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Annual contribution changes to be aware of!

Take a peek at your retirement contributions for 2024 and make some final adjustments to max out!

2024 IRA Contribution Deadline: April 15, 2025

2024 SEP IRA Contribution Deadline: April 15, 2025 OR if you extend your return you’ll have until October 15, 2025 to file and contribute.

Employer Retirement Accounts: December 31, 2024.

AND PLEASE NOTE ONE MAJOR NEW CHANGE:

The increase to contributions for those who are aged 60-63. This may not affect you…but it might your parents so please let them know.

Pass along to your friends and family! Friends help friends build wealth 👏🏼

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It’s a haunted house…but for your finances 🎃

Which one is your favorite? Better yet - what would you add?! I know you’ve got some funny ones out there!

Dividends are amazing for so many reasons. Here are a few:

They are purely passive - zero time or effort

They are a more consistent and reliable form of income through investing in the stock market

They are typically tax-advantaged in a taxable brokerage account and better yet could be tax free income if within an HSA or Roth IRA.

They account for a meaningful part of your total return.

Biggest message here:

Do NOT let your dividends pile up in an account in cash doing nothing for you. If you don’t know where to put the cash and have no plan for it - then you likely should be opting into dividend reinvestment.

Head to your investment accounts - if you see a lot of cash built up and you didn't transfer money there - then you know it's from dividends piling up!

Any questions?! Comment below!

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The stock has climbed about 4,200% since 2010….

If only I had known that my pizza cravings were onto something.

At least I had fun?! 🤣

Now if stock picking is something you're interested in, here are 3 very simple tips for you:

Invest in what you use – If you love it and use it, you already understand the value

Invest in what you know – Stick with companies you’re familiar with and understand how they make money.

Invest in what you have conviction in – Hold strong on companies you believe will thrive long-term, even when things get shaky. Short-term swings should NOT make you lose sleep at night if you believe in the company.

I know everyone’s chasing those home runs, but the real takeaway here is that sometimes the biggest gains come from things you already love... like pizza! 🍕

(And just to be clear, this is not me telling you to go buy Domino’s stock—or any individual stock for that matter. Honestly, most investors don’t need to pick individual stocks to succeed in the market. In fact, for the majority, I’d recommend the opposite)

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Fall is the perfect time to reevaluate your financial life.

And let’s be honest, in a few weeks things will start really ramping up for the holiday seasons and BOOM 2025 will be here and you’ll have wished you took the time now to revisit some of these items.

Take a peek at the list and start organizing your financial life and ensuring you’re on track to end the year strong!

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#2025 # #2025 #2024

Here is my ultimate savings strategy at Target….

I don’t go. 🤣

I am human after all. If I walk into that store, you best believe I’m walking out with more things than I intended to.

I have to put blinders on and continually repeat…”We are getting a gift for the kid birthday party only….kid birthday party only…”

But here’s where I’ve changed things from my 20’s that have positively impacted my finances in a meaningful way...

I don’t shop as a hobby or for the sake of shopping! I don't browse items I don't need out of boredom (unless it's 5 million dollar homes on zillow).

This mental shift—from spending as a habit to spending intentionally—has been a game-changer for my financial health.

Who else kicked the shopping-as-a-hobby habit? Tell me in the comments!

Consider this your friendly warning if you accidentally fall into the Target vortex this weekend! 😂

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Generational wealth isn’t just about leaving behind a pile of money.

It’s about leaving behind a mindset, opportunities, and values that your family can carry with them for generations.

It's the potential to have an impact on people's lives while you're living, but also long after you're gone.

And don't be confused - generational wealth doesn't always mean handing your family millions of dollars. It can be built through education - encouraging entrepreneurship - modeling solid money habits, etc.

Money can come and (and will) go, but when you set the foundation for smart money habits, financial literacy, generosity and purpose—that’s when you create lasting wealth and a financial legacy you can be proud of and have faith…that it will continue even though you may not be here to see it.

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Ohhh the cost of kids no one talks about 🤣

Perhaps this also holds a little more true for boy parents because many times I’ve observed little boys to be far more reckless than little girls but who knows - I’d love to hear your stories.

Share your experiences in the comments - I think we’ll all get a good kick out of them! 👇

(And let this be a reminder to all parents - an emergency fund is so very necessary…and insurance when they get older 😳)

Happy Friday friend! Can’t wait to hear what you come up with below!

