Many of us who are employees of a business receive a matching contribution to our retirement plan that ends up being equal to around 3% of our pay. However, there are some people who are fortunate enough to have their employers contribute a much larger percentage of their income to their retirement account without the employee having to contribute anything. If you receive a large contribution to your retirement account without having to contribute anything yourself, should you still save your own money for retirement?
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What Are You Going To Do With Your Bonus And/Or Tax Refund?
3 minute read
When you receive a large lump sum of cash what do you immediately think of doing with it? Spend it? Save it? Invest it? Pay down debt? There’s no one right answer and there may even be room to do all of the above, depending on your personal financial situation and goals.
Reflect & Start Fresh
4 minute read
You didn’t really need a new year to have a fresh start but you’ve got it, so you might as well take advantage of it. The beginning of a new year is the time when many people vow to be better than the previous year and to start being more intentional about reaching their goals. Maybe you spent more than you planned on over the holidays. Maybe you didn’t quite reach your financial goals in 2018. Maybe you reached all your 2018 financial goals and you’re hungry to push a little further this year. Since the new year is time when people focus on setting goals and making changes, we can do the same in regard to our financial goals.
Where Should I Setup a Retirement Account?
3 minute read
This is a question that someone asked me recently. Actually, the question was if there’s a Roth IRA that I recommend, but I think that they were essentially asking where to open an account and the answers to those two questions are one in the same. I can see how this could be very confusing for most people.
Should I Pay Down Debt or Invest The Money?
4 minute read
It’s the age-old question and, unfortunately, there isn’t a universal correct answer. However, we can use numbers to make our decision more objective and take our emotions out of the decision-making process.
Smart Investing is Boring
3 minute read
I read an article last week saying that the stock market “has lost its buzz” and that it’s “boring”. Let me tell you something – smart investing is boring. Investing that’s “exciting” is when you’re more likely to make irrational decisions and lose money.
You Can’t Take It With You
4 minute read
“You can’t take it with you.” It’s a phrase that I’ve heard plenty of times throughout my life, usually when someone spends their money on something stupid. “You can’t take it with you” is sometimes used as a means of justification to spend recklessly. Alternatively, it’s sometimes used as a means to justify giving to others, which could ironically be dangerous to your own financial situation. Some people are so reckless with their spending that they can let this mindset ruin their financial lives. On the other hand, some people are so altruistic that they forget to think about their own future and how giving away large portions of their wealth or income can affect it.
The Grass Is Always Greener
3 minute read
A handful of clients lately have been asking if we should become more aggressive in their portfolios and shift some of the allocation from bonds into stocks. If we think about this, we’d be doing exactly what we’re taught not to do: we’d sell the bonds at a low point and buy the stocks at a high point. Isn’t the old saying, “buy low, sell high”?
Increase Your Net Worth By 7,307% In One Year? It Can Happen.
< 1 minute read
Today, I’m going to take the opportunity to brag on Amanda’s financial progress. From July 31, 2017 to July 31, 2018, she was able to increase her net worth by 7,307%. I think that’s pretty incredible.
Playing the Lottery to Get Rich
3 minute read
Last week, someone told me that they saw one of those billboards which shows how much the Powerball is worth and said that they had to stop and buy a ticket after seeing the amount they could win. Sadly, many believe that their only path to financial freedom is through winning the lottery (although the person who said this to me was not one of these people). However, they never stop to think what else they could do, that’s realistic, to set themselves up for a better future. Surely, they know the odds of the lottery are stacked against them (1 in 200-something million means you’re probably not going to win). After all, there wouldn’t be a lottery if there weren’t more losers than winners.
