Certified Financial Planner Laura LaTourette is rewriting the rules of money management by leading with empathy, advocacy, and authenticity. From her North Georgia llama farm, she’s helping clients turn financial chaos into clarity - proving that wealth is about connection, not just numbers. For full episodes of Living Not So Fabulously, listen on your favorite podcast platform or watch on our website here: https://finance.yahoo.com/videos/series/living-fabulously/ #youtube #LGBTQ+ #queermoney #financialpla ...

Core Insights - The article discusses the complex emotions and decisions surrounding inheritance, particularly focusing on a mother who plans to spend all her money before her death, leaving nothing for her children [3][10][15] Group 1: Reasons for Not Leaving Inheritance - Some parents choose not to leave inheritances to encourage self-sufficiency and a strong work ethic in their children [2] - Concerns about adult children mismanaging or squandering inherited money are common among parents [1] - Fear of family strife, including potential conflicts among siblings or between step-parents and children, can also deter parents from leaving inheritances [5] Group 2: Financial Planning and Communication - The article emphasizes the importance of discussing inheritance plans openly to avoid misunderstandings and ensure that family members can plan their financial futures [14] - It suggests that Isabella and Lorenzo should have a conversation with their mother about her financial plans, particularly regarding potential health care costs as she ages [10][12] - Encouraging their mother to consult with a financial expert is recommended to ensure her financial needs are met while considering her wishes [14][15] Group 3: Life Insurance as a Financial Tool - The article mentions life insurance as a potential solution for parents who wish to cover end-of-life expenses without leaving an inheritance [6][7] - Ethos offers final expense insurance that can cover funeral costs and other debts, which may alleviate financial burdens on heirs [8]

Core Insights - The article discusses the financial habits and characteristics of millionaires, emphasizing long-term investment strategies and the importance of education over high salaries [2][3][11]. Investment Strategies - Certificates of deposit (CDs) are highlighted as a method for long-term investment, offering competitive interest rates but imposing penalties for early withdrawal [1]. - High-yield savings accounts are recommended as a steady way to grow money, with potential returns exceeding 4%, compared to standard savings accounts with rates as low as 0.01% [7][8]. Millionaire Characteristics - A survey of millionaires revealed that 79% did not receive an inheritance, and 80% invested in 401(k) plans, indicating a focus on self-made wealth through hard work rather than high salaries [3][11]. - The majority of millionaires are educated, with 88% holding college degrees, and 52% having postgraduate degrees, although only 8% attended elite schools [2][3]. Career Insights - Teachers rank third among careers most likely to produce millionaires, despite their relatively low average annual income of $61,690, while physicians do not appear in the top five [4][11]. - The financial struggles of physicians, including significant student debt averaging $200,000 and a lengthy repayment period, can hinder their ability to invest early [11][12]. Financial Tools - Acorns is introduced as an automated saving and investing app that helps users invest spare change, promoting systematic wealth growth through compounding interest [13][14].

Event Announcement - Corient's Jennie Sowers will discuss financial planning for creators & media entrepreneurs at Bloomberg Screentime [1] - The conversation will be live at 3:00 PM PT [1]