Latest news with #financeexpert
Yahoo
3 days ago
- Business
- Yahoo
How To Get Rich Even If You're Lazy, According to Ramit Sethi
Getting rich doesn't have to mean grinding 80-hour weeks or obsessing over every penny you spend. According to bestselling author and finance expert Ramit Sethi, 'being lazy is a secret weapon if you set your systems up right.' Find Out: Read Next: In a recent video, Sethi outlined eight 'lazy wins' that can build serious wealth without the typical financial stress. His approach? Set it up once, then let your money work while you live your life. Here's his lazy person's guide to getting rich. Automate Everything: The Foundation of Lazy Wealth Building Sethi's first rule is simple: 'Setting up automation once and letting it run for the next 20 years' beats manually managing money every month. Here's how the system works: Before you even see your paycheck, a portion goes directly to your 401(k). Your direct deposit hits your checking account, then portions automatically flow to your Roth IRA and savings. Your bills — rent, utilities, credit cards — all get paid automatically. 'You do not have to think about money every day,' Sethi said. 'People who automate their finances actually save more because it's happening by default.' The psychology is brilliant. No more 'I don't feel like it this month' or finding excuses to skip saving. Your wealth builds whether you're motivated or not. Learn More: Use Target Date Funds: Investing for People Who Hate Research Forget reading financial news daily or researching individual stocks. Sethi recommended target date funds for hands-off investing success. 'All you have to do is choose one fund based on the year that you plan to retire and invest it,' he explained. 'No stock picking, no rebalancing, no guesswork.' Target date funds automatically shift from aggressive growth when you're young to conservative preservation as you near retirement. The best part? 'Target date funds consistently outperform active investors,' according to Sethi. His example: Investing $500 monthly starting at age 25 in a target date fund could result in over $1.2 million by retirement. Set it up once, then 'go live your life.' Send One Email to HR: Unlock Free Money at Work This might be the easiest money you'll ever make. Sethi suggested sending this exact email to your HR department: 'Hi [Name], I want to make sure I'm taking full advantage of our benefits. Can you send me the details on our 401(k), any 401(k) match, HSA or any stock purchase plans that we have available?' The results could be game-changing. You might discover your company matches 4% of your salary and you're not taking advantage. You could learn about tax-saving health savings accounts or employee stock discounts. 'You wanna be lazy and rich? Start by sending smarter emails,' Sethi said. The 1% December Rule: Retire With Six Figures More Than Your Peers Here's where Sethi's lazy approach gets powerful. Every December, increase your retirement contributions by just 1%. That's it. The math is staggering. Take a look at two people earning $80,000 annually starting at age 30: Person A contributes a flat 5% yearly ($4,000 annually) and retires with about $550,000. Person B starts at 5% but increases by 1% each December until reaching 15%, ending with almost $1.4 million. That's an $845,000 difference for 'logging into an account and clicking a button 10 times,' Sethi pointed out. Even lazier? Some 401(k) plans offer automatic escalation, so you can set this up once and forget it. Negotiate Your Salary Just Once: The Briefcase Technique Sethi's 'briefcase technique' can add tens of thousands to your annual income with one conversation. Six months before your review, meet with your manager and ask: 'It's really important to me that I am a top performer at work. Can you help me understand what that would look like?' Get specific measurable goals, document them, then spend six months tracking your results. At review time, present your accomplishments alongside market research on your role's salary range. 'Over the last six months, I hit the goals we set together. Based on that and my research of the market, I'd like to discuss a compensation adjustment,' Sethi suggested saying. Students using this technique have earned $10,000 to $80,000 raises. The beauty? That extra income compounds for years. Create Simple Money Rules: Eliminate Decision Fatigue Wealthy people don't wake up wondering what to do with their money, Sethi observed. They use simple personal guidelines that remove constant decision-making. His money rules include: If buying something nice like a car, keep it as long as possible. Always buy books without checking the price. Never put major purchases on debt. Your rules might be different: 'I'll eat out guilt-free three times a week' or 'I always comparison shop for purchases over $200.' 'These rules eliminate angst and drama,' Sethi explained. 'You already made a decision that aligns with your rich life.' Say No to Financial Busy Work That Doesn't Matter Sethi gives lazy people permission to stop obsessing over things that won't make them rich: Checking credit scores monthly (unless applying for a loan) Budgeting every single dollar Optimizing credit card rewards for tiny differences Working weekend gigs for small amounts Stressing about coffee and tip prices Instead, focus on big wins: Don't overspend on housing (keep it under 28% of gross income), don't buy vehicles costing more than half your annual income, and prioritize earning more over cutting small expenses. 