social Security check to that and you have about $2,000 to cover your stated expenses each month — about $1,900 shy of the $3,900 you need, not including emergency medical bills and expenses.

    Factor in taxes, and you’re in trouble. In fact, if you take this much money out of your savings, your money would only last 5 years if your investments earn 7% and you’re in the 22% tax bracket.

    You need to figure out another solution. Here are some options.

    Increase your income

    If your retirement spending needs are higher than your income, consider a part-time job, if not a full-time job.

    You can collect Social Security benefits while you’re working, but if you haven’t hit the full retirement age of 67, the government can claw back your benefits. In 2025, you’ll lose $1 in benefits for every $2 earned above $23,400 if you won’t reach FRA all year.

    The good news is that if you earn too much and lose some or all of your Social Security benefits, this is temporary. Your payment will be recalculated after you hit full retirement age.

    So, working can help you in two ways, by providing you with a livable income, and potentially giving your Social Security benefits a boost when you reach full retirement age.

    If you’re a homeowner you may be able to tap into your home equity to generate cash flow — for example, through a home equity loan or even selling your home and downsizing, then investing the difference.

    With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

    Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

    Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

    Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

    Just answer a few simple questions, and LendingTree will match you with up to 5 lenders with low rates today.

    Investments that pay dividends can also help you to add a much-needed boost to your monthly income, but you should also consider investing outside of the stock market to spread your risk.

    With only $120,000 in savings, you may assume investing in the stock market is out of the question, but with Arrived you can tap into this market by investing in shares of vacation homes or rental properties.

    Rental income can provide a steady cash flow in retirement, potentially giving you a passive income stream. Plus, Arrived lets you benefit from the hot real estate market without the hassle that comes with being a landlord of your own rental property.

    To get started, simply browse their selection of vetted properties, each picked for its potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

    One income source that many overlook is making their essential spending go further. With Acorns, you can automatically invest spare change from your everyday purchases into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.

    For example, if you buy a donut for $3.25, Acorns will round up the purchase to $4 and invest the change in a smart investment portfolio. So a $3.25 purchase automatically becomes a 75-cent investment in your retirement fund.

    Sign up today and get a $20 bonus investment.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Reduce your spending

    Cost-cutting will be essential if a job is out of the question and you can’t dip into home equity or generate additional income.

    Some people manage to get by on Social Security alone, but it means a less comfortable, more frugal lifestyle in retirement. The Social Security Administration reports that 39% of American men and 44% of American women get at least half their income from Social Security.

    Meanwhile, for the 12% of men and 15% of women who count on Social Security to provide 90% or more of their income — not ideal as the benefits are intended to replace 40% of pre-retirement income — it can be hard to make the numbers work.

    If you have to survive on Social Security, cost-cutting may be easier if you make one or two big changes, like moving to a cheaper place rather than reducing lots of discretionary spending. One big cut can be easier to sustain than many small cuts.

    One great place to trim your spending is on your transportation costs. According to the American Automobile Association (AAA), the total cost of owning and operating a new vehicle in 2025 has climbed to around $12,297 per year — or $1,024.71 per month.

    Insurance can make up a sizable chunk of this monthly expense. According to Forbes, the national average cost for full-coverage car insurance in 2024 was $2,149 per year (or $179 per month). However, rates can vary widely depending on your state, driving history and vehicle type.

    Shopping around for better rates can cut down your costs. With OfficialCarInsurance.com, you can instantly compare quotes from multiple insurers, such as Progressive, Allstate and GEICO.

    In just two minutes, you could find rates as low as $29 per month.

    Get expert advice

    Consider working with a financial advisor to explore all your options and help you make the right decisions going forward. An advisor can help with your budgeting and may even identify potential income sources you’ve missed.

    Advisor.com can help you find someone that’s right for you.

    This online platform connects you with vetted financial advisors in minutes. How it works is easy: Just answer a few quick questions about yourself and your finances, and the platform will match you with a financial advisor best suited to helping you make your money last in retirement.

    From here, you can view their profile, read past client reviews and schedule an initial consultation for free with no obligation to hire.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘I learned the hard way’: Dave Bautista said his house was foreclosed on and he ‘lost everything’ after leaving WWE — but got the ‘best’ money advice from ‘The Undertaker’

    ‘I learned the hard way’: Dave Bautista said his house was foreclosed on and he ‘lost everything’ after leaving WWE — but got the ‘best’ money advice from ‘The Undertaker’

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Dave Bautista is among the few professional wrestlers who successfully transitioned to a career in Hollywood. Millions of fans followed his journey from the ring to the silver screen, yet they may be unaware of his struggles with money.

