Whether they’re personal or financial, life always comes with regrets. How many times in life have you uttered the words, “If I could do that over…” Probably many! Just like you I’ve wished for my fair share of do-overs. So today I’m going to share the 5 financial do-overs I wish I had, in hopes that you won’t make those same mistakes. 5 Financial Do-Overs I Wish I Had I wish I maxed out my ROTH contributions the moment I started making money. — If I’d put back $300-$500 a month back when I first began working at 16 years old, the compound interest alone would be unbelievable. However, like most young folks, I wasn’t looking toward the future. Obviously, I hadn’t grasped the concept of compound interest. Albert Einstein is attributed as saying, “Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn’t pays it.” Whether he said it or not, the truth behind that quote is undeniable. The power of compound interest is truly mind-blowing. I wish I had hatred of debt, the way I do today. — I hate debt! Hate it! I hate it! Hate it! I hate it! To see the crippling effect […]
Hey, guys, this is Justin Goodbread from Financially Simple. One of the questions I often get from our small business owners, is should I use a SEP IRA or a Solo 401k? Let’s peel these two investment vehicles apart and discuss some of the pros and cons to both.
The Dilemma of College Education The birth, or even adoption, of a child, is an exciting event in the life of any couple. Excitement can quickly turn to panic when you start thinking about the future though. Most parents automatically assume their child is heading off to college at some point in the future. It’s just the mindset our society ascribes to today. We tell them in order to be successful they should ultimately seek a college education, leaving little room that there is any other option in life. We’re basically telling them everything they do from Kindergarten on is to get them to college. Then life is planned according to what they do once they get to university. So what’s the problem with this? There’s a few actually. Colleges are pretty expensive. Many degrees cost around a whopping $100,000 in America. Not only are the parents expected to foot the bill but they’re supposed to start making plans for the child’s college education even before birth. With such an outlandish expense, parents spend their whole lives creating college saving accounts with the hopes of making sure that when the times comes, a college education of their child’s choice is affordable. They’re working […]
The tax deadline for most taxpayers was last Tuesday, April 18, 2017. The IRS has some advice for taxpayers who missed the tax return deadline. File and pay as soon as possible. Taxpayers who owe federal income tax should file and pay as soon as they can to minimize any penalty and interest charges. For taxpayers due a refund, there is no penalty for filing a late return Use IRS Free File. Nearly everyone can use IRS Free File to e-file their federal taxes for free. Taxpayers whose income was $64,000 or less can use free brand-name tax software. Those who made more than $64,000 can use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms. Fillable forms work best for those who are used to doing their own taxes. Taxpayers can file — even if they missed the deadline — using free options on IRS.gov through the Oct. 16 extension period. File electronically. No matter who prepares a tax return, taxpayers can use IRS e-file through Oct. 16. E-file is the easiest, safest and most accurate way to file a tax return. The IRS will send an electronic confirmation when it receives the […]