• 5 per page
  • 10 per page
  • view all
  • Sort by
  • Title A-Z
  • Title Z-A
  • Views desc
  • Views asc
  • Date asc
  • Date desc

How to Reach Financial Independence Even if You Do not Earn 6 Figures

Wouldn’t it be awesome if there was a real method to get rich quickly? Unfortunately, the only ones who get rich from get-rich-quick schemes are the scammers who sell them to people desperate to escape poverty. There are multiple paths to financial independence, and if you use several of them, you’ll need less time to achieve it. Here's a 4-step path to doing just that.

Read more…

Should You (Plan to) Retire Early and If So, What Do You Need to Plan?

Why Do You Want to Retire Early or (Dare I Ask) at All? The answer could be that you’ve had a series of jerk bosses and want to be done with working for them. Or your boss has you working 60 hours a week, but only pays you for 40 and even that at miserly pay. It could be your stress level at work is through the roof and it’s affecting your health and your family. I’m sure there’s any number of other possible answers. Whatever your answers are, how do you know if you’re ready to “retire" and how do you put together a bullet-proof plan for it?

Read more…

How to Prioritize Your Money When You Don’t Have Enough

A famous psychological paradigm called Maslow’s Hierarchy of Needs is built like a pyramid. “Needs lower down in the hierarchy must be satisfied before individuals can attend to needs higher up.” Maslow started with physiological needs: food, water, warmth, rest (if you’re an astronaut, you’d put air in front of all those). Next, safety needs: physical safety and personal security. Then he proceeded to psychological needs such as belonging and love, esteem, and self-actualization. Similarly, when considering how to allocate your money, there are needs you must attend to first, then other needs, and only once all needs are attended to can you proceed to your wants. Here's how you can use this Maslow-like pyramid to prioritize your own financial needs and goals.

Read more…

The 4 Pillars of Healthy-Couple Money and How You Can Build Them

Money may make the world go ‘round, but for most of us, it also triggers negative feelings - shame, guilt, obsession, blame, fear. It’s no wonder more than two of every three couples regularly argue about it, and that it’s one of the main contributing causes to divorce. Partners accuse each other of frivolous spending, out-of-control credit card debt, and debilitating frugality. You name it, if it’s a negative money-connected issue, it causes friction. But it doesn’t have to be that way for you.

Read more…

Pay Off Your Mortgage ASAP, but then Again, Maybe Not?

Like almost every homeowner in the US, I purchased each home with a mortgage. Like many, I had to decide if I wanted to make extra payments toward principal, paying off the mortgage sooner, or divert the extra cash to savings and investments. As in all things personal finance, the answer to the question, “Which is the right choice?” starts with, “It depends...” In this case, it depends on how comfortable you are with the psychological factors that arise from picking the option that is financially smarter.

Read more…

Why Retiring Can Be Dangerous (Plan for This Instead)

A 2016 study published by the Institute of Economic Affairs, a London-based think-tank, found that retirement “increases the probability of suffering from clinical depression by 41 percent.” Further, doubling the number of years spent in retirement was found to “increase the probability of suffering from clinical depression by 17 percent.” Here's what you should strive for instead...

Read more…

What Do You Know About Credit Cards? I Guarantee You Don’t Know at Least Some of These…

Credit cards are incredibly convenient. A wallet-sized piece of plastic weighing as little as 5 grams (about 1/6 of an ounce), with zero intrinsic value, lets you make purchases of thousands of dollars or more (depending on your credit limit). Learning everything you can about credit cards so you maximize your rewards and minimize your costs can free up money to juice up your path to achieving your financial goals. Here's some information that can help you do just that.

Read more…

7 Simple Things I Do to Make Money Off My Credit Cards (that You Can Do Too)

Finding simple ways to turn a potential financial trap into a money-maker can help you achieve your goals. On average, each year my net savings get “juiced” an extra 1.5% due to credit card rebates, rewards, and promos. Here are 7 simple tips on how you can do the same.

Read more…

Go Ahead and Buy It, It’s OK

While it's important to be thoughtful when you choose what to spend money on, how much to spend, and when, don't overdo frugality to the point that you can’t enjoy your life. Too many adherents of Financial Independence, Retire Early (FIRE) go so far overboard that after a few months or years, they fall off the wagon completely, and then go too far in the opposite direction. Avoid that by following Seneca the Younger’s admonition: “Everything that exceeds the bounds of moderation has an unstable foundation,” while keeping in mind Oscar Wilde’s rejoinder, “Everything in moderation, including moderation.” Here's how you can tell if and when it's ok to go ahead and buy what you want.

