Saving

Best Savings and Checking Accounts for 2017

Why pay fees when you don't have to!You know what’s so great about the Internet? No, not that you can spy on all your friends on social media and then comment about their life. What’s great is that the Internet has allowed competition in the world of savings and checking accounts.

Even just a few years ago, you applied for a bank or checking account, and you didn’t really think about the interest they were paying or how much you would pay for your bank account each month. Whatever the rate was, it was.

Thanks to the good ole’ Internet and some healthy competition, we now have access to free checking accounts and higher interest savings accounts. While it might not seem like a bit deal to save $5 a month or to earn an extra $100 a year in interest, I beg you to please to rethink your argument. In the world of smart money moves, an extra $100 a year, is literally an extra $100 a year that you can put to work.

On This Podcast Episode:

  • It’s all about the best checking and savings accounts for 2017
  • Why online banks are great
  • What you need to think about before you change your bank account
  • Why earning more in savings is a smart money move

Links Mentioned

Thanks for Tuning In:

Thanks for tuning in to listen to this episode of Millennial Money. If you have any comments or questions about today’s episode, please let us know your thoughts in the comment section below. If you’ve enjoyed this episode, please share it using the social media.

Also, please leave an honest review for Millennial Money on iTunes! Ratings and reviews are extremely helpful and much appreciated! You’re awesome!

 

The Health and Wealth Connection – Jean Chatzky

We're chatting with Today Show financial expert, Jean Chatzky, about her new book age-proof, living longer without running out of money or breaking a hip.

“What’s a secret to wealth that other people might not know about?” That’s the single most asked question that I get asked. While there aren’t too many “secrets” to wealth other than knowing your numbers, saving money and living within your means, one of the most overlooked secrets to wealth is your health.

Think about it this way – you can have all the money in the world, but if you were to get sick tomorrow and money couldn’t heal you, you’d be missing out on enjoying your riches. Just because you’re young doesn’t mean you’re immune to health issues that could become a serious drag on your finances.

There really is a powerful connection between health and wealth, and Jean Chatzky’s new book, AgeProof, is chalked full of great tips for managing both.

On This Podcast Episode:

We’re chatting with Jean Chatzky, an award-winning financial journalist, author, and motivational speaker. She is the TODAY Show’s financial expert, and has appeared on The View, Live!, Morning Joe, The Talk and  Oprah among others. Her most recent book, AgeProof: Living Longer Without Running Out of Money or Breaking a Hip was written with the Cleveland Clinic’s chief wellness officer Dr. Michael Roizen to explain the vital connection between health and wealth — giving readers all the tactics, strategies, and know-how to live longer, healthier, more lucrative lives. Visit Jean at jeanchatzky.com.

Resources Mentioned:

Thanks for Tuning In:

Thanks for tuning in to listen to this episode of Millennial Money. If you have any comments or questions about today’s episode, please let us know your thoughts in the comment section below. If you’ve enjoyed this episode, please share it using the social media.

Also, please leave an honest review for Millennial Money on iTunes! Ratings and reviews are extremely helpful and much appreciated! You’re awesome!

Find the Money – Real-Life Money Tips

Money tips are a dime a dozen, but here are a few tips that real-life people actually use to better their money situation.

Find the Money…for Real

Today’s podcast is inspired by all the people I’ve worked with over the years of my career. It’s easy for me to forget how powerful these tips are until I see yet again how these tips make a dramatic difference in their money situation with just one of these tips.

Also, I’m reminded how similar everyone really is. Yes, each of our situations is different. We never have the same “life-profile” but I guarantee you that whatever money situation you’re in, one, or more, of your friends, is right there with you.

Check out today’s podcast and learn some of the real-life tips that I’ve seen work and change actual money situations.

Make Your Tax Return Count

There's always the question of what to do with your tax return. I give you permission to have fun with a portion of it but the rest, that should be saved for a smart money move.

Make Your Tax Return Count

It’s tax time and that means you start the seemingly endless wait for your return showing up in your bank account. What to do with all that money?

