Author: Moneywise

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.

When President-elect Donald Trump takes office starting Jan. 20, major changes could impact the lives of Americans if he moves forward on his ambitious election campaign promises.

For retirees, some of the biggest changes could relate to Social Security.

Here’s how benefits could be impacted, based on both Trump’s campaign statements and past policy proposals.

Benefit amounts

Trump has consistently stated he won’t cut retirement benefits or raise the retirement age, a common proposal for securing the program’s finances.

“I will not cut one cent from Social Security or Medicare,” he pledged during his campaign. He also has designs to make social security tax-free for the seniors that use it.

But these taxes are vital for funding retiree payouts. The CRFB estimates that Trump’s plans could result in a 33% benefit cut by 2035. With the average monthly SSA payout at just $1,862, it’s crucial to prepare for these changes — perhaps with the guidance of a financial advisor who can help provide some peace of mind.

WiserAdvisor offers a free online service that matches you with qualified financial professionals who can create a tailored plan to help you achieve your retirement goals.

An advisor can help you secure your financial future, using Social Security benefits as a supplement rather than a sole source of income.

Simply answer a few questions, and WiserAdvisor will connect you with vetted advisors based on your needs. You can view profiles, read client reviews, and book a free consultation with no obligation to hire.

Taxes on benefits

For single filers with income above $34,000 or married couples above $44,000, up to 85% of Social Security benefits can be taxed. Even if your income is between $25,000–$34,000 (single) or $32,000–$44,000 (couple), 50% of benefits may be taxed. This affects 40% of beneficiaries, and your tax rate could be higher if your provisional income pushes you into a higher tax bracket.

On a recent podcast, celebrity investor Suze Orman proclaimed that the best way to avoid this ‘tax torpedo’ was “to only have Roth retirement accounts — bar none,” effectively decreasing reliance on Social Security.

She also emphasized the importance of regularly reviewing your financial portfolio in a recent blog post. “You should log in and make sure your mix of investments — stocks/bonds/cash/ — is in line with your long-term goals.”

For example, silver and gold have long been considered popular hedges against inflation and market volatility.

The reason is simple: central banks can’t print precious metals in unlimited quantities like fiat money. Furthermore, gold prices surged in 2024, now standing at about $2,700 per ounce.

One way to invest in precious metals that also provides significant tax advantages is to open a gold IRA with help of American Hartford Gold. This retirement account can help stabilize your finances by allowing you to invest directly in physical precious metals, rather than stocks and bonds.

One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – American Hartford Gold has helped thousands of clients protect their retirement.

When you sign up with American Hartford Gold, you’ll be eligible for an offer to receive up to $15,000 in free silver, along with the assurance of the best pricing through their price match guarantee.

A rock solid retirement plan may also include multiple types of IRAs, based on the best fit at different points in your career.

There are a lot of options out there when it comes to IRA investing, so consulting a financial advisor specializing in retirement planning and accounts can help you open a new account or make the most of your current Roth IRA account.

Thankfully, RothIRA.org can help you can find a vetted financial advisor best suited to guide you.

The process is simple: just provide some basic information about yourself, and RothIRA.org will match you with two to three FINRA/SEC registered financial advisors near you. You can then set up a free initial consultation with your preferred advisor to further assess if it’s the right fit for you — with no obligation to hire.

Long-term funding

Retirees may face bad news if Trump fulfills key policy goals, potentially worsening Social Security’s long-term finances.

According to the Committee for a Responsible Federal Budget (CRFB), this could occur if deportations increase, certain taxes are eliminated, tariffs are imposed, and taxes on Social Security benefits are removed.

While a shortfall was already projected by 2035, the CRFB estimates Trump’s proposals could bring insolvency three years earlier. Retirees may see short-term benefits from Trump’s policies, but should carefully research the long-term impacts to make informed financial decisions.

To help reduce reliance on Social Security, consider secure and guaranteed fixed-income savings vehicles like Certificates of Deposit (CDs). SavingsAccounts.com is an online platform that helps you easily compare CD rates from multiple banks and financial institutions nationwide.

This free tool allows you to find the best interest rates, terms and features to maximize your savings securely.

Whether you’re a conservative saver, a retiree, or a long-term planner, SavingsAccounts.com offers personalized recommendations based on your financial goals, time horizon, and risk preferences.

The platform provides real-time data on competitive rates, ensuring you can secure the best returns without the hassle of visiting multiple institutions.

Another option is to combine savvy aving and investing in one place.

For example, Public offers an innovative approach to self-directed investing with a focus on transparency, community, and long-term growth.

There’s the added bonus of Public’s high-yield cash account with an industry-leading 4.6% APY and there are no fees and no minimum balance required. This can allow you to grow your uninvested cash more effectively over time.

Public is commission-free, and offers a self-directed investing platform that lets you manage diverse assets — including stocks, ETFs, crypto, and alternative investments. Unlike robo-advisors, Public provides control without automated management, plus features to help you make informed choices, like real-time insights and social sharing.

If you want to compare savings options, check out the Moneywise Best High-Yield Savings Accounts to see a list of accounts that have interest rates higher than the national average APY of 0.46%.

For many would-be retirees, finding extra money in their budget to put towards savings can be tough.

If an automated way to save and invest is what you want, there’s a way you can do both just by making your everyday purchases. Acorns offers an app that allows you to use everyday purchases to save and invest for the future.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio.

For those looking to grow their retirement savings, Acorns offers customizable plans.

With the Acorns Silver plan, you can access Acorns Later, a retirement account with a 1% IRA match on new contributions. For a more hands-on approach, the [Acorns Gold plan]{https://moneywise.com/c/1/8/648?placement=16) offers a 3% IRA match and allows you to personalize your portfolio by selecting your own stocks.

Sign up today and receive a $20 bonus investment to get you started on building a stronger nest egg.

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

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.

After nearly seven decades of experience, investing legend Warren Buffett has accumulated more than $142 billion in personal wealth — and the Oracle of Omaha believes much of his success is based on his ability to avoid losing money.

Buffett has always advocated a long term investment approach — which is perhaps the reason why his strategies resonate with millions of people.

“You only have to do a very few things right in your life so long as you don’t do too many things wrong,” he once said.

With that in mind, here are 3 investment mistakes Buffett says you should avoid in order to secure your fortune for the long term.

