An HSA is one of the best-kept secrets out there because of its versatility. My current employer offered an HSA back in 2016 but I brushed it off to opt-in for the PPO plan. In 2019 when I did more research into what an HSA is and how it was helpful to the future financial goals I was determined to
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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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My Social Security Social security is an important component of retirement planning. As such it is a good to question its sustainability. First off, since social security is important it’s a good idea for you to create an account to monitor and utilize the resources afforded to you from the social security website. The government’s social security website give you
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Lately, I’ve been thinking a lot about how pharmacists can build wealth and I’ve come to the conclusion that getting rich slowly is the key. You’ve heard it on the radio, you heard it on television, or perhaps read it in a blog just like this one-uncover this secret, buy this and that to get rich quickly! That is not
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What is a backdoor Roth IRA? In today’s post, I will discuss my experiences with my first backdoor Roth IRA and a subsequent step-by-step guide. In my opinion, Roth IRA is one of the most versatile tax-advantaged retirement account you can take advantage of today. If you’re interested, I discussed in more detail about Roth IRA in another post and
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Three years ago, my current employer introduced a health savings account (HSA) as an option for my medical benefit. I briefly went over the plan but ultimately chose a PPO version. It’s not until recently that I discovered that HSA plans offer so many benefits and can be used as my third tax-advantaged plan. Some even called the health savings
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In this post, I am going to compare a Roth IRA versus a 401k plan and recommend which one is better for you in your situation. What is a Roth IRA and 401k? Roth IRA (Individual Retirement Account) is essentially a self-directed retirement account. A 401k, on the other hand, is an employee-sponsored retirement account. These are two main ways
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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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What are the best investing apps out there in 2019? When it comes to investing, yup, you guessed it right, there’s an app for that! In traditional investing, you need a couple of thousand dollars to get started with either through ETFs or index mutual funds. Enter micro-investing apps. In today’s high-tech world, there are easier ways for you to
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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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Continuing on my investing series, in this post I will show you exactly the strategy on how I will invest in Vanguard Index Funds. Advantages of Vanguard Index Funds Investing in index funds might the best, easiest, safest long term investment out there for most people. It’s one of my favorites ways to invest. This investment strategy requires very little
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Step by Step on How to Invest Your Money In the post, I will show you exactly how to invest money in seven steps. Starting with the lowest risk and progressing to higher risk forms of investment. How to invest Money Step 1: Low-Risk Investment Here, you’re looking for a basic place to put your money. The number one choice
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What’s my net worth in May 2019? When I graduated from pharmacy school in 2011, I had a negative net worth of $218,000 with a combination of student loan and credit card debts! It has been a humbling experience clawing my way of that debt to having a net worth of $241,451 at the end of May 2019. I was
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I recently ran an analysis through my 401 (k) provider to check what is the optimum age for me to retire at. My 401 (k) provider, Empower advised me to retire at the age of 70 to get the full retirement benefit! Well, you might be thinking about how long can I live to enjoy that retirement? As you can
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Let’s learn different strategies for your investment and saving today! Disclaimer, I am not a personal finance expert. If you’re a personal finance newbie just like myself, the SEC has a really good resource called introduction to investment for you to peruse. Because I’m not an expert I have to do a lot of reading on personal finance from various
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