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Yahoo
05-08-2025
- Business
- Yahoo
My fiancee is always broke, leaving me to cover our bills — and I'm sick of it. How do I ask her to pull her own weight?
Consider the following scenario: You're engaged to someone you love very much, but they're not pulling their weight financially. They have a dead-end job and lack motivation to seek anything better. They also have car and student loan debts amounting to $32,000 that they aren't working to pay down. And worse, they expect you to cover most of the $3,000 in monthly rent, utilities and living expenses and they aren't even filing taxes or paying their car registration. This is just one example of how money can be a huge source of conflict for couples. In fact, over 25% of respondents said money was the leading cause of their fights, according to a Penfold survey. And Ramsey Solutions echoes this finding, saying money is the number one issue married couples argue about. It's understandable that couples fight about money — there's a lot that can go wrong when you interweave your financial life with someone else. The lack of responsibility and accountability of your partner in this scenario could drain your savings and force you to cover thousands of dollars in shared expenses. It might make you fear things will never change and that financial stress will follow you into marriage. How would you handle this situation? How would you talk to your future spouse? And when should you have difficult conversations about money? Don't miss 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) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Having early financial conversations is key to finding the right partner When you share your life with a partner, each person's financial decisions impact the other. This is why it's crucial to get on the same page as early as possible. Unfortunately, many people don't do that. According to Penfold, a M&S Bank study found that just 17% of couples discuss their finances regularly with their partner and over 10% are unaware of their partner's earnings and are concerned about sharing information about their debt and earnings. Other research reported by Penfold, revealed that people typically don't disclose salary details until nine months into a relationship; debt details are shared at 10 months; and investing, checking and savings account details are typically disclosed around the 11-month mark. And some partners fail to disclose critical information until well into the relationship. The problem is, many individuals are already emotionally committed by then, so it becomes a lot more difficult to untangle your shared lives if it turns out you're totally incompatible when it comes to finances. If you want to make sure you don't end up with someone you'll likely have huge money conflicts with, Morgan Stanley recommends asking the following six questions before you commit: How would you spend a $10,000 gift if you received one tomorrow? What financial obligations do you have that I should be aware of? How did your parents deal with money as you were growing up? How would you plan on dividing up household expenses and financial management in a serious relationship? What do you think about the idea of a prenup? What are your goals for the next 5, 10, 20 and 30 years? Talking openly about these issues can help ensure you're on the same page and reduce future financial conflicts. Read more: Nervous about the stock market in 2025? Find out how you can How to have tough money conversations with someone you love If you're preparing to marry your financially irresponsible partner, it's of course harder to backtrack and establish clear financial expectations. In such a situation, it's crucial to have an open conversation with your partner to better understand the root cause of their financial difficulties. Discuss why they might be reluctant to find a higher-paying job or to pay their taxes. Start by setting aside a time when neither of you is upset to have that initial discussion. From there, suggest setting up regular budget meetings where you can talk about shared goals and get aligned. Avoid being accusatory or defensive, be curious, ask questions and genuinely listen, so your partner can openly share why they are struggling in this regard. From here, you may be able to co-create a plan together. You can also consider a financial therapist who could guide you through discussions and help identify the root of the problem, working to build better habits for the future. If your partner ends up being inflexible, not open to change or willing to respond to your concerns in a mature way, this is a major red flag. The situation could worsen once you take on new obligations, such as a mortgage or children. Only you can decide how much you are willing to live with when it comes to a partner who won't pull their weight — but don't be blinded by love in making this choice, because financial incompatibility is a serious cause of marital breakdown. Because of this, it may be better to break off from this relationship prior to committing even further to someone who isn't willing to do their fair share. While it may be the hard choice in the short-term, it may prevent you from mounting resentment and even harder choices in the future. What to read next 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 Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Solve the daily Crossword
Yahoo
16-07-2025
- Business
- Yahoo
7 Signs You Should Retire Earlier Than You Think, According to Humphrey Yang
