Once upon I time, a young man we’ll randomly call “Jim” was in college and barely had a dollar to his name… Ok, fine – that young man was me – dang it, you ruin everything! Anyway, like a good number of college students, overdrawing my checking account wasn’t too uncommon. In fact, it actually wasn’t uncommon for me to blow out my balance on a periodic basis for a year or so after graduating college as well. Eventually, though, I started to make some good progress on my finances over the years and overdrawing my checking account became a pretty rare occurrence, if it happened at all. Over the past year or so though, I’m back to overdrawing the account again. And
I’ve had friends that have asked what my strategy is for funding my investment accounts. In other words, what order do I recommend contributing to various retirement accounts? This topic’s definitely going to vary based on your own specific circumstances. Things like employer matches and tax-advantaged accounts make a difference in which accounts make the most sense for you to fund before others. Depending on what your game plan is and what options are available to you can make all the difference in which investment accounts to fully fund first. Regardless, I thought I would share the strategy I’m currently using for our own investment accounts. Before we get rolling though, please note that I’m not a Certified Financial Planner, or
Disclosure: This post contains affiliate links and we may receive a referral fee (at no extra cost to you) if you sign up or purchase products or services mentioned.401(k) mistakes have the potential to easily ruin your retirement savings. If you have the opportunity to contribute to a 401(k) plan at work, hopefully, you’re taking advantage of it. But even if you do, most of us just hand over our money and don’t think any more of it. That’s a problem – potentially a big problem and one that can cost you thousands upon thousands of dollars if you’re not careful. The good news is that these 401(k) mistakes are easily avoided – you just need to know what to look for.
So, you’re going down the right path on the road to financial freedom slowly but surely, but you want to make sure that you’re protecting your assets in the meantime? Well, hopefully, this post will help you with some ideas! I’ve noticed that as I’ve started to build up my assets, my needs have started to morph as well. I now have rental properties, multiple LLCs, and growing and expanding savings, investment, and retirement accounts. And, as the accounts continue to grow, a lot of the money is starting to work more for me instead of the other way around. But, I now have a lot more to lose than when I first started down this journey. Making sure that I don’t
Disclosure: This post contains affiliate links and we may receive a referral fee (at no extra cost to you) if you sign up or purchase products or services mentioned.Well, it’s 2017, which means it’s time to take stock of how your previous year went, but more importantly, you should set your sights to the future and get your personal and financial goals put in place for the year. Here are my plans for the year… My 2017 Financial Goals Buy another rental property Buying rental property is an important stream of passive income that I’m working on building. Currently, we own a couple of rental properties – a single-family house and a duplex. They’re both filled and the duplex brings in a much better
Disclosure: This post contains affiliate links and we may receive a referral fee (at no extra cost to you) if you sign up or purchase products or services mentioned.When it comes to saving for kids, there are a ton of different options out there. Should you start a separate account for them somewhere and if so where? Mrs. R2R and I have a 6-year-old daughter and we’re starting to think through this whole problem right now. Here’s what we’ve figured out so far… First things first Before you do anything for your kids, you need to make sure to get your own finances in order. If you have any hanging debt (other than maybe your mortgage), you need to address