Author: Vishesh Raisinghani

One of the great perks of reaching your golden years is the newfound freedom to live wherever you choose.

With the kids out of the house and work no longer tying you down, retirement opens the door to relocating to a place that better suits your lifestyle. So, why not consider moving to a state where seniors report the highest levels of happiness?

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Caring.com, a leading online resource for senior care information and support, has just unveiled its latest Senior Happiness Index, a comprehensive look at where older Americans are thriving.

To compile the index, experts evaluated a range of things that boost quality of life in retirement.

These included each state’s overall happiness score, cost of living, average life expectancy, access to health care, physical and mental health status of residents over age 60, and the availability of senior centers and support services.

The result is a state-by-state breakdown highlighting where older Americans enjoy the greatest well-being.

Whether you’re thinking about where to retire or simply curious about how your state stacks up, here’s a closer look at the five states that topped the rankings.

1. Utah

Utah tops the list as a retirement haven for older adults. According to Caring.com, the state with a score of 7.69 out of 10 on the Senior Happiness Index.

This score is based primarily on the state’s supportive environment for people in this age cohort. Seniors are more healthy, less isolated and more likely to be engaged in community volunteer work here, which makes retirement much more satisfying.

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Unfortunately, these advantages come at a cost. According to ElderLife Financial, senior care in Utah tends to cost more than the national average, with a typical assisted living facility costing $4,150 per month, as of 2024.

Nevertheless, if you’re wealthier or more financially secure than the average retiree, this might be an ideal state to retire in

2. Idaho

Idaho is second on Caring.com’s index, scoring 7.38 out of 10. Again, this is based on the density of seniors in the state and the access to senior services and support resources.

Fortunately, Idaho is also considered a tax-friendly state for older Americans, according to SmartAsset, which means you can expect no taxes on your Social Security benefits and relatively lower sales and property taxes, saving you money.

3. Connecticut

Connecticut ranks third on the Senior Happiness Index, scoring 7.01 out of 10. The state has the third-highest life expectancy and is in the top 10 for overall health. So if you’re trying to live long and stay fit in retirement, this could be an ideal destination.

Unfortunately, according to SmartAsset, the state is a relatively unfriendly tax jurisdiction for seniors. This means you may have little to no tax benefits for retirement income and could be exposed to relatively high property and inheritance taxes.

The cost of living is noticeably higher here. According to Senior Living, a typical retiree can expect to spend $4,661 to live independently in Connecticut, 52% higher than the national average, according to Senior Living.

4. Delaware

Delaware ties with Connecticut with a score of 7.01 out of 10, and ranks ninth for health outcomes. It is in the top five states with the lowest ratio of older adults living alone, which means you’re less vulnerable to social isolation here.

Delaware is also tax-friendly to seniors, according to SmartAsset. The average monthly cost of living independently here is $3,862, which Senior Living reports is just 26% above the national average. Overall, Delaware could be an excellent choice for your golden years.

5. Nebraska

Home to billionaire Warren Buffett — one of the most famous recent retirees in America — Nebraska ranks fifth on Caring.com’s Senior Happiness Index.

Fortunately, if you’re looking to join the Oracle of Omaha and retire in the Cornhusker state, it won’t cost you much.

The average monthly cost of living for an independent senior is just $1,917, 37% lower than the national average, according to Senior Living.

If saving money in retirement is a top priority, Nebraska should be on your list for relocation.

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As the changes to Social Security continue, some older Americans may find themselves having to play catch-up.

In March, President Donald Trump signed an executive order to stop issuing paper checks by September 30 and instead use direct deposit, prepaid cards or other digital payment options.

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This move might seem inconsequential, but it impacts nearly half a million seniors nationwide. While the White House is determined to modernize the system, many retirees have yet to fully adopt new technologies, putting them at risk of missing essential benefits.

According to the Social Security Administration (SSA), 485,766 beneficiaries received their monthly Social Security payments via physical check in April.

With that in mind, here are the top five states where seniors are most exposed to this sudden change.

Where the end of paper checks will be felt most

There isn’t a state in the union that doesn’t have someone who still receives their benefits via the post. However, some states expect to weather the change better than others.

For instance, in the District of Columbia, only 789 retirees received physical checks for Social Security in April. In North Dakota and Wyoming, that number is less than 940. Most seniors who rely on a more traditional form of payment live in one of the largest states or overseas territories.

