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- 🌮 Finance News: March 19, 2024
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Happy Tuesday!🖐🏽
We all have different financial journeys - some are starting from scratch, others are tackling debt, and some are aiming for early retirement. The good news? Regardless of where you are, there's always room for improvement. I believe financial success is achievable for everyone. Let’s dive in!
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🗞️ Hot off the Press
These 5 things happened while you were busy…
🌮 Tax Time Twists: 5 Hacks for Married Couples to Save Big
It outlines five ways married couples can save money on taxes. Filing jointly is a major strategy, as it allows couples to benefit from lower tax brackets than if they filed separately. You can contribute to retirement accounts like IRAs is another tip, especially if one spouse stays home. This lowers the couple's taxable income. Read more here.
🌮 The Future of Retirement: Will Pensions Rise Again?
A survey shows many Americans prefer traditional pensions for retirement security, but these plans have become less common. Over the past 50 years, 401(k)s and IRAs have replaced pensions for most workers in the private sector. This shift happened despite pensions' popularity, with the decline likely due to factors besides employee preference. Read more here.
🌮 Don't Just Let Your Money Sit There: Should You Put It in a CD?
The author discusses whether certificates of deposit (CDs) are a good investment, particularly in a climate of rising interest rates. While CDs offer safety and a guaranteed return, Kiplinger advises considering several factors before investing. In this case, understanding how interest rates affect CD rates is crucial. Read more here.
🌮 Financial Freedom for Couples: Why Kevin O'Leary Thinks You Should Never Merge Accounts
Kevin O'Leary, investor and star of Shark Tank, advises couples against merging their finances entirely. He believes maintaining separate financial identities protects individuals in case of a relationship breakdown. O'Leary argues having your own financial identity is crucial and shouldn't be surrendered, even in a committed relationship. Read more here.
🌮 Retire Early: My 30s and 40s Budgeting Hacks to Retire at 50
The article discusses the concept of early retirement and the challenges that come with it. While early retirement frees up time and offers a relaxed lifestyle, some retirees return to work due to financial needs, a desire to stay busy, or the urge to keep contributing. Financial planning is crucial for a successful early retirement. Read more here.
👀 Level Up
Read: Here are 11 powerful personal finance tips to achieve your financial goals. These are expert advice to build a secure future.
Watch: Tae Kim will take you through 18 wealth lessons from The Psychology of Money.
Take Action: "Your Money, Your Goals" is a toolkit that empowers people to take control of their finances. This free resource helps people achieve their financial dreams by building their knowledge and skills.
🌶️ Extra Spicy
I warned against getting a cash loan advance. Here’s why:
Debt Trap: Cash advance loans come with very high interest rates and fees. These can easily spiral into a cycle of debt that's tough to escape. The high cost makes it hard to pay back the loan itself, let alone the accumulating interest, trapping you in debt.
Worse Than Purchases: Unlike regular credit card purchases, cash advances often have a much higher interest rate. This means you'll be paying significantly more for the privilege of taking cash out compared to swiping your card for a purchase.
Credit Score Hit: Missing a payment on a cash advance can hurt your credit score. This can make it harder to qualify for loans and other types of credit in the future, costing you more money in the long run.
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