Latest news with #StoyHall
Yahoo
6 days ago
- Business
- Yahoo
Banking Experts: 7 Tricks To Make the Most of Your Accounts
Modern banking offers more tools than ever, but too many Americans are leaving money on the table by treating banking as an afterthought. Whether you're underusing digital features or staying in underperforming accounts, it's easy to miss out on the growth and features that could work better for your financial goals. Find Out: Read Next: We asked three banking professionals how to maximize the accounts you already have — and how to know when it's time to switch. Treat Your Bank Account Like a Financial Command Center Instead of dumping money into your bank account and hoping for the best, it's better to treat it like your financial command center,' said Stoy Hall, CFP and founder and CEO of Black Mammoth. 'Most people treat it like a trash bin … They're not using the features already built in to make their money work for them.' Using your accounts strategically means planning where every dollar will go and building toward goals. Check Out: Stop Sleeping on Built-In Tools and Features Hall finds 'underutilization' to be a common problem for many bank users. If you aren't using the numerous automated functions on your accounts, you're missing out on efficiency and the potential growth of your money. 'Apps or digital banking platforms allow members to view their finances in real time, making budgeting a breeze,' he said. Hall pointed out that most accounts allow you to automate savings, provide transaction alerts and some even have cash-back offers, but most people aren't using them. Use Multiple Accounts to Your Advantage If your paycheck gets put into one account, or one type of account only, you're also missing out on financial growth and budgeting techniques, Hall said. Whether you think in 'buckets or goals,' Hall said labeling your money makes it real. 'That's financial therapy in action.' He recommended, 'Think categories … Make it feel like a game you're trying to win, not a punishment from your broke upbringing.' Second, don't miss out on interest-earning high-yield savings or money market accounts where your money can beat inflation and keep on growing. Avoid Overdraft Fees Like a Pro All kinds of banking fees can eat away at your bank balances without you even realizing it. First, use banks that offer overdraft grace periods, Hall recommended. And always keep a buffer in your checking. 'To avoid any overdraft fees … I recommend customers or members make purchases from their credit card instead of their regular checking or savings account,' said Brandon Stout, a relationship advisor for an Addition Financial Credit Union branch in Florida. Know When It's Time To Switch Banks Banks are not all created equally, so look for red flags that are signs you should be going elsewhere, such as high fees or too many fees, inaccessible or confusing mobile tools and low APY on your interest-earning accounts. 'If your bank is giving you 0.01% interest, charging you $10 a month … Leave. Immediately,' Hall insisted. If you're not sure where to go next, Stout offered, 'Choosing a bank or credit union really comes down to what your financial goals and aspirations are.' Gates Little, CEO and president of altLINE and The Southern Bank Company in Alabama, suggested community banks, because they often provide 'relationships that can last decades due to the stability of their personnel.' Build a Real Relationship With Your Bank Hall and Little both emphasized that banking should be personal, not transactional. It's another point in favor of smaller, community-based banks. 'Having a banker who knows you can be a valuable resource as your needs change over time,' Little said. And Stout pointed out, 'Many customers prefer a banking partner where they have built a strong relationship built on respect and trust.' Automate, Research and Ask Questions To make the most of any bank accounts, be sure you: Automate everything (savings, bill pay, transfers). Research your bank's features. Ask the right questions. At the end of the day, you have to take a proactive approach to your banking to make your accounts work for you. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 8 Common Mistakes Retirees Make With Their Social Security Checks How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on Banking Experts: 7 Tricks To Make the Most of Your Accounts
Business Insider
04-07-2025
- Business
- Business Insider
Many boomers are open to passing on an early inheritance — but their adult kids are too afraid to ask
Two financial phenomena are happening at once: Millennials are increasingly putting off having kids, or having fewer than they'd prefer, due to financial reasons. At the same time, boomers are expected to pass down the greatest wealth transfer in history. So what happens when millennials get an inheritance after it's too late to really change their lives' trajectory? "There are people right now who are just not having families because they worry about the money, and then someday they're going to be 55 and inherit a shitload of money from their parents. The time to have a family will be over, and they'll be wildly rich," Adam Harding, a financial planner based in Arizona, told Business Insider, calling it a "sad development" but not a surprising one. Boomers have increasingly expressed interest in passing down an earlier inheritance to their children. Several who have done it previously told BI that they felt their adult kids could use the money now, while they are still in the earlier phases of building a family