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How RevenueCat helped Runna hit the ground running to reach 30x year-over-year growth.

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Shadow Government Statistics - Home Page

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“John Williams’ Shadow Government Statistics” is an electronic newsletter service that exposes and analyzes flaws in current U.S. government economic data and reporting, as well as in certain private-sector numbers, and provides an assessment of underlying economic and financial conditions, net of financial-market and political hype.

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17 Habits of the Poor That The Rich Will Never Understand - Interesting Facts

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Financial freedom seems to elude many despite their best efforts, while others find wealth so easily that their path appears effortless. This begs the

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In the digital age, banking apps have become our financial lifelines, offering ease and convenience for managing money like never before. Yet, with the constant influx of new Fintech apps, choosing the right one can be overwhelming. Whether you're opening your first bank account or managing several, our guide to the top three iOS banking apps aims to simplify your choice. Having personally navigated through all three, I've found that each serves its purpose. We'll delve into each app's features, pricing, and customer service, offering you a clear roadmap to selecting the app that best fits your financial landscape. Let's uncover the tools that will redefine your banking experience.

I've been with SoFi Bank for over two years, and it's genuinely improved my approach to managing finances. SoFi stands out by offering an array of services that cater to nearly every aspect of financial planning without the hassle of traditional banking fees, the need for physical branches, and the convenience of getting paid two days early.

One of the key attractions for me has been SoFi's compelling suite of products. From personal checking accounts with high-yield savings boasting an industry-leading 4.6% APY (As of March 2024), to mortgage loans, Roth IRAs, investment options, credit cards, and even retirement planning, SoFi covers nearly every financial need. Their credit card alone is one of my favorite recommendations, giving you 3% cash back on everything as a zero fee card!

A particularly innovative tool that underscores SoFi's modern approach is the SoFi Relay product. This feature brilliantly bridges your entire financial landscape, allowing you to link external bank accounts alongside your SoFi accounts. It transforms the app into a central hub for monitoring expenses, income, and even your net worth, all updated in real time. This level of oversight is invaluable for anyone looking to take full control of their financial health.

The user experience of the SoFi app itself is a testament to the bank's commitment to modernity and convenience. Its design is both aesthetically pleasing and functionally superior, ensuring that navigating through your financial data, whether it's checking balances, tracking investments, or setting savings goals, is straightforward and hassle-free. The emphasis on a seamless and secure user interface, combined with the comprehensive financial overview provided by SoFi Relay, places SoFi Bank at the forefront of next-generation banking solutions.

Pros

Feature-rich & easy-to-use interface, 4.8 stars on the app store

High-yield savings account - 4.6% APY

Vaults - used to automatically save for certain things

ZERO fees, no transaction fees, late fees, overdraft fees, or monthly fees of any kind

Paycheck two days early

Investing platforms

Retirement planning

ATM network of 60,000 ATMs

Mobile check deposit

Great, zero-fee, beginner credit card with 3% cash back

Offering $25 for new Sign Ups

Free Credit Score

Cons

No physical bank branches

No cashier checks

Depositing cash is possible but not ideal

Who should open a Sofi account?

SoFi is the ideal choice for banking customers eager to elevate their financial management. Its iPhone app combines simplicity with intuitive navigation, offering a wide range of services without the complexity. Ideal for users valuing a top-notch mobile banking experience over physical branches, SoFi provides high-yield savings and access to additional financial products like investing and credit cards. This makes SoFi the perfect platform for anyone looking to seamlessly integrate their banking and financial growth.

While I've moved on from Chime as my go-to bank, it holds a cherished spot in my financial history. I was with Chime for a solid five years before switching to Sofi. Chime was like a crash course in adulting financially-it showed me the ropes on saving for the long haul, building a solid credit score, keeping on top of my bills, and a whole lot more.

Chime is a total no-brainer for beginners. Signing up is a breeze, and you can kiss goodbye to those sneaky hidden fees. The app is super user-friendly, making it a piece of cake to keep your finances in check. But the real game changer? Chime's credit builder card. It's a genius way to boost your credit without drowning in debt, thanks to a prepaid system that ensures you're always on time with payments. This credit builder feature increased my credit score immensely over the 2 years I had their Credit Builder card. Plus, with a ton of free ATMs in their network, you won't be forking out extra cash on fees.

Pros

Extremely user-friendly, 4.8 stars on app store

Chime Credit Builder program - free credit card to help build your credit

Get paid two days early

ZERO fees, no transaction fees, late fees, overdraft fees, or monthly fees of any kind

Spot Me service for overdraft protection up to $200

Automated savings feature - Round up savings and automated paycheck division

Disable lost or stolen card

View card info digitally

Mobile check deposit

Free Credit Score

Cons

No physical branches - if you are someone who likes to go into a bank, then this is not for you

Mobile check deposit is only available if enrolled in direct deposit

Not very product-rich. No investment platform, loan products, insurance platform, or mortgage offerings

No cashier checks

Who Chime is for?

I jumped on the Chime bandwagon initially because I was all about that slick user experience and their trailblazing approach to banking without those pesky fees or the need for a physical bank I'd never visit. What I was after was something solid I could run entirely from my phone, where I could get my paycheck dropped straight in. As Chime upped its game, I got hooked on their Credit Builder, which pumped my credit score up by a sweet 45 points in just a year by proving I could pay on time, every time.

This is a golden ticket for anyone fresh into the job market who needs a bank that's easy to navigate, gives a leg up in building credit, and lays down the basics of saving without making your head spin. Also, they're throwing $100 your way if you sign up and set up your direct deposit.

Chase Bank is the go-to for those who want the reliability of traditional banking with the convenience of a cutting-edge iOS app. It perfectly blends the comfort of physical branches with digital innovation, ensuring a seamless banking experience for all customers. The app itself is a powerhouse, offering easy account management, remote check deposits, and personalized alerts. This digital tool simplifies your financial life, making it easy to stay on top of your money with just a few taps.

Moreover, Chase doesn't stop at digital convenience-it's a comprehensive financial hub. From mortgages and auto loans to student loans, Chase offers every financial product you might need, making it incredibly convenient to manage all your financial affairs in one place.

The cherry on top is the Chase Ultimate Rewards program, which I have become obsessed with. I have been able to book business class travel from US to Europe for free. It turns everyday spending into points that can be redeemed for luxury travel, offering a world of free, high-end travel experiences. Here is the card I use for that!

Choosing Chase Bank means opting for a banking experience that combines tradition with technology and convenience with comprehensive financial services, all while unlocking the potential for luxurious travel through smart spending.

Pros

4.8 stars on app store

Huge array of product offerings

Extensive physical branch network

Chase Ultimate Rewards program

Huge list of credit card options to apply for

Credit score tool

mobile check deposit

Disable lost or stolen card

Legacy bank

Cons

Account minimums

Not free to open account

No real HYSA option

Sometimes too many options

Who is Chase for?

Chase is the ideal pick for anyone who wants the best of both worlds: a slick, highly-rated iOS app for managing money on the fly and the solid backup of traditional bank branches. It's spot-on for tech lovers, savvy savers, and globe-trotters, offering a wide range of financial services from basic banking to rewarding credit cards. With Chase, you get a banking experience that's versatile and rewarding, tailored to fit a variety of needs and lifestyles, all while keeping things straightforward and accessible.

Wrap up

It's clear that you can't really go wrong with any of these mobile banking options. Chime served me well for years before I transitioned to SoFi, which has brilliantly met my evolving financial needs-be it getting a credit card, planning for retirement, or diving into investment accounts. Switching gears to Chase Bank allowed me to maximize my spending and taught me how to navigate the credit card game responsibly. Each of these platforms streamlines your financial journey, offering incredible value and empowering you to cultivate a positive relationship with your money. Regardless of where you find yourself on the financial spectrum, these apps stand ready to bolster your money management with ease and expertise. Let me know who you bank with and why and lets discuss in the comments below.

FTC: We use income earning auto affiliate links. More.

Fernando Silva nandoprince93

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Best modern banking apps on iOS for 2024 - 9to5Mac

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Here are the three best banking apps for iOS and iPhone users to consider. Best for their simple UI, ease of use and overall value

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Best modern banking apps on iOS for 2024

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How to file taxes online, including free options

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There’s a new free option for some taxpayers.

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How to Make a Bitcoin Wallet: Everything You Need to Know

Welcome to the thrilling world of Bitcoin, where financial sovereignty is within your grasp! Embarking on your Bitcoin journey begins with securing a Bitcoin wallet. This tool is your gateway to the Bitcoin network, providing a secure space to store, receive, and send bitcoin. In this in-depth guide, we'll walk you through every essential aspect, and explain how to make a bitcoin wallet.

What is a Wallet and How Does it Work?

A Bitcoin wallet serves as a digital container for your bitcoin, holding the private keys that grant access to your bitcoin holdings on the Bitcoin Network. The recovery phrase for your wallet is often represented as a set of 12, 18, or 24 English words. Think of it as a secure vault for your digital wealth. Recovery phrases act as secret passwords, allowing you to sign transactions and assert ownership.

When bitcoin are sent to you, they are directed to your public address-a unique identifier linked to your wallet. Your private key, securely stored within the wallet, is the key to unlock and manage your bitcoin.

How to Choose a Wallet

Selecting the right wallet is a crucial decision that significantly influences your Bitcoin experience. Here's an exploration of the three main types of wallets.

Software Wallets

Known for their user-friendly interfaces, offer a versatile solution for managing your bitcoin. These wallets come in various forms, encompassing both mobile and desktop applications.

Mobile Software Wallets

Mobile software wallets are designed for smartphones and tablets, making them incredibly convenient for users on the go. These wallets are accessible through app stores on platforms like iOS and Android. Mobile wallets enable you to carry your bitcoin wherever you are, providing quick and easy access to your funds.

They often come with intuitive interfaces, ensuring a seamless experience for users navigating the world of Bitcoin on their mobile devices. Examples of mobile software wallets include Electrum for Android or BlueWallet for iOS and Android, providing a reliable and efficient way to manage your bitcoin right from your pocket.

Desktop Software Wallets

On the other hand, desktop software wallets are tailored for personal computers, offering a robust solution for users who prefer managing their bitcoin on larger screens. These wallets are downloadable applications that you install on your desktop or laptop. Desktop wallets often provide advanced features and security options, making them suitable for users who prioritize additional control over their bitcoin holdings. A popular desktop software wallets is Electrum, offering a comprehensive suite of tools for managing and securing your bitcoin.

Whether you opt for a mobile or desktop software wallet, depends on your lifestyle and preferences. Mobile wallets are ideal for users who value mobility and accessibility, while desktop wallets cater to those who seek advanced features and a more comprehensive user interface. Many users even choose to use a combination of both, enjoying the benefits of seamless access across different devices.

Hardware Wallets

For enhanced security, hardware wallets are physical devices that keep private keys offline, protecting them from potential online threats. They offer a more robust defense against hacking attempts. Popular choices include the ColdCard and Trezor. The learning curve is a little steeper, but the security benefits are much greater.