1. Speculating instead of investing

Some investors fail to recognize the difference between a speculative asset and an investment-worthy asset. According to Buffett, the difference is in how the asset generates a return.

“All investment is laying out some money now to get more money back in the future,” Buffett once explained. “Now, there’s two ways of looking at getting the money back. One is from what the asset itself will produce. That’s investment. [The other] is from what somebody else will pay you for it later on, irrespective of what the asset produces. And I call that speculation.”

Buffett believes that assets that produce income organically — such as farmland, profitable companies, dividend stocks and real estate investment trusts — are investment-worthy.

If you want the kind of expert advice that Buffett surrounds himself with, you’ll need help choosing a financial advisor. With [Vanguard], you can connect with a personal advisor who can help assess your current financial situation and make sure you’ve got the right portfolio to meet your goals for the future.

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.

All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisors will help you set a tailored plan, and stick to it.

2. Trying to time the market

Market timing is tempting but deceptive. Investors often convince themselves they can wait for the right time to buy or sell a stock. However, experienced investors understand that market cycles are unpredictable, so staying invested for longer is typically the best approach.

"You shouldn’t buy stocks unless you expect to hold them for a very extended period and you are prepared financially and psychologically to hold them," Buffett had said during Berkshire Hathaway’s annual meeting in 2020.

If you are investing for retirement, you need to make sure you are picking the right stocks. Also, you need to make sure you are planning correctly to meet your short-term goals without having to cash out your portfolio.

You can get a shortcut for understanding which stocks are worth buying and holding with Moby. Their superior research can help you reduce the guesswork when selecting stocks and ETFs.

With easy-to-understand formats, their team of former hedge fund analysts and experts demystifies the stock market, so you can become a wiser investor in just five minutes.

In four years, across almost 400 stock picks, Moby’s recommendations have beaten the S&P 500 by almost 12%, on average.

3. Hedging against volatility

Real estate has historically been less speculative than stocks, with stable returns generating a steady stream of passive income. It is often touted as one of the best avenues to build wealth — a move that can pay off brilliantly for your retirement.

However, with home prices steadily increasing over the past few years, direct ownership of residential real estate might be challenging.

But that doesn’t mean you can’t tap into the $30 trillion home equity market, with real estate crowdfunding companies that let you invest in residential properties without constantly worrying about mortgage or home maintenance expenses.

For those who prefer accessible fractional investing, Arrived — an online platform backed by prominent investors like Jeff Bezos — offers retail investors the opportunity to buy shares in existing rental and vacation homes. You can get your foot into the real estate market without buying property outright.

With Arrived, you can browse a curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy and start investing in real estate with just $100.

A recent report from Cushman & Wakefield also commented, “for the first time in years, the retail market is at a point of being supply-constrained — at least for space in quality shopping centers."

With both commercial and residential supply constrained, rental prices could be pushed higher, creating attractive returns for investors.

For accredited investors looking to expand their portfolios and make a larger allocation, First National Realty Partners (FNRP) offers accredited investors access to retail-anchored real estate investments, without the legwork of finding deals yourself.

The FNRP team has developed relationships with shopping centers and health-care facilities across the U.S., as well as the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods.

They also offer white-glove service for investors, providing key market insights and finding the best properties both on and off-market, while investors can passively collect distribution income.

You can engage with experts, explore available deals and easily make an allocation, all in one personalized secure portal.

Another option for diversification outside of the stock market (and protecting your retirement savings) is to invest in private real estate funds, such as those offered by DLP Capital.

DLP Capital offers accredited investors tax-advantaged, private REITs through various investment funds, which are primarily focused on acquiring or developing safe, affordable rental housing for working families in the U.S..

The firm offers a flexible investment structure so that investors can redeem their capital if needed without having to wait a set number of years during lengthy lock-in periods.

With a track record of identifying high-potential properties and over $5.2 billion in assets under management, DLP Capital helps investors capitalize on real estate’s long-term value.

DLP Capital’s funds target potential annual returns between 9% and 13% — almost at par with the S&P 500 index’s 10.26% returns annually. But you get two distinct advantages by investing in DLP Capital’s funds — portfolio diversification and a potentially lower tax bill.

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

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.

When you think of the top 1% of American earners, the first people who might come to mind are likely well-known investors and entrepreneurs like Warren Buffett and Bill Gates — but it might surprise you to learn that those ultra-wealthy Americans make up just 0.001% of the population.

Landing in the top 10% can be a fairly attainable goal for upwardly mobile Americans. A study published by the Economic Policy Institute (EPI) in 2022 found that the average earnings of those in the top 10% were roughly $169,639 in 2021.

Salaries start to jump significantly the closer you get to the top 1%. You’ll start to see dramatic shifts in the top 5%, where the EPI found the average earners significantly increased to $335,891 in 2021, up from $322,349 the year before.

While the income of the top 1% varies, Forbes reported in 2023 that the bracket’s minimum net worth is much higher — a cool $11.1 million. Finding your way into these financial brackets isn’t impossible, especially if you use these three simple money-optimizing tactics.

3. Put your cash to work

If you think of savings as a seed, the best thing you can do to help them grow is to find some solid soil to plant them in.

A certificate of deposit (CD) can be a great place to start. 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.

But which CD and what term should you choose?

With SavingsAccounts.com, you can easily compare CD rates and terms from various banks nationwide, all with real-time data.

With tailored recommendations and clear details on fees, it saves time and helps users make informed decisions.

If you want to make the most of your accessible cash, make sure your everyday bank account is working for you.

For example, SoFi’s checking and savings account can help you make the most of your everyday cash flow. The two-in-one account offers up to 4.20% APY on savings balances and 0.50% on checking account balances.

You can enjoy no-fee overdraft protection, early paycheck deposits, and access to over 55,000 ATMs within the Allpoint network.

Speaking of deposits, sign up now and you can earn a bonus up to $300 for setting up direct deposit.

If you’re still trying to decide where to park your hard-earned cash, don’t just let it sit in a low- or no-interest checking account.

Check out the Moneywise list of Best High-Yield Savings Accounts of 2024 so you can have a streamlined look at what high-yield savings account is best for your savings to grow over time.

Every little bit counts as you climb your way up the ladder to your preferred wealth bracket.

2. Diversify your portfolio

Now that you’ve made sure your savings are optimized, you can look at your investments.

While you might not have the same resources as investing legends like Warren Buffett or Bill Gates, your wealth status doesn’t have to stop you from building a diversified portfolio and increasing your financial standing.

