1. Destination Weddings and Financial Benefits
Destination weddings aren’t just beautiful—they’re often financially smarter. With guest lists averaging around 75 versus the 150+ common in local weddings, couples save an average of $8,000. Resorts offer bundled perks like free transportation, rehearsal dinners, and brunches, enhancing the experience while reducing out-of-pocket costs. Experts advised couples to have candid budget conversations early, consider guests’ affordability when choosing venues, and think about the long-term value of wedding spending. Many couples wish they had skipped extravagant ceremonies in favor of saving for a home or investing for their future.

2. Gold as an Investment
Despite gold’s reputation as a “safe haven,” financial advisors at a recent conference were unanimous: gold is not a smart long-term investment. Rick Edelman described gold as having “the volatility of stocks but the returns of T-bills”—a poor trade-off for most investors. With no dividends, high storage costs, and long periods of stagnation, gold doesn’t belong as a core asset in a well-balanced portfolio. Advisors recommend extreme caution when considering gold and suggest limiting it to a small, speculative portion of your investments—if any.

3. Diversifying 401(k) Investments
Wayne, a concerned investor, asked about protecting his 401(k) from market volatility. Rick Edelman responded with data: over the past decade, 401(k)s have grown substantially despite ups and downs. The key is diversification—allocating investments across stocks, bonds, international markets, and real estate. He emphasized staying invested during downturns to buy shares at lower prices and benefit from compounding growth. The advice was simple but powerful: stay the course, keep contributing, and diversify smartly.

4. Recovering Dormant Accounts and Unclaimed Property
Kathryn shared a concern about a missing savings account set up for her daughter, which disappeared from bank records after a name change and years of inactivity. Brandon Corso recommended using unclaimed.org, a centralized website that allows people to search state databases for lost or forgotten property. Rick Edelman explained that dormant accounts often get turned over to the state after 3–5 years of inactivity, where they are held safely for rightful owners or heirs. It’s a critical reminder to periodically check for unclaimed assets—there’s over $30 billion sitting in state accounts.

5. Rebalancing a Portfolio with Concentrated Stock Holdings
A retired GE employee with 35% of his portfolio still in GE stock asked for advice on diversification. Rick Edelman recommended a reverse dollar-cost averaging approach: sell 10% monthly over 10 months to reduce emotional decision-making and average out the stock price. He cautioned against watching daily fluctuations during this process and emphasized the importance of spreading investments across sectors and asset classes to lower risk.

6. Wealth Gap Between White and African-American Families
Bob Johnson addressed one of the most pressing financial disparities in America—the racial wealth gap. Over the last 30 years, it has quadrupled. Today, the median white family has ten times the net worth of the median Black family. Johnson proposed a modern-day version of the NFL’s Rooney Rule for corporate America: require that at least one minority candidate be interviewed for executive roles and vendor contracts. He also introduced Ops Place, a platform that connects companies with minority professionals and vendors, challenging the notion that diverse talent is hard to find. Johnson stressed the need for more inclusive financial services, such as employer-based lending alternatives to payday loans, to create upward mobility for low-income and minority families.

7. Counterfeit Money Enforcement
A surprising trivia note: the U.S. Secret Service—not the FBI—is the agency responsible for cracking down on counterfeit money. This historical duty dates back to its founding in 1865, when the agency was created to combat widespread currency fraud after the Civil War. While it might seem minor, understanding how financial enforcement works helps consumers stay vigilant in a digital and cash-driven world.

8. Key Takeaways and Closing Remarks
Rick Edelman wrapped up the conversation with a clear message: good financial decisions start with awareness and intentionality. From saving thousands on a wedding to avoiding poor investments like gold, to proactively diversifying a retirement portfolio, each decision can shape your financial future. On a broader scale, equity in hiring and lending practices can reshape communities. Rick encouraged leaders and individuals alike to act with foresight, compassion, and a commitment to long-term stability—for themselves and for society.

All information provided is for educational purposes only and does not constitute investment, legal or tax advice; an offer to buy or sell any security or insurance product; or an endorsement of any third party or such third party’s views. The information contained herein has been obtained from sources we believe to be reliable but is not guaranteed as to its accuracy or completeness. Whenever there are hyperlinks to third-party content, this information is intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Edelman Financial Engines. All examples are hypothetical and for illustrative purposes only. Please contact us for more complete information based on your personal circumstances and to obtain personal individual investment advice.

Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances.

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