Lightning Wallets

Designed specifically for the Lightning Network, these wallets facilitate faster and cheaper transactions on top of the Bitcoin network. Phoenix and Blink, are notable examples, providing a seamless experience for Lightning transactions, although the latter is custodial.

Consider security features, ease of use, and your intended usage when selecting a wallet that aligns with your preferences and needs.

Importance of Open Source Software

Prioritize security and transparency by opting for open-source wallets. The public availability of the wallet's source code allows for community scrutiny and audit, ensuring there are no hidden flaws or vulnerabilities. This transparency fosters trust and provides peace of mind, knowing that the wallet's security and functionality are continuously vetted by experts.

Wallet Interoperability

Another point to consider when selecting a wallet is wallet interoperability. Standards like BIP32, BIP39, and BIP44 ensure that you can smoothly transition between wallet services without friction. Most modern wallets implement them, so it shouldn't be an issue. This compatibility is essential for adapting to your evolving needs and preferences, allowing for a seamless migration or backup restoration process across different wallet providers.

How to Get a Wallet

Acquiring a wallet is a straightforward process:

Download a Software Wallet: Choose a reputable software wallet and download it directly from the official website. Be cautious of unofficial sources to ensure security.

Purchase a Hardware Wallet: Obtain a hardware wallet from authorized retailers or the official manufacturer's website. Authenticity is crucial to safeguard your bitcoin.

Set Up a Lightning Wallet: Download a Lightning wallet app from your preferred app store, following the provided instructions for seamless setup.

How to Use a Wallet

Once your wallet is set up and properly backed up, here's how you can navigate its basic functionalities:

Receiving bitcoin: Share your public address with others to receive bitcoin. Your public address is akin to an account number where others can send bitcoin to you.

Sending bitcoin: Utilize your wallet to create and sign transactions when you want to send bitcoin to others. This process involves specifying the recipient's public address and the amount you wish to send.

Checking balance: Stay informed about your bitcoin balance by accessing your wallet's interface. Most wallets provide a user-friendly dashboard to monitor your holdings.

Network Fees and UTXO Management

Navigating network fees are crucial for efficient Bitcoin transactions. Fees fluctuate based on network demand, impacting how quickly transactions are processed. Understanding UTXO (Unspent Transaction Output) management can further optimize your transaction costs. Wallets equipped with fee estimation tools can guide you to set appropriate fees, ensuring your transactions are confirmed in a timely manner without overpaying.

Tips and Tricks

Enhance your Bitcoin wallet experience with these practical tips:

Backup Your Wallet: Safeguard your wallet by creating a secure backup of your recovery phrase or private keys. This backup ensures you can regain access to your bitcoin if you encounter issues with your primary device. Anyone with access to your backup can steal your funds. Do not store your backup online or electronically.

Stay Informed: Regularly update your wallet software to benefit from the latest security features and improvements. Stay informed about developments in the Bitcoin space to make informed decisions.

Test Small Transactions: Before engaging in substantial transactions, consider sending small amounts to acquaint yourself with the process. This practice helps build confidence and ensures you are comfortable with the transaction mechanics.

Security Practices to Know and Implement

Security is paramount in the world of Bitcoin. Here are key practices to prioritize:

Secure Your Private Keys: Treat your private keys with the utmost confidentiality. Never share them with anyone, and store them in a secure, offline location. Consider using hardware wallets for an added layer of protection.

Generate the Private Key for Yourself: Make sure that you are not using a wallet that has been created for you, it is most likely a scam.

Use Two-Factor Authentication (2FA): Enable 2FA for your software wallets to add an extra layer of security. This ensures that even if your password is compromised, an additional verification step is required for access.

Don't store funds online: Exercise caution when using online wallets or exchanges for storing bitcoin, especially for larger holdings. Consider hardware wallets for long-term storage and significant amounts.

Buy directly from the manufacturer: Do not buy second-hand hardware wallets, do not purchase them from unofficial resellers. They could be corrupted and your funds might be stolen.

Learn how to verify signatures when downloading Bitcoin-related software.

The Role of Full Nodes in Enhancing Privacy

Elevate your privacy and security by coupling your wallet with a full Bitcoin node. Full nodes validate transactions and blocks, offering independence and privacy enhancements compared to Simplified Payment Verification (SPV) wallets. While running a full node requires additional resources, the privacy and security benefits are substantial, putting you in full control of verifying your transactions.

Additional Considerations

In your exploration of Bitcoin wallets, there are a few additional considerations to keep in mind:

Multisignature Wallets: For advanced users, multisignature wallets involve multiple private keys, requiring a subset of those keys to authorize a transaction. This adds an extra layer of security and control.

Privacy Features: Some wallets offer privacy-centric features, allowing users to enhance their anonymity on the Bitcoin network. Consider exploring wallets with features like CoinJoin for added privacy.

Don't Overkill Your Security Setup, Especially as a Beginner: You risk either making a mistake during the setup process or forgetting a crucial element when trying to recover your funds. Keep it simple, write down your private key with pen and paper or stamp it on metal and keep it in a secure location that you will remember.

Educational Resources

Embark on a continuous learning journey with reputable Bitcoin educational resources. These resources provide in-depth insights into the nuances of Bitcoin, empowering you with the knowledge to navigate the ecosystem confidently and make informed decisions.

Conclusion

Congratulations on taking the initial steps toward financial empowerment through Bitcoin! By understanding the intricacies of Bitcoin wallets and implementing robust security, you pave the way for a seamless and secure Bitcoin experience.

Whether you choose a mobile or desktop software wallet, a hardware wallet, or explore Lightning transactions, the key is to select a wallet that aligns with your preferences and priorities. May your Bitcoin wallet become your trusted companion in the world of digital finance. Welcome to the Bitcoin community!

FAQ

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Your First Bitcoin Wallet: A Complete Guide

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In this in-depth guide, we'll walk you through every essential aspect, and explain how to make a bitcoin wallet.

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There's little doubt that raising a child is expensive. Adequate shelter, nutritious food, education, clothing, and entertainment are just a few of the things kids need to grow up happy and healthy.

The costs can quickly add up, and it's estimated that middle-income parents spend about $310,605 on a child. No wonder some of them hope their kids will help them financially in the future.

However, redditor classypotato09's mother took this to the next level, asking for her entire salary. The daughter found such a request ridiculous and said no, which extremely upset her mom. Feeling like she's demanding too much, the author turned to the " Entitled Parents " subreddit, asking for netizens' opinions.

Scroll down to find the full story and a brief chat with investing and personal finance expert Ryan King from "Making Money Simple," who kindly agreed to provide his take on financial support for parents.

Parents give a lot to their children in hopes of receiving similar help in the future

Image credits: Karolina Grabowska / pexels (not the actual photo)

But this mom demanded her daughter's full salary, planning to leave her without a penny

Image credits: halfpoint / envato (not the actual photo)

Image credits: classypotato09

Children supporting parents financially

Image credits: Karolina Grabowska / pexels (not the actual photo)

Many adults still financially support their parents, with about a third of them saying they had given money to them in the past year. Half said they had given at least $1,000. The allowance was often paid monthly or weekly for needs like groceries and housing.

Bored Panda reached out to financial advisor Ryan King, who kindly agreed to have a quick conversation about materially helping parents. He told us that there should be no pressure and it should be a two-way effort.

"If your children financially support you in the future, then that's fortunate and should be seen as a bonus. Parents should take the onus on themselves and educate themselves on increasing their income and investing over their own lifetime."

He added, "It's definitely okay for children to financially support their parents if they're in a position to do so. For me personally, I would love to be in a position where I could do that later in life. However, it shouldn't be a requirement, and children shouldn't feel like they need to do that, as they will have their own financial issues and goals."

Because of rising costs of living and a longer life expectancy, more children are driven to help their aging parents. Retirees often face higher medical expenses, which can quickly empty out their savings. In fact, 10% of children said their parents had outlived their nest eggs.

Often, adults looking out for their families have children of their own and are referred to as the "Sandwich generation." They are sandwiched between the obligation to care for their parents and kids, both requiring financial, physical, and emotional help.

With the pressure of juggling their own careers, personal issues, and retirement, they are under a lot of financial and emotional stress. In some cases, they even have to work longer than their retirement age because of added financial responsibilities.

Surprisingly, over 75% of Americans believe that adult children should support their older parents, and this may explain why many are doing it even when risking their own finances.

Helping aging parents to be more financially independent

Image credits: Andrea Piacquadio / pexels (not the actual photo)

For those who aren't fortunate enough to help their parents or are trying to break generational patterns, King advises having a thorough conversation and setting boundaries. "I understand this may be a difficult situation or conversation, but it can go some way to help resolve the situation. "

Other options include, for example, finding the reason for their budget deficit, which can help identify possible solutions. There are still some people who find it difficult to manage their money, so helping them change their spending habits lowers their expenses.

If it's a costly medication, children can recommend taking a generic drug or using a money-saving app. If they're spending a lot of money on entertainment, they may need some activities like volunteer work or a part-time job (assuming they can).

Parents might consider selling their house, buying a smaller one, renting a more affordable one, or moving in with their children (when possible). Downsizing or relocating may be cheaper overall, reducing costs.

Using social benefits or tax breaks is also a great way to reduce expenses. Some medical fees for elders are tax-deductible. So, if children are covering half of their living costs, they can ask for a price reduction. Lastly, consulting a professional to help parents with their retirement plans is another good idea.

Commenters supported her decision

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Mom Wants To Take Control Over Daughter's Earnings, Turns Violent When She Refuses

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The daughter found such a request ridiculous and said no, which extremely upset her mom.

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IRS Will Enforce 1099-K Reporting Of Cash App, Venmo, Zelle, And PayPal Transactions

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In 2024, the IRS is set to enforce the long-anticipated 1099-K reporting requirement for third-party payment apps.

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IRS Will Enforce 1099-K Reporting Of Cash App, Venmo, Zelle, And PayPal Transactions

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A few weeks ago, we went in-depth on the powerful Copilot budgeting app for iPhone, iPad, and Mac. I've been using the Copilot budgeting app to manage my entire financial system for several years, and thought it would be useful to dive deeper into how and why I use it.

Plus, 9to5Mac readers can use code 9TO5MAC and unlock an extended two-month free trial.

How Copilot helps my family create - and stick to - our budgets

My budgeting process using Copilot consists first of linking my bank accounts, investment accounts, and credit cards to the app. As we explained last month, this is all very seamless through Copilot. Once I authenticated my various accounts, all of my transaction history

I have custom budgets setup in Copilot for different categories of transactions. This includes things like restaurants, rent, groceries, transportation, utilities, and more.

Using its advanced artificial intelligence features, Copilot is able to automatically categorize transactions. It also learns over time and becomes smarter about which transactions you'd like in specific categories. I've been using Copilot for long enough that it's pretty good at correctly categorizing my transactions, but I still make a point to review new transactions in the app - and make corrections - when necessary.

Copilot also creates budgets based on your previous spending habits, but you can also fine-tune the specific amounts for each category. For example, when I set up Copilot for the first time and imported my transactions, I was pretty amazed (appalled?) at how much I was spending at restaurants (or DoorDash) every month. I quickly lowered that goal and have made it a priority to stick to that budget.

