U.S. markets 'no longer the only game in town' for investors, says Fidelity's Jurrien Timmer
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13 hours ago
- Yahoo
I Asked ChatGPT To Give Me the ‘Cheat Code' for Making the Most of My Money: Here's What It Said
If managing money feels like trying to beat a boss level with no walkthrough, you're not alone. Many people work hard but still feel stuck in the same place financially. So the idea of a 'cheat code,' like having a simple, strategic way to make money work harder, feels tempting. Read Next: Explore More: GOBankingRates asked ChatGPT to outline the most effective habits and tools that can stretch, grow and protect income over time. The goal is not to get rich overnight, but to play smarter with what you earn. So this is the cheat code for making the most of your money, according to ChatGPT. Also see seven tricks to make the most of your bank accounts. Automate Everything You Can ChatGPT put automation at the top of the list. That means setting up automatic transfers into a high-yield savings account, scheduling bill payments and directing part of each paycheck to investments. Services like Wealthfront and Betterment help users auto-invest based on risk preferences. The same goes for investing apps like Fidelity and Vanguard, which let you schedule regular deposits into index funds. Using budgeting tools can help you track spending and catch leaks before they drain your account. 'Automating your money removes emotion and inconsistency from your finances. It's the closest thing to passive self-discipline,' ChatGPT explained. Check Out: Live Below Your Means, Aggressively Living below your means isn't about being cheap; it's about being strategic. ChatGPT suggested tracking every dollar, capping lifestyle creep and viewing minimalist living as a strength. The less you spend, the faster you build a surplus. To do so, it recommended learning how to budget. 'You don't need to track pennies to win at budgeting. What matters most is having a repeatable system,' ChatGPT said. It recommended two simple methods: The 50/30/20 rule: 50% for needs, 30% for wants, 20% for savings or debt Zero-based budgeting: Assign every dollar a job. Apps like YNAB and Goodbudget can help users stick to a plan without getting overwhelmed. Invest Early — Even With Small Amounts Compound interest is the real cheat code. ChatGPT explained that investing early, even small amounts, can grow into a large sum over time. Consistency is key. Put money into broad-market exchange-traded funds (ETFs) or index funds, use tax-advantaged accounts like a Roth IRA, and always reinvest dividends. The sooner you start, the more time your money has to multiply, and history shows this approach beats trying to time the market. Starting small is often better than waiting for the 'right' time. 'Time beats timing. The earlier you invest, the more compound interest works in your favor,' according to ChatGPT. Build an Emergency Buffer One overlooked cheat code is having money set aside for surprises. Surprises happen, and an emergency fund is your financial firewall. ChatGPT recommended saving three to six months' worth of expenses in a high-yield savings account. This cash cushion keeps you from dipping into investments or racking up debt when life throws a curveball. Having this safety net reduces stress and prevents financial setbacks from turning into disasters. Learn How To Maximize Credit, Without Debt Credit isn't just about borrowing. It affects interest rates, housing applications and even job offers. 'Treat your credit score like a tool, not a trap. Use it to access better terms, not unnecessary purchases,' ChatGPT said. That includes paying bills on time, keeping utilization under 30% and regularly reviewing your free credit reports. Strategic use of cash-back cards can also put money back into your pocket, if paid off monthly. Debt with high interest, like credit cards, can quietly eat away at your wealth. If you currently have debt, ChatGPT suggested using either the avalanche method (tackle the debt with the highest interest rate first) or the snowball method (pay off the smallest balances for quick wins). Refinancing or consolidating debt can also help if your credit score allows. Don't Just Save — Earn More Strategically Cutting expenses has limits. Earning more often delivers faster growth. ChatGPT highlighted a growing trend: 'Monetizing skills online, through freelancing, content creation, or digital products, is more accessible than ever.' Instead of chasing endless gigs, ChatGPT said to focus on building high-value skills — think coding, digital marketing or sales. With these skills, you can negotiate raises or land better jobs, which is often more sustainable than juggling multiple side hustles. Platforms like Fiverr, Upwork and Teachable let users build scalable side income, turning time or knowledge into long-term assets. It's not passive at first, but it can become hands-off with the right systems. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on I Asked ChatGPT To Give Me the 'Cheat Code' for Making the Most of My Money: Here's What It Said Solve the daily Crossword
Yahoo
14 hours ago
- Yahoo
Americans see crypto as niche and ‘risky' despite Trump's pro-crypto push, corporate embrace: Gallup
