The day finally came. My daughter opened her first checking and savings account. She was so excited for this day; as excited as opening presents on Christmas Day. She took all the cash she had from gifts and chores and deposited into her new account. She even created her own login to monitor her bank account. I was glad to see that she wanted to put more of her money into savings and a small amount in her checking. It…
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,…
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…
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…
If you look at your monthly expenses, you probably will see that housing is one of your highest expense. Imagine living rent free, mortgage free, or pay a very minimal amount. You could have so much in your pocket! Moving back home was the best move I made financially. After renting and living with roommates, I decided to move back into my parents who were graciously welcoming me back. Thank You Mom and Dad! With welcoming arms, little did I…