'The wealthiest people I know are not chasing trends. They're building boring systems,' Sethi shared. Define Your Rich Life: The Most Important Step Before implementing any strategy, Sethi asked the crucial question: 'What would your life look like if your money was handled?' He shared the example of podcast guest Sarah, whose rich life was simple: Eat sushi weekly, take one international trip annually and never worry about car repairs. Once defined, they built a money system supporting that vision. 'Accumulating money is not the point. The point is to live a rich life,' Sethi emphasized. Why This Lazy Approach Actually Works Sethi's system succeeds because it acknowledges human psychology. Most people fail at money management because they rely on motivation and willpower, which are unreliable. Automation removes the need for daily discipline. Target date funds eliminate analysis paralysis. Simple rules prevent decision fatigue. The 1% annual increase feels manageable but compounds dramatically. 'I could be dead right now,' Sethi joked about automation. 'For the next six months, my money is automatically being transferred. It's being saved. It's being invested. I'm freaking becoming wealthier as I'm dead.' Getting Started: Your Lazy Action Plan Pick three strategies that resonate most and implement them this month: Set up automation for savings and bill payments. Email HR about benefits you're missing. Choose a target date fund for retirement accounts. Schedule December reminder to increase contributions by 1%. Define three money rules that align with your values. The goal isn't to become a financial expert. It's to build systems that create wealth while you focus on living the life you actually want. As Sethi put it: 'You don't need to check the news every day to see what's going on with the market. Set it up once, automatically put money in and then go live your life.' That's the lazy person's path to wealth — and it just might be the smartest approach of all. More From GOBankingRates The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on How To Get Rich Even If You're Lazy, According to Ramit Sethi
Yahoo
23-07-2025
- Business
- Yahoo
6 Investing Moves That Benefit Millionaires, but Can Hurt the Middle Class
For members of the middle class, who only have a moderate amount of money to invest, every move you make counts and can have a big impact on your net worth. Millionaires, on the other hand, often have more room to play with a wider margin of error. Learn More: Read Next: Here, William 'Bill' London, a finance expert and partner at Kimura London & White LLP, explained what kind of moves millionaires can make that the middle class just can't, and how to think of investing. High Capital Investments When millionaires play with money, their investments often have qualities that middle class can't achieve, London said, including 'high capital, long horizons and privileged access to markets.' Millionaires are investing in hedge funds, venture capital or high property syndications that 'are frequently typified by limited accessibility, low liquidity and high levels of risk,' he said. The average middle-class person is lucky to have retirement accounts and maybe a high-yield savings account or money market account. Millionaires can invest big money because they have the financial buffer to incur 'little more than slight hardships instead of severe life-transforming effects, a situation that normally applies to most families holding middle incomes,' London explained. Find Out: Tax-Loss Harvesting Practice in Private Equity Tax-loss harvesting — essentially where investors reduce their taxable income by selling investments that have lost value — is another strategy millionaires use because they have 'substantial taxable investment portfolios and sophisticated tax planning,' London said. For the average person with a 401(k) and limited brokerage activity, the benefits are small and often not worth the complexity. Private equity, in general, is typically reserved for high-income earners because you have to commit large amounts of capital over longer durations, London explained. Millionaires have the kind of liquidity that allows for them to extract big sums of money without suffering to pay for their basic expenses. To a middle-class earner, liquidity might just mean a slim buffer 'to take care of unexpected situations, educational expenses or retirement goals which makes this investment strategy risky and often undesirable,' London said. Financing Through Debt Not only do millionaires have the ability to borrow against investment portfolios or real estate at low interest rates to reinvest or defer taxes, 'They have the liquidity and safety nets to handle downturns,' London said. A middle-class investor just isn't likely to have the financial buffer or willing to take a risk refinancing a home to invest. 'If the market moves in the wrong direction, they may not have the flexibility to recover.' Higher Risk Tolerance In a nutshell, millionaires can absorb losses without major lifestyle changes. 