Latest news with #AndrewGosselin
Yahoo
3 days ago
- Business
- Yahoo
4 Money Traps the Newly Wealthy Fall Into — and How To Avoid Them
Suddenly seeing more zeros in your bank account is an inexplicable feeling. Whether it's a big raise, a windfall or finally hitting your stride in business, coming into money can feel like a dream come true. But if you're not careful, that dream can quickly turn into a financial mess — fast. 'Getting rich in a hurry feels exciting, like winning a huge prize at the fair, but the rush can also make people trip over their own wallets,' said Andrew Gosselin, CPA, personal finance expert and senior contributor at SaveMyCent. Be Aware: Learn More: From lifestyle inflation to 'helping' everyone you know, the newly wealthy often fall into the same money traps. These are some of the most common pitfalls to watch out for, according to experts — and how to keep your money working for you, not against you. The first stumble, according to Gosselin, happens when spending climbs as fast as income. Forbes even called lifestyle inflation the 'silent drain on your finances.' A solid car might suddenly look old next to a shiny sports model, and a cozy house may feel small beside a mansion. But Gosselin recommended taking a deep breath before buying. 'Waiting one full day before any big purchase gives your brain time to ask whether this thing brings real joy or just quick sparkle. Saving that cash instead lets it grow into even bigger choices later,' he said. Michael Foguth, founder of Foguth Financial Group, had similar advice. 'One of the first things I tell clients who've just come into significant wealth — whether through inheritance, a business sale or a windfall — is to pause.' Check Out: A second trap is forgetting to draw a map for the money. When dollars show up without a plan, Gosselin said they tend to wander off into risky deals or sit in a low-interest account doing nothing. Writing a clear goal list helps every coin know where to go. He said a trusted professional who must put your interests first can polish that map so taxes stay low and investments spread out safely. 'Spending a little on good advice keeps you from spending a lot on mistakes,' he said. The thrill of wealth often whispers that you can double it fast, according to Gosselin. Shiny offers promise huge profits with almost no risk, yet most of these offers hide danger. Before you place money in any deal, he advised studying it until you can explain it in simple words to a friend. If it still sounds perfect, share the idea with your advisor and use only money you can afford to lose. 'Putting savings in a mix of safe bonds, broad stock funds and maybe a small slice of daring ideas keeps a fall in one area from squashing the whole pile,' he said. Family and friends may ask for loans because they know you have extra, Gosselin said. And while helping feels good, he said mixing money and love can end up twisting both. Instead, decide in advance how much you are willing to give without needing it back. If you choose to lend, put every promise on paper with dates for paying you back. Remember, saying no can feel hard, yet protecting your financial future helps everyone in the long run. 'Some people start paying for every dinner and vacation once their bank account swells,' Gosselin said. While picking up the bill once in a while is a kind gesture, doing it every time turns you into a walking wallet and can make others feel awkward. What should you do instead? Invite friends to split costs or choose fun activities that do not break the bank. 'True friends care more about shared time than fancy price tags,' he said. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard The 10 Most Reliable SUVs of 2025 Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on 4 Money Traps the Newly Wealthy Fall Into — and How To Avoid Them Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Ever wonder how your nest egg stacks up as you near retirement? If you're in your 60s and curious about what it takes to break into the elusive top 1%, you're not alone. According to the Federal Reserve, the median net worth for Americans in their late 60s and early 70s is $266,400. That's much, much lower than what the elite are working with. Read More: Find Out: 'People often assume that a few million dollars in savings places them at the summit of the wealth ladder, yet the numbers tell a different story once you compare yourself with the true top one percent,' said Andrew Gosselin, CPA, personal finance expert, and senior contributor at Save My Cent. Whether you're just getting serious about wealth-building or already eyeing early retirement, here's what you need to know about the net worth benchmarks that define the financial elite in your age group. 'To be in the top 1% wealth bracket in your 60s, you're typically looking at a net worth north of $11 million in the U.S., though this varies depending on the state you live in,' said Michael Foguth, founder of Foguth Financial Group. 'But here's the thing, chasing that number alone won't guarantee peace of mind.' Gosselin agreed, noting that a person in their sixties usually needs between eleven and thirteen million dollars to break into that elite club in the United States. The threshold climbs because assets must cover not only daily living but also medical costs, longer life spans, and rising prices that quietly shrink the buying power of every dollar. 'A nest egg that looked enormous twenty years ago can feel average when groceries, travel, and housing have each ratcheted up in cost,' Gosselin explained. Discover Next: Inside that eleven to thirteen million target, Gosselin said the balance sheet of a typical one-percenter in their sixties often starts with a primary home valued near a million dollars. Add a rental property or two that contribute both appreciation and steady cash flow and you edge closer to the mark. Retirement accounts such as a 401(k) or IRA frequently carry another million or more because long stretches of tax-advantaged growth compound quietly in the background. 