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Money Management

5 Countries Where Real Estate Is Still Incredibly Cheap

By Money Management No Comments

 See the top countries that still offer great real estate investment values. Phovoir / Shutterstock.com

Editor’s Note: This story originally appeared on Live and Invest Overseas. Getting onto the property ladder has always been one of the safest and best ways of securing long-term wealth. Buying cheap real estate overseas gives you another level of security and diversification. By purchasing property abroad, you have added safety should the U.S. market fail. Especially when the strength of the U.S.

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Amazon Unveils Prime Day Dates and Early Deals to Shop Now

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 Early deals for Amazon’s big event are already underway. alphaspirit.it / Shutterstock.com

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Amazon Prime Day 2023 is set for July 11-12. Amazon announced today that the annual summer shopping extravaganza will kick off at 3 a.m. ET on July 11 and run for 48 hours. This year’s big event will give Amazon Prime members…

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Americans Think You Need $2.2 Million to Feel Wealthy. Are They Right?

By Money Management No Comments

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

Image source: Getty Images

Money is an important aspect of our lives. From paying the bills to fulfilling our dreams, financial stability is essential. But how much money do we need to feel wealthy? According to a recent survey by Charles Schwab, Americans believe that it takes $2.2 million to be considered wealthy. But is this really the case?

Americans who feel wealthy have a much lower actual net worth

While the survey found that Americans believe you need a net worth of $2.2 million to “be wealthy,” the survey also found that those who feel wealthy (48%) are actually not worth as much. On average, they only have a net worth of $560,000.

This suggests that there is more to wealth than just having a high net worth. It is also about a sense of financial stability, satisfaction with one’s lifestyle, or other non-monetary factors. Wealth is also relative. For example, 47% of individuals surveyed stated that being able to afford a similar lifestyle to their friends is a key factor in feeling wealthy.

Interestingly, there are significant differences in these preferences among different generations: 61% of Gen Z and millennials place higher value in this factor, compared to only 31% of baby boomers.

Wealth is more than money

When asked to describe wealth in their own words, more Americans referenced well-being over money and assets. Americans generally chose non-financial assets when asked to choose which better describes wealth.

This shows that wealth is not just about having a lot of money, but it’s also about having a fulfilling personal life, not stressing over money, having enjoyable experiences, and maintaining a healthy work-life balance.

To feel wealthy, one may not necessarily need millions of dollars in a checking account. It is about having a sense of purpose and fulfillment in life. Wealth can come from pursuing a career that brings joy and satisfaction. It can also come from hobbies, passions, and relationships.

Time vs. money

If there’s one thing that Americans value above all else, it’s time. A whopping 61% of Americans believe that time is more important than money. This mindset is understandable when one considers that time is a finite resource.

Time is a precious commodity, and although you can always make more money, you can never get more time. So, it’s no surprise that the survey participants are willing to sacrifice financial gain for a little more freedom with their time. Baby boomers are more likely to say time (67%) is more valuable than money (33%).

Financial planning is key to meeting financial goals

The survey found that only about a third of Americans (35%) have a documented financial plan. Those who have financial plans are more likely to achieve their goals. In fact, a staggering 92% of people with a plan report feeling confident that they will reach their financial goals.

While creating a financial plan may seem daunting, it’s clear that the benefits are worth the effort. Taking control of your finances can lead to greater peace of mind and increased confidence in your ability to achieve long-term financial goals.

While it may seem counterintuitive, the top reason why most Americans don’t have a financial plan is because they believe they don’t have enough money to warrant creating one. However, in reality, the opposite is true. Without a clear financial plan, you may struggle to find ways to grow your wealth and increase your financial stability, leaving you stuck in a cycle of paycheck-to-paycheck living.

A financial plan provides the necessary roadmap to help you identify your goals, assess your current financial situation, prioritize budgeting, and make informed financial decisions. So, if you’re looking to increase your financial standing and build a secure financial future, the first step is creating a solid financial plan.

The perception of wealth is different for everyone. While Americans believe that $2.2 million is the magic number, the truth is that wealth is subjective and depends on several factors. It is about having financial security, freedom, and comfort, as well as pursuing a life that brings you joy and fulfillment. Take control of your finances by creating a financial plan, so you can achieve wealth in all aspects of your life.

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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.Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool recommends Charles Schwab. The Motley Fool has a disclosure policy.

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4 Ways to Support LGBTQIA+ Businesses for Pride Month

By Money Management No Comments

Ideally, you’re spending money at queer-owned businesses all year long. Read on for a few tips for how to get involved and show your support. 