But how should you diversify?

Automate your saving and investing

If you are just starting to build your portfolio or you just want an easy way to diversify it, there’s a way to build your portfolio without even thinking about it, simply by making your daily purchases.

By creating an account with Acorns, you can open an investment portfolio with pennies. Acorns automatically rounds up the price of each of your purchases on your debit or credit card to the nearest dollar, and [deposits the difference into a smart investment portfolio].

Plus, Acorns lets you customize how you save. 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.

Sign up now and you can get a $20 bonus investment to help kickstart your investing efforts.

Real estate

Federal Reserve data also shows that the top 1% of Americans hold over $6 trillion in real estate assets.

Real estate has long been considered a solid portfolio hedge, as rent and property values tend to increase with inflation. It’s no surprise that high-net-worth individuals — regardless of their age — see opportunity in this asset.

With the rising popularity of real estate crowdfunding platforms, you can diversify your portfolio with real estate at almost any wealth level.

If you are still a few income brackets from the top 10%, you can invest in real estate without having to pay a high price to buy and manage an investment property

For example, With Arrived, you can add rental properties to your investment portfolio for as little as $100 without needing to do any of the heavy lifting or legwork associated with being a landlord.

Arrived’s easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals.

Its flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work, like paying for maintenance or securing tenants.

Here’s how it works: You can start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, choose the number of shares you want to buy.

If you are a few more rungs up the ladder toward the top 1% and you’ve achieved the title of accredited investor, you may want to consider commercial real estate as part of your expanded portfolio. CBRE, the world’s biggest commercial real estate firm, anticipates a boost to commercial real estate activity and values. They’re expecting a 15-20% increase in transactions.

First National Realty Partners (FNRP) offers accredited investors access to quality retail-anchored real estate investments, without the legwork of finding deals yourself.

The FNRP team has developed relationships with shopping centers and health-care facilities across the U.S., as well as the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods.

They also offer white-glove service for investors, providing key market insights and finding the best properties both on and off-market, while investors can passively collect distribution income.

You can engage with experts, explore available deals and easily make an allocation, all in one personalized secure portal.

1. Work with a professional

Sometimes, accepting that you need help is the first step to getting a hold on your finances or boosting them to a new level — especially if you’re aiming to reach the top 1%.

With Advisor.com, you can find the right financial professional to help you fulfill your wealth goals. It’s a free service that helps you find the right financial advisor for you,by matching you with a small list of the best options for you to choose from.

Set up a free, no-obligation consultation with one of their pre-screened financial advisors today.

If you’re already among the high net worth set, you’ll want to find a financial advisor with the right expertise for handling your portfolio of investments. You might be pleased to learn that you have options outside of typical private banking — including a more personal touch with Arta Finance.

Arta Finance is a digital wealth management service that offers exclusive financial strategies, primarily serving individuals with an array of assets and accredited investors. One of their aims is to democratize access to sophisticated investment strategies traditionally available only to ultra-high-net-worth clients.

Arta Finance provides a range of family office services, including investment in alternative assets, personalized portfolio management, financial planning and tax strategy, all aimed at supporting your long term financial growth.

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

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.

The ins and outs of Social Security benefits can seem as complicated as they are crucial to Americans’ financial comfort — or even survival — in retirement.

Personal finance experts like Suze Orman will tell you that your comfort in retirement hinges on what you can put away out of your paycheck using tools like a 401(k) or an IRA.

She put it plainly in an interview with Moneywise in late 2023 when she talked about the plight of the Social Security program and the dangers of not saving and investing for retirement.

“How are you going to pay for those exact same bills later on in life, when you no longer have a paycheck coming in?”

For many, the answer is their eventual Social Security benefits, a program you pay into out of those paychecks. But common misconceptions about those benefits can lead to significant, long-term financial hurdles that can tarnish your golden years.

You can maximize your benefits and gain more security in retirement if you sidestep these five common Social Security myths.

1. Social Security benefits are not taxed

Don’t assume you’ll get to keep all of your Social Security check. In all likelihood, you’ll pay taxes based on your "combined income," which the SSA defines as 50% of your Social Security benefit, plus any other earned income.

Suze Orman warns that 40% of Social Security beneficiaries pay taxes on their benefits, so there’s a good chance you’ll get hit with what [she calls the "tax torpedo"](https://moneywise.com/retirement/retirement/suze-orman-retirement-social-security-tax-torpedo). 

If your combined income on your federal tax return is:

between $25,000 and $34,000 as an individual or between $32,000 and $44,000 if you file jointly with your spouse, you can expect to pay taxes on 50% of your benefits. more than $34,000 as an individual and $44,000 for joint filers, you could pay taxes on up to 85% of your benefits

People who are married and file separately may also have to pay taxes on Social Security, regardless of income level.

Sounds complicated? Consulting a financial advisor can help you maximize your social security benefits as well as ease your tax burden.

WiserAdvisor makes this easy by matching you with a vetted financial advisor best suited to your financial needs.

With no fees to get started, you can sort through your advisor matches with the comparison tool and book a free consultation before making a commitment.

2. There’s no way to calculate how much you qualify for

It’s true you can’t predict your exact Social Security benefit far in advance. That’s because the amount depends on variables that can change leading up to retirement, including your income, new government rules and the program’s status and fund reserves at the time you start collecting.

For instance, the average monthly benefit for retired individuals amounted to $1,876.95 in Nov. 2024.

3. Your Social Security benefit is set in stone

You probably have more control over your social Security benefit than you think — even if you’re retired already.

Here are a few ways you could increase the amount you’re eligible to receive:

• Retire later: You can start drawing retirement benefits between age 62 and 70 and the longer you wait, the higher your benefit will be.
• Increase your pre-retirement income: Your benefit is based on 35 of your highest-earning years. So if you increase your income before retiring, your SS benefit can increase too.
• Check your records: Your benefit amount could be reduced if the SSA has incorrect records of your income. If you find an error in your Social Security statement, request a correction at ssa.gov or call 1-800-772-1213.
• Look into family benefits: Check to see if you qualify for additional benefits based on a family member’s work, including benefits earned by a former spouse.

4. Social Security will replace your paycheck

Even though experts like Suze Orman and Dave Ramsey constantly tell their viewers otherwise, many people believe Social Security alone will sustain them in retirement — but the benefit is only meant to supplement it.

