While much has been made about the wealth that millennials and Gen Z will inherit in the coming years, there is another generation which has been mostly overlooked. The bulk of the so-called $84 trillion 'Great Wealth Transfer' which is due to take place over the next two decades, will be among the wealthiest families. Some 68 percent of the wealth transferred between 2020 and 2045 will come from US households with at least $1 million in investable assets. Only 6.9 percent of households in the US have this kind of wealth to begin with.
Controversial millennial clothing brand becomes greatest stock market rally of 2024 as price continues to soar
A clothing retailer that used to heavily cater to svelte white teens has seen a meteoric stock rise in the last year thanks to strategic changes and new leadership. Its stock has skyrocketed over 400 percent in the last year, far outpacing Wall Street's tech darling Nvidia, which had 210 percent yearly stock growth.
Your Money
- McDonald's makes major change to drive-thrus after mishaps go viral
- Citigroup's top US economist gives grim warning about cracks in the economy - saying problems could 'snowball'
- Flight delayed or canceled? Here's how you can get a full refund under MAJOR airline shake-up
- EXCLUSIVEInside the MOHELA meltdown: Student loans provider responsible for servicing 8 MILLION accounts under fire
- Nine little-known retirement hotspots revealed - where crime is low and properties are cheap
- Finance expert reveals why you should stick to the one-tenth rule when buying a car
- US faces negative equity timebomb: Percentage of mortgages considered 'seriously underwater' rises - here are the states worst affected
- 'Father of the 401(K)' reveals the biggest downside of his creation
- Hidden stock market clues that can predict election results - as experts reveal who they think will win in 2024
- The zombie office timebomb: Commercial real estate foreclosures jumped 117% in March - as experts warn it could trigger the next banking crisis
- Can you really get cheaper flights using your browser's 'incognito' mode or clearing your cookies?
- America's best (and worst) states for job hunters REVEALED - and why you may be better off seeking work in Nevada than Mississippi
- Why YOUR airport selfie is a gift to scammers Cybersecurity expert warns excited vacationers not to upload photos to their boarding pass to social media
RETIREMENT & TAXES
Rules on inheriting a 401(K) have been revamped - everything you need to know and how to avoid a shock bill
Retirement accounts are an important part of the financial assets many Americans plan to pass on to family. But constantly changing rules mean that many people are confused about what is required of them if they inherit a 401(K) or an IRA. The regulations around inheriting a retirement account are complex, and depend on the type of plan and the relationship between the beneficiary and the original owner. But it is crucial to understand these rules in order to avoid a shock tax bill, experts warn.
PROPERTY & MORTGAGES
Nurse shocked to find family home of 17 years sold behind her back - due to mysterious 'zombie mortgage' loophole that could affect vast numbers of Americans
So-called 'zombie mortgages' are coming back to life across the US as home prices rise, experts are warning. In the run up to the housing crash in 2008, millions of Americans took out second mortgages on their homes that they then defaulted on during the crisis. Lenders didn't pursue foreclosure because the home price crash made it unlikely they would recoup the money. Homeowners often assumed the debt was cancelled.
Is this the real reason your home insurance has soared? The mysterious companies you have never heard of pushing up your premium
A little-known element of the insurance industry is pushing up homeowner premiums, consumer advocates are warning. The cost of reinsurance has boomed in recent years, and now the higher prices are trickling down to regular Americans - making their coverage increasingly unaffordable. Reinsurance is effectively the insurance taken out by insurers. It transfers on some of the risk so that no company has too much exposure to a large event or disaster. While considered an arcane part of the product of insurance, it is beginning to get a lot of attention.
BANKING, SAVINGS & CREDIT CARDS
Doomsday economist who predicted the 2007 financial crisis warns of stock market 'crash of a lifetime'
Harry Dent claimed last December that an 'everything' bubble would burst prompting the 'biggest crash in our lifetimes' with the effects felt by May. 'If I'm right, it is going to be the biggest crash of our lifetime, most of it happening in 2024,' he previously said. But he was accused of being 'crazy' and scaremongering with his chilling predictions by critics. He stands by his claims but admitted market bottoms are now more likely to be seen between early and mid-2025.
BUDGETING: HOW TO SPEND IT & HOW TO SAVE IT
Your pet might not be insured any more as America's biggest company abruptly axes cover for cats and dogs
Hundreds of thousands of pet owners have been left without coverage after Nationwide abruptly canceled pet insurance policies earlier this month. The company announced it was dropping policies for around 100,000 pets - blaming the soaring cost of veterinary care and recent underwriting changes. In a statement on June 14, it said the policies would be dropped between now and next summer. But Nationwide stressed the non-renewals are not associated with the pets' age, breed or prior claims history.
CARS & ELECTRIC VEHICLES
Crooks are posing ANOTHER threat to EV take-up in America
Thieves are targeting charging stations and stealing the cables, which can disable entire stations, forcing owners to search desperately for another working charger. So-called 'range anxiety' and fears around finding a charging station have long put Americans off switching to an EV from a gas car - despite tax credits brought in by the Biden administration. Around four in 10 US adults say they believe EVs take too long to charge or they do not know of any charging stations nearby, the Associated Press reported. And now broken down chargers are exacerbating the problem - giving skeptical buyers one more reason to stick with gas cars for now.
TRAVEL
Popular Colorado ski resort named the priciest place to go on vacation in the US at $5,000 PER PERSON for a week - where is your favorite destination in the list?
A family of four visiting the high-end ski resort for seven days would spend almost $14,000 on average. Travel expert OptimosTravel curated a list of the most - and least - expensive vacation destinations in the US. It took into account the cost of food, transport, accommodation and attraction fees in 100 of the most popular holiday destinations in the country.