'A diversified mix of stocks, bonds, and alternative holdings like private equity fills in several hundred thousand more and guards against relying on a single asset class,' said Gosselin. Moreover, cash reserves of at least one hundred thousand remain essential for unplanned events, allowing other investments to keep working without forced sales when markets dip. Gosselin explained that a net worth of about one million dollars can secure top one percent status worldwide, though that figure varies greatly from one country to another. Residents of Monaco, for example, may still need well over twelve million to stand out, while families in emerging economies reach the same percentile with much less. Location, therefore, plays a pivotal role in how far each dollar stretches and how exclusive a wealth bracket is. But according to Foguth, what matters at that stage in life is how well your money supports your lifestyle. 'Are your retirement goals covered? Do you have a plan for healthcare and legacy giving?' He's worked with clients who aren't in the top 1%, but said they sleep better at night than some who are, simply because they've got a solid financial plan in place. 'Wealth is relative, and in your 60s, the goal should be financial freedom, not just financial flex,' said Foguth. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Affordable Car Brands You Won't Regret Buying in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Yahoo
3 days ago
- Business
- Yahoo
Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Ever wonder how your nest egg stacks up as you near retirement? If you're in your 60s and curious about what it takes to break into the elusive top 1%, you're not alone. According to the Federal Reserve, the median net worth for Americans in their late 60s and early 70s is $266,400. That's much, much lower than what the elite are working with. Read More: Find Out: 'People often assume that a few million dollars in savings places them at the summit of the wealth ladder, yet the numbers tell a different story once you compare yourself with the true top one percent,' said Andrew Gosselin, CPA, personal finance expert, and senior contributor at Save My Cent. Whether you're just getting serious about wealth-building or already eyeing early retirement, here's what you need to know about the net worth benchmarks that define the financial elite in your age group. 'To be in the top 1% wealth bracket in your 60s, you're typically looking at a net worth north of $11 million in the U.S., though this varies depending on the state you live in,' said Michael Foguth, founder of Foguth Financial Group. 'But here's the thing, chasing that number alone won't guarantee peace of mind.' Gosselin agreed, noting that a person in their sixties usually needs between eleven and thirteen million dollars to break into that elite club in the United States. The threshold climbs because assets must cover not only daily living but also medical costs, longer life spans, and rising prices that quietly shrink the buying power of every dollar. 'A nest egg that looked enormous twenty years ago can feel average when groceries, travel, and housing have each ratcheted up in cost,' Gosselin explained. Discover Next: Inside that eleven to thirteen million target, Gosselin said the balance sheet of a typical one-percenter in their sixties often starts with a primary home valued near a million dollars. Add a rental property or two that contribute both appreciation and steady cash flow and you edge closer to the mark. Retirement accounts such as a 401(k) or IRA frequently carry another million or more because long stretches of tax-advantaged growth compound quietly in the background. 'A diversified mix of stocks, bonds, and alternative holdings like private equity fills in several hundred thousand more and guards against relying on a single asset class,' said Gosselin. Moreover, cash reserves of at least one hundred thousand remain essential for unplanned events, allowing other investments to keep working without forced sales when markets dip. Gosselin explained that a net worth of about one million dollars can secure top one percent status worldwide, though that figure varies greatly from one country to another. Residents of Monaco, for example, may still need well over twelve million to stand out, while families in emerging economies reach the same percentile with much less. Location, therefore, plays a pivotal role in how far each dollar stretches and how exclusive a wealth bracket is. But according to Foguth, what matters at that stage in life is how well your money supports your lifestyle. 'Are your retirement goals covered? Do you have a plan for healthcare and legacy giving?' He's worked with clients who aren't in the top 1%, but said they sleep better at night than some who are, simply because they've got a solid financial plan in place. 'Wealth is relative, and in your 60s, the goal should be financial freedom, not just financial flex,' said Foguth. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 4 Affordable Car Brands You Won't Regret Buying in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on Here's the Minimum Net Worth To Be Considered the Top 1% in Your 60s
Yahoo
30-05-2025
- Business
- Yahoo
9 Travel Items Retirees Should Always Pack on Vacation To Save Money
When it comes to travel, retirees have a major advantage: Time. But even with flexible schedules and senior discounts, vacation costs can still add up fast. Business Insider is reporting that travel is mainly for the rich now, but the good news? A little smart packing can go a long way in keeping more money in your pocket. Explore More: For You: 'Travel costs often creep up in small, predictable places,' said Andrew Gosselin, certified public accountant (CPA), personal finance expert and senior contributor at Save My Cent. 