The housing market is on fire which is bad news for new home buyers! Houses in good neighborhoods are selling over list price within mere hours of being listed. A major culprit of this market craziness is the government moratoriums on foreclosures and evictions—this has frozen real estate markets which has left homebuyers and investors scrambling for the scraps.
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There are many different types of retirement accounts—401k, Roth IRA, SEP IRA, Traditional IRA, etc. While each account type can facilitate retirement for a wide range of scenarios and they have district advantages and disadvantages, my favorite is the Roth IRA for most people.
529 plans (or education savings plans) work similarly to an IRA, but their funds can only be used for higher education costs. The cool thing about 529 plans is that they grow tax-deferred, and withdrawals are tax-free if they’re used for qualified education expenses.
Most people are afraid of investing because they don’t understand it. They tend to sit on the sidelines until they read about novice investors who become overnight millionaires, and then they jump in for fear of missing out (FOMO) without any training or understanding.
I often read articles and hear people talk about how they will get rich by timing the market. On its face, it is very appealing because of the many individuals out there with ‘proven methods’ of getting rich by market timing. Some people do indeed make a lot of money, but the contrary is more real for most individuals.
For many of us, retirement is a distant goal that seems nearly impossible to attain—this is mostly because everyone has an opinion of how to get there, and there is a ton of discipline needed to save for something that won’t happen for 40 years! For some, retirement is so scary that they would rather try their chances at winning the lottery than learning the financial discipline needed to get there.
I do not believe that Modern Portfolio Theory can adequately address the nuances found in the current investing environment—it is anything but modern! To combat the low-interest-rate environment that we find ourselves in, I suggest looking at other investment vehicles that perform like bonds but with higher return potential.
When building wealth, your focus should be on acquiring investments that appreciate in value and provide cash flow. Unfortunately, over 90% of Americans erode their wealth building through car ownership!
COVID-19 really sucks! The government shutdowns in response to the pandemic has been wreaking havoc on the economy and personal finances. Here are some ways that you can shore up your finances during all this craziness.
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