Super Saving Tips

How to Avoid Paying Income Tax in Retirement

January 31, 2020 January 30, 2020

Everyone has to deal with taxes; they’re oftentimes unavoidable. But if you play your cards right, you can spend as little money as possible on them. You may even be so lucky as to avoid paying income tax altogether in retirement and get this… the government might actually give you money when tax season rolls around in a little something called the EITC, the Earned Income Tax Credit.

You can maximize your finances if you avoid paying income tax in retirement. Here are 9 types of money that aren't taxed, plus money you might get for free!

Retirement won’t save you from the tax forms and some headaches, but there is money you get that Uncle Sam can’t touch, as long as you play by the rules. And you have to know and understand the rules to win this game. So pay attention now and learn how you can actually avoid paying any income taxes on these things when you hit retirement!

Saving & Investing

Saving Money Should Be Easy, So Why Is It So Hard?

January 28, 2020 January 28, 2020

Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

With early and continued exposure to personal finance and economics, kids today are growing up to be better savers, investors, and borrowers, according to the Council for Economic Education. The expectations are that they can and will make better financial decisions for themselves and their families in the future. But, then what about you?

Saving money isn't as easy as it should be, so follow these saving money tips to increase your funds. Every little bit helps!

If saving is just a matter of “education”, well you aren’t living on a remote island someplace, are you? It’s the 21st century and you are getting money advice from everywhere these days, so what is the problem? If saving money is just a matter of educating yourself, then saving should be easy. So why is it so hard?

Income and Career

How I Got My Best Job Ever and Why I Hated It!

January 24, 2020 January 24, 2020

Do you spend time daydreaming about getting a really great new job? You know, one that will give you all the opportunities to grow and shine and fulfill all of your potential. Of course, it will also pay you way more than the job you currently have and that means success and security for you and your family. That’s one good reason that you get up every morning and go to work in the first place. Financial security and job fulfillment all rolled up into one big ball sounds like a pretty good deal, doesn’t it?

Here are the steps I took to get my best job ever, along with a caution about why I ended up hating that job.

That’s what I always thought and let me tell you this, it doesn’t always quite work out that way. Sure, earning a bundle and getting a title, a company car, perks and prestige sounds like a dream to you, but keep in mind a big key word here: work! They don’t call it “vacation” for a good reason, so while you may dream about some pie-in-the-sky opportunity, it might lead to you getting the “best job ever” and you might wind up hating it!

Food, Frugality, Home, Shopping

Stop Buying These 8 Things and Save $6,320 This Year

January 21, 2020 January 21, 2020

Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

There are lots of articles about how you can save money by changing your lifestyle, sometimes even turning it completely upside down. I have even preached about such things as downsizing your home and even giving up your car and of course when you do those things you will save a ton of money. Those are real ways to do it if you are ready to really make big changes in your life like when you are entering into retirement or after the kids are gone and off on their own.

You can save money by making big changes or by cutting every luxury. But if you simply stop buying these 8 things, you can painlessly save more than $6,300.

Yet there are other little ways to save a lot by cutting out just a few of the small guilty pleasures in your life. People also write about some of those obvious money wasters and non-essentials such as Starbucks lattes and the high cost of cable premium channels that can really add up your expenses every month. But, life is too short to give up all of the little perks in life you love, isn’t it?

So what can you really do to save big money right now?

More, Personal Finance

Are Personal Finance Blogs Really Important?

January 17, 2020 January 16, 2020

I’m not the kind of person who thinks of himself as really important. I mean, yes I am important to my family and friends, but I mean important in the sense that I should be treated “special” in some way when it comes to discussing and writing things about personal finances. I don’t get much recognition or praise and that’s fine. Sure, it would be nice, but I am happy that so many have reached out to me over the years with comments and views and that number has kept on growing every year. Thank you so much. But I don’t do it for attention. Why I write is based on a couple of things:

Recently some people have suggested that personal finance blogs are repetitive and boring. But they are really important. Here are two reasons why.

I think that sharing my money experiences in life—both the good and bad—can help others
I have definite opinions about money habits that make sense if you apply them to yourself

Retirement

The SECURE Act: The New 2020 Retirement Plan Rules

January 14, 2020 January 13, 2020

With all the news we are bombarded with every day, you may have missed this information which is new and will affect every single person in some way in their life. It is the passage of the new SECURE Act which became the law effective January 1, 2020 and changes retirement plan rules.

The new SECURE Act has made some important changes to retirement plan rules that you need to know. Here are some of the details and how they may affect you.

The new law has 29 new provisions or major changes, but I want to focus on just a few major areas. Some of this news is good news and some of it could be bad.

Health, Personal Finance

How Someone with a Disability Can Plan Now to Make Long-Term Care Fit Your Financial Picture

January 10, 2020 January 9, 2020

For today’s guest post, please welcome Ed Carter, a retired financial planner who uses his expertise to help people with disabilities plan their futures.

It’s an unfortunate reality that many adults with disabilities are faced with financial challenges. According to a report from the National Disability Institute, adults with disabilities are three times more likely than others to have trouble paying medical bills, and 55% of individuals with disabilities do not have savings to cover a financial emergency. These concerns are troubling at any age, but when you think about paying for care later in life, financial planning takes on a new meaning. This is why it’s so important to make a financial plan now to safeguard your future.

It's important for individuals who have a disability to plan financially for their long-term care. Here are three steps to take in planning for the future.

Make Sure You’re Covered

If you haven’t done so recently, start by reviewing benefits you may be eligible for, including Medicare, Medicaid, Social Security, and more. You may be surprised by the types of services you can access, such as housing assistance and special savings accounts for individuals with disabilities. Make sure you’re also taking advantage of all tax benefits that you’re eligible for.

Shopping

The Best Time to Buy Things This Year

January 7, 2020 January 6, 2020

Please note this post contains affiliate links which help to fund this blog at no cost to you. Thanks for your support!

Every year I am amazed at how many people ask me when is the best time to buy certain items that they need. Unfortunately, my reaching out to a few friends and acquaintances helps only a little bit. Most people buy things on impulse or just when they absolutely may need something and never have a well-made plan when they do it. No matter how many times I see it, I have to shake my head and ask, “Why didn’t you wait or didn’t you know that it was just on sale last week?”

To get the best deals, it helps to know the best time to buy your purchase. Here's a month-by-month guide to finding the hottest bargains.

The prices of most things that are “on sale” are sometimes questionable. By that I mean: sale prices are determined by the retailer and that’s why items at one store’s prices are sometimes very different from another. Competition has an effect and helps keep prices in line and similar, but not always. There are other factors such as seasonality, store location (like a resort gift shop compared to your local Kohl’s store when you need a bathing suit, LOL), and the amount of inventory a store has on hand at any given key time of the year.