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Americans With $1 Million Don’t Consider Themselves Wealthy

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$1 million

Most of us would feel rich if we had $1 million. However, most Americans don’t feel the same about being a “millionaire” anymore. In fact, according to a recent study, most people that have $1 million don’t consider themselves wealthy at all.

Is $1 Million Wealthy in 2019?

A new study performed by Ameriprise Financial found that only 13 percent of Americans with $1 million in assets feel wealthy. The survey taken by Ameriprise Financial took a look at more than 3,000 Americans between the ages of 30 and 69. All of them had at least $100,000 in investable assets. No equity was counted.

Additionally, 25 percent of those individuals define themselves as middle class, another 60 percent claim to be part of the upper-middle class. For most people, $1 million isn’t enough to quit their job and have true financial freedom.

Those who don’t feel wealthy typically have between $1 and $5 million in assets. Five percent of millionaires who say they don’t feel wealthy have more than $5 million in assets. But why? Why do millionaires feel like they aren’t wealthy?

Retirement Concerns

The biggest reason people don’t consider themselves to be wealthy is retirement. People don’t want to run out of money in retirement. With Social Security becoming more uncertain, many people have to save and invest in their own retirement. Many of them are concerned they won’t have enough to live out their golden years.

All millionaires, no matter where they stand on the spectrum, have expressed concern about preparing for retirement and protecting their assets.

“If people are relying on the nest egg they have accumulated for the lions share of their retirement savings, the number may not feel as big,” said Marcy Keckler, vice president of financial advice strategy at Ameriprise. “There’s also a tax bill on your 401(k) and IRA out there looming for you.”

What is Wealthy?

When it boils down to it, those who don’t feel like they are wealth with that amount of cash are correct. You can’t retire (in many cases) on $1 million, or even $5 million. There are some interesting findings when it comes to who actually feels wealthy too…

Millionaires who claim to feel upper class or less are also half as likely to be self-employed (or a contracted employee). It is also notable that many millionaires who felt they were wealthy didn’t value work-life balance as much as those who felt less than rich. Those who feel wealthy are also more likely to seek out work that has meaning.

One of the bottom lines where wealth is concerned is most people are lacking sufficient planning. Seventy percent of the individuals who feel wealthy have a detailed plan regarding their finances. Only 55 percent of millionaires who defined themselves as the upper-middle class (or less) had a plan.

Readers, what do you think? Would $1 million make you feel wealthy? 

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What is UltraFICO?

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UltraFICO

FICO credit scores range from 300 to 850. With higher scores typically allowing borrowers to get lower interest rates and qualify for credit with greater ease. In the United States, the average FICO credit score is around 695. This still falls into the “good” range. Still, many people struggle to raise their score out of the poor and fair ranges. Leaving them stuck with subprime borrowing options. However, the launch of a new FICO scoring model – the UltraFICO – is giving consumers the ability to boost their credit by factoring in new financial activities.

What is UltraFICO?

Unlike a traditional FICO score that relies on information provided to the credit bureaus by lenders. The UltraFICO uses an opt in model. Consumers have the option to include data from a variety of accounts.  These include checking, savings, and money market accounts.

After opting in and providing banking details, UltraFICO reviews the accounts to learn more about a consumer’s financial activities. The calculation considers not just the person’s history with lenders.  It also factors in the amount in savings, the age of each bank account, and how actively the person uses their accounts.

Essentially, UltraFICO considers a consumer’s cash-handling activities. Those who keep a healthy balance in their savings account, keep their accounts open for long periods, avoid overdrafts, and regularly pay bills that aren’t factored into a traditional FICO (like utility payments and rent). These factors may be able to boost their FICO score by signing up for UltraFICO.

However, it’s important to note that UltraFICO is still in the pilot phase. Not many lenders are involved in the trial program. There is also no guarantee that the UltraFICO will become a widely accepted approach to evaluating creditworthiness in the eyes of lenders.

Consumers That Can Benefit from UltraFICO

The UltraFICO model primarily benefits two kinds of consumers. First, people with “thin” files – usually those with very little credit history – could see their scores rise by signing up for UltraFICO. By allowing daily banking activities to factor into their scores, these consumers essentially give the model access to more information that could determine their creditworthiness.

