According to CNBC “Social Security reserves are projected to be fully depleted by 2035.” Let’s be real, we have all heard this many times in the last 10 years and it seems like every year the timeline is moving up. As someone in their 20’s-40’s, you probably are not planning on receiving social security benefits. Almost everyone I talk to…
Everyone enjoys receiving a large bonus. It’s one of the greatest feelings you can have at work. One misconception I often hear is that bonuses get taxed at a higher rate than income. Let me explain why you think this and why it is not true. Bonuses sometimes get taxed higher when you receive them because they are considered “supplemental…
Insurance is one part of your finances that you probably hate, but it is an area you cannot overlook. Mitigating risk is such an important part of your financial plan. In this blog post we are going to dive into the main types of insurance you need. 1. Car Insurance If you own a car, your state most likely requires…
Not everyone needs a financial planner, but almost everyone could benefit from working with one. In this blog post, I am going to share with you 5 reasons why hiring a financial planner as a millennial could be helpful for you. 1. Financial Planners Create Forced Accountability One of life’s most useful tools is accountability. Think of why you have…
“Bitcoin is a scam” “Bitcoin is a ponzi scheme, it has no real value” “We don’t need crypto in the US, they will never allow it” These are the same sentiments I hear about Bitcoin all the time, and they rarely come from those who have taken the effort to learn about it. They’re simply echoing what they’ve heard from…
Personal finance is as personal as it gets. We all have different beliefs on what everyone should be doing with their money, but the thing is we should all be doing different things with our money. In this post, I am going to examine 5 different personal finance beliefs that I completely disagree with. 1. You Need To Budget and…
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. …