Money Management

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What happenedThis week, TD Bank, HSBC, and Independent Bank agreed to pay a total of $1.345 billion to settle a lawsuit brought by clients who lost money to a Ponzi scheme run by a former financier called Robert Allen Stanford. Stanford sold certificates of deposit (CDs) with much higher rates of return than other banks. However, the scheme turned out to be a scam that was uncovered when media and regulators started to question how it generated those returns. In 2012, Stanford was sentenced to 110 years in prison for misappropriating $7 billion in a scheme that ran for 20 years.
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So whatSince 2009, when the SEC brought charges against Stanford and shut down his operations, around 18,000 clients have struggled to recoup their losses. The recent settlements are a significant step forward. According to Baker Botts, lead counsel for the receiver, the payments from these three banks will bring the total it has recovered to $2.7 billion. Once the settlements are approved by the court, some of this money can be distributed to the victims.The banks deny any wrongdoing in the case, which accused them of ignoring red flags in Stanford’s activities. TD Bank, which will pay $1.205 billion, issued a statement saying, “TD elected to settle the matter to avoid the distraction and uncertainty of continuing a long legal proceeding.”Now whatPonzi schemes are a type of investment fraud. Rather than investing money to generate income, these schemes use the money they get from new investors to pay returns to the existing ones. As a result, they require a constant flow of new money. When the cash runs out, the schemes unravel and victims often find their so-called investments are worthless. As Stanford’s clients have discovered, it can take years to recover even a small part of the losses. Here are some ways to avoid banking scams:Check what protections are available: One reason it’s been difficult for victims of Stanford’s fraud to recover money is that his bank was not covered by FDIC insurance. FDIC insurance covers customers for up to $250,000 per account in the event of bank failure. Similarly, look for brokerage firms with SIPC insurance.Question returns that are significantly higher than the rest of the market: If a savings account or investment product is offering returns that seem too good to be true, find out why. Research before you buy: Look to see what company is behind the product you’re considering and who is behind that company. See if the firm is registered with the SEC or other state authorities, and how transparent it is about its investment activities.Unfortunately, banking and investment fraud is all too common, and tricksters are always on the lookout for ways to steal your cash. The more due diligence you can do, the safer you’ll be.These savings accounts are FDIC insured and could earn you 13x your bankMany people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 13x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.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.HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services and HSBC Holdings. The Motley Fool has a disclosure policy. 

What happened

This week, TD Bank, HSBC, and Independent Bank agreed to pay a total of $1.345 billion to settle a lawsuit brought by clients who lost money to a Ponzi scheme run by a former financier called Robert Allen Stanford.

Stanford sold certificates of deposit (CDs) with much higher rates of return than other banks. However, the scheme turned out to be a scam that was uncovered when media and regulators started to question how it generated those returns. In 2012, Stanford was sentenced to 110 years in prison for misappropriating $7 billion in a scheme that ran for 20 years.

So what

Since 2009, when the SEC brought charges against Stanford and shut down his operations, around 18,000 clients have struggled to recoup their losses. The recent settlements are a significant step forward. According to Baker Botts, lead counsel for the receiver, the payments from these three banks will bring the total it has recovered to $2.7 billion. Once the settlements are approved by the court, some of this money can be distributed to the victims.

The banks deny any wrongdoing in the case, which accused them of ignoring red flags in Stanford’s activities. TD Bank, which will pay $1.205 billion, issued a statement saying, “TD elected to settle the matter to avoid the distraction and uncertainty of continuing a long legal proceeding.”

Now what

Ponzi schemes are a type of investment fraud. Rather than investing money to generate income, these schemes use the money they get from new investors to pay returns to the existing ones. As a result, they require a constant flow of new money. When the cash runs out, the schemes unravel and victims often find their so-called investments are worthless.

As Stanford’s clients have discovered, it can take years to recover even a small part of the losses. Here are some ways to avoid banking scams:

Check what protections are available: One reason it’s been difficult for victims of Stanford’s fraud to recover money is that his bank was not covered by FDIC insurance. FDIC insurance covers customers for up to $250,000 per account in the event of bank failure. Similarly, look for brokerage firms with SIPC insurance.Question returns that are significantly higher than the rest of the market: If a savings account or investment product is offering returns that seem too good to be true, find out why. Research before you buy: Look to see what company is behind the product you’re considering and who is behind that company. See if the firm is registered with the SEC or other state authorities, and how transparent it is about its investment activities.