In U.S. territories such as Puerto Rico, approximately 6,785 individuals still receive their Social Security benefits through physical checks each month, rather than through direct deposit.

Among the 50 states, California stands out with the highest number of residents still relying on paper checks for their monthly Social Security payments — exactly 51,649 people. Texas is a distant second with 35,504 recipients, while New York ranks third with 30,676 individuals.

Despite the widespread push toward digital payments, tens of thousands of Americans remain dependent on traditional check delivery. Florida, often regarded as a top retirement destination for older Americans, is home to many seniors who still receive paper checks. According to SSA data, 30,016 Floridians continue to have their monthly payments delivered by mail.

Finally, Ohio rounds out the top 5 with 19,769 Americans still preferring paper to digital payments.

Still, many of these seniors may struggle to pivot to the Trump administration’s change in policy to online payments.

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Barriers to modernization

According to 2024 data from the Pew Research Center, roughly 10% of U.S. adults over 65 do not have an internet connection, which places them at a disadvantage.

Although Trump’s executive order offers an exemption for individuals who do not have access to banking services or electronic payment systems, many seniors may not qualify for this exemption before the September deadline.

Recent cuts to the SSA have seen field offices shuttered and staff reduced. That means beneficiaries who do not have internet or have mobility issues may have trouble connecting to the agency in person or by phone.

Those impacted by the policy change are encouraged to call or visit the SSA to ensure their benefit payments are not disrupted.

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According to the 2025 Northwestern Mutual Planning & Progress study, the average American now believes they need $1.26 million to retire. That’s $200,000 less than they said they needed last year and nearly the same as the figure quoted in 2022.

The fact that the target hasn’t moved much in the last three years hasn’t made it more accessible, however. The vast majority of U.S. adults are still falling short of this benchmark and are hurtling towards a difficult and uncomfortable retirement. Here’s why, and what you can do to help yourself reach that figure.

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Lack of savings and investments

Although most Americans agree that they need to enter the seven-figure club to retire comfortably, only a small fraction of the population has actually achieved this target.

As of 2024, the U.S. was home to 7.9 million millionaires, according to Capgemini Research. That’s roughly 3% of the country’s total adult population, which means that 97% of Americans haven’t yet reached millionaire status. And keep in mind: that figure includes people of all ages and wealth levels, not just those nearing retirement. Several factors contribute to this shortfall. While some Americans may not prioritize retirement savings, many face barriers that make it difficult to set aside money, including rising housing costs, student loan debt and inflation. Even those who are diligently saving can find it challenging to keep up with the growing cost of a comfortable retirement.

Starting early is key to saving for retirement

Although 97% of people aren’t millionaires, many could meet that target eventually if they start investing at a young enough age.

A 20-year old, for instance, needs to invest just $330 a month into an asset class that delivers a steady 7% annual return to reach $1.26 million by the time they turn 65. Having the luxury of time significantly boosts your chances of becoming a millionaire.

This doesn’t mean it’s too late for middle-aged savers, but it takes a significantly greater investment. If a 50-year-old hasn’t started saving for retirement, they’d need to invest $3,958 a month at a steady 7% return to reach $1.26 million by retirement.

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The real ‘retire comfortably’ number will be unique to your situation

Saving $1.26 million doesn’t guarantee a comfortable retirement for everyone. For example, if your net worth is $1 million but your annual living expenses are $200,000 or $300,000, you need much more than $1 million in savings to continue living the same lifestyle in retirement.

In fact, two thirds of millionaires don’t consider themselves “wealthy” and half of them say their financial planning needs improvement, according to another study by Northwestern Mutual. In short, being a millionaire doesn’t mean you’re ready for retirement.

If you live in a state or another country with a lower cost of living, your target might be smaller. According to Empower’s calculations of tax burdens and costs of living, states like Alaska and New Hampshire might be ideal for retirees looking to minimize their expenses. Try using a retirement calculator or consulting a financial planner to determine your personal target. With enough time and meticulous planning, you can be on track for almost any type of retirement you might want.

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

The U.S. car market faces a perfect storm that is rapidly engulfing ordinary car owners across the country. The clearest sign of this is the rising rate of auto loan borrowers who are falling behind on their monthly payments.

