Tag: Savings
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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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44% of Americans
Nearly half of Americans, about 44%, struggle to pay for a $1,000 unexpected expense, showing that many people face tough financial situations. This highlights the importance of better money knowledge and support to help people manage their money better. Here are five blog posts to get you on the right path. The Importance of Contentment…
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Could Your LLC Save Thousands In Taxes?
Are you leaving money on the table? Discover how an LLC’s S-Corp election can slash your taxes! Electing S-Corporation status for your LLC can lead to significant tax advantages, especially when considering a $100,000 profit. In a standard LLC setup, the entire profit is subject to self-employment tax and income tax. However, with an S-Corp…
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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…
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Major Fluctuations in Savings
When COVID hit the world back in 2020, one of the few silver linings that came from the pandemic was that people learned to save money. At its peak in the summer of 2021, the average American was saving at 34%, an unusually high rate. The savings were mostly due to Americans being forced to…
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Maximize Your Savings
If you find yourself currently holding onto some cash, whether it’s tucked away in your savings, brokerage, or retirement accounts, it’s time you consider a simple move. Many banks and brokerage firms are now offering enticing interest rates ranging from 4% to 5%. You will be surprised how many people are sitting on cash reserves…
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5 Ways to Save Money Now!
According to the Bureau of Labor Statistics, the average American spends $5,577 a month on expenses. That is a staggering $69,324 a year, and that is without taxes calculated into the equation. Let’s collectively lower this average as Christian fathers and figure out small changes that can bring that amount down. No matter your financial…
Faith, Finance & Fatherhood 