Parents: Open a Roth IRA for Your Child

Parents: Open a Roth IRA for Your Child

Opening a Roth IRA is the biggest thing you can do to give your child (or your grandchild) a head start on their path to financial independence.  The money deposited today has the potential for 50-60 years of tax-free growth. You can open the Roth IRA for them at Fidelity. As the adult, you control the account until age 18, even if it’s in the child’s name.  (It does have to be registered with their social security number.)  At age 18, the account is theirs, so don’t tell them about the account until later if they are not good with money.  Just think of that extra 18 years of compounding before they even reach adulthood!

Read More Read More

Meet Your Friend, the Roth IRA

Meet Your Friend, the Roth IRA

I’ve been investing in my Roth IRA since I was 17.  I had landed my first job as a bagger at a grocery store and held multiple other jobs through college.  Each year, I diligently tucked away money that will be able to grow until age 60, which is over 40 years.  At certain points, my effective tax rate was essentially 0%, which is the ideal time to contribute.  Every penny withdrawn will be tax free, and $5,500 with 40 years to grow will be worth over $100,000* tax-free dollars without adding a penny more!  If you’re still young and paying minimal taxes, open a Roth IRA.

Read More Read More

How to Become a Millionaire

How to Become a Millionaire

The house, the cars, the corner desk and executive title, fancy vacations, private schools, private yachts, private jets, the glamour, the luxury, it all can become yours if you want it.  But is all that stuff really what you want out of your life?  Or is the thing you want actually the intangible quality that a millionaire has of simply not worrying about money because they have more than they need?  You don’t have to have a million dollars to be a millionaire.

Read More Read More

The First 90 Days

The First 90 Days

Michael D. Watkins hit the nail on the head with his book The First 90 Days: Proven Strategies for Getting Up to Speed Faster and Smarter.  When you make a move, the ability to transition and get to the break-even point (where you have contributed the same amount of value you have consumed) as quickly and effectively as possible is critical in your new role.  If you’re taking on a new role, pick up this book.  It’s geared toward those in management, but is great for everyone.  It’s one of the best investments you can make in your growing career.

Read More Read More

Know Your Worth: Negotiate Your Salary

Know Your Worth: Negotiate Your Salary

Always ask for what you are worth.  If you don’t, you’re leaving money on the table that can add up to hundreds of thousands in lost lifetime earnings.  Just a missed $2,500 from not negotiating your first salary means a missed $100,000 over 30 years, excluding bonuses and assuming a 2% annual raise.  It can be intimidating, but there are plenty of tricks to scoring a great pay bump.

Read More Read More

Optimize That Resume

Optimize That Resume

New year, new job?  If one of your goals is a new job or change in career, now is a great time to start your search.  While your competition is busy with the holidays, you can get a leg up and potentially fill an open spot before they even have a chance to apply.  You have less than 20 seconds of a hiring manager’s time, so here’s how to make them count and get that interview.

Read More Read More

Increasing Gratitude

Increasing Gratitude

The happiest people are the ones who are the most grateful.  Gratitude increases your physical health, sleep quality, overall mood, self-esteem, mental strength, and ability to cope during difficult times.  Grateful people are more likely to have better relationships.  Anyone can become more grateful (and ultimately happier, which is what we strive for) by developing new habits.

Read More Read More

13 Things Mentally Strong People Don’t Do

13 Things Mentally Strong People Don’t Do

Psychotherapist Amy Morin has suffered many personal losses and hardships, and she has helped many other people get through difficult times as well.  In her book 13 Things Mentally Strong People Don’t Do, she fleshes out the 13 habits to avoid in order to become mentally strong.  The benefits of mental strength include a reduction of stress, an increase in your ability to handle problems, and increased confidence, leading to improved life satisfaction.


Read More Read More