The second group that could benefit are those who are struggling with a low credit score. If a consumers activity as a borrower has some blemishes. For example, late payments or an account in collections, the UltraFICO could use the additional data to offset some of the credit score damage.

If your score is in the low 600s or lower, the UltraFICO model could be beneficial, allowing you to work your way up into the “good” range faster. However, that doesn’t mean UltraFICO will make a big difference for everyone in that category. For example, those who regularly overdraft or have less than $400 in savings on average might not see a credit score boost.

Consumers That Won’t Benefit Much from UltraFICO

Along with consumers who don’t have a great banking history, people who already have good to excellent credit may not benefit much from the UltraFICO model. Usually, getting access to credit isn’t much of a challenge in these categories.

Plus, these borrowers usually qualify for competitive interest rates already. While those with excellent credit do the best when it comes to financing terms, the UltraFICO model might not cause a substantial credit score increase for those who already have scores above 670. As a result, borrowers in the good to excellent score ranges might not experience much of a benefit.

The only exception may be consumers who have scores that are just under the number for getting into a higher category. For example, if you have a credit score of 735, which is on the high end of the “good” category,” the UltraFICO scoring model might get you above 740, putting you into the “very good” category instead.

The Drawback of Signing Up for UltraFICO

While the ability to boost your FICO score using the UltraFICO model is enticing, there is one drawback to consider. In order to include bank account activity in your score, you have to give the program access to a substantial amount of personal data.

Along with connecting the bank accounts to the program, which requires entering your username and password, you also hand over transaction records. Many people classify these kinds of details as sensitive, and you have to trust the data is protected adequately.

Ultimately, the UltraFICO has the potential to help borrowers with limited credit histories or poor to fair credit. Just make sure you are comfortable with handing over your banking data before you choose to sign up.

Do you participate in UltraFICO? Did you find it beneficial? Share your thoughts in the comments below.

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Change Your Mind to Change Your Money: Earning “Enough” Is a Matter of Perspective

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financially enough

The average North American never feels like they have quite enough money. There are always more bills to pay, more things to buy, or even more savings to set aside for later. The funny thing is, we always think that if we get just a certain amount more, then we’ll have “enough.”

But it never happens. If we reach the imaginary goal, the goal changes, an ever-shifting line in the sands of our financial perception. Is it possible to ever feel like we have enough? Yes. But the answer isn’t in a number. It’s all in our own perspective.

We Compare Ourselves Unfavorably to Others

There are many complex psychological and social reasons why we never feel like we have “enough.” According to a recent CBC Business News report, the leading factor causing us to feel inadequate about our money is the human brain’s tendency to compare ourselves to others. Our minds do this naturally when it comes to many different factors in life. We can’t help it. But when it comes to money, we are particularly vulnerable.

The problem is that we tend to only compare ourselves to those who have more than us. We don’t look at people who earn less than us and think, “oh, wow, I earn so much more than that person.” Instead, we look at those who earn more than us and long to have what they have. It’s a trick of the brain that leaves all of us vulnerable to constant feelings of financial inadequacy.

Comparing Ourselves to the Super Rich

Several things in modern times have made this problem worse. One of the biggest is the increasingly large gap between rich and poor. More specifically, there are people in the world who earn grotesquely large amounts of money. If you compare yourself to someone who has billions, then you’re always going to feel like you don’t have enough.

There is a persistent idea in our society than anyone can become super-rich. You can win a reality TV show and instantly get one million dollars. Or you can win the lottery. Or while still in your twenties, you can launch the next amazing start-up company. If you haven’t succeeded at attaining millions, or preferably billions, by mid-life, then society can make you feel like you’re failing.

The Problem of (Social) Media

The persistence of rich life imagery today exacerbates the problem. There are countless reality television shows devoted to showcasing the lives of the rich. Social media makes everyone lives look so much better than our own. Somewhere in our minds, we know that most people aren’t celebrities. We realize that people post their best days on social media and manipulate their images accordingly.

Nevertheless, our brains compare. We begin to believe that those people have amazing lives that are so much better than our own. Furthermore, we believe that if we got just a little bit more, then we would be happy as well.

Our Own Peer Group Doesn’t Help

Of course, the people we spend the most time with are usually our peers. They are our coworkers who earn salaries comparable to ours. They are the people who attend the same events as us, live in the neighborhoods that we do, send their children to the same schools. Clearly, we more or less must make the same amount of money as them. So why does it still feel like we need more?

The first reason is the age-old concept of feeling like we have to “keep up with the Joneses.” We see our neighbors spend more to upgrade their homes, so we do the same. Our friends post stunning vacation destination photos on their Instagram, and we pull out the credit card to book a similar trip. We don’t compare ourselves to our peers by what we each earn. In contrast, we make comparisons about what we perceive each other as spending. This leads to overspending, which ends up making us feel like we don’t have enough.

Humans Easily Adapt to New Circumstances

Comparisons to others aren’t the only problem. We face a lot of mental challenges to ever feeling like we truly have enough. For example, we’re prone to a phenomenon called Hedonic Adaptation. It’s a fancy term that basically means we quickly adjust to whatever we have. If you earn $50,000 per year, and that doesn’t feel like enough, then suddenly changing to a job where you earn $100,000 per year should feel abundant. It will – for a moment. But thanks to our brain’s ability to adapt, we’ll quickly go back to feeling the same way that we did before. We’ll adjust to a $100,000 income, and it won’t feel like enough. Likewise, if that doubles to $200,000 annually, it still won’t feel like enough. The initial surge will be awesome. Then it’ll fade. The same old feelings will come right back. We adapt, for better or worse.

The Only Answer is to Change Your Perception

If we can adapt to earning more, then couldn’t we also adapt to earning less? Yes. We see a variation on this when people have children. If you’re earning $50,000 per year as a single person, and someone asks you how you would afford kids, you might have no clue. But if you have a child, you make the money work. You may feel an initial financial strain, but ultimately, you basically mentally balance out where you were before. You have to spend more, you’re not earning any more, and yet you feel the same as you did before about your money.

How to Change Your Money Perception

This sounds terrible. How can we ever feel like we’re earning enough if no external circumstance can change our feelings? The answer is that we have to change our feelings from within. We have to alter our perspective in order to feel like we already have enough. Recognizing that there is no magic number that will suddenly feel satisfactory, we have to find ways to feel satisfied with exactly what amount of money we have right now. We must embrace an abundance mindset.

Here are some tips:

  • Get realistic about your finances. Figure out exactly what you earn and what you spend. Calculate what you need to save for emergencies and retirement. Then set about creating a plan to make that happen. This isn’t a “dream income” plan. It’s a plan for how to limit yourself to just what you actually need and then make a way to make your income suit that.
  • Stop comparing yourself to others. This is easier said than done. Opportunities to compare ourselves to others financially are all around us. It takes effort. But it’s the single best endeavor you can undertake if you want to start feeling like you have enough. Delete social media that makes you feel financially bad. Focus spending on your true needs, not what you “need” to match what others have. Stop watching the lives of others who seem to have more.
  • Embrace abundance. Use affirmations to remind yourself that what you have is already enough. Focus your time and energy on the non-financial things that give you joy. Change your language from “I need” to “I have.”
  • Try therapy. Money is one of the biggest issues in individual’s lives. It is also a primary cause for fights in relationships. We all have struggles with money. Work through those challenges at a deeper level to truly move past them. When you learn to feel like you are enough, you will also start to feel like you have enough.

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Get Ready: When Does Amazon Prime Day Start?

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When Does Amazon Prime Day Start?

Perfectly timed in the week before the commercially famed “Christmas in July,” Amazon Prime Day is the next best thing after Black Friday. Actually taking place over two days, Prime Day, shoppers will find tons of incredible deals – especially on technology.  So, when does Amazon Prime Day start? And how can we get the best deals?

When Does Amazon Prime Day Start?

The fun starts on Monday, July 15th at 12:00 a.m. PT. Don’t forget you have to be a Prime member in order to take advantage of most of the best deals. The good news is there is a 30-day free trial you can sign up for if you’ve never joined in the past.    Prime membership includes, but isn’t limited to:

  • Free one-day shipping (recently upgraded from two-day)
  • Exclusive Whole Foods discounts
  • Deals on unlocked phones
  • Prime Video – Unlimited Streaming
  • Free access to Prime Music
  • Sharing Amazon Prime membership with another adult and up to 4 children
  • Early access deals
  • Free Release-Date Delivery on eligible orders
  • Prime Wardrobe
  • Prime Pantry
  • Prime reading benefits

Many of the prime membership options are available for separate purchase, but it’s far more economical to simply purchase the main membership. Costs are $119 per year, including all perks and benefits, whereas paying for video alone, for example could cost you $9 per month.

