Latest news with #financial planning
Yahoo
3 days ago
- Business
- Yahoo
18 ChatGPT Prompts To Use To Increase Your Wealth
Though many people use ChatGPT like it's a search engine similar to Google, it can actually be used to simplify and streamline not only your finances, but also your life. Since the revolutionary chatbot was released for public use, many innovative strategies for utilizing it have been revealed. Also Read: Up Next: It's not just about being able to access artificial intelligence (AI) anymore; it's about discovering how to use this AI-powered resource to help yourself. Here are several ChatGPT prompts that you can follow to increase your wealth. Personal Finance Basics Asking ChatGPT to explain something like you're five can actually be beneficial when it comes to distilling complex financial topics. Rather than getting bogged down in the jargon and details, let ChatGPT assist you in developing a comprehensive financial plan that includes saving for retirement, buying a home or starting a business. If you're new to money management, let ChatGPT explain concepts to you so you can become more aware of how to navigate them and begin growing your wealth. Here are some prompts to put into ChatGPT to help get you started on your financial planning journey: 'How can I improve my credit score?' If you want to improve your credit score, you can have the AI bot help you out, so you know what steps to take next. 'How can I start saving money?' The chatbot can help you plan to start saving money for the first time if you're just getting started. 'How can I save money on my grocery bill?' The next step involves asking ChatGPT for specific help on saving money. You can ask for tips on saving money on your grocery bill or replace this category with every other spending area based on your lifestyle. 'How can I build wealth?' If you want a summary of building wealth, you can simply prompt the chatbot to explain the entire process to you. From there, you can ask specific questions based on anything that comes to mind. 'Can you create a budget for me?'Based on this prompt, the chatbot will ask you for relevant information, so you will need to gather everything. 'What are some effective strategies for paying off debt?' If you're at this stage, you can ask for various strategies to help you pay off debt. 'What are the best ways to save money on a tight budget?' If you're on a budget, you can ask for assistance in finding ways to save money. 'Help me save up for a home.' If you're looking to save up for a new home, ChatGPT can help you make a plan to prepare for this large expense. Learn More: Investing Advice Once you have the basics covered, it's time to get ChatGPT to help you with your investment strategy. Here are 10 more prompts to use to get you on the path to making informed decisions: 'I'm interested in learning more about investing. Where should I start?' This will help you get started, so you have some ideas for what to look into. 'How can I start investing with a small amount of money?' If you're looking to start from scratch, you can prompt the chatbot to help you figure out how you can make your money work for you. 'What are the possible risks and rewards of different investment options?' Before you start investing your money, you could gather insights on the risks involved, so you know what you're getting into. 'Suggest sectors worth investing in right now.' If you're not sure where to invest your money, you could gather advice on sectors and industries that could see some growth. 'Explain the basics of investing in cryptocurrency.' If you want to invest in speculative assets, you can learn about cryptocurrency, so you don't blindly get caught up in the hype. 'How can I invest in real estate with little savings?' If you want to invest in real estate, you can gather information on how to begin without significant capital. 'Evaluate the long-term performance of investing in stocks vs. mutual funds.' Once you start debating between investment vehicles, you can have ChatGPT evaluate their performance, so you can compare your options. 'Evaluate this investment option.' If you're ever stuck on a particular investment, you can share the details so the chatbot can analyze it. 'Can you help me develop a financial retirement plan?' If you want to plan for retirement, you can have ChatGPT share suggestions and details based on your age and situation. 'Suggest investment strategies for generating passive income.' Once you're ready to get to the next level of building wealth, you can look for suggestions on creating passive income to make money in your sleep. Just remember, as is the case with any investment advice you may receive, you need to assess your personal situation and always proceed with caution. It's always a good idea to consult with a human financial advisor, as well. Martin Dasko contributed to the reporting for this article. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard The 5 Car Brands Named the Least Reliable of 2025 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 18 ChatGPT Prompts To Use To Increase Your Wealth 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
Daily Mail
3 days ago
- Business
- Daily Mail
This little-known loophole lets you gift your children more money without worrying about inheritance tax – but experts say you mustn't fall foul of these rules
My wife and I are worth more than the combined £1million inheritance tax threshold, thanks to our home, savings and investments - and soon our pensions. We want to make gifts to our adult children to try to avoid them getting taxed at 40 per cent on their inheritance in the future and are using the small annual gifting allowance to do this.
