Wealthtender
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Discover the best financial advisors and coaches, personal finance blogs, podcasts and resources to help you achieve your money goals. Wealthtender is a friendly and vibrant online community designed to help our members achieve financial freedom. It partners experts in personal finance with people looking for answers to life's money challenges.
Wealthtender
4d ago
We all know we need an emergency fund. Emergencies happen. They’re often expensive. And mostly unpredictable. So how on earth do we know how much to budget for them? We don’t, of course, but there are things you should consider when deciding how big your emergency fund should be, and they’re fairly straightforward. Age, life ..read more
Wealthtender
4d ago
I was talking to a young entrepreneur the other day about a business idea he has that’s similar to an idea a family member of mine had 30 years ago. It involves manufacturing, storing and distributing physical products, which can be pretty costly. My family member lost money on that idea, I told him. I ..read more
Wealthtender
1w ago
Are you familiar with the concept of a Backdoor Roth IRA contribution? If not, you may be missing out on a powerful wealth-building strategy that could enhance your retirement savings. In this article, we will dive deep into this specialized strategy and unveil its immense potential benefits. For many Americans with higher incomes, a regular ..read more
Wealthtender
1w ago
Few of us relish confronting our mortality, but the truth is, everyone should plan for what happens to their possessions when they die. And you may actually have a lot more possessions than you think, because in the 21st century, some of what you own will be digital rather than physical. For many centuries the ..read more
Wealthtender
2w ago
Most wealthy people constantly look for legal ways to minimize their taxes, and the rest of us can learn from their tricks. Some expand that to include tax reduction strategies that aren’t clearly legal but are at least defensible and haven’t been disallowed by the IRS. “Harvesting” investment losses to offset realized gains, and (some ..read more
Wealthtender
2w ago
As I approach retirement, or as I prefer to call it, “work-optional” status, setting up the best draw-down strategy becomes a more urgent matter and one that I obviously would like to optimize. One option is familiar to anyone who’s ever looked into retirement planning — the 4-percent rule. First formulated by financial planner William Bengen in ..read more
Wealthtender
2w ago
Given my PhD, my salary was far lower than it should have been for years. As a postdoc in West Texas, my salary started at $31k, and it took 16 years and several “promotions” to get to $60k as a research scientist in Maryland. Accounting for inflation, that was an underwhelming 1.7% average annual increase ..read more
Wealthtender
2w ago
It’s an interesting question. Where do all the millions of dollars go when millionaires pass away? Depending on the source, it seems that 72-88% of the wealthy are self-made millionaires.* This begs the question: If Millionaires Are Mostly Self-Made, What Happens to All Their Millions When They Die? What a fascinating question! Here are thoughts ..read more
Wealthtender
2w ago
It’s a bittersweet thing. For most people. Inheriting a bequest means you have lost a loved one. From experience, even if you’re in your 50s, losing your parents hits you hard. However, if your parents (or perhaps a rich aunt or uncle) leave you a large bequest, it can open up possibilities you didn’t expect ..read more
Wealthtender
2w ago
It was 2015. My dad was approaching his 91st birthday, and while he hadn’t been diagnosed with a terminal illness, his health was poor and getting worse. He and my mom had been together for nearly 73 years, and he’d always been the main breadwinner and the one who managed their finances. Even in retirement ..read more