and career. Others are open to the idea but may not know how to start or if they're in a financial position to do so, and their adult children are too afraid to ask. A Senior Living survey published in February that included over 2,400 American adults found that 70% of parents expected to leave an inheritance to their children when they die. Of that group, 76% indicated they'd be open to considering passing down that inheritance the interest in passing on wealth prior to their death, only 8% of respondents said they had actually done it. Meanwhile, only 4% of adults said they had asked their parents for early inheritance. Financial planner Stoy Hall told BI many Americans who would like to pass on wealth just aren't sure if they can actually afford to do it. They're trying to make sure they have enough to live on without knowing what their future costs might be, while also trying to figure out what they can pass down. Compounding the problem, he said, is that "we don't talk about money enough in America." Because talking about money is so taboo, he said parents and their adult children struggle to understand how the other is doing financially and what their needs look like. "Most kids don't know how much their parents do have or don't have," he said, adding that "makes it harder." Harding said part of the reason baby boomers are hesitant to part with their wealth is that for much of the generation, it did not come quickly to them but was saved over a lifetime. They were also raised by Depression-era, cost-conscious parents. "They grew up prudent and they got rich a little bit at a time," he said. "They're just so accustomed to always seeing the number get bigger that they feel uncomfortable seeing it go the other direction." For boomers who want to help their kids but struggle to part with their wealth, he said getting a clear hold on their finances can help. A third party, like a financial planner, can help assess how much they're able to give, even factoring in the potential costs of assisted living and other expenses. Adult kids need to get their own finances in order first Harding agrees that families need to have more open conversations to address these discrepancies between what parents have and what their adult kids need. But in addition to the parents, their children need to understand their finances as well. He said it's a lot easier for someone to ask for help from their parents if they've got their own finances in order, as opposed to someone who's a spendthrift. "Get your own house in order without having received help first," he said. That doesn't necessarily mean getting your student loans or mortgage fully paid off, but rather demonstrating that you have a plan for paying them off, a plan for saving, and specific financial goals that you are actively working toward. What the boomers don't want to do, he said, is gift $20,000 just so their adult kid can go to Europe a few times a year. Instead, they should have a detailed financial plan that lays out how much they are trying to save and for what purpose, whether it's to own a home or afford to have another baby. While parting with wealth can be psychologically challenging, Harding recommends parents think about why they have focused on accumulating wealth in the first place. For many of his clients, the reason is to provide for their family, so why not provide when the money will do the most good? And even from a selfish standpoint, he said, giving early so you can have another grandchild seems like a pretty good way to spend your money. Do you have a story to share about passing down or inheriting wealth? Contact this reporter at kvlamis@
Yahoo
27-06-2025
- Business
- Yahoo
5 Money Worries That Hold Back the Middle Class from Becoming Upper Class
Nowadays, social mobility can feel akin to endlessly climbing up a down escalator — especially for the middle class. Certified financial planner, Stoy Hall, put it best: 'The system is not built for the middle class to level up. It's built to keep them in a loop of just enough stability to keep chasing the dream — but never quite catching it.' Be Aware: For You: With the deck stacked against them, the middle class are bound to feel beaten down. And while many of their hardships are grounded in reality, some of the resulting helplessness becomes internalized. As senior consultant at Nextpins, Lucia Lu, explained, sometimes the issue stops being about money and starts being about mindset. Here are five money worries holding back the middle class from reaching upper class status. Stuck in survival mode, the middle class is often afraid to take a risk and fail because it could mean losing everything they've worked hard for. They don't have a financial cushion to fall back on. 'When you finally reach a place where your bills are paid, you've got health insurance and maybe a little savings, the last thing you want to do is blow it all chasing a bigger dream,' stated Hall. As a result, individuals settle for 'good enough,' choosing not to leave a toxic job or start that new business venture. Safety becomes more enticing if financial growth comes with the possibility of complete destruction. And who could blame them? Explore More: While not a universal truth of middle-class individuals, many are in fact in the middle class because they remain constrained by their lack of financial knowledge and good decision-making. When it comes to leveling up, a salary bump is only as good as one's knowing what to do (or not do) with that extra money. Unfortunately, many individuals remain uneducated because not only does