As of January this year, 6.6% of subprime auto borrowers were at least 60 days past due on their loans, according to a report by Fitch Ratings.

This is the highest rate since Fitch started collecting this data in the early 1990s. And things are not expected to get better. The report says the subprime segment of the auto loan market faces a “deteriorating outlook” for the rest of 2025.

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This is alarming given the size of the auto loan market. As of the first quarter of 2025, households collectively held $1.64 trillion in auto loan debt, according to the New York Federal Reserve.

Not only is that larger than the outstanding student loan balance but it’s also the largest source of non-housing debt for all households in aggregate.

Here’s how our cars transformed from symbols of freedom to symbols of unsustainable toxic debt.

How did we get here?

The foundation of today’s crisis was laid five years ago during the pandemic. Supply chain disruptions and factory closures at the time created strange dynamics that pushed car prices higher.

In January 2022, 80% of new car buyers paid more than manufacturer’s suggested retail price, or MSRP, according to Edmunds. Used car prices were rising faster than new car prices at the time, according to Cox Automotive.

In other words, car buyers paid too much for their cars. Now, values have declined while many owners have seen a steady rise in interest rates. This shift has pushed many car owners underwater on their purchase.

In fact, 1 in 5 vehicle trade-ins near the end of last year had negative equity of $10,000 or more, according to Edmunds. The situation is grim and the outlook is just as bleak.

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What comes next?

While the auto market is dealing with rising interest rates and dropping prices, it’s now also facing the additional challenge of President Donald Trump’s trade war.

Roughly 50% of the cars Americans purchased in 2024 were imported from other countries, usually Canada, Mexico, Japan and the EU, according to the Trump administration.

Even domestic car makers rely on auto parts from other countries, which is why the administration recently stepped in to offer some rebates to domestic producers.

Nonetheless, vehicles and auto parts currently face a 25% tariff. As a result, most cars under the price of $40,000 could see a price hike of roughly $6,000, according to Kelley Blue Book.

Since the price hike comes at a time when consumers are already feeling squeezed, it’s unlikely that manufacturers can pass these costs along to them. Instead, many are cutting costs and reducing their workforce.

Hundreds of General Motors and Stellantis autoworkers have been laid off, whhile Ford, having warned of potential layoffs, recently elimanted 350 softwarre jobs, saying the move was unrelated to tariffs, but "to make sure we are operating efficiently and effectively in a fast-paced and dynamic environment".

Potential car buyers and owners need to prepare for this tough market.

Protect yourself

According to Kelley Blue Book, if you’re looking to buy a new car in this market it’s probably better to do so before the tariff impact trickles down to the price tag.

However, given where interest rates and prices currently are, try to stick to a tight budget while shopping.

Buying a relatively cheap used car or leasing one if you can find a good deal is probably a good idea.

If you’re a car owner struggling with auto loan debt, consider trading it in for a cheaper model to reduce the burden. If you own multiple cars, it might also be a good time to sell one to reduce your loan exposure.

It’s also worth considering refinancing or shopping around for a better auto loan interest rate. Locking in a good deal with attractive terms today could shield you from the volatility that potentially lays ahead in the car market.

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

Jeremy from Seattle, Washington, believes his recent purchase of a recreational four-wheeler was a “dumb decision.”

Speaking with finance guru Dave Ramsey on a recent episode of The Ramsey Show, the young man said his new “toy” is irritating his parents-in-law because they want him to focus on repaying $80,000 he borrowed from them to buy a manufactured home that sits on their property.

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Ramsey quickly pointed out that purchasing the four-wheeler isn’t his biggest mistake: “You have a $80K trailer and you don’t own the dirt? Oh god, wow,” he said. “You guys have made a colossal mess.”

“You’re playing Russian Roulette and there’s three bullets in the gun — not one,” Ramsey said.

He offers three reasons why Jeremy’s deal with his family is a brewing financial disaster.

1. Leaving collateral on “someone else’s dirt”

Jeremy’s housing situation is precarious because he doesn’t have control over the land on which his home sits.

Millions of Americans live in manufactured homes across the country, according to the Pew Charitable Trust, and 35% of those who financed their purchase have a “home only loan.”

That means they owe money on something that almost always depreciates in value compared to a house. And on top of that, they lack control or ownership over the land, which is typically an appreciating asset.

