Latest news with #PYMNTS
Yahoo
2 days ago
- Business
- Yahoo
Becoming a millionaire is more realistic than you'd think — here's how to get it done even on a modest salary
It's easy to assume that wealth and income are deeply intertwined. After all, how does anyone become wealthy without a high-income stream? However, data gathered by Dave Ramsey's team suggests the link between wealth and income may be weaker than most people assume. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) According to The National Study of Millionaires, conducted by Ramsey Solutions, only 31% of American millionaires earned an average annual income of $100,000 over the course of their careers. Perhaps even more surprising is that one-third of these millionaires never reached the six-figure income milestone throughout their careers. In other words, it's completely realistic to reach a seven-figure net worth without earning a six-figure salary. However, this modest income path to millionaire status does require more effort and discipline. The key to accumulating wealth is managing expenses. Many ultra-high-income individuals struggle to break into the millionaires club because they let lifestyle inflation consume them. In fact, 36% of Americans earning more than $200,000 a year said they were living paycheck to paycheck, according to a PYMNTS survey from 2024. By comparison, someone with a modest five-figure income coupled with better savings and investing skills could be more likely to reach millionaire status. However, a high-savings rate isn't a silver bullet. To break into the millionaires club with a mid-range income, you'll need to invest wisely and start as early as you can. The magic fuel that drives the compounding growth effect is time. In a long enough time frame, even modest savings and lacklustre investment returns can turn into serious wealth. For instance, an 18-year-old would need to save only $250 a month and earn a modest 7% annual return on investment to reach $1 million by the age of 66. Put simply, if you want to accumulate exceptional wealth without an exceptional income, starting as early as possible is essential. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Another essential ingredient in your modest-income-to-millionaire journey is reducing your exposure to debt. After all, a high-interest loan can effectively offset all the positive impacts of a diligent savings and investing strategy. For most people, avoiding debt — especially the expensive type — is their biggest challenge. As of early 2025, American households collectively had nearly $5 trillion in non-housing debt such as student loans, auto loans and credit card balances, according to the New York Federal Reserve. Serving this debt could be one of the key reasons why the average personal savings rate in America is only 4.9%, according to the Federal Reserve Bank of St. Louis. By limiting or eliminating consumer debt, you can save more. That could be the key to your financial freedom, regardless of your income. Life can be messy and even if you follow all the traditional financial advice, your journey to financial freedom could be derailed by health issues, divorce, bankruptcy or emergencies. If you're approaching retirement without much savings or a high-paying career, your chances of becoming a millionaire are greatly diminished. However, this doesn't mean it's impossible to enter the club. Creative solutions could help you get there despite the odds. For instance, you could boost your savings rate by temporarily moving to a town or country with a lower cost of living. Working remotely while paying modest rent in Mexico, for example, could help you accumulate wealth faster. You could also consider delaying retirement. Adding five or even 10 years to your retirement plan could make a significant difference, especially if you're starting to build your nest egg later in life. A 40-year-old would need to save just $900 a month and earn a 7% return on investment to reach millionaire status at 75. Finally, you could boost your investment returns by investing in alternative assets such as rental property, farmland, small businesses or high-growth tech stocks. There's always a practical path to the seven-figure club, regardless of your age or income. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
