Updated for tax year 2019. For tax year 2019 the contribution limit for Traditional IRA and Roth IRA accounts is $6,000. If you are over the age of 50 you can make an additional catch-up contribution of $1,000. The deadline to file 2019 taxes is Wednesday April 15, 2020. Throughout the year, but most […]
Holiday credit card debt is kind of like the flu. Once you have it, it tends to stick around for a while. If you find yourself overwhelmed with holiday credit card debt, you’re not alone. Here are five simple ways to avoid a repeat of your credit card debt next year. (Updated for 2020) […]
It’s one of the main reasons most people don’t start investing. The perspective that in order to start investing you need a lot of money. This misconception inevitably adds to the confusion surrounding investing so for most the topic becomes an afterthought when it comes to managing their finances. However, I can tell you from past […]
Do you know how a CD’s automatic renewal policy could cost you a lot of money? Understanding your certificate of deposit (CD’s) maturity date could save you money by avoiding a penalty. I discuss Certificate of Deposits in my ebook Simple Investing. From the perspective that they are a simple investment vehicle if you’re […]
Creating a budget for Christmas and understanding how much to spend on gifts will help you avoid holiday debt hangover in January. I used to think of myself as the greatest Santa Claus ever. I spared no expense when it came to gift-giving during Christmas. In high school, I gave my girlfriend a brand […]
If you think investing in mutual funds is hard to do, you’re not alone. It’s a common misconception that mutual funds are tough to understand. Or to start investing in one you need a whole bunch of money. The reality is that mutual funds are one of the easiest ways to start investing. This […]
It’s been eight months since cutting cable to save money. That’s right, no more Fox News, no TNT, History channel or HBO. Actually, it was DirecTV, so I guess you could say I cut the satellite signal to eliminate premium TV services. (Cutting cable, cutting DirecTV to save money – same difference right?) Initially, […]
For some, the budgeting question of whether to spend money on a home or a car is a simple one. While a home is your castle, and your opportunity to feel safe and comfortable with your family. A car can simply be a convenient way of getting around. However, in many circumstances, a car […]
I still remember my first experience with term life insurance. It was when I started my first “real” job out of college working for a large corporation. During the new employee orientation period, term life insurance was offered as one of the enrollment options for my health care benefits. Back then I didn’t know […]
Regardless of which survey you read, most indicate that the average U.S household struggling with credit card debt is carrying a revolving credit card balance of over $6,800 (nerdwallet 2018). This translates to over $434 billion in consumer debt in the United States. The financial costs of credit card debt are obvious. Paying more […]
It’s not really well known where the term “Cash is King” came from. If you Google it most of the references you will find will be in relation to running a business or investing. From my own personal finance experience, I have found the cash is king concept an important perspective. I guess I […]
Finding good practical advice on how to pay off your debt is easy. A simple Google search will get you a whole bunch of great articles. Including the ones, you can find here on FTP. However, what you won’t find often enough is articles on what’s NOT important when you’re paying off debt. The things […]
In my previous article, I discussed three common limiting beliefs that will either put you in debt or keep you there. The beliefs that… Making more money is the only way to get out of debt. Taking out a loan is the only way to buy a vehicle. Not being very good with money […]
Robo-advisors and automated investing platforms are becoming one of the most popular ways to start investing. It’s estimated that there are currently over 100 robo-advisor and automated investing platforms operating in the United States. If you’re new to investing and finding all the terminology a bit confusing you’re not alone. You may find yourself […]
One of the greatest misconceptions surrounding investing is that it requires a large sum of money to get started. And typically that misunderstanding is then followed by fear. The fear that if you invest all your hard earned money, you risk losing it due to a downturn in the market. However, if you’re new to […]
So you’re looking at your monthly payments, a car loan, a student loan and a bunch of credit cards. And you’re wondering how do I get out from under all this debt? How do I lower my monthly payments? You’ve heard of this thing called a debt consolidation loan, and your wondering, is debt […]
My dad was an engineer for over 40 years. And like most engineers, his perspective when it came to building, fixing, or maintaining anything was to do it himself. Growing up, I watched him maintain the family vehicles, everything from minor maintenance to major repair work. He understood how to make a car last […]
I participate in a number of online question and answer forums that cover a host of personal finance topics. In general, individuals write in requesting answers to their topic and everyone else chimes in with their perspective. Over the last couple of weeks, there were a couple of instances where the topic of discussion […]
Are you struggling with a mound of debt? Are you trying to save money? Sick of living paycheck to paycheck? If you’re finding that taking control of your finances is a challenge, it may be that you need to start letting go of the past. What if it was possible to take control of your finances […]
On a day to day basis, most of us tend to believe we control our destiny. The jobs or careers we pursue. The relationships we seek, how we raise our children. And of course, managing your money, and learning how to improve your finances. When we think about improving our finances, we tend to think […]
Are you wondering why you need an emergency fund? I am sure you’ve heard it many times before, it’s considered one of the most important aspects of successful money management. An emergency fund is where you stash cash so you’re prepared for those unexpected emergencies that life throws at you every now and then. […]
I was recently reading some posts on Reddit on how to stop using credit cards. Some individuals discussed how they benefit from credit card use, others explained how they don’t trust themselves with credit cards. In classic Reddit fashion, the discussions were direct and spirited. Debating the pros and cons of credit card use is […]
I opened my first online brokerage account over 10 years ago. It was through my local bank. They were offering 100 free trades a year if I linked my checking account with their brokerage services. I had always wanted to open a brokerage account online, so I took advantage of the opportunity. I hadn’t […]
So what are the benefits if you save money and pay off debt? Being debt-free and cash-rich is just a start. Learn about the other 11 reasons below. Typically a discussion about personal finance goes something like this… Saving money will help you become financially secure. Having debt costs you more money. Paying off […]
Most often when we think about setting financial goals we think of the most fundamental aspects of our finances. Areas we manage and feel we can control on a regular basis. For example, we set financial goals around budgets, to lower monthly expenses. Saving money, to put more money in our bank account. Paying […]
If you’re looking to make some quick cash to speed up the payoff of some of your debt, or you’re trying to establish an emergency fund. Or maybe you just want to beef up your savings account because you like having more money. Flipping a product or item – buying low and selling high may […]
I was talking with some of my friends regarding their finances. They are currently using the Snowball Method to pay off debt, working on a budget and building up an emergency fund. As we were talking they started to discuss some of the processes surrounding their strategy. Although they are well on their way […]
What do debt management planning and lower back pain have in common? Let me explain. I can still remember that day. It was 7:30 am in the morning and I was brushing my teeth before I went into work. As I bent over the bathroom sink I felt a sharp pain in my lower back. […]
Search the Internet, read a book, brainstorm with a friend and you can easily come up with 100 new ways to save cash. Finding ways to save money is easy. The real challenge is taking all those great ideas and actually making them a lifestyle habit. New ways to save cash often require time […]
Many years ago (many, many) when I started my first “real” job out of college I had the opportunity to contribute to a 401(k) plan. I was young and at the time was more focused on my new paycheck, rent, entertainment systems and of course having a cool car – you know the really important […]
