Money Management

Looking for a way to reach your financial goals? Learn more about the world’s first GPT-powered personal finance app and discover how to start saving money with WallyGPT. 

When it comes to succeeding with your personal finances, one of the biggest challenges is having a clear understanding of where your money is going and how to make it work for you. Like Mint and Rocket Money, since 2013 Wally has been operating in the personal finance space to help you track your spending, budget your money, and achieve your financial goals.

With the recent launch of ChatGPT, an artificial intelligence chatbot, Wally has now incorporated this technology into its own platform. The new GPT function, which was launched in June, offers an enhanced user experience, making it even easier to reach your financial goals. Here’s how it can help you manage your money.

1. It’s fully automated and available worldwide

With Wally, you can easily connect all of your financial accounts and let technology work for you. With access to over 15,000 banks in 70 countries, Wally makes it easy to securely track your bank accounts, credit cards, loans, and investment accounts in one place for free.

With Wally, you can effortlessly manage your cash flow, set budgets, and gain insights into your spending habits.

2. It gives you intelligent insights

What separates Wally from other financial apps is that it’s the world’s first GPT-powered (Generative Pre-trained Transformer) personal finance app. It offers a new level of financial management, allowing you to ask WallyGPT any question regarding your expenses and income.

Whether you’re curious about how your grocery expenses have changed over time or how much money you’re currently saving, WallyGPT provides detailed answers that can help you make more informed decisions about your finances.

For example, if you want to get married in another country, you can ask WallyGPT for help. Wally can provide a detailed breakdown of expenses for attire, number of guests, food, and more. Additionally, if you need to know how much to save for the wedding, WallyGPT provides the necessary amount to save based on your current cash, income, and liabilities.

This innovative technology can be used for a multitude of financial objectives, including creating a retirement plan. If you want to retire in another state, the app would integrate the cost of living with your preferred locations along with variables like age, income, and any debt you have to generate a retirement plan.

3. It offers customized financial guidance

No matter what financial goal you’re working toward, it can be challenging to figure out where to start and what steps to take. Wally can help you plan and set goals better by answering questions like “How much should I save each month to pay off my car loan?” or “What’s a realistic timeline to save for a down payment on a house?”

With instant, personalized action plans based on your specific situation, WallyGPT takes the guesswork out of long-term financial planning. Wally’s personalization tools also adapt to your unique requirements.

The personal insights simplify the process of setting and managing budgets. You can seamlessly track your day-to-day spending across categories and monitor your progress on the go. Wally also allows users to set up personalized rules to tailor a budget to their liking.

4. It can make your finances easier to understand

Understanding finances can be a daunting task, especially for those who are not well-versed in banking terminologies and financial products. This is where WallyGPT comes in handy.

Its expertise lies in simplifying the complex concepts and conveying them in a way that makes sense to anybody. The app can explain the terms and products used by banks, lenders, and financial professionals in a language that is easy to understand.

With its help, people can get a better understanding of their finances and make informed decisions. WallyGPT’s practicality in simplifying financial jargon bridges the gap in financial literacy, empowering individuals and making managing money less intimidating.

With WallyGPT, you can ask all your burning questions about everything from ETFs to stock dividends. You can learn wherever and whenever you want and talk to it just like you would a financial advisor or finance professor.

5. It maintains the utmost privacy

Wally is able to help you reach your goals while prioritizing keeping your data safe, secure, and private. Wally does not collect or store your card information, username, or password, meaning that it cannot make transfers, payments, or charge your credit card.

When you sync your accounts to Wally, it uses the latest technology such as end-to-end encryption and complying with the latest regulations. With all these measures in place, you can rest easy knowing your data is completely secure. Wally also does share, sell, or rent your data to anyone.

Managing your finances can be a challenging task, but with Wally, your personal finance assistant, you can simplify the process. WallyGPT goes beyond traditional financial tools, delving deep into your financial situation to provide you with pertinent insights. Contextual advice is just a conversation away, allowing you to make sound financial decisions tailored to your unique situation. With WallyGPT, you can take control of your finances and enjoy the peace of mind that comes with knowing your financial well-being is in capable hands.

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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.
The Ascent does not cover all offers on the market. Editorial content from The Ascent 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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Costco not only offers special savings on travel, but also pampers its Executive members. Here’s a peek at what Costco provides. 

A Costco Gold Star membership costs $60, while an Executive membership will set you back $120. However, the benefits and savings associated with an Executive membership can be significant.

For example, Executive members earn an annual 2% reward on qualifying purchases, receive lower prices on auto purchases, and discounted check printing. Executive members also score some rather sweet travel benefits. Here’s a breakdown of some of those travel perks associated with Executive membership.

1. Resort credits

Imagine traveling to Aruba or Grand Cayman to lie on the beach, sip cold drinks, and soak up the sun. You’re staying in a luxury resort, surrounded by fun things to do and see. Costco often sweetens the pots by offering a daily resort credit. That credit may take the form of cash, a cabana rental, or special outing. In any case, it’s a treat that doesn’t take money out of your bank account.

