Personal Finance
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 [...]
Give More and Pay Less – Breaking down Private Foundations and Donor Advised Funds
Have you ever dreamed of what you would do if you had too much money? I am not talking about dreaming of yachts, ponds full of hippos, and hanging with your entourage. I'm talking about your dreams of philanthropy, giving your neighbor a scholarship, stocking a food pantry, or funding a local psychiatric hospital. If you aren’t there yet, stay on our plan of living below your means, saving and investing and you’ll be there sooner than you’d expect. Some of our HIT Family is living out their philanthropic dreams and are supercharging them through tax protected charitable vehicles. [...]
Choosing a Health Care Sharing Plan
My Alternative to Expensive Insurance When reviewing health share plans we were drawn to Samaritan, which has been around since 1994. Samaritan describes themselves as “A community of Christians paying one another’s medical bills.” This is exactly what it is, those of us who signed up to be a part of this plan do not have insurance, and are committed to sending their monthly share to another Christian in need. Samaritan is based in Peoria, IL. That means it’s just over the river from us, and there are many people around our area that are familiar with this medical [...]
Do We Need Health Insurance?
“Who is your health insurance through?” “What do you mean you don’t have health insurance?” “Your husband is an attorney, he should have health insurance through work”. More often than not this is the start of my conversation with friends interested in learning about our health insurance. About a year ago, my husband was promoted to partner at his law firm. While we were celebrating, we learned partners are no longer employees and we would no longer have our employee sponsored health insurance. We had an option to continue to pay for the insurance but after seeing it was [...]
Anxiety, the Last Hurdle Before Financial Freedom – Part 1
Severance Update In my last post, “No Power, No Water, No Heat, No Severance'' we were in the middle of a cold front that left us without electricity, water, and internet. This delayed all of my corporate work communications and the following week when the essential services came back online I received word on my severance request and... It was accepted. I am now twice retired, and can focus on HIT, family and friends. Financial Independence It has now been 3 months since retiring and financial independence has been everything I dreamed it to be. But before I share more [...]