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    56% of Americans say their parents never discussed money with them. How experts recommend getting the conversation started

    FA Playbook

    More than half of Americans — 56% — say their parents never discussed money with them, according to a Fidelity survey.
    Baby boomers are more likely to say having a financial plan is not necessary.
    Here’s how experts recommend starting the money conversation, specifically with aging parents this holiday season.

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    As families gather for Thanksgiving this year, money is one topic that likely won’t be discussed.
    Yet experts say it’s a perfect time to start the conversation, particularly with aging parents.

    More than half of Americans — 56% — say their parents never discussed money with them, according to a recent Fidelity survey of 1,900 adults ages 18 and up.
    One reason is that many people have a complicated relationship with money and wealth.
    Most Americans — 89% — said they do not consider themselves to be wealthy, Fidelity found. For many, the definition of being wealthy is just not having to live paycheck to paycheck.
    For the wealth they do have, most Americans say they accumulated it on their own, with 80% identifying as self-made and only 5% saying they inherited it, Fidelity found.
    The fact that many people have relied on themselves, especially older Americans, may help explain why many don’t feel the need for more formal financial planning, according to David Peterson, head of advanced wealth solutions at Fidelity.

    One-third of baby boomers don’t feel having a financial plan is necessary, Fidelity’s survey found, which is the most of any generation.
    “They have sort of go your own way mindset, and that’s probably why they keep a lot of this just to themselves,” Peterson said.
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    Yet experts say that not having a plan in place can leave individuals and their families vulnerable when unexpected events happen.
    If you know what your parents want, have it written down and know where things are, it makes things much smoother in the event a parent passes, gets sick or starts showing signs of dementia, said MaryAnne Gucciardi, a certified financial planner and financial advisor at Wealthmind Financial Planning in Cambridge, Massachusetts.
    “You want to catch things early and proactively and preemptively, so that you know what they want and you can advocate for them,” Gucciardi said.
    The holidays are an excellent time to start conversations about family finances, Gucciardi said. But those discussions can also take place whenever there’s a group gathering where siblings and children can also be involved, she said.

    How to get the family money conversation started

    Research has found money is consistently one of the topics Americans would rather not talk about.
    A recent U.S. Bank survey found more people would rather reveal who they were voting for in the presidential election than talk about their finances. Other research from Wells Fargo find discussing personal finances almost as difficult as talking about sex.
    To get the conversation started with aging parents, experts say it helps to start small.
    “Don’t go into it thinking that you’re going to solve it all this particular holiday,” Peterson said.
    To kick off the conversation, you may want to talk about your own estate plan and ask for their advice on anything you’ve missed, he said. That way, you can get a sense of how far along they are in the process, Peterson explained.
    It can also help to bring up examples of friends or family who died with estate plans that were either organized or in disarray, and how that affected their loved ones who were left behind.
    “What I like to do is start with small topics and build up to the bigger topics,” Peterson said.
    Peterson explained that wealth can be transferred through asset titling or beneficiary designations. But for assets that do not pass that way, you need a will, he said.
    Without that planning, you leave it up to the state probate process. When someone dies without a will, also known as dying intestate, a state’s intestate succession laws determine what happens to their assets.
    “The question is, do you want to be the one making the decisions?” Peterson said. “Usually, when you ask it that way, you get an answer that suggests that they want to be the ones in charge.”

    In addition to a will, it helps to have other documents in place, such as a health care directive, power of attorney and HIPAA authorization in the event a parent’s health declines, Gucciardi said.
    If those documents were not established recently, you may want to revisit them to make sure they’re up to date, she said.
    Often, people have accumulated assets over their lifetimes and lose track of them, such as savings bonds or insurance policies, Peterson said. It helps to create a central location where all of that will be stored, either physically or digitally. Bank safe deposit boxes should be avoided, since they can be difficult for loved ones to access, he said.
    With more assets stored online, it’s also important to ask about access to online financial, subscription and social media accounts, Gucciardi said. Using a password manager can help ensure those assets are secure, she said.
    As families engage in these conversations, it may be best to start small with one area, such as health care preferences, and then build from there, she said.
    To help start the conversation, books can be a great way to break the ice, Gucciardi said. Among the titles she recommends to clients include, “Who Gets Grandma’s Yellow Pie Plate?” “Crucial Conversations” and “Being Mortal.”
    During those discussions, try to listen more than talk and ask open-ended questions, Gucciardi said. More

