It's December 1st and this year, we wanted to do something different. 25 days of budgeting and finance tips. Just a little something you can drop into your life right now that will set 2021 up for success.
Day 1: Contribute to Your IRA's
This month, make sure you take advantage of all the contributions that will help lower your taxes next year. You can contribute up to $6,000 to your traditional IRA's and Roth IRA's. If you're over 50, the limit is $7,000.
If you already have an IRA and you're looking to copy some of the top performing IRA's, then you could go with a Blooom account. They don't make money off the funds in your account. They have a robo advising that allows them to make recommendations that benefit you and they place the trades on your behalf. If you need a minimal maintenance plan, then I would go the Blooom route. Click Here for More Details about Starting an IRA with Blooom.
If you're looking to actively trade your IRA, then you could go with a Webull account. Yes, you can actively trade your IRA. I like Webull because they have better alerts and more in-depth analysis tools. And you get four free stock when you create your account and fund it with $100. Click here to take advantage of that offer.
Consult with your financial advisor. While we provide educational, up to the minute information, this is no way to be taken as advice. We want to bring you high quality information so you can make educated decisions.
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Day 2: Create Your Emergency Savings Account
Welcome to Day 2 of 25 Days of Money Tips…
If you haven't started your emergency savings account, then let's kick-off a high-yield savings account and put away $1,000 in your emergency savings account. You'll use this same account to put 3-6 months of living expenses in your savings account, and this will be for emergency purposes only.
You'll only touch the emergency fund if it's an emergency. This is NOT for Christmas, vacations or bad habits. For this, you could open up a compound interest savings account with Axos.
Compound interest reminds me of the old question, “would you rather have $100,000 right now or a penny doubled for the next 30 days?” Here's your answer:
