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When people think about building wealth, many are drawn to the immediate gratification that they may see via social media, celebrities, etc. And many are consistently looking at diverse ways to increase their current worth, from earning a top salary, strategically investing, to starting a business or side hustle. And rightfully so. Today’s job market and economy are in flux. With major layoff announcements occurring almost weekly, earning all you can seems to be at the top of people’s minds. Considering the aforementioned, having a wealth building plan is crucial to the pathway towards building and maintaining financial wellness that leads to creating generational wealth. It all starts with developing positive savings habits and learning how investments and insurance can be wealth-gaining tools, providing security for the future – for yourself and for those you love. What is important for many is breaking down the stigma that financial health and generational wealth are only...
One common misconception about managing money is that the decisions of one individual only affect that person. Because our lives exist in ecosystems that impact multiple people, creating a financial plan often must bear in mind all those connected to the source. But how do you establish a personal financial model that is best for the earner and still beneficial for all involved? Getting your family or loved ones on board with an agreed-upon financial support model may not be the easiest thing to do, but it is not impossible. MassMutual believes one must build that financial planning muscle to achieve those collective goals. MassMutual wants to empower people with tools to align with their loved ones on a shared vision to achieve financial dreams and peace of mind – providing an understanding of how to do so with a growth mindset. Here are a few ways to strengthen financial muscles for you and your family. Budgeting Creating a budget that accounts for all income and expenses is a...
Insurance company MassMutual is making a $50 million commitment to invest in entrepreneurship that supports both early and mid-stage Black-owned businesses as well as tech and sustainability-focused companies based in Massachusetts. According to the company’s website, the MM Catalyst Fund (MMCF) is targeting a dual approach to creating impact on Massachusetts’ entrepreneurial environment. This approach includes driving growth and capital for these businesses to expand successfully. The fund will invest in two evenly-split sleeves that will allocate $25 million toward tech and sustainability and another $25 million toward the development of Black businesses. According to a press release, the fund will distribute investments of $250,000 to $2.5 million for each company in its business portfolio. Moreover, these investment decisions will place emphasis on increasing racial diversity and consider strong leadership teams to be included in the fund. The motivation behind this fund is to...