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How to get debt payoff priorities right… — There’s a difference between “being in debt” and “having debt.” You may think the difference is subtle, but it’s anything but… Being in Debt Back in 1992, I borrowed $6000 at 10.4% (!) interest to buy a used car. As I’ve written elsewhere, that was one of my biggest financial blunders. The $195…

My thoughts on what you can do to avoid poverty in your old age, and what six financial pros have to say — A few days ago I read this interesting piece by Mel Schlesinger titled “More Terrible Retirement Advice in the Headlines.” In the article he writes (among many other interesting and helpful nuggets), “Whether it is your family health history or the life expectancy at a given age, planning for anything…

Two scenarios where the answer is (unsurprisingly) “No,” and one where it’s “Yes!” — I was scrolling through Medium’s Money topic as I do most days when I ran across a piece by Matthew Boutte “Why spending passive income is radically different than spending earned income.” Wait what?! What’s that subtitle? “Or, why I might consider spending $10,000 on a couch” Really?! Spending $10,000…

Prosperity and happiness require you to learn to manage opposing priorities… — It’s a constant tension. Present vs. future. Future vs. present. Do I spend all my money on the fun stuff I want now? Do I keep it all stashed away for future needs? As kids, we reached for immediate gratification, almost without fail, being extremely present-focused. Sooner for some, later…

A data-based comparison of the cost per mile of driving 20 EVs vs. “typical” hybrids — Living in the suburbs, with both of us running businesses, my wife and I need two cars. Once Covid stopped shutting down everything, and given gas prices, we spent about $270 a month just on gas. That’s over $3200 a year! Crazy! In late 2021, I replaced my 10-year-old gas-powered…

Some are trivial, but some can sneak up on you… — Do you know how many Americans carry debt? I had to look it up but was unsurprised to learn it was 3 in 4 Americans. If you’re reading this, chances are you’re in that 75% majority who have at least some debt. I know I am, though I make sure…

A little-known provision of the new SECURE Act 2.0 lets you turn “stranded” 529 money into millions for your kid’s retirement… — I’ve written about them before. 529 plans are a great way to save for your kids’ college education, offering great tax benefits. And if your kids do get a college degree, they’ll make as much as $900,000 more over their lifetime. That by itself can help them become millionaires.

The dreaded Required Minimum Distribution may have become less dreadful… — President Biden just signed into law a bi-partisan $1.7 trillion omnibus budget bill. Tucked into that massive law is the so-called “Setting Every Community Up for Retirement Enhancement” (SECURE) Act 2.0, which makes some big changes to the American retirement-plan landscape. One of the big areas of change is the…

With 2023 within touching distance, will this be the year you finally become self-employed? — Whether you make the national median of about $54k or multi-six figures, being self-employed offers huge benefits over staying an employee. This is especially true if your employer classifies you as “exempt,” expects you to work long hours without overtime pay, yet pays you an underwhelming salary. You may have…