'They are able to take on high-risk, high-reward opportunities with patience and backup plans,' London pointed out. Middle-class investors usually cannot afford that luxury; a major loss could delay retirement or put essential life goals at risk. Using Tax-Friendly Instruments While almost anyone can get some kind of tax benefit for making a charitable contribution, where the benefits really kick in is at a level of money the middle class is unlikely to have. 'The tax benefits that are available for donor-advised funds and other sophisticated trusts are relevant more frequently in situations that involve large charitable gifts or intergenerational transfers of wealth,' London said. For most families, the administration and maintenance costs of setting up such funds and trusts alone would be worth more than their potential savings. Postponing Revenues and Lowering Current Period Profits Most middle-class people live, if not quite paycheck to paycheck, not far ahead of that, with a small emergency fund or buffer, and with every dollar of income counting. Millionaires, on the other hand, can actually delay income to affect their taxes. 'They may delay bonuses, use stock options, or receive investment returns structured to maximize long-term capital gains rates,' London explained. That's a flexibility the average person earning a fixed paycheck simply does not have. Suggestions for the Middle Class So maybe you're not a millionaire — yet. You still can and should continue to invest. London suggested that the best strategy for long-term investment success for middle-income investors is as follows: Building a diversified investment portfolio Participating in frequent contributions Reducing fees Avoiding emotion-driven decisions As compelling as these millionaires' big moves may look at a distance, London warned that it's 'often counterproductive' for the middle class to try to replicate them. 'Time-tested and simple investment methods often provide the most predictable results.' More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on 6 Investing Moves That Benefit Millionaires, but Can Hurt the Middle 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
The Sun
21-07-2025
- Business
- The Sun
Shoppers are rushing to Boots to bag bumper box of Benefit makeup for just £17 – and it includes a £25 mascara
BEAUTY fans should sharpen their elbows as shoppers are racing to Boots for a Benefit bargain. Taking to the Facebook group Extreme Couponing & Bargains UK one woman revealed how she got five posh Benefit products for just £17.25. 2 2 The lucky shopper picked up the Benefit Most Loved gift set which normally retails for £34.50 and includes £96 worth of products. The pretty pink tin includes Bad Gal Bang! mascara, the Pore-fessional primer, Hoola bronzer, benetint lip and cheek tint as well as the 24 hour brow setter. Captioning her post the makeup fan wrote: 'A bit of a bargain in Boots today, Benefit collection, reduced to £17.25, the mascara is £27 on its own! 'It has the full size mascara, full size lip stain, mini brow gel, mini pore primer and mini bronzer.' Fellow shoppers were quick to like the post, eager to get the hands on the bargain for themselves. And it isn't the only way you can save in Boots. A finance expert has shared that there is an easy hack many people can do next time they are in store. She shared how women should not be tempted to 'pay more for pink packaging.' In a clip on her @thefinancegurl account, she shared how she wanted to stock up on her favourite Hyaluronic Acid Moisturiser from Boots. She explained: 'It costs £5.40 for the 30ml bottle but if you head over to the men's skincare section you can get exactly the same product for way cheaper. British skincare brand sold in Boots launches 50% off sale as it prepares to close down this month 'This one costs £2.50 for 50ml of product so you're actually getting more product for half the price. 'When you compare the ingredients side by side they are identical. 'Nothing is different apart from the fact that one is in green packaging and one is in pink packaging.' She advised when you are shopping for toiletries that it is worth checking if the men's section has a cheaper alternative as 'pink tax' is 'very real.' What are the best Aldi beauty dupes? ALDI has become well-known for its affordable beauty dupes that often rival high-end brands in terms of quality and effectiveness. Here are some of the best Aldi beauty dupes that have garnered rave reviews: Lacura Healthy Glow Exfoliating Tonic Dupe for: Pixi Glow Tonic Price: £3.99 (compared to Pixi's £18) Description: This exfoliating tonic contains glycolic acid and works to gently exfoliate and brighten the skin. It's a fantastic, budget-friendly alternative to the popular Pixi Glow Tonic. Lacura Q10 Renew Anti-Wrinkle Day Cream Dupe for: Nivea Q10 Plus Anti-Wrinkle Day Cream Price: £1.45 (compared to Nivea's £10) Lacura Caviar Illumination Day Cream Dupe for: La Prairie Skin Caviar Luxe Cream Price: £6.99 (compared to La Prairie's £292) Lacura Hot Cloth Cleanser Dupe for: Liz Earle Cleanse & Polish Hot Cloth Cleanser Price: £3.99 (compared to Liz Earle's £17.50) Lacura Snapshot Ready Foundation Primer Dupe for: Smashbox Photo Finish Foundation Primer Price: £5.99 (compared to Smashbox's £26) Lacura Miracle Cream Dupe for: Elizabeth Arden Eight Hour Cream Price: £3.99 (compared to Elizabeth Arden's £28) Lacura Ebony Rose Face Mask Dupe for: Fresh Rose Face Mask Price: £6.99 (compared to Fresh's £52) Lacura Charcoal Clearing Mudmask Dupe for: GlamGlow Supermud Clearing Treatment Price: £5.99 (compared to GlamGlow's £42) Lacura Velvet Touch Foundation Dupe for: Estée Lauder Double Wear Foundation Price: £5.99 (compared to Estée Lauder's £34) Lacura Tinted Lip Oils Dupe for: Rare Beauty Soft Pinch Tinted Oil Price: £3.99 (compared to Rare Beauty's £20)
