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Tax advisors are often battling misinformation spread by influencers on popular social media platforms like TikTok.
“Most of the videos on TikTok have a kernel of truth to them,” said Matt Metras, owner of MDM Financial Services. “But they’re embellished or it only makes sense in very specific situations.”
Experts say it’s critical to verify information or speak with a tax professional before taking advice from social media.

TikTok logo displayed on a cellphone.
Hyoung Chang | Denver Post | Getty Images

TikTok videos often have a ‘kernel of truth’

One big issue has been the flood of influencers pushing small businesses to amend payroll tax returns to claim the employee retention credit, or ERC, a pandemic-era tax break, according to Matt Metras, a Rochester, New York-based enrolled agent and owner of MDM Financial Services.   

Worth thousands per eligible employee, the IRS recently halted processing for new amended tax returns claiming the ERC amid a surge of “questionable claims.” 

Most of the videos on TikTok have a kernel of truth to them, but they’re embellished or it only makes sense in very specific situations.

Matt Metras
Owner of MDM Financial Services

Other misleading videos have included tips to form a limited liability corporation, or LLC, to deduct personal expenses, or telling all business owners to hire their children to deduct the wages and create the “earned income” needed to fund Roth individual retirement accounts for kids.
“Most of the videos on TikTok have a kernel of truth to them, but they’re embellished or it only makes sense in very specific situations,” Metras said. “But when you have a 60-second video, you aren’t trying to convey that nuance.”

Consult a tax professional

Whether you’re receiving tax information from TikTok, YouTube, Facebook or another social media platform, experts say it’s important to verify information before taking action, experts say.
Youngblood said it “becomes really sad” when someone takes incorrect advice from social media, the IRS flags their return and they owe taxes and penalties. Before making a costly mistake, he recommends talking to a tax professional “before you do anything,” he said. More

In a popular kind of interview on TikTok and Instagram, social media creators ask someone they encounter on the street about their career, including their current position and salary.
Understanding typical pay can be an important part of negotiating salary when you’re job hunting or hoping to secure a raise.
“I think that it’s important for viewers to remember that this is not a representative sample of people within job titles,” said one expert.

Hannah Williams poses for her Salary Transparent Street on TikTok
Credit: Hannah Williams of Salary Transparent Street

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In street interviews like Williams’ — which can go viral on social media — creators typically ask someone they encounter on the street about their position and salary. Questions about how the interviewee got started in their field, their general career trajectory, and the pros and cons of the job often follow. 
Another typical question: “How much do you make?”

Williams, who has traveled across the U.S. to interview people in cities large and small, told CNBC what she does is a “dream.”
“It is this awesome blend of learning so much on the job but also being able to control what I share and being able to amplify so many voices,” she said.
Some of the valuable career lessons Williams has learned include taking a chance on new opportunities and the importance of self-advocacy. 

When watching these videos, remember that there can be valuable details, but you should take the information disclosed with a grain of salt.

Leveraging pay transparency to negotiate a raise

Daniella Atkinson
Credit: Brandon Showers Photography

While working at The Market Herald in Vancouver, Canada, as a reporter and presenter, Daniella Atkinson quickly grew a social media following by doing street interviews to ask people what they do for a living. She now has 94,300 followers on her TikTok and 116,000 followers on her Instagram.
“I realized that other people are just as nosy as I am,” Atkinson said. “And other people are just as curious and they want to learn just as much as I do.”
Atkinson has received messages from viewers saying that she has encouraged them to negotiate a higher wage for themselves. She said promoting salary transparency also helped her discover she and other female journalists in her newsroom were getting paid less than a male colleague. At the time, she was leaving the company.
Understanding typical pay can be an important part of negotiating salary when you’re job hunting or hoping to secure a raise.

TikTok salary videos can be informative for viewers, especially for students in high school or college, by showcasing a reasonable range of pay and experience of what it’s like to work a job, said Elizabeth Lyons, an associate professor of management at the University of California, San Diego, who has researched pay transparency and the gender wage gap. 
Lyons said she appreciates how interviewees talked about salary but also the nonfinancial benefits of a job such as flexible working hours and the opportunity to help others.