Maximizing Your Prime Day Savings

What’s better than a great deal? Free money to put towards that awesome low price. There are a few things you can do to add a little extra cash to your Prime Day wallet, or at least get a little cash back after you’re done shopping.

  • Amazon Photos: Prime offers unlimited photo storage to Prime members. Upload your first photo to get a $15 Amazon credit.
  • Amazon Books: Going on a book binge next week? Spend $50 on Amazon Books and get a $10 Amazon gift card you can use in a “store” later on.
  • Prime Now: Use code 15PRIMENOW to get $15 off your first Prime Now order, with delivery in under an hour (if your city participates). Just note – Amazon has offered $10 off your first THREE Prime Now orders on past Prime Days, so you may want to wait and see if it is offered again before you use the coupon code.

What’s on Sale on Prime Day?

No one really knows for sure what will be on sale, but it’s safe to say we’ll see tons of Amazon-branded tech products marked down. Amazon has announced there will also be new product launches, with exclusive Prime member deals.  Some of the early prime day deals have included:

  • RENPHO Smart Body Scales
  • Klymit Camping Gear
  • Swimwear
  • Tommy Hilfiger Shoes, Bags & Accessories
  • Fire TV Stick (with 2 months of FREE HBO)
  • Ring Video Doorbells and a Free Echo Dot

Some of the Prime Day launches will include:

  • A FEED USA Limited Edition Tote
  • CubCoats Uki the Unicorn 2-in-1 Transforming Hoodie & Soft Plushie
  • Pure Apple Cider Vinegar Gummies
  • Art of Sport Men’s Deodorant
  • Pinkfong Baby Shark Official Alphabet Bus
  • GPS Drones
  • Vegetable Spiralizers
  • Paw Patrol Toys
  • Schwinn Monroe Single-Speed Electric Bike

Start exploring the site now to get an idea of what’s out there. Right now, for example, there’s a deal for 3 months of Audible for $4.95/month (regularly $14.95/mo). That’s a huge savings, and you can easily cancel at any time.   You’re going to want to check back often to be sure you don’t miss out on new hot deals. Amazon does offer a few extra tips and tricks to help you out:

  • Prime Day Shopping Tips: Watch their videos and earn yourself entries to win the giveaway at the same time!
  • Amazon Assistant: Use this tool to get desktop notifications when deals you’ve marked go live.
  • Prime Day Guide: This tool gives you extra tips and tricks to maximize Prime Day’s awesome benefits.

Extra Prime Day Fun

This year Amazon has added something extra special, the Prime Day Concert 2019. Presented by Amazon Music, you can watch the concert for a limited time, starting now. Featured artists include Taylor Swift, Dua Lipa, Becky G, and SZA. Each performed at the Hammerstein Ballroom located in New York City in order to make this event happen.

What Time Does Amazon Prime Day End?

Amazon Prime Day officially ends at 11:59 p.m on Tuesday, July 16th. This makes it the longest prime day ever, clocking in at a full 48 hours. Last year’s event was only 36 hours. Make sure you come back and let us know what you found on Prime Day.

Are you ready for Prime Day? Share your thoughts in the comments below!

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SAVVI Financial Review: Step-By-Step Financial Planning

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What is SAVVI?

SAVVI is an online tool offering personalized financial advice. The team that created the artificial intelligence behind this service consists of highly educated professionals who have worked with a diverse range of customers. 

You share your goals and your financial situation then they provide you unbiased advice to plan for the future. If you like what they have to tell you, then you can put it into action to save and invest your money in smart ways. 

How SAVVI Works

Setting up an account with SAVVI is easy. You go to their website and click on the signup link. 

In terms of payments, here’s how it works:

  • If your employer has signed up for SAVVI, then it’s free for you.
  • Try a free ad-supported plan. You can set 4 financial goals and create an action plan.
  • Pay $120/year for a full plan. Set 8 goals, create an action plan, and get asset allocation advice.

