A couple of my daughter Thalia’s friends asked me recently how to open a Roth IRA. They had just turned 18, they had some summer job money, and they wanted to know where to actually put it. I had not…
I want to preface this post with a few comments: Now to the post. After reading so much about these accounts, the main question I kept coming back to is likely one you might have as well: Does the money…
When I was younger, “millionaire” was the finish line. It was the lofty goal. It was the word people used to mean you had made it. It showed up in game show titles, in song lyrics, in the quiet way…
Why Businesses Succeed and Households Struggle After more than three decades working in some type of finance role, I have come to learn what makes businesses successful — and what makes businesses fail. The companies that survive and those that…
Paying off debt is one of the most common financial challenges I have helped people work through, and one of the most misunderstood. I have been in some type of a finance role my entire life. Along the way I…
As retirement is likely not on your mind when receiving your first paycheck, it is easy to think that saving some of that first paycheck doesn’t really matter. This is why it is so important to start saving with your…
You just got hired. Congratulations! Whether this is your first job in high school or your first career position out of college, the decisions you make now can set financial habits that follow you for decades.Learning how to prepare for…
Introduction Building a budget is critical as I talk about in Budgeting 101. Tracking your actual expenses versus that budget is also critical. While these steps are crucial, they don’t serve much of a purpose unless you modify your behavior…
Introduction I believe a budget is a critical step on the road to building wealth. Most people don’t have one—at least not one that reflects how they actually spend their money. Because of this, most people don’t fully understand where…
Introduction Most people think building wealth is out of reach—and because of that, most people don’t think about it at all. That mindset is a big reason why so many people live paycheck to paycheck. This beginner’s guide to building…
So much of the country is living paycheck to paycheck. In my opinion, one of the contributing causes is the way people view their checking account balance. If you are like most people, you log into your bank account or…
If you have ever made a budget, used it for a few weeks, and then completely ignored it, you are not alone. Budgets are a lot like New Year’s resolutions. They start with great intentions but fizzle out quickly. Most…
Introduction: Budgeting Made Simple At BUDGETING 101, I speak to how important it is to budget your expenses on the path to building savings. I personally budget my life across 30 items (personal savings, college fund, auto repairs, food, entertainment,…
I recently came across a survey from 2020 titled Mind Over Money, conducted by Capital One and The Decision Lab. It provided helpful insights on financial stress relief for those struggling with monetary concerns and looking for advice on how…
Introduction: Is Your Budget Leaking Money? If you couldn’t tell from Budgeting 101, I strongly believe the key to building wealth starts with a budget. Unless you’re making more money than you know what to do with, you need a…
I’ll say this many times: I’m not here to give you stock advice. I’ll share what I personally do, what I’ve done, and even the trades I’ve made—but my goal is to educate you. I want you to understand key…
There are many approaches to investing in stocks: day trading, value investing, growth investing, index investing, dividend strategies, and more. In the spirit of diversification, your portfolio might contain elements of several. But regardless of your investing style, one strategy…
“Little Things Make Big Things Happen.” — John Wooden Atomic Planks may not sound inspirational at first, but the concept behind them absolutely is. It’s all about changing yourself for the better—just 1% at a time. Atomic Planks is meant…
Introduction Living paycheck to paycheck is a stressful reality for many people. In fact, far too many people face this situation today, which is one of the reasons I started this blog. One of the main goals of this site…
Building a good credit history has been discussed at Starting Early: Why Financial Habits Matter, but what is a credit score, why is it important and what can you do to improve it. What Is a Credit Score? According to…
When you’re young, it’s easy to think of retirement as something far off in the distant future. However, the truth is, that the earlier you start saving for retirement, the better off you’ll be in the long run and starting…
Why Budgeting Matters Budgeting is most often viewed as a means to allocate one’s income to monthly expenses. You might view budgeting separately from saving, but they go hand in hand. How can you properly plan to save if you…
You might think the subject of this post is an obvious concept, but you would be surprised how many 401(k) early withdrawal requests cross my desk that are simply meant to cover unexpected expenses. This is truly why I felt…
Choosing the right account starts with understanding what to look for in a savings account. Most people immediately think about account features such as interest rates, ATM availability, and FDIC insurance. However, before looking at those details, you should first…
Apart from inheriting money or winning the lottery, saving money is one of the most important steps toward financial freedom. While the concept is simple, many people struggle to put it into practice. Recent data shows how common this challenge…
Developing strong financial habits early in life is one of the most important steps toward long-term financial stability and independence. Financial literacy, building and understanding credit, recognizing the value of financial freedom, and developing strong money habits are all important…
