The National Foundation for Credit Counseling (NFCC) has released the results of its annual financial literacy survey. The findings are not that surprising, showing that most Americans carry credit card debt, many are concerned about their savings in general and retirement savings in particular, and a significant minority don’t manage to pay all their bills on […]
Why Do You Want to Retire Early or Dare I Ask at All? The answer could be that you’ve had a series of jerk bosses and want to be done with working for them. Or your boss has you working 60 hours a week, but only pays you for 40 and even that at miserly […]
Hint: it depends on your personality… We’ve all been there. Student loans to help pay for tuition. A business loan to help rent an office space and furnish it before you see any paying clients. Credit card debt to cover expenses while you start building your practice. It’s tough to get your education and start […]
Like almost every homeowner in the US, I purchased each of my homes with a mortgage. Like almost every person with a mortgage, I had to decide if I wanted to make extra payments toward principal, paying off the mortgage sooner, or divert the extra cash to savings and investments. The Case for Paying Your […]
When I started doing contract work, on the side, I was shocked by how much more I made from that side hustle than I did at my day job. My first gig was only 145 hours, but the gig income was equal to almost three months of my regular salary! And yes, not only does […]
As recently reported by CreditCards.com, the state whose residents are best at managing their money is South Dakota, followed by Montana and a three-way tie between Wisconsin, Maine, and Vermont for 3rd place. This ranking places Texas, Maryland, and Washington DC at the bottom of the pile. As a Maryland resident, something smelled fishy here, […]
As lawmakers like to do, they tucked into a must-pass bill some last-minute changes to the tax code. These specific changes will hurt retirement planning even for the middle class. The so-called “Secure Act” was inserted into a $1.4 trillion spending bill that had to pass to avoid another government shutdown. President Trump signed the […]
I know. I’m weird. I love numbers. But maybe not so weird after all, if it helps you reach FIRE faster. You know. FIRE. Financial Independence, Retire Early? How Far Away Is Your FIRE Point Now? In “How Soon Can You Reach Your Personal FIRE Point?” I show a table that lets you figure out […]
Chances are, you know you need to create an emergency fund to help you survive financial emergencies. However, if you research how big or small this fund needs to be, you will find contradictory advice, much of which is flat out wrong or at least incomplete. The following is how I figure out how much […]