Daily Mail
22-07-2025
- Business
- Daily Mail
A tenth of families paying inheritance tax hit with £500K-plus bills
More families are being stung by inheritance tax , with nearly one in 10 of those paying the levy now being handed a bill of more than half a million pounds. A Freedom of Information request by Rathbones shows that 2,520 estates paid more than £500,000 in IHT in the 2021-22 tax year, a 29 per cent increase over three years. Of the nearly 30,000 estates eligible for the death tax, 1,630 paid between £500,000 and £999,999 in IHT, while a further 890 estates paid over £1million. If the current trajectory continues, over 3,524 estates will pay more than £500,000 in IHT by the end of the current tax year, based on an average increase of 8.74 per cent a year, according to Rathbones. Frozen thresholds combined with rising asset prices, including the value of homes, investments and savings, are already dragging more into death duties. Who pays inheritance tax? Currently, your estate needs to be worth more than £325,000 for your loved ones to have to stump up inheritance tax. This can be doubled to £650,000, jointly, for married couples or civil partners who have not already used up any of their individual allowances. A further crucial allowance, the residence nil rate band, increases the threshold by £175,000 each for those who leave their home to direct descendants, their children, grandchildren or great-grandchildren. Of these, 7,270 paid between £100,000 and £249,000, but the majority of estates paid up between £0 and £100,000. Rebecca Williams, divisional lead of financial planning at Rathbones said: 'The deep freeze on both the main nil-rate band and the residence nil-rate band, unchanged since 2009 and 2017 respectively, has led to a creeping form of fiscal drag. 'As house prices and asset values have steadily risen, more estates are being brought into the IHT net simply because the thresholds haven't kept pace with inflation . 'Without proactive steps, more estates will find themselves facing IHT bills they might not have anticipated.' There are growing concerns that the Chancellor could make further changes to IHT, including extending the seven-year gifting rule to ten years, which could drag more people into the tax net. Currently, no tax is due on any gifts you give if you then live for another seven years.
Yahoo
22-07-2025
- Business
- Yahoo
Tony Robbins' Top 3 Tips That Will Save Retirees From Financial Disaster
One of the most popular and well-known money gurus out there today is Tony Robbins. For decades, Robbins has been releasing books, conducting seminars and giving financial wisdom to those who are seeking answers for how to get their money on track. Read Next: Find Out: One group that might need an extra bit of help are retirees. Luckily, Robbins has a bounty of methods for making sure they do not run their finances into the ground. Here are Tony Robbins' top three tips that will save retirees from disaster. Plan For Your Retirement Now For some of us, retirement might be just around the corner. For others, it can feel like lightyears away. Don't miss out on that time, whatever it might be, to allow for your retirement savings to grow, which means starting as soon as you can. To figure out the number you'll need to retire comfortably, Robbins recommends that you take it in several steps: calculate how much money it takes to maintain your current lifestyle, multiply that total amount by 20. It's important to be conservative with your numbers instead of overly optimistic. Once that figure has been estimated, it's time to start figuring out a retirement plan. 'The number you come up with may be massive — but don't be afraid to dream big,' advised Robbins. 'With the right mindset and relentless focus, you can go beyond 'How much do I need for retirement?' and start asking 'How much do I want for retirement?'' Consider This: Build a Money Machine How much someone saves for retirement will vary, as well as how they do it. But Robbins urges everyone to start building what he calls the 'money machine.' This happens by 'harnessing the power of compounding to create an income stream for the rest of your lifetime. In other words, you must automate your savings in a tax efficient manner and utilize an investment strategy that will keep earning in any season,' according to Robbins. Robbins highlights that one way to build the money machine is through compounding interest, which only can be truly utilized to its fullest with time. You can cultivate money in savings so that interest from these investments eventually generates enough income without needing to work a job. 