protectyourmoney
Where did the term “nest egg” originate? To encourage the hens to lay more eggs, farmers used to leave one egg in the henhouse. Today, nest eggs typically refer to retirement savings that you do not touch until you retire. It’s the money you save for the future so that you have something to fall back on when you retire. In many financial plans, the stated objective is to grow your nest egg. Nest eggs come in a variety of types. Often, the strategy involves saving or investing a sum of money or other assets for long-term objectives such as retirement, paying for college, and buying a house. Add...
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As worries grew about the Federal Reserve and other central banks being willing to bring on a recession to control inflation, stock prices plunged on December 16, 2022. This is the second straight week that the Standard & Poor’s 500 has lost 1.4%. It fell by 407 points, or 1.2%, on the Dow Jones industrial average to 32,796 points and by 1% on the Nasdaq composite. Investors’ hopes for interest rate cuts next year were dashed as well when the Fed raised its forecast for how high interest rates will ultimately go. Inflation, while down from its highest levels in decades, remains painfully high....
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“Rule Number One: Never Lose Money. Rule Number Two: Never Forget Rule Number One” As a result of the financial crisis of 2008, Warren Buffett lost about $23 billion personally, and his company, Berkshire Hathaway, lost its AAA credit rating. So how can he tell us not to lose money, then? His point is that a sensible investor has a certain mindset that includes:Avoid frivolous spending.Make sure you don’t gamble.Don’t make investments with a cocky attitude that you can lose money.Educate yourself.He invests only in companies that he understands and thoroughly researches. You shouldn’t enter in...
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Society has come under a unique amount of stress in recent years. So have plenty of financial investments. A pandemic created economic disruption around the globe. The “Great Resignation” put pressure on businesses—pressure that those companies have passed along to consumers in different ways. Ongoing inflation continues to aggravate income and increase expenses. War in Europe is impacting supply chains. No matter where you turn, there are factors contributing to the financial pressure cooker of the present. As individuals look for ways to preserve their wealth, the specter of cybercrime remai...
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According to David Korten, a former Harvard Business School professor, money is a mechanism for controlling people. Narcissists are acutely aware of this. An individual who is a narcissist will feel powerful and dominant over others, even with a small amount of money. Worst of all? It starts out small. Maybe they lend you a hundred bucks. Next thing you know, they remove your name from a bank account. And eventually, this snowballs into stealing or even extortion. Suffice it to say, having a narcissistic spender in your life isn’t just frustrating. They can have a profound and devasting effect...
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Recessions are part of the business cycle. However, this doesn’t mean they must be painful or destructive to our finances. Many industries hold their own and even thrive during economic downturns. The secret is finding these recession-proof industries. It’s unfortunate, but there’s simply no way around recessions. We all have to go through them. Read on as we look at some of the best choices to safeguard and grow your money during recessions, from everyday purchases to real estate. How To Invest With a Recession On The HorizonWhen you think about it, a recession is always approaching, even in ...
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Annuities, at their core, are simply tax-deferred investments sold by insurance companies to supplement financial security during retirement. At the same time, there are many different types of annuities that make annuities more complex. As a result, Americans may be scared of annuities when considering their financial goals. With that said, one of the most frequent questions people have regarding annuities is, “What happens to my principal?” Well, here’s what you need to know. What is Annuity Principal?One of the main concerns of many retirees is running out of money. In fact, t...
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It’s no secret that it’s hard to plan for retirement. In addition to growing a sizeable nest egg, you must protect it from external factors like market volatility, inflation, and unforeseen expenses. And, to be brutally honest, that’s been tough as of late. Northwestern Mutual’s 2022 Planning & Progress Study shows that personal savings are down 15% from $73,100 in 2021 to $62,086 in 2022. Moreover, 60% of American adults say the pandemic is “highly disruptive” to their finances. In the midst of the pandemic, though, Americans saved around $2.5 trillion. Unfortunately, those cash rese...
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Whether you want to profit off a passion, a side hustle to pay down debt, or make a living without leaving home, there are hundreds of legit ways to make money online. The key, however, is that you need to follow these 10 golden rules to make money online. If you don’t follow a few basic online business rules — you might just risk everything that you’ve built. 1. Online businesses are first and foremost businesses.Many moons ago, I decided to sell some of my personal possessions. I was planning to move and didn’t want to lug around things I no longer needed. So, I listed them on sites like eBa...
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Don’t be stunned when I tell you this. But, you can’t trust every financial advisor out there. I mean there really are people out there like Matthew McConaughey’s character in “The Wolf of Wall Street” conducting some really dirty business. In fact, according to one study, 7.3% of financial advisors in the United States have been cited for abuse. If you dig deeper into the data, though, one in 12 financial advisors in the U.S. has been cited for misconduct. ”These things are not frivolous,” Mark Egan, an assistant professor of finance at Harvard Business School and a co-author of the study, to...
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