“You do not have control of the situation,” Ramsey explained to Jeremy. He points out that if anything were to happen — like say the in-laws were to cause a car accident and face a lawsuit as a result — the dirt under their trailer could be taken from them.

“They have no control over that and you have no control over that. So you have set yourself up. And I’ve seen this a thousand times in 30 years of doing what I do — not owning the dirt under your trailer is a massive mistake.”

2. Pitfalls of borrowing from friends and family

Jeremy’s situation is exacerbated by the fact that his loan was borrowed from his family.

Nearly 37% of recent homebuyers in the U.S. financed their purchase with some financial assistance from their parents or grandparents, whether that be co-buying, gifting them the deposit or allowing them to live rent free to save up for the purchase, according to Compare the Market.

However, a study published in the Journal of Consumer Psychology found that borrowing money from loved ones complicates the relationship and can lead to feelings of animosity.

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Jeremy is certainly feeling the strain in his relationship with his in-laws, which is why Ramsey recommends getting out of the deal. He wants Jeremy and his wife to sell the manufactured home (even if they’re to take a loss on it), repay their debt and start over renting somewhere else.

“Borrowing 80,000 from your in-laws for anything for any reason is a massive mistake,” says the finance guru.

3. Setting clear boundaries in every deal

Unwinding Jeremy’s messy housing and financial situation could take some time. In the interim, Ramsey recommends having an open conversation with his in-laws to set clear expectations and boundaries.

“You just sit down and say, ‘I thought our deal was I pay you monthly payments and you’re happy but now it’s I pay you monthly payments and I have to check with you before I buy anything and that’s not a deal I’m okay,” he recommended.

Getting on the same page should help stabilize the relationship. While Ramsey doesn’t agree the in-laws were right about their indignation that Jeremy chose to indulge in a $6,000 toy as long as Jeremy was upholding his end of the deal, he does point out he put himself in this precarious position.

Ramsey’s cohost Ken Coleman then piped up to offer Jeremy some “salve” after Ramsey’s scorching advice.

“Walk away from this to realize it could have got a lot worse, and this thing can get nastier if you don’t fix it now. And I could not say that enough. You can dig out of this but I would start digging quickly.”

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Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

Would you rather spend four years accumulating significant debt only to face a competitive job market or enroll in a program at a trade school that equips you with a steady income and leaves you with a managable loan balance?

That’s the question many young Americans are asking themselves as the economy shifts in fundamental ways. Here’s why many twenty-somethings are trading business casual for steel-toed boots.

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College isn’t as attractive anymore

A key factor driving young Americans away from a typical degree could be the cost. College tuition at public four-year institutions has surged 141% over the past 20 years, according to the Education Data Initiative, outpacing the general rate of inflation over the same period.

Unable to afford tuition, many have turned to student loans to get by. The average federal student loan borrower has $37,853 in debt and it could take roughly 20 years to pay off, says the Education Data Initiative.

Paying off that debt is even more of a challenge when recent graduates face a tough job market. The unemployment rate for recent graduates is 5.8%, according to the Federal Reserve Bank of New York, up from 4.6% in May 2024.

Perhaps unsurprisingly, college enrollment has been declining. According to data shared by the National Center for Education Statistics, the number of students enrolled in college in the U.S. decreased by roughly 1.4 million between 2012 and 2024.

Increasingly, young Americans have turned to trade schools instead. Enrollment in trade schools grew 4.9% from 2020 to 2023, according to Validated Insights, a higher education marketing firm.

The annual cost of going to trade school can be as low as $4,200, according to SoFi’s summary of Integrated Postsecondary Education Data System data. This price point can make it a cheaper alternative to a typical four-year college degree, depending on the school, program and number of years enrolled.

Blue collar jobs in the trades also face a significant talent shortage. A whopping 86% of construction firms reported they were having a hard time filling salaried roles in 2023, according to a survey by the Associated General Contractors of America.

The rising enrollment in trade schools could cover some of the skills gap in the long term, but many blue collar industries also face unpredictable hurdles that could limit employment opportunities.

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Near-term pain

Despite the skills shortage, blue collar workers are not immune to the economic cycle. Apollo Global Management expects a recession this summer triggered by tariffs that could impact employment in trucking and retail sectors.

Job openings in the construction sector have already dropped just over 25% year over year in March, according to the Bureau of Labor Statistics.