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    This charitable giving strategy ‘almost always’ provides the biggest tax break, advisor says

    FA Playbook

    If you’re retired and planning a year-end charitable gift, you can maximize your tax break with a qualified charitable distribution, or QCD.
    The strategy is a direct transfer from an individual retirement account to a non-profit organization.
    You can use QCDs to reduce adjusted gross income and satisfy required minimum distributions, experts say.

    Xavierarnau | E+ | Getty Images

    If you’re retired and planning a year-end donation to charity, there’s a key move to maximize your tax break, financial experts say.  
    Qualified charitable distributions, or QCDs, are direct transfers from an individual retirement account to a non-profit organization. Additionally, retirees can give more in 2024, according to the IRS.

    The strategy “almost always has the highest tax advantage,” compared to other giving options, said certified financial planner Sandi Weaver, owner of Weaver Financial in Mission, Kansas. She is also a certified public accountant.

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    You must be age 70½ or older to qualify for a QCD. If eligible, you can transfer up to $105,000 tax-free from a pre-tax IRA in 2024, up from $100,000 in past years, thanks to changes enacted via Secure 2.0.
    In 2025, the limit will increase to $108,000, according to the IRS.

    QCD tax break is ‘better than a deduction’

    When filing taxes, you must claim the standard deduction or your total itemized deductions, including charitable gifts, whichever is greater. 
    With a higher standard deduction since 2018, only about 10% of filers itemized in 2021, according to the latest IRS data. That means most filers don’t claim the charitable deduction.    

    While there’s no tax deduction for a QCD, “the amount distributed is excluded from income, which is better than a deduction,” said CFP Juan Ros, a partner at Forum Financial Management in Thousand Oaks, California. 
    If you’re eligible, charitable giving should happen via QCD first, he said.

    One of the key benefits of QCDs is the transfers won’t increase your adjusted gross income, experts say.
    Higher AGI can trigger income-related monthly adjustment amounts, or IRMAA, for Medicare Part B and Part D premiums, Weaver explained.
    For 2024, retirees can expect higher premiums once modified adjusted gross income, or MAGI, exceeds $103,000 for single filers or $206,000 for married couples filing together.
    There’s a two-year lookback, meaning 2024 premiums are based on MAGI from your 2022 tax return.

    Satisfy your required minimum distribution

    Another benefit of QCDs is the transfer can offset your annual required minimum distribution, or RMD, which helps reduce your AGI, according to Ros. 
    Pre-tax IRA balances have grown in 2024 amid stock market highs, which can mean higher RMDs for some retirees. The average IRA balance was $129,200 as of June 30, up 14% from the previous year, according to a Fidelity report based on 5.8 million IRA accounts.  
    Since 2023, most retirees must take RMDs from pre-tax retirement accounts starting at age 73. More

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    Early retirement comes as a surprise for many workers, study finds. Here’s how to manage that financial shock

    Retiring early is the dream for many workers. Yet many people find themselves forced to call it quits because of health, career or family circumstances.
    “Many people may not even realize how severe the consequences can be,” one expert said.

    Ascentxmedia | E+ | Getty Images

    Lost years ‘absolutely critical’ for retirement security

    Unplanned early retirements can have severe financial implications for retirees, according to Catherine Collinson, CEO and president of Transamerica Institute and Transamerica Center for Retirement Studies.
    “Many people may not even realize how severe the consequences can be and how absolutely critical those extra five or 10 years in the workforce can be in terms of achieving retirement security,” Collinson said.
    If those new retirees take Social Security benefits before their full retirement age — which is 66 to 67, depending on date of birth — they take permanently reduced benefits. The median age for claiming Social Security benefits is 64, according to EBRI. Retirees stand to get the biggest Social Security benefits if they wait until age 70.

