Michelle and Ryan, in their early 40s, have a net worth of $970,000 but need help with daily finances. They continue to dig into their savings for regular expenses despite Ryan earning $140,000 annually. The couple spends a lot on their three kids and avoids telling them they don’t have the money. “I don’t say, … Read more
A Morningstar Center for Retirement & Policy Studies research leveraged a new simulation tool to find that 45% of Americans retiring at 65 face risks of running out of money in retirement as people live longer and share greater responsibility for their retirement savings. The simulation considered attributes like health conditions, nursing home expenses, and … Read more
A woman recently shared her ordeal with MarketWatch on how her ex-husband drained her life savings when they were married. He hacked her email, forged documents, and impersonated her to take over their joint account and silently transfer her business savings into his separate accounts using a PayPal account. The husband created the PayPal account … Read more
TD Bank Group, which is mired in a money-laundering scandal in the U.S., said Raymond Chun will replace chief executive Bharat Masrani, who is retiring next year. Chun, who stepped into the role of head of Canadian personal banking last December, will become chief operating officer on Nov. 1 before taking over the top job … Read more
For multi-millionaire and best-selling author Ramit Sethi, the moment he realised he didn’t have to work anymore was pivotal. At 42, Sethi’s investments were generating far more income than his expenses. In a recent YouTube video, the host of Netflix’s How To Get Rich explained how the FIRE (Financial Independence Retire Early) movement combines long-established … Read more
Retirement vehicles like 401(k) and individual retirement accounts (IRA) offer multiple tax benefits, high annual contribution limits, and investment options tailored to grow your hard-earned money with the power of compounding interest. Many 401(k) account holders choose to roll over their 401(k) investments into a traditional IRA for more personalised investment choices, better control over … Read more
The survey reveals that 64% of individuals wished they had begun their term insurance journey sooner. (Representative image) Saving and securing their loved ones’ future emerge as the primary reasons for opting for life insurance policies. Imagine yourself navigating the demands of daily life—balancing your career goals, family obligations, and the constant pursuit of a … Read more
US Vice Presidential candidate Tim Walz, 60, worked in multiple professions over the decades before becoming the 41st Minnesota Governor in 2019. He holds a master’s degree in education leadership and has implemented several progressive policies, including free school meals and better worker leave terms. The financial impact of these policies and Walz’s records on … Read more
People save in emergency funds to overcome unexpected expenses like medical bills and home repairs or to stay afloat during job losses. However, high borrowing and living costs, relatively muted wage growth, job losses, and lower-than-expected job openings have severely strained US household budgets. The mounting pressure to accommodate rising costs has stunted Americans’ ability … Read more
Financial services firm Empower’s March survey of 2,204 US adults revealed that the definition of wealth and happiness is rapidly shifting from earning money to valuing time. Around 63% of the survey respondents would feel wealthy if they got sufficient time with friends and family, and nearly 40% believe saving time is more important than … Read more