Financial guru and prominent YouTuber Humphrey Yang frequently dispenses sage advice on fiscal matters to his audience, and the concept of retirement is an attractive topic of discussion for Americans of any age. Read Next: Find Out: In a recent video, Yang explained that many people can actually retire 10, 15 or even 20 years earlier than they might think and discussed a list of signs that one may (and should) be able to do so. You Don't Have a Mortgage Payment Yang kicked things off by discussing the elephant in the room: the mortgage payment. 'For most people living in America, the largest single monthly expense that any family is going to have is … the mortgage payment. So, when that is fully paid off … your recurring cost to live monthly will shrink very quickly,' he said. By the time you're in your 50s, Yang continued, you want to make sure that you squash that payment by as much as possible. When it's dealt with, you'll be in a better position to consider retirement. According to Charles Schwab, paying off your mortgage ahead of retirement can make sense if you are trying to reduce expenses, want to save on interest or have a high mortgage rate. However, it may not make financial sense if you are behind on retirement savings or have high-interest debt. Learn More: You Understand Your Savings Rate vs. Your Nest Egg Being cognizant of the difference between your savings rate — the percentage you continue to set aside strictly for retirement, assuming an 8% return — and your nest egg, which is the accumulation of your retirement savings in sum, is key. By focusing more on one's savings rate — Yang pointed to the average American savings rate of 4% to 5% as being less than ideal — you ensure you are familiar with living below your means, an important mentality to adopt when considering a financially stable retirement. You Have Solid, Diversified Income Streams Yang elaborated on the centrality of holding diversified, hopefully passive, income streams to enjoying an early and sustainable retirement. 'When you've built multiple revenue sources beyond your primary biweekly paycheck, you're in a much stronger position to step away from traditional employment,' he said. A side business, dividend-producing investments and ownership of rental property were given as examples. Ramsey Solutions also highlighted a few passive income streams in a recent article, including renting out certain items, starting a blog and creating an online course. You Have 20x Your Annual Expenses Saved Up Noting that traditional advice surrounding the 4% rule (withdrawing 4% of your investments annually to pay for expenses during retirement) holds that saving 25 times your annual expenses is the target, Yang instead stated that the author of this rule had since judged it overly conservative. Instead, the YouTuber advised saving 20 times your expected annual expenses as being more prudent. Once you've done so, that's a sign you may be ready to enjoy retirement. Three Other Signs You Could Be Ready To Retire Yang also laid out three other signs you may be exhibiting already in your day-to-day life that don't have anything to do with your finances. You're in good health and have a sense of fulfillment outside of work: If both of these conditions are true, you could be ready to 'make the leap,' according to Yang. Work is increasingly stressful or unfulfilling: If you feel like your job is 'sucking the soul out of your life,' maybe it's time to head for the exit and enjoy your golden years. You've already reached all of the career goals you desired to hit: If you're just working for the paycheck and missing out on life's opportunities, it might be time to call it quits. At that time, 'retiring on top is probably a pretty good feeling,' Yang said. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on 7 Signs You Should Retire Earlier Than You Think, According to Humphrey Yang
Yahoo
16-07-2025
- Business
- Yahoo
4 Ways Gen Xers Can Make More Money as They're Nearing Retirement
With the oldest Gen Xers turning 60 this year, the generation is inching ever closer to retirement. The 'sandwich generation,' however, is not so sure they are ready for their next chapter. According to a survey by Natixis Investment Managers, 24% believe they will never retire. Additionally, nearly half (44%) think it would take a 'miracle' for them to be able to retire. Read Next: Check Out: The good news is that hopeful retirees can still take steps to get on track. Here are four ways Gen X can make more money as they're nearing retirement. Max Out Contributions With retirement closing in, Gen Xers should be maxing out contributions if it makes sense financially. The experts at Ramsey Solutions suggest individuals max out contributions to their 401(k) if they can afford to invest more money toward retirement. There are limits, however, to how much a person can invest. For 2025, a person can contribute up to $23,500 in their workplace retirement plan. Individuals 50 and older can also make catch-up contributions. The IRS limits catch-up contributions to an additional $7,500, meaning people 50 and older can contribute up to $31,000 to their 401(k) in 2025. Individuals ages 60 to 63 can make catch-up contributions up to $11,250 this year, bringing their maximum to $34,750. While maximizing contributions to a workplace retirement plan is a good idea for people looking to boost savings, it may not be the right move for everyone, particularly individuals who have large amounts of debt or who may have pressing financial obligations. It is essential to speak to a financial advisor to ensure any money moves are the right ones based on individual needs and goals. Be Aware: Take Advantage of Employer Matching Another way Gen Xers can boost retirement savings is by taking advantage of employer matching. Many people are missing out on free money by not contributing enough to their employer-sponsored retirement plan to receive a matching contribution. According to Fidelity, the overall average employer contribution is 4.8%, but matching plans can vary significantly by employer. Get a Side Gig Gen Xers who want to increase their income before retirement can look into a side gig. Today, moonlighting is easier than ever. Without having to leave the comfort of their home, 'latchkey generation' kids can pick up freelance work that can bring in a decent amount of money each month. For individuals worried about having enough money after they quit their 9-to-5, having a side hustle can help to supplement their retirement income. From virtual assistants to dog walking, Gen Xers have a wide range of opportunities to pursue. Change Investment Strategies Finally, Gen Xers can consider changing investment strategies to boost retirement savings. Being too conservative by cutting back on stock investments in favor of steadier bonds can hurt future retirees. The experts at Charles Schwab caution against going 'too conservative, too soon' in favor of a more moderate approach. As with any investment strategy, it is critical to work with a financial professional who can assess individual financial goals to ensure the right approach. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 4 Ways Gen Xers Can Make More Money as They're Nearing Retirement Sign in to access your portfolio
New York Post
11-07-2025
- Business
- New York Post
What is the ‘snowball method'? Viral budgeting strategy is helping thousands pay off debt — fast
