As I discussed last month, a 529 plan is a great way to save for your children’s future. However, many people may not know what a 529 plan is and what kind of benefits it offers to you and your children. Below is a high level summary of what a 529 plan is. Please feel free to include any questions or experiences with 529 plans in the comments section below. A 529 plan is a tax-advantaged...
A home purchase is a huge decision. There is a lot to factor in, and it may end up being the biggest financial purchase you make in your life. Below are a few indications that would let you know you might be ready to buy a home. 20% in Savings: Many people/websites have different opinions on this, but I recommend having at least 20% of your home purchase in savings you can use as a down...
Saving for you children’s future is on every parent’s mind. Given it can be a long way away, many parents can defer their children’s savings to a later time. This is a huge mistake and can lead to an under-funded savings. Below are a few tips and tricks to help save for your children’s future. Start as early as you can: Even its $25 a month, start saving when the baby is born. It will grow...
When a family is expecting a new baby, there is certainly a lot of emotions. Lots of excitement, joy, and likely some stress. One thing to consider and to prepare yourself for is the expected expense of having a baby. High level it is not cheap! There certainly is a lot of variation depending on where you live, the type of birth you have, and what kind of insurance you have. However below is a few...
With college football season about to kick off this weekend and the NFL season kicking off next weekend, many people are very excited! Football fans are very loyal to their teams and many want to enjoy the football season as much as possible. However, sports can be very expensive and you can easily blow past your budget without thinking. Below, I have put together a few tips and tricks on how to be a loyal sports...
This might be common knowledge to many, but there are people who have asked me what the differences are in debit cards and credit cards. Also if you want to teach your kids, below can be a reference guide to discuss the differences between a debit card and a credit card. Debit cards look and feel similar to credit cards. They are issued by major banks, such as Bank of America and Wells Fargo, and both...
Most people do not want to organize their personal finances, but it is very important to do so. This helps you stay on top of your finances and it helps save you from disaster. It also can help your sense of well-being and provides you the information to make good financial decisions. Below are some tips and tricks to help simplify and organize your personal finances. Put together a budget and review it at least once...
You have probably seen in the news lately, the discussions of proposed tariffs with many countries including China and Europe. While I will not discuss the political aspects of tariffs, I wanted to share a summary of what exactly a tariff is and how they could impact your wallet. A tariff is bascially a tax that the government places on imported goods. The tariff proceeds go to the government and a tariff is used to protect...
Many people, like myself, did not think saving early in my life was important. I figured I would be able to save later in life when my salary increased and would not worry about it. I never realized how wrong I was, and I quickly realized it is critical to start savings as early on as you can. While everyone may not be able to save in your early twenties, I would highly recommend to try...
More often than not, I find myself dreaming of vacation. Booking an incredible vacation doesn't have to cost a fortune. Here are some tips for how to travel on a budget. Be flexible about your travel in order to find the most affordable flights. Plan trips in the off-season. Not only will you find better deals for travel, but you'll experience fewer crowds. Visiting Tokyo, Japan during cherry blossom season sounds incredibly beautiful, but you'll pay the...