‘This is not a representative sample’

Still, Lyons noted that salary videos shouldn’t be taken at face value. Key information, such as the name of the interviewee’s employer, is often missing in an effort to protect their privacy. However, different employers may offer drastically different salaries, even within the same industry. 
Responses, according to Lyons, may also be biased. For example, someone dissatisfied with their job may not want to accept the interview request. Similarly, an interviewee is unlikely to share the worst parts of their job if they think there’s a chance their boss will see the video while scrolling through the For You Page. It’s also possible that people will lie about their pay.

“I think that it’s important for viewers to remember that this is not a representative sample of people within job titles,” Lyons said. “These are people willing to be there.”
For those who don’t feel comfortable being interviewed on camera, Williams has created a salary database where workers can anonymously input salary, position and location, among other factors, and see what other people are making. Sites like Glassdoor and Payscale also showcase data on salaries. 
“There’s ways that you can go about being transparent and still protect yourself,” Williams said. “You don’t have to be on Salary Transparent Street to make a difference in pay transparency.” More

Life Changes

Married couples over age 65 are splitting up in so-called gray divorces at historic rates. Meanwhile, the onetime stigma of a divorce has dissipated among younger people.
While every divorcing couple has legal and logistical issues to weigh, older former partners face even more questions.
Here’s a look at how a gray divorce can affect retirement plans, children’s educations and other life changes.

Moyo Studio | E+ | Getty Images

It used to be when you talked about marriage and the “golden years,” the picture was a traditional one. Get married, work hard, buy a house, have children and retire surrounded by family and some grandchildren.
Divorce was a hush-hush topic and a rare occurrence. However, as the world has changed, the definition of marriage, family, and divorce have all morphed.

Millennials and Gen Xers view the experience differently than earlier generations, and divorce is no longer as taboo.

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While every divorcing couple has legal and logistical issues to weigh, for those facing a divorce later in life, commonly referred to as a “gray” divorce, there are even more questions, such as supporting older children, addressing retirement and reestablishing a plan for the future.
With divorce rates among those age 65 and above reaching record highs, here are some questions to ask yourself should you find yourself among their ranks.

What if I’m navigating college expenses?

Gray divorce is often associated with retirees or empty nesters, but with the shift in the definition of family, and the fact that couples are increasingly marrying later in life, many people are building families well into their 40s and 50s.
As a result, older divorcing couples today may have more complex family and financial responsibilities and, as a result, different concerns than their counterparts who married earlier in life.

Hill Street Studios | Blend Images | Getty Images

College education creates different challenges for later-in-life family builders. Unlike in gray divorces in years past, educational expenses might become a more pressing factor in your divorce settlement. To negotiate these terms, be sure you’re on the same page about what secondary education may include, timelines and expenses.
While lots of parents consider the distance from home, the program of study and how the school will help develop their child, divorcing parents must dive deeper. Is college limited to four years? Can they study abroad?
For parents who thought they would retire in their late 50s or early 60s, thoughts about funding education — especially if there are multiple children in the home when divorce occurs — drift to cost, making the target age for retirement later and later.

How can gray divorce affect my retirement?

Divorcing later in life can create financial aftershocks for couples. Unless clear prenuptial agreements were established to document asset distribution, you might wonder how to divvy up years of accumulated marital property and establish a new financial baseline.
You may find yourself navigating the complexities of dividing retirement accounts, pension plans and other benefits. Pair that with the shift in potential retirement age if you’re funding college education, and your eyes may cross with all you’re processing.

Will I have enough to retire if I stayed home or worked part-time? If you were a stay-at-home parent (or worked non-traditional jobs such as freelancing, consulting or multiple part-time positions), your nest egg might be a concern.
While you are likely to get a portion of your spouse’s retirement account, your own retirement account may be less robust than you planned. Even if you’re planning to resume working, if you’ve been out of the full-time workforce for a while, this may result in a lower starting salary than desired. This, combined with increased budget costs, might limit your ability to grow a retirement account.

Could the economy affect my divorce and retirement?

No matter your marital status, the economy can affect your retirement — but it’s especially a concern for divorcing couples. Inflation or other economic factors could affect your retirement accounts, the value of your savings, and the cost of living.
For gray divorces, this can be especially concerning. Many divorces center around the division of assets, and often retirement accounts and homes are a couple’s largest ones. In booming economies, this could allow for surplus funds; however, in unstable economies, this can lead to difficult negotiations. With rising inflation, mortgage rates skyrocketing, and roller-coaster retirement accounts, it can make those divorcing later in life stressed about how they might afford retirement.

