Wealth

When Thomas Gallagher was 17, he worked as a clerk on the floor of the New York Stock Exchange and put $10 a week into an account at Irving Bank. “That was my discipline, my savings,” Mr. Gallagher said. “Back then, the goal was to have enough money to buy Christmas presents.” Mr. Gallagher, who
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Getty Images House Way and Means Chairman Kevin Brady (L) (R-TX) and Speaker of the House Paul Ryan (R) (R-WI), joined by members of the House Republican leadership, introduce tax reform legislation November 2, 2017 in Washington, DC. The GOP’s tax plan contains a little-noticed tax hike on big earners that could add another $12,000
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Under the new proposal, coined the Tax Cuts and Jobs Act, the estate tax exemption will double and then be repealed as of 2024. In addition, there would continue to be a “step-up in basis,” which means if you inherit shares of stock, for example, and turn around and sell those shares, you wouldn’t pay
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Lucy Nicholson | Reuters Ken Griffin, founder and Chief Executive Officer of Citadel, speaks during the Milken Institute Global Conference in Beverly Hills, California, May 1, 2017. Billionaire businessman Ken Griffin is donating $125 million to the University of Chicago’s Department of Economics. The university announced Griffin’s gift Wednesday, saying it’s the second-largest in school
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EVERSOFINE | Getty Images Many of life’s downturns can be weathered if you’ve already managed to build yourself a strong financial foundation. I’ve seen many families lose everything because they didn’t have enough life insurance. I often hear about people who use their retirement investments to pay for unexpected expenses. I’ve talked with families stuck
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There are an estimated 11.2 million widowed individuals across the nation, according to the U.S. census, most of them women. Those who are affluent often initially face one of two financial challenges: having too little cash or too much. The most common issue in having too little cash is lack of immediate access. Perhaps most
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The consultancy group foresees retail funds, including exchange-traded funds (ETFs), to almost double by 2025 and growing investments in alternative areas, such as real estate and land, private equity and private debt. Asset managers will also be overseeing greater global retirement and pension funds, PwC said. Despite the optimistic future for wealth managers, PWC suggested
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There are fewer listed companies in the United States today than there were in 1976, despite the fact that the country’s gross domestic product is three times larger now than it was then. Take that in for a moment. With the Dow Jones, S&P 500 and Nasdaq indexes each kicking off the fourth quarter at
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Ask about your options for paying the down payment and closing costs, said Allan, who blogs about personal finance at FrugalBeautiful.com and now, after her experience, at Realestatewirefraud.com. You may be able to bring a paper certified check or cashier’s check to the closing or an agent’s office ahead of time, avoiding the possibility the
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The University of Pennsylvania has produced more billionaires than any other university, according to Forbes. In a ranking of the schools that produce the most billionaires, Forbes said UPenn beat out Harvard and Yale to take the top spot. Thanks in large part to its Wharton School of Business, UPenn has 18 graduates who are
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Before you start spending, take stock of any obligations or costs around the inheritance, said Susan Bradley, a certified financial planner and the founder of the Sudden Money Institute in Palm Beach Gardens, Fla. “If it’s not liquid, readily available money, you’re going to have a to-do list,” she said. For example, should you inherit
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