Image source: Author

Right now, we’re in Pride Month. As such, many businesses have their best rainbow facepaint on. While it is extremely heartening to see, it’s important to remember that it’s far more crucial to support actual LGBTQIA+ businesses at this time (and really, all year round). Why? The national big-box retailer that changed its social media logo to a rainbow version for June is in little danger of going under.

On the other hand, the queer-owned coffee shop or book store in your neighborhood likely has razor-thin profit margins. So if you enjoy living in a vibrant and diverse neighborhood, or otherwise want to support LGBTQIA+ business owners, your efforts (and dollars spent) will be far, far more appreciated than the money you give to that big-box store.

Plus, queer Americans are more likely to struggle with money, according to 2021 research from The Ascent. And some of these money troubles stem from being paid less on average (queer Americans earn an average of $0.90 per $1 earned by the average straight American, per the Human Rights Campaign). So supporting an LGBTQIA+ business with your dollars makes a real impact and can help address that pay gap. Here are a few moves you can make — and remember to keep it up in July, August, and beyond.

1. Hit up your local Pride festival — and bring money

One of the best ways to learn about LGBTQIA+ businesses in your area during June specifically is to attend your local Pride gathering or festival. There, you’ll likely find queer bakeries, t-shirt printers, jewelry artists, and beyond. The most direct way to support them is to buy things from them. Now is the time to add to your sticker collection, buy some earrings, or even pick up a one-of-a-kind 3D-printed dragon toy for your favorite kid.

And try to pay cash, if you can. The nice thing about cash is that it is likely to be readily accepted by a business operating out of a tent at Pride, and the business owner won’t have to pay credit processing fees that eat into their profits.

2. Leave reviews

If you have a lovely experience at that queer coffee shop, take the time to leave a great review on Google or Yelp. I’m not a business owner, but I am a fervent supporter of local businesses, and I absolutely read reviews ahead of visiting. It’s a fair bet that many people are just like me, and seeing that the neighborhood coffee shop makes a mean breakfast sandwich and the counter staff are friendly and service was prompt could help to drive in additional business and let that shop pad its checking account.

You can also review businesses on their social media pages, and this could not only send strangers to that establishment but also your friends and family. And if you order an item from an LGBTQIA+ business via a site like Etsy, make sure you review the item when you get the email to do so.

3. Take business cards and other advertising tools

You can also just tell people directly about your experience with a business. A good strategy for this is to take business cards, which are likely readily available if you’re checking out a business at Pride, or even make a stop at that local bookstore. My favorite straight ally uses this technique; he picks up business cards to distribute to friends and other potentially interested parties after the fact.

A business card can also be a nice reminder for you to check out that Etsy seller or other e-commerce shop later. And you can even use them to help promote the business in other ways, such as tacking it up on the bulletin board in your local independent grocery store or community center. Remember, businesses don’t make money if no one knows about them.

4. Offer to partner or otherwise engage on a deeper level

If you’re a business owner, see what you can do beyond just buying a queer business’ products yourself. Maybe you have a small bakery and are interested in selling a local artist’s items on consignment, which means you’ll display those for-sale paintings or pieces of jewelry in your shop for your customers to browse and purchase. As items are sold from your establishment, you pay the other business the money from the sale. This is a nice way to give more exposure to a worthwhile business.

Another option to explore is opportunities for partnerships for special events. This can be a great way to keep the connection and support going year-round, rather than just in June. If you’re the one who owns the neighborhood coffee shop, maybe the queer-owned bakery would be interested in a holiday collaboration, where you each cross-promote the other’s special menu offerings. Ultimately, though, you can also just send your customers to that business. If you’re in a tourist area, and you get a lot of out-of-town customers, recommend that they check out your favorite LGBTQIA+ business while they’re visiting.

Remember, small businesses can have a fantastic impact on the communities they serve, and this includes helping unique and worthwhile businesses survive. As the cost of living rises and ordinary folks have less and less disposable income to spend, it’s important that we try to prioritize our spending at businesses that reflect our values and support our communities. This month (and beyond!), give LGBTQIA+ businesses in your area the support they deserve.

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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Ally is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Alphabet and Etsy. The Motley Fool has a disclosure policy.

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Here’s What Happens When You Put College Savings Ahead of Emergency Savings

By Money Management No Comments

Saving for college is essential. But read on to see why your emergency fund should take priority. 

Image source: Getty Images

Attending college is hardly an inexpensive prospect these days. For the most recent academic year, the average cost of tuition and fees was $39,723 at private colleges, $22,953 for out-of-state students at public colleges, and $10,423 for in-state students at public colleges, according to U.S. News & World Report.