What if I started taking early retirement benefits?

Jose Luis Pelaez Inc | Digitalvision | Getty Images

While the government mandate for retirement is age 67, you can start taking early retirement withdrawals at 62. However, the court will not necessarily consider you retired at 62. For those industries where earlier retirement is common — police officers, firefighters, construction workers, etc. — you have an even wider gap to overcome.
If you or your spouse is enrolled in a pension plan, this can have significant impact when divorcing.
Some plans are governed by the Employee Retirement Income Security Act, known as ERISA, and can be protected, while others are not. Also, depending on the type of pension, if it’s in pay status, it can be considered income to you instead of an asset to divide, which can affect claims of alimony or child support.
Receipt of government benefits can be helpful, though. Most spouses don’t know that they are eligible to receive Social Security benefits in line with their spouse’s work history, not just their own.

What if my family situation is unusual?

Is there a significant age gap between you and your soon-to-be ex-spouse? Do you have a blended family? Do you have children still at home who are very different in age? Gray divorces of the past might not have faced these questions, but they’re not uncommon for today’s divorcing couples. If this applies to you, you’re likely not thinking about funding for college or retirement, but instead, about immediate needs and rebuilding a security net for your family.
If you’re the non-monied spouse, access to immediate cash flow is probably a priority. If you’re the monied spouse, you’re likely wondering how much you’re going to be sharing of your monthly income, and how quickly you’ll have to recoup to pay for it all.
As you think about the immediate next steps, don’t get lost in the “right now.” Staying focused on your goals for the future helps you make solid choices now. How close are you to retirement? Are you anticipating an inheritance from a family member? What assets can you obtain now to foster security down the road? What does the divorce process look like for me?

In any divorce, the time and expense of going to trial to resolve your divorce is a frequent concern. If you and your soon-to-be ex have an amicable relationship, mediation may be a good option.
Mediation allows parties to talk through issues and create an agreement that meets everyone’s needs. It also allows you more control over divorce-related expenses and timelines.
If you’re not amicable, involving professionals such as divorce lawyers, trust and estate professionals and financial experts can cut the cost down. They can help you see the specifics of your matter, do long-range planning and save you from any hidden expenses.
— By Jamie Berger and Sarah Jacobs, founders of New Jersey-based matrimonial and family law firm Jacobs Berger More

One in 5 Americans has had outstanding medical bills show up on their consumer credit records.
Medical bills are prone to errors: One study estimates up to 80% contain mistakes.
You can save money by knowing the steps to take if you don’t think you owe a bill — or do but can’t pay.

Source: Getty Images

Unexpected medical bills can cost as much as $1,000 or more. Sometimes, these expenses are unavoidable. Still, you can take steps or ask questions of medical providers or your insurance company to avoid overpaying or getting saddled with charges you can’t afford to pay.
According to the Consumer Financial Protection Bureau, about $88 billion of outstanding medical bills showed up on consumer credit records in June 2021. This medical debt burden — affecting 1 in 5 Americans — is likely even higher, since not all medical debt is reported to credit reporting agencies.

”About 58% of all bills in collections and on people’s credit reports are for medical bills,” said Berneta Haynes, an Atlanta-based senior attorney with the National Consumer Law Center. ”Medical debt affects a broad range of people, but certain groups are more affected than other groups.”

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“Young adults, low-income folks, Black and Hispanic communities are more impacted, as well as veterans and older adults,” she added.
Learning how to manage medical bills can minimize your chances of getting into debt, so CNBC talked to experts about how to keep health-care expenses under control. Here are some steps they say you should take: 

1. Don’t pay until you investigate

Medical bills are rife with errors. Numbers vary on this, but one study from Medical Billing Advocates of America estimates up to 80% of medical bills contain errors. 
Older adults, for instance, may have multiple insurance carriers — Medicare as well as private insurance —and ”that can lead to an increased risk of billing errors and inaccurate bills,” Haynes said. 

Also, be wary of collection notices. By law, debt collectors have to give people a letter or email with instructions on how to dispute the debt.

“If it doesn’t, that’s certainly a red flag that they may be dealing with a scammer,” said John McNamara, principal assistant director of markets at the CFPB.

