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Financial Freedom and Personal Finance Success by Moolanomy.com

Moolanomy Personal Finance Blog is home to the 12 Steps Guide to Financial Freedom and Personal Finance Success. We discuss financial concepts in an easy to understand language to help you improve your finances and better your life.

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Maximum 401(k) Contribution and Catch-Up Limits for 2019-2020

Maximum 401(k) Contribution and Catch-Up Limits for 2019-2020 1

According to the IRS, the combined total contribution you can make to all of your 401(k) plans (including traditional 401(k), Roth 401(k), and individual 401(k) plans) in 2020 increases by $500 to $19,500. The catch-up contribution limit also increases from $6,000 to $6,500. However, you may be limited by what your employer allows you to … Read more Maximum 401(k) Contribution and Catch-Up Limits for 2019-2020

Best High Interest Savings Accounts for May 2020

Best High Interest Savings Accounts for May 2020 11

Are you earning the most from your savings and money market deposit accounts? Savings and MM accounts are the foundation of a strong financial plan, providing you with financial stability as you work to achieve your goals. There are many banks and credit unions that offer savings and money market accounts. This article aims to … Read more Best High Interest Savings Accounts for May 2020

Best CD Rates, High Yield Certificate of Deposit, May 2020

The following is a list of the nationally available highest yields CD rates. In general, certificates of deposit (CDs) are great short-term investments because your principal is protected by FDIC insurance and your interest rates are guaranteed. Moreover, you can use a CD Ladder to make your CD savings more flexible and effective. You can … Read more Best CD Rates, High Yield Certificate of Deposit, May 2020

Why You Should Convert Your Business to an S-Corp

If you are a self-employed, a sole proprietor, or structured as an LLC, you probably felt left out during this crisis, because corporations and W2 employees were prioritized ahead of you by the governments. It was easier for you to apply for unemployment as a W2 employee. And it was easier for corporations to apply … Read more Why You Should Convert Your Business to an S-Corp

Rental Property Cash on Cash Return (CCR) and Return on Investment (ROI)

After you started investing in the stock market for a while, you are probably thinking about diversifying beyond stocks, bonds, and REITs. A common next step for many investors is investing in a rental property. Personally, that is what I did, and as a fairly seasoned real estate investor, I feel that it is important … Read more Rental Property Cash on Cash Return (CCR) and Return on Investment (ROI)

Paycheck Protection Program (PPP) for Independent Contractors

As a sole proprietor, independent contractor, or self-employed individual, you may be eligible to receive assistance under the Small Business Administration’s Paycheck Protection Program (PPP). Below are key details released by the SBA on April 2, 2020: What is the Paycheck Protection Program (PPP)? It is an SBA loan program that helps businesses keep their … Read more Paycheck Protection Program (PPP) for Independent Contractors