learning about money feel foreign and overwhelming, but knowing whose advice to listen to gets complicated in a landscape of unqualified finfluencers. So, they never really start the process of learning about money. This makes them vulnerable to financial scams and fraud, as well as making hasty decisions based on short-term gain rather than long-term growth. Living beyond one's means is something many middle-class families fall victim to in a futile attempt to keep pace with flashy and successful peers. After all, social pressure is real. And who wants to say they're the poor family that has a used car and rent an apartment when all their fancy friends own new cars and expensive homes? So credit card debt and mortgages it is! Unfortunately, those flashy peers may be cash poor. As Lu explained, the true upper class generally lives below their means and concentrates on putting their money toward investments and other money-making endeavors. Wealth simply isn't flashy. As Hall explained, lifestyle inflation can choke the middle class. Even if they get a raise, they spend it trying to keep up with others: 'they never get a chance to invest the difference–because there isn't one.' Those stuck in the middle class are often on a hamster wheel figuring out how to generate more and more income without considering how to acquire assets. But money is essentially static in value (and may even decrease over time as a result of inflation); assets will continue to appreciate over time. Passive income is one of the largest drivers of wealth for the upper class — and passive income is the result of assets. Unfortunately, many in the middle class are doing more work yet earning less money by failing to strategize effectively. Lu advised shifting perspective: Divert some energy away from one's paycheck and toward asset-creating endeavors like investing in stocks or real estate. 'A long-term perspective is a must for anyone seeking to level up,' stated Lu. Unfortunately, many in the middle class are keeping themselves there by failing to plan for the future or perhaps stick to their future plan. The upper class isn't intending to wing it, they are thinking long-term: Retirement planning, family assets, long-term investments, etc. By starting early and keeping an eye towards the future, the upper class is able to incrementally set aside money and allow that money to compound over time. While it can be difficult for middle-class parents to think about the future or set aside any money while they're busy trying to put food on the table, they are robbing their future selves (and their legacy) of wealth accumulation. Setting aside even small amounts of money for retirement can make all the difference down the road. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on 5 Money Worries That Hold Back the Middle Class from Becoming Upper Class 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
26-06-2025
- Business
- Yahoo
Here's Why Taking Out a Personal Loan in 2025 Can Make You Wealthier by 2026
A personal loan might not seem like the first step toward building wealth. However, when used strategically, it can help you get ahead financially, sometimes within just a year. 'A personal loan is like fire,' said Stoy Hall, CEO and founder of Black Mammoth, a financial services company. 'Used right, it can warm your house or cook your food. Used wrong, it burns your whole financial future down.' Learn More: Read Next: From consolidating high-interest debt to funding career growth, launching a rental space or upgrading a small business, the right loan can unlock real opportunities. Here's why taking out a personal loan in 2025 can make you wealthier by 2026. Using a personal loan to fund career advancement, such as certifications, specialized training or degree programs, can significantly increase a person's earning potential. 'For example, if you're in a technical field and want to level up, investing in a high-demand certification like AWS (Amazon Web Services) or PMP (Project Management Professional) can increase your earning potential by $10,000 to $20,000 annually,' said Doug Crawford, president and founder of Best Trade Schools. When done strategically, Crawford said this type of investment often leads to promotions, higher-paying roles or successful career pivots that more than offset the cost of the loan. 'If you're in a job with a stagnant salary but are willing to put in the effort to learn new skills or improve your knowledge, a loan can help cover the cost of that training,' Crawford said. 'By consistently upskilling, you could see those salary increases within the first few years, making the loan a worthwhile investment.' Consider This: Taking out a personal loan to combine multiple high-interest debts into a single lower-interest payment can lead to immediate monthly savings. 'Personal loan rates today can run from around 8% to 36% (or more), largely dependent on credit scores,' said Kyle Enright, president of lending at Achieve. 'Average credit card rates today are over 20%. So, if someone can qualify for a personal loan at a rate significantly lower than the rate on their credit card, they can use the funds from the loan to pay off the credit card debt.' Before taking out a personal loan, it's important to do the math. Experts said the most effective uses of personal loans are those that create more value than they cost in interest, especially when consolidating high-interest debt. 'If you're consolidating debt, this is just the calculation of whether the interest on the consolidated loan will be more or less than the total interest on all the debts you're paying now,' said Ari Weisbard, a tax and estate planning attorney. 