2. Get an itemized bill

If you receive a bill from a health-care provider or insurance company and do not recognize the charge or service, contact the biller to request an itemized list of services and providers of your care. You may be able to log into an online account and review a digital bill if you no longer get paper statements. 
If a hospital or provider seems hesitant to send an itemized bill, remind them that you are guaranteed under federal law — HIPAA, the Health Insurance Accountability and Portability Act — to get one. 

3. Cross-check bills with an ‘explanation of benefits’

An “explanation of benefits” document comes from the insurer and may look like a bill — but it is not. The EOB outlines how much your health-care provider is charging your insurer, how much the insurer will pay and how much you have or may have to pay. This amount is usually your co-pay, deductible or any other balance due.
Contact your health-care provider if there are discrepancies between what the EOB says you should owe and your itemized bill. 

4. The new No Surprises Act should help

Historically one of the biggest causes of large, unexpected medical bills was a case like mine where an out-of-network provider was involved in your care — often at a hospital — without you realizing it.
About a month after having emergency surgery to repair a sudden, life-threatening brain aneurysm rupture several years ago, I received a “surprise bill” for care from a specialist in the operating room who was not in my insurance company’s network. A friend helped me appeal the charge, indicating I did not have a choice of who was in that room saving my life. Eventually, the insurance company paid the charge — but it took time and effort.  

Medical debt affects a broad range of people, but certain groups are more affected than other groups. Young adults, low-income folks, Black and Hispanic communities are more impacted, as well as veterans and older adults.

Berneta Haynes
senior attorney with the National Consumer Law Center

In 2022, a new law aimed at reducing “surprise bills” for emergency services went into effect. Under the federal No Surprises Act, excessive out-of-pocket costs are restricted and emergency services must continue to be covered without prior authorization, regardless of whether a provider or facility is in-network. Although that law is facing legal challenges, the Center for Medicare & Medicaid Services, or CMS, is still accepting consumer complaints. You can file a complaint here or call 1-800-985-3059.

5. Review billing codes

If you believe you received a bill in error or your insurance company didn’t pay the correct amount, scrutinize the billing codes on the document. Your itemized bill will list current procedural terminology, or CPT, codes for medical services or treatments provided. 
These CPT codes are used to describe health-care services and procedures and are used by health insurance and health-care providers. Ensure the services you received align with the CPT code on the bill. You can often look up what the code stands for online.  

6. Verify a claim was submitted

You want to make sure the medical provider or facility submitted a claim under your current health insurance plan, especially if you recently changed jobs or insurers. 
If a health-care provider is considered “in-network” for your plan, then the provider has negotiated a discounted rate with your insurance company, so you’ll typically end up paying less by going to providers in your network than to an out-of-network provider.

Also, contact the provider directly if you don’t think you owe the debt. “Providers hire debt collectors to do this work for them,” McNamara said. “But that doesn’t mean providers won’t talk to a former patient if there’s a problem.”

7. File an appeal 

If your insurer won’t pay the claim or will only pay part of the claim and you think it should be covered, you have the right to appeal.
”Keep great records and a journal of the steps you’ve taken, who you talked to, when and what they said,” said certified financial planner and physician Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida, and a member of CNBC’s Advisor Council. “If you are not getting relief from the provider and you know the bill is wrong, file an appeal with your insurance company and contact your state insurance commissioner.”
While challenging medical bills can be time-consuming and frustrating, don’t be intimidated by the idea of appealing a medical bill. “It’s actually very important not to overthink the formal appeal process,” said Haynes at the National Consumer Law Center. “It really can be as easy as calling up your insurance company.”

8. If you do owe, negotiate for a lower bill 

If the cost of the care you received was higher than you expected, contact the health-care provider or the hospital and ask to negotiate. Reach out and tell the provider that you can’t afford to pay the bill and offer to pay a lower lump-sum amount.
If you’re being charged $1,500 for a procedure but you found out the rate in your area is generally $1,000, look at your finances. If you can afford to pay $1,000, offer that lump sum to wipe out the bill. 
”It can be surprising how often providers will accept a lower lump-sum amount just to get rid of the debt,” Haynes said. 