If you don’t want your children to wind up with debt in the course of earning their degree, then you may be inclined to open a 529 plan or brokerage account and start setting money aside for their education. But you should only do so once you have a fully-loaded emergency fund in place.

Why emergency savings need to come first

The whole point of saving for college is to spare your kids from having to take on debt. But if you don’t set yourself up with an emergency fund, you might end up with debt if you’re faced with an unplanned expense or a period of unemployment.

That’s why you should first make sure to build an emergency fund, and only start saving for college once it’s complete. And while there are different ways to define a “complete” emergency fund, the general convention is to have a minimum of three months’ worth of living expenses socked away in a savings account. The reason is that if you were to lose your job, it might easily take three months to find another one.

Now some financial experts will tell you to aim a lot higher. You may, depending on your circumstances, want as much protection as a year’s worth of essential bills in savings. But either way, you actually should not put a dime away for college until you’re comfortable with the state of your emergency fund.

Of course, you may be thinking, “Don’t I need time to invest my college savings so that money grows?” And yes, the more years you give yourself to build an education fund, the better.

But think about it this way. Imagine you neglect your emergency fund so you can contribute to your kids’ 529 plan. If you then get stuck with a $2,500 home repair, you might need to charge that expense on a credit card and pay interest on it in the absence of having money in the bank. That’s not fair to you.

Remember, too, that there are ways to borrow for college in a relatively affordable fashion. But credit card interest tends to be overwhelmingly unaffordable. So before you focus on being able to pay for your kids’ education, make sure you can pay for the various surprise life expenses that have the potential to come your way in the meantime.

Don’t give into the pressure

There’s a lot of pressure on parents these days to save for education so their children don’t wind up saddled with debt. But it’s really okay to protect yourself — and your family — from emergencies first.

Once you’re happy with your emergency fund, by all means, start setting as much money as you can aside for college. But don’t feel bad if you have to delay your college savings efforts for a while so you can put that basic financial safety net in place.

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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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Amazon Prime Day 2023 Dates are July 11 and July 12: Here’s How to Score the Best Deals

By Money Management No Comments

Amazon has announced Prime Day 2023 shopping dates. Learn some tips and tricks so you’re ready to shop the best Prime Day deals. 

Image source: Getty Images

What happened

Amazon has officially announced the dates for Prime Day 2023. The two-day sales event will begin on Tuesday, July 11, at 3 a.m. EDT and will run through Wednesday, July 12. In a news release on its website, the online retailer noted that “new deals will drop every 30 minutes during select periods throughout the event.” Amazon continued, “We’re also offering early deals you can shop now.” That means shoppers don’t have to wait to get a good deal.

So what

Amazon Prime Day is an in-demand sales event that attracts millions of online shoppers around the globe. During the two-day shopping event in 2022, members purchased more than 300 million items, and the retailer made $11.9 billion in sales.

As consumers look for ways to keep more money in their checking accounts, the upcoming 2023 event will likely be just as popular. You don’t want to miss the opportunity to get a big discount on electronics, kitchen appliances, home goods, clothing, and more.

Now what

If you plan to shop the best Prime Day 2023 deals, you’ll want to prepare before July 11. Amazon offers several ways for shoppers to discover the best deals.

Here are a few tips to help you prepare:

Ask Alexa for an event reminder: If you’re worried you’ll forget about Prime Day 2023, you can use an Alexa-enabled device to set up an alert at the event’s start so you don’t miss out. Just say, “Alexa, set a reminder for Prime Day.”Sign up for invite-only deals: Amazon has a brand-new invitation-only deals program. Prime members can request an invitation to receive these deal alerts. Set up deal alerts: Prime members can set up personalized deal alert notifications so they don’t miss out on deals that interest them. You can do this by visiting the Prime Day event page on the Amazon Shopping mobile app. When Prime Day arrives, members will receive push notifications for any available deals that match their alerts.Get deal notifications from Alexa: Prime members can get deal alerts for products added to their Wish List, Cart, or Save for Later. To do this, use an Alexa-enabled device and say, “Alexa, add (product name) to my cart,” and then ask Alexa to notify you when the deal is live.

The famous two-day shopping event may be weeks away, but it’s not too early to start drafting your shopping list. Deals like this can be a win for your personal finances. You’ll need to be a Prime member to shop the best Prime Day deals. You can activate a 30-day free trial. You may want to consider paying for your purchases using a cash back credit card. By using cash back credit cards, you can earn valuable rewards when you shop.

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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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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