Recently, I had the privilege and pleasure of meeting with Dr. Daniel Crosby, the author of several great books, including his newest, The Soul of Wealth. We met ostensibly to discuss the book, which we did, but he shared something else with me that is tangential to its themes, which was not explicitly mentioned. Whether this is the equivalent of the secret track on a 90’s CD that you didn’t learn about until you forgot to turn Nirvana’s Nevermind off after listening to “Something in the Way” or the precursor to the next great work in the Crosby canon, I’ve…

Many people are surprised and shocked when they learn what happens when retirement account owners neglect simple details about the tax code and their accounts. A review of some recent court cases brings the points home. The newest case involved the 401(k) of the late Jeffrey Rolison, who had worked at Procter & Gamble for more than 30 years and accumulated a 401(k) balance exceeding $754,000. When he enrolled in the 401(k) in 1987, Rolison named as sole beneficiary his live-in girlfriend. They broke up two years later. From 2002-2014, Rolison had a non-marital relationship with a female co-worker and…

As someone who has long been a fan of Firestone Walker’s 805 beer, I was thrilled to have the opportunity to visit their brewery in Paso Robles, California and talk with co-founder David Walker and CEO Nick Firestone. In this article, I share reflections and insights gained from my visit, exploring what it takes to build a multi-generational family business. Build With Legacy In Mind Just as clearly defining your goals is important in personal financial planning, so it is in starting a business. To withstand the tests of time, you should understand that it’s not just about immediate success,…

A staggering 68% of Americans lack a valid will, leaving their loved ones vulnerable to unnecessary conflict, expenses, and legal complications. In fact, InvestmentNews cites LegalShield’s Survey that 58% of adults in the U.S. report experiencing or knowing someone who has faced familial conflict due to inadequate estate planning. Creating an estate plan is not just for the ultra-wealthy—it’s a critical step for anyone who wants to protect their family and control the legacy they leave behind. Why Estate Planning Matters Estate planning goes beyond money. It empowers you to: Make healthcare decisions through a living will or advance healthcare…

TomoCredit, a five-year-old San Francisco startup that claims it boosts consumers’ credit scores, is facing a growing number of problems, with the latest being a new lawsuit alleging trademark infringement and unfair competition. New York-based analytics company Prism Data sued TomoCredit on Tuesday, accusing it of infringing on Prism’s trademark for its CashScore service. Prism’s CashScore product uses consumers’ cash flow (including bank account transactions) to assess their creditworthiness. In response to questions Forbes sent to Tomo about the suit, the company’s general counsel Fred Ghodoosi wrote to us in an email, “We are aware of the lawsuit and are…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.If you have a family, you likely have multiple savings goals — saving for your kid’s college education, putting money away for retirement and budgeting for your next family vacation.There isn’t one cookie cutter way to approach family savings, but there are some fundamentals that can help guide your process. Finance professionals and moms share some tips that can help you get started.…

A key Republican lawmaker suggested this week that GOP priorities on student loans and higher education, including a repeal of time-based student loan forgiveness under income-driven repayment plans, could be included in an upcoming reconciliation bill early next year. With Republicans set to control the White House and both chambers of Congress in January (albeit with narrow majorities), top lawmakers are preparing to use the budget reconciliation process to bypass the Senate filibuster, which typically requires 60 votes for legislation to advance. Republicans will hold 53 seats in in the Senate next year. By using reconciliation, Republicans would need only…

As someone who’s spent over a decade helping families navigate the complexities of college financial planning, I’ve never seen a situation that better illustrates the changing landscape of higher education than Tennessee State University’s recent $43 million emergency funding package. If you’re a parent saving for your child’s education or a student planning your academic future, this situation offers crucial lessons about college planning in 2024 and beyond The Wake-Up Call We All Needed When I first read about Tennessee State’s situation in Higher Ed Dive’s comprehensive coverage, the numbers stopped me in my tracks. The university’s first-year enrollment plummeted…

Each day, over 1,500 prisoners are relieved that they are serving their prison term on home confinement rather than being in one of 122 Federal Bureau of Prisons (BOP) facilities. They represent the last of those prisoners on home confinement who were allowed to be part of CARES Act transfer, a program started as COVID-19 struck the U.S. and ripped through the prison system. The program allowed mostly minimum security prisoners, with no history of violence, to serve their remaining prison sentence on home confinement. For many, that meant serving years of their sentence at home rather than prison. Today,…

Down a few cents, then up a dollar — and always at the worst time — gas prices can be a pain because they feel so fickle. But while it might seem that way, they rarely change on a whim. Rather, gas prices take into account a complex set of global factors that are at work long before the gas gets to your local station. According to the U.S. Department of Energy, those factors include:The cost of raw crude oil, which fluctuates based on international supply and demand.The cost to refine crude oil into gasoline, which rises during warmer months.Taxes,…