Daily decisions — not chance — often shape the divide between financial stress and stability. How do you score?
The top 10% of Americans now hold nearly 70% of the nation’s wealth, up from about 61% in 1989, while the bottom half owns just 2.6%, based on Federal Reserve data. Meanwhile, research shows that around half of financial inequality can be traced to differences in financial literacy. According to the St. Louis Fed and education studies, disciplined routines like tracking expenses…
America’s debt could reshape household finances. Here’s what to watch — and how to prepare.
The U.S. government’s debt payments are reaching record levels, with Washington now spending $1.1 trillion annually on interest alone, according to CBS News. That figure represents the cost of servicing the national debt, not reducing it. While federal budget figures can seem distant from everyday life, rising interest payments may have meaningful implications for taxes, government programs…
My wife’s parents are both retired. Lovely people — careful with their money, smart with their investments, and yet… They own four cars. For two people. Who barely drive.
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They’ve also been with the same insurance agent for over 30 years. I’m almost certain they’re paying more than they need to for car insurance. (But hey, I’m smart enough not to stick my nose too far into their business.)
Still, it got me thinking, how many retirees are quietly overspending on car insurance without even realizing it?
If you’re in that boat (or just want to make sure you’re not) here are a few simple ways to trim your premium without giving up the coverage you need.
You’ve heard this one before. But the truth is many people don’t compare quotes because they’re too busy, too loyal to their current provider, or just don’t feel like dealing with the hassle.
But skipping this step could mean leaving hundreds of dollars on the table. Maybe even thousands.
Last year I helped a friend in San Diego check rates and we found a new policy for nearly $400 less per year! That’s for the same coverage and same vehicle. All it took was 15 minutes and a cup of coffee.
Want to see how much you could save? Check out this free tool to compare rates and get matched with top-rated insurance providers.
Don’t assume loyalty gets you the best rate. Insurance companies change pricing often, and your driving experience gets better each year. A quote that was competitive five years ago might not be today.
If you’re only driving a few miles a week, then pay-per-mile insurance could save you a bundle. These policies charge a low base rate, plus a few cents for each mile you drive.
You can still choose the same coverage options and policy types like traditional car insurance, it’s just the billing that is cheaper based on the fact that you drive less.
This type of policy is ideal for folks who:
These plans aren’t available in every state, and usually require a small mileage tracker for your car. But setup takes just minutes and could still save you a lot.
It’s common to carry full comprehensive and collision coverage — especially when your car is newer. But if your vehicle is getting older, it might not make financial sense anymore.
Say your car is worth about $10,000, but you’re paying for a policy that would cover up to $30,000. That’s not just overkill, it’s wasted money.
Instead, you might consider dropping collision or comprehensive on older vehicles. You could also raise your deductible to lower monthly premiums.
Every situation is different, but a quick policy review can often cut costs significantly without leaving you exposed. While you’re at it, you may as well shop around and compare quotes with top carriers.
Many couples keep two cars out of habit. The thought is that if they’re fully paid off, there’s no real harm, right?
But if you’re mostly traveling together, or one of you barely drives, it might be worth downsizing your car footprint.
It’ll save you more than just car insurance costs. Maintenance, registration, and all those little car costs disappear when you get rid of a car.
Yes, it can be a lifestyle adjustment. But for many retirees, it’s surprisingly doable — and financially worth it.
This one’s easy to miss, but many insurance companies offer senior discounts or savings for low-mileage drivers. You just have to ask.
A quick call to your insurer could reveal some easy savings you didn’t know were available.
Retirement is the perfect time to rethink old habits — including how you insure your car. Whether it’s shopping around, reassessing your coverage, or switching to a pay-per-mile policy, there are plenty of ways to trim the fat and keep more money in your pocket.
Don’t overpay for another month. Compare car insurance rates today and get matched with top-tier providers with our free search tool.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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The company is making bold moves beyond AI. Here’s what it could mean for future tech and your money.
Nvidia isn’t just about gaming anymore. The company known for powering high-end graphics in video games is now making headlines for helping build some of the fastest computers in the world and for taking early steps into quantum computing. TheStreet highlighted that these efforts reflect Nvidia’s growing role in next-generation computing beyond entertainment. That may sound futuristic…
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Coming into a big inheritance probably feels surreal. One day you’re anxiously checking your balance like usual, and the next day you’re looking at more zeroes than you’ve ever seen before.
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It’s a life-changing moment. But it can also be a costly financial headache if you’re not careful.
Rich families don’t wing it when money like this changes hands; they follow a playbook. And if you’ve just inherited a fortune, it’s worth stealing a few pages.
The rich don’t panic and wire the money to Robinhood. They slow down and get advice. Because once you move money around, it gets harder (and more expensive) to undo mistakes.
Wealth advisors often recommend:
If you inherit cash — like a $500,000 check from a trust — you can’t just drop it all in your local bank account. Well, you can, but it’s not a smart move.
The FDIC only insures $250,000 per depositor, per bank, per ownership category. Anything above that could be at risk if the bank fails.
Wealthy families use strategies like:
Smart move: Talk to a fiduciary financial advisor before touching anything. Our partner SmartAsset’s no-cost quiz makes it easier to find a fiduciary financial advisor.
Inheritance itself usually isn’t taxed. But what you do with it can trigger taxes fast.
That’s why smart families bring in an estate planner early. One wrong move can turn a tax-free gift into a costly year.
Here’s what high-net-worth families don’t do: rely on Reddit or guess their way through it.
They build a fiduciary team that always works in their best interest and map out how to protect, grow, and eventually pass down their money.
And you can do the same. Our partner SmartAsset’s secure quiz matches you with up to three fiduciary financial advisors who have passed a rigorous vetting process.
Inheriting a large sum of money can change your life. But it can also change your tax situation, your relationships, and your long-term financial goals. That’s why wealthy families don’t go it alone.
They treat an inheritance like the serious financial event it is. They build a team. They protect the money. They think about legacy, not just lifestyle.
You don’t need to be ultra-wealthy to do the same.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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Are you more likely to remember purple elephants or P@ssw0rd123!?
Between bank accounts, social media, healthcare portals, and that streaming service your grandkids set up, the digital world demands more login credentials than anyone can reasonably remember. If you’re overwhelmed by password fatigue, there’s good news about managing this modern headache. Research from Ireland, published on arXiv, confirms what many older adults already know: managing…
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