Tag: Saving
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A Financial Wellness Guide for Millennials
We often think of wellness in terms of physical or mental health. Paying lots of attention to them, we often spend a lot of time, effort, and money trying to focus on them. To achieve a better quality of life, we focus on our mental and physical health. We rarely talk about money. It’s so…
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Where to Put Money for Short-Term Savings
Short-Term Investments Matching your money to your short-term needs can help you squeak out some gains, even in a low-interest rate environment. A short-term investment can be converted by investors to cash now or soon, with relative ease and safety of principal. However, keeping a pile of money in cash can leave some earnings potential…
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A Guide to Saving for a House Down Payment
Saving for a house down payment while renting can seem daunting, especially in this economic environment. Housing prices continue to soar, and savings accounts offer very little interest. Given these circumstances, setting aside money in a bank savings account can make the uphill climb even more challenging. How much should you save for a down…
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When Roth IRAs Make Sense for Millennials
Roth IRAs are often associated with younger, entry-to-mid-level workers for their tax advantages. However, as millennials step into their high-income years, contributing to a Roth IRA, even indirectly, still makes a lot of sense. I will discuss using a Roth IRA for emergency funds, education savings, a home purchase, Roth IRA conversions, and Backdoor Roth…
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Understand and Maximize Your HSA for 2022
What Is an HSA? An HSA, or Health Savings Account, is a tax-advantaged account for individuals with high-deductible health plans (HDHP). The HSA allows individuals to save for medical expenses that the HDHP does not cover. The 2022 HSA contribution limits are $3,650 per individual and $7,000 for a family. There is a $1,000 catch-up…