This is why starting the process of planning for retirement with investments and savings as early as you can is so important if you hope to keep up your lifestyle.

Depending on your financials and retirement goals, a Roth IRA account can help you maximize your savings so that you don’t have to rely on social security paychecks. You can consult vetted financial advisors specializing in retirement planning through RothIRA.org to guide you.

RothIRA.org will match you with two to three FINRA/SEC financial advisors near you for free. You can then set up an initial consultation with no obligation to hire to see if they’re the right fit for you.

You may not know that you can invest your retirement savings in commodities through your IRA, and that many investors are attracted by gold’s stability as an investment relative to the stock market. For example, while the market crashed in 2008, gold prices rose, cushioning the portfolios of investors who were savvy enough to diversify.

With the help of Preserve Gold, you can open an IRA that allows you to benefit from the tax advantages of this retirement savings plan, along with the inflation-hedging properties of gold.

A gold IRA gives you the opportunity to diversify your portfolio by investing directly in precious metals. The best part? You don’t have to pay any fees on your gold IRA account for the first five years with Preserve Gold, and you’ll be eligible for a free home safe when you sign up.

To keep as much money in your retirement savings as possible, even after you begin drawing on your nest egg, consider making the most of each moment you spend by downloading the Acorns app.

With Acorns, the app automatically rounds up the total cost of each of your purchases to the nearest dollar, investing the remainder in a diversified portfolio of stocks.

For those looking to enhance their investing strategy, Acorns offers tiered memberships, including a gold tier that allows you to customize your portfolio by adding individual stocks, and a retirement account with a 3% IRA match .

Sign up today and you can receive a $20 bonus investment.

5. You can collect your dead spouse’s benefits and your own at the same time

Don’t count on receiving a double payment if your spouse passes before you. If you’re entitled to both a retirement benefit and the survivors benefit, you’ll receive only one — the larger — of the two amounts.

If the surviving spouse is at full retirement age or older, they can receive 100% of the deceased’s benefit amount. If they’re between 60 and full retirement age, they’ll get between 71.5% and 99%.

To offset any social security income losses when your spouse passes, consider purchasing life insurance.

By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you’re gone. Term life insurance offers flexibility when you’re seeking affordable coverage while balancing other financial responsibilities.

Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years.

To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs.

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

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.

America is about to experience a retirement tidal wave.

According to an article from Empower’s publication The Currency, an estimated record 4.1 million Americans turned 65 this year.

However, some older Americans are hoping to retire even earlier than 65. But with the cost of living on the rise, they may be asking themselves whether that’s possible.

According to RetireGuide, the average annual retirement income for Americans 65 and up in 2023 was $83,085 when adjusted for inflation. Should you live for another 30 years, that means you’ll need $2,492,550.

While the average net worth for people over 65 is only around $1.6 million, Americans in their 60s spend about 18% more monthly on average than the general population, according to the Empower figures.

Before you panic, let’s look at three tips you can use to help guide your retirement decision.

The 4% rule

Many financial advisors recommend that retirees live by the rule of thumb of taking out 4% of your savings each year. This is the amount you can withdraw no matter what and hypothetically still have your retirement savings last another 30 years.

The main question here is whether this will offer you enough income, when combined with Social Security, pension, and all the rest. If you have $500,000, that would only be $20,000 per year. However, if you have $2 million, that would be $80,000.

That’s why, no matter what your 4% adds up to, you want to make sure you’re taking every measure to stretch it out. A Roth IRA account can help you in this regard — helping you build tax–free retirement savings.

Consulting a financial advisor specializing in retirement planning can help you open a new account or make the most of your current Roth IRA account.

With RothIRA.org, you can find a vetted financial advisor best suited to guide you. The process is simple: just provide some basic information about yourself, and RothIRA.org will match you with two to three FINRA/SEC registered financial advisors near you.

You can then set up a free initial consultation with your preferred advisor to further assess if it’s the right fit for you — with no obligation to hire.

While most would-be retirees have IRAs for savings, you may not know that you can invest your retirement savings in commodities through your IRA, including gold.

Many investors are attracted by gold’s stability relative to the stock market. For example, while the market crashed in 2008, gold prices rose, cushioning the portfolios of investors who were savvy enough to diversify.

You can invest in a gold IRA with the help of American Hartford Gold. This type of IRA allows you to benefit from the tax advantages of an IRA, along with the inflation-hedging properties of gold.

When you sign up for American Hartford Gold, you’re eligible to get up to $10,000 in complimentary silver and a free investor guide that can show you how to protect your nest egg while growing your wealth.

Get some guidance

It’s easy to get overwhelmed when it comes to retirement planning, but remember that you don’t have to make these big decisions on your own — consulting with a financial professional can provide important insight into the best steps to take next in all aspects of your life and finances.

If you’re not sure how to go about finding the right person to talk to, you can match with a certified financial advisor through WiserAdvisor.

Based on your finances and retirement goals, WiserAdvisor matches you with 2-3 vetted professionals near you for free. From there, you can set up a free, no-obligation consultation with your preferred advisor.

You need $1 million (or more) in the bank

A recent survey by Northwestern Mutual found that Americans believe they need $1.25 million to retire comfortably today and continue receiving income for the next 20 years.

While $1.25 million isn’t realistic for everyone, it’s still a great idea to create a retirement goal based on the advice of your financial advisor and a budget.

Don’t overlook simple savings vehicles, especially as a way to keep growing your money after your retirement. One of the easiest ways to save is to take advantage of the higher rates on certificates of deposit. For instance, Discover offers certificates of deposits with maturities ranging from three months to 10 years.

Right now, Discover is offering 4.10% APY on a 12-month term — much higher than the average 0.05% APY offered on some accounts offered by other big banks.

Discover CD has no fees associated with its CD accounts and you don’t need a minimum deposit to open an account.

Savvy savers should also check out the Moneywise list of the Best High-Yield Savings Accounts of 2024 list so you can have a streamlined look at which high-yield savings account is best for your needs.

Of course, your retirement years will entail a number of expenses, and essential purchases are inevitable. But you can make the most out of them by downloading the Acorns app.

With Acorns, when you spend money, the app automatically rounds up the total cost to the nearest dollar and invests the remainder in a diversified portfolio — so even when you have to spend, you’re investing money at the same time.

For those looking to enhance their investing strategy, Acorns offers tiered memberships, including a gold tier that allows you to customize your portfolio by adding individual stocks, and a retirement account with a 3% IRA match.