Unfortunately, banking and investment fraud is all too common, and tricksters are always on the lookout for ways to steal your cash. The more due diligence you can do, the safer you’ll be.

These savings accounts are FDIC insured and could earn you 13x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 13x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.

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.HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services and HSBC Holdings. The Motley Fool has a disclosure policy.

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Think of it as good financial hygiene. 

Your guardian passes away, leaving you to clean up their finances. You want nothing more than to get this over with, but their bank refuses to pass you the money. No beneficiary is named to your guardian’s bank account!

Now, bureaucratic hoops stand between you and their inheritance. If your guardian failed to write a will and designate you as a beneficiary, you’ll end up at the mercy of local inheritance laws, further drawing out the process.

You may even inherit less than expected.

Yikes. Nobody wants to ensnare their grieving loved ones in a tangled web of death certificates and state inheritance laws. Naming a beneficiary to your bank account simplifies the transfer of money.

On her Women and Money podcast, financial guru Suze Orman recently gave two compelling reasons to name a beneficiary to your bank accounts: to make sure your money is correctly distributed and to bring closure to loved ones.

1. Ensure your money is correctly distributed

Name a beneficiary to make sure your bank correctly distributes your inheritance. Generally speaking, this is what happens to a bank account when someone dies:

The bank transfers the owner’s money to their named beneficiary.If no beneficiary is found, the money is allocated according to the owner’s will.If no beneficiary is designated in the will, funds are distributed according to state inheritance laws.

Orman recommends naming a beneficiary to stop this process from progressing past step one. It makes transferring money as simple as presenting the owner’s bank with proof of death (typically with a certified death certificate, so have one handy when claiming inheritance).

2. Bring closure to loved ones

Death is hard. Losing a loved one hurts. Orman cautions against going through intestate succession, which can get messy. For example, the state might split account funds between the children of the deceased and cause unnecessary hardship.

If nothing else, consider naming a beneficiary to bring solace to those you leave behind. Clarity can bring closure to the living.

Orman recommends that folks struggling with complicated inheritance planning hire a lawyer to guide them through it. A legal representative can ease a stressful process. But the best thing to do is to name bank account beneficiaries through a Payable on Death (POD) account.

How do you name a beneficiary?

To designate who inherits your bank accounts, set your accounts to Payable on Death and name at least one beneficiary. You can do this by contacting your banks. Some banks allow you to designate beneficiaries through your online account.

Orman recommends you name beneficiaries to your other financial accounts:

Life insurance beneficiaries receive death benefits.Brokerage account beneficiaries inherit investments.

You can contact them to ensure you’ve designated beneficiaries and that they’re up to date. Consider making a last will and testament, which functions as a catch-all you can use to designate beneficiaries of forgotten accounts.

Practice sound financial hygiene by following these additional tips:

Consolidate your accounts to make claiming money even easier for beneficiaries.List your financial accounts, including brokerage accounts and insurance policies.

Keep the transfer of wealth clean by naming beneficiaries to your bank accounts, including checking and high-yield savings accounts. Your inheritors will thank you for it. Plus, you’ll earn peace of mind, having done everything possible to bring your loved ones closure.

These savings accounts are FDIC insured and could earn you 13x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 13x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.

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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Is playing the lottery worth the money? 

With the potential of winning millions, it’s no wonder people are willing to take a chance on the lottery. The biggest jackpot to date is $2.04 billion, awarded last November in California. The Powerball winner became the first lottery billionaire in California.The Powerball grand prize recently jumped up to $754.6 million (ninth largest in history), with the winning ticket being sold in the state of Washington on Feb. 6. It’s only a matter of time before the numbers jump up again, but should you really play the lottery if you want to become rich? Let’s break down your real chances of winning big and if it’s something worth pursuing.

Your chances of winning big money

The odds of hitting the jackpot in a lottery drawing are incredibly low, but that doesn’t stop people from playing. According to the Powerball website, here are the odds of winning the different award amounts:

To win the grand prize, the odds are one out of nearly 300 million. Just to put in this perspective, a person has a 1-in-15,300 chance of getting struck by lightning if they live 80 years. In other words, the odds of you being struck by lightning is 19,000 times higher than winning the lottery.