    “I came out of wrestling – I literally lost everything. My house got foreclosed on,” he shared in an interview with YouTube’s School of Hard Knocks posted on Sept. 29.

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    Bautista, who was known as "Batista" in the WWE, credits fellow wrestler Mark “The Undertaker” Calaway with helping him realize one of the secrets to financial success is living below your means.

    “[It was] the best advice that I ever got,” Bautista said. “I learned the hard way.”

    But you don’t need to be an ultra-high earner to see the wisdom in Calaway’s advice. Here’s how you can use this basic principle to boost your financial position.

    Prioritize needs over wants

    Differentiating between what’s necessary and what’s simply tempting is a key part of living within your means. Bautista agrees.

    “I know I can live more lavishly, more luxuriously,” he said. “That money in the bank means more to me than something I don’t really need.”

    By resisting indulgences, you could limit your chances of overspending and overborrowing, putting you on a clearer path to financial freedom. But it’s easier said than done. According to a survey conducted by Clever Real Estate, 74% of those surveyed reported having a spending problem, with 55% admitting that they often spend recklessly.

    If you find it difficult to stop overindulging, you can start by building savings habits into everyday spending. With Acorns, you can automatically invest spare change from your everyday purchases into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.

    For instance, if you buy a donut for $3.25, Acorns will round up the purchase to $4 and invest the change in a smart investment portfolio. So a $3.25 purchase automatically becomes a 75-cent investment into your future.

    Sign up today and get a $20 bonus investment.

    Add a margin of safety to your budget

    Sticking to a budget may seem like common sense, but 51% of Americans confessed to overspending to impress someone else, according to a 2024 survey commissioned by LendingTree. Among those who overspent to show off, 56% admitted it drove them into debt.

    Since it’s common to go over your budget, it makes sense to add a margin of safety. If you assume that all your expenses will be 10% to 15% higher, for example, you can limit the chances of overspending and relying on credit.

    In cases where exceeding your budget is a necessity rather than a compulsion, it pays to have an emergency fund to fall back on. Stashing away three to six months’ worth of expenses can help you stay afloat if your life takes a sudden financial downturn.

    If you’re looking for a way to grow your money steadily over time, a certificate of deposit (CD) could be a smart choice. CDs offer a fixed interest rate for specific terms, allowing your savings to grow more efficiently. Just keep in mind that if you need to withdraw your funds before the term is up, you’ll likely face a penalty fee.

    If you’re looking for safe, high-return options, certificates of deposit (CDs) are a great choice, and SavingsAccounts.com makes finding the best ones easy. Their comparison platform provides real-time data on CD rates and terms from various banks, offering tailored recommendations to maximize returns.

    Ideal for conservative savers and long-term planners, this tool simplifies the decision-making process, helping you grow low-risk, high-return investments without the stress.

    If you’re looking to build an emergency savings fund, a high-yield savings account is another possible place to begin. While the national interest rate average is an APY of 0.4%, online banks can offer you much more competitive returns – in some cases up to 10x more.

    You can check out the Moneywise list of the Best High-Yield Savings Accounts of 2025 and find an offer that fits with your savings goal.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Avoid or minimize credit

    Any form of credit can allow you to spend beyond your means. American households collectively had $17.94 trillion in debt as of the third quarter of 2024, according to the Federal Reserve Bank of New York. That includes $1.17 trillion in credit card debt — a record high.

    If you carry credit card debt from month to month, you’re not the only one. According to a November 2024 survey from Bankrate, nearly 53% of respondents were in credit card debt for at least one year. With rates averaging over 20%, it can pile on before you even realize it.

    Paying down debt — especially if it comes with a high interest rate — could put you on solid footing. One way to achieve this is to consolidate your debt using a personal loan.

    Credible is an online marketplace that can help you compare rates offered on personal and debt consolidation loans from top lenders near you. The best part? The process is entirely free and won’t impact your credit score.

    Credible will match you with a custom loan offer in just three easy steps. What’s more, if you close with a better rate than you prequalify for, you can get a $200 gift card from Credible.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

    How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    During your working years, it’s important to have cash savings for unplanned expenses. These could run the gamut from home repairs to medical emergencies to a period of unemployment.

