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Talking to Parents About Money Is Hard — Do It Anyway
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Talking about money can be hard. So it’s not that surprising that 62% of people don’t talk about money — period — according to a survey by The Harris Poll and Empower. Things are even quieter between adults and their parents: Only one quarter of Americans have had “the talk” about their parents finances.
But opening up a dialogue with aging parents is one of the best ways to protect your family from sudden financial challenges. Someone hitting retirement age in 2024 has nearly a 70% chance of needing long-term care services at some point — and those can cost between $5,000 and $10,000 a month on average. Getting old can be expensive. But about 20% of people over 50 have zero retirement savings, according to an AARP survey. And 50% of them worry they won’t have enough savings to last them through retirement. These are not the kinds of things you don’t want to see coming.
So what? Of course, "the talk" can take many forms. Whether it’s just an introductory check in or a deeper consultation, having a clearer idea of where things stand can bring some comfort — even if their financial situation isn’t all roses. Expressing your interest and offering support, whether financial or emotional, will put you and your family on more solid ground.
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Money Dysmorphia Is Warping People’s Perception of Their Finances
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A cooling job market, record breaking inflation, child care costs that are outpacing that record-breaking inflation: There are plenty of good reasons to feel financial anxiety right now. But therapists and financial planners are warning of a new affliction disproportionately affecting young people, and leading even those on firm footing to mismanage their money.
Body dysmorphia describes obsessive worry about perceived bodily flaws that don’t reflect objective reality. Money dysmorphia (also known as money dysphoria) causes someone to feel like they’re on the brink of financial ruin — irrespective of the actual state of their finances, which may be far better than they give themselves credit for.
Money dysphoria affects nearly 30% of Americans, according to a 2024 Intuit Credit Karma study, and young people are disproportionately impacted. Almost half of Gen Zers surveyed and nearly 60% of millennials report feeling "behind financially."
But of the respondents who experience money dysmorphia, 37% had more than $10,000 in savings, and 23% had more than $30,000 savings, well above the median savings account balance of $8,000 in the United States.
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| Millennials might be doing better than their predecessors — but they also might be the most economically divided generation ever. (Barron’s via MSN) |
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Net Worth
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[nɛt wɜrθ] - noun
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It’s all your assets (anything you own), minus any liabilities (anything you owe). Your net worth can inform your financial planning, how close you are to some of your goals, and where you might have to make changes.
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WEEK AHEAD ON WALL STREET
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The Biggest Thing in Earnings
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Over 92% of S&P 500 companies have already reported results in this earnings season, but one blockbuster report is left, and it’s arguably the most anticipated release of the whole season: NVIDIA.
Here’s why: The chipmaker is the primary provider of chips used by the hyperscalers (such as Amazon’s AWS or Google Cloud) and other technology companies. That means NVIDIA’s results will give us possibly the best update on the chip industry, and the state of the burgeoning artificial intelligence world, which needs chips to work.
Strong results and upbeat guidance would likely reinforce optimism around the AI revolution and its transformative potential impact across industries. But any signs of cooling demand or competitive pressures could trigger a pullback in parts of the market.
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| Intel, insights, and inspo for your money. |
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On the Money cuts through the noise of day‑to‑day financial news to bring you a more thoughtful point of view on what’s important in this moment — and how it impacts your bottom line. We value your trust above all.
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