In the world of personal finance, velocity banking has become increasingly popular among homeowners looking to manage debt and build wealth. But is it the right fit for your long-term financial goals? Velocity banking is essentially using a low-interest loan to pay off higher-interest debt, taking advantage of interest rates and simple interest calculations. However, […] The post Velocity Banking: Definition, Pros and Cons, FAQs appeared first on Self Directed Retirement Plans ..read more

Setting up a college savings account is a smart move to invest in education, whether it’s for yourself, a family member, or a friend. There are different ways to save for higher education, some of which offer tax benefits. The best choice depends on personal needs and goals. In this blog about saving for college, […] The post What Is a Coverdell Education Savings Account? appeared first on Self Directed Retirement Plans ..read more

Ever just sit back and ponder about that whole net worth thing being your undercover ally for a cozy retirement? It’s way more than just sneaking a peek at your savings account; it’s about hugging all aspects of your dough and assets. According to the Federal Reserve’s latest survey of Consumer Finances in 2019, if […] The post What Should Your Net Worth Be When You Retire? appeared first on Self Directed Retirement Plans ..read more

Have you changed jobs multiple times throughout your career? If so, you may have left behind a trail of old 401(k) accounts. While it’s easy to forget about these accounts, they could hide significant money contributing to your retirement savings. Do you want to know how to find old 401k accounts and what to do […] The post How to Find Your Old 401(K) & What to Do When You Find It appeared first on Self Directed Retirement Plans ..read more

When it comes to retirement, standard 401K investments typically make the most sense. You don’t have to pay taxes until you start withdrawing them and getting good investing chances. Still, retirement planning can be a daunting task for many of you. Especially when you are trying to figure out “how long will my 401k last.” […] The post How Long Will My 401k Last? appeared first on Self Directed Retirement Plans ..read more

Do you want to retire or be extremely wealthy early in your life? Building wealth in your 20s is one of the simplest methods to accomplish this. Because you are constantly learning from your mistakes, your 20s are the best years to set yourself up financially with minimal risk or downside. Your financial experiences during […] The post How To Build Wealth In Your 20s appeared first on Self Directed Retirement Plans ..read more

Having a good credit score is essential for financial success, as it plays a critical role in determining your eligibility for loans, interest rates, and even job opportunities. But did you know that your 401(k) can be a powerful tool in improving and repairing your credit score? In this blog post, we will explore the […] The post Leveraging Your 401(k) to Improve and Repair Your Credit Score: A Comprehensive Guide appeared first on Self Directed Retirement Plans ..read more

Are you interested in learning more about 401(k) vesting? It’s a great way to get your retirement savings on track and prepare for the future. This blog post explores – what does vested mean in 401 (K), the different types of vesting, and how the 401(K) vesting schedule affects your retirement savings. Let’s get started! […] The post What Does Vested Mean in 401(K)? Learn All You Need to Know! appeared first on Self Directed Retirement Plans ..read more

What is a Contingent Beneficiary? If you have a will, policy, or trust, it’s essential to name a primary heir as well as a secondary or contingent beneficiary. This is a backup plan – someone who will receive your estate if the original heir isn’t able to inherit, for instance, if the primary beneficiary is […] The post What is a Contingent Beneficiary: A Comprehensive Guide! appeared first on Self Directed Retirement Plans ..read more

A Simplified Employee Pension or SEP plan lets small business owners make tax-free contributions toward their employees’ retirement account, but SEP IRA accounts can also offer significant tax savings on income. A Simplified Employee Pension or SEP plan lets small business owners make contributions free of tax toward their employees’ retirement plan, but SEP IRA […] The post How Can an SEP IRA Help You Save on Your Tax Bill? appeared first on Self Directed Retirement Plans ..read more