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Tax Efficiency, Retirement Plans

The Ultimate Retirement Account – Health Savings Accounts (HSA)

I’m sure most people who have made it to our website have a general understanding of the differences between a Traditional IRA and Roth IRA. With a Traditional IRA, you get a tax deduction in the year you make the contribution, then pay taxes when you withdraw the money. In a Roth IRA, you do not get a deduction now, but instead take qualified withdrawals tax-free. Both types of accounts allow for tax-deferred growth.

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Budgeting

Setting a Budget – Tips and Best Practices

In most cases, a budget (your cash flows) forms the bedrock of your financial plans. A budget is one of the most effective ways to begin tackling your financial life. Unfortunately, there are some negative connotations to the idea of budgeting. You might imagine a friend saying “I can’t go out to eat, I’m on a budget.” Your instant impression might be that they don’t have any money.

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Current Events, Investment Decisions

Negative Interest Rates

I’ve gotten a lot of questions concerning the concept of negative interest rates. Many seem to wonder how it’s possible for a bank to have a negative interest rate and why it would make sense for anyone to pay to give someone else their money. Regulated interest rates are a confusing topic to begin with and uncharted situations, like negative rates, make it even more complicated.

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Budgeting, Major Financial Decisions

What Does Buying a House Really Cost? (Pt. 2)

Your decision to become a homeowner can be one of the most pivotal decisions in your financial life. Undertaken responsibly, home ownership can form the foundation to your financial well-being. However, buying before you’re ready, buying “too much house”, or buying for the wrong reasons can severely derail things.

Categories
Budgeting, Major Financial Decisions

What Does Buying a House Really Cost? (Pt. 1)

Deciding to purchase a home is an important, and usually beneficial, step on the road to financial well-being. However, if your reason for home ownership is “I just want to stop wasting money on rent,” then I think it’s important to point out a couple of the aspects of home ownership that you may be overlooking.