'When you enter the second act of your life, you will have the freedom to work only if you want to,' Robbins said. Coordinate Your Planning for Retirement and Taxes 'With traditional plans, you don't pay taxes on your contributions at the time they are made,' Robbins explained. 'Taxes are deferred until you begin withdrawing from your plan — and then you are taxed at the current tax rate for your income bracket.' The plans that Robbins recommends retirees or those who are starting to think about retirement include traditional ones such as a 401(k), an IRA, and a Roth IRA. Knowing how much of your retirement plan will be going to taxes each year will help you plan accordingly versus getting a surprise tax bill. 'Don't be blindsided by the hit taxes can take against your nest egg,' warned Robbins. 'Protect your nest egg and protect your road to retirement. Ultimately, you're protecting your financial future — and nothing is more important than that.' More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on Tony Robbins' Top 3 Tips That Will Save Retirees From Financial Disaster
Yahoo
21-07-2025
- Automotive
- Yahoo
Humphrey Yang Reveals How To Calculate How Much Car You Can Afford With The 20-4-10 Rule
How much car can you afford? Many people wrestle with this question, but financial personality Humphrey Yang recently broke it down to a simple formula. Knowing how much you can truly afford can help you avoid an expensive vehicle that ends up being more trouble than it's worth. The 20-4-10 rule has three components, and each of them influences how much you can spend on a car. Yang broke it down in a recent video while outlining practical strategies to keep your transportation costs low. Dissecting The 20-4-10 Rule Each number in the formula plays a key role. Yang believes you should put 20% down, finance a car for no more than four years, and ensure that your monthly car payments do not exceed 10% of your gross monthly income. Don't Miss: —with up to 120% bonus shares—before this Uber-style disruption hits the public markets Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — Many dealers and lenders give you the option to put no money down, but you can get stuck with a car that eats up too much of your budget. Furthermore, if you don't put any money down, you will pay a lot more interest over the long run. The first two metrics are straightforward, but Yang also includes insurance and maintenance in the monthly payments. If you have a $750 monthly auto loan payment, but you also spend $200 per month on insurance and maintenance, your monthly car payment is really $950. Yang uses this number to calculate that you should gross $9,500 per month if you want to incur a $950 monthly car payment, including insurance and maintenance. Car Payments Are One Of Your Biggest Expenses Yang's calculator results in a monthly car payment that reaches 10% of your gross monthly income. Some people put a higher percentage of their income toward their vehicle, especially for luxury models. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — Not taking this decision seriously can result in unnecessary financial hardship. A car is the second-most expensive purchase you will likely make, outside of buying or renting a house. That's why it is extra important to run the numbers and strictly follow a framework like the 20-4-10 rule. When most people think of cutting their expenses, they think of ditching their daily coffee habit. While removing any cost will benefit your finances, Yang suggests focusing on the big-ticket items like a house and a car. If you're overpaying for your house and car, then skipping Starbucks won't have much of an impact on your finances. How To Reduce Transportation Costs Yang wrapped up the video by summarizing some of the ways you can reduce your transportation costs. Cutting these expenses will help you save a lot of money. You can use that extra money to grow your portfolio faster, go on an extra vacation, or give yourself peace of mind with a six-month emergency mentioned buying a used car, using public transit, carpooling, and riding a bike as some of the ways to reduce your transportation costs. Some old models still have a lot of life in them, and it's even possible to find an old model that's more reliable than a new car. Using public transportation, carpooling, or riding a bike from time to time can help you save money on parking costs. These are frugal decisions that can protect your wealth. Being frugal and aggressively investing money now can set you up for a robust financial future. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Humphrey Yang Reveals How To Calculate How Much Car You Can Afford With The 20-4-10 Rule originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