    Retirees who stop working at age 62 miss out financially in other ways.
    They may lose five years of income, assuming they intended to retire at their full retirement age of 67, Collinson said.
    They may also lose potential employer-sponsored retirement benefits and additional credits towards their Social Security work history.
    They’re also missing out on growth of their savings and investments, assuming they would have left those untapped if they kept working.
    Plus, they have to pay for health insurance before the Medicare eligibility age of 65, which can be expensive, Collinson said.

    Reset financial goals after an early retirement

    People who are forced into early retirement may not have a lot of financial flexibility. But they should sit down and come up with a financial plan, which can help assess their risks of running out of money in the future, Collinson said.
    If possible, newly retired individuals should try to give themselves time to pause and reset their financial goals, said Ted Jenkin, a certified financial planner and the CEO and founder of oXYGen Financial, a financial advisory and wealth management firm based in Atlanta.
    When they do evaluate their finances, they should consider whether it would be advantageous to move, including to a place where taxes may be lower; carefully review the rules that come with COBRA or other health insurance plans; and take a look at any unused perks that may be available to them, such as credit card rewards, said Jenkin, who is also a member of the CNBC FA Council.

    Still-employed pre-retirees should also take note and take steps now to try to extend their working years, Collinson said.
    By keeping good health habits, making sure their job skills are up to date and relevant and continuing to build their professional networks, workers may avoid unforeseen early retirements, she said. More

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    Renters struggle to build wealth, report finds. Here’s how they can boost financial well-being

    In 2022, the typical renter in the U.S. had a median net worth of $10,400, less than 3% of the $400,000 net worth of homeowners, according to the Aspen Institute.
    However, tenants can still take steps toward building wealth, experts said.

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    It’s no secret that homeowners often have a higher net worth than renters. But while renters face unique affordability challenges, there are still steps they can take to improve their financial standing.
    In 2022, the typical renter in the U.S. had a median net worth of $10,400, according to a new report by the Aspen Institute. That’s a record high — even though it represents less than 3% of the nearly $400,000 net worth of homeowners.

    Renters generally face financial challenges such as lower income, higher debt, less savings and lower rates of asset ownership, the report noted.
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    The wealth gap is not solely due to home equity. Median home equity, at $200,000, accounts for only slightly more than half of homeowners’ median net worth, suggesting that an owner’s wealth derives from other assets, the Aspen Institute found.
    Across income levels, renters are less likely than homeowners to own assets including cars, retirement accounts and securities, among others, the report found. Renters who do hold such assets tend to have lower median values compared with homeowners.
    Tenants can begin to build wealth by paying off outstanding debt, increasing their income and savings, and assessing if and when a home purchase makes sense, according to experts.

    Here are some of the financial challenges renter households in three sample income brackets face, according to the Aspen Institute, and ways they can build wealth.

    Renters who earn less than $25,000 a year

    As of 2022, more than one-fourth of all renter households made less than $25,000 a year, the Aspen Institute found. 
    Renter households in this income group are more likely to be “cost burdened,” or have to spend a significant share of their income on housing and utilities, said Janneke Ratcliffe, vice president of housing finance policy at the Urban Institute in Washington, D.C. That makes it challenging for them to cover other essentials, let alone build wealth.
    “If you’re relying on any kind of benefits, as soon as you achieve a certain level of income or savings, you get kicked off,” said Ratcliffe. 

    A hypothetical family in this category “first needs financial stability to meet the precondition for wealth building,” the Aspen report said.
    “They need routinely positive cash flow — through higher income, lower expenses, or both — more savings and personal resources, and increased access to benefits that will support increased stability,” the report said.
    Tackling any high-rate debt can be a smart move, said Clifford Cornell, a certified financial planner and associate financial advisor at Bone Fide Wealth in New York City. A credit card balance eats away any progress you make in terms of savings, he said.
    “It’s incredibly toxic, and it can absolutely destroy a financial situation for somebody if you let that accrue,” Cornell said.
    Given that housing expenses can be the biggest budget line item, be thoughtful about where you live, said Shaun Williams, private wealth advisor and partner at Paragon Capital Management in Denver, the No. 38 firm on CNBC’s 2024 Financial Advisor 100 List. 
    You might have better job prospects and increase your income by living in a different area or state, he said. 
    “Trying to move where there’s better opportunities and lower costs is a key element there,” Williams said.