Once you choose your plan, create a basic user profile and answer some questions. The idea is that you give them information and they help you to make sense of it in a new way. 

Step-By-Step Set Up

SAVVI Financial Review

First, you’ll link your accounts. Select your institution (such as Wells Fargo) then sign in using your institution’s login info. I already bank online so that was easy. The SAVVI tool does use a secondary authentication (by sending a text message with a private code) to help secure your information.

Once you link an account, you “confirm details.” If the information is incorrect, Iyou can adjust it, but it was all correct when I did it. You can also opt to ignore an account. Certain accounts have a few additional questions such as “have you made an after-tax contributions to this account?” for my IRA.

You keep repeating the process of adding accounts until you’ve added them all. The site reminds you to check for other accounts by highlighting what you’ve added and showing what you haven’t. For example, don’t forget “loans, insurance, and health.” 

I found it particularly helpful that I’d already done this on other tools such as Mint. I could easily switch between accounts to make sure that I’d included everything. If this is your first time using such a tool, though, then the process might take a little bit more time. Make sure you’ve gathered all pertinent financial documents in advance to make setup go more smoothly.

This is all part of the “organize” tab on the SAVVI tool. At the top of the page, you’ll see a running tab of your assets, debt, and net worth. As you link more accounts, this number will change. This is the first sign of what SAVVI can do with your information, quickly organizing it for you into digestible bites.

Enter Income Information

Of course, you can’t make a financial plan without considering your income. First SAVVI asks you to choose between “employee, contractor or self-employed, and I don’t work.” You can add additional income sources and benefits. It’s helpful if you have your tax documents handy but it’s not necessary.

Understand and Plan

Entering all of your information shouldn’t take very long. It took me about fifteen minutes. From there, it’s time to “understand” and then “plan.” You’ll answer some more questions in the “understand” section including:

  • Do you rent or own? 
  • Do you contribute to your savings accounts?
  • Do you support your lifestyle with savings?

Once you’ve answered the questions you get to see “The Big Picture” and “Insights”. Through words and graphics, you can quickly and easily see where your money comes from and where it goes – breaking it down weekly, monthly, or yearly. You can also see where you might be making some financial mistakes and where you’re doing well. For example, I pay a lot for housing and it suggests I may want to look carefully for other options.

After gaining insight through the “understand” tab, move on to “plan.” The site offers the option to plan for an emergency fund, home purchase, and retirement. However, you can click to choose other goals from a dropdown list. You can easily gain information that’s helpful when planning for these goals. For example, when I selected “emergency fund” SAVVI offered to tell me more about why I need an emergency fund, how much is good to save, and where I should save that money.

Once you’ve laid out all of your goals, you can click to “create an action plan.” This takes a few minutes to several hours depending, presumably, on the depth of information you’ve supplied as well as site details on their end. They email you when your report is ready.

SAVVI Financial Review Summary

SAVVI Financial Review

Overall, I found the information in the report and on the website to be fairly helpful. As someone who stays on top of my finances, nothing was particularly surprising. However, it’s always helpful to look at this information in new ways. The advice they offer is solid, and it definitely helped me to think about how I want to proceed with certain aspects of my finances.

That said, the information wasn’t perfect. For example, the site calculated my “general spending” for The Big Picture, but the number it gave was way off (lower) than what I actually spend. It told me what I should theoretically have to spend, but I actually spend more than that. So, I would say that the tool is helpful but should only serve as a starting point. 

If you already use a similar tool to organize your finances, then you might find that adding SAVVI isn’t necessary. The insights for planning can certainly help you, so if you want to try a free account then there’s no harm in that. But I’d say that if you can organize your money for free elsewhere and use that information to plan on your own then it’s not necessarily worth the cost of the annual fee-based SAVVI package. Sign up today and see how SAVVI can help you! 

This review was paid for by SAVVI Financial. However, all opinions expressed above are my own. 

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Wealthfront Savings Might Be Your Best High Yield Option

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wealthfront savings

We used to have such limited options when it came to getting a good interest rate from a savings account. Most banks today still offer very minimal rewards on their basic savings accounts. In the past, if you wanted to make money off of your money, then you really needed to invest it rather than just stowing it in a savings account. While it’s still true that you make more money off of investments, your options are getting increasingly better if you do want to use savings accounts.