This is just one of the many ways Copilot has helped me get a clearer picture of my finances. It's very, very easy to casually spend money - especially through food delivery apps - without realizing just how much you're spending. It starts to add up quickly, trust me!

Another one of my favorite Copilot features is the "Upcoming" section of the "Dashboard" screen. Here, Copilot shows me upcoming expected recurring charges. In addition to this being helpful information to know about from a financial planning perspective, it also serves as a great way to remember to cancel subscriptions before they renew every month.

"Oh, my YouTube TV subscription is set to renew next week, but MLB playoffs are over. I need to go cancel that," I thought to myself - thanks to Copilot - a few months back.

Also on the "Dashboard" screen, there's a very helpful graph that shows me my spending progress throughout the month. This makes it really easy to get a quick glimpse at how my current spending rate compares to my overall budget. If I don't have the time or energy to dive into the specifics of my budget on a given day, I can quickly open Copilot, glance at the spending graph, and know whether I'm on the right track.

You've probably realized by now that the "Dashboard" tab of the Copilot app is where I spend most of my time. And you'd be right about that! But it has plenty of other things to offer. The "Categories" tab shows me more in-depth data on each budget category, as well as another helpful look at what I've spent so far compared to my total budget.

The "Recurrings" tab gives me a more long-term look at recurring transactions and estimated withdrawal dates. I'm not big into investing, but if you are, Copilot has you covered there with an ultra-powerful "Investments" dashboard.

The "Transactions" tab shows me more transaction history for all of my accounts - including the ability to search and filter this information. I also enjoy seeing the "Month in Review" data each month, showing our total income, total spent, and whether we came in over or under budget.

Finally, there's an "Accounts" tab in Copilot...and this is probably my second most-used screen in the app. Here, I can see a detailed breakdown of each of my credit cards and accounts. This includes everything from car loans to real estate to savings and much more.

I find it very helpful to have a one-stop-shop where I can see all of this information at a glance. Copilot also distills it down into a chart that shows you your assets compared to your debts over the past year, week, month, three months, and the current year-to-date. For credit cards, it even shows my current utilization rates. And for depository accounts, I can see the percentage change over those same time periods.

Wrap up

For me and my wife, Copilot ticks all the boxes for what we need and want in a budgeting app. Prior to discovering Copilot, I'd really struggled to find a budgeting app that worked for my lifestyle and career. My income in particular can vary on a month-to-month basis, given the life of online publishing and advertising.

Copilot is flexible enough to help me accommodate these changes in income, while also being rigid enough to ensure we stick to our budgets each and every month.

Another thing I really enjoy about Copilot is how it can show you not only your current financial state but also projections into the future and a look back at the progress you've made. What's more encouraging than seeing that separation between your assets and your debts continue to get wider and wider?

9to5Mac readers can use code 9TO5MAC and unlock an extended two-month free trial of Copilot. The app is available on iPhone and Mac, and a universal subscription unlocks both platforms.
Written by Chance Miller
FTC: We use income earning auto affiliate links. More.

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How I use Copilot for iPhone and Mac to live a healthier financial life - 9to5Mac

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A few weeks ago, we went in-depth on the powerful Copilot budgeting app for iPhone, iPad, and Mac. I've been...

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How You Can Use ChatGPT To Manage Your Personal Finances - Wealth Gang

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The vast majority of people struggle with managing their personal finances. Fortunately, ChatGPT can provide tailored financial advice.

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How You Can Use ChatGPT To Manage Your Personal Finances

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There’s a Tiny ‘Bubble’ That Could Save Healthcare

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There’s a Tiny ‘Bubble’ That Could Save Healthcare - The American Spectator | USA News and PoliticsThe American Spectator | USA News and Politics

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D.C. derives power from healthcare bureaucrats whose livelihoods depend on the federal government regulating and controlling healthcare.

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The stock market can inspire different reactions depending on who you ask. Some see it as the key to building wealth. Others remember the 2008 financial crisis or the dot-com bust of the early 2000s and want to avoid it.
See: 3 Things You Must Do When Your Savings Reach $50,000
Whether it involves your individual retirement account or 401(k), or even if you participate in a pension plan, the success of all of these funds depends in no small measure on the stock market.

Here's what you need to know about how the stock market works and the basics of stock investing.

What Is the Stock Market?

The stock market is the financial market for stocks. A stock, sometimes referred to as an equity, is a security - a financial asset that gives an investor fractional ownership in a given company.

The stock market is made up of the places where investors can buy or sell stocks. It's a vital part of the economy because it gives companies a way to raise capital and the public a way to share in those companies' profits.

In the U.S., the Securities and Exchange Commission regulates what it calls national securities exchanges, which are marketplaces where financial assets can trade. Fifteen securities exchanges currently are registered with the SEC. In the case of stocks, the exchanges are stock exchanges. While numerous stock exchanges exist, most American stocks trade on either the New York Stock Exchange or the Nasdaq Stock Market.

However, not all stocks trade that way. Shares in some companies trade over the counter, within a network of broker-dealers that charge a fee to facilitate trades, often from their own inventory. The OTC market is loosely regulated, which makes investing in OTC stocks riskier than investing in stocks that trade on an open stock exchange like the NYSE or Nasdaq.

How Does the Stock Market Work? An Explanation for Beginners

When a public company issues stock, whether for the first time or through a subsequent stock offering, it lists the shares for sale on whatever stock exchange the company is a member of. Apple, for example, is a member of Nasdaq, so its shares trade on the Nasdaq Stock Market. Procter & Gamble is a member of the New York Stock Exchange, so that's where its shares are listed.

Although stock exchanges are physical places, investors can't visit one or log in to its website to buy or sell shares. One reason is that a stock exchange operates more like an auction with a reserve (minimum price) than a store. In a store, the seller sets prices and sells items to buyers willing to pay those prices. In an auction with a reserve, each potential buyer bids what they're willing to pay, but no one wins the auction unless they meet the reserve.

With a stock exchange, investors typically buy stocks from other investors rather than the company itself, and prices are continually negotiated. A trade is successful when a buyer bids as much or more than the seller is asking for the stock. In fact, the stock exchanges actually use those terms - "bid" for the amount the buyer offers to pay and "ask" for the share price the seller is looking to get. Software matches buyers and sellers with compatible bids and asks.

How To Invest in the Stock Market

Stock trades must go through an investment brokerage, so you'll need to open an account with one before you can start investing. Beginning investors typically open a cash account where you deposit your own funds to trade with.

Advanced traders with significant assets can open a margin account, which, for a fee, allows them to make trades with funds borrowed from the brokerage, using their portfolio as collateral. Trading from a margin account is risky. If the purchased shares drop in value, the brokerage can demand that you make an immediate deposit to your account to cover the loss, or it can sell the securities in your portfolio.

Opening an account only takes a few minutes. You can do it online on a brokerage website by filling out a simple application for one of the following:

Self-directed trading: You select your own investments and place your own orders using your brokerage's trading platform.

Robo-advisor: Answer questions about your investing goals and risk tolerance, and the brokerage robo-advisor will automatically create and manage a portfolio of funds based on your answers.

Professional advisor: A professional advisor trades on your behalf or offers personalized guidance on trades you order yourself.

You can begin trading after you've funded your account.

How To Buy and Sell Stocks

Assuming you want to trade your own stocks, you can use research provided by your brokerage to decide what shares to trade. You then find that stock on the platform and click a button or link to trade it, much like making a purchase from an online store. In this case, however, you'll select the type of order you want to use to make your trade. The most common ones are market orders, limit orders and stop orders.
Market Orders
In a market order, an investor buys or sells the stock immediately - usually at or near the ask or buy order price. However, there's no guarantee because the posted bid and ask prices are based on the last executed order. This does not necessarily mean the next market order will execute at the same price.
Limit Orders
Whereas market orders are for an immediate trade regardless of price, limit orders are for trading at a specified price or a price better than your specified price. So, for example, if you place a limit order for XYZ stock at $25 per share, the purchase won't be executed unless there are shares available for $25 or less. Likewise, if you want to sell shares at $25 using a limit order, the sale won't be executed unless a buyer is willing to pay $25 or more for the shares.
Stop Orders
In a stop order, also called a stop-loss order, the investor specifies a price at which to buy or sell a stock. A beginning investor might use a stop-loss on a stock they're selling, to specify the minimum price they're willing to accept. If, for example, you own shares of XYZ stock, and shares are trading at $30 but are beginning to fall, you could use a stop-loss order to sell the shares if share prices hit $28. You can also use stop orders to buy stock when you've used a strategy called short selling that essentially bets on a stock falling in value. If shares are rising instead, you can use a stop order to sell the shares once they reach a certain price.

How To Make Money Trading Stock

You might be wondering how to make the stock market work for you. Individual stocks carry risk as they can fluctuate in value based on both internal and external factors. However, stock investing tends to generate returns in the long term. The S&P 500 - a stock index that tracks the returns of about 500 of America's largest companies and represents the broader stock market - has produced an average annual return of about 10% over the last 10 years.

Stocks produce returns in two ways.

Rising Share Prices

Stocks can generate profits through capital appreciation - a rising stock price. For example, if you buy 100 shares of stock XYZ at $10 per share, your cost is $1,000. The stock may rise to a value of $12 per share one year later, however. At that point, your original investment of $1,000 is now worth $1,200.

Remember that stocks are meant to be a long-term investment. Buying and holding shares of high-quality stock is often the best way to profit from rising share prices.

Dividends

Many stocks offer cash payouts or dividends. These dividends are a portion of a company's profit paid out to shareholders. Most companies pay dividends in fixed periods, often every quarter. However, no rules exist regarding when publicly traded firms issue dividends. Hence, they can also pay special or extra dividends at any time.

Dividends represent income for investors, and you can withdraw them from your brokerage account. However, reinvesting dividends in more shares can grow your money faster through the same principle as compound interest. Some companies offer dividend reinvestment programs, or DRIPs, that automate this process.

Managing Risk

Despite the S&P 500 rising overall, buying a stock places your investment capital at risk. Your initial investment can fall in value and, in theory, become worthless should the company declare bankruptcy. For this reason, you may want to receive advice from a financial advisor when considering the purchase of a given stock.

Investors can mitigate this risk in other ways.
Invest In Funds
One way to mitigate risk is to buy mutual funds or exchange-traded funds instead of individual stock shares. Funds invest in numerous types of stocks based on sector, index, countries or regions of origin and countless other factors. Should one of the stocks in the fund go under, investing in such a basket of stocks reduces that impact.

Some funds are actively traded - fund managers buy and sell shares to meet the fund's objective. Other funds, called index funds, replicate the return of a stock index like the S&P 500 or Dow Jones Industrial Average.
Diversify Your Portfolio
Investing in more than one fund or in different categories of stocks, such as large-cap, small-cap and foreign stocks, is one way to diversify your portfolio. It's also a good idea to place some of your capital in other asset classes such as bonds and cash or a cash equivalent. What percentage of your portfolio you should devote to various asset classes depends on how much risk you're comfortable with and how long you have until retirement. The more stock you have, the riskier your investment but the higher your potential gains.
Use Dollar-Cost Averaging
While it might be tempting to try to buy stock when prices are at their lowest and sell when prices are at their highest, it's often a losing strategy. A safer, and usually more lucrative, one is to set a budget and invest on a regular schedule, such as monthly or quarterly, regardless of what the market is doing. This results in dollar-cost averaging, where you buy more shares when prices are low and fewer when prices are high, with no risky (and usually unsuccessful) attempts to time the market - or worse, panic-sell shares at a loss.

