Wages have outpaced inflation since 2020 but many consumers still feel burdened by prices American consumers have been frustrated by high prices over past years, but there's some good news: wages have outpaced inflation since the start of the COVID-19 pandemic.Since 2020, average hourly wages for most US workers have risen faster than the consumer price index, meaning income has maintained its purchasing power... Published on: 2024-07-26 Source: Wealthkare.com Article Feed The Future Belongs to American Companies, Not Necessarily to Americans Is there a better gauge of a nation’s strength than the vitality of its businesses? Thriving enterprises are a source of wealth and power, drivers of job creation, foundries for new technologies, and a sign that the institutions of education, finance, law and politics are working as they should.So, eight... Published on: 2024-07-25 Source: Wealthkare.com Article Feed Average Net Worth By Age And Ways To Increase It Are you richer than your neighbor? You can make an educated guess at the answer by reviewing your wealth relative to net worth averages. If the comparison doesn't go your way, your next question may be: How can I raise my net worth so I can have more money than... Published on: 2024-07-24 Source: Wealthkare.com Article Feed Just Your Average Millionaire (Aug) The average net worth of U.S. families surpassed $1 million ($1,063,700) for the first time in 2022, after increasing 23% from 2019. (A family's net worth is the total of their financial assets minus their liabilities, or debts.) Unfortunately, this milestone does not mean the typical American is a millionaire,... Published on: 2024-07-23 Source: Wealthkare.com Article Feed 10 Ways To Build Career Resilience And Handle Whatever Comes Your Way So far, 2024 has been a tumultuous year for so many of us—a year of losses and grief. I’m not going to name them, because you have lived through them and know what they are. What I will say is that we seem to be surrounded by division in the... Published on: 2024-07-22 Source: Wealthkare.com Article Feed Home Insurance Rates in America Are Wildly Distorted. Here’s Why. ENID, Okla. — Surrounded by farms about 90 minutes north of Oklahoma City, Enid has an unwelcome distinction: Home insurance is more expensive, relative to home values, than almost anywhere else in the country.Enid is hardly the American community that is most vulnerable to damaging weather. Yet as a share... Published on: 2024-07-21 Source: Wealthkare.com Article Feed 6 Ways To Get More Tax-Free Income In Retirement I've never met anyone who loves paying more taxes on their retirement income. Building a retirement income you won't outlive is hard enough without overpaying your taxes. Any strategy that helps you increase the amount of your tax-free retirement income will help minimize these two challenges. Do you have a... Published on: 2024-07-20 Source: Wealthkare.com Article Feed Private equity has become hazardous terrain for investors The tailwind of freakishly loose monetary policy is now over. iStock-1193315538 The rise and rise of private markets has a feeling of inexorability about it. Despite increased financing costs and an uncertain growth outlook, private market assets under management totalled $13.1tn on June 30 last year, having grown at nearly... Published on: 2024-07-19 Source: Wealthkare.com Article Feed An Heiress Just Let 50 Strangers Pick How She Spent Her Millions. Will Others Try It? On the advice of 50 strangers, Austrian chemical heiress Marlene Engelhorn is giving away €25 million ($27 million) of her inheritance to 77 organizations supporting affordable housing, closing tax loopholes for the rich and the fight against climate change.What she organized, a citizens’ assembly, is an unusual approach to philanthropy—but... Published on: 2024-07-18 Source: Wealthkare.com Article Feed Will summer vibes boost your portfolio? What could put investors in a better mood to buy than a couple of months of sport and sun? But the season has its pitfalls. iStock-1397762443 If markets are driven by psychology and emotion, then surely a long summer break interspersed with blue-ribbon sporting events is just the boost my... Published on: 2024-07-17 Source: Wealthkare.com Article Feed How Digital Money Really Works If you have a burning question about how money works, Patrick McKenzie probably has the answer. The software engineer/blogger/vaccine database founder’s widely read newsletter, Bits About Money, is dedicated to thinking about the often-misunderstood concepts at the intersection of tech and finance—or, as he puts it, “the modern financial infrastructure... Published on: 2024-07-16 Source: Wealthkare.com Article Feed Tracking 2024 Midyear Geopolitical, Labor, Inflation, AI And ESG Trends From the opening hours of 2024, it was clear that the year would not be ordinary. As business leaders mark the year’s mid-point, here’s a look at how predictions on 2024 trends are tracking in an environment where boards and senior management teams pursue growth while managing risks and opportunities,... Published on: 2024-07-15 Source: Wealthkare.com Article Feed AI bubble set to inflate further It will take time