The 'snowball method' is going viral on TikTok, with its creator claiming it's the fastest way to pay down debt. Dave Ramsey, the famed finance expert who is the brains behind the budgeting hack, explained that the method is designed to build momentum in the same way as a snowball being rolled downhill. To start, you list your debts from smallest to largest — which makes it a good method for those who have multiple sources of debt. Ramsay says you make minimum payments on everything but the smallest debt, and you 'attack the little one with a vengeance.' 'Scorched-earth lifestyle. Sell so much the kids think they're next,' he quipped. TikTok user @wheretfisallmymoney explained how to pay off $10,000 of debt in just 19 months. TikTok/wheretfisallmymoney When that one is gone, take the payment that was going to that debt and and roll it over to the second smallest debt. And when that one's gone, take the payments from one and two, and 'the snowball rolls over again, it picks up more snow and you attack number three' — and so on. In one viral video with 1.4 million views, TikTok user @wheretfisallmymoney explained how to pay off $10,000 of debt in just 19 months using the snowball method without exceeding more than $500 per month in payments. Another user shared that she has a plan to use the snowball method to pay off $90,000 in debt over the course of three years, but she put her own twist on it. Rather than looking at each item as its own debt, she split it up into three categories: small bills, car payments and student loans — working on tacking the small bills before making her way to her car payments and eventually her student loan debt. @sydneymerieux paying off my debt: pt2 im thinking of using the snowball method in this way to get it all paid off creditcarddebt, debtfreeliving, financialliteracy, debtpayoff, moneytips, budgetingtips, financialfreedom, moneyadvice, personalfinance, debtfree, financialfreedom, debtmanagement, #moneytalks moneymanagement, selfgrowth, #mindsetshift ♬ original sound – BeyNet Meanwhile, user @finfabwiththea shared that they paid off her debt of £15,000 — or a little over $20,000 USD — using the snowball method. 'I would use it all over again if I were to get out of debt,' she said. 'Paying off that first small debt gave me this feeling of joy, this feeling of a win, which made me so happy and felt like something was being done.' 'The debt snowball method creates behavior change through motivation and consistency, helping you stay focused as you eliminate debt,' the Ramsey Solutions website noted. You'll make minimum payments on everything but the smallest debt, and you 'attack the little one with a vengeance.' TikTok/talkingwithmarlon 'When you see your debt snowball actually working, you're more likely to stick with it.'
Yahoo
08-07-2025
- Business
- Yahoo
Why earning six figures doesn't always mean you're wealthy
It's easy to think that once you crack six figures, you're in the clear financially. But that assumption doesn't always hold up. One-third of Americans earning over $200,000 a year say they're still living paycheck-to-paycheck, according to a 2024 report by PYMNTS Intelligence. Turns out wealth isn't just about how much you earn, it's about how you think and what you do with it. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) 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 Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are the top five ways wealthy people approach life, career and finances differently from the rest of us. Contrary to popular belief, most multimillionaires are not cruising around in neon orange Lamborghinis or smoking cigars stashed in their Gucci bags. Instead, many wealthy Americans are trying to hide their wealth rather than flaunt it. The 'stealth wealth' or 'quiet luxury' trend was highlighted in the 2024 National Millionaires Survey by Ramsey Solutions, which found that the top three car brands preferred by the wealthy were Toyota, Honda and Ford. Simply put: wealthy Americans stay wealthy by resisting the urge to flaunt it. Another major psychological difference between the rich and the poor is their ability to delay gratification. In 2016, the National Bureau of Economic Research surveyed Americans over the age of 70 to see how much extra they'd need to wait a year for $100. Would they need $10 or $30? Those who required less compensation had greater patience and were better at delaying gratification, which was closely linked with their actual wealth and financial well-being. In short, the ability to resist instant gratification is a key sign of future financial success. Because they're better at delaying gratification, wealthier Americans are more likely to invest their money rather than spend it. A 2024 Gallup poll found that 31% of upper-income Americans believe stocks are the best investment. Only 7% said a savings account was a good investment. In contrast, 20% of lower-income Americans chose savings accounts as the best investment, while just 14% preferred stocks. This difference in strategy highlights a key mindset shift. Many lower-income households avoid risk and prefer safety, while wealthier households are more familiar with the potential rewards of riskier assets. Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players Debt isn't good or bad — it's all about how it's used. Lower-income households are more likely to rely on expensive forms of debt to cover daily spending. About 18% of households earning between $25,000 and $49,999 used buy-now-pay-later programs in 2023, compared to just 10% for those earning more than $100,000, according to the Federal Reserve. Wealthier Americans tend to use debt for productive investments, such as real estate or business ventures. These assets have the potential to grow in value, while consumer goods like cars or electronics lose value over time. Rethinking how you use debt could be a game-changer on your path to building wealth. In a constantly shifting economy, wealthier individuals know the key to preserving and growing wealth is to keep learning new skills and adapting to unexpected changes. Whether it's signing up for professional courses, attending workshops and expanding your horizons, could give your career the boost it needs to step up wealth creation. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk 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 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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