Should I Invest In Stocks?

Stocks can carry risks. Moreover, if you know little about stock investing, self-education and seeking professional advice is critical. As an investor, you should also gauge your tolerance for risk.

Even so, the aforementioned return of about 10% on the S&P 500 dramatically exceeds the average interest rate offered by 60-month certificates of deposit, which is 1.40% as of Dec. 18. This alone justifies some interest in investing in stocks. By seeking both funds or stocks best suited to meet your investment needs and goals, you can make stock investing work for you while mitigating possible downside risks.

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The stock market can inspire different reactions depending on who you ask. Some see it as the key to building wealth. Others remember the 2008 financial crisis or the dot-com bust of the early 2000s and want to avoid it.

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The Rise of AI Agents - Nansen Reports Foresees a Blockchain Takeover in 2024 | Cryptopolitan

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The Rise of AI Agents - Nansen Reports Foresees a Blockchain Takeover in 2024 | Cryptopolitan

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In a world grappling with the volatility of the crypto market and the uncertainties of global economic shifts, Nansen’s latest report unveils a bold prediction that artificial intelligence AI agents

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How to use ChatGPT to manage your personal finances

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How to use ChatGPT to manage your personal finances

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AI is more helpful than we thought. Plus more personal finance advice to help you manage your wealth.. Explore this storyboard about Money by Wealth Gang on Flipboard.

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History Suggests the Nasdaq Could Soar in 2024, and Here's the Stock to Buy If It Does

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In the 37-year history of the Nasdaq-100 index, it has only posted a loss in consecutive years on one occasion: during the dot-com tech crash from 2000 to 2002. Therefore, when the index plunged 33% last year, a rebound in 2023 was the likely outcome.

True to history, the Nasdaq-100 has absolutely ripped higher with a 52% gain this year. Macroeconomic headwinds, like inflation and interest rate pressures, eased, which was helpful. But investors will be pleased to know that also bodes very well for 2024. See, bounce-back years like 2023 have always been followed by another positive year, which tends to produce a return of 21.5% (on average).

With that in mind, semiconductor stock Axcelis Technologies could be a fantastic buy if the market continues to move higher. The company is growing its revenue and earnings at a brisk pace, and its stock trades at a bargain valuation right now. Here's what investors need to know.

Axcelis is carrying a huge order backlog into 2024

Axcelis isn't a chip producer, but it sells its ion implantation equipment to leading chip makers, forming a critical part of the fabrication process. Therefore, the company is still exposed to growing demand across the industry for chips in categories like electric vehicles and artificial intelligence (AI).

In fact, Axcelis has experienced strong demand this year from producers of silicon-carbide power devices in the electric vehicle industry. Power devices process and deliver electric power in workloads requiring high currents, and silicon carbide leads to more efficient results than traditional silicon-based hardware. In electric vehicles, that translates to faster charging times and more mileage per charge.

AI isn't a major revenue driver for Axcelis at the moment, but in its third-quarter conference call with investors, management highlighted the technology's requirement for increasing amounts of memory (DRAM) and storage (NAND) capacity. As a result, the company is expecting AI to become a source of strong demand.

Nevertheless, the company has its hands full with its existing end-markets. It currently has an order backlog worth $1.2 billion, nearly a record high, and it will carry the majority of it into the new year. For context, it's equivalent to more than 12 months' worth of revenue.

Revenue is on track to set a record this year

Axcelis generated $820.3 million in revenue through the first three quarters of 2023 (ended Sept. 30), representing a year-over-year increase of 25.4%. The company is on track to deliver a record-high $1.1 billion in revenue for the full year.

The company's results are even more impressive considering many chipmakers have recently suffered a slowdown in revenue growth -- some, like Advanced Micro Devices, even saw revenues shrink. Markets such as personal computing and gaming have suffered from a drop in consumer spending but should improve next year, given inflation and interest rates have declined from their peaks.

But Axcelis is somewhat insulated from some of those short-term struggles because its customers typically plan their capital expenditures years in advance. If they intend to have a higher chip production capacity in the future, they might place equipment orders today in preparation (hence Axcelis' deep order backlog). That's why Axcelis stock has the potential to be a reliable long-term performer.

Axcelis stock looks like a total bargain going into 2024

Axcelis is highly profitable, and it's on track to deliver $7.27 in earnings per share for the year. Based on its current stock price near $136, it trades at a price-to-earnings (P/E) ratio of roughly 19.

That's a 32% discount to the Nasdaq-100 index, which trades at a P/E ratio of 28. The index is home to prominent chip companies like Nvidia, Advanced Micro Devices, and Texas Instruments (among others).

Despite Axcelis not producing chips, management's commentary suggests it will benefit from the AI tailwind going forward. The company also has a very strong year ahead thanks to its order backlog. Electric vehicle demand will also likely remain strong in 2024 as the industry continues to scale up.

Based on these factors, combined with Axcelis' ability to grow its top and bottom lines in tough economic conditions, its stock deserves a little more credit on the valuation front. I think it will likely get it in the new year.

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History Suggests the Nasdaq Could Soar in 2024, and Here's the Stock to Buy If It Does | The Motley Fool

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Investors who like a bargain will love Axcelis Technologies as an under-the-radar semiconductor stock.

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With 2024 a mere nine weeks away, now's the time to cross any remaining tasks off your to-do list for this year. The holidays are looming but so are the deadlines to make key retirement moves. For workers, the deadline for this year's 401(k) contributions is Dec. 31, 2023. And for some seniors, that date also marks their last opportunity to avoid a huge tax penalty. Here's what you need to know.

How much have you withdrawn from retirement savings this year?

Tax-deferred retirement accounts like traditional IRAs and 401(k)s give you upfront tax savings. Money you put here reduces your taxable income for the year, and you don't pay taxes on your earnings while the money remains in the account. But eventually, you have to give Uncle Sam its cut.

The government ensures this by requiring all seniors 73 and older to take annual required minimum distributions (RMDs). These are minimum withdrawals you must make from your retirement accounts based on your account balance and your age. We'll look at how they're calculated in more detail below.

The only accounts you don't have to take RMDs from are Roth IRAs and your current workplace retirement plan, if you're still employed. In the latter case, RMDs for that account begin in the year you retire. It's also worth mentioning that starting in 2024, you won't have to take RMDs from Roth 401(k)s either.

If you turned 73 in 2023, you actually have until April 1, 2024, to take your first RMD. But anyone older than this must have their RMD by Dec. 31, 2023, if they hope to avoid the 25% penalty the government charges seniors who skip them.

How much do you have to withdraw from your savings for your RMDs?

Determining your RMD requires a little math, but it's nothing too complicated. If you have a 401(k), your plan administrator should do the work for you. But if you have an IRA, you'll need to calculate the annual RMD on your own, unless your plan administrator has tools to help you with this. Here are the basic steps.

First, you need to figure out what your account balance was at the end of the previous year. If you're trying to calculate your RMD for 2023, you'd look at the balance at the end of 2022. Check with your plan administrator if you're not sure how much you had in your account at that time.

Then, you take that balance and divide it by the distribution period for your age listed in the Uniform Life Expectancy table. The result is your RMD for the year from that account. For example, if you had $50,000 in a traditional IRA at the end of last year and you're 75, you'd divide the $50,000 by the 24.6 distribution period for 75-year-olds to get an RMD of about $2,033.

If you've already withdrawn at least that much from your IRA, you've taken your RMD for the year. You're not legally required to withdraw more from this account, though you may do so if you want to. But if you haven't withdrawn enough during 2023, make sure you do so before the end of the year.

Repeat the steps above for all your retirement accounts except Roth IRAs and your current workplace retirement plan. One thing to note if you have multiple IRAs: You must calculate your RMD for each IRA separately, but you can withdraw all the money from a single account if you choose.

For example, let's say you have two traditional IRAs and you have to take a $1,000 RMD from one and a $2,000 RMD from the other. You could choose to take $1,000 from the first account and $2,000 from the second. Or you could take $3,000 from either one. As long as you're withdrawing enough from your IRAs to cover all your IRA RMDs, it doesn't matter how much comes out of which account.

What if you don't need the money?

You may not want to withdraw money for RMDs if you don't have a use for it. After all, the withdrawal will just raise your tax bill. But there are ways you can minimize this and keep your money growing if you prefer.

Donating your RMD to a charity can earn you a tax deduction that will offset the extra you'd owe. You could also reinvest the money in a taxable brokerage account or just keep it in a bank account if you think you'll use it in the near future.

If you're worried about forgetting RMDs, see if your account provider enables you to set up automatic distributions so you don't have to take them manually. You may be able to do this through your online account, but if you have any questions, don't hesitate to reach out to your plan administrator.

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Attention Seniors, You Only Have a Few Weeks Left to Avoid This Major Tax Blunder | The Motley Fool

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You already give the government enough of your savings.

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Attention Seniors, You Only Have a Few Weeks Left to Avoid This Major Tax Blunder

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Law of Unintended Consequences Caused the Great Bond Rout

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Nobody could have predicted the Treasury market’s collapse of the last two years — apart from every critic of artificially low interest rates since John Locke.

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Worst Bond Collapse in 150 Years Caused by Unintended Consequences

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ChatGPT stock market advanced data analysis experiment

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Before we begin this article offers no financial advice and is only an experiment carried out using ChatGPT and its Advanced Data Analysis feature. However the integration of OpenAI's new Advanced Data Analysis previously known as Code Interpreter with stock market trading has become a focal point for many investors and traders.

A recent experiment carried out by All About AI provides an overview of how you can use ChatGPT's advanced data analysis capabilities to create a technical stock report and a 30-day trading plan. The experiment was not designed to provide financial advice, but rather to offer a glimpse into the potential of combining artificial intelligence with financial market analysis.

The experiment began with the setting of custom instructions and the acquisition of fresh stock prices from Yahoo Finance. The stock chosen for this experiment was Apple and a CSV file was uploaded to ChatGPT containing information about Apple's stock prices, which served as the foundation for the ensuing analysis.

ChatGPT stock market analysis experiment

The advanced data analysis capabilities of ChatGPT were then put to work. The system was tasked with creating a detailed technical trading report on Apple's stock, along with a comprehensive 30-day trading plan. The data used for this analysis included open, high, low, close, adjust, and close, and volume for about one year, all sourced from Yahoo Finance.

Other articles you may find of interest on the subject of ChatGPT Advanced Data Analysis :

The technical trading report was a comprehensive document that included trade analysis, technical indicators like moving averages, RSI (Relative Strength Index), and MACD (Moving Average Convergence Divergence). It also incorporated risk management techniques, such as never risking more than 1-2% of trading capital on a single trade. The report concluded with an expert analysis on Apple for technical trading, including key findings, moving averages, RSI, MACD, volume, and conservative risk management.