If you sign up for Acorns today, you can receive a $20 bonus investment.

The rule of 55

This last rule of thumb deals with the tax implications of retiring early. While some potential retirees will have plenty of savings, it won’t be beneficial to retire early if you end up paying normal income tax. This is the case for those retiring after 55.

Usually, you’d face a 10% tax withdrawal penalty for making a withdrawal from a tax-qualified retirement plan like a 401(k). But for workers who have an employer-sponsored 401(k) plan, the IRS allows anyone over the age of 55 who decides to leave the workforce to start drawing penalty-free distributions from that plan.

It’s also not beneficial to retire early if you’re still paying off debts. To make sure you’re in the best possible position when that time comes, you’ll want to have settled as many of your outstanding debts as possible.

To expedite this process, you can use a free service called Credible to consolidate your debts into one monthly payment.

Rather than worry about multiple bills that each have their own minimum payments, deadlines and interest rates, you can take out a new loan with a lower interest rate and use it to pay off your other debts immediately.

You’ll then only have to make a single payment each month, and the lower rate will potentially save you a huge amount in interest — more money that you’ll be able to set aside for retirement.

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

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.

The story of Nvidia (NVDA) founder and CEO Jensen Huang is a compelling testament to the American Dream.

His journey began humbly, working as a dishwasher at Denny’s, where he often had to clean toilets.

Today, his company boasts a market capitalization of $3.21 trillion, and Huang is ranked as the 10th richest person in the U.S.. He is also, according to the New York Times, set to pass on his $127 billion fortune to his heirs almost completely tax-free.

Portfolios fueled by market research

In 2024, Huang sold over $700 million of his NVIDIA (NVDA) stock but he still remains the majority stakeholder. Yahoo Finance reported that while this was a planned move on the CEO’s part, it has been happening at a faster rate than experts expected.

But buying and selling single stocks, as history has shown, is not for the faint of heart. Investing legend Warren Buffett once said, “I do not think the average person can pick stocks.”

If you’d like to follow the advice of the Oracle of Omaha or follow Huang’s example and bypass index trading, there are other trading platforms with low barriers to entry — and that offer the kind of in-depth market insights that will help you feel better about the names you put in your portfolio.

The team of former hedge fund analysts and experts at Moby spend hundreds of hours each week sifting through financial news and data to provide top-tier stock and crypto reports to keep you up-to-date on what’s moving the markets.

Moby’s superior research can help you reduce the guesswork when selecting stocks and ETFs. In four years, across almost 400 stock picks, Moby’s recommendations have beaten the S&P 500 by almost 12%, on average.

With their easy-to-understand formats, you can become a wiser investor in just five minutes, backed by a 30-day money-back guarantee.

Once you’ve leveled up your stock expertise, it’s time to check out new investment platforms to ensure you’re getting great value and support when making trades.

With Public, you can easily buy and trade stocks, options, exchange-traded funds (ETFs), and more.

Public not only offers commission-free trading but also provides a high-yield account where you can park your cash between investments. Public also has social features, enabling users to follow and learn from other investors, share ideas, and stay updated on market trends with real-time insights.

You can also open a high-yield cash account through Public and earn 4.1% APY on your idle funds — nearly 10x higher than the national average for checking accounts of 0.42%. This way, you can earn interest on your emergency funds while keeping it accessible at all times.

Fluctuating billions

Huang’s net worth is largely tied to his holdings in Nvidia shares and has thus dramatically fluctuated with the company’s stock price.

While it did surge from $13.8 billion at the end of 2022 to a peak of $119 billion in June 2024, it has since plummeted back down to $92.1 billion as of mid-August, as Nvidia shares fell, representing a $26.9 billion loss in just two months.

You may not be the founder and CEO of one of the world’s most influential companies, but for the average investor, diversifying a portfolio can help mitigate risks and protect assets from the wild market swings.

To that end, you have several options that will keep you from letting the fate of your nest egg hinge on the success of a single mega-cap stock.

Just ask Warren Buffett: the Oracle of Omaha himself has long advocated for low-cost index funds, particularly those tracking the benchmark S&P 500 Index.

By investing in an S&P 500 Index fund, an investor gains exposure to a broad range of large-cap U.S. companies, providing diversified holdings across various sectors of the economy. This means that if one stock tumbles, the impact on the overall portfolio will be limited.

There are quite a few options available, including exchange traded funds such as the Vanguard S&P 500 ETF (VOO) and the SPDR S&P 500 ETF Trust (SPY). Investors can also consider sector-specific ETFs for targeted exposure to particular sectors.

If you’d like to automate your investing even further, you can set up a portfolio using your spare change.

Acorns is an easy-to-use-saving and investing app for those who want to grow their wealth without even thinking about it, allows you to invest automatically by just spending as you normally would.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar, putting the excess in a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

An Acorns smart portfolio is made up of ETFs and can include the Vanguard S&P 500, depending on your risk profile and investing preferences.

Plus, for those seeking a more customized experience, Acorns Gold allows you to create a mix of automated investments and individual stock selection, giving you the flexibility to tailor your strategy.

If you set up direct deposit, you can even auto-invest a portion of your paycheck for a truly hands-off saving and investing experience.

Sign up now and get a $20 bonus investment to kickstart your investing journey.

If you want expert advice on investing, consider consulting a financial advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time through Vanguard.

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

All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

Real estate as an alternative to the stock market

According to a recent survey from Bank of America, individuals aged 21 to 43 with at least $3 million in assets only have 25% of their portfolio invested in stocks — compared to 55% for wealthy investors aged above 43.

Roughly 31% of younger people said real estate presents the greatest opportunities for growth.

Federal Reserve data also shows that the top 1% of Americans hold over $6 trillion in real estate assets.

But you don’t need to be Grant Cardone to invest in this asset.

With much lower upfront costs, new real estate crowdfunding platforms are helping eager investors gain access to real estate investments by removing the financial and administrative barriers that have kept them on the sidelines.

One of those platforms is Arrived — a crowdfunding platform that helps you passively invest in rental homes and vacation properties without breaking the bank. Backed by world-class investors like Jeff Bezos, you can own shares of prime real estate properties across the country without having to navigate the complexities of becoming a landlord.

