Inflation – Should we be concerned?

Inflation – Should we be concerned?

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Inflation is something you might be hearing these days. What is inflation? According to Wikipedia, inflation is a general rise in the price level of an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. Should we be concerned of inflation? So what this…

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What will your future self say to you?

What will your future self say to you?

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If only I can go back in time, I’d do it differently. A common saying you may have heard or even thought about. Every time I think about the future and past, it always reminds me of the movie series “Back to the Future.” Time travel and the ability to change the past or the future. We all know that time travel isn’t real…or is it? If you ever had the chance to talk to your future self, what do…

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Learn from those who’ve done it

Learn from those who’ve done it

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I was listening to a podcast (I believe it was Choose FI) and the podcast hosts asked their followers who’ve retired or retired early, what advice would you give to those about to retire or planning to retire.  It was great to hear the amount of advice people gave from topics about health care and taxes to mentally transitioning from an active work lifestyle to a retired lifestyle. Learn from those who’ve done it already. When I was much younger,…

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Emergency fund is a necessity

Emergency fund is a necessity

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An emergency fund is just what it says…funds used for emergencies. How well prepared will you be when life throws curveballs at you and you need additional money right away? I’m sure everyone will experience a curveball emergency at least once in their life and it will require money to get through it. Typically, these are unexpected which makes them an emergency. What kind of curveballs are emergencies? Death in the family, being laid off, medical procedure that keeps you…

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Life insurance – Not an investment

Life insurance – Not an investment

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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…

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Know your tax bracket

Know your tax bracket

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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…

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The demands from life gets more and more complicated and expensive

The demands from life gets more and more complicated and expensive

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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…

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You can splurge

You can splurge

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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…

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Be aware of over investing – Roth IRAs

Be aware of over investing – Roth IRAs

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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…

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