Congress just passed a bill with the biggest changes for retirement in 15 years. The legislation, called Secure 2.0, has new ways to save for retirement and take money out of savings for emergencies, as well as new rules on how much you'll be required to take out of your retirement accounts and how the government will provide money to match retirement savings for some people. In this Friends Talk Money episode, we tell you what the new law means for you.
Many financial advisors are not doing much to help their clients prepare for retirement other than managing their investments. In this episode, the three friends discuss the many other ways a truly independent, fiduciary financial planner can holistically come up with a comprehensive plan to help retirees answer their many questions, from deciding when to start Social Security and choosing Medicare coverage to figuring out where and how they may want to live and determining an appropriate estate planning strategy.
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Beverley Schottenstein is the matriarch of a billion dollar family empire. At age 93, she went into battle against one of the biggest banks in the world... and her own grandsons to teach them the lesson of their lives about much more than money.
With money market instruments earning less than 0.5% and most long-term CDs earning less than 2%, the reputation of fixed-income investments as safe and reliable income generators has taken a beating in recent years.
Investors looking for a mix of credit quality and higher yields are having to seek out U.S. government and corporate bonds with maturities of ten years or more. But these long-term bonds carry risks as well. Should economic growth, rising inflation and reduced global demand for U.S. government bonds compel the Federal Reserve to raise interest rates in coming years, this will result in higher interest rates for new bonds and falling prices for existing bonds to make their relative yields more attractive. Long-term bondholders may end up losing money if circumstances require them to sell their bonds.
Somehow my 3 year old has about 10 million coins and stars(?) in My Talking Tom 2. Is this normal? My 6 year old is claiming it's "unlimited money" although it's going down when stuff is bought. When I look up unlimited money I see 999.9M not the 10M he has. I have no purchase history on the app store or my credit card and when I try to buy something in the play store it still asks for my password. I know he was watching a lot of ads the other day. I don't play the game so I have no idea what's reasonable. When I tried to open the in game store, there was no coin purchase options in the 3yo tablet, but there was in the 6yo tablet.
DO remember that you are not obligated to keep up. If you have friends whose lifestyle or looseness with money is making you feel like you need to prove yourself or impress someone, you may need to hang out with them less often for now. Preserve your own mental and financial health.
"Talk about money with friends" is a popular piece of personal finance advice. Experts argue these conversations can help break down the taboos around the subject and hold you accountable to your goals. For women, talking to friends about salaries, negotiating and investing is painted as a sort of financial feminism.
Thanks to my job, it feels like I talk about money all the time. But I recently realized that I'm not actually having many in-depth conversations about finances with my friends. It might come up from time to time, but we rarely talk about the mechanics of our money or how it makes us feel beyond a simple "stressed."
I set out to change that this weekend by hosting a Money Salon, as one friend deemed it, with a few close friends at my apartment. Over some snacks and a few bottles of wine, we had a free-flowing and wide-ranging conversation about money. Our talk covered the philosophical, including discussing the moralistic language that accompanies a lot of financial advice, as well as the nuts and bolts of personal finance, like health-care costs and credit scores.
"It was so refreshing to just talk about money in general, even without a specific bone to pick," one friend texted me a few days later. "I felt so satisfied with the convo even though I didn't walk away with any official conclusions/a bunch of next steps/we didn't solve all our money problems."
And while we certainly didn't come up with a solution to the ridiculously high cost of medical care in the U.S., talking it out with each other, at least in my view, offered much needed money catharsis.
I kept my invite list to a core group of five girlfriends who knew each other well, and who I thought would be open to having an intimate conversation on a complicated topic. I specifically invited only women because research shows that men speak significantly more than women in meetings, and I wanted my guests to speak honestly, candidly and equally, without fear of interruption.
This isn't to say you shouldn't invite someone who isn't friends with everyone in the group. But it's important to set expectations ahead of time and let everyone know you'll be openly discussing sensitive topics.
