Finance Tips

A collection of 26 posts

family finance tips

Understanding 529 Rollovers to a Roth IRA: A Game Changer for Retirement Planning

The landscape of retirement planning is constantly evolving, and recent legislative changes have introduced a significant development for 529 plan holders. Starting this year (2024), under specific conditions, 529 account holders can transfer up to a lifetime limit of $35,000 to a Roth IRA for a beneficiary. This new

Finance Tips

Credit Card Rewards: A Non-Taxable Benefit

When tax season comes around and you start sifting through our different sources of income to report, you might be wondering if you need to report your cash back rewards as part of your ordinary income. If reading this article is the first time you have ever considered it as

Finance Tips

Maximizing Returns: Can You Earn Cash Back on Tax Payments?

As you are continuing to grow your income, you might start hitting a point where your default withholding is not enough and end up owing the IRS when taxes are due. For those new to making tax payments, it's not as scary as it may seem! It just means you

Finance Tips

Maximizing Savings: The Benefits of Using All-Category 2% Cash Back Credit Cards

Selecting the right credit card can feel like navigating through a maze, given the plethora of options available. If you're keen on optimizing every dollar you spend, much like myself, you probably juggle several cards to maximize rewards across various categories. Yet, occasionally, you'll encounter a purchase that doesn't neatly

Finance Tips

Certificates of Deposit Explained: What Every Investor Should Know

Navigating the world of savings can be something like trying to pick the best pastry at a horribly over-stocked French bakery: they all look absolutely delicious, but kinda, you just don't know what you should take. Today, we carve into another classic choice: the Certificate of Deposit (CD), a financial

Finance Tips

Debt Hacking: The Art of Managing Debt

In the US, it is very common to find yourself in a situation where you might take on a form of debt, such as a mortgage, a personal loan, or a credit card, to perform a desirable transaction now versus later. The intent is always to pay back in the

Finance Tips

Can You Open a Family HSA If Your Spouse Has Non-HSA Insurance? Unveiling the Rules

If you are a big fan of Health Savings Accounts like me or just diving into the depths of HSA capabilities, you maybe wondering how you can get access to a family HSA and make double the contributions with it.  This can be done by simply adding your spouse to

Finance Tips

Maximize Your Citi Card Benefits: Discovering Your Citi Flex Loan Offer

If you are in the market for flex loans, Citibank is another participant in this financial product space. Similar to other flex loans, this is a targeted offer for credit card holders and may or may not be limited to select credit cards backed by Citibank. Flex loans in general

Finance Tips

What Are Education Savings Accounts?

Education Savings Accounts (ESAs), also recognized as Coverdell Education Savings Accounts, offer a versatile and tax-advantaged way to save for education. These accounts present a valuable tool for families planning their children’s educational future, especially for educational expenses from kindergarten through graduate school. The Appeal of ESAs: Benefits and

Finance Tips

Are 529 College Savings Plans Worth the Investment?

Saving for college has become an increasingly important goal for many families. The cost of higher education continues to rise, and parents are seeking ways to alleviate the financial burden on their children. One popular option is the 529 college savings plan. But are these plans truly worth the investment?

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Cracking the Code: How to Get the Best Public Credit Card Offers Every Time

Credit cards have become indispensable tools for managing finances, offering convenience, security, and the allure of rewards. However, with the multitude of credit cards available, each boasting enticing perks and benefits, the question arises: How can you consistently secure the best public credit card offers every time you apply? Public

Finance Tips

Simplify, Save, Succeed: The Art of Debt Consolidation

Dealing with multiple debts can be overwhelming and financially draining. The constant juggling of due dates, interest rates, and various creditors can take a toll on your mental and emotional well-being. Enter debt consolidation – a powerful financial strategy that not only simplifies your financial life but also sets you on

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Interest Rate Rankings Launch

Ever wondered how interest based products stack up? Well, we decided put something together called Interest Rate Rankings to help capture the various categories of products and how they rank amongst each other. The rankings will be updated regularly so feel free to use it as a reference anytime! We

Finance Tips

What is My Chase Loan and How to Unlock It

My Chase Loan is Chase's version of credit card flex loans (a Chase flex loan if you will). As a recap, credit card flex loans allow you to borrow a specific amount of money from your credit limit, which you can then repay over time. In this article, I will

Finance Tips

10 Common Reasons for Borrowing (2023)

In the realm of personal finance, there are times when securing a loan can be a strategic decision that empowers you to achieve your goals, address unexpected expenses, or seize opportunities. Understanding when to consider borrowing can be a valuable skill for managing your finances effectively. In this article, we'll

Finance Tips

Tracking Your Fidelity 401(k) Contributions: A Quick Guide

Fidelity stands out as a widely preferred brokerage utilized by numerous companies for their 401(k) provisions. Occasionally, you might wonder, "Where can I access details regarding my contributed amount?" Locating this information might not be straightforward, so I put together a quick guide below. This guide outlines the steps

Finance Tips

Credit Card Flex Loans: A Smart Approach to Accessing Quick Funds Responsibly

Life is full of unexpected expenses, and sometimes you need quick access to funds. In these situations, credit card flex loans can be a helpful financial tool to consider. A credit card flex loan is a feature offered by some credit card issuers that allows cardholders to access a portion

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How to Buy US Treasuries on Fidelity

If you are currently a Fidelity customer or planning to open a Fidelity brokerage account, you might be interested in investing in US Treasuries. Purchasing newly issued US Treasuries on Fidelity is a straightforward process: Step 1: Log in Log in to your Fidelity Account Visit Fidelity's official website and

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U.S. Treasuries: A Comprehensive Guide to Government Debt Securities

U.S. Treasuries, also known as Treasury securities or T-bills, are financial instruments issued by the United States Department of the Treasury to finance the government's operations and meet its financial obligations. These securities are considered one of the safest and most reliable investments in the world, making them an

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5 Misconceptions About High-Yield Savings Accounts in 2023

High yield savings accounts have become increasingly popular in recent years as a way for individuals to earn more interest on their savings than traditional savings accounts. However, there are some common misconceptions about high yield savings accounts that may prevent individuals from fully understanding their benefits and drawbacks. In

Finance Tips

Paying Taxes with Credit Card (2024)

Paying taxes with a credit card may seem like an odd choice, but it can have some benefits. Here's why you might want to consider paying your taxes with a credit card: 1. Earn rewards points or cash back: Many credit cards offer rewards points or cash back for every

Finance Tips

Checking Account vs Savings Account

Checking and savings accounts are two of the most common types of bank accounts that people use to manage their finances. Both accounts serve different purposes and offer distinct features and benefits. A checking account is primarily used for daily transactions, such as paying bills, making purchases, and withdrawing cash.

Finance Tips

Backdoor Roth IRA in Simple Steps

💡If you have not yet, I highly recommend reading the IRA Guide to get a better understanding of IRAs before reading this post. If you are a high income earner, it is very likely you will NOT be able to contribute the max possible contribution for a Roth IRA. Because

Finance Tips

2023 IRA Guide: Deciding Between Traditional and Roth

Individual Retirement Accounts (IRAs) come in many different shapes and sizes but the most common ones you will find are traditional IRAs and Roth IRAs. IRAs are a great way to take advantage of your savings for retirement so it is important to understand how they work and if they

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Exploring Alternatives to Refinancing: The Option of Recasting Your Mortgage

Interest rates have been decreasing from their record highs, but they remain relatively high compared to pre-2022 levels. The average 30-year fixed mortgage rate is currently at 6.15%, which makes it challenging for new homeowners to reduce their monthly payments through refinancing as they likely secured a lower rate