Personal Finance

A 3-step plan to a secure retirement

My husband and I are in our 30s and have two young children. We want to have a strong plan in place for retirement so we can retire comfortably when we’re older, but we aren’t sure how to invest, how much we should be saving or for that matter how much can we afford to save while still providing for our family. What do we need to do to get started?–N.T. You’re already off to a good start in that you’re at least aware you need to have an actual plan in place if you want a shot at a comfortable retirement. Too many people approach the whole retirement planning thing haphazardly, throwing whatever money they think they can spare at the moment into whatever investments happen to be popular at the time with no overall strategy. ‘; var storytext = docume...

3 ways you can save better for retirement

by Michael Douglass for The Motley Fool   @CNNMoney January 5, 2018: 4:44 PM ET Retirement investing is mostly contextual. So much depends on your risk tolerance, how much time you have before you retire, and how much you can save. However, there are a few best practices that are nearly universal. So keep these in mind, whether you’re a few years from retirement or still have decades to go. ‘; var storytext = document.getElementById(‘storytext’); var heightToSkip = 0; function resetValues() { totalHeight = 0; targetChildElement = null; } // Check if story is in the blacklist of articles to remove smartassets // [2017.07.27] Results of a one-off request from r.barbieri if(BLACKLIST[location.pat...

These billionaire farmers own a muscle car collection worth millions

From a distance, the Segerstrom lima bean farm in Costa Mesa, California looks as unassuming as its owners, Ted and Rae. But the farm’s repurposed horse barn was recently filled with the billionaire couple’s collection of vintage muscle cars worth millions of dollars. CNBC’s “Secret Lives of the Super Rich,” got a private tour of the auto stockpile in a recent episode. The Segerstrom family began amassing their immense fortune in the 1960s, when Ted’s father transformed part of their farmland into what is today some of the most expensive real estate in the world: the highest-grossing mall in the U.S., California’s South Coast Plaza. Ted’s love of classic cars began when he was a child and has continued throughout his life. Vintage rides even ...

Ripple co-founder is now richer than the Google founders on paper after cryptocurrency’s surge

Thanks to one digital currency’s surge in the last few weeks, the co-founder and executive chairman of Ripple is now one of the five richest people in America. Chris Larsen, co-founder and executive chairman of Ripple, has 5.19 billion of the company’s digital coin XRP and a 17 percent stake in the company, according to Forbes, citing sources at Ripple. With XRP hitting a high of $3.84 on Thursday, Larsen’s holdings are worth about $59.9 billion. That puts the former Ripple CEO just ahead of Larry Ellison, who ranked fifth on Forbes 400 list with a worth of $58.4 billion. Facebook CEO Mark Zuckerberg ranks fourth, with a worth of $74.4 billion. Google founders Larry Page and Sergey Brin rank eighth and 10th on the list, respectively. A representative for Ripple said the c...

Many UK CEOs earn more in three days than a typical worker does in a year

The average boss of one of Britain’s top companies will on Thursday have earned the same as the typical worker will make in the entire year, according to a new report, stepping up pressure on companies ahead of the annual reporting season. Just three working days into 2018, pay for the average FTSE 100 chief executive will pass the median worker salary of 28,758 pounds ($38,855), the report by the Chartered Institute of Personnel and Development (CIPD) and pressure group the High Pay Centre showed. And that is despite the mean pay of FTSE 100 CEOs falling by about 17 percent in 2017 to 4.5 million pounds amid pressure from investors, the government and wider society for excessive pay to be reined in. Even with that pay cut, the ratio of CEO pay to the pay of the average full-time wor...

New York real estate has its worst quarter in 6 years — and there could be more pain ahead

Manhattan real estate sales and prices took a fall in the fourth quarter, and they’re likely to slide even further this year after the new tax rules take effect. Total sales volume fell 12 percent compared with the fourth quarter of last year — the lowest quarterly level in six years, according to a report from Douglas Elliman Real Estate and Miller Samuel, the appraisal firm. The average sales price in Manhattan fell below $2 million for the first time in nearly two years. Brokers say the declines were simply the result of uncertainty around the Republican tax plan, as buyers held off until the details of the new law became clear. They say many of those buyers have since rushed in and will help show a rebound. Yet the luxury market in Manhattan is suffering from an expanding glut of...