To that end, I sent an email invite to my friends detailing what we'd be talking about and why it's important. I noted that the details of what we discussed would stay strictly between us. And of course, I let my friends know I was writing about the experience, though I wouldn't use any identifying information.
When I first broached the subject with them, some were hesitant to join. One friend was clearly nervous about talking about a subject that causes her a lot of anxiety and shame. Another felt judged in the past for how much money she saves, and said she didn't want to come off as "preachy."
Those feelings are understandable, but I reassured my friends that the goal wasn't to tell each other how to live our lives, or take a moral high ground, as many people seem to do in our money-obsessed culture. It was simply to share our true feelings about money with friends who would acknowledge them and, perhaps, have some insight to offer.
If you're hosting, you'll want to brainstorm a few topics or questions ahead of time. To formulate my questions, I considered what I wanted out of the evening, and what would be a good topic to ease us all into the money talk. I landed on:
Assuming your guests are friends you feel comfortable around, it's not hard to keep the conversation going. Be sure to ask your guests if they have questions or topics they want to tackle. And it's okay to talk about non-money subjects, too.
Now that we've built a foundation of trust, at the next salon I might suggest that we discuss one core topic, like salary negotiation or how we all budget. Inevitably, it will lead to other discussions, but that's a good tactic to get people focused and talking.
This might seem basic, but I find it is incredibly important, especially if your friends seem unsure or uncomfortable. You want to let them know you heard them, and that you are invested in what they are saying and their thoughts and feelings.
Among my group of friends, the conversation flowed easy and, despite our different backgrounds, we found ourselves agreeing on and relating to each other on many topics. The most polarizing topic was budgets and whether they actually work. I offered to share my spending and saving worksheet, while a few others acknowledged sticking to arbitrary budgeting figures just doesn't work for them.
Often, we're advised to talk about money with friends for what could be considered selfish reasons: To learn about their investment strategy or how they asked for a raise, etc. But what this Money Salon taught me was that each of my friends have anxieties and opinions and beliefs that I wasn't privy to before, simply because we hadn't set aside time to talk about this one huge subject.
Talking about it for a few hours won't solve all of our problems. But it was therapeutic to hear my friends open up about the same issues I have with money. After, I felt a lot less guilty about my money habits, and I realized that most of us are just going the best we can with what we've got. And while I might talk about money a lot, there's always more to say.
While we often want to be spontaneous, planning ahead gives friends time to budget, says Flynanced founder Cinneah El-Amin, who teaches working women how to build wealth and save for travel. El-Amin notes that not everyone has disposable income to spend on an Airbnb or flights right away, so time is essential.
Hank: (rouses up) I'm in trouble guys. I made a crazy, crazy promise that I would eat a hamburger, with everyone who gave me money. But so many people gave me money! That I can't possibly eat that many hamburgers! (sighs)
So, as well as doing my own research and undertaking my husband's tutoring, I decided I'd do what I usually do when I find something difficult, I turned to my friends for their insight and advice. And this was eye-opening, to say the least.
Mel's reaction wasn't a one-off. Out of the five female friends who I raised the topic of money with, only two were comfortable and forthcoming in sharing their personal financial circumstances with me.
Interestingly though, my three friends who weren't comfortable discussing their finances were completely happy to share other personal and intimate information. They freely opened up about their sex lives, marital problems and health issues, of all kinds, without batting of an eyelid.
If you really value your friendship, then don't get confrontational when asking for your cash. You might be annoyed that it's come to this, but you could end up waving goodbye to your friendship as well as your cash if you're rude about it.
You've obviously got a kind heart and a compassionate nature if you offered to lend the cash in the first place. Remind yourself of this, as you're much more likely to emerge from the situation unscathed if you manage to keep a cool head about it.Drop hints about your own financial situationNo one likes asking for money, and it's safe to say that no one likes being asked for it either. Although you might not see it this way, it's equally stressful for both parties, so the less painful you can make it, the better. ff782bc1db