While you’re probably dream of tropical escapes and that brand new car you been eyeing, I’m here to offer a few suggestions to help you grow your return so you can have even better options down the road.

On This Podcast Episode:

  • We’re talking 3 smart tips for your tax return
  • I give you permission to have fun with a portion of your return
  • Why taxable accounts might make sense
  • How to build a solid savings mindset

 

Help! I Can’t Use the Student Loan Deduction

It's a catch 22 when you start making a good living - you love the extra income, but you don't like the extra taxes and losing out on your student loan deduction. Let's talk tips to help you save more money.

The Catch 22 of Income

Today’s podcast is inspired by a listener question. It’s a classic curse of making more money, which is great, but missing out on valuable income tax deductions like the student loan deduction.

Allison’s questions is a prime example:

“I am hoping you are able to recommend other ways to help people in different situations save money? People assume if you make over $100k/year that you don’t have any money issues. In reality we have the same money troubles as those with smaller incomes, just on a larger scale. We may have six-figure salaries but we also have six-figure student loan debts and we don’t qualify for the same breaks as those with lower salaries. For example, we can’t write off any of the $19,000 in INTEREST we paid in one year from the student loans on our taxes because we “make too much money.” While we do well for ourselves a considerable amount of our salaries go towards student loans and outrageously high-interest rates. We do not live a lavish lifestyle, both of us drive 10+ year old cars. We are in our late 20s and early 30s and just want to be able to LIVE without worry. Can you offer any other ways to maybe write off our student loan interest or a way to TRY and lower our loans from 7% to anything lower? We would appreciate any help.”

On This Podcast Episode:

  • I’ll talk strategy around refinancing student loans
  • Help you understand some tips to lower your tax bracket
  • Discuss the catch 22 of earning extra income
  • Of course, tackle Allison’s excellent questions

Don’t Overpay for Your Taxes

Did you know that you could file your taxes for free? There are loads of options and we're chatting about them all with Liz Weston from NerdWallet.

Free Tax Filing…Say What?

More than 1 in 3 U.S. taxpayers whose household income is less than $50,000 a year hired a tax professional or a national tax preparation company last year even though they may have qualified for free tax software filing, a new NerdWallet survey shows.

Perhaps they paid for help because Americans lack a basic understanding of federal tax rules: The survey also finds most taxpayers get failing marks for their tax knowledge. Out of eight questions about IRS rules for common deductions, retirement, and education savings plans, taxpayers as a group correctly answered 25% of the questions.

Nearly half of taxpayers (46%) don’t know what tax bracket they’re in — or even what a “tax bracket” is, according to the online survey commissioned by NerdWallet and conducted by Harris Poll among more than 1,800 U.S. adults who filed income taxes last year and who plan to file taxes this year.

“Knowing your bracket can help you determine the value of any deductions you take and whether a tax-advantaged investment is worthwhile,” says Liz Weston, NerdWallet columnist, and certified financial planner. “When you pay a dollar in mortgage interest, for example, your bracket determines whether you can save 10 cents or 39.6 cents.”

Find our your tax bracket here.

On This Podcast Episode:

  • I’m chatting with Liz about the NerdWallet survey findings
  • Dishing how you can file your taxes for free
  • Why researching your CPA/accountant is a good idea
  • What exactly is a tax extension

Secrets to Save for College for Your Child

When should you start saving for college? How much should you save for college? There are so many questions around saving for college, so I'm dishing a few tips to get you started when your child is young.

Secrets to Save for College

Congrats, you’ve had a baby, and now the terror of thinking about how expensive college will cost when your bundle of joy is 18 is causing a panic attack. Not to fear, you still have plenty of time to save for college.

You can’t get a loan for retirement but you can get one for college. Too many young parents overlook their own financial security and get in a rush to start to save for college. You want to make sure you’ve got a good emergency fund and that you’re contributing each month to your own retirement.

The 529 Way to Save for College

A 529 plan is a popular way to start to save for college and can be started at any time. Like an IRA, you can invest funds and enjoy tax-free withdrawals for qualified education expenses.

