So I Bought a New F-150…

So I Bought a New F-150…

I take pride in my frugal habits, especially house hacking (basically living in a 2,300sq ft luxury home for free).  When it came time to buy a car, shouldn’t it have been small and gas-efficient?  After all, a truck is a very non-mustachian vehicle.  To all my mustachian friends, I must simply say that I had different priorities than the money alone.  However, I was honest with myself about the true cost of ownership and had firmly evaluated the decision before pulling the trigger.  In sharing my reasons, I’m not advocating the purchase of a truck.  Instead, I’m trying to paint a clear picture of my approach to this large purchase.  I’ve now owned my truck for a year, and it was definitely the right choice for me.

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Optimize with a Good CPA

Optimize with a Good CPA

I’ve already started organizing for tax time, but it only means gathering my receipts and organizing my bills.  I have a great Certified Public Accountant (CPA) on my team who will be doing the actual preparation and filing for me, which means a little less work on my end.  I consider my CPA to be an MVP on my team, but not just because he will be preparing and filing my taxes.  No no no, he will be busy optimizing my return now that we’ve strategized all year

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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!

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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.

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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.

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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.

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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.

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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.

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