21-05-2025
- Business
- Yahoo
8 States Changing Their Crypto Policies — Is Yours One of Them?
Unless you've been living under a rock, you've surely heard about cryptocurrency by now or have at least heard the term. Over the past several years, cryptocurrency has emerged as an alternative currency that can be bought and sold as a digital asset. While some have embraced crypto like President Trump, others have not and this includes some U.S. states. Read Next: For You: PYMNTS reported that since Trump took office for his second term, he's pushed the idea of creating a crypto reserve with plans to make the U.S. the capital of cryptocurrency. In March, Trump signed an executive order to create a 'Strategic Bitcoin Reserve.' The order mandates the establishment of a 'United States Digital Asset Stockpile' to serve as a secure account for the management of federally held digital assets. Discover Next: It's explained that the U.S. government currently holds a significant amount of Bitcoin (BTC), but has yet to implement a policy to maximize Bitcoin as a 'unique store of value in the global financial system.' Ultimately, Trump wants to harness the power of crypto to the country's advantage. While the president is taking action to make crypto a relevant store of value at the federal level, some states that initially set out to establish their own crypto reserves are walking back the idea. Some states had plans to allocate a percentage of their public funds to invest in Bitcoin. But now, these states are rejecting the proposed crypto legislation: Florida Arizona Montana North Dakota Oklahoma Pennsylvania South Dakota Wyoming For example, AInvest reported that a pair of bills proposed in Florida, House Bill 487 and Senate Bill 550, were created to establish a strategic Bitcoin reserve at the state level. However, lawmakers are walking back their legislative efforts. Ultimately, the bills faced opposition and pushback before passage and were withdrawn. The state's legislative inaction could slow down the adoption and relevance of Bitcoin as a viable digital asset. In Arizona, similar crypto legislation made it further than it did in Florida. It passed both chambers of government, only to be vetoed by the state's governor. Arizona Gov. Katie Hobbs ultimately rejected legislation that planned to invest part of the state's retirement fund into Bitcoin. 'Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency,' Hobbs wrote in a letter to the state senate president, as reported by PYMNTS. Mitrade explained that in Montana, the state's proposed Inflation Protection Act, which was passed by the House Business and Labor Committee, included the creation of a state Bitcoin reserve fund. However, the legislation was voted down by the full House; the final vote was 41 in favor and 59 against. The debate over the proposed bill included proponents who said it was a smart way to enhance state funds and opponents labeled the bill as speculative and a risky use of taxpayer money. Particularly at the state level, there is continued debate over whether cryptocurrencies like Bitcoin are still considered speculative assets or not. While some digital assets have seen impressive gains, they can also be highly volatile and result in major losses (including Bitcoin). Establishing crypto reserves at the state level will require overcoming significant political opposition and regulatory challenges. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on Sources: PYMNTS, 'States Halting Efforts to Create Strategic Bitcoin Reserves.' The White House, 'Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.' This article originally appeared on 8 States Changing Their Crypto Policies — Is Yours One of Them? 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
21-05-2025
- Business
- Yahoo
8 States Changing Their Crypto Policies — Is Yours One of Them?
Unless you've been living under a rock, you've surely heard about cryptocurrency by now or have at least heard the term. Over the past several years, cryptocurrency has emerged as an alternative currency that can be bought and sold as a digital asset. While some have embraced crypto like President Trump, others have not and this includes some U.S. states. Read Next: For You: PYMNTS reported that since Trump took office for his second term, he's pushed the idea of creating a crypto reserve with plans to make the U.S. the capital of cryptocurrency. In March, Trump signed an executive order to create a 'Strategic Bitcoin Reserve.' The order mandates the establishment of a 'United States Digital Asset Stockpile' to serve as a secure account for the management of federally held digital assets. Discover Next: It's explained that the U.S. government currently holds a significant amount of Bitcoin (BTC), but has yet to implement a policy to maximize Bitcoin as a 'unique store of value in the global financial system.' Ultimately, Trump wants to harness the power of crypto to the country's advantage. While the president is taking action to make crypto a relevant store of value at the federal level, some states that initially set out to establish their own crypto reserves are walking back the idea. Some states had plans to allocate a