Dollars Making Sense

Home
United States
Charlotte, NC
Dollars Making Sense

Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Dollars Making Sense, Podcast, Charlotte, NC.

12/31/2021

Let's start off the new year right!

New Episode dropped today.

Hope everyone has a fun and safe NYE!

12/27/2021

What does everyone have planned for New Years?

12/25/2021

Merry Christmas everyone! We hope you are able to enjoy time with friends and family!

12/24/2021

The end of the year is all of a sudden on the front door step. The end of the year is a great time to get all of your financial priorities in order. These are a few things to think about at the end of each year, but it doesn't stop there.

Don't forget to go over these items as well:
- If you pay quarterly tax estimates, your payment for the last 4 months of income in 2021 is due by January 15th, 2022
-If you want to do a Roth conversion from your traditional IRA, you have to do it by December 31st.
-If you are charitably inclined, and want to get the tax benefit in 2021 for those donations, they must be done by year end.
- If you or someone in your family is over 72 years old and has retirement accounts, they need to take their RMD by year end.

This is just the tip of the iceburg, and as your financial life becomes more complicated, there could be even more to think about.

12/10/2021

Your rent or mortgage tends to be one of the biggest expenses throughout the year. How much is too much when it comes to spending money on rent or a mortgage?

10%?
20%?
30%?

I am not the biggest fan of rules of thumb like the 28% rule. There always seems to be a qualifier because they don't perfectly fit each person situation. However, they are a good place to start. Each person's situation is going to be different. Someone right out of college might not be getting paid as much as their friend in another industry and will be spending more to live in a city they enjoy. Or someone might be living in NYC where rents are astronomical.

At the end of the day, it comes down to what works for you, your budget and your lifestyle.

Happy Friday!

12/06/2021

When you have been sticking to your budget the last few months then all of a sudden you ordered Christmas presents for your entire family, 2 best friends, and three dogs you met at the park last week 😅

Money is about balance. Sometimes it’s not a bad thing to spend money on the ones you care about, even if it doesn’t fit perfectly into your plan.

11/26/2021

Having good credit is super important!

It decides what kind of loan you can get on a mortgage for the house you want, the interest rate you will pay on that loan, if you can get a loan for a car or a business you want to start. It can sometimes even affect what apartments you can apply for.

Keep these tips in mind when you are paying off your credit cards each month.

11/22/2021

Gotta love a short holiday week 😈

11/15/2021

When you see inflation running hot but haven’t heard from your boss about your raise yet

10/29/2021

There are probably a lot of things going through your head when you change jobs. Here are some things to think about when trying to decide what to do with your 401(k).

There are a couple of options when it comes to your 401k and changing jobs.

1. Leave It With Your Former Employer – most plans allow you to leave your plan with the former employer after separation of service. Sometimes, if the account value is less than $1,000, they will force you to move the account.

Benefits: Can keep your current investments and it is usually pretty cheap to keep the account there

Cons: You only have access to the investments in the plan and will have multiple logins and accounts

2. Roll It Over to Your New Employer – If you have switched jobs, your new employer will most likely have a 401k option as part of your benefits. However, there is usually a time worked requirement to open a 401k with an employer, so if you do this option, your accounts might not be consolidated right away.

Benefits: You will have new investments to choose from, it is usually pretty cheap to open a 401k, and you will only have one account to keep up with

Cons: You only have access to the investments in the new plan

3. Roll It Over into an IRA - If you're not moving to a new employer, or your new employer doesn't offer a retirement plan, you can roll it into an IRA. This is opening an account on your own that is separate from your employers.

Benefits: You will have the freedom to invest how you want to and to invest in what you want to invest in (mostly)

Cons: If you are in a lawsuit, you will lose some creditor protection that a 401k gives you

No matter what you do in the situation, choose what makes the most sense for you.

10/25/2021

Anyone else ever feel this way on a Monday after you put fresh sheets on your bed, your room is juuuust the right temperature and you think you're late for work??

10/22/2021

There are really only a few things you can control when investing. The two biggest ones are how much you save and how long you save for.

Take a look at starting early vs. starting later...

In each of these scenarios, we are assuming an 8% return on stocks and saving $100 a month starting at age 22, 27, 32, and 37.

There is such a huge difference in the account value when you retire at 65 by just starting sooner. That is the power of compounding over longer periods of time.

Now lets take a look to see how much you would have to save a year to get to the same ending $$ value if we start at those same ages...

22: $1,200/year
27: $1,793/year
32: $2,700/year
37: $4,120/year

It will never be a quick dollar, but being patient and using time to your advantage will help you reach all kinds of financial goals over the long run.

Address

Charlotte, NC

Telephone

+17045538006

Website

http://Dollarsmakingsensepodcast.com/

Alerts

Be the first to know and let us send you an email when Dollars Making Sense posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Dollars Making Sense:

Shortcuts

Want your business to be the top-listed Media Company in Charlotte?