TNFG Favs
My favorite topics on the Neighborhood Finance Guy (TNFG Favs) website are:
- Budgeting and saving: I like the blog's posts on budgeting and saving because they are practical and easy to understand. The blog provides readers with tips on how to create a budget, track their spending, and save money for their financial goals.
- Investing: I also like the blog's posts on investing because they are informative and well-written. The blog provides readers with information on how to choose investments, manage their risk, and grow their wealth.
- Retirement planning: I find the blog's posts on retirement planning to be helpful and informative. The blog provides readers with information on how to save for retirement, choose the right retirement plan, and maximize their retirement income.
- Debt management: I like the blog's posts on debt management because they are realistic and helpful. The blog provides readers with tips on how to get out of debt, improve their credit scores, and build their financial futures.
- Personal finance: I find the blog's posts on personal finance to be comprehensive and informative. The blog covers a wide range of financial topics, such as taxes, insurance, and estate planning.
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3 things We Did to Solve the Racial Wealth Gap for Our Family
The racial wealth gap is a widely discussed and known issue in the US. While wealth gaps are prevalent worldwide, America has been on a divergent path for a while. In the second quarter of 2023, white households held north of 85% of total wealth. The median white household is hovering at $284,310 while Black wealth trails behind at less than $45,000. That’s a difference of 6.5 times. The Wealth of Two Nations: The U.S. Racial Wealth Gap, 1860-2020 did a great job summarizing how we got here. You can definitely read it for yourself. It’s filled with incredible insight into how freed enslaved people (1860) were able to converge wealth…
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How to Invest While Reducing Your Tax Liability in 2024
Investing for the future comes with several benefits, but one sometimes overlooked benefit is reducing your tax liability. By investing for the future in tax-advantaged retirement accounts, you can potentially reduce your overall tax bill. This works by leveraging your current dollars to structure long-term wins. With that said, taxes can become complex. Use this as a guide for a better understanding of your own goals and how to position yourself. Then, I’d recommend that you seek a licensed tax professional who understands financial planning. The wealthy don’t merely do their taxes by April, they plan ahead in November of the prior year. Here are five ways to potentially reduce your…
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How Much Money or Wealth Do You Need to Be Part of the Middle Class?
Is the middle class shrinking? Most want to be rich while no one wants to be poor. So most call themselves Middle Class to fit in. But how much income do you need? How much wealth do you need?
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The Problem with Social Media Financial Spending Plan
Conscious Spending Plan, as defined by Ramit Sethi (renowned financial author) is a short-form financial plan that accounts for savings while indulging in guilt-free spending. With that, his aim is to decouple the notion of money as either being rigidly disciplined vs living in the moment. “…It is all about spending extravagantly on the things you love, as long as you cut costs mercilessly on the things you don’t. It’s not about restriction. It’s about being intentional with your money and then spending on the things you love guilt-free.” Ramit remarks that the plan is rewarding because you get to CHOOSE how you want to spend your money AND how…
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How to Create $7k in Passive Income Quarterly – Q3 2023 Recap
The second quarter of 2023 was hopeful but the third quarter was a struggle. High Inflation is here to stay. A global recession is pretty much certain for 2024. In translation, get creative and earn more.
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Reflecting on How We Became Millionaires in Under Six Years
My wife would admit that becoming millionaires was always more my thing. It was hobby that wasn’t taxing, or costly so she allowed it.
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More Fables, Myths, and Financial Lessons from Short Stories
When discussing Financial literacy, it’s important to remember that we learned a lot of lessons from short fables, stories, and folklore. By the way, I didn’t write these stories. Just resharing them here to help jog memories with aha! moments. These stories were once pivotal as warnings or cautionary tales. When I was growing up Aesop Fables and Grimm Fairytales were amazingly dark. There were rarely happy endings with a heavy emphasis on life not being fair. Yet, they offered financial nuggets that stand the test of time. The Most Dangerous Financial Lessons Trusting Your Instincts A scorpion asks a frog to carry him over a river. The frog is…
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Ten Wealth Soft Skills that Require ZERO Talent but Boost Your Income
Success isn’t solely determined by innate abilities or degree; a greater part is shaped by your own Soft Skills. According to MBO Partners, “Soft skills are an essential part of improving one’s ability to work with others and can have a positive influence on furthering your career. If you are a small business owner or self-employed, soft skills can help you find, attract, and retain clients.” Why are soft skills important in your day-to-day life? Polished presentation skills, networking abilities, and social awareness can help you win make friends and win clients. The overall goal is to improve connections with others. Honing the ability to resolve conflicts, solve problems under stress,…
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Tracking Expenses from Year to Year. Where’s Our Money?
Tracking expenses is a difference better barely making it and becoming wealthy. It's easier once you move beyond the barely making it.
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How We Made $5k+ in Passive Income for Q2 2023
The second quarter of 2023 was hopeful. High prices raged on and it's likely that the passive income economy dragged down. With price inflation up, some goals might not materialize this year but we will likely still land in the positive. +$5k in gross passive income is still income.