There are 34 states that currently offer full or partial tax credit for your contributions – which is a real bonus to starting a 529 plan in your own state.You can also open a 529 plan in any state, not just your own.

Other Ways to Save for College

On this podcast episode, I’ll chat about the pros and cons of 529 plans and a few other options to consider when saving for college. No matter what you choose, remember that you’ve got to take care of yourself first. College loans aren’t a great option, but they’re a lot better than you not having any money available in retirement.

 

Sneaky Ways to Lower Taxes Like a Millionaire

Millionaires know one thing - how to be savvy with their money and limit the amount of taxes they pay. Check out some of their secrets to lowering your taxes and get yourself one step closer to the millionaire mark.

Lower Your Taxes Like a Millionaire

Millionaires know a couple of “secrets” and one is that the key to the million dollar mark is being savvy with your money.

It’s staying within a budget and committing every month to saving money. It’s knowing your numbers like a pro so you have power over your finances. It’s setting goals and incorporating those into your budget. Finally, it’s lowering your tax base when you can so you can put more money into your pocket.

I’m not talk about cheating anything. You need to pay the taxes that you owe, plain and simple. What I’m talking about is being smart with your finances.

On This Episode of the Podcast Learn About:

  • Positioning your side hustles in an efficient way so you keep more money
  • Using Health Savings Accounts as a savings booster
  • Holding the right assets in the right accounts
  • Knowing how much you’re paying in your retirement accounts
  • Always knowing your numbers

Got any sneaky tips up your sleeve? Let us know in the comments or over on social media.

Why Women Need to Save More…A Lot More

Women get the short end of the stick when it comes to saving for retirement. Simply put, women need to save more…a lot more than men and the trend is that women actually end up saving less instead. According to a recent NerdWallet data analysis, the average American woman must save $1.25 for ever $1 a man invests in retirement savings to build an equivalent nest egg.

That’s not good news! (But we can fix it)

Women earn less than men in most careers and that can have a serious impact on our lifestyle in retirement. Here are some tips to boost your savings now to catch up.

Let’s be real here…on average our total retirement savings rate is just not that great, regardless of sex. According to the National Retirement Risk Index, just over half of U.S. families aren’t saving enough to maintain their standard of living once they’ve retired.

I see this time and time again working with clients and couples. There are so many reasons why this is happening, but at the end of the day it just means we all have to be super saving at knowing our numbers and finding ways to save, invest, and grow our money regardless of sex and the ridiculous pay gap.

On This Podcast Episode:

  • We’re dishing about the recent NerdWallet survey and their findings
  • Which states NerdWallet says women are gaining the most ground when it comes to closing the pay gap and equalizing savings
  • Strategies and tips women can use to in light of the savings shortage
  • Discuss why you should be retirement “double dipping”
  • Find the best IRA Providers & the best online brokers

Million Dollar Roadmap – Max Out Your 401(k)

Your 401(k) was never designed to provide all of your income in retirement but unfortunately, it’s become the predominant choice to do so. This year Congress has decided to leave the 401(k) contribution at $18,000 citing only small changes in CPI (Consumer Price Index) as the cause. If you want to reach that million dollar mark (or more) in your retirement savings you’ve got to have a few tricks up your sleeve.

Your 401(k) was never set up to take care of you fully in retirement. Here are some tips to score a million dollars or more in your retirement savings account.

Maximize Your Allocation

There’s a number that most people don’t talk about – $54,000. That is 2017’s maximum allocation that you can contribute to ALL retirement plans combined – 401(k), IRA, ROTH, SEP, SIMPLE IRA, etc. This number (and a good strategy) can help you save millions of dollars in your retirement plan.

The more money you save = the more lifestyle options you have down the road.

In this podcast episode, I’ll be dishing about what you need to know to head down the million dollar road with your retirement savings and why the maximum allocation number is so important to remember.

If you’re looking for a great tool to help you figure out your retirement savings, I suggest you head over to my friends at Nerdwallet and check out their retirement savings calculator.

 

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