percentage of their public funds to invest in Bitcoin. But now, these states are rejecting the proposed crypto legislation: Florida Arizona Montana North Dakota Oklahoma Pennsylvania South Dakota Wyoming For example, AInvest reported that a pair of bills proposed in Florida, House Bill 487 and Senate Bill 550, were created to establish a strategic Bitcoin reserve at the state level. However, lawmakers are walking back their legislative efforts. Ultimately, the bills faced opposition and pushback before passage and were withdrawn. The state's legislative inaction could slow down the adoption and relevance of Bitcoin as a viable digital asset. In Arizona, similar crypto legislation made it further than it did in Florida. It passed both chambers of government, only to be vetoed by the state's governor. Arizona Gov. Katie Hobbs ultimately rejected legislation that planned to invest part of the state's retirement fund into Bitcoin. 'Arizonans' retirement funds are not the place for the state to try untested investments like virtual currency,' Hobbs wrote in a letter to the state senate president, as reported by PYMNTS. Mitrade explained that in Montana, the state's proposed Inflation Protection Act, which was passed by the House Business and Labor Committee, included the creation of a state Bitcoin reserve fund. However, the legislation was voted down by the full House; the final vote was 41 in favor and 59 against. The debate over the proposed bill included proponents who said it was a smart way to enhance state funds and opponents labeled the bill as speculative and a risky use of taxpayer money. Particularly at the state level, there is continued debate over whether cryptocurrencies like Bitcoin are still considered speculative assets or not. While some digital assets have seen impressive gains, they can also be highly volatile and result in major losses (including Bitcoin). Establishing crypto reserves at the state level will require overcoming significant political opposition and regulatory challenges. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on Sources: PYMNTS, 'States Halting Efforts to Create Strategic Bitcoin Reserves.' The White House, 'Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.' This article originally appeared on 8 States Changing Their Crypto Policies — Is Yours One of Them?
Coin Geek
19-05-2025
- Business
- Coin Geek
High fees derail Saudi Arabia's digital wallet adoption
Getting your Trinity Audio player ready... Saudi Arabia-based businesses are facing an uphill climb in digital wallet adoption, with a new report citing high fees as a significant stumbling block. A recent survey shows that the region's small- and medium-sized enterprises (SMEs) are reportedly hesitant to embrace digital wallet-based payments for goods and services. The poll, conducted by PYMNTS Intelligence and global payment solutions TerraPay, showed nearly 3,700 Saudi-based consumers and 63 enterprises with transaction volumes of over $10 million over the last year. The survey results, explored in the 'Global Money Movement: Saudi Arabia Edition' study, noted that a raft of factors are impeding the enterprise adoption of digital wallets in the Gulf nation. Respondents say high transaction fees are stifling adoption metrics for small and midsize businesses in the country. When compared to traditional payment offerings, many respondents say digital wallet transaction fees are higher despite the perks of faster settlement times. Another reason for Saudi Arabia's low metrics revolves around security concerns associated with fintech solutions. The report also cites concerns about transparency as another hurdle for SMEs in Saudi Arabia. Despite the raft of reasons provided by surveyed respondents, the report stated that individual consumers do not echo the same concerns. Digital wallet adoption among individuals is at an all-time high in Saudi Arabia, with consumers citing cross-border transaction perks and low fees. The report calls for fintech service providers to reevaluate their offerings for both demographics to rationalize the stark differences between individual consumers and businesses. A concerted effort to lower merchant transaction fees and a push to offer cross-border payment functionalities may trigger a spike in adoption rates. Furthermore, the report advocates instant transfers for businesses and increased transaction transparency. While digital payment adoption is advancing at a snail's pace for Saudi enterprises, companies are making a play to embrace next-gen technologies. According to a Cisco report, 93% of firms have rolled out advanced strategies to integrate artificial intelligence (AI) into their internal operations. Furthermore, the Gulf State is spending a staggering $40 billion on training its citizens on emerging technologies. On the Web3 front, Saudi Arabia is playing catch-up with the United Arab Emirates after Hong Kong-based Animoca Brands set up operations there. Digital payments gather steam in Azerbaijan Elsewhere, a new report by the Asia Development Bank (ADB) predicts a spike in the number of digital payment users in Azerbaijan before the end of the year. The ADB stated in its report that one-third