'You can find the average interest rates on your current debts by totaling up all the interest you're paying (multiplying each interest rate by its loan balance remaining) and dividing by the total of all your loan balances.' Those savings can be redirected toward building wealth, such as investing, saving or paying off the loan faster, potentially improving net worth within a year. A personal loan can fund upgrades that turn a home, or part of it, into a profitable rental. Whether furnishing a space for short-term guests or renovating a basement for long-term tenants, these investments can quickly generate extra income and offset housing costs, helping to build wealth within a year. 'A personal loan can be used to invest in real estate,' said Aaron Razon, a personal finance expert at Couponsnake. 'However, this strategic move should be backed by a well-thought-out financial plan and a solid understanding of the risks and rewards.' Experts said homeowners should prepare for potential pitfalls, such as rising renovation costs due to inflation or slower-than-expected rental demand. 'It all comes down to how the numbers shake out, the certainty of growth and your tolerance for risk,' said Nick Birkby, user experience research lead at Flex, a fintech company. 'If you're borrowing at 10% and expecting a 5% return, you're digging a deeper hole.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard The New Retirement Problem Boomers Are Facing Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on Here's Why Taking Out a Personal Loan in 2025 Can Make You Wealthier by 2026 Sign in to access your portfolio
Yahoo
16-06-2025
- Business
- Yahoo
I'm a Financial Planner: The Worst Financial Meltdown I've Seen (and What To Learn From It)
We've all made money mistakes: Missed payments, impulse buys or that one time we thought crypto was definitely our ticket to riches. But every now and then, you witness a financial meltdown so wild, it sticks with you. GOBankingRates spoke with Stoy Hall, certified financial planner (CFP) and CEO of Black Mammoth, to discuss the worst financial meltdown he's seen and what we can all learn from it as a result. 'The worst financial meltdowns I've witnessed in my career had almost nothing to do with the actual money,' said Hall. Learn More: For You: Instead, he said they were emotional breakdowns — internal explosions triggered by years of financial trauma, unrealistic expectations and a society that sells you 'get-rich-quick' like it's on clearance. Here's what happened. According to Market Watch, 57% of Americans are living paycheck to paycheck in 2025. 'One client, like many others I've worked with, came to me out of pure desperation,' Hall explained. They had been living paycheck to paycheck, drowning in credit card debt and decided they were finally 'ready' to change — but only if it happened fast. Hall said they hired him, enrolled in courses and bought all the budgeting tools. Then came the test: An unexpected car repair. 'That single event shattered everything. They stopped following the plan,' the CFP said. The client charged the repair to a high-interest card. Then they ghosted him and blamed the plan, not the behavior. That meltdown? It wasn't about the car — it was about emotional instability around money. Find Out: According to Hall, this is what people don't realize: Wealth isn't built in a straight line — it's built in the dark, behind the scenes, over time. 'If it took you 10, 20, 30 years to build bad habits, trauma, and debt… what makes you think you can reverse it in six weeks? That's delusional,' he said. The first step in financial healing, Hall explained, isn't opening an app — it's digging into your first money memory. That moment in childhood — maybe it was scarcity, maybe it was watching your parents fight over bills, maybe it was being told 'we can't afford that' — that shaped your relationship with money today. 'Until you address that, you'll always self-sabotage,' Hall said. 'You'll think budgeting is punishment, investing is gambling and credit is survival.' But true financial transformation starts with reprogramming your mindset, not downloading another budget template. 'And let me say this as plainly as I can: You are not the expert in your finances — yet,' said Hall. He noted that if you had the tools and the emotional stability to manage your money correctly, you wouldn't be in crisis. 'That's not judgment — that's reality,' the CFP added. The problem is, the people who need help the most often trust themselves the least and refuse to trust professionals. It's a paradox, said Hall. Meanwhile, the wealthy — the truly wealthy — hire teams, strategists and advisors. They don't pretend to know it all. They focus on their zone of genius and trust others to help guide their path. 'But middle- and lower-income households? They'll burn through $10,000 trying to 'figure it out themselves' rather than paying $1,000 for a solid strategy,' Hall explained. 'That mindset is what keeps people broke, not just their income.' Hall's biggest advice? Trust the process. Trust the professional. And most of all, give yourself grace while you rebuild. 'Financial freedom isn't a destination. It's a lifestyle. It's not something you get, it's something you grow into.' More From GOBankingRates 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on I'm a Financial Planner: The Worst Financial Meltdown I've Seen (and What To Learn From It) 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
