Insurance is one of those things you know is there when you need it. It’s not like insurance will give you your money back if you never used it. Take auto insurance as an example. If you drive a car, you need auto insurance. What for? Well, it’s the law to have it in most states and the “just in case” factor. That’s what insurance is…just in case something happens. You get into a car accident, your car insurance will…
Do you know your tax bracket? If you don’t, you should. By knowing what tax bracket you fall under will help you strategize your money savings. If you’re working and receiving a paycheck, you probably see all the taxes that are taken out such as federal tax, state tax, and social security. The chart below I took from Turbotax Intuit. Take a look at the taxable income brackets for 2020-2021 and see where you fall within. We all pay taxes and…
When I look back, nothing would prepare me for the life demands and financial commitments these demands have. Life gets more complicated and more expensive. Are you prepared for that? Are you financially ready for it? Throughout your career and your personal life, if you have goals and aspirations you’re probably not going to be in the same life status 10 years from now. You may be thinking about getting married, having children, buying a home, moving to a bigger…
When you hear financial independence, do you equate that to restrictive living, not able to spend on yourself, or enjoying certain things? Trying to reach financial independence doesn’t mean you can’t enjoy life and splurge a little sometimes. They keyword is “little” and “sometimes.” Depending on your financial goals and timeline you want to reach these goals will determine your lifestyle. If you have an aggressive timeline, you might not be splurging at all. But if your timeline is flexible…
I’m in my 40’s and I’m looking forward to retirement. With that said, I’m going to do everything I can to get there and be financially prepared for it like maximizing your 401K. Let’s say you’re already maximizing the allowed amount. You’re probably thinking about contributing to a Roth IRA because you hear about how the money that grows and that the money you withdraw is not taxable because you used after-tax money to contribute to it. Be aware of…
How much money do you spend on healthcare? Not just for your insurance but also any out of pocket expenses that you owe like co-pay. Do you visit the doctors often, take multiple medications, and see specialists? An apple a day keeps the doctor away. A long time saying that we all probably have heard and very much true to the point that the healthier you are, the less you see a doctor. Do you realize the more you see…
When you hear about financial independence you might think about all the sacrifices you need to make like not being able to spend on things, living minimally, working multiple jobs, creating side hustles, and living like a nomad. How much do you need to sacrifice? Do you have to give up the joys of life? Can you have YOLO (you only live once) attitude? Like many responses in the financial world, it depends. And there’s many factors to consider. How…
No matter what profession you’re in; no matter what stage of your career; no matter if you’re only a student, EVERYONE needs to know how to handle money. It’s not just about watching your spending but anything related to finances because it affects everyone. Everyone handles money. We learn at an early age the purpose of money, value of money, and significance of money. It’s a part of our lives from saving, investing, credit, taxes, giving, loans, banking, and more….
No one ever intends to break up, split up, or divorce. There are a number of reasons why couples do though and one of those reasons is because of finances. Before I got married, my wife and I talked about finances. I considered myself someone who had a good grasp of financials. My wife was an accountant and was very good with money. Luckily, from the very beginning we were on the same page financially. We both had careers; we…
You can learn a lot about a person by seeing what they do with extra cash they come across. I wrote that there are three things you can do with your extra cash: spend it, save it, or invest it. I’ve used a tactic that has been working well for me and my family when I come across extra cash. That tactic is live like you didn’t have it. When you are serious about trying to achieve financial independence, financial…