Health Savings Accounts (HSAs) are relatively new to the health insurance field. An HSA is a tax friendly savings account that is available to anyone who signs up for a High Deductible Health Plan (HDHP), which must meet certain IRS requirements. Income Tax Benefits Unlike most retirement accounts, HSAs are double tax advantaged. Both your contributions and withdrawals to the HSA are tax exempt, . . .
Choosing to live debt free can be one of the most liberating choices you'll make, impacting far beyond your finances. A debt free life makes you flexible and resilient and frees you from lots of worry. Perhaps you've never been in debt before, or perhaps you've paid off all your debt. Or you might be currently paying off your debt, with the debt free life as your goal. Either way, having . . .
Warren Buffet once said that investing is simple, but not easy. He could have said the same about most of personal finance. Knowing what we should do with your money is often much easier than actually doing it. We know we should budget, but conveniently forget to make time to review our budget. We know we should save for retirement, but never get around to making our monthly investment. And that . . .
Dave Ramsey likes to recommend buying a house with no mortgage. As in, 100% cash. When I first read this in Ramsey's book, 'Total Money Makover,' I thought this was the dumbest suggestion I'd ever read. Because everybody knows that renting is just throwing money away. So, after a year of renting, my wife and I bought a house... with a mortgage. That was 5 years ago, so now I have 20/20 hindsight . . .
Suze Orman has been around for a while, as has her "Ask Suze" series. But, old doesn't mean irrelevant. These quick little books, styled in an FAQ format, are still packed with lots of relevant information. Suze Orman unpacks the details of how everything from annuities to Social Security work. With the FAQ style, you can decide to read the book cover to cover, or just scan through for questions . . .
Personal finance experts and bloggers love talking about net worth. Many people re-calculate their net worth on a monthly basis. It's a fun statistic in your personal finances that can give you a broad idea of what direction your finances are going. But too often it is misused, over-tracked, and over-valued. Net Worth Misused Using your net worth to examine your own finances is one thing. . . .
Many employees long to quit their day jobs to be able to work from home or while travelling the world. Some just want to be able to be their own bosses and set their own hours. Others just want a secondary source of income that can be pursued on a whim, whenever and where ever they feel like it. The good news is that collecting cans and bottles is not the only way to make a side income. Especially . . .
Money doesn't make you happy. Endlessly pursuing more money will likely rob you of your life and time and make you miserable. But sometimes, working a little extra at a part time job or freelance gigs for a temporary income boost makes sense. Emergency Fund If you don't have an adequate emergency fund, you're leaving yourself vulnerable to the emergencies and curve balls that life likes to . . .
The key to making personal finance work is spending less than you earn. A lot on this blog, and a lot of advice out there focuses a lot on the spending less part. You may have noticed that I even phrased the first sentence as "spending less than you earn", rather than "earning more than you spend". There's a reason for focusing on cutting your expenses. Often cutting your spending is far easier . . .
Buying a new car every few years is a lot of fun. You get the latest features, don't have maintenance headaches (barring a lemon purchase), and have the status symbol of a newer car. But if you're going for the most bang for your buck, trading out vehicles often is not the way to go. Maintenance Costs Less than Depreciation A common myth says that the amount you . . .