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…
Whether it’s videos on TikTok of 14 year olds sharing how you can make 100% daily returns in crypto or blog posts telling you to never use your 401(k) because it’s a scam, it is safe to say the internet is full of terrible financial advice. Here are the 7 most cringeworthy pieces of advice I have seen that I…
Too much of the personal finance content that exists is centered around cutting expenses and budgeting. I honestly don’t think budgeting works for the vast majority of people and here’s why. Budgeting is Cumbersome and Restrictive Even though it is both of those things, budgeting is a necessary evil at the beginning. You have to do it for a short…
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…
This past couple of months I have helped multiple clients prepare for honeymoons and realized I have never written a blog post on it, so I thought I would create one to help you think through and prepare for your honeymoon. Let’s dive into how much you need to save and how to best save for your future honeymoon! How…
I often hear people mix up tax credits and tax deductions so I thought it could be helpful to break down what each of them are and how they work so you can know what the differences are. I will say, both are great for reducing your total tax liability and something you want to be aware of. Tax Deductions …