If youâre self-employed or youâre a small business owner with no employees other than a spouse, a Solo 401(k) or individual 401(k) can help you save considerably more for retirement than you could with just an IRA. This type of account comes with astronomical contribution limits ($58,000 in 2022) when you consider both the employee […]
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With so many self-employed workers in America, lenders have had to come up with a way to find out if theyâre eligible to get a mortgage. For the most part, […]
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Want to grow wealth but donât want to have to spend hours poring over your investment portfolio or investment decisions? If so, a lazy portfolio may be right for you. Lazy portfolios are designed to generate returns without requiring constant ⦠Continue reading â
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Real estate technology companies have been providing invaluable innovations over the past few decades, especially since the rise of mobile computing and wireless internet access. One of the most notable of these companies is Compass Real Estate Technology, which offers incredible ways to make your life easier if youâre currently house hunting. One of the […]
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What happens when a half dozen money nerds spend 48 hours together in Clearwater, Florida Do they romp on the beach? Swim in the ocean? Cook dinner together? Drink copious quantities of alcohol? Stay up until three in the morning, laughing and telling stories? Yes. Yes, they do all of these things.
But they also spend a lot of time talking about money. A lot of time talking about money. (That’s what makes them money nerds!)
For the past few days, I’ve been hanging out with some of my favorite fellow money nerds, including Mr. Money Mustache, Paula Pant (from Afford Anything), Joel (from FI 180), Marla (featured on this Mad Fientist podcast), Ben (who wrote this MMM article about how he gets his cars for free), and the effervescent Heather, who has no blog connections at all â but might someday.
Our little group has discussed many financial-related matters this week, some serious and some silly. One particular topic has occupied a great deal of our mindspace.
I’m not sure how it came up, but during a conversation between Ben and Paula, he asked what she’d do if she were given $100,000 with no strings attached. She said that she’d buy another rental property. (Paula is building a burgeoning real-estate empire.) Paula asked Ben how he would spend a $100,000 windfall. He didn’t know.
Paula and Ben then dove deeper. They tried to attach conditions to this theoretical $100,000 to see how that altered their answers.
As a general rule, you cannot deduct the interest that you pay on a personal or family loan. The IRS considers these standard lending products, with the same rules whether you borrow from a family member or the bank. However, ⦠Continue reading â
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Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If youâre married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust. This ⦠Continue reading â
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