Main Street still isn't sold on crypto despite its regulatory glow-up in Washington. Roughly 14% of Americans own any cryptocurrency, and most say they're unlikely to ever buy in, according to a recent Gallup survey. Perceptions of risk remain the biggest hurdle. A majority of respondents said crypto is either 'very risky' or 'somewhat risky,' with only 4% saying they're likely to buy it soon. Another 60% said they have no interest in buying crypto at all. Ownership is concentrated in a narrow demographic: men aged 18 to 49, 25% of whom say they hold Bitcoin or other digital assets. Rates drop sharply among older adults and women, especially seniors, where ownership falls to just 7%. Awareness doesn't seem to be the problem. While nearly all Americans have heard of cryptocurrency, only 35% say they actually 'know something' about it. Among those who are familiar, the perception of volatility remains strong, even among higher-income investors. That puts public sentiment at odds with crypto's growing political and institutional support. In recent months, Congress has passed the Genius and Clarity Acts, laying the groundwork for more formal integration of crypto into the US financial system. Companies like Strategy and Japan's Metaplanet have also embraced Bitcoin as a treasury asset, moves some view as early signs of corporate mainstreaming. Consumer investing platforms like Robinhood, PayPal, and Fidelity have made crypto more accessible than ever, potentially setting the stage for broader adoption. But Gallup's findings suggest that accessibility alone hasn't been enough to overcome public scepticism. Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Yahoo
401(k): What the Average Person in Their 30s Has Saved
With financial literacy growing at an exponential rate, people aren't waiting to start thinking about their retirement. Without the security of a company-sponsored pension, most Americans contribute to things like a 401(k) to ensure they have enough funds to live off once they quit their 9-to-5. Read More: Learn More: According to a survey conducted by Northwestern Mutual, Americans believe they will need approximately $1.26 million to retire comfortably. Unfortunately, their savings may not be enough to cover this bold number. Here is how much the average person in their 30s has saved and what you can do to help boost your retirement funds if you are falling short of your goal. Average 401(k) for People in Their 30s Recent data from Fidelity shows that the average 401(k) savings for people ages 30 to 34 was $44,800 at the end of the first quarter of 2025, CNBC reported. The average 401(k) balance for individuals aged 35 to 39 was $71,400 during the same period. The data was based on Fidelity's quarterly analysis of over 50 million retirement accounts. Check Out: How This Year's 401(k) Balances Compare With 2024's Overall, market volatility at the beginning of the year left some balances short of their 2024 levels. According to data provided by Fidelity, 401(k) balances for individuals in their 30s decreased by approximately 2% in the first quarter. The good news, as highlighted by the investment company, is that savings rates remained consistent. How Much Should Someone in Their 30s Have Saved? Fidelity suggests that a person should have one year's salary saved by the time they are 30. By age 40, the global financial services company advises that a person should have three times their annual salary saved. Current 401(k) account balances indicate that individuals in their 30s may be significantly short of these recommendations. However, many savvy investors have other retirement accounts, such as IRAs or Roth IRAs, that may better align their savings with expert suggestions. What To Do To Boost Retirement Savings Millennials were skeptical whether they had saved enough, according to Northwestern Mutual's 2025 Planning & Progress Study, with 57% saying they were somewhat likely or very likely to outlive their savings. Fortunately, there are several options available to 30-year-olds hoping to boost retirement savings. The financial experts at Charles Schwab recommend that individuals in their 30s and 40s strive to cut back where possible, particularly in the face of competing interests. While many millennials are well into their careers, they are also paying back student loans and raising families. Retirement savings may be on the back burner, but they should not be out of the picture. Putting more money into investment accounts, even small amounts, can help boost retirement savings exponentially, especially during this critical decade. As income increases, the experts at Charles Schwab encourage individuals in their 30s and 40s to refrain from excessive spending and instead focus on investing. They recommend funding savings first and contributing to a tax-advantaged IRA if they have maxed out their 401(k) contributions. Finally, the financial services company also said individuals should avoid borrowing from their 401(k). Even if the amount is paid back with interest, it would not compensate for the growth that could have occurred. More From GOBankingRates 10 Cars That Outlast the Average Vehicle This article originally appeared on 401(k): What the Average Person in Their 30s Has Saved Sign in to access your portfolio
