Using OPM to Pay Off Your Student Debt
Key takeaways Many younger people are focusing solely on paying off their student debt before trying to save any money. Consider how contributing to a 401(k) might help you pay off your student debt using other people’s money. Getting the debt out of the way through a 401(k) loan might be a smart move. […]
Keeping Your Finances in Check
Key Takeaways It’s important to check in on your finances on a regular basis. There are three main areas to examine when you’re doing this. If you’re not sure how to start, try using a 30/60/90-day sheet. Last year, we had a blog post on the Frugal February Challenge. Whether or not you participated, […]
Payroll Withholdings
Key Takeaways It’s important to understand your payroll deductions. Your withholdings will vary depending on a number of factors. Be careful not to over-withhold on taxes. The only sure things in life are death and taxes, right? Well, given that they’re unavoidable, let’s examine the latter, as it’s important to have an understanding of […]
Reallocating Your 401(k)
Key Takeaways If you haven’t checked your 401(k) allocations in a while, you may find that they’re no longer allocated the way you set them up. With the stock market increases these past two years, you may be more heavily allocated in stocks than you realize. Review your allocations on a regular basis to stay […]
How Your Money Grows with Compound Interest
Key Takeaways Compound interest is a powerful way to grow your money. The Rule of 72 helps you calculate when your money will double. When faced with the choice, grow (and take!) the bigger pile of money. Albert Einstein is credited with saying that compound interest is the eighth wonder of the world. While […]
Play Defense with Your Money, Roll Over Your Old 401(k)
Key Takeaways If you have a 401(k) plan from a previous employer, you most likely can roll it over to your current 401(k). When it comes to emergency funds, a loan from your 401(k) is a much better option than credit cards or higher interest loans. By rolling over your old 401(k), you’ll be playing […]
401(k) Vesting
Key Takeaways When you’re vested in your 401(k), you’re receiving Other People’s (your employer’s) Money. There are two different types of vesting plans: safe harbor and discretionary match. At a minimum, you’ll want to contribute to your 401(k) the matching amount your employer offers. What’s a great way to grow your 401(k)? How about […]
Pay Extra Towards Your Mortgage OR Put More Towards Your Savings
Key Takeaways Financial peace of mind holds a lot of importance for people, but can come in different forms. A common question in the financial world is whether to pay off a mortgage or build up savings. There are both subjective and objective answers to this question. If you were to ask people what their […]
Don’t Overwithhold Taxes From Your Paycheck – Build Your 401(k) Instead
Key Takeaways It’s common to overwithhold taxes, knowing you’ll receive a refund every year. Instead of overwithholding, consider putting that money into your 401(k) each month. By doing so, you’ll be implementing dollar-cost averaging. When you look at an optical illusion, you know that your brain will perceive different images depending on where you stand […]
3 Ways to Increase Your 401(k)
Key Takeaways Unexpected expenses are something no one enjoys, but they’re a fact of life. Some employers are ceasing 401(k) matches, due to difficult times brought about by the pandemic. There are some things you can do to account for the loss of an employer match to your 401(k). Needing emergency dental work. Suddenly getting […]