What Is a High Yield Savings Account?

Put simply, a high yield savings account is the same as your regular savings account except that you’re able to earn more money from it.

According to the FDIC, the average interest rate on savings accounts is .10% APY. In other words, if you deposit $1000 in a savings account, then over the year you will earn $1. That’s not very much of a return on your investment.

Of course, savings accounts aren’t really supposed to be investment tools. They’re places that you can park your money and still easily access it as needed. Traditionally, you would need to put your money into a money market account or CD if you wanted to get a higher interest rate. However, you can’t pull your money out of those types of accounts so easily.

A high yield savings account, on the other hand, gives you the benefits of a savings account with a higher rate of return. You can easily earn ten times the interest rate of a regular savings account if you use a high yield savings account. The APY on a high yield savings account exceeds 1%. Therefore, you’ll get more than $10 per year on every $1000 that you deposit, compared to that $1 in your traditional savings account.

Wealthfront High Yield Savings Account

Wealthfront is one of the best options for people seeking to open a high yield savings account for the first time. That’s because it offers the highest overall rates. They recently raised their rate to 2.57%. That means you’ll earn more than $25 per year on every $1000 that you deposit into the Wealthfront high yield savings account. Why would you put your money in the bank and earn $1 per year when you could put it in a different bank and earn $25 per year instead?

Wealthfront Offers Double the Interest Rate of a 60-Month CD

If you take a look at the FDIC rate chart linked above, you’ll see that you can get higher interest rates by putting your money into longer-term CDs. For example, you can get 0.65% APY on average for 12-month CDs. If you put your money into a 60-month CD, then you can get as much as 1.25% APY.

However, that means that you can’t touch your money for five years without penalty. Moreover, you still only get $12.50 per $1000 deposited. In contrast, you can get twice that with a Wealthfront high yield savings account and your money isn’t tied up at all. Of course, the longer you keep the money in there (and the more you add to the account), the more money you’ll earn. Nevertheless, it’s comforting to know that if you have to pull that money out for an emergency, you’re not going to incur a fee.

You Can Start a Wealthfront High Yield Savings Account with Just $1

Generally speaking, the more money that you put into an account, the more likely you’ll get a good interest rate in return. The FDIC breaks savings accounts into two categories: normal and jumbo. The latter means that you put at least $100,000 into the account. You usually make more money in interest on jumbo accounts than you do on normal accounts.

In fact, many of the companies that offer high yield savings accounts require you to open a jumbo account. If you don’t have $100,000 (or whatever minimum they require), then you’re out of luck as far as those good rates go. That’s not the case with Wealthfront. Wealthfront allows you to open a high yield savings account with just $1. You can start earning your 2.57% APY right away on whatever amount you’re able to deposit.

This can serve as a great opportunity for people who are new to high yield savings accounts to check out how it works. You don’t pay a fee, you don’t have to put in a minimum amount of money, and you can start earning those high interest rates. As you see your money start to grow, it might inspire you to stick more and more into savings. As you do, you’ll earn more. It’s a win-win cycle.

There Are No Fees

It’s important to reiterate that there are no fees for this account. You don’t pay a fee to open the account. You don’t pay a fee if you fail to keep a minimum amount in the account. Moreover, you can transfer your money in and out of the account as often as you want and there won’t be any fees for that either.

Of course, come tax time, you do need to pay taxes on the interest you earn. But that’s true of any interest earnings from any bank.

What is Wealthfront?

Wealthfront is an online-only bank. Actually, technically, they’re a fintech company. One of the reasons that they’re able to offer such great rates is that they don’t have the high overhead costs of running an in-person bank.

So where does your money go? You actually place your money in a partner bank, such as Citi Bank. The reason this matters is because those banks have FDIC insurance. It’s FDIC insured up to $1 million. In other words, your money is safe with Wealthfront, even though it’s an online-only bank because they partner with brick-and-mortar banks.

If you’ve heard of Wealthfront in the past, it might be because they’re known as a terrific app-based investment tool. They offer a robo-advisor with low fees to help you begin investing. You do not have to use their investing tools in order to benefit from opening a high yield savings account with them. That said, as you get more and more used to this bank, you might discover that you do want to take advantage of all that they have to offer.

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