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…
Have you ever wanted to be a real estate investor? That is buying property and renting it out? Do you ever wonder what real estate investing is like and if it’s something for you? You may have heard about the great things about real estate investing – having someone else pay your mortgage, making money each month, and having an asset that appreciates. Here are downsides to real estate investing. What you don’t hear about are the challenges with real…
If you own a home and haven’t taken advantage of refinancing to a lower rate or in the market to buy a home, the mortgage rates are at its best. I refinanced my home last year at 2.625% for a 10 year loan thinking that it was a great rate. And it is a great rate! One year later, I checked my credit union and saw that a 10 year loan is now 1.762%! I can’t tell you how much…
How great would it have been if you were taught about finances and how to handle money at an early age? I was never taught growing up and I feel I could be in a better place financially if I had been exposed to finances early on. Let’s teach our kids early. My daughter who is in middle school surprised me when she started asking me all these questions about bank accounts, interest, loans, mortgage, investments, taxes, real estate, and…
You may have heard the saying “Don’t put all your eggs in one basket.” Every time I talk about investments, the term “diversify” always comes up. If you only invest in one area, you’re not diversifying and you’re putting all your eggs in one basket. Diversifying your investments means investing your money in various areas. Here’s some reasons why you need to diversify. The market has taken a dive recently and you may have noticed your financial portfolio go down…