The latest on senior financial fraud and personal finance advice from Reddit
Here are some favorite personal finance reads from around the web this week.
—The New York Times
Sadly, seniors are often prime targets for financial scams. The Senior Safe Act, passed in May, gives banks more protections against legal retaliation should they notice and report suspicious activity to authorities. This is expected to help fight financial fraud for the elderly.
Reddit is brimming with money advice, not all of it good. Here’s a guide to sifting through all the posts and finding help for your situation. Taken with a grain of salt, even an extreme Reddit forum like the one devoted to the FIRE (financial independence and early retirement) movement can offer helpful lessons.
Belt-tightening at the state level is squeezing the budgets of historically black colleges and universities (HBCUs), but when they try to make up for these shortfalls by issuing debt, these schools pay higher bank fees. According to a new study, the reason is troubling.
Just because your parents trust their financial advisor doesn’t mean that she’ll be the right fit for you and your own financial needs. When it comes to finding someone to help manage your money, make sure you do your research (even if that “someone” ends up being a robo-advisor).
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