    But what if you’re retired and are therefore relying on your savings and investments to fund your lifestyle? In that case, the guidelines for keeping cash on hand change quite a bit.

    Here’s what you need to know before you retire.

    Don’t miss

    Why do retirees need cash?

    In the context of retirement, cash can mean funds in a checking or savings account, or certificates of deposit (CDs) —essentially, money that’s shielded from market fluctuations.

    Here are some reasons you’ll need cash as a retiree.

    1. You’re living off of savings now

    While Social Security offers income, the average benefit of $1,918 per month may not cover all expenses. Once that’s spent, cash allows you to handle surprises like car repairs or home maintenance without selling stocks or draining your savings.

    If you want to grow your savings more efficiently, you can so just that with a high-yield cash account like the one offered by Wealthfront.

    Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 5.00% APY — that’s 10x the national average.

    With full access to your money at all times, Wealthfront also offers fast (and free) transfers to internal Wealthfront investing accounts, as well as external accounts

    To get started, you can fund your cash account with as little as $1 and start stacking up your savings.

    To compare all the best savings options, you can check out Moneywise’s Best High Yield Savings Accounts of 2025 to find some savvy savings options that earn you more than the national average of 0.4% APY.

    Like the sound of high-yield account rates?

    Then you might also be interested in exploring certificates of deposit (CDs). A CD is a low-risk savings option that can yield interest comparable to, or even higher than, the top savings accounts. The trade-off for this higher rate is that your money stays locked in the account for a set period.

    With SavingsAccounts.com you can shop and compare top certificates of deposit rates from various banks nationwide.

    Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon so you can find the right CD to meet your retirement savings goals.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    2. You will face unplanned expenses

    For workers, an emergency fund doesn’t just safeguard against a job loss. It can also be the ticket to covering surprise expenses without going into debt. And being retired doesn’t make you immune from surprises.

    Many retirees face home repairs as their properties age alongside them. Your monthly Social Security check may not be enough to replace a water heater, or cover hospital expenses if you encounter a medical emergency.

    If you’re concerned that Medicare might not cover your expenses, there are other insurance options you can consider.

    Long-term care insurance offers coverage for the costs of in-home assistance, nursing homes or assisted living facilities.

    Without proper planning, paying for long-term care could deplete your retirement fund. In many cases, the burden of paying for care often falls on family members – potentially straining their finances.

    When considering long-term care insurance, GoldenCare offers different options based on your needs, including hybrid life or annuity with long-term care benefits, short-term care, extended care, home health care, assisted living, and traditional long-term care insurance..

    If your health is excellent, you may be able to cover your health care expenses with relative ease. If you have multiple health issues, it’s a good idea to stockpile extra cash in case your bills start to mount at a time when it’s not advantageous to tap your investments.

    3. You want to protect yourself from investment losses

    You may have the majority of your retirement savings in a portfolio of investments that include stocks, bonds, and mutual funds. The upside of holding these investments in retirement is that they can continue to generate growth, giving you access to more money. The downside is that their value can change based on market conditions.

    If you have a riskier portfolio more concentrated in stocks, then you may want more cash on hand to balance that out. If your portfolio is largely bonds, you might get away with less cash, since bonds are less volatile than stocks and can provide predictable interest payments that you can use as income.

    If you’re optimizing your investments for stability, gold is typically more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years.

    Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

    These days, you don’t even have to go to a bullion shop to buy precious metals. There are plenty of online platforms that offer a wide selection of gold and silver bars and coins and fair pricing.

    Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

    If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

    To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

    How much cash should you aim for in retirement?

    Just as there are different opinions when it comes to building an emergency fund for your working years, the guidance varies over how much cash you might need in retirement.

    Remember that it’s never a bad idea to speak with a qualified financial advisor.

    Based on your expenses, needs, and investment portfolio, services like Advisor.com may help you find a financial professional who can strike the ideal balance in your portfolio so you have enough cash on hand without going overboard.

    WiserAdvisor matches you with vetted financial advisors suited to your unique needs. Getting connected with an advisor through their platform is free and easy — just answer a few questions about yourself and their algorithm will match you with advisors, with no obligation to hire.