for the technology to be put to productive use by customers. iStock-1141488945 There are several truisms when it comes to tech bubbles. One is that it’s often difficult to see one when you are inside it: each individual spending or investment decision can seem rational, even... Published on: 2024-07-14 Source: Wealthkare.com Article Feed 9 Essential Money Moves You Need To Know Building wealth is a journey that requires strategic planning, disciplined execution, and a commitment to long-term goals. Whether you’re just starting out or looking to optimize your financial strategy, understanding and implementing key money moves can significantly impact your financial future. Essential Money Moves You Need To KnowGETTY Here are... Published on: 2024-07-13 Source: Wealthkare.com Article Feed 15 Ways To Strengthen Your Finances Ahead Of A Possible U.S. Recession Analysis by BCA Research warns that the US economy may face a recession in 2024 or 2025, as reported by Fox Business. While the Federal Reserve’s recent statement implied otherwise, it is prudent to consider the possibility of a recession, just in case. What if a recession happens?GETTY Below are... Published on: 2024-07-12 Source: Wealthkare.com Article Feed How Much Does It Cost to Develop and Train AI? Here's the Current Price, According to the CEO of an $18 Billion AI Startup. Most startups won't be able to afford to sign up for the AI race, the CEO of $18 billion Anthropic admits. In a recent "In Good Company" podcast interview with Norges Bank CEO Nicolai Tangen, Anthropic CEO Dario Amodei went into the nuts and bolts of AI development — including... Published on: 2024-07-11 Source: Wealthkare.com Article Feed 529 Plan: What it is, how it works, pros and cons What Is a 529 Plan?As the cost of higher education continues to rise and the problems of many Americans spending much of their adulthood mired in student debt is readily apparent, many are turning to tax-advantaged 529 savings plans to help fund their children's education. Named after Section 529 of... Published on: 2024-07-10 Source: Wealthkare.com Article Feed Is there an income limit on who can open a 529 account? No. People of any income level are able to open and contribute to a 529 plan account. Note: Before investing in a 529 plan, please consider the investment objectives, risks, charges, and expenses carefully. The official disclosure statements and applicable prospectuses, which contain this and other information about the investment... Published on: 2024-07-09 Source: Wealthkare.com Article Feed Why Some People Don’t Talk About Money With Their Partner People who are stressed about their finances are often wary of talking about money with their romantic partners, even though it may be beneficial to their relationship, new research finds.People worried about bills, feeling overwhelmed about overspending or concerned about money management may expect a “money talk” to lead to... Published on: 2024-07-07 Source: Wealthkare.com Article Feed Self-Canceling Installment Note (SCIN) When you use a SCIN and your business is a cash basis taxpayer, you can spread any gain on the sale of your business over the term of the SCIN. This allows you to avoid a large tax liability in the year of the sale. If your family buyer resells... Published on: 2024-07-06 Source: Wealthkare.com Article Feed How will I ever pay off my student loans? Repaying student loans is an important financial obligation. But doing so can take many years of dedication and sacrifice. First, understand your repayment terms, specifically the current term of your loan and the interest rate. Can you get a lower interest rate if the loan amount is automatically debited from... Published on: 2024-07-05 Source: Wealthkare.com Article Feed Visions of sanctuary, in life and art In a culture that tells us rest is for the weak, we need space to refresh body and mind. iStock-1328575369 Last week I was at Art Basel, walking through the fair’s Unlimited exhibition space, where monumental works and multimedia projects are on view. The hall was noisy and filled with... Published on: 2024-07-04 Source: Wealthkare.com Article Feed Should I save for college in my name or my child's name? There are three potential drawbacks to saving in your child's name: the kiddie tax, federal financial aid rules, and control issues. First, the kiddie tax. At one time, saving money in a child's name was recommended because of the tax saving opportunities that resulted when children were taxed at their... Published on: 2024-07-03 Source: Wealthkare.com Article Feed When are college applications due? It depends whether a student is applying early decision, early action, or regular decision. Students who are applying early action or early decision will generally need to submit their applications by October of their senior year in high school, and can expect to hear back from colleges by December or... Published on: 2024-07-02 Source: Wealthkare.com Article Feed The chances of getting bitten by a shark while you're swimming at the beach are surprisingly low The chances of being attacked and killed by a shark are one in 3.75 million.The US and Australia consistently report the most