There was a part of me that didn’t want to talk about this because truly the market volatility means nothing to me except an opportunity to either…

1. Buy more
2. Benefit from tax loss harvesting
3. Take advantage of conversions

And oftentimes I feel like the attention drawn to it is what actually creates additional fear, panic selling, etc.

So heres my message:

Is it fun to watch your net worth fluctuate in the stock market? No.

Is it normal? Yes.

Is there a way for you to outsmart the market and time it perfectly? In 15 years as an investor and wealth advisor, I’ve NEVER seen this work for anyone. Even my multi millionaire hedge fund clients…they were some of the worst investors for their own personal money, always thinking they had “the answer”….spoiler alert…they didn’t.

So look at market volatility as an opportunity - not a detriment to your financial situation.

Can you buy more right now?

Can you take advantage of tax loss harvesting in taxable accounts?

Can you take advantage of Roth conversions with the account value now having gone down a bit?

Get strategic. Not fearful.

Think long term. Not in pockets of time.

So, Excuse me while I go put some money to work. 😘

I truly don’t care how you choose to spend your money.

Your life. You spend it how you want....SO LONG as you understand the continual tradeoffs.

There is power behind your financial habits and decisions.

The coffee runs, the delivery food, the uber rides, the extravagant shopping trips, the expensive car lease - individually may seem insignificant. Over time, they amount to something and at times can take away from other things you want.

Now, if they are important to you - if convenience is important to you right now, if the latte is non-negotiable, if getting the house cleaner saves you time, if getting monthly massages relieves your stress - insert whatever you want, if it’s important to you, then, by all means, continue it.

But if it’s not, or if you start taking into consideration the other things you want down the road and those decisions are impacting your ability to reach those future goals - whether they are 6 months or 16 years down the road, that’s when you have to start truly evaluating your spending.

We make financial decisions all throughout the day. Be mindful of what you want - and be mindful of if you’re directing your money in a way that provides for the life you want today while also setting you up for the life you want in the months and years to come.

And remember, I’m not talking about just investing for your future. This could be saving for travel, saving for a downpayment on a home, a home renovation, etc. Insert whatever goal you want.

Our cash flow and how we direct it will allow us to reach those goals....or not.

👉Comment “SHIFT” to get my FREE Money Mindset Guide around how to shift your mindset around your goals and your relationship with money to get you on track for your financial future!

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Remember when you said 2024 was going to be the year you became more in control of your money?

It was going to be the year you created more intention with your spending and cash flow.

It was going to be the year you finally found financial peace with where you are and genuinely excited and aligned with where you’re headed!

Now with less than 6 months to go until 2025...have you taken those steps to show up for yourself in the way you need to?

It’s never too late.
You’re not too young or too old.
You’re not “bad” with money.
You’re not TOO busy to prioritize your finances.
Your high salary does not preclude you from having to manage your money.
Just because your partner "handles it" doesn't mean you should ignore it.

Your money is a tool to support you living out a life you love.

Prioritize it. Manage it. Pay attention to it…and you’ll be rewarded over time.

So what are you going to do about it?

Start here - Comment FREEBIE for my suite of free financial resources to choose from!

It is my passion, my purpose and my absolute pleasure being a resource to you in the world of money 💙

Did you know about this?

As I note in the post -

There is a lot of nuance around Self-Directed IRAs and there’s no possible way I could fit it all into this caption or into a carousel post BUT...

If you find yourself in a position with a lot of retirement assets and you want to explore diversification while also getting some tax advantages....then a Self-Directed IRA should be considered.

One other thing I would say is that many 401Ks will require you to keep your 401K with your employer until you leave the company.

Buuuut there are some plans in which your current employer may allow you to rollover some of the funds (this is not a taxable event so long as you rollover the assets to another retirement account with the same tax structure) and place them into an IRA or Roth IRA (depending) at which point you could then consider a Self-Directed IRA.

Just planting a seed for you when you have your millions in your 401K or IRAs....

As always, wishing you wealth & health

In past years, distributions from a grandparent’s 529 plan were considered an asset to the student, which could reduce financial aid eligibility by up to 50% of the amount of the distribution.

Starting in 2024, the FAFSA forms have changed and now, grandparent-owned 529 accounts will not affect their grandchild’s financial aid eligibility as its 529 plan assets and distributions will no longer be reported on FAFSA!

Before you go jump the gun on changing the account ownership - there are definitely a few things to consider before doing so...

