Oct 30

Oct 30 Book Notes: Financially Stupid People Are Everywhere (4 Rules to Follow to Be Financially Smart)

Financial Books, Financial Education, Taxes

“They sit mesmerized before advertising campaigns telling them to buy trifles they don’t need using debt they can’t repay.”

In “Financially Stupid People are Everywhere: Don’t Be One of Them,” Jason Kelly opens your eyes to the debt driven world we live in and what you’re up against in society. He posits the only way to truly safeguard your own well being is to look after yourself. Provide security and ensure your freedom by following the 4 financial rules that will keep you from being financially stupid.

Jun 3

Jun 3 Like Jon Snow, I Know Nothing: Why Learning is a Lifelong Journey

Anna

Financial Education

"Ah, but a man's reach should exceed his grasp, Or what's a heaven for?"

This past week I went to Washington D.C. to attend a real estate software conference. This was my 3rd time going and every time I leave I think my head is going to explode with all the knowledge I’ve just added. This smack in the head is my annual reminder that like Jon Snow, I know nothing. Well, not completely nothing, but probably 1% of what this software is capable of. It’s eye-opening and very humbling.

Apr 15

Apr 15 The End of An Era: Goodbye Marriage Penalty

Anna

Relationships, Financial Education, Taxes

50 years. That’s how long it took to get rid of the “marriage penalty” in our federal tax system. What’s even worst is that some people never even knew it existed. The marriage penalty arose if two married individuals, both earning income, paid more in taxes if they file with under “married filing jointly” than if they filed taxes separately under the “single” tax status. How is this possible? It’s because the income tax brackets from single status did not rise in proportion to the marriage filing jointly tax bracket.

Mar 26

Mar 26 Ramen($) or Steak($$$): Finding the Balance

Anna

Relationships

My husband and I started our FIRE (Financial Independence/Retire Early) journey in the spring of 2017. We agreed that we both wanted to reach FIRE but figuring out how to get there has been a bit of a sticking point. There have been countless discussions about the best approach to get there. He says our focus should be to earn more so we can save for the future and allow ourselves to indulge in the luxuries of life (i.e. steak dinners). While I agree to some extent, I think our focus should be on spending less since this is more of a controllable factor. Now I’m not suggesting we eat ramen noodles for every meal, but there’s nothing wrong with being more cost conscious.

Mar 4

Mar 4 Can You File Taxes on a Postcard? Sure, if Your Tax Returns are Simple

Anna

Taxes

Our society is so simple and so standardized...NOT!

In an effort to simplify the tax code, lawmakers aggressively pushed and passed the Tax Cuts and Jobs Act of 2017. One of the first claims of the Trump administration was to reform the tax code and streamline tax filings so far as to allow people to file their taxes on a postcard-sized piece of paper! Do I think it’s possible? Yes! But I think it will only be applicable for taxpayers with little to no complications in their tax returns.

Feb 18

Feb 18 Understanding Student Loan Interest Deductions: Tax Deductible is Not What You Think It Means

Anna

Taxes

One of the arguments for continuing to incur student loan interest has been “oh but it’s tax deductible!”. That’s good, right? Yes and no.

I understand the need to take out student loans. I took them out myself as I went through college. My intention is not to dissuade you from them, I simply want to provide some additional details which may guide your decision on taking them out, paying them back or strategies you can use to take advantage of the tax deduction.

Jan 29

Jan 29 Getting the FIRE Journey Started: Anna's Story

Anna

Financial Story

A year from now, you will wish you had started.

“Is this what it’s going to be like for the next 40+ years”? That was the thought that ran through my head back in 2006. Before I started my first real job, I did a trial run to get to work. The commute was an hour long. When I first took that early train, I was surprised how different the energy (or lack thereof) was compared to the weekend trains. I squeezed into one of the last remaining seats, the middle spot of a three-person seat. Everyone seemed to be in their 30s-50s, sleeping, reading newspapers or zoning out. I guess this was adulthood.