When I receive a question about cashing out a 401k to pay off debt, my short answer is generally no. It entails a lot of unrecoverable loss of long-term growth. We can make more money, but we cannot recover time. Nonetheless, there are some limited circumstances in which cashing out a 401k may be the … Continue reading “Should I Be Cashing Out My 401k to Pay Off Debt?”
I'm very much an advocate of getting out of debt. You're probably aware of that if you've browsed my site. Nearly all of the debt in our lives comes from the choices that we made. But one debt that all people have is something that no human being can ever repay. But it has been … Continue reading Resurrection Sunday: Our Biggest Debt Is One We Could Never Pay
If you recently received a large sum of money, you may wonder how to properly handle it. Here are some tips for making wise decisions.
Social Security sounds like a nice idea on paper, but the math tells a very different story. I can't stand seeing people lose so much money.
For the 2020 tax year, the IRS has made some changes that could affect your take-home pay and total federal tax liability. MSN reports that the changes do not affect the rates themselves, but changes the income thresholds for the brackets as adjusted for inflation. In 2017, Congress changed federal income tax rates and brackets … Continue reading IRS Announces Tax Bracket Changes for 2020
Step 3 of the Baby Steps program is to save three to six months of expenses in an emergency fund. This fund is not supposed to be used for shopping sprees, vacations, cars, sofa specials, or anything of that sort; only for true, emergency situations like a job layoff or medical incident. What to spend … Continue reading Where Should I Put My Emergency Fund?
If you're married, do you remember when you and your spouse were dating? Do you remember how much time you spent together, nurturing the relationship, building intimacy and trust over months and years? What you were doing during that time was concentrating your focus on the relationship, and you built it from the ground up … Continue reading The Power and Necessity of Focus
In Chris Hogan's recently published book Everyday Millionaires, he wrote about some really fascinating statistics on typical American millionaires. The truth is far from media portrayals. Few millionaires ever hold an executive position, nor are many of them celebrities or professional athletes. Most simply worked hard over their entire lives, stayed out of debt, and invested … Continue reading Millionaire Mindset: 97% of Them Believe This And It Makes ALL The Difference
For nearly two generations, Americans have come to see the Social Security program as the default retirement plan for when we end our time in the workforce. Since 1935, Social Security has provided retirees with a set amount of money each month, based on what they had to pay in during their working lives. Nearly … Continue reading Relying on Social Security for Retirement is a BAD Idea