In this post, I will cover some of the most important money moves you need to take at the end of the year. It is always a good idea to monitor your personal finances throughout the year. As we are heading toward the end of the year it’s equally important to work on certain things and make plans for the
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Can pharmacists retire as a 401k millionaire? The answer is a resounding yes! In fact, non-pharmacists can become 401k millionaires as well. Let’s find out how! 401K Millionaires It turns out American millionaires have a lot of things in common. According to a survey conducted by Ramsey Solutions from personal finance expert, Dave Ramsey found out that: 79 percent didn’t
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Wealthy vs Rich Is there a difference between being wealthy vs rich? As it turns out, there is a key difference between the two, and I will discuss it with today’s post. In 1997, Robert Kiyosaki published a personal finance book called Rich Dad, Poor Dad. The book instantly became a phenomenal success and in no time catapulted Kiyosaki to
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Recently I came across an article discussing legal tax loophole in the states. It’s an article from MSN and for some reason, they love slideshow. I’m going to summarize some of my favorite tax loopholes discussed in this article in one post to save you from all that clicking! Tax Loopholes The internal revenue services (IRS) allow for legal tax
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Have you ever wondered if the car you’re driving is a reliable car? I love my Honda and think they’re one of the most reliable cars out there. But is my trust in Honda misguided or is there some truth in that? Let’s find out! Top 10 Most Reliable Cars Who made it to the top 10 most reliable cars?
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In this post, I will go over the top five takeaways from Ramit Sethi’s book: I will teach you to be rich. I will teach you to be rich Becoming rich isn’t something that only happens to Ivy League graduates, elite athletes or lottery winners. Anyone can become rich. What you need to do is to define what being rich
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This is the top five takeaways summary of Think and Grow Rich by Napoleon Hill. No matter which track you choose to follow in order to get rich. Becoming a trader, a value investor, a real estate pro, a chief executive or perhaps an entrepreneur, you must have the correct mindset. Due to the law of averages, some people may
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In this blog post, I will list 18 tips for how to save money fast! There are many good reasons to start saving money. Maybe you suddenly got slammed with an unexpected bill, or maybe your friends just invited you on a trip of a lifetime. Or perhaps, you want to buy a house and you have to save for
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In this post, I wanted to look at the average net worth by age in more detail and provide you with an update of my net worth as of August 2019. Let’s start by reviewing some basics. The average net worth for an American to consider wealthy is $2.27 million according to Charles Schwab. Net worth means assets minus liabilities,
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In today’s post, I am looking at what are the causes of and how to prepare for a recession. Our economy is cyclical, we have had times of great economic prosperity for the past 10 years. Eventually, we will have a contraction, where we see unemployment rates go up, consumer confidence fall and possibly leading to a decline in GDP.
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You may already own a car, and know somewhat the costs associated with car ownership. But have you ever asked yourself this question: how much car can I afford? In this post, I’ll discuss the 20/4/10 rule and how it applies to the process of buying a car. If you can afford to buy a car with cash that’s the
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What is the true cost of car ownership? Believe it or not, owning a car is expensive. You probably already know that but do you know what’s the real cost of car ownership? An article from MSN shed light on the average cost of a car. Car gurus estimate the average cost to operate and maintain a car is $9,576
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Ever wonder how financially literate you are? Take the financial literacy test here and find out! The quiz is from The National Financial Capability Study (NFCS) is a project of the FINRA Investor Education Foundation (FINRA Foundation). For your convenience, here are the questions: Financial Literacy Test: Question 1. Suppose you have $100 in a savings account earning 2 percent
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How does your 401k balance compare to your peers? Tax advantage plans like 401k and Roth IRA are one of the simplest and best ways to invest for your retirement. Do you wish to know how much you need to contribute? What is a 401k? A 401k is an employer-sponsored retirement plan. Employees can automatically deduct a portion of their
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7 Types of Income Streams It is often said the average millionaire has 7 types of income streams. The average person typically has 1 stream of income, usually from their job, and this can put them in a vulnerable position financially. If you take a look at the average millionaire, it is true that they have multiple streams of income-generating
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What is FIRE? FIRE is a fairly new phenomenon, it stands for Financial Independence, Retire Early. The financial independence movement started about 5 to 10 years ago. I only learned of the FIRE community when I read news articles discussing about Mr. Money Mustache and other millennials retiring in their thirties. Recently, Your Financial Pharmacist blog posted a really good
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I came across an interesting article from Bloomberg discussing the definition of being wealthy across different age groups. The data came from the 2019 Modern Wealth Survey from Charles Schwab. The online survey was based on answers from a cohort of 1,000 respondents, age ranged from 21 to 75 years old. Below are some interesting findings: 59% of Americans live paycheck
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