    You can browse your advisor matches with WiserAdvisor’s comparison tool and book a free consultation.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘We’re not robots’: As recession looms, Americans may be unsure about what to do with their 401(k) — here’s what experts recommend

    ‘We’re not robots’: As recession looms, Americans may be unsure about what to do with their 401(k) — here’s what experts recommend

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Since 1950, the US has weathered 11 recessions, proving time and again that downturns aren’t a question of if, but when.

    After a strong performance from the S&P 500 in 2024 — which experts hailed as a “very good year” — storm clouds are forming. Trump’s aggressive tariff policies have rattled markets with the S&P 500 entering correction territory in April 2025.

    Don’t miss

    Times like these may have long-term investors wondering what they should do to protect their portfolios. The answer? Do nothing and stay the course.

    “Generally, the advice boils down to staying invested. But I firmly believe that just saying ‘stay invested’ doesn’t work on days when stocks are in free-fall and the world feels terrible,” Callie Cox, chief market strategist for Ritholtz Wealth Management, said to The Washington Post.

    “We’re not robots, we’re humans with emotions, and we need to honor that in times like these.”

    Why you shouldn’t panic sell

    Watching the portfolio you’ve built for retirement fluctuate can be unsettling, especially when market downturns threaten the very assets you plan to rely on.

    However, selling and moving your money to the sidelines is typically not the best course of action.

    “Seventy-eight percent of the stock market’s best days have occurred during a bear market or during the first two months of a bull market,” according to Hartford Funds, an asset management firm that includes Schroders and Wellington Management. “If you missed the market’s 10 best days over the past 30 years, your returns would have been cut in half. And missing the best 30 days would have reduced your returns by an astonishing 83%.”

    The importance of a diversified portfolio

    One way for investors to diversify a portfolio is by buying into international assets, with well-known asset management firm Vanguard suggesting at least 20% in international stocks and bonds as a benchmark.

    However, diversification isn’t just about protecting your portfolio — it’s about building resilience. That’s why holding investments beyond the S&P 500 can act as a cushion when the economy hits a rough patch.

    But stocks aren’t the only way to diversify your portfolio. For instance, Arrived is lowering the barrier to entry for rental property investing, making it accessible to investors of all experience levels.

    Arrived allows you to invest in shares of rental homes and vacation rentals without taking on the responsibilities of property management. In other words, you won’t be in charge of fixing freezers or managing noise complaints, but will still generate income from your investment.

    Even better, as of April 2025 Arrived has paid out more than $12 million in dividends and interest to 740,000 plus registered investors.

    Arrived’s flexible investment amounts and simple process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class. .

    Another popular hedge against inflation with investors is gold, which historically performs well when the market is shaky, and hit an all-time high in early April.

    When you open a gold IRA with the help of Priority Gold, you can roll over existing 401(k) or IRA accounts into a precious metals IRA without tax-related penalties. Qualifying purchases can also receive up to $10,000 in free silver.

    Learn more about why Priority Gold has 5-star reviews on Trustpilot and the Better Business Bureau when you download their free 2024 guide on investing in precious metals.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Nearing retirement

    As you near retirement, market volatility and ongoing inflation can make the road ahead feel precarious, but reacting to short-term turbulence with long-term portfolio changes can be a costly misstep. Instead it can pay to prepare your portfolio for retirement by slowly switching your investments to low-risk options.

    Christine Benz, director of personal finance and retirement planning at Morningstar, told The Post that allocating 25% to 30% of your portfolio to short and intermediate-term bonds is a good approach for those approaching retirement.

    But make sure you don’t give up on growth entirely.

    “Remember that even though retirement is a few years away, that is just the start of retirement,” Corbin Blackwell, senior manager of financial planning at Betterment, told The Post. “For most people, their money needs to last decades, so don’t lose sight of your real-time horizon.”

    If you’re unsure of the best approach for you, it might be worth speaking with a financial advisor who can help craft a retirement strategy that fits your goals — and gives you peace of mind as you step into your next chapter.

    Advisor.com can help you find someone that’s right for you.

    This online platform connects you with vetted financial advisors in minutes. How it works is easy: Just answer a few quick questions about yourself and your finances, and the platform will match you with a financial advisor best suited to helping you make your money last in retirement.

    From here, you can view their profile, read past client reviews and schedule an initial consultation for free with no obligation to hire.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

    This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Car dealers aren’t always known for prioritizing your budget — and the lengths some will go to to separate you from your hard-earned money are greater than you might think.