The process is simple: Browse through a curated selection of homes, and once you find a property you like, you can begin investing with just $100.

if you’re an accredited investor, you can get started building your fortune with First National Realty Partners (FNRP) and invest in grocery-anchored commercial real estate properties and gain the potential for quarterly passive income.

FNRP has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods, and provides insights into the best properties both on and off-market.

FNRP’s team offers white-glove service, managing every step of the investing process, so you can engage with experts, explore available deals and easily make an allocation, all in one personalized portal.

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

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.

When retirement is on the horizon, it’s natural to start thinking about where you want to spend your later years. In fact, you may even be tempted to buy a house now to set yourself up for the life you want as a retiree.

Of course, this is also a time in life when you may have lots of financial obligations, from sending kids to college to saving for that imminent retirement. If you’re cash-strapped but have built up a pretty good balance in your IRA, it’s natural to wonder if you can use that money to purchase your future retirement home.

The answer is that you can, and there are a couple of ways to do it — but both have some pretty significant downsides. Here are the options, including how you can invest in real estate without needing to buy and manage a property.

Buying a house within your IRA

You don’t have to keep your IRA with a brokerage firm and invest in equities. You can open a self-directed IRA and buy other assets, including real estate. There are companies that will set up a self-directed IRA and act as the custodian for you, often for a hefty fee.

Once you’ve opened and funded your self-directed IRA, you can make a home purchase within it. However, there’s a really big catch — you can’t engage in any self-dealing with your IRA funds. That means you (and your family) can’t personally benefit from the investment property.

New ways to invest in real estate for your retirement

Buying a home is far from the only way to gain exposure to real estate as an investor.

Both the rental and commercial markets are worth a look too, especially if you don’t want to deal with the work and hassles of managing a property and tenants.

If you want to buy property in the U.S., the national average cost is $495,000. For most, a 40% down payment on that price tag just isn’t feasible. And that could mean you’re looking at a mortgage rate around 6-7%.

Then there’s the added cost of maintenance and upkeep. That averages at around $18,000 a year, which is steadily climbing, and already 26% higher than four years ago.

You can circumvent that costly mess with Arrived, a Bezos-backed platform that allows investors to buy stakes in rental homes and vacation rentals without the hassle of homeownership or tenant management.

With Arrived, you can pick from a curated selection of homes and invest in your own share. While Arrived doesn’t offer a Roth IRA, it accepts investments from a checkbook IRA. You’ll also avoid any tax on rental income you earn, or appreciation on the investment.

You can start investing in rental properties with just $100.

Commercial real estate is another example of a reliable income stream. As an investment, it can be even more challenging to access and manage. And while some commercial investment opportunities are expected to witness weaker growth in 2025, they are not all one-and-the-same. Real estate for essential businesses, like grocery stores and health care facilities, is still popular because it has proven resilient to the broader e-commerce transition and post-pandedmic economy.

First National Realty Partners (FNRP) is ideally situated to take advantage of the opportunities in this sector.

FNRP allows accredited individual investors to access institutional-quality commercial real estate investments — without the leg work of finding deals yourself.

The FNRP team has developed relationships with the nation’s largest essential-needs brands, including Kroger, Walmart and Whole Foods and provides white-glove service for investors. So, the team takes care of finding and managing the property deals, while investors can engage with experts, explore available deals and easily make an allocation, all in one personalized portal.

You can even invest through a Roth IRA — meaning, you’ll receive tax-free payments and distributions that won’t be added to your combined income calculation.

Self-directed IRAs

If you’re interested in self-directed IRAs, it’s important to speak to an expert to ensure you understand the rules and red tape that come with this kind of investment. Speaking to a financial advisor about your options — regardless of your retirement plans — is the best place to start.

When it comes to preparing for retirement, having a solid financial plan is essential to make sure you can live out your golden years in peace. Whether you’re focused on safeguarding your assets or diversifying your portfolio, working with a financial advisor can be a crucial step in securing your future.

To ensure your retirement fund is on the right track — and help you spend less time worrying about it — WiserAdvisor matches you with vetted financial advisors suited to your unique needs.

With no fees to get started, you can browse your advisor matches with WiserAdvisor’s comparison tool and book a free consultation.

There’s a major downside to buying property with a self-directed IRA: You can’t live in the house or let family members live there, even if they pay rent. You can’t use it for personal reasons under any circumstances at all. You can’t even buy furniture for the property from your own funds; it all has to come from the IRA. Plus, if you do decide to live in the house upon retirement, you’d have to take the property as a distribution and pay taxes on the distribution.

This could leave you with a huge bill, especially if the property has gone up in value. The tax bill could be too big for you to afford without selling or mortgaging the property.

If you’re already looking at refinancing your current mortgage, Mortgage Research Center is also a beneficial tool for finding a better rate so that you can save more for your golden years.

When you enter some information about yourself and your current mortgage, MRC will match you with vetted lenders offering competitive rates.

As if a big tax bill wasn’t enough reason not to use your IRA to buy a home, the money you’ve used to buy the house won’t be available for your use in retirement, and it won’t be invested in other things that help your account grow.

In this situation, you’ll also be raiding your retirement account of funds that could otherwise remain invested in equities that grow in value over time. This reduces the balance you end up with and leaves you with less to live on. Yes, you’ll have the house — but your money will be tied up in it.

The bottom line is, if you’re nearing retirement, you should only buy a home if you can afford a down payment, maintenance costs, and mortgage payments without jeopardizing the nest egg you need for your golden years.

More ways to save for retirement

Rather than tapping your IRA for a cozy nest to retire in, why not use your savings to build wealth that can give you more options in retirement?

A certificate of deposit is a low-risk savings account that could earn as much interest as a high-yield savings account, possibly more. However, to earn that higher rate, you’ll have to park your money in the account for a certain period of time.

With SavingsAccounts.com, you can shop and compare top CD rates from various banks and credit unions nationwide for free.

Their extensive database shows the most competitive rates without bias, with daily rate updates and earnings calculators which means you have the tools to find the right CD to meet your savings goals.

You should always have a savings stockpile or emergency fund for when unexpected costs arise, whether you’re retired or you’re still working.

If you want to help your money grow even faster, a high yield savings account can help you do just that.

If you’re still hungry for more set-it-and-forget-it savings options with better yields than big banks, take a deeper look at some of the best high-interest savings accounts available right now on the Moneywise list of the Best High-Yield Savings Accounts of 2024.

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

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.