Read more…

Low Inflation Helps Your (Taxable) Portfolio

The U.S. tax code is famously complicated. Congress, over decades, has enacted tax measures (and will continue to do so) that it believes will benefit society (or at least segments of society that they care more about than others, a.k.a., earmarking or pork). One aspect that bewilders me is that we’re required to calculate as income interest and capital gains in nominal dollars, which means that you have to pay income taxes when you don’t really make money. Here's how it happens.

Read more…

Use a 529 Plan to Save for College (and Save Thousands of Dollars)

Talking with a friend who has four kids, I suggested he look into using 529 plans for their college savings. I’m not sure if he ended up following the advice, but my guesstimate is that it would have saved him tens of thousands of dollars over more than a decade. The savings are greatest if you start saving as soon as your child is born, but if your state has income taxes and provides a tax benefit for 529 plans, you can save thousands even if you never save a penny for college expenses. Here's how.

Read more…

How Your Opportunity Costs Shrink Over Time

It's not every day you'll hear a financial person suggest you spend more, but in certain circumstances, that's the right thing. As my grandmother would say, “Ever since they invented death, nobody is safe in this life.” Nobody promises us we’ll actually live to retire, so make sure to enjoy at least some of your hard-earned cash today. Balance your future self’s needs and wants with those of your current self. But remember that this balance changes over time. Here's why.

Read more…

Your Crucial Money Moves for the Next Few Months

As a financial strategist, I'm constantly looking for ways to improve our personal and business finances, and then extracting from what I come up with ideas that can benefit others like you. Recently, the things I've been working on include trimming discretionary spending, finding ways to reduce interest on debt (e.g., refinancing our mortgage), and increasing our emergency fund. The ongoing pandemic-caused upheaval has brought financial and health emergency situations far too close to home for far too many of us. That's why I've tried to distill my thoughts on what the crucial next steps are for people in different circumstances.

Read more…

Make the Most of Your Employer’s 401(k) Match

A while back, one of my daughters made my day by asking me a question. A question may seem like an odd thing to make one’s day, but this one did… She asked me how to make the most of her employer’s 401(k) match. This made my day for several reasons. (1) She trusts me enough to ask financial questions (no small thing for a parent!). (2) She’s saving for retirement even though she’s still in her 20s. (3) She’s savvy enough to make sure she’s getting the most “free money” possible from her employer. Here's how I suggested she make the most of her employer's 401(k) match. If your employer matches retirement plan contributions, it should help you too.

Read more…

What Are Your Job and Time Really Worth?

When I started doing contract work on the side, I was shocked by how much more I made from that side hustle than I did at my day job. My first gig brought in almost three times more than my regular job! And yes, not only does this say something good about the gig, it also says something sad about my salary back then. Had you asked me then what my hourly rate of pay was at my job, I’d quickly calculate it for you since I’ve always been great with numbers. Only one problem… my answer would have been dead wrong. Here’s why.

Read more…

How to Maximize Social Security Benefits for Your Spouse

Social Security benefit rules seem to be designed for maximum complexity and confusion. With multiple benefits, requirements, and amounts depending on specific scenarios, it’s impossible to cover all of it in one go. Since the information on SSA.gov leaves something to be desired, here’s how to maximize your spouse’s benefits, especially important if your income isn't in the top couple of percentiles.

Read more…

When Interest-Free Offers Aren’t

I had just moved my family to the U.S. and bought a used Ford for $8000, financing $6000 of that with a 3-year auto loan with a 10.4% interest rate. Ouch! Salvation came in the form of an incredible convenience-check offer. That was then. Today’s convenience check offers are simply a thinly veiled invitation to get yourself into financial trouble by borrowing more against your credit than you would otherwise, thereby routing much more of your hard-earned cash to line the pockets of your credit card issuers.

Read more…

Managing Your Money in a Crisis

There’s no question. We’re in a major financial and economic crisis, worse than any most of us have ever lived through. In just 2 weeks, 10 million workers filed new unemployment claims. The Congressional Budget Office projects unemployment to exceed 10% during this 2nd quarter of 2020, and the economy may contract faster than a 28% annualized rate! If you’re still working, your employer may have cut your hours, and may be considering furloughing or even letting go employees. If you’re self-employed, clients may be staying away, cutting back, putting plans on hold, or outright canceling them as they try to stem the tide of red ink. Scary. But all is not lost…

Read more…

Your First Step Toward Retirement - a Step-by-Step Guide to a Plausible Budget

If you want to ever be able to retire, you have to start building the foundation now. Your first step is to know what income you’ll need in retirement. Here's a 4-step guide for creating a plausible retirement budget, an alternative method that lets you double-check your results, and 5 under-appreciated big-ticket items that risk your retirement success.

