Tag: IRA
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The 25x Rule
The rule of 25 serves as a straightforward guideline for achieving financial independence, often synonymous with retirement. This principle suggests accumulating savings equivalent to 25 times your planned annual expenses upon exiting the traditional workforce. For instance, if monthly expenses amount to $7,500, totaling $90,000 annually, multiplying this figure by 25 yields a retirement fund…
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Maximize IRA / 401K Contributions
It’s tax season…meaning it’s a good time to understand your financial situation, and that includes your retirement account. Maximizing your IRA or 401K contributions might initially appear counterintuitive—after all, it means diverting funds from your immediate savings. However, the long-term benefits far outweigh the short-term sacrifice. By contributing to your retirement accounts, you’re essentially investing…
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The Million Dollar Mistake
Unraveling the True Cost of Procrastinating on Your Retirement Savings I often find myself in conversations with bright-eyed professionals and families just stepping into the game of life. You know, that classic scenario where the present seems too demanding to allow even a single dollar to escape into the abyss of a retirement fund. It’s…
Faith, Finance & Fatherhood 