The 10 biggest charitable gifts of 2017

Last year was a record year for mega-gifts, with three charitable donations of $1 billion or more, according to a new report. The Chronicle of Philanthropy compiled its list of the 10 biggest gifts of 2017, with three donations of $1 billion or more — the strongest year in the past decade. And while the top three names are familiar tech names, most of the names on the list are fairly unknown to the broader public, showing that many of America’s biggest philanthropists keep a low profile. The 10 largest gifts totaled $10.2 billion in 2017, more than double the total from 2016, of $4.3 billion. First on the list was Bill and Melinda Gates, who gave Microsoft stock valued at around $4.6 billion to the Bill and Melinda Gates Foundation, which focuses on global development, health and edu...

Ring in the new year with a financial game plan

It is now the time to start thinking about what you can do to get your financial affairs in order for the coming year. The turn of the year is typically a time of reflection and planning to right areas that you may have let go astray in the previous year. Implementing a financial plan is our top financial item you should resolve to address in the coming year. This vital item could have a tremendous impact on your financial future, not only for yourself in the coming year but also for generations to come. The coming year should be used to design, develop and implement a financial plan. Think about the amount of time that you spent last year in researching, booking and mapping out your vacation. Was more time spent on planning your vacation or your financial future? I would argue that, in mo...

Chinese investors are radically changing the art world — here’s what they’re buying

China lost heaps of artwork in the last century due to historical turmoil, but now that the country is an economic power, the rich are buying back some of their heritage. Ancient porcelain and old ink paintings are all fair game with major 20th Century Chinese ink painters Qi Baishi, Xu Beihong and Zhang Daqian drawing the big bucks. On Dec. 18, a collection of 12 landscapes by Qi sold for 931 million Chinese yuan ($171 million) at a Beijing auction, setting a record for Chinese artwork sold at an auction worldwide, China Daily reported. Last year, Zhang generated $31 million more in auction sales last year than abstract genius Pablo Picasso, according to French database Artprice, making the Chinese artist the top in auction turnover. According to a report from art website Artnet and the C...

Saudi crown prince’s lavish buys: Some see hypocrisy, others say they’re no big deal

A series of recent reports have connected Saudi Arabia’s powerful crown prince — an avowed anti-corruption crusader — to lavish real estate, art and yacht purchases. To some, the spending is a sign of hypocrisy and a threat to Crown Prince Mohammed bin Salman’s legitimacy. The reports come on the heels of his anti-graft campaign, which culminated in the detention of Saudi princes, officials and businessmen at the Ritz-Carlton in Riyadh. But to others, the purchases are legitimate investments and nothing unusual for a future king. The 32-year-old crown prince is a polarizing figure who has captured the financial world’s attention. First in line to succeed his father, King Salman bin Abdulaziz, he is spearheading Saudi Arabia’s economic transformation plan and has ove...

Diversification: Don’t put all your eggs (or money) in one basket

Everyone is familiar with the saying, “Don’t put all your eggs in one basket.” Even in Shakespeare’s play, “The Merchant of Venice,” written more than 400 years ago, the character Antonio demonstrates his understanding of the concept when he says: “I thank my fortune for it — my ventures are not in one bottom trusted, nor to one place, nor is my whole estate upon the fortune of this present year.” Though savvy investors, like Shakespeare’s Antonio, have long understood the benefits of diversification, it was not until the 1950s when an academic named Harry Markowitz introduced research on what he called modern portfolio theory that people were able to understand diversification in an objective, mathematical sense. This research was so g...

In memoriam: Notable deaths in 2017

Unmarried, addicted and impoverished at age 22, McCorvey filed a lawsuit in 1970 to be allowed to end her unwanted pregnancy in her home state, Texas. Although the child was born and put up for adoption, McCorvey’s case reached the U.S. Supreme Court, which in its 1973 Roe v. Wade ruling established a constitutional right to abortion. McCorvey, who later shed her Jane Roe pseudonym and renounced her approval of abortion, died in Katy, Texas, at age 69 of a heart ailment.