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Category: Personal Finance

Is A Million Dollars Enough? 'Millionaire' is On The Way Out

In this country, there is a definite fascination with the word 'Millionaire'.  It's a word which comes with all sorts of interesting associations - affluence and opulence sure, but also someone shrewd with business dealings, on top of their game, and always dealing - or possibly just extremely busy at work.  Interesting and fun word […]

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Historical HSA Contribution Limit

Every year, the IRS sets the maximum HSA contribution limits based on previous limits and inflation, measured by CPI. They maintain a number of variables, chief among them an individual limit, a family limit, and an age 55+ addiitional "catch-up" contribution limit. What is the HSA contribution limit in 2021? The 2020 HSA contribution limit […]

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Historical IRA Contribution Limit

Annually, the IRS sets a maximum IRA contribution limits based on inflation (measured by CPI). There are limits for an individual contribution and an age 50+ catch-up contribution. Since 1998, non-working spouses can also contribute up to the same limit as an individual. Whether an IRA is deductible or not is determined by a separate […]

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Historical 401(k) Contribution Limit

Every year, the IRS sets the maximum 401(k) contribution limits based on inflation (measured by CPI). There are actually multiple limits, including an individual contribution, an employer contribution, and an age 50+ catch-up contribution. If you're currently working at a company with a plan, we highly suggest familiarizing yourself with its mechanics and any matching […]

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You Should Max Out Your Retirement Accounts As Early and Often as Possible

Here's a hard truth: you should max out your retirement accounts as early and often as you can. Having money in tax-protected accounts gives you piece of mind now, and a cushion in case of unplanned issues and bumps in the future. The Failure to Contribute Is Costly We once read a piece in Bloomberg claiming […]

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Under 30? Here's Why You Should Invest in the Stock Market

Gallup releases a semi-regular poll on the state of stock ownership - and it is one of the more depressing poll reads you can find out there in the world.  To wit: only a little more than half of Americans have any investments in the stock market, at least self-reported.  And it's worse for young […]

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You Need to Have Savings In Your 20s

We're going to make the case that even though it can feel hard at times and you're probably nowhere near your peak earning years... you should make every effort to build savings in your 20s. When you're in your 20s, your greatest asset is your youth itself.  Not only does being young mean your (possibly […]

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When Having an Emergency Fund is the Right Move - Or, At Least, Not Counterproductive

We've got a bit of a hangup with emergency funds on this site - we feel that the advice to immediately save 6 months of living expenses in a low-interest high liquidity savings account isn't the best course of action for everyone trying to reduce their debt. In fact, the demand is counterproductive, in many […]

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Geographic Arbitrage: Savings Rates and Amounts Saved vs. Location

As I've mentioned before, I once moved from Texas to California. With this move came a significant increase in both salary... and cost of living. It led to my savings rate decreasing but my overall dollar savings level staying relatively the same. Today let's explore the pros and cons of working in a high vs. […]

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Why Should You Track Your Savings Rate?

Quick: after taxes, what was your savings rate last year? We can't blame you if you didn't answer – I mean, that's why you clicked on this post. We're going to tackle some thorny questions within: Why should you track your savings rate? Is a vague idea of your savings rate enough? Here's the preview: […]

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