Ah, to be in your 20s. Brunches are frequent, hangovers are less debilitating, and all the big, serious life stuff seems so far away. So top off your bottomless mimosa, my friend, because you’ve got absolutely nothing to worry about when it comes to your finances … or do you? Well, I’ve got good news and bad news. The bad news is you always need to think about your finances, even when you’re just … [Read more...] about 8 Money Mistakes to Avoid in Your 20s
Saving and Investing
The Role of Career Planning in Financial Planning
When I work with financial planning clients, I tend to ask a lot of questions that don’t seem to be directly related to money at all. Where do you want to live? Do you have any upcoming travel plans? Do you like your job? Here’s the thing: most decisions you make in your life are connected to your financial situation in some way. Travel can be expensive, and the city you move to affects your cost … [Read more...] about The Role of Career Planning in Financial Planning
Retirement Planning if You’re Self-Employed or a Small Business Owner
Many people refer to retirement savings plans as “401(k)s” even if they’re not, because so many financial advice articles out there focus heavily on 401(k)s.The reality is that there are a variety of ways to save for retirement, and the options you choose can depend on what kind of company you work for, or if you work for yourself. And since 401(k) plans can be complicated and expensive for … [Read more...] about Retirement Planning if You’re Self-Employed or a Small Business Owner
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