Author: admin

It’s open enrollment season right now and I’m a little bit bummed. For the past few weeks, I’ve been getting text messages from my previous employer (which happens to be the State of Minnesota) reminding me to enroll in my workplace benefits for the coming year. Since I no longer work for the state, I obviously can’t take advantage of any of these benefits. Working for the state had some pretty nice perks. Not only did I get a 6% match on my retirement accounts, but I was also able to utilize a High Deductible Health Plan (HDHP), which, in…

A little while ago, I wrote a post that I called, “How To Afford Anything You Want.” As the name suggests, the thesis of that post was that anyone can afford to buy whatever it is they want – it just requires creating a few systems and taking a little bit of time to plan things out in advance. My suggestions were pretty straightforward. First, create a system of sub-savings accounts using banks like Ally, Discover, or Capital One 360. These banks are good because they let you make as many different savings accounts as you want and allow you…

At some point in your life, you may fall on hard financial times and be unable to pay your bills. Despite your struggles, your creditors still want to get paid. They’ll likely employ a series of tactics called debt collection to get their money from you. This process may involve constant (potentially harassing) communication from the debt collector as well as more severe financial consequences like a severely damaged credit score or a court judgment issued against you. This is a tough spot to be in, but you’re not alone. According to Experian, more than 25% of Americans have…

If you’re into personal finance or financial independence, you probably know about the HSA (Health Savings Account) and how you can use it as a sort of extra tax-advantaged retirement account. The government gives you a limited number of tax-advantaged accounts, so it generally makes sense to take advantage of as many of them as we can. The beauty of the HSA compared to other tax-advantaged accounts is that it’s one of the few accounts that provides you the opportunity for triple tax-advantaged savings – that is, money going in tax-free, money growing in the account tax-free, and money that…

I bike to work five days a week, and every once in a while, I like to reflect on how fortunate I am to be able to do that. It’s a wonderful situation that I find myself in. I live close enough to my office that biking to work isn’t a particularly difficult thing for me to do. And, by biking to work, I get to avoid all of the costs of car ownership, while at the same time collecting all of the cost and health benefits that come with biking. It’s a great choice that I’ve made – one…

One of the things I’ve been thinking about recently is how quitting my job has really changed the way I think about work, and specifically, how I think about the way work fits in with my life. Take my current schedule as an example. Last week, my wife and I went on a week-long trip to Alaska (naturally, using credit card points to cover our flights and hotels). Over Labor Day weekend, I attended CampFI, where I gave a presentation to a group of 50 attendees about how to create your own version of financial independence. And this coming week,…

Without a doubt, podcasts have to be one of my favorite ways to acquire knowledge. I listen to podcasts pretty much anytime I’m walking around or doing anything that doesn’t involve a ton of mental energy. With the way technology works today, pretty much anybody can become an expert on any topic – all you have to do is spend a little bit of time each day soaking up information from smarter people. Just think about all of the time you spend each day commuting, walking your dog, or doing chores around the house. That’s all time that you can…

If you’ve been following the news, you’ve probably seen or read something about this whole college admissions scandal. In mid-March, the Department of Justice busted a bunch of rich and famous people in a nationwide scheme in which parents paid people to cheat on SAT or ACT exams and/or bribed school officials to help get their children into particular schools. It’s the largest college admissions case brought by the Department of Justice, and it’s getting a lot of press because of the people involved – famous actresses, bigshot lawyers, bigwig finance people, etc. This bribery scandal is interesting to me,…

Many credit card companies offer rewards to attract new customers. And it works! A 2018 study found 79% of people choose credit cards for their rewards. But is it always a good idea to use credit cards for rewards? Once you sign up for a card, credit card companies hope you’ll continue to use it (and perhaps pay their high-interest rates, too!). Offering rewards pays off for the credit card companies. Credit card points and rewards can be beneficial to you too. They can certainly save you money—when you read the fine print and avoid costly mistakes! Before you…

Homeowners insurance provides little, if any, protection for operating a vessel.” The risks of operating watercraft are similar to those of driving a car. They include running into other vessels, a swimmer, a diver, or a fixed object such as a dock, resulting in injury to others and damage to boats and property. In 2019, the U.S. Coast Guard reported a staggering 5.2 deaths per 100,000 registered vessels. In total, that year brought 4,168 accidents, 613 deaths, 2,559 injuries, and $55,000,000 in property damage. Not included in this report were liability settlements for personal injury, making the true cost of…