There are 735 billionaires in the U.S., which means you have a 1-in-451,700 chance of becoming a billionaire — about 650 times higher than winning the lottery. The odds of becoming an Olympian? One in 500,000. The odds of becoming president? One in 32.6 million. Get the drift? If your chances of becoming a billionaire are higher than winning the lottery grand prize, then you should focus on that! Best of all, it isn’t purely random like the lottery. Anyone can follow these four strategies that made billionaires rich.

The math behind playing the lottery

When considering whether you should play the lottery, it’s important to understand how it works. In order to calculate your expected return after buying a ticket for one draw, you need to multiply [(1/odds) x (prize amount − cost of the ticket)] and then subtract the cost of the ticket. As of Feb. 11, 2023, the Powerball Jackpot is at $34 million dollars (a far cry from the $2 billion last year but still a large sum). Here’s how the math works.

So looking at just the chances of winning the lottery with the current value of the jackpot, the expected value is a loss of $1.57 for every ticket you play. This means that for every $2 spent on a ticket, one can expect an average return of losing $1.57 — not exactly what most people had in mind when they bought their ticket!

It’s also important to consider taxes when looking at your potential winnings; depending on where you live and how much money you win, federal and state taxes may be as high as 50%! And if you do win the lottery, you’ll hit the top tax bracket. So if we factor taxes into our calculation, the expected value equals negative $1.74. This number gets worse due to taxes and unfavorable odds. If the expected value of a game is negative, it is not a good idea to play the game, since on average you will lose money. It would be better to play a game with a positive expected value.

How much does the average person spend on the lottery?

According to a study by LendingTree, the average American spends anywhere from $32.24 (North Dakota) to $805.30 (Massachusetts). In 2021, Americans bought $105.26 billion worth of lottery tickets. This is more than what Americans spent on cigarettes, coffee, or smartphones. With 260 million Americans over the age of 18, this means the average person eligible to purchase lottery tickets spent on average $405 a year on lottery tickets! And these numbers continue to increase every year.

Remember how we said it’s better to play a game with a positive expected value? While investing in the stock market can be risky, over the long run, the data shows a positive expected return. From 1980 to today, the annualized returns of the S&P 500 (assuming dividend reinvestment) is 11.3%. Let’s say instead a 30 year-old took that $405 and invested in the S&P 500 with annual returns of 12%. After 35 years when they’re ready to retire, they’d have close to $215,000. What if they invest $2 a day? They’d have close to $390,000 sitting in their investment account!

The chances of this happening is significantly higher than winning the lottery. Unfortunately, about half of Americans play state lotteries, and 40% of Americans, including 60% of millennials, believe that winning the lottery is a means for retirement. Even if the jackpot becomes so large that the expected value is positive, the odds of winning are the same, and with more tickets being sold, there is a much higher likelihood of having to split the jackpot with someone else.

As with any type of gambling or investing activity, playing the lottery carries risk. The odds of winning big are incredibly small, and factoring in taxes makes it an even less desirable option for those hoping to become rich overnight. While playing the lottery may be fun once in a while just for kicks, we recommend avoiding it as an investment strategy. There are better ways to build wealth over time.

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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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In an age where everything is so expensive, it’s good to know where bargains might be found. 

It would be more than fair to call 2022 “the year of inflation.” Last year, many consumers struggled immensely with higher living costs, to the point where they had no choice but to raid their savings accounts and rack up expensive credit card balances just to cover their expenses.

But while many expenses rose in price in 2022, some products actually got cheaper during the year. And it’s good to know what that list looks like.

The products that got cheaper in 2022

While food costs rose as a whole in 2022, certain food items came down in price. So did certain electronics and vehicles. Here’s a list of 10 items whose prices dropped in 2022, according to the Bureau of Labor Statistics as reported by CNBC.

SmartphonesTVsUsed cars and trucksVideo equipmentUncooked beef and vealComputersUncooked beef steaksCar and truck rentalsBaconUncooked beef roasts

Now to be clear, some of these products are still expensive in their own right. A used car purchase, for example, is something you don’t want to just dive into. But it’s encouraging to see that it is possible to snag a bargain on certain purchases.

