For many Americans, work can feel like a hamster wheel. No matter how hard they run, it never feels like enough. Americans on average say they would need $520,000 a year to feel rich. And the more people earn, the more they say they need to feel comfortable.Americans making under $50,000 felt they needed $157,000 a year to feel comfortable. Those making $100,000 or more said they would need $246,000. When I was in middle school, a song came out called Mo Money Mo Problems.And I think that that's true. Your ...

Now to some personal finance news. There's a special account for savings and investments that will be open to millions more Americans at the start of the new year. But most people who are eligible don't actually know about it or how it works. So guess who does know about it.Sharon Epson is here. She's going to join us now with what's going on and what's known as an ABLE account and how this financial resource is expanding. What is going on.Well, Andrew, you know, the word able in this case stands for achiev ...

NIL (Name, Image, Likeness) and College Athletes - NIL deals provide college athletes with income, with some earning $40,000-$60,000 annually, even without significant playing time [1][3] - Some college athletes are earning more from NIL deals than they might earn in their first 10 years after graduation, potentially leading them to stay in college longer [3][4] - Many college athletes are not financially literate and are spending their NIL earnings unwisely [4] - Agents are taking fees from NIL deals that are higher than the standard 3% charged to professional athletes, sometimes ranging from 5% to 10% [3] Financial Management in Professional Sports - The average NFL career lifespan is three years, and 80% of NFL players go broke within five years of leaving the league [12] - Undrafted players may have a stronger incentive to manage their money wisely due to the lack of guaranteed income compared to first-round picks [4][13] - Maintaining a consistent lifestyle and saving a financial reserve can help athletes avoid anxiety and financial difficulties after their playing careers end [4][6][9] - Some athletes make the mistake of trying to emulate the spending habits of higher-paid players without having the same level of income [14] Investment Strategies - Cryptocurrency, particularly Bitcoin, has shown significant appreciation as an investment [20][21] - The interviewee first bought Bitcoin in 2016 and has continued to invest periodically using dollar-cost averaging [21][22] - The interviewee is hesitant to use leverage with crypto investments due to the risk of having to sell at a loss [25][26] Generational Wealth - Investing for the long term and utilizing tax-advantaged structures like Roth IRAs and 529 plans are important for building generational wealth [30] - Estate planning and insurance are crucial for ensuring financial security for future generations [31] - Educating children about financial management is essential for them to manage and grow their own wealth [31][32]

Personal Finance Strategies - Prioritize financial stability before pursuing relationships [1] - Practice saying no without justification to avoid unnecessary expenses [1] - Use cash for purchases to increase spending awareness [1] - Consider moving back home to reduce or eliminate rent expenses [1] - Avoid borrowing money for lifestyle expenses due to high interest costs, potentially doubling the expense [1]

Retirement Savings Landscape - Less than 3% of Americans have $1 million in retirement accounts [1] Public Perception vs Reality - The percentage of Americans with $1 million in retirement accounts is far fewer than most people expect [1]

Company Overview - Monarch, a personal finance startup, has raised $75 million to enhance subscriber growth following the shutdown of budgeting tool Mint [1] - The company is valued at $850 million after this funding round, which is one of the largest for an American consumer fintech startup this year [1] Product and Market Position - Monarch aims to provide an all-in-one mobile app for tracking spending, investments, and financial goals, filling the gap left by Mint [2] - The personal finance management space has seen limited innovation since the late 90s, with Monarch seeking to modernize how American families manage their finances [3] Subscriber Growth - Following the announcement of Mint's closure, Monarch experienced a 20-fold increase in its subscriber base as users looked for alternatives [3] - Unlike Mint, which was free, Monarch operates on a subscription model, allowing it to avoid reliance on advertising and data sales [4]