30 day trading plan

The 30-day trading plan was equally detailed, including back testing, risk management, and a detailed plan for each week. The plan was conservative in nature, including preparation, monitoring, reevaluation, mid-month review, and final week actions. It also included notes on keeping an eye on news and quarterly reports, reconsidering position sizes and risk parameters if the trading capital falls below a certain amount, and adjusting the stop loss and take profit percentages.

The experiment also simulated the trading strategy for a single day, with the action being to hold the stock as the price did not hit the stop loss or take profit levels. This simulation provided a practical application of the trading plan, offering a glimpse into how it might perform in real-world conditions. The experiment is set to be revisited in 30 days to assess how the trading plan would have performed. This will provide valuable insights into the effectiveness of the plan and the potential for improvements.

While this experiment was intended for fun and learning, it underscores the potential of integrating advanced data analysis with stock market trading. It demonstrates how artificial intelligence can be leveraged to create detailed trading plans and technical reports, potentially offering traders and investors a new tool in their financial arsenal. However, it's important to remember that this experiment is not intended as financial advice, but rather as a demonstration of the capabilities of advanced data analysis in the context of stock market trading.

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ChatGPT stock market advanced data analysis experiment

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This experiment provides an overview of how ChatGPT stock market analysis can be carried out using uploaded documents. A 30 day trading plan

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My Dad Was Diagnosed With Dementia. Medicare's 7-Word Response Baffled Me.

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The author and her dad, Rocco, at his memory care facility on Father's Day 2023.

"If your parents were poor, I would say don't worry about this. And if your parents had 2 to 3 million in their IRA accounts, I would say don't worry about this. But your parents are middle-class, and in this case, that's a problem."

An elder care lawyer said this to me when my father was diagnosed with Lewy body dementia. While navigating his care needs over the past six years and contending with the emotions of watching him slowly deteriorate, worrying about paying for care is a constant.

My parents are middle-class thanks to my father's union job, which provided a decent wage and a modest pension. When my mother went back to work, the company matched her 401(k) contributions. She put in as much as possible, scrimping in the short term to plan for the long. It would be by no means a lavish retirement, but enough for peace of mind.

Three years ago, at 72, they started taking their 401(k) Required Minimum Distributions. The money provided an added cushion to their social security and pension income, and they seemed secure. What they didn't plan for was a catastrophic illness not covered by Medicare.

Like the majority of Americans, they don't have long-term care insurance because they could not afford the premiums. The cost of my father's memory care is rapidly depleting their nest egg. It is not clear what will happen to them when the money runs out - none of the options are good, which is a terrifying feeling.

If my father had cancer or heart disease, he would probably live at home with some home care covered by Medicare. But with dementia, an umbrella term used to describe everything from Lewy body dementia to Alzheimer's and much more, Medicare deems the needed care as "custodial" or "companionship" and says this care can be provided for by family members.

"We don't consider dementia a medical issue," a Medicare rep told me, to my great disbelief. But my dad's brain - which can no longer translate commands to his muscles - is not working properly, which certainly seems like a medical issue. He cannot take a shower, use the bathroom, take his pills, get dressed or walk unaided. He cannot be left alone. He cannot put together logical sentences.

The author and her dad in 1978.

My mother cared for him at home for as long as she could, but by mid-January, when we moved him to a memory care facility, her physical and mental health were giving out. I balanced helping them with my demanding career, which was exceptionally challenging.

"Families are in crisis, and no one is talking about it," said a friend who lives in New York and flies frequently to Michigan to manage her mother's dementia care.

I'm not a policy wonk or elected official. I'm not a medical doctor or a social worker. I'm simply a daughter who cares about her parents. And I'm a citizen looking around at our irrational health care system and feeling helpless, enraged and scared.

Here are some suggestions for how we might begin to talk about this crisis.

First, neurologists should mention financial planning at the onset of disease - especially when dementia can hit people in their 50s, 60s and 70s. My father saw two doctors, and neither mentioned long-term care or offered the help of a social worker. When I asked the second doctor about the prognosis, he brushed me off, saying, "My advice is to go home and live each day. Your father seems like a happy guy." When I later asked about home care, he told me to "Google Visiting Angels."

Because brain diseases are mysterious, doctors will not predict how long my father will live (and therefore, how much money is necessary). But doctors should warn families of the financial challenges particular to dementia care, especially when there is a spouse. There is living to plan for, even if that feels perverse while dying is taking place.

'We don't consider dementia a medical issue,' a Medicare rep told me, to my great disbelief. But my dad's brain - which can no longer translate commands to his muscles - is not working properly.

Second, policymakers should reconsider how Medicare can better support dementia patients. Classifying the care needs as non-medical companionship, especially in the later stages of the disease, is terribly misguided.

Recently, my father lost his ability to walk and feed himself; we are told the next phase could be forgetting how to swallow.

The brain is our most vital organ - if it doesn't work, that is a medical issue affecting the whole body. My father is in a memory care facility where nurses and other staff trained in dementia provide treatment 24 hours a day. Families can provide assistance, but only to a certain degree.

Finally, middle-class families should plan for aging, sickness and death, even though it's hard to discuss. Having some basics in place - wills, powers of attorney, health care proxies, a trust for a home before a disease is too far along - is a good first step and way of starting a conversation.

Further, families should understand what long-term care covers and costs. The average cost of memory care in New Jersey, where my parents live, is an astounding $8,150 a month. Those of us in middle age should start to plan for ourselves, especially since long-term care insurance is no longer viable for most people due to outrageously high premiums and caps on coverage.

The author's dad in Milan, Italy, picking up spritzes at the hotel bar in 2019. "This was his last big vacation about two years after his diagnosis," she writes.

My father is a gem of a human being, beloved by all who meet him. He and I are extremely close. He taught me how to swim, to hike, to ride a bike, to drive a car. He taught me to be curious, to delight in the ocean, to appreciate nature and fresh air, to love to eat, to devour chocolate in all forms, to laugh at the silliest things, to give others the benefit of the doubt, to believe that most people in the world are good and kind, to be confident in myself and trust my decisions, and to be loving and grateful.

He is the most mentally healthy person I know, and to lose him this way - with his compassionate, calm, beautiful brain failing - feels particularly unjust.

Still, I cannot simply sit in this grief and just be present with him in whatever time we have left because there is always more research to do, more Medicaid planning to try to understand, more numbers to crunch, more lawyers to call, more anxiety to manage, more hoops to jump through while navigating a disjointed health care system.

To couple this slow loss, this long goodbye, with extreme worry and uncertainty about my parents' finances - How many months or years will he live? Can we afford that? Will my mother be able to stay in her house? Where will she go if we have to sell it? - is brutal and draining and tiring.

Every time I visit my dad, our beginning is the same. He takes one look at me, registers who I am, and says, "I love you so much." This sentence is usually the only clear one I get. During those precious moments, I get to be simply a daughter. But the moments are fleeting, for the financial problems and stress are never far away. It should not be this way for me or my family, or for anyone. If illness can lead to bankruptcy, I'd say our system is broken.
Kate Ferranti has nearly 25 years of experience in labor organizations, small business, and now higher education, with roles in executive leadership and management, operations and communications. She lives with her partner in Brooklyn, New York. Do you have a compelling personal story you'd like to see published on HuffPost? Find out what we're looking for here and send us a pitch. Do you have a compelling personal story you'd like to see published on HuffPost? Find out what we're looking for here and send us a pitch.
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It's no secret that escaping poverty can be daunting and overwhelming. With the odds stacked against you, it can easily become a vicious, inter-generational cycle.

Well, Reddit user u/fromTheYear3969 recently asked, "How did you come out of poverty/being broke?" And there were so many thought-provoking responses. Here are some of the top-voted answers:

1. "Sacrificed comfort and focused on getting the bare minimum of what I need and how to get more money. I ate ramen and bread, slept outside, and took a shower when I could. I got a job at Walmart, then Ross. Found a cheap motel to stay at with the girlfriend, and we scrimped and saved. But $33/night on a $50/day salary eats at you, and it was impossible to save. Like, it would have been years before I could have afforded just a car to make sure I got to work on time."

"So, I moved into my father's place and saved up for a car. They paid for my TESOL (certification to teach English), and I used a lifetime of miles from flying between my mother and father to get a ticket to Poland, sold the car, and found myself eating potatoes in Polska until I got a job teaching English. Then, the money was steady.

The moral of this story is that poverty is a scary fucking thing, and it's really hard to get out of it without friends and family. There's no easy way out, and the longer you're there, the deeper the holes get, especially if you start borrowing money."

- u/Mixedstereotype

3. "Being at the right place, at the right time, talking to the right people. You can be the most talented person in the world, but if you don't know how to play the social game and have a lot of luck, it sadly probably isn't going to happen."

- u/ClearRefrigerator519

"That's even on a simple level of 'I'd like to do X career.' Someone in the group will say, 'I heard Y is hiring.' So you apply at Y."

- u/Cloaked42m

4. "I was 100% on a path to just working menial labor-intensive jobs all my life in a shitty small town. An older guy who was a friend of a friend asked me three really important questions. 1.) Are you happy in the city you live in? 2.) Are you happy with the job you are in? 3.) Are you happy with how much you are getting paid? The answer as a 20-year-old kid was 'hell no' to all three. He asked what I was doing in a town I hated, working a job I hated, making money I hated. It clicked for me."

"I made my way to the next biggest town near me, sleeping on sofas and barely surviving for a few months until I got another shit job. But the fact that I was now in a city I liked changed a lot. Everything felt more possible - I changed something drastic in my life that made me happy. After six months, I said fuck it and applied for call center jobs that I naively thought only community college graduates could work at and got a job that paid $5-$8 more than minimum wage. Again, it really showed me that I had control over my life, and I just needed to 'make the jump.'

From there, I just kept climbing and staying hungry. I have never had a safety net, and I think that helps a lot. I'm by no means rich or outlandishly successful, but I can do what I want, when I want, and not stress out. More than I can say for all the people I grew up around."

- u/coreyrude

13. "I worked two jobs since 17 and lived with my mum until 29. I didn't have kids, didn't have a relationship, went to uni at 25 still working two jobs. I'm now working one good job I enjoy, getting married, and traveling about a month each year. I allow myself to spend any amount of money on mum, my wife-to-be, and will admit that I'm now spending money on myself. Not consumables, though! For myself, I'm buying nice things that will last a long time. If it's temporary and doesn't serve a purpose, I can't justify buying it."

- u/ThisWillHurtTheBrain

If you escaped poverty, what was your journey like? Share your experience in the comments below.
Note: Some responses have been edited for length and/or clarity.

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People Are Sharing How They Escaped Poverty, And It Really Shouldn't Be This Hard

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"Poverty is a scary thing, and it's really hard to get out of it without friends and family. There's no easy way out, and the longer you're there, the deeper the holes get, especially if you start borrowing money."

