Free stuff! Woohoo! Who doesn’t love free stuff?! It almost seems like you can get something free anywhere you turn these days. That’s because people don’t hesitate to accept something for free, where they’ll be reluctant to pay for it. However, free giveaways aren’t always great. It’s no surprise that the threshold for saying “yes” […]
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 […]
“You should put aside at least 15% of your income for retirement, starting with your first paycheck,” I told my son. “You can include in that whatever your employer matches.” “They don’t match,” he answered. “Oh well, then it’s all on you,” I smiled. “It’s a good thing you’re starting early.” He had just started […]
If you follow such personal finance gurus as Suze Orman, Dave Ramsey, and many others, you’ve heard them tell you repeatedly to pay down your home mortgage as quickly as possible. Whether by making an extra payment each year, or by adding extra money to each payment, they want you out of that debt as […]