9. Request a payment plan 

Hispanolistic | E+ | Getty Images

If you can’t afford a lump-sum payment, then work with your medical provider or biller to come up with a payment plan. Make sure you agree to monthly payments that you can truly afford to make regularly.
”Work directly with the medical biller or provider to set up an interest-free payment plan,” said Bruce McClary, senior vice president of the National Foundation for Credit Counseling. ”Talk to a nonprofit credit counselor to understand your options if you’re lost and want a clear understanding of the choices.” 

10. Use HSA money 

Health savings accounts can help you pay for unexpected medical bills. You set aside a portion of every paycheck to fund these tax-advantaged accounts, which are paired with a high-deductible health insurance plan. Funds can be carried over year to year. You can use HSA funds for health-care services and treatments as needed or keep the money invested for your medical needs down the road. 

11. Look into need-based assistance programs 

You may qualify for Medicaid, subsidized insurance or charity care programs. There are federal requirements for nonprofit hospitals to provide financial assistance programs for low-income patients. The aid varies depending on the state and the institution. Ask the provider or facility what they may offer.

12. Avoid paying with credit cards 

The average interest rate on credit cards is nearly 25% — and is even higher for some ”medical credit cards.” 
If you pay for a large medical bill with a credit card, use one that has a 0% interest introductory offer for at least 12 to 18 months — but be sure to pay the balance in full before the promotional offer ends. 
”You don’t want to add more cost to the repayment of a medical bill, so don’t move the debt to a loan or line of credit with high interest,” McClary said. 
— CNBC’s Stephanie Dhue contributed to this story.
LEARN MORE: Sharon Epperson is a brain aneurysm survivor. September is Brain Aneurysm Awareness Month. Find out more about this disease at bafound.org. More

When couples move in together for the first time, many financial questions and tasks arise, leaving room for disagreement and awkwardness.
Experts share advice for a smooth transition.

EmirMemedovski | E+ | Getty Images

This August, two years into their relationship, Yumi Temple and her boyfriend, Daniel, moved into their first apartment together, in Denver.
It was Temple’s first time living with another person, outside of family, and she quickly learned there was a lot to navigate.

The couple decided to see a therapist, to work through their differences and find the best ways to communicate. Temple, 28, recently quit her full-time job and is trying to get a business off the ground; Daniel is a full-time engineer.
“I just wanted somebody on speed dial to help us with the issues we’d inevitably come into,” Temple said.
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Money is one of the biggest tension points for couples. And when people move in together for the first time, many financial questions and tasks arise, leaving room for disagreement and awkwardness.
Handling the transition proactively and honestly — and being open to vulnerability — can prevent a lot of problems along the way, experts say. Here’s a look at three financial tips for cohabitation.

1. Determine how expenses are paid

One of the first conversations a couple moving in together should have is about how expenses will be paid, said Wynne Whitman, co-author of “Shacking Up: The Smart Girl’s Guide to Living in Sin Without Getting Burned.”
Splitting costs evenly is not always fair, experts point out — especially considering that women still earn, on average, 18% less than men, according to a Pew Research Center Analysis of Census Bureau data.
“Is every expense split 50-50? ” Whitman said. “Is there another arrangement if one partner earns more?”
“Making a decision and sticking to it removes a lot of stress.”

After Hailey Pinto and her boyfriend graduated from college in Connecticut, they decided to take a shot at living together.
Pinto works remotely from their one-bedroom apartment in Charlotte, North Carolina, where her boyfriend got a job offer at a bank. They don’t split their $1,900 monthly rent 50-50 but instead according to their income levels, since it is their biggest expense.
“It’s almost like a 60-to-40 split,” said Pinto, 21. Meanwhile, they share their other expenses evenly. “We try to keep it fair.” 
When it comes to the lease (assuming you’re renting), experts recommend that everyone who lives in the apartment be on it.

Is every expense split 50-50? Is there another arrangement if one partner earns more? Making a decision and sticking to it removes a lot of stress.

Wynne Whitman

That way, Whitman said, “both partners are equally responsible and have equal rights.”  
For their part, Temple and her boyfriend also have a third roommate in their Denver rental. All three of them are on the lease of the 3-bedroom apartment, where they share rent according to square footage.
As uncomfortable as it sounds, you should also have a talk with your partner about what to do if the relationship ends, including who would stay in the residence, Whitman said: “It’s always better to have a plan,” she added.
Some couples who are first moving in together prepare a cohabitation agreement, in which they outline who gets what, such as the place itself and any furniture, if they go their own ways, experts said.

