Minimalism is Good for Your Soul…and Your Wallet

If you haven’t heard, the new fad and buzz word is minimalism.

Thanks to the documentary on Netflix, “Minimalism: A Documentary About the Important Things”, more and more people are discovering this revolutionary concept and lifestyle.

But minimalism isn’t really some strict, inflexible, outrageous lifestyle or cult. It’s a simple tool to incorporate into your lifestyle. The core of minimalism is learning to live more with less.

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Retirement: Roth vs. Traditional IRA

Good Morning everyone!

Today I want to discuss IRAs. If you have not heard of them, they are an awesome retirement option for Millennials to utilize.

An IRA is an individual retirement account. Individually, you can put $5,500 per year into a Roth or Traditional IRA. With a Roth IRA, you contribute money after you’ve paid taxes on it and then your money grows tax-free. That’s actually a really awesome deal and usually the best investment option for Millennials. In a Traditional IRA, you put money in before you pay taxes on it. In addition, you can usually deduct this contribution from your taxes if you don’t already have a retirement plan at work or if you make less than $71,000 a year.

If you make under $133,000 (for 2017), you should invest in a Roth IRA. If you make over $133,000 (as an individual or head of household), you can invest in a Traditional IRA and then later convert it to a Roth IRA, to take advantage of the tax-free growth. It’s usually pretty simple and easy to do a conversion.

DIY House Projects – Bathroom Cabinet Edition

I bought my condo in 2015 and was not in-love with any of the cabinets in the bathrooms and kitchen (same throughout). So, I decided the most cost-effective way to change them would be to paint them.

I started with the spare bathroom first, mainly because if I screwed up no would see there is less square footage of cabinets in there.

I bought Giani Nuvo kit in Titanium White. I absolutely love white cabinets – I think they are so timeless.

The Do’s & Dont’s of Your Tax Refund

If you haven’t heard where have you been?, it’s Tax Day. First, make sure you file your taxes!

If you are getting a refund, here is the do’s and don’ts of spending that refund.

My Financial Goals for this Year (2017)

Happy Tax Day! Did you max out your IRA for 2016?

I find it’s easier to accomplish goals if I write them down. It acts as a reminder and makes me more accountable as well. So, I am going to start listing my goals for this year (and every year) here, so that you all can also keep me accountable and on track.

I will also do periodic updates throughout the year, so you can keep track of my progress.

When Most Millennials Rent, I Bought A House

When most Millennials rent, I decided to buy a house at the age of 28.

I actually bought a 2-bed, 2-bath condo in September of 2015. I decided a condo was much more practical to own than a traditional single-family house. I have a HOA that takes care of all lawn maintenance and snow removal. So, my days off aren’t wasted spent mowing a lawn, pulling weeds or shoveling a large driveway of 10 inches of snow (I live in Colorado, and I love snow but hate shoveling it).

I am not the typical millennial in this case. Most millennials rent and have no plans to buy a home any time soon. Mostly, because they cannot afford to break into the housing market.

“Homeownership rates among Americans under age 35 are barely more than half the national number, at just 34.1 percent” according to The Washington Post (link). However, even though most millennials ages 24-35 years are renting or still living at home, most are still in pursuit of the “American Dream” – homeownership. Millennials still want to buy and own their own homes just as the generations before us have.

But, should this still be the “American Dream”?

Your Path to Financial Independence

Disclaimer: This post includes a bit of math! 

Good Morning everyone! I want to talk about finanical independence and how to get ther today. It’s actually quite simple.

The definition of financial independence is: the state of having sufficient personal wealth to live, without having to actively work for basic necessities. The goal for financially independent people, is that their assets generate enough income and cash flow to cover their expenses. This is typically also the mindset of retirement, but you can reach FI before the average the age of retirement.

So, this is your path to financial independence! This simple equation will get you there:

y = (Your Money x (1 + i)^n).

Now, don’t freak out of me, yet! I will explain further. This equation only has 3 variables: how much money you invest (your money), the rate of return on your investments (i), and how many years your money is invested (n).

This is compounding interest. Albert Einstein stated that this equation was the “greatest mathematical discovery of all time”. And, it really is! Let’s put this formula to the test.

The Bibliophile Edition: How to Save Money When Buying Books (or Read Them for Free)

I have a very expensive hobby/passion. It’s probably not what most would consider as an expensive hobby, but it can be.

I love to read! There’s nothing quite like relaxing after a long, hard day at work with a book in hand (or, in my case, a Kindle Fire). I end up reading several books a month. If, I paid full-price for all these books, I would be spending thousands of dollars each year!

So, I had to come up with ways to save money, while also not depriving myself of the wondrous, reality-escape books can provide.

So, here are several ways to save money on books (for both eBooks and paperback/hardcover):