2024 was a good year for savings. My overall net worth increased by 28.2% compared to 2023. This was driven by increases in 401(k) (+26.0%), Roth IRA (+12.8%), money markets & cash (+43.9%), & home equity (+36.3%). Net Earnings Overview I consider Giving, Taxes, HSA Contributions, and 15% gross salary Retirement Contributions non-negotiable. Given this, I excluded these categories when reviewing…
Life is expensive. Having side hustles and participating in the gig economy are great ways to expedite paying-off consumer debt, saving for large expenses like a wedding or a home, or just having extra “fun money” in the monthly budget. With tech innovation revolutionizing how people eat, travel, shop, and more, it has never been…
In 2023, the most significant shift in my financial landscape was the acquisition of a new vehicle, a decision that significantly impacted my savings. Ongoing supply chain disruptions from the pandemic had tightened vehicle inventory and inflated prices. The price gap between the used model and the new model I desired was minimal, leading me…
Healthcare is expensive. In The Lifetime Medical Spending of Retirees report, economists noted that households incur an average cost of $122,000 in medical costs between the age of 70 and death. Most of this money is paid out of pocket, with the exception of low-income folks covered by Medicaid. One way to plan for expensive…
2019 was the first year that I had a decent percentage of my net income (8.8% to be exact) come from sources other than my work salary. Increasing this percentage while diversifying into multiple income streams will continue to be a chief financial goal for 2020 and beyond. Net Income Allocation Breakdown I consider Giving,…