2. Talk about money like you do the dishes

Just as cleaning the kitchen and vacuuming need to be done on a regular basis, so do certain financial tasks, Whitman said.
“Include financial management as one of the chores when making a list of who does what,” Whitman said. This includes making sure you’re sticking to a budget, getting the bills paid and tackling any debt.
Forgoing initial conversations around money “will expose you to risks down the line,” said certified financial planner Sophia Bera Daigle, founder of Gen Y Planning in Austin, Texas. You need to learn about each other’s spending patterns and debt, Daigle said.
Whitman also suggests regular chats about your financial goals, big and small.
“If one partner is interested in saving to purchase a home and the other would rather spend every penny on going out, count on a lot of friction,” Whitman said.

Couples might have “money dates” once a month to discuss their financial anxieties and aspirations, said Daigle, a member of the CNBC FA Council. “Continuing these conversations will help hold each other accountable,” she said. “Make it into a fun topic rather than a taboo.” 
You shouldn’t expect your partner to be a mind reader, added Whitman.
“Share your views, ask questions, talk about what is and isn’t important,” Whitman said.
Knowing each other’s history is also important, she added. “If you have experienced food insecurity, share this with your partner.”
These discussions can help shed light on your financial behavior.

3. Don’t rush to combine finances

Martinedoucet | E+ | Getty Images

Couples who have just moved in together probably don’t want to rush into combining their finances, including accounts and assets, Whitman said. There is time for that.
For shared bills, you can have a small joint account, “with each partner contributing monthly,” she said.
For those who opt to keep things completely separate, they can pay rent and larger expenses from their individual accounts by writing two checks, or with one person sending half their costs to the other, who pays the bill directly.
Taking the step of cohabitating is a kind of test run to see if your relationship could stand the long haul, said Benjamin Seaman, a psychotherapist in New York. That’s why it’s important to try to do things right.
“Put your cards on the table, come to an understanding of where you are and where you want to be, and use this as a chance to learn about each other’s raw spots and strengths,” Seaman said. More

As the economic forecast has mostly shifted from a recession to a soft landing, experts at firms who landed on this year’s CNBC FA 100 list are still watching for a downturn.
Despite those forecasts, here’s where they see opportunities for gains in stocks, bonds and cash.

Shoppers at a Chicago grocery store, Aug. 9, 2023.
Scott Olson | Getty Images

Inflation has continued to take a bite out of Americans’ wallets in 2023. But onetime predictions that a recession is on the horizon are instead now turning into forecasts of a soft landing for the U.S. economy.
For top financial advisors who landed on the CNBC FA 100 list this year, the challenge is translating that economic forecast for clients and coming up with winning investment strategies.

“This is the million-dollar question on where we’re going to end up,” said Brian Spinelli, co-chief investment officer at Halbert Hargrove Global Advisors in Long Beach, California, which is No. 8 on this year’s list.
Investors will typically go through many investment cycles and they’re not necessarily going to time themselves with stocks, bonds and other areas of a portfolio, he said.
“In the short run, you could have the stock market doing really well,” Spinelli said. “And you could also have the economy cooling.”

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As inflation climbed to 40-year highs and the Federal Reserve has repeatedly raised interest rates to keep price growth down, other financial advisors are also on high alert for a downturn.
“Generally when you have interest rates go up this fast, this quickly and the money supply contract this fast and this much, we see a slowdown usually 18 months or so later,” said David Rea, president of Salem Investment Counselors in Winston-Salem, North Carolina, which is ranked No. 27 on this year’s CNBC FA 100 list.

Consequently, there may be a slowdown, which Rea said is already showing up in forward-looking economic data.
Regardless of whether that turns into a full-blown recession or a milder soft landing, experts say investors have reason to be optimistic about market opportunities now.

A long-term time horizon wins

Investors who are just starting out may not want to dabble in stock picking, Rea said.
For those younger investors, including his grandchildren, Rea said he typically recommends index funds.
“If you’re a young person starting out, just put money away every month,” Rea said. “If you do that for the next 30 years of your career, you’re going to have a lot of money at the end of that time.”
Since 2007, Salem’s strategy has been to pick blue-chip name stocks and hold them for a long-term time horizon. Some of the names in their portfolio include Apple, Microsoft, Nvidia, Amazon, Google, Berkshire Hathaway and Pepsi.
For winners that were up 200% this year, the firm has sold 20% to 25% to lock in those gains.