Budget carefully during these tricky times

If you’re buying bacon or uncooked beef roasts, you might pay a bit less than you would’ve a year ago. But living costs are still high overall. And that’s why now’s an important time to get serious about following a budget.

You might think that spending $20 extra on gas or groceries here and there is no big deal, or that an extra $30 charge on your credit card for a weekly takeout meal won’t make a big difference. But at a time when living costs are still so high, these are chances you don’t want to take.

Now, there are different approaches you can take to budgeting. If you want to use an app, you may find that it helps you stay on track with your budget. But you can also just open a spreadsheet, list your monthly expenses, and make sure you’re not spending above what you bring home in your monthly paycheck. (Ideally, you should be carving out room for monthly savings, too, but that may be more difficult than usual these days.)

At the same time, because costs are up so much, it’s important to make sure that when you are spending money on non-essential items, that they really do deliver solid value. It’s okay to pay for someone to clean your house if that frees up time for you to get your job done and take care of your health. But you don’t, for example, want to keep spending $40 a month on a subscription box you could take or leave.

All told, the cost of goods is apt to fluctuate some more in 2023. Certain items may get more expensive, while others might come down on cost. But if you make a point to budget carefully and prioritize your leisure spending, you can set yourself up to get through this ongoing stretch of inflation.

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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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He shared five mistakes that could wreck your returns. 

The stock market was down last year, and so far, it’s looking like 2023 could be similarly volatile. Interest rates are still increasing, inflation isn’t going away, and neither has the possibility of a recession.

That all makes it hard to decide on the best way to manage your investments with your stock broker. Unfortunately, many investors, especially beginners, make serious mistakes that cost them a lot of money. Former financial advisor Humphrey Yang pointed these out in a video on how not to invest in 2023. To avoid sabotaging your portfolio, watch out for these five mistakes.

1. Panic selling

Panic selling is when you sell off 90% or more of your assets within a month. People normally do this during market volatility, because they see their portfolios take a hit and they’re afraid of losing more.

While it seems logical, this is the worst thing you can do. Even if your investments decrease in value, those losses are only on paper; you don’t actually lose money until you sell. If you hold on through volatility, your investments could and likely will go back up when the market recovers. By panic selling, you don’t give your portfolio a chance to bounce back.

To make it even worse, 30.9% of investors who panic sell never reinvest, according to an MIT study. Not only are these investors selling low, many also stay out of the market and miss out on potential gains.

2. Growth stocks

“Growth stocks” is a term for companies that are focused on expanding as quickly as possible, typically using the bulk of their capital to do that. Yang says you should be hesitant about investing in growth stocks in 2023 because of how these companies leverage debt and borrowing. Due to rising interest rates, companies will be less willing to take on debt, meaning growth could slow down significantly.

This doesn’t mean you need to avoid growth stocks entirely and purge them from your portfolio. Just be careful about which ones you invest in, and be prepared for more volatility than normal if you do.

3. Keeping your cash in a low-interest bank account

Even with money you haven’t invested, like your emergency fund, it’s still important to make sure you’re getting a reasonable return. And if you have a lot of cash in your checking account, or in a big bank paying an average APY, you’re definitely not getting as much as you could.

The best option for safely storing cash is a high-yield savings account, which is a type of account offered by online banks. Plenty of high-yield savings accounts currently offer APYs of 4% or higher, more than 10-times the national average. Unfortunately, many consumers don’t take advantage. In the third quarter of 2022, savers missed out on $42 billion in interest they could have earned had they used high-yield accounts, according to an analysis by TradeAlgo.

4. Copying your friends (or anyone else) without understanding the investment

Many people love sharing their investments. You may have friends and family members who tell you about the stock or cryptocurrency they expect to blow up. And then there’s social media, where every other financial influencer will tell you what you should invest in.

Never blindly copy someone else’s investment. There’s nothing wrong with getting ideas from other people, but make sure to research everything yourself first. The person talking up an investment could be omitting some key flaws. Even if it’s a good investment for them, you also need to consider if it fits your current financial situation and goals.

5. Timing the market

When stock prices are volatile, more people make the mistake of trying to time the market. This is just about impossible to do reliably, and even if you could, it’s not worth the effort.