As you look ahead to 2025, are you aiming to get a better handle on your finances? Are you trying to save for an important goal or want to grow that nest egg for retirement?

For some of us, financial matters can seem daunting — we think they’ll take too much time or require specialized knowledge.

Whenever you want to make a major change in your life and create a plan of action, it starts by taking a full (and honest) accounting of where you stand right now. In the case of your finances, that means understanding your income and expenses.

For most people, income is easy. Expenses, on the other hand, are often underestimated. Once you start adding up how much you spent on takeout over the course of a year, the results may surprise you — and not in a good way.

The five-minute habit

When CNBC Make It asked Certified Financial Planners (CFPs) to name the top way to improve finances in only five minutes, many said you need to know where your money is going. And that means keeping track of how much you spend.

Tracking your expenses is helpful for many aspects of financial planning, and it takes only minutes a day. You can save yourself the trouble of logging expenses with an app that tracks activity directly from your accounts.

With Rocket Money, you can track your expenses to the last penny and keep an eye on where your money is going.

All you have to do is link your checking, savings and credit cards accounts. You can also get balance alerts if your checking account balance falls below a certain limit, or when you spend above a set limit on your credit card.

Rocket Money’s subscription management algorithm can help you identify your recurring subscriptions that may be draining your budget. With their concierge services, you can access their subscription cancellation assistant, and cancel any unwanted subscriptions with a couple of taps. This way, you can potentially save up to $740 per year.

Rocket Money’s concierge service can also help you lower your bills. Their negotiator works on your behalf to get the best rate on your cell phone and cable bills.

Why tracking your expenses pays off

Many people feel motivated to plan a budget, but never follow their spending to track how well they’re following it, or how they can improve it. Tracking your expenses ensures your budget is realistic, and that you’re getting the most out of your money. Here are three benefits of tracking your expenses:

1. You’ll be better at budgeting and saving

While there are several approaches to budgeting, they all benefit from having a detailed account of your expenses.

Proper budgeting can help you track how much money you have after meeting all monthly expenses, and begin saving accordingly.

You don’t have to start by saving and investing with huge amounts of money. With Acorns, you can start investing spare change in a diversified portfolio of ETFs, designed by experts.

Here’s how it works: Suppose you bought a donut for $2.49. Acorns will automatically round off that number to $3.00 and invest the 51¢ difference in your smart investment portfolio.

You can also open an Acorns Later account, which is specially designed to maximize your retirement savings. With an Acorns Silver plan, you can get a 1% match on new IRA contributions, while Acorns Gold offers a 3% match on new IRA contributions.

Sign up today and receive a $20 bonus investment.

2. Identify overspending

Tracking expenses can help you find areas where you could cut your spending and save for your goals. For example, in 2023, American households spent an average of $3,933 on dining out and $3,635 on entertainment, according to the U.S. Bureau of Labor Statistics (BLS).

If you’re looking for extra savings, these are areas where you could potentially cut your spending.

Another avenue where you might be overspending is insurance. Home insurance rates have skyrocketed in recent years. According to research published by the National Bureau of Economic Research (NBER), average home insurance premiums have jumped 33% between 2020 and 2023.

Shopping around for rates can be an excellent way to lower your insurance premiums. According to a ValuePenguin survey of over 2,000 consumers, 54% of homeowners who shopped around for their insurance reduced their bill, saving roughly $474 annually.

You can compare home insurance rates from lenders near you through BestMoney. Here’s how it works: enter some basic information about your house and finances, and BestMoney will compile a list of quotes for you to compare.

You can then set up a free consultation with no obligation to hire to see if they’re the right fit for you.

If you own a car, chances are car insurance payments have also been leaving a dent in your bank account. The median cost of full coverage car insurance rose by 26% year-over-year in 2024.

Shopping around for car insurance plans can help you cut this cost. With OfficialCarInsurance, you can compare rates offered by vetted lenders like Allstate, Progressive, and GEICO. The best part? This process is completely free and won’t impact your credit score.

All you have to do is enter some basic information about yourself and the vehicle you drive and get quotes from as low as $29 per month.

3. You’ll have a clearer picture of your retirement needs

A popular rule of thumb says you should expect to spend 80% of your pre-retirement annual income each year in retirement.

If you want to know if you’re saving enough for the future, you’ll need to know how much you’re spending and how much of your nest egg you’ll need to withdraw each month in retirement.

Consulting a vetted and trustworthy financial planner can help you figure out where you stand regarding your retirement goals. With WiserAdvisor, you can connect with pre-screened fiduciary financial advisors near you.

The process is simple: just enter some basic information about yourself, your financial situation, and your retirement goals, and WiserAdvisor will match you with 2-3 advisors registered with SEC or FINRA.

This matching process is completely free. You can also set up a free introductory meeting with your preferred advisor for free, with no obligation to hire.

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

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.

After decades of preparing for it financially, retirees should be able to enjoy the fruits of their labor. But as thousands of older adults in Australia found, nest eggs can be notoriously fragile.

An investigation aired at the end of September by the Australian Broadcasting Corporation (ABC) revealed that the nation’s retirement villages — home to roughly 250,000 residents and billed as “a retiree’s utopia”, have actually been gouging Australian seniors on an unprecedented level.

Parliamentary member Rebekha Sharkie slammed the situation on air as “corporatized elder abuse.”

The multi-billion dollar sector has enjoyed minimal regulatory oversight, escaping the notice of state and federal politicians, and dodging the nation’s aged care commission.

‘Unethical, horrible people’

By Oct. 6, hundreds of messages from retirement village residents and their families had flooded the ABC network, complaining of “huge exit fees, mammoth costs to refurbish and renovate villas for sale and being kept in the dark by village management.”

The thought is scary: Imagine working hard and diligently saving only to receive the short end of the stick during retirement.

A financial advisor can help you build a sizable nest egg, potentially adequate enough to help you maintain your current standard of living post-retirement — whether you want to live in a retirement home or downsize to a smaller place.

The key? Find a reputable financial advisor you can trust.

WiserAdvisor connects you with vetted, FINRA/SEC registered financial advisors to help you understand your financial situation and plan accordingly for your retirement.

All you have to do is answer a few simple questions about your finances and goals, and WiserAdvisor will connect you with the advisor best suited to help you. After finding your match, you can set up a free no-obligation consultation to see if they’re the right fit.

ABC described the plight of 90-year-old Maurine Moore, a retired child psychologist who found life at her Melbourne village home so bad that she contemplated suicide.

