An IRA for Your Child?

Did you know that anyone with earned income is potentially eligible to fund an Individual Retirement Arrangement (IRA)? There are income limits that prevent high income earners from funding Traditional or Roth IRAs, but for a large portion of the population, funding an IRA is a viable option. Here is an interesting opportunity. Let’s say you have a teenager who works part time or has a summer job. As long as they have “earned income” (i.e. income reported on a Continue Reading →

Credit Cards – Friend or Foe?

Do credit cards offer any utility or are they only to be avoided at all costs? In a previous post, Slay the Debt Dragon, I discussed how credit card debt became a major financial burden for my wife and me. We had to buckle down and implement a plan to get rid of our high-interest debt before we could make any substantial progress saving and investing for the future. After paying off all of our credit card debt, it was Continue Reading →

Who Let That Lifestyle Creep In?

Frankly, we did – guilty as charged. Many of you may already know what Lifestyle Creep is. For those who don’t, it’s when your standard of living keeps pace with (or potentially exceeds) any increase in your household income. A funny thing happened on our way toward financial independence. After my wife and I finished paying off all of our debt, we did as planned. The extra money no longer going toward debt repayment was put towards savings. And this Continue Reading →