shark attacks each year.But your chances of dying from a shark attack are rare and lower than death by a lightning strike.Shark attacks are one of the most... Published on: 2024-07-01 Source: Wealthkare.com Article Feed McDonald’s v Burger King: what a price war means for inflation In the cartoon “SpongeBob SquarePants”, Mr Krabs, purveyor of krabby patty hamburgers, is a frequent and ruthless price-gouger. He can get away with it because he has no competition, save for the unappetising Chum Bucket. McDonald’s, a chain that flips real-world hamburgers, can only dream of Mr Krabs’s pricing power.... Published on: 2024-06-30 Source: Wealthkare.com Article Feed Can anyone get a Pell Grant for college? No. The Pell Grant is a federal grant that the government offers only to those undergraduate students who demonstrate exceptional financial need. The determination of exceptional financial need is based on the income and asset information supplied on the federal government's financial aid application, the FAFSA. For the 2023-2024 academic... Published on: 2024-06-29 Source: Wealthkare.com Article Feed How does the federal financial aid process work? For the federal government to determine your child's financial aid eligibility, you must first complete its aid application known as the Free Application for Federal Student Aid, or FAFSA. The FAFSA requires specific income and asset information from both you and your child. Independent students do not need to list... Published on: 2024-06-28 Source: Wealthkare.com Article Feed What is an income-driven repayment plan for student loans? The federal government offers several income-driven repayment plans for borrowers with federal student loans. Under these plans, a borrower's monthly student loan payments are calculated based on his or her discretionary income and family size, which are verified and updated each year. Borrowers must qualify for these plans — enrollment... Published on: 2024-06-27 Source: Wealthkare.com Article Feed What I’m Telling My Clients About Sustainable Investing Sustainable investing has become an increasingly more common pursuit among investors. This reflects a growing awareness of the impact investments can have beyond financial returns.According to a report by Morgan Stanley, more than three-quarters (77%) of individual investors globally say they are interested in investing in companies or funds that... Published on: 2024-06-26 Source: Wealthkare.com Article Feed ESG Debt: Scoping Out the Universe of Sustainable Bonds COPYRIGHT ©2023 WEALTHKARE.COM, INC. ALL RIGHTS RESERVED | FEE-BASED FINANCIAL PLANNING AND INVESTMENT ADVISORY SERVICES ARE OFFERED BY WEALTHKARE.COM, INC. A REGISTERED INVESTMENT ADVISOR DOMICILED IN PENNSYLVANIA. INSURANCE RELATED CONSULTING, PRODUCTS AND SERVICES ARE OFFERED THROUGH AMERICAN ASSETS FINANCIAL CORP. & RIA WEALTH SOLUTIONS LLC. WEALTHKARE.COM, INC., RIA WEALTH SOLUTIONS... Published on: 2024-06-25 Source: Wealthkare.com Article Feed Term to Whole Life Conversion There are two main types of life insurance policies to choose from: permanent life and term life.Unlike permanent life insurance that never expires and has cash value, term life insurance has a timeframe — five, 10, 20, or 30 years. If you outlive your term life policy, you must reapply... Published on: 2024-06-24 Source: Wealthkare.com Article Feed Can I roll a retirement plan distribution into an IRA? If you're asking this question, you probably have a 401(k) or other retirement plan through a former employer. The short answer is yes — most retirement plans allow you to roll your plan funds over into an IRA after you've left your employer's service. However, there is more than one... Published on: 2024-06-23 Source: Wealthkare.com Article Feed I've Coached Many Successful Entrepreneurs — Here are 7 Lessons I've Learned Along the Way I've spent the last several years coaching some of the most successful entrepreneurs from all over the world. I've seen up close what helps them achieve great prosperity while creating a lot of energy and happiness in their work and personal lives. The path to success varies widely among those... Published on: 2024-06-22 Source: Wealthkare.com Article Feed U.S. stock concentration - it’s not all doom and gloom U.S. equity market concentration is, by some measures, now the strongest ever, raising justifiable concerns that having the entire market’s fate in the hands of so few stocks will only end in tears.The current environment highlights a lack of diversification and risk-spreading options, fuels bubble speculation, and makes it difficult... Published on: 2024-06-20 Source: Wealthkare.com Article Feed 1 2 3 … Next Wages have outpaced inflation since 2020 but many consumers still feel burdened by pricesThe Future Belongs to American Companies, Not Necessarily to AmericansAverage Net Worth By Age And Ways To Increase ItJust Your Average Millionaire (Aug)10 Ways To Build Career Resilience And Handle Whatever Comes Your Way401(k) AI Bankruptcy Business Business Planning Debt Disability Economics Finance Income Inflation investment Management Money Planning Rates Retirement Savings Stock Market Taxes Tech Tourism Updates Wealth Management