Read more…

If You’re Scared to Invest in Stocks, You’re Scared of the Wrong Thing

It was the early 90s, I was in my 30s and having to support a family of 4 on a $31,000 salary. Finally, I managed to scrape together $1000 to set aside for retirement. It was time to decide how to allocate the investment. Frankly, I knew next to nothing about any options beyond a savings account, so I spent dozens of hours at the university library reading the Morningstar Mutual Fund Directory to educate myself. It was an eye-opening exercise. It was immediately clear that unless I could set aside a lot more than I thought I’d ever be able to, I couldn’t expect to ever retire if my investments didn’t return a lot more than the interest of a savings account. That meant taking on more risk in the short and intermediate term, but less risk in the long run, by allocating most or all of my investments to stock mutual funds. Especially in the current situation, with the S&P 500 recently as much as 34% off its recent peak, and still more than 26% off that peak, investing in stocks seems scarier than it has been in a very long time. However, if you're afraid of investing in stocks, you're not afraid of the right thing.

Read more…

15 Coronavirus Pandemic Silver Linings to Brighten Your Day

I tend to be an optimist. Not a Pollyannaish one, but I always try to see the bright side of things. It’s part of how I stay focused on things I can affect, without letting the things that are out of my control paralyze me. Still, like almost everyone, I’m finding this a trying time. Whether its concern about those directly affected by COVID-19, or about what our economy will look like in a month, two months, six months, a year; or something as relatively mundane as whether my favorite neighborhood gym will survive to reopen its doors when the pandemic is over. To help cope with these dark thoughts, I put together a list of things to be grateful for, silver linings in a dark storm. I hope these will brighten your day at least a bit, like they have mine.

Read more…

Survive the Bear Market without Losing Your Mind or Your Shirt

First, let’s acknowledge that the COVID-19 pandemic has far more urgent and critical implications than what’s happening in the stock market. There are tens of thousands of people worldwide in intensive care, in comas, dying, and dead! As much as we hate to think about it, short of a vaccine being developed, tested, and massively deployed in far less time than most experts believe to be possible, those figures will grow by orders of magnitude! However, beyond trying to minimize the risk that we personally infect or get infected by others, and not hoarding hand sanitizers or toilet paper (Really?! Toilet paper?!), there isn’t much that most Americans can do to help the broader situation. All that said, our financial behavior in the coming days, weeks, and months will have a major impact on our long-term financial outcomes, and those of our families. This is especially so when it comes to planning and investing for your retirement (you're already doing that, right?). Here's how you can survive the ongoing market bloodbath without losing your mind or your shirt.

Read more…

Here Are 3 Ways Investing in Mutual Funds Can Cost You a Lot

I’ve been investing through mutual funds for decades now. It’s not the sexiest way to invest, I know. It also can have some serious drawbacks if you’re not careful and/or get unlucky. Here are 3 ways it can hurt your results, and what to do about it.

Read more…

The Legal Theft Called Private Mortgage Insurance (and How to Avoid It)

When we bought our first home, we couldn’t afford the recommended 20% down payment. Heck, we could barely afford to bring $10,000 cash to the closing table. We could have done what many people do in similar circumstances, and taken out a mortgage for more than 80% of the value of the home. However, that would have required us to pay for private mortgage insurance, PMI, which can cost up to 5% of the total costs of the mortgage, and only helps the lender. Here's why that's such a bad idea, and what you can do instead.

Read more…

7 Budgeting Mistakes You May Be Making and What to Do Differently

We had just moved to the US. We were 30 and had two toddlers. My salary was $31k and my wife wasn't allowed to work. Budgeting wasn't optional. Almost obsessively, I’d review our budget over and over, trying to figure out what we could remove or at least trim. I’d try to convince myself that we could cut our grocery budget by $100 or even $50. Somehow, by the end of the month the total spent on groceries was the same as it was before. Lunch was a sandwich from home, or at most a fast-food “meal.” Dinner was often a few $0.20 packets of supermarket ramen noodles. When we discovered that we could get a cooked meal from the local hospital cafeteria for the same $3 as a Big-Mac Meal, that was a huge deal. Here's what I learned during our journey from there to our very different present situation.