For a 20-something American who recently graduated from trade school or joined an apprenticeship program, these headwinds can be discouraging.

But, as the economy stabilizes and the talent shortage persists, these trade skills could prove to be invaluable over the long-term.

If you’re looking to start or switch to a new career, it’s always best to weigh which profession will offer the highest return on your investment and the most personal fulfillment.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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

Introducing burritos to the land of biryani is a genuinely unconventional business idea. Yet, this experiment has turned into a massive success for 35-year-old American entrepreneur Bert Mueller.

In a recent interview with CNBC Make It, the young entrepreneur described how he discovered that Mexican cuisine was a perfect match for the Indian palate, which convinced him to launch California Burrito, a fast-casual Southern California-style restaurant, in 2012.

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The company now has 103 locations across the country and generates $23 million in annual revenue.

California Burrito’s rise holds three powerful lessons every entrepreneur and investor should take notes on. Here’s the secret sauce.

Being a contrarian

Mueller told CNBC that he first visited India as a foreign student.

In 2021, just 46,000 international students were enrolled in Indian colleges, according to the British Council, making it one of the less obvious choices for studying abroad. But for Mueller, that was part of the appeal.

“I wanted to go somewhere that was radically different than the U.S. and so I decided that India was the place to be given that, first off, I loved Indian food and second, people spoke English,” he told CNBC, calling the decision “contrarian.”

This contrarian mindset has helped many investors and entrepreneurs uncover hidden gems and rare opportunities in unlikely places.

By keeping an open mind and considering unconventional options, you could boost your chances of finding a lucrative niche that few others have considered.

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Working with a margin of safety

Another secret to Mueller’s success is his cautious approach to building a business. He told CNBC that his initial estimate for startup costs was $100,000, but he raised nearly $250,000 from friends and family “to be careful.”

These additional funds gave him and his team much-needed flexibility to launch California Burritos and mitigate the risks of introducing an unproven concept to a new market. This approach mirrors Warren Buffett’s investing principle of working with a “margin of safety.”

No one can predict the future with precision, so by raising more funds than you need or investing at a lower valuation than you think is fair could be the best way to mitigate unforeseen risks.

Never quitting

Mueller admitted that his journey had its fair share of setbacks. He told CNBC that the first area manager he hired turned out to be corrupt and was colluding with vendors for kickbacks. The betrayal could have derailed the entire venture while it was still in its infancy, but Mueller says giving up wasn’t an option.

“My mom is a marathon runner, and I have that trait in me,” he said.

“You have to keep going until you’ve reached the finish line. And I never felt like quitting.”

According to psychologist Angela Duckworth, this ability to deal with failure and persevere is a key trait of high achievers in various fields. Her research indicates that grit — the ability to persevere despite challenges — is a greater predictor of success than social intelligence, IQ or even talent.

Similarly, a study published in the Journal of Global Entrepreneurship Research found that undergraduate students with higher levels of grit had greater intentions of launching their own business after graduation.

Just like Mueller, if you’re considering a new venture or a new opportunity, the ability to deal with setbacks and keep pushing forward despite adversity is a key skill you’ll need to develop.

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In a recent interview with Shannon Sharpe on Club Shay Shay, entrepreneur and Barstool Sports founder Dave Portnoy made a surprising admission: his ex-wife Renee still has “full access” to his bank account.

Portnoy said, “I trust her implicitly. If she wanted to take it, she could… to be honest, she was there when we were living at the in-laws house, she was there when we couldn’t afford a hamburger, she was there through the grind. We kind of separated when we started making it, so she doesn’t get to enjoy any of that? To me, that’s not right.”

Though the couple has been separated for years, Portnoy said in a previous interview with ESPN’s Sage Steele that their divorce proceedings stalled when a judge insisted their financial agreement was unfair to Renee. But she didn’t want half, he explained, so they agreed to a private arrangement outside of court.

While Portnoy’s story may sound unconventional, it highlights just how messy and expensive divorce can be.

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Divorce can be a costly and drawn-out process

Unless your breakup is as amicable as the Portnoys’, divorce is likely to be both time-consuming and expensive.

A typical case can take anywhere from a few months to a few years, depending on where the couple lives and how intense the conflict is, according to FindLaw, a Thomson Reuters company. The average divorce involves $11,300 in attorney’s fees alone and the total costs can exceed $20,000 if it goes to trial, according to Martindale-Nolo Research.