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20 People Shared How They Escaped Poverty

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14 Things You Do When You Grew Up Financially Unstable

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14 Things You Do When You Grew Up Financially Unstable | Wealth of Geeks

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November 4, 2023 We were not all born Bill Gates — and it’s nothing to be ashamed of. But while it’s not shameful to have grown up poor, certain things we do

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Five takeaways from Instacart’s S-1 filing | TechCrunch

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Instacart dropped its S-1 on Friday. Instacart is a very large private company, making its eventual debut a critical event for the back half of 2023.

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Stock charts and their accompanying data can appear complex and may be difficult to understand for new investors. The good news is that with a little help, these charts - and the information they contain - can be useful during your research process to more easily identify attractive investment opportunities.

By understanding the basics of how to read a stock chart, you'll be able to analyze new stock ideas more quickly and choose which investments are worth digging into further.

Here are the basics on reading stock charts for beginners.

How to read a stock chart

Stock charts can vary depending on the platform you're using to view them. Several financial websites offer them for free, but you can also find stock charts through your online stock broker.

The example chart below comes from Google Finance:

The chart

Looking at a stock chart is one of the easiest ways to get a sense for how the stock's price has performed over a certain period of time. With price per share on the y-axis and time on the x-axis, you can quickly see where the stock has been trading. The top of the chart lets you select different time periods to evaluate.

The big number in the top left is the current price per share ($998.50). Below that, you can see how the stock has changed over the time period you've selected. You can see Tesla has increased by $284.78, or nearly 40 percent, over the past year.

One cool feature of Google Finance charts is that the chart line turns green or red based on the stock's performance during the period of time you're looking at. In the example above, Tesla's stock increased over the prior 12 months, so the chart is green.

Looking at the long-term price chart is likely to give you the best sense of how the underlying business has performed. Stock prices can do just about anything in the short term, but over time they tend to reflect the performance of the underlying business.

Stock chart data basics to know

There is typically data that accompanies any stock chart that you'll come across. Here are definitions of the most common stock market terms you'll find.

Open: This amount refers to where the stock's price opened for trading on that given day.

High/low: These numbers are the highest and lowest prices that the stock traded at on that day.

Market cap: This figure refers to the company's market capitalization, or the value of all the company's outstanding shares. You can think of it as what it would cost to buy the entire company at the current price.

P/E ratio: This number is a valuation ratio and looks at where the stock price trades relative to the underlying company's annual earnings. The P/E ratio is one of the most popular in investment analysis and helps investors determine whether a stock is appropriately valued.

Dividend yield: This figure is calculated by taking the annual dividend per share and dividing by the current share price. Dividends are a way for companies to share profits with shareholders.

52-week high/low: These are the highest and lowest prices the stock has traded for in the past year. Some investors like to look for undervalued stocks on lists of companies trading near their 52-week lows.

Other stock market terms that may come up

As mentioned, stock charts can be different depending on where you're viewing them. Here are some other terms that you may come across when you're looking at stock charts and researching companies.

Volume/average volume: Volume refers to the number of shares that have been traded in a given day. You may also see numbers for average volume, which shows the average daily volume over some period of time, such as 30 days. Most large companies trade millions of shares each day.

EPS: This abbreviation stands for earnings per share, which measures how much a company made in profit per share.

Ex-dividend date: This refers to the date by which you must be a shareholder in order to receive the company's next dividend payment. If you don't own the stock by this date, you won't get the next dividend.

Beta: This numerical value is used by some investors to measure the riskiness of the stock based on its underlying volatility. Betas above a value of 1 have been more volatile than the overall market over the specified time period, while a beta below 1 means the shares have been less volatile. Not all investors agree that share price volatility is the best indicator of risk.

One-year target estimate: This value is an estimate of where the stock price will be in one year and is typically based on an average of several analyst estimates. This number should not be overly relied upon, as many forecasts turn out to be wrong.

Bottom line

Stock charts and the data that comes with them can be useful tools when you're researching a new stock idea. Once you get the basics down, you can quickly glance at many different charts and take in a lot of key information.

Though stock charts often highlight how volatile prices can be - especially over short time periods - keep in mind that the key long-term driver of a stock's price is the underlying company's earnings and cash flow. A stock can ultimately only be as successful as the business itself.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.

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How To Read Stock Charts: Learn The Basics | Bankrate

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Stock charts can seem confusing, but they're actually quite simple to read once you understand a few key terms. After you get the basics down, you can quickly glance at many different charts and take in a lot of key information. Here's what you need to know.

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‘Magnificent Seven’ investing playbook: How high can Nvidia stock go?

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How much juice does Nvidia stock have after a historic year?

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Raoul Pal, the former Goldman Sachs executive and astute CEO of Real Vision, has voiced a compelling argument for the profound impact of blockchain technology on the world of finance. He emphasizes how blockchain introduces an element of scarcity to assets that could otherwise be subject to limitless inflation.

Pal, a seasoned macro investor, expounded on the potential of cryptocurrency's market cycles, drawing intriguing parallels to the tech stocks they frequently correlate with.

In a recent Ask Me Anything (AMA) session , Pal delved into the transformative power of crypto and blockchain technology. He shed light on how their decentralized nature and cryptographic principles allow for the creation of digital assets that possess a crucial element in today's economy: scarcity.

Empowering Scarcity In A Digital World

Traditionally, fiat currencies and even tangible assets like gold are subject to the influence of governments, central banks, and market forces, which can lead to inflation or deflation. Blockchain, however, introduces a paradigm shift by enabling the creation of digital tokens with a predefined supply cap.

Pal's assertion rings true in the realm of cryptocurrencies like Bitcoin, where a fixed supply of 21 million coins exists, ensuring that scarcity is preserved. This unique attribute stands in stark contrast to the traditional monetary system, where central banks can print new money at will, potentially diluting the value of existing currency.

Through blockchain, individuals now have the opportunity to invest in assets that are engineered to retain scarcity in a digital world that has long struggled with the concept.

Owning The Network: Unparalleled Potential Of Crypto

The macro investor goes on to highlight a distinguishing factor that sets cryptocurrency apart from conventional investments: ownership of the network itself.

Unlike traditional stocks, where investors hold shares representing partial ownership in a company, blockchain offers a direct stake in the underlying network. Pal likens this distinction to owning a piece of a tech giant like Nvidia along with a share in the entire ecosystem of AI networks it supports.

Pal's insights reflect the unparalleled potential of cryptocurrencies to outpace other technology investments. While established tech giants like Microsoft and Nvidia offer lucrative but limited growth prospects, owning a portion of a blockchain network could yield exponential returns.

This unique ownership structure positions crypto investors to benefit not only from the value appreciation of the cryptocurrency itself but also from the broader network effects and monetization opportunities within the decentralized ecosystem.

Pal's perspective sheds light on the profound transformation that blockchain brings to the world of finance. By introducing scarcity to the digital realm and enabling direct ownership of networks, cryptocurrencies offer a fresh perspective on investment opportunities.

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Why Crypto Will Outperform Tech Stocks, According To Ex-Goldman Sachs Exec

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Pal, a seasoned macro investor, expounded on the potential of cryptocurrency's market cycles, drawing intriguing parallels to the tech stocks they frequently

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The ideal way to reach retirement age is debt-free, with no mortgage and a large nest egg saved up. In reality, most retirees carry some debt, don't have nearly enough retirement savings, and risk having their credit scores dinged at an age when they can least afford it.

About sevenin 10 retirees have non-mortgage debt and carry an average balance of nearly $20,000, according tothe 2023 State of Retirement Finances report from Clever Real Estate. The average retiree has only $170,726 saved for retirement, less than one-third of the recommended $556,400 based on Fidelity guidelines.

Retiring doesn't necessarily put your credit score at risk, but some factors could play a part in lowering your score. One of these is that you are now living on a fixed income, which leaves less wiggle room for financial hardships.

A lower credit score carries the same problems in retirement as it does at any time of life - you'll find it harder to borrow money when needed. Even with extended credit, you'll likely have to pay higher-than-average interest rates. You could sometimes have your Social Security payment garnished for outstanding debts.

Here's a look at six ways retirement can tank your credit score.

1. Closing credit cards: Retirees might think it's a good idea to close credit cards and try to live solely on retirement savings and Social Security benefits, but this could be a mistake. The age of your oldest active credit card account is a key factor in your credit score, Newsful reported. Closing old accounts can lower your score.

2. Running up your balances: With more free time, it can be tempting for new retirees to charge more than they should for travel, dining out and other discretionary items. Remember that running up your balances can skewer your debt-to-limit ratio, which hurts your credit score. The rule of thumb is to utilize less than 30% of the credit available to you, according to The Retirement Solution.

3. Not using credit: Although you don't want to charge too much on your credit cards, you don't want to stop using them altogether, either. As Newsful noted, you might have no credit score if you stop using credit cards. FICO considers credit files that haven't registered activity for six months inactive and don't issue a new score.

4. Missing payments: This problem doesn't only apply to retirees - you should always pay your debts on time, no matter your age. But once you make a major life change and get out of old routines, it might be easier to miss payments than before. Every time you miss or make a payment late, your credit score gets dinged.

5. Using retirement accounts to pay off major debts: Your 401(k), IRA and other retirement accounts are supposed to pay your bills and fund your lifestyle in retirement - not go toward major debts. If you empty your accounts to pay off major debts, you might be heading toward bankruptcy, ruining your credit score.

6. Paying bills for others: Depending on when you retire, you might have adult children or grandchildren just reaching college age or starting in the working world. They might need financial assistance or cosigners for loans. Nobody would discourage you from helping out loved ones, but you need to make sure you can afford to help before putting your finances and credit at risk.

The best way to avoid credit problems in retirement is to take steps to prevent them from happening in the first place. Experts recommend monitoring your credit score to ensure everything is accurate and fixing any issues that might have contributed to a lower score. For example, if you have a high debt-to-limit ratio, aim to get that back down to 30% or lower.

Ensure you are current on all your credit cards and other debts, and make every attempt to pay off large debt items such as your mortgage, auto loans and college loans. If you still have many years to pay your mortgage, consider downsizing to a less expensive home.
More From GOBankingRates

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6 Ways Retirement Can Tank Your Credit Score and Expert Advice to Prevent It

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The ideal way to reach retirement age is debt-free, with no mortgage and a large nest egg saved up. In reality, most retirees carry some debt, don't have nearly enough retirement savings, and risk having their credit scores dinged at an age when they can least afford it.

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Frugality is not a dirty word, even though it's gotten a bad rap. Why? There is a misconception that being frugal means being cheap. However, that's not really true.

Rather, a frugal person keeps an eye on their spending and does not take on more debt than is necessary. In fact, this is a trait many millionaires possess.

According to Thomas Corley, who studied rich people's habits for five years, wealth is built by avoiding lifestyle creep and focusing on frugality. As a result, 64% of the millionaires he interviewed described their homes as modest. All of them owned their homes, and 56% owned them for more than 20 years. Used cars are purchased by more than half, 55%.

In their spare time, they also adhere to this frugal mindset. 96% of respondents indicated they spend less than $6,000 a year on vacation, and 41% spent less than $3,000. Further, 84% said they had never gambled.

In order to develop a frugal mindset, you should ask yourself the following question: "Can I save money here if I put in a little extra effort and/or sacrifice?". In a world where temptation is all around, having a frugal mindset can be very helpful when it comes to being an American consumer.

