Author: Money Mechanics

Welcome to Kiplinger’s My First $1 Million series, in which we hear from people who have made $1 million. They’re sharing how they did it and what they’re doing with it. This time, we hear from a 51-year-old product manager in construction equipment manufacturing. He’s a self-professed lifetime bachelor living in the Northeast, though he grew up in the Southwest. See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)Each profile features one person or…

Catherine Collinson is CEO and president of the Transamerica Center for Retirement Studies, a nonprofit organization dedicated to educating the public on saving and planning for retirement.As Social Security celebrates its 90th anniversary, she discusses current and future pressures on the system — and possible ways forward — with Kiplinger Personal Finance Magazine.Q: In a recent Transamerica survey, “Social Security Turns 90,” 71% of workers were concerned that Social Security won’t be there when they are ready to retire. Does that concern you? From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE…

The Hamptons. Few places in the country — or for that matter, the world — carry the cachet of those two indelible words. To be in the Hamptons during the “season” (i.e., the summer) is to inhabit the same Long Island strip of coastal land as the boldest of the boldfaced names: celebrities, famed athletes, CEOs and billionaires of all stripes. (Beyoncé and Jay-Z, Alec Baldwin, Scarlett Johansson and Colin Jost, Jennifer Lopez and Anderson Cooper all own prime properties.)Off-season, most of them return to Manhattan, California or Palm Beach. But there has long been a thriving year-round community of…

If you need to make a last-minute trip to the grocery store or want to get a jump on Black Friday shopping on Thanksgiving, you might arrive to find the store closed.Though Thanksgiving launches Black Friday and holiday shopping, an increasing number of stores are closing for the holiday and opening up on Friday, instead.Whether you need a key ingredient for Thanksgiving dinner or want to start holiday shopping early, be sure to verify which stores are open on Thanksgiving before heading out. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE…

Key Takeaways In contrast to most financial advisors, Munger called wide diversification “protection against ignorance,” useful only when you don’t have conviction.  Holding too many positions, he argued, can raise costs, blunt big winners, and still leave you exposed to market shocks. Munger advocated a balanced approach—owning a few great companies plus low-cost index funds—that can capture upside without unnecessary clutter. But he said “know-nothing” investors—which is most people—should rely on broad market index funds. Diversification is almost a sacred word when it comes to investing, but the late Charlie Munger—Warren Buffett’s longtime partner at Berkshire Hathaway—argued that some investors…

(Image credit: Getty Images)A year-end bonus can add a welcome lift to your holiday season, offering a financial boost in return for all your hard work throughout the year. For many employees, these bonuses aren’t just symbolic pats on the back. They can be meaningful additions to your income.According to data from Northwestern Mutual, the average bonus came in at about 2.8% of total compensation. That means an employee earning $80,000 might receive roughly $2,240, while someone making $120,000 could see closer to $3,360. Whether your bonus is modest or substantial, that extra cash can make it easier to cover…

Key Takeaways Warren Buffett says that emotional intelligence is key to making wise investment decisions. Investors with patience and self-control often outperform those who follow emotion in the market. If you’ve ever bought a stock during a market boom, only to panic and sell at a loss, you already know emotions can be costly.  With recent headlines full of stock market swings, it’s natural for investors to be nervous, but Buffett has stayed calm, slowly amassing a record cash pile for potential future purchases. Why is he so steady when others panic? Buffett told those assembled at Berkshire Hathaway Inc.’s…

Key Takeaways Las Vegas, New Mexico, is an ideal location for retirees seeking natural beauty and outdoor adventure. The Santa Fe National Forest, the Santa Fe National Historic Trail, and the Gallinas River are all just minutes from the city center. This scenic small town has nine National Register historic districts with over 900 registered historic sites.With 33 hospitals in its surrounding county, accessible healthcare options are abundant.The nearest airport is the Albuquerque International Sunport, which is 110 miles from Las Vegas.  You’ve heard of Las Vegas, Nevada, but there’s actually another Las Vegas that’s a hidden gem in the southwest. Considered one…

Find out if now is the right time to put your money in a savings account. The Federal Reserve recently implemented a series of cuts to the federal funds rate. As a result, deposit interest rates are falling from their historic highs. Still, it’s possible to find high-yield savings accounts paying above 4% APY. So, if you’re looking for the best rates available today, here’s a breakdown of where to find them. Although savings interest rates are elevated by historical standards, the national average rate for savings accounts is still just 0.4%, according to the FDIC. The good news: Top…

Oil prices have fallen over the past two sessions due to several key factors. The market reacted negatively to the latest OPEC+ outlook, which now expects demand and supply to stay balanced next year instead of showing a drop in global reserves. In addition, US inventories came in much higher than expected, signaling that production remains strong under President Donald Trump. has dropped below $60 a barrel again, and sellers seem ready to push prices to new long-term lows.Oil Remains a Strategic CommodityEven though the global shift toward renewable energy continues, it appears the world will depend on oil for…