    Renters who make $50,000 to $75,000 a year

    In 2022, roughly 18% of all renter households earned between $50,000 and $75,000 annually, according to the report.
    A hypothetical family in this income bracket “has some baseline financial security, though increased cash flow through higher income and/or reduced debt servicing could enable a stronger position,” according to the report.
    Renters in this income bracket can monitor their cash flow to find opportunities to save money each month, said Cornell: “After all expenses are paid, what is left over?”
    A “great spot to be” in is finding ways to save about 5% to 10% of your income while also looking for ways to increase your earnings, said Williams. 
    “That’s the place where you start saving a little bit,” he said.

    Renters who make $100,000 or more a year

    About 20% of all renter households in 2022 made more than $100,000 a year, according to the Aspen Institute.
    While this cohort of renters has the strongest financial picture, they may choose to rent rather than buy for a variety of reasons, experts said. 
    In some places, it’s less expensive to rent than to own. Even though tenants may pay renter’s insurance, utilities and applicable amenity fees, landlords typically cover the unit’s maintenance and property taxes.
    For homeowners, “your mortgage is the absolute minimum that you will be spending every month,” Cornell said. 

    While these renters aren’t building home equity, they can focus on building their investments and savings, experts said.
    For example, say your hypothetical mortgage payment is $2,500 while your rent is $2,000, Williams said. A mortgage payment will put $500 “into a savings account called your house,” he said.
    If you rent, take the $500 difference and save it into a retirement account. This way, you’re still saving money, and it may grow faster than real estate, Williams said. More

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    Here’s how to maximize your tax breaks for charitable giving

    FA Playbook

    Since 2018, it’s been harder to itemize deductions and claim a tax break for charitable donations.
    But older investors may consider a qualified charitable distribution, which transfers funds directly from a pre-tax individual retirement account to a charity.
    Others may give appreciated assets to a donor-advised fund, which functions like a charitable checkbook.

    Mixetto | E+ | Getty Images

    As year-end approaches, you may be eyeing a donation to charity — and certain gifting strategies can boost your tax break, experts say.  
    In 2023, U.S. charitable giving hit $557.16 billion, up roughly 2% compared to 2022, according to Indiana University Lilly Family School of Philanthropy’s annual report released in June. U.S. donations totaled $3.1 billion for Giving Tuesday 2023, GivingTuesday Data Commons estimated.

    “This is the time of year when charitable gifting takes center stage” and most want to maximize their impact, said certified financial planner Paula Nangle, president and senior wealth advisor at Marshall Financial Group in Doylestown, Pennsylvania.

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    Here’s what to know about charitable tax breaks before swiping your credit card or transferring funds, according to financial advisors.

    How the charitable deduction works

    When filing taxes, you claim the standard deduction or your total itemized deductions, whichever is bigger. The latter includes a tax break for charitable gifts, medical expenses and state and local taxes, or SALT, among others.
    Enacted by President-elect Donald Trump, the Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction and capped SALT at $10,000 through 2025.
    Those changes make it harder to itemize, Nangle explained.

    For 2024, the standard deduction is $14,600 for single taxpayers and $29,200 for married couples filing together. Roughly 90% of filers used the standard deduction in 2021, according to the latest IRS data. 
    Still, there are tax strategies to exceed or bypass the standard deduction, experts say. 

    Qualified charitable distributions are a ‘no-brainer’

    If you’re age 70½ or older with savings in a pretax individual retirement account, a so-called qualified charitable distribution, or QCD, “almost always has the highest tax advantage,” said Sandi Weaver, a CFP and certified public accountant at Weaver Financial in Mission, Kansas.
    QCDs are a direct transfer from an IRA to an eligible nonprofit, limited to $105,000 per individual in 2024, up from $100,000 in previous years.