Yahoo
13-07-2025
- Business
- Yahoo
Dave Ramsey: What To Do If Someone Asks for Their Monetary Gift Back
Depending on the closeness of friends and family members, a financial gift can either come as a genuine support or it might come with invisible strings that prove to be more complicated than the money is worth. Only you can make that call. Find Out: Read Next: A young man called into finance expert Dave Ramsey's show, 'The Ramsey Show,' with a related problem: His grandmother had given him and his wife a gift of $9,000 to be used as they saw fit: for wedding planning, toward a home purchase or whatever they wanted, saying that she did not expect the money back. Over time, however, Grandma started fishing for personal financial information, such as how they were doing financially, which made the caller nervous. Soon, Grandma now not only wanted her money back, she wanted it back with interest, to the tune of around $12,000. With a household income, after taxes, of around $70,000, $12,000 is a lot of money for the caller and his wife to pay back. Here's what Dave Ramsey recommended they do (and what lessons can you take away from this story). Ramsey took the side of the caller, saying, 'You do not morally owe her a dime.' He suggested that the caller could just as easily take Grandma to task by reminding her that she had patently called the money a gift and was now reneging on that agreement. He told the caller he would be within his rights not to pay her back. However, Ramsey said he suspected the likely result of doing so was that Grandma would become 'Mt. Vesuvius, because she likes to pull people's strings, and when they don't dance at the end of her string, she has a little fit.' The caller agreed this was likely, given Grandma's history of doing similar things to his parents. Ramsey suggested that a person in this position has to make a choice between keeping the peace and doing what feels 'right' to them, which might include maintaining peace in family or being able to literally go home for the holidays. Learn More: Assuming correctly that the caller did not want to handle emotional upheaval or family drama, Ramsey suggested another alternative, a more practical, if disappointing, choice: to pay Grandma back, even though that wasn't the original agreement. Even within this scenario he urged the caller to think through his options that included making a payment plan and staying tethered to a manipulative relative for a long stretch of time, paying off only exactly the amount 'gifted,' or paying off the total 'plus interest' as Grandma now claimed they owed. The choice was the caller's. If the caller opted to pay Grandma back, Ramsey recommended getting the money paid off as quickly as possible — saving it in an account until it was all there — and making a clean break. However, he did warn that Grandma's manipulations might not stop there. If they paid the extra interest she was now 'charging,' he suggested she might suddenly find a way to keep asking for more. Sometimes, a hard boundary is necessary. It was up to the caller to decide. To recap, Ramsey's suggestions for your choices in a situation where a gift has been given and then rescinded include: Tell the person sorry, you're keeping what was given freely and deal with the fallout. Pay the person back either all at once or set up a payment plan, but only the amount given and not a penny more. Pay back the full amount with interest to keep a complicated relationship from getting worse. If any of these options don't appeal, or don't apply, you can also: Look into mediation with a neutral third party to try to reach a peaceful resolution. Speak with a financial therapist to work out complicated emotions before making a decision. Seek legal advice if the person threatens court action. Write a formal letter clarifying the original terms of the gift and your intended course of action. Get documentation in writing to prevent future misunderstandings if you choose to repay. Establish a firm boundary and step back from communication for a period of time. Consult a consumer protection attorney if harassment or manipulation continues. No matter what option you choose, get it in writing and have it witnessed and notarized. Additionally, it's probably a good time to lean into very clear communication and get everything in writing when it comes to financial gifts. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 How Far $750K Plus Social Security Goes in Retirement in Every US Region Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on Dave Ramsey: What To Do If Someone Asks for Their Monetary Gift Back
CTV News
16-06-2025
- Business
- CTV News
Is it really a recession indicator?
What does the viral trend say about how we talk about money and tough economic times? Personal Finance Expert and Author Jessica Moorhouse joined us.
