A question I often get from people beginning their working careers is whether they should wait for the market to cool off a bit before they get started investing. For the new investor, my response is always the same – ignore whatever the market is doing and just get started now. Of course, I totally […]
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How Much Can You Contribute To Your Solo 401k?
My brother recently asked me to help him figure out how much he can contribute to his Solo 401k. He has a pretty successful business in which he’s a sole proprietor – last year, he made well over six-figures in net revenue. When you have a business that makes that much, it’s really important to […]
How Much Did I Save In 2016?
For me, 2016 will go down as the first year I began aggressively saving for retirement. It sort of bums me out that I’m getting into the savings game so late. At 30 years old, I’m way behind my more financially literate peers, some of whom have already retired or established huge treasure troves of savings. See folks like Millennial Revolution, Money Wizard, and Fiery Millennials.
A part of it is a byproduct of me entering a profession that requires years of extra schooling and a ton of student loans. While most people start their first job at 22 years old, most lawyers won’t start their first job until they’re 26 or 27 years old.
I Can Afford The New iPhone And You Can Too
The new iPhone just came out and folks are lining up to get their hands on it. While everyone else rejoices about the new phone, it seems like we in the personal finance community collectively shake our heads. I recently read a few articles about the financial evils of buying a new phone and found this puzzling. I’ve never thought of a new phone as a financial sinkhole. And when you do the math, it’s not very expensive if you plan it out in advance. So why are people saying not to upgrade the single most important piece of technology most of us own?
Prism App Review – An Awesome Free Bill Management App
I’m a big fintech geek and there are some really awesome apps out there. You’ve probably already read reviews about some of the big players in the fintech world such as Mint and Personal Capital. I thought it’d be helpful to share reviews about some of the lesser known fintech apps that I personally use and that I think might be useful to you. One such app is Prism.
While I’m a big fan of automating your finances, I still like being able to look at my bills before I pay them. There’s just something comforting to me about being able to make sure that my bill looks right before I pay it. It’s something I’ve done my entire life and I guess I’m just stubborn…
Questions To Think About When You’re Setting Up Your HSA
Earlier this week, we talked about the Health Savings Account (or HSA as it’s commonly called). The thing that always bothered me about HSAs are how confusing they are compared to a 401(k). I think this is part of the reason that a lot of people don’t really know what an HSA is or how it works. Almost everyone I’ve ever talked to has heard of a 401(k). But very few people in the regular world have heard of an HSA.
The problem with the HSA has to do with the fact that it requires a little bit more work to set up. 401(k)s, for the most part, are basically automatic at this point. Most employers opt you in by default, deduct a certain percentage from your paycheck each pay period, and put your contributions in a default investment option in your 401(k) – typically some sort of balanced fund or a target date fund.
Setting up an HSA, on the other hand, requires a little more work…