Read more…

Use a Roth IRA to Counter the Costs of the SECURE Act

When I made my first IRA contribution of $1000 back in the early 90s, I got a $262 inflation-adjusted tax benefit. Had there been a Roth option back then, my ultimate benefit would have been $3800, more than 15-fold higher. Since their establishment, Roth IRAs have always been a sweet deal for most people (though only ~10% of IRA balances are in such accounts). However, with the SECURE Act just implemented, Roth accounts offer an even more important estate-planning tool. Here's why and how Roth IRAs could give you and your inheritors millions of dollars more than traditional IRAs.

Read more…

How the SECURE Act Hurts Your Retirement Planning and What You Can Do About It…

As lawmakers like to do, they recently tucked into a must-pass bill some last-minute changes to the tax code. These specific changes will hurt retirement planning even for the middle class. The so-called “SECURE Act” was inserted into a $1.4 trillion spending bill that had to pass to avoid another government shutdown. President Trump signed the bill into law on December 20. Here’s how the new law is supposed to help you, how it actually hurts you, and what you can do to minimize the damage.

Read more…

If You’re Renting Your Home You Need to See This

I was in my late 30s and still renting. I knew I was throwing money away each month. Hundreds of thousands of dollars down the drain by then. I knew I had to do something about it. But just thinking of scraping together a down payment and paying a mortgage on pain of losing the house seemed overwhelming. Then I did the actual math and realized I actually could afford to buy a home. A couple of months later, when I first stepped into the first home we owned, the feeling was indescribable. Now, doing the math to compare renting to buying in general, I show that (with a few important exceptions) if you're renting you need to seriously consider buying a home as quickly as possible. Here's the proof.

Read more…

Save Money on a New Car in 4 Simple Steps - A Definitive Guide

Since arriving here in 1992, I bought a grand total of 5 cars. Each time I bought a car, I learned something new. For example, I learned that it’s much better to buy cars new and drive them for at least 10 years. Next, I learned the importance of buying reliable cars that get good gas mileage. I also learned the critical importance of a good credit score. The most important thing I learned is that even if you're not a born negotiator, spending some time to educate yourself on the market for the car you want can save you thousands of dollars. Here's a step-by-step guide on how to do that.

Read more…

How a Side Hustle Lets You Reach Financial Independence Faster

There are three separate but related ways to reach financial independence earlier. Increase your savings rate, decrease your planned retirement budget, and/or increase your income while investing the new money. Any of these will work. The first two are harder to sustain than the third, but even that one isn’t easy. Here's a table that shows you in actual numbers what it would take.

Read more…

Why Buying a New Car Makes More Sense than Buying Used

You’ve thought about it and ruled out walking, public transportation, Ubers, and even renting a car only when you must. None of that works for you. You’re getting a car of your own and that’s that. Your options are to (a) buy new, (b) buy used, or (c) lease new. Which makes the most sense? Many financial experts will tell you that buying a used car is your best bet. Here's why they're (mostly) wrong.

Read more…

Here’s How to Shock-Proof Your Retirement Plan (Once You Have One…)

Dad was several years older than Mom, and toward the end of their lives, in poorer health than hers. "Do you guys have a plan in place to take care of you if and when Dad passes away before you?" I asked. For obvious emotional reasons, she refused to even think about it. Less than two years later, Dad passed away and we had to scramble to make sure Mom was financially secure. Dad’s pension and social security benefits dropped more than 40% once he passed, while Mom's expenses dropped by only 20%. Shocks like this can derail your retirement plan, if you even have one. The following details some of the more likely shocks, and tells you how to keep your plan on track.

Read more…

Over a Trillion Dollars! The Costs You Pay for High Credit Card Debt

Credit card debt in the US recently topped a trillion dollars, $1.08T, according to debt.org. That’s over 26% of the $4T-plus total US consumer debt. On average, each household with credit card debt owes nearly $8400 on their average of four-plus credit cards. If you’re part of those statistics, do you really know all the costs you pay? Check it out…

Read more…

How to Safeguard Your Retirement Plan from the 7 Biggest Risks - Abridged Version

You spend a lifetime working hard, and saving as much as you can for when you no longer can or want to work (a.k.a. retirement). The last thing you want is to get to that point, only to have something devastate your retirement fund just as you're about to start drawing it down. Here are the top 7 risks, and what you can do to minimize them.