    Most car shoppers have never heard of the four-square method, although it’s often used to convince you to make a big financial commitment without the full picture.

    Don’t miss

    Here’s how it works, along with some tips on how to avoid falling into a car dealer’s trap.

    How the four-square method works

    The four-square method refers to the dealer making four squares on a piece of paper. The squares contain the following figures:

    • The value of your trade-in
    • Your down payment
    • The price of the vehicle you’re buying
    • The monthly payment for your new car

    Writing this info down might seem innocent, but dealers often cross numbers out and write them all over the sheet, causing you to lose track of what’s happening.

    Dealers sometimes try to obscure the car’s total costs when using this method. Instead, their goal is to get you focused on the amount of your monthly payment. They want to convince you the vehicle is in your budget if you can manage the monthly costs — no matter how many months it takes.

    Unfortunately, dealers aim to lock you into long-term car loans to make that price appear lower. But what it does is increase the total cost of the car, leaving you in debt for longer. You also pay more in interest over time, which is never good considering you also have to account for the ongoing cost of car insurance.

    Of course, the total cost is nowhere to be found on the squares.

    Insurance costs are an important factor to consider. Due to new tariffs on imported cars and auto parts from Canada and Mexico, your premium could increase by an average of 8% by the end of 2025, according to a study by Insurify — going from $2,313 a year up to $2,502.

    Whether you’re in the market for a car or not, you can always benefit from doing a little comparison shopping on your policy. This used to take hours of research, but not anymore with free services like OfficialCarInsurance.

    OfficialCarInsurance helps you instantly sort through the best policies from car insurance providers in your area, including trusted names like Progressive, GEICO, and Allstate. With rates as low as $29 per month, you can find coverage that suits your needs and potentially saves you hundreds of dollars per year.

    To get started, fill in some basic information and OfficialCarInsurance will provide a list of the top insurers in your area.

    The more you find savings for other car costs, the more money you can put toward your monthly car payments to pay off your loan faster.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Avoid falling for a car dealer’s strategy

    Fortunately, you can avoid being fooled by the 4-square method — or any other methods dealers use to squeeze every dollar out of you. Here’s what you can do to ensure you pay a fair price.

    Do your research before you go

    An informed customer is less likely to be swindled, so doing your own research can help you stick to a budget that makes sense for you. The Kelley Blue Book and AutoTrader can be a good way to find out the going rate for a car so you’ll know how much you can expect to pay.

    Get preapproved for a car loan independently

    You don’t have to borrow from the dealer when buying a car. While they sometimes offer great incentives, the rates are often comparable to car loans from private lenders.

    If you pass up dealer financing, they have fewer chances to tack on hidden costs or trick you into a low payment over an extended loan term.

    Take the time to shop around, compare rates and find out what you can afford with a reasonable loan term. That way you can leverage your pre-approval at the dealership and see if they can offer a lower rate.

    Look at total costs

    Dealers use the four-square method to present so many numbers that you won’t notice they aren’t disclosing the total costs. The problem is that not understanding the actual price you’re paying can lead to bad choices.

    If you have already been taken in by the four-square method, it’s not too late to lower your costs so you can make your car payments more affordable, allowing you to pay-off high-interest debt faster.

    Credible makes it easy to streamline your debt payments so you aren’t juggling paying off multiple lenders at different rates. Its online marketplace of vetted lenders provides personal loan offers based on your needs, allowing you to pay off your car loan more efficiently at a fixed rate.

    Consolidating your debt with a personal loan from Credible can be the first step towards more financial freedom and getting out from under that damaging debt.

    When buying a car, don’t let the dealer drive your decision making — and don’t let them confuse you. Go in with a clear budget and an understanding of what the car should cost. If the dealer doesn’t align with your financing needs, find a lender that does.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Here are 5 simple signs that someone is secretly broke in America — do they apply to the people around you?

    Here are 5 simple signs that someone is secretly broke in America — do they apply to the people around you?

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    It’s natural to be curious about how well off — or not — our friends, neighbors and peers are. And for better or worse, social media makes it easy to satisfy this curiosity. You may be inclined to assume that the folks you interact with on a regular basis are doing quite well financially. However, social posts focus on the positive, which can make it appear as though they have more money than they actually do.