The main consideration is ownership and control.

This is a great new update and will certainly positively impact a lot of students and families.

Did you know about this? 👇🏻👇🏻

🥳If you’re interested in learning more about building wealth for kids comment KIDDOS and I’ll send you a link to sign up for the waitlist for the latest updates on an upcoming Kids & Wealth webinar!

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I used to be paid about $2 per hour as a waitress. The tipped minimum wage.

I lived for those tips....because my paycheck amounted to about $120 per month - max.

I worked at an ice cream shop as a kid.

I had a bartending stint for a bit.

I get how important tips are in certain industries.

But I’m getting confused about how tips originated as a way to recognize and reward good service, and yet over time specifically in the US, it’s evolved into an expectation rather than a voluntary gesture.

That by clicking on a few buttons on a stripe ipad -boop boop boop - warrants some type of additional compensation. I don’t get it.

I also don’t get the belief that every single person should go get a 22% tip just because they were physically present as your waiter or waitress.

I was NEVER surprised or upset when I got less of a tip when I didn’t show up well.

When I wasn’t attentive, I wasn’t my best or as friendly as I normally am, I was like yeah...makes sense that I didn’t get 20%. Bummer...but more incentive for me to work harder and show up better.

The expectation to tip has just gone a little overboard in my opinion.

And it’s created this dynamic where you have people feeling pressure or guilt to tip a certain amount even though the service may not have warranted it….and then a growing sense of entitlement among those who expect tips regardless of the quality of service…so the whole thing makes me uncomfortable at this point 🤣

Agree or disagree? What’s your tipping philosophy? 👇🏻

The definition of insanity:

Doing the same thing over and over and expecting a different result.

This happens a lot in finances and money management.

Wishing things could be different.

Wanting your money to do more for you.

Wanting to feel financially empowered and not financially stifled.

Wanting to make sense of your financial life so you have a clear roadmap for your future.

And yet… no action is taken.

It’s time to stop waiting and wishing.

Your best life is on the other side of a financial life that can afford every dream you have.

It’s not going to magically happen.

It’s not going to happen overnight.

And it’s most certainly not going to happen if you choose to do nothing to make a change.

You have the power to build meaningful wealth and financially support an amazing life you love.

You are fully capable of managing your money in a way that allows you to live well today and build wealth for tomorrow.

What are you waiting for?

This is why it’s so important to grasp the basics of investing, fees and compounding growth.

Investing can be tricky, it’s not hard—you just need to understand the essentials and ultimately what to look for.

The key to investing is consistency, minimizing fees, focusing on what you can control, and maximizing your returns through smart market exposure - aka not putting all your money in cash.

Hidden fees and too large of a cash allocation can cost you big time in the long run due to missed opportunities and compounding growth.

Knowledge is power, and being informed can make all the difference in your financial journey.

Have a Schwab account? Take a look at your cash allocation and determine if that’s really what you need for your long term portfolio…

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Ask yourself these two questions:

1. What investment accounts do I already have?
2. What investment accounts should I be looking to open in 2024 for new goals of mine?

401K, Roth, taxable brokerage, HSA, UTMA, 529…..Have I lost you yet?! How many accounts are there?

I get it, it’s a lot of information. There are a lot of acronyms and a few too many rules.

But don’t make the mistake of thinking that just because there is a lot of it and perhaps some of it may be new to you, that it is difficult and unattainable for you to wrap your head around. Because that’s just simply not the case.

But use this as your cheatsheet - These are your investment account options.

✅Each have different advantages, tax structure and purposes. Continue to educate yourself about them to determine which option is best for you and your goals.

I am not suggesting that you go become a financial expert. Not at all. In fact, to be an investor, you don’t need any financial background whatsoever.

But what I do wish for you is that you familiarize yourself with your options enough that you feel confident in the financial decisions you are making.

What about you - Do you feel confident that you’re making the most of your investments and creating a game plan to retire wealthier and earlier because of it?

✨If not, comment MILLION and I'll send over 25 Dynamic Ways for you to be pave a path to a $1M net worth!

Then stay tuned for my Free Money Management Masterclass which will be available in the next few weeks!

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You’re just one decision away from making a meaningful change to your financial life…but more importantly, your quality of life.

Take control of your finances so you have more control over your life and future!

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Comment FOUNDATION for my free Money Guide as the first decision you make towards financial wellness!