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Using Multiply-By-25 Rule to Retire One Expense at a Time

Using Multiply-By-25 Rule to Retire One Expense at a Time 1

Most people think about financial freedom as a point in time when you can fully cover your living expenses with non-job income. This usually involves saving and investing a significant amount of money so that a small percentage could be safely withdrawn to cover living expenses each year. To many people, this is just hard … Read moreUsing Multiply-By-25 Rule to Retire One Expense at a Time

Using 401(k) and IRA for Down Payment for Home Purchase

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Homeownership is the ultimate American Dream. If you’re going to buy a home, though, you will likely need a down payment — especially if you want the best mortgage rate. For those trying to make a 10% or 20% down payment on a home, coming up with tens of thousands of dollars can be a … Read moreUsing 401(k) and IRA for Down Payment for Home Purchase

What is a 401(k) Plan and How Does It Work

What is a 401(k) Plan and How Does It Work 6

The easiest way to get started saving for retirement is to use your employer’s 401(k) plan. A 401(k) is a retirement savings plan sponsored by your employer. It lets you save and invest a portion of your paycheck before income taxes are taken out. The specific rules and investment options vary from plan to plan, … Read moreWhat is a 401(k) Plan and How Does It Work

Financial Checklist of 25 Important Tasks To Do Each Year

Financial Checklist of 25 Important Tasks To Do Each Year 9

It can be hard to keep track of all the various financial tasks you need to do during a given year. Today I thought I would share a list so you can map it out on whatever calendar application you like to use.  Here are some of the key financial tasks that should be done … Read moreFinancial Checklist of 25 Important Tasks To Do Each Year

Are You Wealthy? U.S. Net Worth by Age and Income

Are You Wealthy? U.S. Net Worth by Age and Income 12

Net worth is the total value of all your assets minus all your debts. It is the one number that represents a singular measure of your financial success. And what net worth you need to have to be considered wealthy? To many people, wealthy means having an abundance of material possessions. For me, I would … Read moreAre You Wealthy? U.S. Net Worth by Age and Income

How to Open a Roth IRA or a Traditional IRA

How to Open a Roth IRA or a Traditional IRA 14

You are probably aware of the importance of saving for retirement through a tax-advantaged retirement account. One of the best ways to grow your wealth efficiently is to do so with a Roth IRA which grows tax free — you put after-tax dollars into an investment account, and when it comes time to withdraw the … Read moreHow to Open a Roth IRA or a Traditional IRA

What to Do with 401(k) When You Quit or Get Fired

What to Do with 401(k) When You Quit or Get Fired 22

When you leave your job, whether you quit or you get laid off, there are many things you need to do, including deciding what to do with your 401(k). You have the choice of leaving the 401(k) funds in your current plan, cashing out of the plan, or rolling the funds over into another qualified … Read moreWhat to Do with 401(k) When You Quit or Get Fired