Read more…

You May Need a Lot More (or Less) than you Thought to Retire

The well-known 4% retirement rule says that you can expect to safely withdraw 4% of your retirement portfolio in your first year of retirement as your initial draw amount. Inverting that, you'd need 25x what you expect to need in your first year in retirement. However, new research points out that your personal situation can change your personal safe withdrawal to a lot more or less than 4%. Here's what that research says.

Read more…

Here Are the States Whose Residents Are Really Best at Managing Their Money

CreditCards.com recently reported that the state whose residents are best at managing their money is South Dakota, followed by Montana and a three-way tie between Wisconsin, Maine, and Vermont for 3rd place. This ranking places Texas, Maryland, and Washington DC at the bottom of the pile. As a Maryland resident, I smelled something fishy here, so I started digging at the data. Here's what I found.

Read more…

Why a Roth IRA Is Almost Certainly Better for You than a Traditional IRA (and When It Isn't)

It was 1993 and I was a post-doc at Texas Tech. I had just had a conversation about saving for retirement with a grad student from UCSD. Although he was still in his twenties, he was already setting aside money and investing it for retirement. I guess I should be doing the same, I thought, and invested in a traditional IRA. Back then, the Roth IRA had yet to be established. Now that it is available, you would most likely be better served by a Roth than a traditional IRA. Here's why, and the few situations where it might not be so for you...

Read more…

3 Things You Need to Know About Advice from Financial Gurus (that They Won’t Tell You)

I love quotes with a delicious twist like “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” or “Always remember that you are absolutely unique, just like everyone else…” (apparently both mis-attributed, the first to Mark Twain, the second to Margaret Mead). Here’s another, that may have originated from Albert Einstein, “Everything should be made as simple as possible, but not simpler.” So, what do all these quotes have to do with advice from financial gurus? Simple (pun intended), finances are complicated, the right thing to do depends on your unique circumstances, and following gurus’ advice slavishly will frequently get you in trouble because you think you know something, but in your specific case it may just not be so. Here are some examples where advice that's great for most people may be the worst advice for your personal situation.

Read more…

Easily figure out your average expenses (and a plausible budget)

Article after article on personal (and business) finance exhorts you to create a budget and a financial plan. You’re finally (reluctantly) willing to do it. But if you’re gonna do it, you really want to get it done already. Waiting with that budget for months to track your spending doesn’t cut it. You wish somebody would tell you at least if your spending is in line with your income, without having to go through every line of every statement of every account for the past year! Well, wish no more. Here’s a quick hack that will tell you exactly how much you spent in the last 12 months by just adding and subtracting a few numbers, and help you create a plausible budget from it.

Read more…

Three simple secrets to financial success (that don’t involve budgeting and forgoing a daily latte)

“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each” - Tim Gurner, Australian multi-millionaire. Deriding millennials for eating out too much isn't new, nor more true of them than other American generations. Any number of financial gurus have repeatedly suggested that people bootstrap themselves out of financial problems by brown-bagging lunch instead of buying a sandwich, forgoing a daily latte, or avoiding any other of a host of small daily or weekly purchases. However, that advice simply ignores our humanity. Here are three simple ways that don't involve denying yourself small daily pleasures, that are mostly within your control, and that will help you reach financial independence more quickly.

Read more…

Achieve Financial Freedom by Asking Yourself This Before Buying Anything Significant

... and It Isn't "Do I buy or not?" As I shared previously in "Embrace Your Humanness – A Practical Guide to Having More," I would have been better off had someone shared with me this hard-won piece of financial wisdom when I was 30. It was November ’92, and I was looking at the first car I’d ever buy in the US, a 3-year-old 3.8-liter Ford Taurus LX. Buying it took most of my cash on hand, plus $6000 borrowed at 10.4% annual interest rate. The payments were almost 10% of my after-tax salary! I could have, heck, should have found a car that cost half as much, even if it meant buying a 5- or 6-year-old midsize. But I was hooked, and the used-car salesman reeled me in. Here's what I wish someone had taught me.

Read more…

Should You Buy or Rent a Home

I recently read a piece called “Buying vs Renting A Home (DEBUNKED),” where the author makes the case that renting is much better than buying for a variety of reasons mostly having to do with how little of your mortgage payment goes toward the principal for many years, and all the other expenses of home ownership. As a landlord myself, I’m all for people wanting to rent, especially my properties :). However, I believe most people in most situations would do better buying their own homes. Here's why.

