When refinancing your mortgage really makes sense, plus quiet millionaires

Your personal finance partner. Get insights and tips for financial success. Subscribe to Reuters.com for $1/week.

 

On the Money

On the Money

By Lauren Young, Digital Special Projects Editor

Greetings, On the Money readers!

As I was on vacation with my husband last week in Montana, I learned that one of my dearest friends in New York died just as our plane landed. She was only 58 and endured a terrible illness for nearly a decade, so I take comfort knowing that she is at peace. 

Being far away, however, meant I could not get back in time for her funeral. Thankfully, I was able to watch it on the livestream.

I mention this because her passing (along with that of another friend earlier this summer) has put a spotlight on end-of-life financial planning. Have you made preparations for your death and the death of your loved ones? Do you have money set aside to pay for it?

This is a kind reminder to make sure you have your important legal documents in place, which includes an updated will and healthcare directives along with beneficiaries assigned to brokerage, banking and other financial accounts. Please make sure your loved ones know where to find these crucial documents. (I’ve added some more tips below.)

As always, I want to hear from you. If you have advice to share, write to me at onthemoney@thomsonreuters.com.

 

The folks who saw yesterday's eclipse are wealthy in a very different way. Also, I just love this photo! REUTERS/Christian Hartmann

Quiet Wealth

A quiet wave of Americans is crossing the line from comfortable to genuinely wealthy.

According to the UBS Global Wealth Report, the U.S. added over 440,000 new millionaires last year, driven largely by real estate appreciation, private business sales and strong equity markets.

In his new book "Quiet Wealth," financial adviser Keith Singer breaks down how these families protect and grow their money with practical strategies on taxes, private investments and estate planning.
 

Read. Watch. Listen.

  • Are global oil stocks big enough to weather another six months of US-Iran war?
  • Ice cream makers bet consumers still want treats, just healthier ones 
  • Retail investors sold SpaceX shares for first time on Friday 
  • Investors worry leaner Fed guidance may come at a price 
  • Why McDonalds still is a tasty choice for your portfolio
  • Crypto bill faces long odds after Senate punts vote
  • The pros and cons of putting extra dollars in a Trump Account
  • How the hard reality of climate change hit Europe's economy this summer 
  • Coughing up: The economics of sick leave
  • Global youth unemployment rises amid sluggish job creation and looming AI risk
 

Video of the Week

 
Play 

What makes inflation so risky? U.S. consumer prices barely increased in July as the cost of gasoline declined for a second straight month. The gas prices, however, ticked up in August and overall prices are still higher than they were a year ago without the wage increases to match.

Here is why that matters now.

 

When is the best time to refinance a mortgage?

 

Like an eclipse, timing is a factor when it comes to refinancing your mortgage. REUTERS/Borja Suarez

In my latest installment of my “A$K Lauren” series, I tackle the thorny issue of when to refinance a mortgage.

Theoretically, you can refinance most mortgages at any time, but that doesn't mean borrowers should rush to the closing table, especially in the current interest-rate environment. 

I spoke to five experts who say the real question isn't, "how soon," but, "does it make financial sense?"

Here are the key factors to consider before you refinance your mortgage.
 

More estate-planning advice