And those figures only reflect the legal process — not the long-term financial aftermath.

Splitting assets can disrupt your finances

Couples who go through a divorce often underestimate the impact on their finances and post-divorce lives, according experts interviewed by The Wall Street Journal.

Dividing up shared assets is typically the most contentious and complicated part of any divorce. Disagreements over real estate, retirement accounts, or illiquid investments can delay proceedings and cause lasting damage to both parties’ financial health.

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But the damage isn’t limited to splitting assets. A study by the Federal Reserve Bank of St.Louis found that on average women lose 9% of their income after a divorce while men lose an average of 17%. Though the reasons vary, factors like new living arrangements, tax filing status changes and healthcare coverage often contribute to a loss of income after a divorce.

For couples over 50, the impact is even more dramatic: A study in The Journals of Gerontology found that women experienced a 45% decline in their standard of living after divorce, while men saw a 21% drop.

Why it pays to plan early for divorce

While Portnoy’s situation is unique, his story underscores the importance of open financial communication before and during divorce. If you’re heading toward separation, it’s wise to consult a financial advisor or attorney to help divide assets fairly and minimize long-term fallout.

Even in the best cases, divorce takes a toll. “But with early planning and the right support, it’s possible to protect your finances and move forward with greater security.

Correction — June 30, 2025: A previous version of this story suggested Dave Portnoy had $150 million in his bank account. In reality, that figure referred to a media estimate of his net worth.

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

For a man who built a media empire out of hot takes and hustle, Dave Portnoy’s biggest money lesson is surprisingly simple: “Once you get it, it’s easy to get a lot more," he told Shannon Sharpe on a recent episode of the Club Shay Shay podcast.

The entrepreneur, who sold his company Barstool Sports to Penn Entertainment for about $500 million only to buy it back for $1 a few years later, says it took him a decade to accumulate his first million. But once he did, making money became significantly easier and he now claims to be able to generate $5 million in a week.

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"Once you get over the hump it just comes [to you]," says the 48-year-old online influencer.

Here’s why wealth creation can accelerate after you hit certain milestones.

The ultra-rich rely on the snowball effect to build wealth

Portnoy is referring to compound growth, a key strategy used by many to grow wealth. The late Charlie Munger often described it as “getting a snowball rolling down a hill.”

The snowball effect helps to explain why wealth creation accelerates once a person has hit certain financial milestones. An investor who starts off with no money and invests $1,000 a month in an asset that generates 10% annual returns would make $100,000 in 6.5 years. But with compound growth, that $100,000 would take just four years to grow to $200,000, and just three more years to reach $300,000.

This is because an investor with $100,000 is earning returns not only on their monthly contributions but also their accumulated wealth.

Put another way, an investor with $100 million in net worth can easily generate $5 million quickly — perhaps within a week — because they would need to earn just 5% on their assets to do so.

In fact, Portnoy admitted during the interview that he once “spent five hours just talking about the interest" he was earning on his cash after he got rich. "I couldn’t believe it, I was making money not doing anything."

This is why your early financial milestones are so critical in your long-term wealth creation journey: the earlier you start investing large amounts of money, the longer it has to grow with the most growth opportunity.

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How to set clear targets to build wealth

If you want to reach that tipping point where wealth builds itself, you need a strategy, and that starts with setting smart, achievable goals. Think of your first major milestone, such as $100,000 in assets, as the start of your personal snowball.

However, it’s essential that you consider your age, lifestyle and location while setting financial targets. A 60-year-old in San Francisco may need far more, while a 20-something in Detroit could be ahead of the curve with far less.

Once you’ve got a target, the next step is making sure your money is actually working. Keeping a large sum in a savings account earning a low interest won’t get you anywhere. And stuffing it under your mattress would be even worse. Inflation will eat away at your purchasing power every year.

Instead, build a portfolio that’s designed to grow. That might mean investing in stocks, ETFs, real estate or even alternative assets. The key is finding the right mix of risk and reward for your goals.

If you’re not sure where to start, talk to a financial advisor or planner who can help you set targets, diversify your assets and stay on track. Because once you hit that first big number and let compound growth kick in, you might find your money growing a lot faster than you expected.

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• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• 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
• 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

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

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