Read more…

Make a Massive Difference in Your Life Through 1% Changes

When I moved to the US many years ago, I was married plus two, just out of grad school, and in debt. My salary was a whopping $31,000, and being over 11,500 miles from home, Ramen noodles frequently served as dinner— you know, the type that comes dried, powdered, and sells for under $0.30 a packet? When we discovered that a hot meal at a local hospital cafeteria was under $3, that became our new go-to place for lunch. Creating a plausible budget and sticking with it wasn't easy, so I was always on the lookout for opportunities to improve our situation. Fast forward many years, and our situation is frankly unrecognizable (in a good way). Here's what worked, and how.

Read more…

Embrace Your Humanness – A Practical Guide to Having More

At first glance, personal finance may seem disconnected from running a practice, but it’s really all part of one (financial) system. How much you need to support your family informs how much you need to charge clients. Your ability to control spending at home translates to a similar ability in your practice. What’s left over after you cover business expenses determines what goes into your personal account. Here's a simple painless strategy for saving a lot more for the future without scrimping on your current budget.

Read more…

I Have Good News and Bad News for You

I love telling stories, and this time I have a few short ones to share that all combined in my head and led me to an important insight on dealing with the ups and downs of life in general, and our practices in particular.

Read more…

Reframe Your Procrastination to Power Breakthroughs in Your Practice

Mark Twain jokingly attributed to Benjamin Franklin a celebration of procrastination – “Never put off till to-morrow what you can do day after to-morrow just as well.” Joking aside, I’ve come to appreciate my own instances of procrastination as a deep probe into what my mind shies away from. If you’re like me, when you find yourself procrastinating, it’s almost always because your subconscious mind finds the task overwhelming, unpleasant, or unclear. Here’s how you can reframe that procrastination from something you might be ashamed of to a source of breakthroughs, both personal and in your practice.

Read more…

5 Secrets You Can Use to Achieve Long-Term Success - Part 2

In the first part of this article, we looked at how acknowledging our emotional/cognitive limitations is a crucial, if perhaps non-intuitive part of your long-term financial success. I also explained why I disagree with financial “gurus” and much of their advice on buying homes and prepaying mortgages. In this part, we start with another non-intuitive but compelling factor to your success, follow with a system/process “secret,” and conclude with how and why opening your own practice can be a critical part of your roadmap to success.

Read more…

5 Secrets You Can Use to Achieve Long-Term Success - Part 1

If you’re a fan of Suze Orman or Dave Ramsey, this article will challenge you. My advice on how to achieve financial success is very different from what such financial “gurus” have to say, but I have good reasons for it as you’ll read here. While I don’t know of any way to get rich quickly without unacceptably high risk (e.g., playing the lottery or day trading), you can achieve long-term financial success. Good fortune (think great stock market returns or marrying somebody who’s already wealthy ;)) helps but isn’t up to you or me. In this two-part article I cover five things you can control in your professional and personal life that help achieve long-term success.

Read more…

Lessons from My Accidental Journey into Entrepreneurship

Have you ever found yourself in a job where you’re required to do things you don’t care to do, paid less than you’re worth and less than others in similar positions, underappreciated by your supervisor, and with no path forward? That’s exactly how I felt. Despite years of attempts to change things without leaving, or to find a position at a different institution, I couldn’t seem to get unstuck. After 16 years with a mostly stagnant salary, fear was stopping me from making the sort of radical change that was my only hope. This was not a situation unique to me, and my journey from that low holds some important lessons about entrepreneurship and starting your own private practice.

Read more…

How to Make Your Kid a Tax-Free Millionaire

Year-end is a good time to think about your taxes, especially in a year that saw the biggest changes (like them or not) to our federal tax code in more than a generation. The famous (and often misattributed) quote goes, “‘Tis impossible to be sure of any thing but death and taxes.” (Christopher Bullock, 1716). More than 200 years later, medical researchers keep trying to disprove the certainty of the former, while Washington DC keeps proving that of the latter. A while back, I found a loophole that lets you legally help your teenager become a millionaire without his or her paying a dime of income tax, for less than $20,000! This loophole seems to be unaffected by the new tax law, and I can show exactly how to take advantage of it.

Read more…

The Best Way to Pay Off all Your Debt

We’ve all been there. Student loans to help pay for tuition, a business loan to help rent an office space and furnish it before you see any paying clients, or credit card debt to cover expenses while you start building your practice – it’s tough to get your education and start a practice without incurring debt, and usually many sorts of debt. If that describes you, what’s the best way to pay off all that debt?

Read more…

Retirement Plans for Solo Practitioners

Retirement plans are an important topic for solo practitioners, which I plan to cover more fully in my upcoming video course. However, I don’t want to hold off

Read more…

No results found