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 →

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 →

Harness the Power of Compounding

The one lesson I truly wish I had learned earlier in life than I did is the Power of Compounding. This one mathematical equation is the key element to achieving Financial Independence. Albert Einstein has even been rumored as saying “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” Whether this quote is truly attributable to the Father of Relativity or not is unimportant, the content, however, Continue Reading →