Understanding compound interest is really hard because our brains aren’t designed to comprehend it well. But if people truly understood compound interest, they would stop looking for the get rich quick scheme and start investing earlier. Want to know something crazy… Of Warren Buffett’s $84.5 billion net worth, $84.2 billion was accumulated after his 50th birthday. Why? Because of compound…
We are oftentimes told that we should avoid debt at all costs. But I don’t think that is the best idea nor do I think it is likely to avoid all debt. I would agree that you should try to avoid high interest debt, personal loans, credit card debt, etc. since all of those are what I consider ‘bad debt’.…
Lowering your tax bill this year is one of the most common goals I hear from millennials. But is it the right goal to be so focused on THIS YEARS taxes? No! And let me tell you why. Historically, taxes are as low as they have ever been. If you look back between 1915 and now, the top federal income…
According to Salary.com “Only 37% of people always negotiate their salaries—while an astonishing 18% never do. Even worse, 44% of respondents claim to have never brought up the subject of a raise during their performance reviews.” It’s safe to say that most people do not negotiate their salaries and the impact this can have on your lifetime earnings is massive. …
Choosing the proper tax status for your business is very important. You definitely want to consult your CPA, legal team, and financial advisor to ensure you pick the right business setup and tax structure for your business. What Is An S Corp? An S corporation is a corporation that has elected “S corporation” as their tax status. Forming an S corp lets…
Before we can even decide if you should use a HELOC, you need to understand what it really is. Home equity lines of credit (HELOC) allow you to borrow against the equity you have in your house. The best part about a HELOC is that it differs from a regular loan where you start paying interest on the balance right…
It has been about 3 months since the Biden administration extended the pause on federal student loans, however, they did make it clear that this is the last time. This means everyone will be required to start paying on their loans again on February 1, 2022. It’s crazy it has already been 2 years (almost) since borrowers were required to…
As lame as it may sound, I view every day as a learning opportunity. Ever since I started creating content, I have taken note of the key things I have learned each day. Some days I learn something new, somedays I am reminded of something that I needed to relearn that day. In honor of my 26th birthday, I want…
According to the Census Bureau, more than 4.4 million new businesses were created in the U.S. during 2020 — the highest ever on record. That’s a 24% increase from 2019 and is 51.0% higher than the 2010-19 average. COVID accelerated the shift to this digital world we live in making it easier than ever to start a business. I am…
Looking to hire a financial advisor towards the end of this year? 🤔 I want to help you out! 👇 Here are some important questions to ask when hiring an advisor and why they’re important! 📝 1) Are you a fiduciary? Many advisors are not required to act in your best interest. Typically, these advisors are one’s who can sell…