She says Pinnacle Living, which operates three communities, bombarded her with harassing letters that accused her of damaging her unit and ordered her to make expensive repairs. She was then threatened with eviction.

The ABC investigation shares the story of Lynette Anderson’s mother Ruth, who bought her home in 2015 from Living Choice, a chain of 13 villages, for$564,950 in Australian dollars (about $378,000 USD). After Ruth had a series of strokes, her family was forced to sell, only to learn that they’d be slapped with$245,000 in exit charges: equivalent to 35% of the $700,000 sales price.

Could it happen to me?

Retirement communities in the U.S. are big business. A Grand View Research report found that the U.S. active adult community market for ages 55+ was worth $587.7 billion in 2022, up from $565.3 billion the previous year. Through 2030, it is projected to grow 4% annually.

Many senior communities have entrance fees that can be quite substantial. According to Simply Senior Living, these can add $30,000 to your bill (and that’s on the lower end). Entrance fees can come in at just under $1 million in some instances.

If you’re concerned about your money, know that it’s good to be cautious. Financial elder abuse is indeed found in assisted living communities and nursing homes in the US, the Consumer Financial Protection Bureau notes.

While the financial abuses here don’t appear to be nearly as institutionalized as those reported by ABC, Americans should beware of the money traps that could await them as they age.

One such trap that plagues many elders is estate planning. Not reading the fine print can cause your family and loved ones substantial financial loss after you pass. To safeguard your family’s interest, you should ensure you have formal legal documentation in place to make sure your wishes for your estate will be honored.

The good news is you don’t need to shell out big bucks and hire a lawyer from a big firm to make sure your legacy is secure.

LegalZoom is an online platform that simplifies the legal process by providing easy-to-use tools, customizable templates, and access to licensed attorneys.

For example, the platform allows you to easily create a will for as little as $99 and get step-by-step support from a licensed attorney to make sure everything is handled correctly, without needing to hire and pay for a lawyer the old-fashioned way. LegalZoom has upfront pricing that allows you to decide if you want to do a DIY estate plan or work with a licensed attorney — so you only pay for the legal services you actually need.

With a 4.3 rating on TrustPilot, LegalZoom can give you peace of mind knowing that your legal documents will be filed correctly and accepted in your state and your wishes for your estate will be honored.

If you aren’t sure where to begin, you can also call LegalZoom for free to figure out exactly what you need and how to get started.

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

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.

Known for his savvy investments and sharp wit, billionaire Warren Buffett is also celebrated as one of corporate America’s great philosophers.

In a 2016 interview on Bloomberg’s The David Rubenstein Show, the Berkshire Hathaway chairman, worth over $145 billion according to Forbes, shared his indifference toward spending his fortune.

“Money in terms of making trips or owning more houses or having a boat or something — it has no utility to me whatsoever,” he said.

“Money has no utility to me. Time has utility to me.”

Here’s why the legendary investor has his eye on the clock and how this way of thinking can impact how you grow your money.

Time is more precious than money

At 94, it’s no surprise Warren Buffett values time. Also, his Berkshire Hathaway investment wasn’t an overnight success — it took decades for compound interest to pay off. In fact, 99% of his wealth came after age 50, and he became a billionaire at 56, proving that consistent, long-term investing is key.

“My life has been a product of compound interest,” Buffett told David Rubenstein in 2016.

For those seeking a secure way to grow their savings while keeping time on their side, a certificate of deposit (CD) could be a smart choice.

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.

There are various terms and rates available and SavingsAccounts.com can help you shop and compare top rates from banks and credit unions nationwide.

Their extensive database shows the most competitive rates without bias and daily rate updates can help you find the right CD to meet your savings goals.

Remember: The downside to a CD is that if you withdraw the money before the end of your chosen term, you’ll face penalty fees.

If you would prefer to keep your cash accessible, investing wisely also means choosing financial tools that allow you to stay in control of your money.

For example, Public makes self-directed investing accessible and transparent, allowing users to trade stocks, ETFs, crypto, and alternative assets — all commission-free.

Unlike robo-advisors, Public provides control without automated management,and promotes transparency by rejecting payment for order flow in favor of an optional tipping model.

There’s the added bonus of Public’s high-yield cash account with an industry-leading 4.6% APY and there are no fees and no minimum balance required. This can allow you to grow your uninvested cash more effectively over time.

Public makes it easy to do all of your account management in one place with their accessible investing features and high-yield cash account.

If you want to add a high-yield savings account to your money strategy, check out the Moneywise list of the Best High Yield Savings Accounts of 2024 to compare the top options and find an account that fits your needs.

Reclaiming your time

Reclaiming time can be one of the smartest uses of money. A Harris Poll for Fortune found 90% of Americans believe affordable child care would help parents work more and boost income.

Similarly, data from the U.S. Bureau of Labor Statistics shows that women spend an average of 2.7 hours a day on household chores such as cooking and lawn care, while men spend 2.1 hours. Sometimes, reclaiming time means delegating important tasks, like your wealth management, to trusted professionals.

Advisor.com connects you with participating unaffiliated third-party registered investment advisors (RIAs) through its matching tool or provides personalized investment advice via its in-house wealth management service, Advisor Wealth Management.

From their database of thousands, you can find a pre-screened financial advisor you can trust. You can then set up a free, no obligation consultation to see if they’re the right fit for you.

Technology can also save time. Tools like ChatGPT can assist children with learning, while robotic vacuums handle daily cleaning. According to Oxford University, nearly 40% of unpaid household tasks could be automated in the next decade.

By freeing up time, you can focus on work, increase earnings, or simply spend more moments with loved ones. Prioritizing time in your financial plan ensures you use this limited resource wisely.

Saving time and money can go hand in hand.

Acorns makes investing effortless by rounding up your everyday purchases and automatically investing the spare change. By simply downloading the Acorns app and linking your bank account, every debit or credit card transaction is rounded up to the nearest dollar, with the remainder invested in a diversified portfolio of ETFs built by experts.

It’s a simple way to grow your wealth while spending on what you enjoy.

You can also add a custom touch to your portfolio with Acorns Gold. The premium plan allows you to add individual stocks to your portfolio in addition to your expert-built smart investment portfolio.

Sign up now and get a $20 bonus investment to jump-start your savings. If you opt for the Acorns Gold plan, the first month is free.

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