Tag: savings
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The Holiday’s Are Really Expensive, Try These Expert Money Saving Tips!
Each year, the months of November and December cost the American consumer billions of dollars. The worst part of this is that everyone has 12 months to prepare, yet, few people do! Well, don’t fret… the Wealthy Idiots have some expert money saving tips for you! Save really early Yes, I know it’s already the
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Lifestyle Inflation is the Great Wealth Destroyer
Most people’s lifestyle is connected to their income. Lifestyle inflation will slowly creep in on whatever income they have, making it nearly impossible to save and invest. AJ explains that your lifestyle shouldn’t be based on your income at all but something else entirely.
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Save more; increased retirement plan contribution limits for 2023
Each year, the IRS sets the contribution limits for 401(k)-style plans, and Individual Retirement Accounts (IRAs). These increases are based on inflation, and this year, we’ve experienced quite a bit of that. HSA plans also received an increase announcement earlier in 2022, for those of you wondering. 401(k), 403(b), and 457(b) The 2023 contribution limit
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Take advantage of this big tax savings in 2022
While we all have to pay taxes, and most just blindly accept this fact, there are some things we can do to minimize the impact. Below we’ll explain a major tax savings opportunity for 2022.
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What to do if you wrongfully contributed to a Roth IRA
We all make mistakes, we are human after all. There are so many rules and regulations surrounding personal finance that it’s hard to get it right all the time. In this article, we’ll talk about one of the more terrifying mistakes, which is actually quite easy to fix! The contribution & the problem So there
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Save more today, get rich tomorrow!
When people hear “savings rate” they immediately think I’m talking about that measly 1.2% interest in their high-yield savings account (HYSA). Well, I’m not. Here at the Wealthy Idiots, we believe your savings rate is the % of gross income which goes toward savings versus being spent. Let’s break it down! Why savings rate is
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Cheer up, retirement is possible and it can be great!
Everyday, AJ Sheff and I read stories on the internet which paint the picture of a 90 year old labor force which can’t afford to retire. This is exactly the kind of thinking that doesn’t help at all, and in fact, conditions people to accept the status quo and make no effort to affect positive change. We’re here to change that.