Suppose you decide to buy a new car and, after considering whether to buy or lease it, you’ve decided to buy. Now comes your next big decision: should you pay cash for a car or finance it? Once again, there’s no one “right” answer. It truly depends on a few factors, like: The kind of car that fits your needs The cost of that car The cash you have in savings The other things you’d need … [Read more...] about Should I Buy a Car with Cash or Take Out a Loan?
Should I Buy or Lease a Car?
Getting a car is one of the biggest financial decisions you’ll make, and it’s one that can affect your cash flow for years. Beyond the cost of the car, you’ll have to pay for maintenance, fuel, insurance, and parking. A car can cost you just over $700 per month on average, according to AAA (and that doesn’t include depreciation). When it comes to the buying vs. leasing debate, I lean towards … [Read more...] about Should I Buy or Lease a Car?
Hacking Your Credit Card Rewards
So you want to go to Thailand for three weeks when you finish your MBA, but you’re concerned about paying for a plane ticket. However, did you know it’s only 80,000 United miles (plus taxes and fees) to fly round trip to Asia from the U.S.? Or maybe you want to go to Italy for your wedding anniversary. Did you know it’s only 60,000 United miles (plus taxes and fees) to fly round trip to Europe … [Read more...] about Hacking Your Credit Card Rewards
Hacking Your HSA
If your health insurance plan is a High-Deductible Health Plan (HDHP), you may be eligible to contribute to a Health Savings Account (HSA). Unfortunately, HDHPs and HSAs confuse a lot of people, and it’s important to understand how they work so you can use them to your advantage. HDHPs are attractive to many people because they have lower premiums in exchange for higher deductibles. That means … [Read more...] about Hacking Your HSA
Hacking Your Roth IRA
You know the often-suggested retirement savings checklist: If your employer offers a 401(k), contribute enough to get a match. Max out a Roth IRA if you qualify. Go back to your 401(k) and work toward contributing the maximum of $19,500 per year for 2021. Generally, you fund these accounts for the long-term, because early withdrawals can lead to penalties. But here’s why I love Roth IRAs … [Read more...] about Hacking Your Roth IRA
The Best Financial Tools, Apps, and Calculators I Recommend All the Time
Managing and automating your finances has never been easier. There are so many online and mobile tools available (most for free!) that setting yourself up for financial success involves little more than 30 minutes of set-up and a few minutes of monitoring a month. You’re more likely to meet your financial goals if those goals are specific and actionable. Online tools, apps, and calculators put … [Read more...] about The Best Financial Tools, Apps, and Calculators I Recommend All the Time