2. Spa credits

Whether you’re on a tropical island, in the middle of a continent, or aboard a ship, don’t be surprised if Costco Travel ensures you receive credit to visit the spa for a massage, pedicure, or whatever your heart desires. This is another great way to save some money, even on vacation.

3. Shipboard credits

Cruise ships are essentially small floating cities, with lots to see, do, and buy. Another perk of Executive membership may be a credit to enjoy some aspect of the floating city, whether that’s a trip to the spa, casino, or gift store. If you don’t want to run to an ATM to take cash from your savings account to pick up a new sun hat or pair of sunglasses, a shipboard credit can help.

4. Room upgrades

All Costco Memberships snag the same deals on travel. It’s the upgrades that set Executive members apart. For example, you shouldn’t be surprised if you check into a hotel room with a view of the pool, only to be upgraded to a room with a view of the ocean.

5. Special surprises

The fun part of traveling as an Executive member of Costco is that you can never be quite sure what you might receive. For example, current travelers to the Koro Sun Resort in Fiji receive a complimentary private beach picnic for two. Hotel Kia Ora Resort & Spa guests take home a carved mother of pearl and natural woven beach bag.

Benefits of working with Costco Travel

Costco Travel has been in the business of helping people save money while traveling since 2000. That’s 23 years of experience, and as a global company, 23 years of forming partnerships with resorts, cruise ships, and other travel-related businesses.

It’s important to note that you can’t book individual flights with Costco and the company does not work with all airlines. However, if you’re looking for a discounted package, Costco is worth checking out. Here are two distinct benefits of booking through Costco Travel:

You can book your whole vacation all in one place, including airfare, hotel or resort, cruiseline, and special outings. Everything you have planned is on a single itinerary.You can still stack up frequent flier miles. As long as you have a frequent flier account with the airline you’ll be flying, you just need to enter your membership number while booking.

As if the special pampering weren’t enough, don’t forget that you also receive 2% back on travel services. And if you purchase travel using the Costco Anywhere Visa® Card by Citi, you’ll snag 3% in cash back rewards.

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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.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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What might be considered wealthy for one person may not be the same for another. Read on to learn how Americans classify wealth. 

When we think about wealth, many of us first think about money, assets, and a luxurious lifestyle. However, a recent study showed that Americans who feel wealthy have a much lower actual net worth than what we might expect. So, what does it really mean to feel wealthy? The answer is surprising.

$2.2 million vs. $560,000

According to the Charles Schwab Modern Wealth survey, Americans said that they need about $2.2 million to feel wealthy. However, the study also found that Americans who feel wealthy have a much lower actual net worth of $560,000.

Despite the fact that the median net worth of Americans is about $120,000, surprisingly half (48%) said they currently feel wealthy. This suggests that wealth may be determined not only by the amount of money and assets you have, but also by how you perceive your own wealth and well-being.

Wealth is more than just money

It is important to note that while financial stability is a crucial component of overall well-being, it is not the sole defining factor of being wealthy. Rather, individuals view having a fulfilling personal life, not stressing over money, having enjoyable experiences, and maintaining a healthy work-life balance as more indicative of true wealth.

These factors suggest that wealth can be subjective, and that it is possible to feel wealthy without necessarily having millions of dollars in a checking account. For example, 47% of individuals surveyed stated that being able to afford a similar lifestyle to their friends is a key part of feeling wealthy. Interestingly, there are significant differences in these preferences among different generations: 61% of Generation Z and millennials place a higher value on this particular factor, compared to only 31% of baby boomers.

Americans value this above all else

Time, the most cherished possession for most Americans, outranks money in terms of importance. A staggering 61% of Americans recognize that time is an irreplaceable and limited resource.

Unlike money, which can always be made, time is an asset that cannot be replenished. This explains why survey respondents willingly prioritize time over financial gain, as they desire a greater sense of freedom and autonomy. Interestingly, among the participants, a higher percentage of baby boomers (67%) deem time as more valuable than money (33%).

Here is the key to meeting financial goals

The survey revealed that a mere 35% of Americans have a written financial plan in place. Those who do, however, are significantly more likely to successfully attain their financial objectives. Astonishingly, 92% of individuals with a plan are more confident in their ability to reach their financial goals.

The primary reason for the majority of Americans not having a financial plan is a common misconception — they believe that they lack the financial means necessary to justify creating one. However, this belief is, in fact, the opposite of reality.

The truth is that without a well-defined financial plan, individuals may struggle to find ways to increase their wealth and attain financial security. This can result in a never-ending cycle of living from one paycheck to the next.

The concept of wealth varies among individuals. Although Americans believe that $2.2 million is the benchmark, it is important to recognize that wealth is subjective and influenced by various factors. True wealth encompasses well-being and having a fulfilling personal life, as well as having a healthy work-life balance so one can enjoy experiences. As Americans get older, they value time above everything else.

Your personal finances are still important to building wealth, however, so it is important to develop a comprehensive financial plan.

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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.
The Ascent does not cover all offers on the market. Editorial content from The Ascent 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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