'Packing a few money-saving essentials keeps those costs under control and lets retirees focus on the experience rather than the bill.' Whether you're jetting off to Europe or road-tripping through the U.S., these must-pack items can help you save on everything from snacks to ATM fees — without sacrificing any fun. According to Gosselin, a printed copy of a photo ID or a Medicare card turns into lower fares at ticket counters, smaller hotel bills at check-in and reduced entry fees at museums. You can slip the copy inside your passport cover so it is ready every time a clerk asks for verification. Trending Now: Chris Heerlein, CEO of REAP Financial, noted that one important item retirees should bring when traveling is a high-quality, reusable water bottle. Bottled water in tourist spots, airports or hotels is often overpriced, and staying hydrated while avoiding these additional costs can make a significant difference over time. This is especially vital for retirees who may need to stay on top of medications. Gosselin agreed that airport kiosks sell water at several times the supermarket price. Filling a fold-flat bottle after security and topping it up at cafés or public fountains during the day can keep your budget intact. Nuts, granola bars and a sleeve of instant oatmeal weigh almost nothing yet replace overpriced pastries and minibar treats that are often unhealthy choices for retirees. Gosselin recommended a handful of resealable bags can handle leftovers from restaurant meals and turn them into tomorrow's lunch. 'Prescription refills abroad can be difficult and expensive,' said Gosselin. For this reason, you should pack the full course plus a small kit that includes pain relievers, antacids and allergy tablets. As a retiree, it's likely you'll have scheduled medications, so keep in mind that a familiar remedy on hand prevents a costly hunt for a tourist pharmacy. Older hotels often provide a single outlet, said Gosselin. An adapter matched with a short power bar can charge your phone, camera and e-reader at the same time. It's especially helpful for retirees who may travel with medical devices, hearing aid chargers or other essentials that need daily power. Buying the same gear in a tourist district can cost three or four times more than packing it from home. Gosselin observed that a printed policy summary can sit in a slim folder alongside photocopies of credit cards and emergency contact numbers, while digital versions live in an encrypted app. Quick access to both formats saves time and money if a flight cancels or a wallet goes missing. Having physical copies offers retirees peace of mind in case of tech issues or limited phone access while traveling. This is a big one, according to Gosselin. Downloading maps and a currency converter before departure removes the need for expensive data roaming. A banking app lets you watch balances in real time and spot any unexpected charges. For retirees on a fixed income, these tools help avoid surprise fees and make it easier to stick to a travel budget. This is a vital pack for retirees looking to travel. Gosselin explained that standard cards often add a fee of 2 or 3% to every international purchase. A fee-free card eliminates that extra cost. For this reason, carry a spare debit card for ATM withdrawals from reputable banks and skip the poor rates at airport exchange booths. These small savings can add up over the course of a trip, helping retirees stretch a fixed retirement budget further. Weather can change quickly, so a breathable rain jacket, a light sweater and trousers that convert to shorts adapt to most climates and reduce the chance of buying expensive emergency clothing. 'A travel-size packet of laundry soap allows quick sink washes and lowers hotel laundry bills,' said Gosselin. Packing smart and light means less strain on the body for retirees and fewer unexpected expenses during long trips. A suitcase that includes these nine items does more than protect a travel budget; it adds a sense of readiness that lets each day unfold with fewer surprises. Small preparations create room in the itinerary and the wallet for unplanned highlights, which Gosselin said is ultimately the reason to travel in the first place. For retirees, that peace of mind makes it easier to focus on enjoying the journey–not troubleshooting it. More From GOBankingRates Warren Buffett: 10 Things Poor People Waste Money On I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on 9 Travel Items Retirees Should Always Pack on Vacation To Save Money
Yahoo
27-05-2025
- Business
- Yahoo
3 Ways To Make Money If You Are Unable To Work
Life can throw curveballs — injuries, illnesses, caregiving responsibilities or just burnout that hits harder than expected. If you're unable to work right now, that doesn't mean your income has to come to a full stop. Read Next: Learn More: Whether you're looking for a way to bring in a little extra cash from your couch or need ideas that don't require a 9-to-5 hustle, here are some ways to make money when traditional work just isn't an option. One of the first things Andrew Gosselin, CPA, personal finance expert and senior contributor at SaveMyCent, usually suggests is freelance writing or editing. 'The good thing here is you set the pace,' he said. You can take on one small assignment at a time, build up your confidence and see what works. There's no commute and no team meetings — just your words and your time. Gosselin said you can make anywhere from $50 to $500 per article depending on experience, and it really just depends on the topic and the client. The work is out there if you know where to look. Gosselin noted that sites like Upwork and Fiverr are a start, but even pitching blogs or websites directly can open doors. Check Out: It takes a little upfront effort, but Gosselin said once you've made something like a planner, a set of printables or worksheets, they can keep making money without you doing much else. 'People sell these things on Etsy and Gumroad all the time, and you don't need to be a professional designer,' he said. Forbes recommended creating anything from e-books and mini courses to social media template collections. Tools like Canva make it easy, and even using artificial intelligence tools can help shape your ideas if you're not sure where to begin. If you've ever created something useful for yourself, chances are someone else could use it too. According to Kevin Huffman, owner of Kriminil Trading, you can try renting out idle assets, like a parking space, which can generate $50 to $300 per month, or storage space for $100 to $500 per month, on sites like Neighbor. Huffman suggested even renting out high-end clothes. You can also make a couple hundred dollars a month simply by renting out your spare bedroom as a makeshift office. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on 3 Ways To Make Money If You Are Unable To Work 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