    There’s no charitable deduction, but the transfer won’t increase your adjusted gross income, or AGI, Weaver explained. Higher AGI can impact income-related monthly adjustment amounts, or IRMAA, for Medicare Part B and Part D premiums.  
    Plus, you can satisfy yearly required minimum distributions, or RMDs, with a QCD, according to the IRS. Since 2023, most retirees must take RMDs from pretax retirement accounts at age 73.
    “Bottom line: The QCD is a no-brainer,” said CFP Juan Ros, a partner at Forum Financial Management in Thousand Oaks, California.

    Consider ‘bunching’ donations

    If your itemized tax breaks don’t exceed the standard deduction, you can consider “bunching multiple years of contributions” into a single year, Nangle said.
    One popular bunching strategy involves opening a so-called donor-advised fund, an investment account that functions like a charitable checkbook, with flexibility for future gifts to nonprofits. Donors get an upfront deduction on transferred assets.
    Appreciated stock is a “great asset for funding a donor-advised fund,” because the donor gets a tax break, and “any capital gain is forever avoided,” Ros said.  More

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    Black Friday is almost here but some sales aren’t all they are cracked up to be: Here’s what not to buy

    Retailers tempt shoppers with incentives and discounts between Black Friday and Cyber Monday.
    But these are not necessarily the best prices of the year, according to shopping experts.
    Here’s what not to buy on Black Friday and how you can snag even lower prices later on.

    Shoppers walk along Fifth Avenue in New York on Black Friday, Nov. 25, 2022.
    Bloomberg | Bloomberg | Getty Images

    Retailers hype Black Friday sales, and it works.
    This year, the number of people shopping between Thanksgiving Day and Cyber Monday could hit a record, according to the National Retail Federation’s annual survey.

    But that doesn’t mean consumers are getting the lowest prices of the season.
    According to WalletHub’s 2024 Best Things to Buy on Black Friday report, 41% of items at major retailers offer no savings compared with their pre-Black Friday prices.
    The items that are on sale are marked down by 24%, on average. The site compared Black Friday advertisements against prices on Amazon earlier that fall. 

    Don’t fall for deceptive deals

    “Some Black Friday deals are misleading, as retailers may inflate original prices to make a deal look like a better value,” said consumer savings expert Andrea Woroch.
    Such tactics can create an urgency to buy, even when the discount isn’t that significant, according to R.J. Cross, a campaign director at PIRG, a nonprofit consumer advocacy research group.

    Other common ploys include displaying the number of shoppers with the same item in their carts or an alert that a product is almost out of stock. PIRG also found that some sellers on Etsy use fake countdown timers on deals that don’t expire.
    Etsy did not immediately respond to a request for comment.
    “These stunts aren’t limited to the holidays. Retailers and advertisers are always trying to get you to buy more than you need and spend more than you want,” Cross said in a statement. 

    Expect up to 30% off on Black Friday

    This year, in particular, some of the deals are already as good as they are going to get.
    “Those holidays have gotten a little watered down because retailers want to maximize the selling days,” said Adam Davis, managing director at Wells Fargo Retail Finance.
    “You are easily going to see 20% to 30% off,” Davis said — but “not necessarily storewide.”
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    Depending on the retailer, some markdowns could be up to 50%, according to Lauren Beitelspacher, a professor of marketing at Babson College.
    However, premium brands — including high-end activewear companies such as Nike, Alo or Lululemon — likely will not discount more than 30%, she said. “It’s a fine balance with maintaining the premium brand integrity and offering promotions.”
    To that end, retailers will also try to lure shoppers to spend with incentives, such as a free gift card with a minimum purchase, Woroch said. “Many stores will also offer bonus rewards when you spend a certain amount on Black Friday.”

