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Building Wealth as a Black HENRY ===================================== As a member of the Black High Earners Not Rich Yet (HENRY) demographic, you're likely aware of the challenges and opportunities that come with earning high incomes but still struggling to save and invest. With financial goals ranging from paying off debt to building wealth, it's essential to adopt strategies tailored to your unique situation. What are HENRYs? ------------------- The term "HENRY" was coined by Laura Adams in 2006 to describe individuals with high incomes (typically over $100,000) who still struggle with debt and saving. Black HENRYs face additional challenges due to systemic inequalities and biases that affect their financial lives. 6 Strategies for Building Wealth as a Black HENRY ------------------------------------------------ 1. Diversify Your Income Streams Multiple income streams can help reduce financial risk and increase wealth-building opportunities. Consider starting a sid...

The Rise of Platinum: How to Make the Most of Its Current Price As of Friday, February 6, 2026, the price of platinum has reached a new milestone. For investors and enthusiasts alike, this news presents an opportunity to capitalize on the metal's growing value. What is Platinum? Platinum is a rare and precious metal known for its durability, versatility, and aesthetic appeal. It is often used in jewelry, catalytic converters, and even medical equipment due to its exceptional strength and resistance to corrosion. Why Is the Price of Platinum Important? The price of platinum can have significant implications on various industries and economies. Its value can affect: Investment portfolios : A fluctuating platinum price can impact investment decisions and returns. Industrial applications : The cost of platinum can influence production costs, profit margins, and competitiveness in sectors like automotive and aerospace. Currencies : Platinum's value is often used as a benchmark...

Frugal Living in 2025: Tips and Tricks to Save You Money As we continue into a new year, many of us are looking for ways to be more frugal and save money. With rising costs of living and increasing financial pressures, it's essential to develop healthy habits and strategies that help us achieve our personal finance goals. In this article, we'll explore some of the best money-saving tips shared by frugal individuals who have successfully implemented them in their lives. We'll also discuss how TogetherBudget can support your financial journey towards a more frugal lifestyle. Cooking at Home and Meal Planning Frugality often starts with what we eat. Preparing meals at home is an excellent way to save money on food expenses. According to many, meal planning and cooking in bulk are essential habits for reducing household costs. Plan your meals for the week ahead of time Make a grocery list and stick to it Use coupons or sign up for cashback apps for groceries Cook meals that ca...

Frugal Living in 2025: Tips and Tricks to Save You Money As we navigate the ups and downs of modern life, it's no secret that saving money has become an essential skill. With the ever-increasing cost of living, it's easy to feel overwhelmed by financial burdens. But fear not! Frugal people from all over the world have shared their best money-saving tips, and we're here to dish out the top takeaways. Cutting Expenses: The Key to Financial Freedom The first step towards saving money is acknowledging where your hard-earned cash is going. Are you overspending on dining out? Do you have subscription services collecting dust in your home? Identify areas for improvement and make adjustments accordingly. Consider implementing a 50/30/20 rule, allocating 50% of your income towards necessities, 30% towards discretionary spending, and 20% towards saving and debt repayment. Smart Shopping Strategies Frugal folks swear by these simple yet effective shopping hacks: Plan meals in advance ...

A Total Portfolio Approach to Success: Lessons from CalPERS As investors, we're always on the lookout for strategies that can help us achieve our financial goals. Recently, the California Public Employees' Retirement System (CalPERS), one of the largest public pension funds in the US, has been making waves with its total portfolio approach. In this article, we'll dive into what this means and how you can apply these principles to your own personal finance journey. What is a Total Portfolio Approach? A total portfolio approach is a strategy that considers the entire investment portfolio as a single entity, rather than evaluating individual assets in isolation. This approach recognizes that each asset has its own unique characteristics, risks, and potential returns, and that these factors interact with one another to produce overall portfolio performance. Key Principles of CalPERS' Approach CalPERS' Chief Investment Officer (CIO), Stephen Gilmore, defines success as a...

