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Tag: financial independence

‘Tis the season to invest

‘Tis the season to invest

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November and December months probably are the two best months for shopping. That’s because of Thanksgiving and Christmas and the events surrounding them. Black Friday, Cyber Monday, Amazon Day, Christmas, and New Years are huge events and holidays that involve shopping and spending. People get to buy presents, travel, and other things. This helps businesses and their earnings. ‘Tis the season to invest. Businesses are hoping for a good shopping season so they can report high earnings. If a company…

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Small life tricks that save you money

Small life tricks that save you money

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We all have tricks up our sleeves when it comes to life hacks. Trying to find the best deals, find the best investment, and doing things more efficiently are just a few things we try to do to make life easier. What are some of the small life tricks that save you money? Here are a few things from my life Save your shopping bags and boxes Do you online shop and love getting packages at your door? You’ll either…

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2022 Tax Brackets

2022 Tax Brackets

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The 2022 federal tax brackets have been announced which includes annual inflation adjustments. How important is it to know your tax bracket? It’s important to know so you can plan accordingly and strategize your financial goals. Are you paying too much in taxes? Are you paying too little? Or are you paying just enough? Here’s a breakdown of the 2022 federal tax brackets. For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater…

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401K Limits Increase to $20,500

401K Limits Increase to $20,500

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One of the financial moves I support is contributing to a retirement account such as the 401K. Especially if your employer offers a matching contribution, that’s free money to you. I’ve contributed to my retirement account since my first job and contributed the maximum amount. In 2021, the maximum contribution was $19,500. In 2022, the IRS set the 401K contribution limits to $20,500, an increase of $1,000. If you’re of the age 50 and over, you can add $6,500 as…

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My First Roth Conversion

My First Roth Conversion

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Historically I have been focused on pre-tax retirement accounts for the past 20+ years. I’m slowly leaning towards focusing on post-tax retirement accounts because of tax reasons. Most of all my retirement funds are in pre-tax accounts. I’m worried about the tax implications later on so I decided to explore Roth conversions and I just completed my first Roth conversion. When it comes to retirement accounts, there are two major ones: pre-tax and post-tax. Pre-tax accounts are those accounts like…

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Learning what not to do from our parents

Learning what not to do from our parents

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Our parents are our role models. We learn so much from them. We pass down traditions generation to generation. We consider them wise and experienced. However, there may be things that our parents did that we should avoid ourselves. Learning what not to do from our parents can help us make better decisions and minimize financial burden. Invest My parents didn’t invest much. They were the type to work their job and put their money into regular savings accounts. Back…

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Living minimally

Living minimally

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Living a life with just the things you need…living minimally. One area to consider when pursuing financial independence or if you’re just trying to get a hold of your financial stability is to try to live minimally. Living minimally doesn’t mean you have to live like a monk. Living minimally is being aware of your needs and wants. How to live minimally depends on you and what your definition of minimal is. Now that I’m older and a little wiser…

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Time to reset

Time to reset

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Prior to COVID, did you feel like you could barely keep up with life? I had a 3 hour roundtrip commute to work. I had kids activities I had to take them to. My To-Do list kept getting longer and longer each week. I barely had time for myself. I felt like I was barely keeping up. After working from home due to COVID, it gave me so much of my time back. Luckily, I had a job where I…

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Getting an early start to college with zero cost

Getting an early start to college with zero cost

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While I’m on my journey to early retirement, the two things I still have to seriously consider is healthcare and my kids college. Do I have enough to support the costs of healthcare for my family and be able to support my children through college? My daughter is about to go into high school and I’ve been exposed to a number of programs that are being offered that I’m very excited about that can help her get an early start…

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When things break don’t forget about the warranty

When things break don’t forget about the warranty

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I hate when things break and more importantly I hate it when it costs me money to fix or replace. When you hear the word “warranty” you might be thinking of big ticket items like a car, refrigerator, maybe a computer, or television. I’m writing this to let you know that many things you buy probably have some warranty on it. When things break don’t forget about the warranty. Don’t just go start replacing things or fixing things on your…

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