If the economy sinks, and the market does with it, those blue-chip names may take some hits, Rea said.
But Rea tells clients those stocks will likely meaningfully recover in three to five years.
“We talk a lot about a long-term time horizon,” he said.
At Halbert Hargrove, Spinelli said he has a tilt toward value — companies with low prices relative to earnings and growth potential — rather than big blue-chip names.
The fear is those big-name companies are “priced to perfection,” he said, and may suffer with any disappointments in performance.
“We also have to be careful and be humble that you can’t time markets,” Spinelli said. “You don’t know how long they’re going to run.”

Safer investments looking up

As economic conditions shift, experts say that has brought new opportunities in fixed income.
“Clients have been starved for yield for so long now,” Spinelli said. “It’s time they come back that they can actually earn something on safer investments now.”
Halbert Hargrove has been adding investments in government-backed mortgages to the fixed income side of portfolios, which offer safer yields and less volatility than Treasurys, according to Spinelli.

Meanwhile, Salem is looking toward opportunities in safe municipal bonds, according to Rea. Munis offer tax advantages for clients because they are generally exempt from federal taxes.
Returns on cash are also the best they have been since before the 2008 financial crisis, with interest rates of 5% or more available on some online savings accounts or money market funds.
Having 12 months’ of expenses set aside in cash can help prevent investors from having to sell their investments in the market in a pinch, Spinelli said. But come tax time next year, investors will have to pay taxes on the interest they earned on that cash.
“It’s not a guarantee that you get to keep all of that,” Spinelli said. More

As year-end approaches, some investors may be weighing a Roth individual retirement account conversion to save on future taxes.
But investors need to weigh the upfront bill, tax brackets and timing, experts say.
“It’s a significant financial decision that carries both short-term and long-term implications,” said certified financial planner Ashton Lawrence, director at Mariner Wealth Advisors.

Prapass Pulsub | Moment | Getty Images

As year-end approaches, some investors may be weighing a Roth individual retirement account conversion to save on future taxes. But there are several things to consider first, experts say.
The strategy transfers your pretax or nondeductible IRA funds to a Roth IRA, which kick-starts future tax-free growth. But you have to plan for the upfront tax bill.

“Making a Roth conversion is a significant financial decision that carries both short-term and long-term implications,” said certified financial planner Ashton Lawrence, director at Mariner Wealth Advisors in Greenville, South Carolina.

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Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.

Here are some key factors to consider before making a Roth conversion, according to financial experts.

1. Assess the short-term tax consequences

While a Roth conversion may offer long-term tax benefits, there’s potential for shorter-term consequences, Lawrence warned.
Depending on the size of the conversion, you could have a hefty upfront federal and state tax bill, which could deplete savings or trigger IRS penalties without proper planning, he said.
Plus, boosting your adjusted gross income can create other issues, such as higher Medicare Part B and Part D premiums, or losing eligibility for other tax breaks.

2. Consider current and future tax brackets

“Roth conversions are a tax arbitrage,” so it’s critical to weigh your current and future tax brackets, said CFP Jeremy Finger, founder and CEO of Riverbend Wealth Management in Myrtle Beach, South Carolina.

Roth conversions are a tax arbitrage.

Jeremy Finger
Founder and CEO of Riverbend Wealth Management

Typically, a partial or full Roth conversion is more attractive in lower-earning years because there could be a smaller upfront tax liability. But some investors may want to lock in lower tax rates now before they sunset, experts say.
The Republicans’ signature 2017 tax overhaul trimmed most of the federal income tax brackets, with the highest rate falling to 37% from 39.6%. But those rates will revert in 2026 without changes from Congress.

3. Weigh the timing

“Timing is another crucial factor,” said Lawrence. Typically, a longer investing timeline is beneficial because there’s more time for tax-free growth to offset the upfront cost of the conversion.
You can run a projection with a financial or tax advisor to find out the break-even period before deciding whether to convert the funds.