    What not to buy on Black Friday

    Typically, Black Friday is a great time to find rock-bottom prices on fall clothing — including flannels, denim, coats and accessories — as well as televisions and consumer electronics. 
    But hold off on beauty and footwear, which are typically better buys on Cyber Monday, Woroch said.

    For those planning a trip, “Travel Tuesday” can be a good time to snag discounts on airfares, cruises and tour packages, with many hotels offering 20% to 30% off best available rates. Travelers can check out Travel Tuesday deals from 2023 to get an idea of what to expect this year.
    With toys, it could pay to hold out until the last two weeks of December, and holiday decorations are cheaper the last few days before Christmas or right after, according to Woroch.
    Exercise equipment, linens and bedding tend to be marked down more during January’s “white sales,” she said, and furniture and mattress deals are often better over other holiday weekends throughout the year, such as Presidents’ Day, Memorial Day and Labor Day weekends.

    How to get the lowest prices of the season

    A shopper walks through the retail district near Oxford Circus in London during the annual Black Friday sale event, Nov. 26, 2021.
    Leon Neal | Getty Images News | Getty Images

    Woroch recommends using a price-tracking browser extension such as Honey or Camelizer to keep an eye on price changes and alert you when a price drops. Honey will also scan for applicable coupon codes.
    If you are shopping in person, try the ShopSavvy app for price comparisons. If an item costs less at another store or popular site, often the retailer will match the price, Woroch said.
    Further, stack discounts: Combining credit card rewards with coupon codes and a cash-back site such as CouponCabin.com will earn money back on those purchases. Then, take pictures of your receipts using the Fetch app and get points that can be redeemed for gift cards at retailers such as Walmart, Target and Amazon.
    Finally, experts urge consumers to pay attention to price adjustment policies.
    “If an item you buy over Black Friday goes on sale for less shortly after, you may be able to request a price adjustment,” Woroch said. Some retailers such as Target have season-long policies that may apply to purchases made up until Dec. 25. More

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    59% of Americans consider this the No. 1 sign of success — it’s not wealth

    FA Playbook

    About 59% of polled Americans say that the ability to spend money on things that make you happy is a top sign of success, according to a report by Empower.
    Only 27% believe wealth is the highest measure of success, the report found.
    “Americans are equating success with happiness as to what money can buy,” one expert said.

    Pt Stock | Moment | Getty Images

    When Americans measure success, they’re not often thinking about their net worth or account balances.
    About 59% of polled Americans say that happiness — specifically, the ability to spend money on things that make them happy — is the most important benchmark of success, according to a new report by Empower, a financial services company. Respondents were asked to pick the top three types of success they most valued.

    Meanwhile, 35% of respondents pointed to having free time to pursue their interests. The same share cited physical wellbeing.

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    “Few people view wealth itself” as the best benchmark, said Rebecca Rickert, head of communications at Empower. 
    Only 27% believe wealth is the highest measure of success, the report found.
    Empower surveyed 2,203 U.S. adults in September.

    ‘You have to strike a balance’

    “Americans are equating success with happiness as to what money can buy,” said Rickert.

    That’s not surprising, considering that many people live paycheck to paycheck — meaning regular expenses take up most of their income without much left over for savings.
    In the third quarter of the year, almost half of survey respondents agreed with the statement “I am living paycheck to paycheck,” according to a recent report by Bank of America.
    An analysis of the bank’s internal data found 26% of households are living paycheck to paycheck. That includes 35% of households earning less than $50,000 a year, and 20% of households earning more than $150,000.
    Other factors, including inflation and higher interest rates, have made it more difficult for people to make ends meet. About 35% of polled Americans believe the economy is the top barrier to success, followed by income instability at 30%, the Empower report found. 
    Those challenges are inherently “forces that are out of your control,” Rickert said.

    But in some ways, “people are their own secret to success,” she said.
    Creating a financial plan can help you save for long-term goals and make space in your budget for near-term wants.
    “You have to strike a balance,” said Clifford Cornell, a certified financial planner and associate financial advisor at Bone Fide Wealth in New York City.
    “It’s great to sock away money for retirement,” a priority in financial planning, he said. “But at the same time, we need to live today. Tomorrow’s not a given.”
    Joyful purchases can be as small as going to a coffee shop occasionally instead of making coffee at home, Cornell said.
    “For some people, that can almost be medicinal,” he said. “They really enjoy the whole experience.”