Retirement Planning Without Children Requires Prioritizing Long-Term Care and Estate Strategies As we age, our priorities often shift from saving for our children's education or family expenses to planning for our own retirement and long-term care. For those without children, the need to prioritize long-term care and estate strategies becomes even more pressing. The Unique Challenges of Retirement Planning Without Children Retirees without children may face unique challenges when it comes to managing their finances in old age. Without dependents to support, the motivation to continue working and earning income may be lower. Additionally, retirees without children often have fewer responsibilities and less financial stress than those with family obligations. However, this doesn't mean that retirement planning is any easier for those without children. In fact, it can be even more complex. Without a built-in support system or inheritors, retirees must rely on their own savings and...

Bluespring Adds $600M Pittsburgh RIA Coghill Investment Strategies: What Does it Mean for Your Finances? The financial industry is constantly evolving, and recent news has brought to light a significant development that may impact your personal finances. Bluespring has acquired Coghill Investment Strategies, a prominent registered investment advisor (RIA) in Pittsburgh with over $600 million in assets under management. What does this acquisition mean for the financial landscape? The addition of Coghill Investment Strategies to Bluespring's portfolio is likely to have far-reaching implications: Consolidation and growth : With more assets under management, Bluespring will be able to expand its services, potentially increasing efficiency and reducing costs. Market influence : The combined entity may wield significant market power, influencing investment trends and strategies. Client benefits : As a result of increased scale and resources, clients may benefit from improved investment o...

The Future of RIA Succession Plans: How ESOPs and 1042 Rollovers are Changing the Game As Registered Investment Advisors (RIAs) continue to grow in popularity, one pressing issue has come to the forefront: succession planning. With more advisors nearing retirement age, it's essential for them to have a clear plan in place to ensure their firms' continuation. Two strategies gaining traction in this space are Employee Stock Ownership Plans (ESOPs) and 1042 rollovers. The ESOP Solution An ESOP allows an RIA to transfer ownership of the firm to its employees, typically through a trust that buys out the owner's shares. This approach provides several benefits: Tax advantages : The sale of the RIA is tax-free for the seller. Retirement planning : Employees become co-owners, ensuring their retirement security and potentially providing a steady income stream. Succession planning : A clear succession plan is in place, with employees taking over leadership roles. To make an ESOP work,...

PGIM India Asset Management Draws Interest from Groww and Edelweiss The Indian asset management industry is witnessing a surge in interest, with PGIM India Asset Management being one of the latest players to attract attention. The company has reportedly drawn interest from prominent fintech companies like Groww and Edelweiss, signaling a significant development in the sector. What does this mean for investors? The growing interest in PGIM India Asset Management is a testament to the increasing demand for quality investment products in the Indian market. As more investors look to diversify their portfolios and navigate the complexities of the financial landscape, companies like PGIM India Asset Management are well-positioned to capitalize on this trend. However, with so many options available, it can be challenging for individual investors to make informed decisions about their investments. This is where a robust personal finance management tool comes into play. The importance of smart ...

The Dark Side of Side Hustles Have you ever worked on a side hustle, only to feel like you're burning out? I know I have. As someone who's been in this position, I've come to realize that the extra money can be great, but it comes with its own set of challenges. The Financial Benefits Let's face it: making over $30,000 from side hustles is a significant accomplishment. The extra income can provide a sense of financial security and freedom. You might be able to pay off debt faster, save more for retirement, or even invest in a business venture. However, as I'll discuss below, there are also potential downsides to consider. The Hidden Costs When you're working on a side hustle, it's easy to get caught up in the excitement of earning extra money. But have you stopped to think about the hidden costs involved? Time: Side hustles often require long hours, which can leave you feeling exhausted and burnt out. Energy: Working on a side hustle can be mentally draining...

Cutting Back on Frivolous Expenses: Does it Really Save Money? We've all been there - scrolling through social media, seeing friends enjoying a fancy coffee or a late-night meal delivery, and thinking to ourselves, "Maybe I should cut back on those expenses too." But does cutting out the occasional Starbucks or DoorDash order really make a significant impact on our finances? We asked experts for their take. The Myth of Frugal Living Cutting back on what some call "frivolous" expenses has become a popular mantra in personal finance circles. The idea is that by eliminating small indulgences, we can save hundreds or even thousands of dollars over time. But do these savings really add up? According to TogetherBudget , a tool that helps people achieve their financial goals through smart budgeting and expense tracking, the answer is complex. The Problem with Average Savings Estimates When it comes to estimating savings from cutting back on frivolous expenses, experts ...