A Backdoor Roth IRA is a financial strategy that allows high-income earners to contribute to a Roth IRA, bypassing the income limits that typically restrict direct contributions. This strategy involves contributing to a traditional IRA and converting those funds into a Roth IRA. While it offers significant benefits, such as tax-free growth and withdrawals, it…
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2024 Election Impact on Social Security & Retirement Planning
How Will the 2024 Election Results Affect Your Social Security and Retirement Planning? The 2024 U.S. presidential election could impact Social Security benefits, taxes, and retirement strategies. Candidates propose different approaches, such as tax increases, adjusting benefit formulas, and changing retirement age requirements. Understanding the current state of social security and upcoming potential changes can…
How to Create a Budget You Can Actually Stick With: 5 Easy Steps to Take Control of Your Finances
How to Create a Budget You Can Actually Stick With: 5 Simple Steps to Master Personal Budgeting Do you feel like your finances are out of control? Struggling with credit card debt and wondering where you’ll find enough money to pay your bills? If this sounds familiar, creating a budget could be the key to…
Debt Snowball vs Debt Avalanche: Which Is the Best Debt Repayment Strategy?
Which Debt Repayment Strategy Will Help You Pay Off Your Debts Faster and Save Money? Paying off debt can feel overwhelming, but choosing the right debt repayment strategy can make the process faster and more manageable. Two of the most popular methods for eliminating debt are the debt snowball and debt avalanche strategies. Both approaches…
How to Teach Young Kids About Money
If you don’t teach your kids about money, who will? Maybe no one, or maybe a lender that wants them to take on debt. Only 58% of over 40,000 participants have passed the 30-question National Financial Capability Test from the independent National Financial Educators Council. The average score on questions about earning, saving, and growing…
10 Estate Planning Mistakes to Avoid: Protect Your Family and Assets
Protect Your Family’s Future: Avoid These 10 Common Estate Planning Mistakes Estate planning is often misunderstood and mistakenly seen as something only for the wealthy or that you can postpone. Real estate planning is about ensuring that your assets go to the right people in the most cost-effective and efficient way after your death. It…
How to Read Your Credit Report on Credit Karma: A Step-by-Step Guide
By law, you’re entitled to three free credit reports each year. If you want more frequent access, Credit Karma offers free, regularly updated credit reports and credit scores from two major credit bureaus: Equifax and TransUnion. You can view your credit information anytime with a free Credit Karma account. This allows you to monitor your…
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