You’ll also need to consider the “five-year rule,” which requires investors to wait five years before withdrawing converted balances without incurring a 10% penalty. The timeline begins Jan. 1 on the year of the conversion.
Overall, there are several factors to assess and “the timing of the conversion can significantly impact its financial outcomes,” Lawrence added. More

Your Money

One of the most common beliefs that women hold is that on some level, “men are supposed to be in charge of making or managing the money in the relationship.”
Women throughout history, and still in many places today, have been deprived of property rights or the opportunity to control their finances.
Shifting women’s beliefs about money will require filling in social and cultural gaps with education, access to resources, the instilment of a growth mindset and reinforcement that everyone is capable of learning.

Blackcat | E+ | Getty Images

“I’m not a math person.” “I’m not a numbers person.” “I’m bad with money.”
Sound familiar?

No, we’re not recording you at home. As a wealth advisor, I hear statements like this all the time from women, regardless of their age.
In fact, one of the most common — often unconsciously inherited — beliefs that women share with me is that on some level, “men are supposed to be in charge of making or managing the money in the relationship.”
This can create a dynamic for many women in which they don’t feel that they need to understand money, sparking confusion and an overwhelming feeling when they go to learn about it.
Is it really possible that there is such a stark difference in aptitude between men and women when it comes to numbers? Seems hard to believe — and research shows it’s not true.
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One influential study led by psychologist Janet Hyde involved reviewing data from more than 100 other studies on math performance in children and adults. Findings showed that there is no difference in innate math ability between girls and boys in elementary, middle or high school. Interestingly, another study found that in lower-income elementary school districts, girls tend to outperform boys in math.
So why do so many women grow up believing that they’re bad at math and, later, bad with money?
For starters, women throughout history, and still in many places today, have been deprived of property rights or the opportunity to control their finances. How can women develop skills and the confidence needed to manage their money effectively, if it isn’t even considered to be theirs?
Think about this familiar example: In England up until way too recently, women were considered property themselves, belonging to their husbands (we see you, Jane Austen).
Even after women fought for and won the right to vote in the U.S. in the early 20th century, women could not easily get loans or credit cards without a male co-signer until 1974 and the passage of the Equal Credit Opportunity Act. Today, we still have a gender pay gap, which can negatively affect women’s confidence with money.

Other factors influencing aptitude perception include gender stereotypes and teacher bias. Research has shown that teachers and employers tend to have lower expectations of girls and women in math and science, which can lead to lower performance and a lack of interest in these fields.
And then there is perfectionism: the immense pressure many women feel to perform at a high level across various aspects of life, including family, career and personal finance. This can affect women’s confidence in making financial decisions.
Ironically, women demonstrate every day that, as a whole, we are superb at resource management.
Women often manage the allocation of so many other resources aside from money that people consider valuable, including time, talent and relationships. Yet, at the same time, we’ve been taught that it is “not polite to talk about money.”
But it’s imperative that we do.
In the coming decades, trillions of dollars are expected to change hands in the U.S. as older generations pass on their assets to younger ones. This is called “The Great Wealth Transfer.” 

Women are expected to receive a significant portion as a result of several factors, including the increasing number of women who are earning high salaries, expanding roles in financial decision-making and the fact that women are generally outliving men.
According to some estimates, the transfer of wealth to women could reach as much as $30 trillion over the next few decades. It’s important to note that this wealth transfer is expected to take place in predominantly white families, which speaks to the important racial factors that intersect with gender factors to influence wealth distribution and education.
Shifting women’s beliefs about money will require filling in social and cultural gaps with education, access to resources, the instilment of a growth mindset and reinforcement that everyone is capable of learning.
Promising strides have been taken in recent years. Initiatives such as Girls Who Code and Women in STEM aim to promote greater diversity and inclusivity in math- and science-related fields.
When we create spaces for women to talk about money, understand our “money roots” and our inherited money stories, it facilitates breakthroughs that can improve our relationship to money for our lives and for generations to come. Having conscious conversations around money helps us clarify values, deepen knowledge and prepare to direct this money in the world in ways that will make a difference for us and the people we care about.
As a result of this work, we have already seen so many women create new possibilities, not just for how we relate in their partnerships or family units, but also in the way we frame the very idea of “wealth.”
— By Anne B. Johnston, a certified financial planner and founder and managing director of boutique wealth advisory Created. More