Charles Schwab did a study to see if market timing works. It compared five hypothetical investors who received $2,000 on the first trading day of every year, from 2001 to 2020. Each investor had a unique investing style. Here were the styles and the final amounts each one accumulated:

Perfect timing: This investor always put their money into the market at the lowest point of the year. Total: $151,391Invest immediately: This investor invested all their money on the first day of the year. Total: $135,471Dollar-cost averaging: This investor divided their money into 12 equal portions that they invested on the first trading day of every month. Total: $134,856Bad timing: This investor always put their money into the market at the highest point of the year. Total: $121,171Stay in cash: This investor kept their money in cash investments. Total: $44,438

As you can see, the worst option is not investing, which is what often happens when you wait around because you think prices could drop. Even though having perfect timing would help, no one does, and every other investing style also produced fantastic results. It proves the point that time in the market beats timing the market.

Yang’s advice on how not to invest includes several of the biggest mistakes investors make. If you avoid them with your own investments, your portfolio will be much better off.

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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. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool recommends Charles Schwab. The Motley Fool has a disclosure policy.

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Your low-rate savings account is costing you money. 

There’s always a lot of talk in the finance world about interest rates. Whether they’re up, whether they’re down, how they compare to previous highs and lows. If it seems like a lot, well, there’s a good reason. The interest rate on any given product is arguably the single most important factor in whether it’s a good deal or not. And this is especially true on a personal finance level.

Consider a savings account. Imagine your savings account has a balance of $10,000. How much will that money grow? The deciding factor is the interest rate. Let’s break it down.

The effects of interest

The money you make off your savings is calculated based on the interest rate offered by that account. If you have a low interest rate, you won’t make much money at all. If you have a higher rate, your money will grow faster.

In the table below, we look at a savings account with a balance of $10,000. Without adding any additional funds, here’s how much that account would earn in one year at different interest rates:

As you can see, a higher interest rate makes a big difference in how much money you earn in one year. That’s why many people are willing to switch banks to find better rates.

Yes, there are other factors. For example, how often the interest is compounded (how frequently it’s calculated and added to your account) can also make a difference. But while these differences can have a big effect with larger sums, they tend to be quite small at this level.

Average interest rates

Up until recently, the national average for a bank savings account was less than a tenth of a percent. Recent federal rate increases have driven many banks to boost their rates, so the average has risen to a whopping 0.33%.

For those banking with most of the large, national chains, you’re likely looking at an interest rate between 0.1% and 0.3%. These banks simply don’t need to draw in the small-time savings accounts, so they aren’t likely to increase their rates anytime soon.

However, if you use a smaller, local, or online bank, chances are good you can find a much better rate. Some of the highest rates we’ve seen lately have been in the 3% to 3.5% range. (The National Rate Cap is currently set to 5.08%.)

How to get a better interest rate

You don’t have to live with a low savings account rate. There are steps you can take to get a higher rate — if you’re willing to do a bit of work. Here are some options.

Switch banks: The most effective method of getting a better rate is probably going to be switching banks. Online banks tend to have the best rates, but your local credit union may also offer you a good deal. You don’t need to move all of your accounts, either; if you’re happy with your current checking account, leave it where it is.Switch bank accounts: Some banks offer multiple tiers of savings accounts. In some cases, paying a higher monthly fee or depositing more money can unlock a higher tier with a better interest rate.Ask for a better rate: If you have a really great relationship with your bank — and it’s a small, local bank that cares about that relationship — you could potentially get a higher rate simply by asking for one. This isn’t exactly likely to be effective, but it probably won’t hurt to try.

Savings vs. investments

One important thing to keep in mind about savings accounts is that they’re not for long-term savings like retirement funds. Why? Because savings accounts aren’t going to increase your wealth.

Even the best high-yield savings account is probably going to grow less than inflation. So the money in your savings account is actually losing value by being there. (Most checking accounts are worse, so a savings account is still the best place for your emergency fund.)

Historically, the stock market has outpaced inflation. That’s why pretty much every expert will tell you to park anything above your emergency fund into some kind of investment account.

These savings accounts are FDIC insured and could earn you 13x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you 13x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2023.

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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