Do You Have Hidden Credit Card Debt?

Credit card debt is often referred to as the worst type of debt, and I agree. However, we normally think of credit card debt as the debt that accrues from months of making only the minimum payment, and the high interest that follows. While that’s definitely credit card debt, there’s also a less obvious form of debt that easily results … Full Article

Why You Don’t Need a Financial Advisor

Many people assume that if they are not financial wizards, they should use a financial advisor. Another common assumption (especially among high income earners with little time) is that a financial advisor could manage their money more quickly or effectively than they can. I believe, for most people, using a financial advisor is not only unnecessary, but even detrimental to their financial future. Here’s why, and what you should do instead… Full Article

10 Ways to Save More Money

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Do you ever get to the end of the month and wonder where all your money has gone? Or do you feel like you can never find extra money to save each month? Often we spend money we don’t even realize. Sometimes I realize I’m spending money each month on things I don’t even care about. For example, there was a period of time in my life where I was spending a significant amount of money on new, expensive clothing… Full Article

How I Saved $85k By Ignoring Dave Ramsey

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Whether or not you agree with his stances, Dave Ramsey is very well known in the personal finance space. He has very outspoken opinions, some of which are controversial because he takes an extremely risk-adverse position on debt. I do consider myself relatively risk-averse, but I am okay with taking on small amounts of mitigated risk in order to grow my wealth more quickly. Dave Ramsey is most famous for his baby steps… Full Article

Building Good Financial Habits and Breaking Bad Financial Habits

If losing weight was as simple as creating a diet and workout plan, everyone would be in shape. And let’s be honest, if financial independence was as simple as creating a budget, everyone would be retiring early. The difficult part is sticking to your plan. I firmly believe that the biggest barrier to financial independence is mindset. That’s why I … Full Article

Automate Your Savings

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In my previous post, I suggested an optimal order for investing your money. To summarize, the steps were: Create a monthly surplus Emergency fund (3 months) Set 401(k)/HSA contribution to minimum to receive full employer match Pay off debt above 5% Emergency fund (6-12 months) Max HSA Max Roth IRA Max 401(k) Consider other options (pay off low interest debt, … Full Article

Where to Invest Savings

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I’m sure you’ve heard the following financial advice: pay off debts, save an emergency fund, invest in stocks, contribute to a 401(k), contribute to an IRA, etc. But how do you know which to do when you don’t have enough money to do all of those things? And now that you’re saving at least 10% of your income, where should … Full Article

Does Your Spending Reflect Your Values?

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In previous posts, I have mentioned the idea of making sure your budget and spending aligns with your values. I don’t think this is a very intuitive concept, but it is extremely important to take your savings to the next level. So today I want to take a deeper dive into this topic with some personal examples of how I’ve … Full Article

Create a Surplus & Stop Accumulating Debt

After evaluating your spending history and committing to tracking your spending, the next step is to create a surplus. By this I mean, find a way to spend less than you earn.  This step must be taken even before you start saving for an emergency fund or start investing. Skipping this step is like trying to fill a bucket with … Full Article

The Importance of an Emergency Fund

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In my previous post, I talked about saving any extra money that shows up in your bank account (whether by an increase in income or an unexpected decrease in spending). Personally, I experienced some savings opportunities since I’ve had decreased spending lately with everything shut down. However, many people have lost their jobs. And with the threat of a recession … Full Article

How to Benefit from Unexpected Saving Opportunities

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I wonder if, years from now, COVID-19 will have a chapter titled in history books as an “unusual and unprecedented time.” Who else is tired of hearing that phrase? In all seriousness, COVID-19 is scary and terrible and my heart goes out to all who have lost their job or otherwise struggled. A disclaimer: I know that COVID-19 has caused … Full Article

Get Rich by Tracking Your Spending

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Once you’ve thought about your “why” behind wanting to improve your financial position, it’s time to start taking action towards it. First things first: you need to evaluate your current spending habits. You can’t improve or achieve a goal if you don’t know where you’re at and where you’ve been. Tracking your spending is the #1 way you can start to improve your spending habits, because it shows you where your money is going and what you’re… Full Article