    With this in mind, here are a few signs that may indicate the people you know are actually broke — or that you’re headed down a similar path.

    Don’t miss

    1. They don’t have an actual financial plan

    When you head out on a road trip without directions, you risk getting lost along the way. Similarly, if you go through life without a financial plan, you risk winding up broke — or if not broke, at the very least, shy of your financial goals.

    A 2024 Northwestern Mutual survey found that 55% of Americans don’t have a broad financial plan that allows them to balance their near-term and long-term goals. If that’s the case for you, it’s a good idea to talk to a financial advisor and get on a better path.

    Finding a financial advisor that suits your specific needs and goals is simple with Vanguard.

    Vanguard’s hybrid advisory system combines advice from professional advisors with automated portfolio management to make sure your investments are working to achieve your financial goals.

    With a minimum portfolio size of $50,000, this service is best for clients who already have a nest egg built and would like to try to grow their wealth with a variety of different investments. All you have to do is set up a consultation with a Vanguard advisor, and they will help you set a tailored plan and stick to it.

    2. They spend a lot on brand names

    It’s okay to splurge on a quality item from time to time, especially if it’s something that helps you earn money, like a laptop you use for your job. But if you feel compelled to only buy brand names — and the fanciest ones at that — you’re more likely to end up in a bad place financially.

    This may be why total U.S. household debt has jumped by $93 billion to reach $18.04 trillion, according to the Federal Reserve.

    If you want to avoid becoming broke, don’t buy things — whether it’s a car, a house, or clothing — with the goal of showing off. Instead, buy things with the goal of addressing your needs as economically as possible.

    When you do spend, you can also be smarter with your money by automatically investing your spare change with Acorns.

    The app rounds up each of your everyday purchases to the nearest dollar and invests the difference in a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your retirement nest egg.

    For example, when you spend $3.60 on coffee, Acorns will automatically invest the 40-cent difference. Plus, with an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    3. They confuse income with wealth

    One mistake people make all the time is figuring that because they earn a lot, they can afford to spend a lot. In reality, if you don’t keep any of your income, you’re going to end up broke.

    A 2024 PYMNTS survey found that 48% of people earning more than $100,000 a year live paycheck to paycheck with no money in savings to fall back on. And the same holds true for 36% of people earning more than $200,000 a year.

    Another big mistake most Americans make is leaving their money in low-interest savings accounts. More than 82% of the population is missing out on high-yield savings accounts, which offer returns up to 10 times higher than traditional banks, according to CNBC.

    A healthy savings account balance gives you the funds to handle unexpected expenses and save for retirement, all without going into debt. If you’re looking for the best bank for your savings, compare and select from the Moneywise list of the Best High-Yield Savings Accounts of 2025.

    4. They lack financial discipline

    People who are secretly broke tend to give in to impulse purchases rather than planning and budgeting. Worse yet, they tend to use credit cards to fund impulse purchases, driving themselves even deeper into debt.

    While occasional impulse buys may not break the bank, making a habit of them can seriously harm your finances. Instead, focus on budgeting and being intentional with your spending.

    Budgeting can be challenging, especially when trying to track multiple accounts, shopping and daily expenses simultaneously. However, Monarch Money’s expense tracking system can simplify the process.

    The platform seamlessly connects all your accounts in one place, giving you a clear view of where you’re overspending. Whether you’re looking to save, invest, or simply control your expenses, Monarch Money offers the tools to help you succeed. Plus, for a limited time, you can get 50% off your first year with the code NEWYEAR2025.

    5. They keep chasing get-rich-quick schemes

    There are certain tried and true methods of growing wealth over time. These include buying a home and seeing its value increase, investing in stocks and holding them for decades, and putting money into bonds for slower but stable returns.

    Chasing get-rich-quick schemes, on the other hand, is a good way to end up with less money rather than more.

    Even short-term stock investments can be risky, as it often takes time for stocks to increase in value. So, instead of trying to make a quick buck, focus on ways to grow your net worth slowly but consistently, such as taking advantage of compound interest.

    With Wealthfront’s automated investing platform, the power of compound interest works for you. Their sophisticated "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time.

    Start investing for the long term with globally diversified portfolios or go for a higher yield than a traditional savings account with an automated bond portfolio.

    Open your account today and receive a $50 bonus to jumpstart your investment journey. Whether you’re saving for retirement, a home, or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.