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Today we are talking about all of the accounts we can open for our (well-behaved and absolutely deserving??) children! This is a follow-up from my post a few days ago on investing for our children. So which account is the best to open and start? First, we have two approaches. We can either invest for them in our own investing accounts and gift them money later (following gift-tax limits), or we can open accounts on their behalf in their name that will belong to them or fund their education. The three accounts we can open FOR them are: ?1. Roth IRA account for any income earned by them (in ..read more

?Saving and investing is great and all, but what about when we have kids?! Everyone says they are a money pit so how do we approach that while trying to invest and grow wealth? ?First things first, with my medical background I have to point out, I made sure to look at a few journals to make sure that 85% of the brain is infact formed by age 3. According to the Journal of Comparative Neurology from research by Dr. Huttenlocher, if you look at figure 2 (I'll link it in the comments), you can see that about 85% of the prefrontal cortex is formed by 1000 days which is about 3 years of age. Essen ..read more

?I have seen this graph in the Bogleheads, AllianceBernstein and a few other websites floating around and wanted to share this powerful graph. By just removing 1% of AUM (assets under management) fees from paying a financial advisor or insurance agent, we can increase our networth by 220K and add 10 years of spending money! How insane is that? ?‍⚖️This is why I harp so much on why we should learn to invest ourselves instead of paying someone else to do it for us. The question we have to ask ourselves is, is me learning to invest worth at least 220K and ten years of financial freedom? I think ..read more

☕So how does this Roth IRA thing work and can we all become billionaires? (Short answer: no ??, but read on...) ?Propublica (an investigative journal) revealed how Peter Thiel used a Roth IRA to grow $1,700 into $5B. The Roth IRA was started by Senator Roth Jr. to help hard-working, middle class Americans save for retirement. As we know, this account is amazing because we contribute post-tax money, and the money is tax-free on growth and withdrawal, and hence, there are income and contribution limits. However, there have been a few loopholes. One being the "backdoor" Roth for high-income ear ..read more

Hello everyone, I'm so excited to launch my comprehensive financial course to give you the complete A-Z breakdown on how to reach financial independence! Here are the important topics I will address in the course that are the blueprint to financial independence: 1. Money Mindset and mental organization -How to mentally approach and devise pathway to financial freedom 2. Physical organization and getting started -How to physically set yourself up for a clear and organized pathway to financial independence 3. Budgeting 4. Emergency Funds 5. Debt pay-off/Loan refinancing 6. Defense finances to p ..read more

How powerful is compound interest and investing? Very powerful!⚡ ?One of my popular posts was one where many people were shocked to learn that by just saving $27.40 a day, they can save $10,000 a year! But what's even more shocking is that if you invest that $10K for the long-term in index funds, it will net you millions. ?I kept this calculation conservative at 6% and in tax-advantage accounts such as 401K, Roth IRA and HSA accounts. However, if you did the math with a growth of 8% (which is what the market has historically shown to perform since 1957 with the start of the full 500 compani ..read more

?Like with anything worth having such as a good relationship or a home, building a strong foundation is very important. This also applies to personal finance, and these are the building blocks to financial independence. These building block "rooms" make up a strong and resilient "home," such that you can comfortably live life on your own terms. ?Here is a comprehensive list of the building blocks: ?Money Mindset & Organization Room: Having the right money mindset and being organized with the process ?Budgeting Room: Understanding all of the money coming in and going out; automating the ..read more

?A lot of us while growing up were told, saving money is king?. Yes, saving is important, but it must also go hand-in-hand with investing. There is something called inflation which means that there is a decrease in value of money as time progresses or as we all have experienced while shopping, a rise in price level over time. So $10K today will be worth a lot less 20 years from now. In order to fight against inflation, we have to invest our money so that it grows with the stock market. Historically, the market has always given 6-10% returns. So investing in the market is your best bet against ..read more

?If two billion dollar companies' bitcoin investment makes up less than 10% of their portfolio, why should ours be more? Tesla's bitcoin purchase is around 7.7% and Square's is around 5% of their portfolios. ?I read up a decent amount on bitcoin, and read the summary of "Dollar Crisis" to understand how the dollar and bitcoin can be related. But the book has some faulty logic - afterall, the value of the dollar (currency of a country) is based on the assets of the country (the people, the infrastructure etc.) not just the gold the country holds, so I'm not seeing a clear correlation of somet ..read more