Personal Finance
Stack, Swipe, Succeed! Don’t Fall for Dave Ramsey’s No-Card Advice
Is the credit card the cigarette of the stacker’s world? Dave Ramsey certainly thinks so. Stacker Myth or Stacker Truth Cutting up credit cards may help some people avoid temptation, but for a stacker it could cost us hundreds of thousands of dollars. If the temptation to spend more is not a problem the cash back credit card becomes a tool to be used, not a burden to be broken. We can use a credit card to pay for our necessities, build credit, give cash back, prevent fraud, provide convenience, and earn interest. To put Dave’s advice into perspective, [...]
Why Stackers Need Their Own Rules: Rethinking Personal Finance
Have you ever felt a sour taste in your mouth after listening to someone's financial advice? If your answer is yes, you may be a stacker. What is a Stacker? Stackers build wealth intentionally by practicing discipline, learning continuously, and making smart, forward-thinking choices, year after year More specifically, stackers': Plan ahead Prepare for the unexpected Live below their means Invest for a better tomorrow Learn about their biases Work to make rational decisions Why Are the Rules Different For Stackers? Mainstream financial rules, repeated by gurus from Tik Tok to Dave Ramsey, aren’t tailored to us. We’ve developed [...]
The Hidden Cost of Keeping Cash In Your Bank Account – Breaking Status Quo Bias
Why settle for 0.01% on your savings when you can do better? At today’s rates of 4%, $50,000 would earn an additional $2,000 per year. Recently, I advised three of my financial wellness clients and two friends to move their idle cash into an interest-earning account. Their potential gains were significant, up to $48,000 more per year! It seemed like a no-brainer, who wouldn’t want “free” money? Plus, I knew these extra earnings would help accelerate their financial goals that we had previously discussed. Yet, only three out of the five made the change. Why? Status quo bias? [...]
Beyond the Numbers: What Financial Independence Means to Me Now
What Financial Independence is to me now is watching my wife find joy in volunteering at our local elementary school, doing homework with my kids, coaching my son’s basketball team, learning Spanish alongside my daughter and...... Last month, a client asked me what financial independence (FI) meant to me. I tried to answer succinctly but as I rambled on, I realized my thoughts were anything but organized. Since then, I've continued to ponder the question and this is my attempt to articulate what FI has meant and continues to mean to me. Financial independence is a state of financial [...]
Pros and Cons of the 529 + Roth IRA Transfer: Is It Right for You?
529 plans haven't received much love from me in the past, mainly because they don't compete with their Roth IRA counterparts. However, thanks to the SECURE 2.0 Act of 2022, you can now use 529's to fund both your favorite person's education and their Roth IRA. If you aren’t familiar with Roth IRA’s be sure to check out my posts Fund Your Roth and Roth vs. Traditional. And if you need more information don’t hesitate to reach out to Kristin or me. If you're a US citizen subject to taxes, you can benefit from a Roth. Benefits of Investing in [...]
2023 Best Credit Cards for Savers
Our 2023 top credit card picks for savers were dominated by our long time favorites Citi Double Cash Mastercard and Fidelity Rewards Visa Signature Card. Each card continues to give us a straightforward 2% cash back reward year after year. HIT’s 2023 Credit Card Rankings Before I dive into our recommended credit card details it’s worth mentioning that these credit card recommendations are for Savers. Savers live within their means, never carry a credit card balance, and use credit cards as a safe and convenient payment tool. HIT’s Top Credit Card Features The credit card features we highlight and [...]