money management

13 Stories

Americans Are 'Just Not Wired to Save' Money

New Bankrate survey finds less than half in the US have $1K on hand for emergencies

(Newser) - Just got hit with a hefty medical or car repair bill and aren't sure how you're going to swing it? You're in good company, according to a new survey from Bankrate , which reveals that most Americans are woefully unprepared for a crisis, reports USA Today . The financial...

Millennials Are Winning at Saving for Retirement

And 24% of those with savings have $100K saved already

(Newser) - Among those of their generation saving for retirement, baby boomers started saving, on average, at age 33. For Generation Xers, it was age 30. For millennials? Age 24, according to a new Bank of America survey cited by USA Today . Nearly 3 out of 4 millennials, who are between the...

US Blew Millions Shipping Military Trucks: Report

GAO report suggests it would have been cheaper to just blow them up

(Newser) - It would've been more financially prudent to blow up now-useless US military vehicles used in Afghanistan instead of what the Pentagon actually did: ship them back home. A GAO report released yesterday and cited in USA Today says that from October 2012 to October 2013, the Army and Marines...

Money Manager Crook Who Faked Death Gets 10 Years

Marcus Schrenker jailed for securities fraud

(Newser) - An Indiana money manager who scammed his friends and then tried to fake his own death in a plane crash has been sentenced to 10 years in a state prison for fraud. Marcus Schrenker will serve that sentence consecutively with a 4-year federal sentence he received last year for parachuting...

Ponzi Schemer Allegedly Bilked Celebs of $30M

Clients included Uma Thurman and Martin Scorsese

(Newser) - A money manager who catered to high-profile celebrities and wealthy New Yorkers has been charged with running a $30 million Ponzi scheme. The client list of Kenneth Starr (no, not that Kenneth Starr) includes Uma Thurman and Martin Scorsese, reports Reuters . No details on exactly who lost what, but Starr...

Mistress: Madoff Was Pot-Smoking Don Juan

(Newser) - "When we made love, I was on fire"—that is the frank admission by Bernie Madoff's married mistress in a new tell-all book about their years-long affair. Sheryl Weinstein, who worked for a Jewish women's group and lost her life savings with Ponzi schemer, reveals that she and...

Feds: Swindlers Blew $500M on Horses, Houses, Teddies

Another day, another fraud casee

(Newser) - A pair of money managers who once co-owned the New York Islanders hockey team have been charged by federal prosecutors with treating $550 million in client investments like their own "personal piggy bank," reports Reuters. Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of WG Trading...

Florida 'Mini-Madoff' Missing With $350M

Police searching for fund manager after clients complain of missing millions

(Newser) - A Florida hedge fund manager is missing along with hundreds of millions of dollars of his clients' money, the Sarasota Herald-Tribune reports. Art Nadel, 75, was reported missing Wednesday after his wife found a suicide note. Stunned investors have been told that Nadel's funds, thought to have totaled $350 million,...

Even Money Market Funds Are Risky

Even 'safe' money markets show their soft underbellies in today's market

(Newser) - As one safe haven after another disappears—from money market funds to stock investments—financial advisers are telling consumers to take a more active role in their planning, reports the New York Times. But first, do your homework and understand what you’re investing in, experts say.

Madonna, Ritchie in Crisis Talks

With each other, but also their accountants

(Newser) - Guy Ritchie followed Madonna to New York yesterday to save his marriage—and also huddle with the family accountant in case his attempts fail. Ritchie could land $100 million of his wife’s $800 million fortune so “the lawyers will want to go through the assets with a fine-tooth...

Dollar-Store Dining Possible in Big Apple
Dollar-Store Dining Possible in Big Apple

Dollar-Store Dining Possible in Big Apple

Creative cooks can find big value, bigger flavor at bargain grocers

(Newser) - Grocery-shopping in New York City takes a hefty toll on one’s pocketbook, Henry Alford writes in the New York Times, but at 99-cent stores, more diamonds in the rough exist than one might expect. Alford embarked on a challenge: to craft a week's worth of meals made mainly from...

US Money Managers Look Abroad
US Money Managers
Look Abroad

US Money Managers Look Abroad

They hope to cash in as more foreign governments invest in the US

(Newser) - US money managers are looking overseas, where foreign governments, flush with cash and eager to spend it, are becoming increasingly involved in the US economy through investments in major Wall Street firms, real estate, and the stock market, reports the Wall Street Journal. Up to $200 billion annually could be...

20 Tips from America's Best Investors

Experts offer advice that you can really take to the bank

(Newser) - Get where you want to be with these sound tips from the top, courtesy of Money Magazine:
  1. Be humble in the face of uncertainty.
  2. Take calculated risks.
  3. Have an emergency fund.

13 Stories