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Is Whole Life Insurance Right for Me?
The crew is together again. Lawrence discusses his recent experience on a financial panel, discussing whole life insurance vs. term life insurance. The crew dives into the financial differences and the reasons why whole life insurance does not serve our community well. Whole life insurance is more beneficial for sellers but not the families who are purchasing these financial products.
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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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Americans Spent an Extra 20 Percent. Here are the details on the 2022 Fed Survey
The Neighborhood Finance Guy writes about financial literacy topics, investment strategies, Household median income management, and retirement tips to help you make effective decisions and set S.M.A.R.T+ER goals with your money. The information is free but the struggle is not sold separately. If you are feeling poorer, you are likely spending way more than you think. Household income isn’t dropping. Prices on everyday items are going up. Join the Newsletter that can help re-balance your mind, body, and spirit. Feeling a bit stressed about Expenses? The average annual expense per median household went up from $66,928 in 2021 to $72,967 in 2022. This was an increase of 7.5 percent. Add…
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How to Redefine Achieving Meaningful Success through Conquering Fear
There is nothing left to fear but fear itself.
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Ready to Pay an extra $400 toward Student Loans Monthly?
After 3 years of Federal student loan forbearance, Americans will contend with a familiar line item in the budget. Most aren't ready for it.
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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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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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Here’s How To Set Up A Retirement Income Portfolio
A solid retirement income portfolio provides retirees with a stable source of income plus potential for growth based on the user's risk profile and time horizon.