For help getting started, here are 25 things frugal people do that you might not, but should.

1. Admit that you need a budget.

There's no way around this. To succeed financially, you must create and stick to a budget.

Although budgeting isn't always fun, it is essential to managing money. When you stick to a budget, you can prioritize what matters and ruthlessly eliminate what doesn't. However, almost 30% of Americans fail to budget because they don't see the need for it.

While creating a budget may seem complicated, it's actually a fairly straightforward process. Furthermore, once you have one, the bulk of the work is already done, and you can make minor adjustments as you change your spending habits or income. In order to get started, you can use websites and apps that can help you create a budget, or you can make your own spreadsheet.

If you've never created a budget, here's how to get the ball rolling:

Find out what your net income is, which is the amount you earn less taxes.

List your monthly expenses, like rent or mortgage payments and entertainment.

Make a list of your monthly expenses and mark them as fixed or variable. Rent, utilities, transportation, insurance, food, and debt repayment are all fixed expenses. A gym membership, for example, or how much you spend on dining out, are examples of variable expenses.

Provide a breakdown of your monthly expenses. Check your bank and credit card statements to see what you've spent.

Identify your monthly expenses and net income. You'll need to adjust your budget if your expenses exceed your income.

2. Search for deals and discounts.

Coupons and sales are always on the radar for frugal people. In addition to comparing prices, they shop during sales seasons and use apps that offer cashback and rewards. In fact, Warren Buffet, Lady Gaga, Suze Orman, and Carmelo Anthony have been known to use coupons.

Shopping for groceries? Plan your meals based on what's on sale for the week. For even more savings, you can find coupons on your local grocer's app for everything from frozen veggies to toilet paper.

Is it time to change your oil? A digital coupon can be found by doing a quick Google search.

Planning to stay at a hotel? Check for "stay three nights, get one free" deals.

For virtually every product and service, there are discounts and deals available - it's just a matter of finding them and taking advantage of them.

3. Rethink your meals.

Those who plan meals in advance save time and money by making a shopping list in advance. In addition to reducing food waste, they also avoid impulsive purchases. Also, they save money by cooking more often at home.

Why is that last point important? It can be costly to eat out. According to BLS data, Americans eat out 5.9 times a wee k, and they spend about $3,500 every year on eating out - or just under $300 per month.

Don't be afraid to experiment with recipes, use leftovers creatively, or pack a lunch for school or work.

4. Keep your home clean for a cheap.

There is a perception that a sanitary home must have expensive laundry soap, all-purpose spray cleaners, dishwasher detergent, foaming bathroom cleaner, fabric refresher, and other specialized toilet cleaners. It's no surprise, then, that the average American family of four spends at least $680 per year on cleaning products.

A thrifty homemaker knows that vinegar, baking soda, borax, washing soda, and Dawn dish detergent are great household cleaners (or can be used together).

5. Don't be fooled by "Get Rich Quick" schemes.

Repeat after me. You can't get rich quickly. Wealthy people have realized this.

Our friend Thomas Corley found that "16 percent of the wealthy gamble on sports at least once a week versus 52 percent of the poor." Additionally, "9 percent of the wealthy play the lottery every week versus 77 percent of the poor."

In short, don't waste your time trying to amass large amounts of wealth quickly. There is little to no chance of that happening. Instead, make your money work for you by investing it or paying off debt

6. Use every drop wisely.

Those who are frugal squeeze every last drop of toothpaste and face cream from their products. Additionally, they drain jars of olive oil and maple syrup. In addition, leftover bones can be simmered into stock, and Dijon mustard dregs can be used to make a vinaigrette. For greasing cake pans, they store butter wrappers.

7. Purchase used items.

A frugal person doesn't always have to buy new items. Their buying habits often involve buying used items, which saves them a lot of money. Online marketplaces, garage sales, and thrift stores are all places where used items can be found.

In order to save money, they often check thrift stores, the ReStore, local auctions, consignment stores, and online swap sites like Craigslist and Freecycle before buying anything new. Their default action is not to buy new, but they often wait or purchase the item if they can't find what they want.

9. Do-it-yourself (DIY).

A frugal person is usually handy and can do most things themselves. It is common for them to fix their own cars, paint their own homes, cut their own hair, or build their own furniture. As a result, they save money on labor costs.

10. Understand that time is money.

The previous tip may not apply in some cases. Sometimes it is more cost-effective to hire a service rather than do it yourself.

It is possible for people to be skilled in different areas. For example, it's time to call the plumber if the leaky faucet has become an unstoppable waterfall.

11. Price match.

Even though most of us make big purchases once or twice a year, they can eat up a large chunk of our budget and keep us from saving. In the case of car purchases, fridge replacements, home repairs, or family vacations, shopping around will pay off in the end.

When it comes time to make a big purchase, frugal people shop around before buying the first thing that meets their immediate needs. You can often find the item you're looking for at a substantial discount when you compare prices and options at different retailers.

Comparing prices from multiple sources can help you find coupon codes, discounts, or price matching that will reduce your purchase costs. If the deal doesn't work for you, you can negotiate and be willing to walk away. Taking a stand can save you a lot of money.

12. Combine errands.

Combining your errands is still essential, even though gas prices have dropped. To save gas, money, and time, I try to hit all the stores in one area at once. For example, if I have to run to the grocery store, I'll also drop off my dry cleaning or pop in for a haircut while I'm out.

13. Make friends with like-minded people.

Having an overspender in your life will regularly derail one's savings goals faster than anything else. On the flip side, you can stay on track, share tips, and hold each other accountable by finding frugal friends.

However, you can also increase your savings capacity by utilizing your friends.

Take advantage of group rates. Take advantage of group rates when watching a movie with your friends or going on a vacation with your friends.

Shop together for groceries. Buying things in bulk usually saves you a lot of money over buying them individually.

Organize potlucks. Instead of going, host a dinner party where everyone brings a dish.

Swap possessions. Instead of buying stuff, why not swap it? Consider swapping books or clothes that you no longer use with your friends.

Make saving a competition. When it comes to motivating yourself to reach a goal, nothing beats competition.

14. Trade services with others.

You may have a friend who is passionate about cooking. You might be better off asking them for assistance for a small family event rather than hiring a caterer. Enlist the help of a neighbor if they know how to fix cars or do household chores.

To avoid them feeling used, do them favors as well. In return, offer to watch their kids or do something similar.

15. Engage in low- and no-cost hobbies.

It's easy to spend an arm and leg when having fun. You can often have just as much fun without spending too much.

Frugal people have found ways to reduce entertainment costs. Here are some low- and no-cost hobbies and pastimes you can try:

Reading. Visit your local library and check out some books, or download books to your e-reader using your library's free app.

Walking. Get your sneakers on and head outside for a walk around the block or a walk through the local park.

Listening to podcasts. It doesn't matter what you're interested in, there's a podcast for it.

Meditation. For beginners, free apps and YouTube videos offer guided meditations.

Playing games. You can play board games and card games over and over again, even if they are expensive at first.

Volunteering. Taking part in a volunteer program is a great way to meet new people and help your community at the same time.

16. Invest in quality products.

A quality item won't need to be replaced as often as a lower-quality item, so I prefer to pay a little bit more for it. In other words, I know the quality brands and prefer them when making a purchase. As a result, I use higher quality brands if I can - even if that means paying full price.

Instead of skimping on a mattress, spend a little more on a quality mattress. Choosing the right mattress not only makes you feel refreshed, but it also relieves back neck, and joint pressure.

17. Saving on utilities.

In order to reduce their utility bills, frugal people actively look for ways to cut costs. As it turns out, according to the U.S. Energy Department, the average family spends nearly $1,400 per year on utilities.

The good news? You can reduce your utility bills in a number of ways. The following are some ideas to get you started.

Turn off lights when not in use

Switch to compact fluorescent light bulbs (CFLs) and LED bulbs

Unplug electronics

Switch air filters every 60 to 90 days

Use a programmable thermostat

Upgrade old appliances to energy-efficient ones

Seal air leaks around windows and doors.

18. Know when to buy in bulk.

I recommend checking the unit price whenever possible. In most cases, you don't get the best value from the smallest container.

As such, buying in bulk can be much cheaper for some items. Paper products would be a good example. In contrast, stockpiling fruits and veggies that will rot isn't such a good idea.

19. Reuse, recycle, and upcycle.

The concept of extreme frugality can be illustrated by reusing and upcycling items.

Plastic resealable baggies should be washed and reused.

The foil from one casserole dish can be used for the next one.

If you need to store other foods, keep glass jelly jars and plastic yogurt containers on hand.

Use the cottage cheese container to grow your own herbs.

You should be aware that excessive frugalness can lead to hoarding. You should hang onto items that you will use in the future, but throw them away if you won't use them.

20. Never buy a new car.

When you buy a used car for cash, you won't have to make a car payment. However, keep an eye on your budget to make sure you have enough money for unexpected repairs and maintenance. Typically, used cars aren't covered for these costs, and older vehicles can be costly.

Ultimately, it's a matter of preference. If you had a fixed vehicle cost each month, what would you prefer, a car loan or a lease? Do you prefer occasional car repairs or more frequent ones?

It's estimated that new car payments are $716 per month on average! Even with occasional repair costs, driving a used car could save you hundreds per month. If you must buy a new car, opt for a certified pre-owned one.

21. Travel on a budget.

Traveling frugally is one of my favorite frugal living tips. Why? While saving money, you can also see the world.

Make sure you travel during the "off-season" and opt for accommodations with a kitchen so you can prepare some of your meals. You can also save hundreds of dollars by purchasing discounted airline tickets or fares. Also, instead of purchasing souvenirs, take pictures.

22. Think about tomorrow.

"I'm not out here buying the latest cars. I don't have the biggest house on the block. I have a moderate house on the best block," Emmy-nominated actor Anthony Anderson told Kiplinger.com.

"My parents always stressed planning for the future," Anderson says. "It's not about the here and now. It's about 30 years from now - be aggressive about funding these various accounts while I'm young, so I'll have money coming in later in life."

In addition to saving money, frugal people invest it well as well. Saving money for retirement, children's education, and other future goals is a priority for them.

23. Examine your bank statements.

Is counting your calories part of your weight-loss plan? That's a given. Meals would be portioned out and you would log your food. Although it seems like common sense, most people don't apply it to their finances.

Keeping an eye on your spending is essential if you are trying to be more frugal. If you print out your statement, you can highlight some of the expenses that stand out.

Are there any streaming subscriptions that you haven't used? Get rid of some of them. Do you spend too much money at Starbucks? It's time to cut back.

A person who tries to save money and become frugal without considering their spending is like a person who wishes to lose weight without examining their diet.

24. Keep your bills to a minimum.

It is not possible to negotiate all bills, but you should try to negotiate the ones that you can. If you want your cable bill to be lowered, call your cable provider. or, better yet, switch to a free streaming service.