of Azerbaijan's adult population will begin using digital payment offerings for their financial needs. It pegs the projected figure at 3.85 million people, translating to a double-digit percentage spike from current levels. A slew of factors, including rapid sector innovation, will drive the incoming inflow of digital payment users. The ADB states that the Instant Payment System (IPS) created by Azerbaijan's central bank will significantly increase the number of new digital payment users. Since its launch, the IPS has pushed the frontiers of digital payments, reducing the dependency on cash and facilitating 24/7 real-time money transfers. While IPS's adoption levels have been nothing short of impressive, the ADB is predicting a meteoric spike in new users. For one, 19 banks have been onboarded, and more financial entities are signaling interest in being onboarded. An IPS integration with the State Treasury Agency and Azerpost, the national postal agency, is tipped to trigger a whole new demographic for the instant payment platform. Furthermore, many technological innovations, including tap-to-pay functionalities and an Electronic Knowledge Management System for remote identification, will power a new wave of users. Pioneering financial institutions are turning to blockchain technology for faster settlements, while other Azerbaijan-based entities are exploring new payment solutions. 'In addition, banks have expanded the use of tokenization technology and the issuance of virtual payment cards among innovative payment solutions, while four banks launched an Apple Pay project in 2021,' said the ADB. To increase financial inclusion metrics, banks are going mainstream with a 'basic banking services' project, offering free bank account creation and issuing user payment cards. Since the initiative's launch, over 1.5 million Azerbaijanis have joined the financial system. Underneath the push to improve financial inclusivity in Azerbaijan is Web3, with unbanked residents turning to blockchain-based digital wallets. Growing digital asset activity led to Azerbaijan imposing tax requirements for the fledgling industry while exploring real-world blockchain use cases. However, stiff regulations by the Central Bank of Azerbaijan will adversely affect the rise of blockchain-based payments. There is also the slow pace of integration by traditional banking institutions, potentially affecting Azerbaijan's claim of its share of a $3 trillion global digital payments revenue. Watch: New age of payment solutions title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
12-05-2025
- Business
- Coin Geek
Digital wallet popularity in cross-border transfers explodes
Getting your Trinity Audio player ready... Digital wallets are the most popular platform for cross-border transactions, accounting for twice as many respondents as the next best option, a new report has revealed. A survey conducted by PYMNTS and TerraPay found that consumers are 2.5 times more likely to select digital wallets as their top choice for cross-border transactions than money transfer services and bank accounts, respectively. Overall, 4 in 10 consumers prefer digital wallets, with the U.S. leading at 44%. Of the surveyed nations, Singapore was the outlier, with 37% selecting bank accounts while 27% chose digital wallets. Source: PYMNTS Cross-border payments are a gigantic industry. One report found that, in 2024, non-wholesale payments hit $40 trillion, with B2B payments accounting for the lion's share. Consumer-to-consumer payments hit $2 trillion and are expected to grow by 58% by 2032 to hit $3.1 trillion. However, the market still suffers from slow, costly and inaccessible channels, especially for consumers in developing nations. While consumers lamented all these hurdles, speed was the most oft-cited challenge. This has pushed more consumers to explore digital wallets, which are faster than traditional channels. 16% of respondents cited 'payments are faster' as the main reason they chose digital wallets, with ease of use, reliability and wide acceptance each getting 10%. This need for speed is a universal demand, including in the blockchain world. Networks like BTC and Ethereum, still trapped in the pre-adoption era where a handful of transactions per second were good enough, have been a primary hindrance to mainstream blockchain adoption. BSV, on the other hand, continues to scale, and with the Teranode upgrade, the network will meet the ever-rising demands in payments, artificial intelligence (AI), social media and beyond. The report further highlighted the ongoing battle between traditional finance and fintechs in cross-border payments. It found that in the U.S., only 49% of banks allow consumers to send and receive cross-border payments via digital wallets. However, 98% enable bank account transfers. It's similar in the U.K., where only 58% of the banks support digital wallet transfers while 92% support same-day ACH. The most cited challenge by banks was that digital wallets are 'too complicated to use,' with high costs and poor security as the other common challenges. Watch: RockWallet is the go-to app for everyone title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
