The investment preferences of young, wealthy investors are diverging significantly from those of older generations, according to recent research conducted by Bank of America. Individuals between the ages of 21 and 43 with at least $3 million in investable assets are increasingly allocating a substantial portion of their portfolios to alternative assets such as hedge
Personal
The Internal Revenue Service (IRS) is currently facing a staggering pileup of tax identity theft cases, with approximately 500,000 unresolved cases as of April. This number has surged from 484,000 cases back in September, indicating a troubling trend that is worsening over time. Identity theft victims have been enduring long wait times for resolution, with
The movie “Thelma” presents a story of a 93-year-old grandmother who falls victim to a scam call from someone claiming to be her grandson in need of financial help. While this scenario was fictionalized for the big screen, the reality of such scams, known as grandparents’ scams or family emergency scams, is more prevalent than
In today’s digital age, social media has revolutionized the way we approach vacation planning. What used to be a time for relaxation and enjoyment has now become a performance for the masses, with the pressure to capture the perfect photos and share them online. The rise of platforms like Instagram and TikTok have led to
Wealth accounts are becoming a target for cybercriminals who use emotional manipulation in romance scams. The criminals build trust and relationships with their victims, leading them to willingly provide access to their accounts or transfer money. According to Tracy Kitten from Javelin Strategy & Research, consumers lost $1.14 billion to romance scams in 2023, with
As many retirees are often unaware, taxes can have a significant impact on their savings when they begin to withdraw funds from pretax accounts. A study conducted by Northwestern Mutual revealed that only 3 in 10 Americans have a plan in place to reduce taxes on their retirement savings. One effective strategy to minimize the
Investors in today’s market have been enjoying the luxury of earning 5% annual percentage yields on savings accounts and other low-risk vehicles, thanks to the Federal Reserve’s efforts to combat high inflation. However, experts are now cautioning against becoming too comfortable with these super-safe returns, as it may cause investors to miss out on the
As reported by experts, individual retirement accounts (IRAs) and self-employed Keogh accounts have been steadily growing over the years. The median IRA balance in 2022 was $87,000, showing an increase from $81,144 in 2019. Additionally, a Fidelity report found that the average IRA balance during the first quarter of 2024 was $127,745, which is up
Amidst the already challenging year for college applicants, a significant factor has emerged as the top priority when selecting a college – financial aid. The importance of financial aid in college choices has been magnified in 2024 due to ongoing issues with the new federal financial aid application process. The delays in financial aid award
The U.S. Department of the Treasury and IRS recently announced final tax reporting rules for digital asset brokers, setting the stage for significant changes in the world of cryptocurrency investing. These regulations, which will come into effect starting in 2026, aim to improve compliance and crack down on tax evasion in the high-risk space of