Americans are facing a difficult dilemma during the pandemic. We have to decide between the economy or maybe your life or my life. How long are we willing to purposefully shut down our economy to combat the coronavirus and risk losing even more people due to a great depression? I don’t know the answer, which […]
The Economy Or Maybe Your Life: How Much Pain Are You Willing To Endure? Read More »
This post will look at the benefits of a backdoor Roth IRA. Long time readers know that I’m one of the biggest naysayers of the Roth IRA. The main reason is: most people will make less in retirement than during their working years. Therefore, taxes should be lower, all things being equal. However, what about
The Benefits Of A Backdoor Roth IRA Read More »
The 401(k) maximum contribution limit for 2025 is $23,500. This is up from $23,000 in 2024 and $22,500 in 2023. For participants ages 50-59 and 64 or older, the additional “catch-up” contribution limit is $7,500. Starting in 2025, if you’re between ages 60 and 63, you can contribute up to $11,250 as a catch-up contribution,
The 401k Maximum Contribution Limit 2025 And 2026 Read More »
If you’re a minority, then I encourage you to use racism as motivation to build more wealth and achieve financial freedom sooner. The sooner you can build a passive income portfolio that covers your basic living expenses, the sooner you’ll be free! When I was a kid, I used to be very combative when it
Dear Minorities, Use Racism As Motivation For Achieving Financial Independence Read More »
Hurricanes and earthquakes are a stark reminder of the importance of getting natural disaster insurance. As a long time resident of San Francisco, I wonder if I should get natural disaster insurance for earthquakes every single year. San Francisco lies close to the San Andreas fault line. It could start shifting at any moment. The last big
Should I Get Natural Disaster Insurance For Earthquakes, Floods, And Hurricanes? Read More »
If you want to be rich, never buy a brand new car or a car in its first year of redesign. I’ve been a car fanatic forever, but I’ve also been a personal finance blogger since 2009. My goal for everyone is to reach financial independence sooner, rather than later. After owning Moose, my 2000
Never Buy A New Car Or A Car In Its First Year Of Redesign Read More »
The proper asset allocation of stocks and bonds by age is important to achieve financial freedom and stay retired. If you allocate too much to stocks the year before you want to retire and the stock market collapses, then you’re screwed. If you allocate too much to bonds over your career, you might not be
The Proper Asset Allocation Of Stocks And Bonds By Age Read More »
Want to know how to measure you fiscal responsibility? The key is to calculate your FS-FR score. Fiscal responsibility means managing money in a careful, sustainable, and disciplined way — whether at the personal, business, or government level. In simpler terms: The core idea is to make smart financial decisions today so you don’t create problems tomorrow —
How To Measure Fiscal Responsibility: Calculate Your FS-FR Score Read More »
I don’t enjoy doing my taxes, but I do them anyway. My main reason is to learn as much about the latest tax codes so I can reduce my tax liability. This post discusses five lessons from doing my taxes for over 10 years. Why I Started Doing My Own Taxes In 2000, I paid
Five Lessons From Doing My Taxes For Over 10 Years Read More »
Do Americans have an earnings problem or a savings problem? Unfortunately, I think we’ve got both. Take a look at the median income by age and sex from the latest Census Bureau data. The data always lags for a couple of years. The median income for 20-24-year-olds is $25,116 for women and $27,040 for men.
Median Income By Age And Sex In America Read More »