You should let go of the landline if you primarily use your cellphone. Get a better deal for your cellphone or car insurance by calling and seeing what plans are available. It only takes a few minutes of your time to save money by talking to a helpful agent.
25. Do not carry cash or plastic with you.
It will be harder for you to spend money on items that you do not really need if you leave your credit card at home and don't have a large amount of cash. In fact, according to U.S. News & World Report, it's been found that "86 percent of people who spend cash on luxuries like expensive cars, jewelry, and electronics are non-millionaires trying to act the part by purchasing luxury brands."

Take a cue from T. Boone Pickens and follow his example. Carry only the cash you'll need for your specific purchases on a shopping list. By doing so, you avoid adding to your debt. If you can't pay off your credit card or make a purchase without cash, then you probably can't afford it.

FAQs

What is frugality?

An individual who is frugal avoids unnecessary spending and is thrifty. In other words, it's about getting the most out of your money.

Why is it beneficial to be frugal?

Saving money. You can save money by being frugal for your future goals, such as retirement, a house down payment, or a vacation.

Reducing debt. You can pay off debt faster by being frugal.

Improving your financial security. Building your financial security and protecting yourself from unexpected expenses can be done through frugality.

Living a more sustainable lifestyle. Living frugally and reusing more can reduce your carbon footprint.

Enjoying life more. You don't have to live a frugal life to be bored or restricted. It is possible to enjoy life and have fun without breaking the bank if you are mindful of your spending.

What are some tips for being frugal?

To be frugal, follow these tips:

Create a budget and stick to it. Being frugal begins with this tip. If you track your spending, you will be able to see where your money is going and make adjustments that will result in greater savings.

Shop around for the best deals. Buy what you need from the first store you see, but don't just go to the first one you see. Ensure you compare prices and get the best deal by taking the time to do so.

Buy used instead of new. When it comes to used goods, there are many great deals to be found. Online marketplaces, thrift stores, and garage sales offer a variety of used clothes, furniture, and electronics.

Make your own stuff. Consider making clothes, food, and household items yourself if you can. In addition to saving you money, this is also a lot of fun.

Repurpose and recycle. Keep things instead of throwing them away. Use old items again and recycle them. In addition to being good for the environment, this is also cost-effective.

Be patient. People who are frugal don't expect to get everything they want immediately. It's not a problem for them to save up for something they really want, and they are willing to wait for a good deal.

What are the disadvantages of being frugal?

Frugality has a few potential drawbacks, including:

You may have to spend a lot of time on it. Comparing prices and tracking your spending can take a lot of time.

It has the potential to be restrictive. It is possible to lose out on things you enjoy if you're too frugal.

You may find it frustrating. Being frugal isn't for everyone, and not seeing results can be frustrating.

How can I be frugal without being cheap?

You don't have to be cheap to be frugal. Your quality of life and happiness can be preserved without sacrificing frugal living. Listed below are a few tips:

Focus on the big picture. Don't worry about the little things. Save money on items like housing, transportation, and food that require a lot of expenditures.

Don't be afraid to splurge on things you love. It's okay to spend money on something you really want if it's something you really want. Make sure you don't spend too much on unnecessary items.

Find ways to save money that are fun. There are many fun and easy ways to save money. Join a couponing club with your friends or shop for clothes at thrift stores.

The post 25 Things Frugal People Do (That You Aren't Doing and Should!) appeared first on Due.

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25 Things Frugal People Do (That You Aren't Doing and Should!) | Entrepreneur

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Frugality is not a dirty word, even though it's gotten a bad rap. Why? There is a misconception that being frugal means being cheap. However, that's not really true. Rather,...

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Retirement. Imagine it. Dropping out of the rat race forever, enjoying the time you have left - being with your family, pursuing the hobby you could never make time for, finally taking that dream vacation.

Unless you were born rich - and if you were, you probably wouldn't be reading this - you know it's not going to happen without a lot of saving and planning. You've seen the generic advice everywhere. Max out your 401(k), cut your expenses, go back to school so you can make more - but there are a million paths to financial security, and some of them might surprise you.

Here are five real-world examples of people that made smart moves that allowed them to enjoy a worry-free retirement.

Downsizing

Dennis Shirshikov, head of growth at Awning, shared the story of Tom and Lisa, who were able to secure a very comfortable retirement by significantly downsizing their lifestyle.

"As their retirement neared, they opted to downsize their lifestyle significantly. They sold their five-bedroom house in the city and bought a smaller, but comfortable, two-bedroom home in a quieter suburb. This not only reduced their living costs but also provided them with a considerable amount of cash from the sale, which they put into diversified investments.

"Now, they live comfortably off the income generated from their investments, and they've even had the chance to indulge in regular travel, something they've always dreamed of."

Investing In Rental Properties

Shirshikov also related the story of retired school teacher Sarah, who achieved her retirement dream by investing in rental real estate.

"Instead of choosing to put her money in typical retirement accounts like a 401(k), she opted for a more unconventional approach. By the time she retired, she had a portfolio of five rental properties, each providing a stable monthly income. To make it even more hassle-free, she engaged a property management company to deal with the daily operations. Now, in her retirement, she enjoys a steady stream of income that more than supports her lifestyle."

Never Stop Working - Sort Of

Finally, Shirshikov told GOBankingRates about Robert, a former corporate executive, who used a kind of hybrid approach to retirement to achieve total financial freedom.

"He started a consulting business in his late 50s, leveraging his decades of experience in the corporate world. He worked full time for the first couple of years, building his reputation and client base. By the time he reached his retirement age, he'd already transitioned his business into a part-time endeavor. This way, he not only keeps himself engaged but also supplements his retirement savings, giving him financial flexibility."

Move In With Your Kids - Sort Of

The idea of living with your adult children may sound like a nightmare, a dream come true or a little bit of both - but you could stay very close without truly living under the same roof. An ADU, or accessory dwelling unit, is the term for a secondary housing unit on a single-family residential lot. Sean Roberts, CEO of Villa Homes, told GOBankingRates about Sarah and Nile's smart ADU retirement money move.

"Prior to retiring, Sarah and Nile worked with their adult children to build an accessory dwelling unit in Santa Rosa. This backyard home has allowed them to be close to family. It is also designed in a way that allows for their post-career hobbies, including outdoor space for gardening - which they didn't have at their Seattle condo - and better weather for riding their bicycles.

"Sarah and Nile have downsized their home, reduced their living expenses, relocated closer to their grandchildren and moved into a comfortable one story home that allows for mobility as they age."

Purchase an ILIT

An ILIT, or irrevocable life insurance trust, is a slightly obscure financial instrument that acts to decrease the value of your estate so as to reduce the taxes paid on life insurance benefits passed from you to your beneficiaries after your death. It does carry some risk - what you put into the ILIT is legally no longer yours - so if you end up needing that money later on in retirement, you're out of luck.

In Nancy Butler's case, however, an ILIT gave her the freedom to retire on her terms.

"I sold my asset management and financial planning practice in 2007 after 25 years in business... [and] purchased an irrevocable life insurance trust and fully funded it before I retired. With no additional payments required for the rest of my life, it is comforting to know that this money will be available tax-free to my children when I pass. This gives me the peace of mind to know that if I choose or need to, I can spend every dollar I have saved before I die and really enjoy my retirement, because I know the people most important to me will be taken care of after I pass with tax-free proceeds from the trust."
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5 Ways To Include Your Children In Your Inheritance Planning

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5 Ways To Include Your Children In Your Inheritance Planning

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5 Ways To Include Your Children In Your Inheritance Planning

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Gunnar Pippel / Shutterstock.com

Inheritance is a complicated issue for many families. One of my clients was thankful for the money from his great grandfather, but didn't understand why he had to wait when he could have used the money sooner. He also didn't know that side of the family as well, so the whole thing made him uncomfortable.

When I thought about his comments, I could see his point and empathize. This is another reason why inheritance, whether it's money or a family business, rarely goes past the second generation. The stories of the family, the values, what happened to attain the money, and the purpose of the inheritance is lost because time was not taken to plan or communicate. In my 24 years of helping clients and families, I have seen the unfortunate squandering and lack of direction when inherited family wealth occurs. But, it doesn't have to be that way. I've found that a few pointed topics can guide a family and prevent confusion.

1. Discuss Family History

As you have read about my client's situation, family history is important. The goal is to prevent confusion for your family as you decide on your assets and inheritance. Most children and grandchildren are interested in their family's origin, and this includes careers and any legacy planning. The origin of the inheritance, along with stories about hard work and sacrifice, typically encourages future generations to appreciate it more. One of the best ways to start the conversation is to answer a few simple questions during a family meeting. This should be a fun, relaxing time for your children and grandchildren to listen and ask questions. It's better to discuss this now rather than after you've passed away.

Pro Tip

Three Important Questions to Ask:

1. Are you planning to leave any inheritance?

2. What is your reasoning behind your legacy plan?

3. Why are you discussing it now?

2. Explain Your Wishes

The best way to discuss your wishes with your family is to share your values and the mission and purpose of the money you have inherited. Then, paint a vision for the family. Your family may be confused about your decisions, so take the time to listen to their concerns. Avoid confrontational language, but allow them to voice their questions. If you don't understand what they are asking, have them clarify their question. Do not react to any of the questions regardless of how you feel. Remember, they are entitled to their opinions and feelings as well.

Pro Tip

Make a list of the top issues you want to verbally cover with your family. You don't want them to hear about your wishes being read by a stranger in your last will and testament! Your family should know your financial wishes, health directives, living arrangements, funeral wishes, and where to find all your important documents.

3. Show Them Your Documentation

Where you keep your information is just as important as your assets. I can tell you, from losing two parents in a short amount of time, it was crucial to understand where all of their essential documents were located. You'll want to make sure your family knows your estate planner's name and number, your financial advisor's name and number, your bank account information, any pension information, the deed or note on your home, the executor of the estate, your legal name, and your social security number. Be sure to keep all financial documents and planning notes in a secure location where only you or an authorized individual can access them.

4. Seek Professionals Help

You always need estate planners and financial advisors, the key is when to bring them in. Sometimes, they are a great third party that can guide everyone. I have had several meetings listening to the goals of each party, and I can bring everyone together without a bias being in the family. It gave the family an opportunity to have a listening ear. The key is to bring in advocates or experts who are great listeners. You don't want to invite financial advisors or estate attorneys because you think you should, or someone told you to include them. You should add them to the conversation if you think they can help move the process forward.

5. Involve In-Laws

This might make you think, you're kidding, right? I'm not. In-laws can be very helpful in this process. They can provide feedback from their own experiences or may be able to add additional information to the conversation that you may not be aware of. The question to ask is do those in-laws share your family values? Do you want their opinion or feedback? Only you can answer those questions.

I want to leave you with one final question to ask: What is the purpose of inheritance in your family? Everyone will have a different answer, but within those differences lies the answer to one similarity. Those answers will provide clarity and purpose and guide you to a plan that can be accepted by your family while leaving your wishes intact.

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5 Ways To Include Your Children In Your Inheritance Planning

# data[].attributes.attachment_link.description
Inheritance is a complicated issue for many families. One of my clients was thankful for the money from his great grandfather, but didn't understand why he had to wait when he could have used the money sooner. He also didn't know that side of the family as well, so the whole thing made him uncomfortable.