    How to find room in your budget for joy

    Oftentimes, purchasing items and experiences that make you happy comes down to making the most of your cash flow, experts say.
    Some recommend the 50-30-20 rule, a budget framework that allocates 50% of your income toward essentials like housing, food and utilities, 30% toward “wants” or discretionary spending and the remaining 20% to savings and investments. 
    The structure can be a great starting point, but it can be difficult to follow, especially given high costs for expenses like housing and child care. For example, half of renters in the U.S. were “cost burdened” in 2022, meaning they spent more than 30% of their income on rent and utilities, according to the Joint Center for Housing Studies of Harvard University.
    If a young person is just starting out their career out of college, saving 20% of their income might not be feasible, said Cornell.
    “Maybe we’re really stretching the dollar just to get 5% or 10% saved,” he said.

    Shaun Williams, private wealth advisor and partner at Paragon Capital Management in Denver, the No. 38 firm on CNBC’s 2024 Financial Advisor 100 List, agreed: “I don’t really like the 50-30-20 rule, and almost no one follows it.”
    Instead, figure out a proportion that works best for you and your current financial picture.
    Another way to find room in your budget for joyful spending is to take inspiration from “cash stuffing,” which allocates money for expenses into different envelopes. Decide how much you plan to spend on a given activity for a certain time frame, whether that’s a few months or years, and set up a savings account for that goal, Williams said.
    For long-term plans, try to think about the kind of lifestyle you want to live and figure out what the needs, the wants and the dreams might cost, said Williams. More

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    Video platform Rumble plans to buy up to $20 million in bitcoin in new treasury strategy

    Watch Daily: Monday – Friday, 3 PM ET

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    Rumble, a video platform aimed at conservatives, said Monday evening that it will begin allocating a portion of its excess cash reserves to bitcoin and making purchases of up to $20 million in the cryptocurrency.
    Shares rose more than 2% in extended trading.

    “We believe that the world is still in the early stages of the adoption of bitcoin,” Rumble chairman and CEO Chris Pavlovski said in a statement Monday. “Unlike any government-issued currency, bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury.”
    “We are also excited to strengthen our ties with crypto and to bolster our efforts to become the leading video and cloud services platform for the crypto community,” he added.
    The move puts Rumble in the same company as MicroStrategy, which began employing an aggressive bitcoin-buying strategy in 2020. MicroStrategy’s shares, up more than 500% in 2024, trade as a proxy for bitcoin. Tesla and Block have also previously purchased bitcoin. Two smaller companies made the same move this year: Semler Scientific in May and Acurx Pharmaceuticals last week.
    Rumble is viewed as a play linked to Donald Trump’s reelection given its popularity among conservatives. The alternative to YouTube went public in 2022 through a special purpose acquisition company led by Cantor Fitzgerald CEO Howard Lutnick. Last week, President-elect Trump chose Lutnick as U.S. Commerce Secretary.
    Rumble is up nearly 63% this year, and the stock has gained 42% in the past year.

    Bitcoin itself, which came within shouting distance of the $100,000 milestone last week, retreated on Monday. It was last lower by more than 3% at around $93,000, but the flagship crypto is expected to hit the $100,000 mark before the year is over. It has more than doubled in 2024.
    With Trump’s incoming administration expected to take a pro-crypto stance, investors are keeping an eye out for the next big company that will begin buying bitcoin. MicroStrategy chairman and bitcoin evangelist Michael Saylor said last week on an X Spaces event that he plans to pitch the board of Microsoft in December on his bitcoin treasury strategy.
    The theme has broadened to the government level this year, with Sen. Cynthia Lummis (R-Wyoming) proposing a national strategic bitcoin reserve. This summer, Trump also mentioned a potential national bitcoin stockpile.

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