How to quit your job and do nothing or to pursue your passion? Quit your job to do nothing by evaluating your finances, creating a budget, and make a plan for living without a job. Save enough money to quit or take advantage of investments, side hustle income, and location arbitrage. Quit your job, but […]
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How do you move out of your parents house? Move out of your parents house by having a job that can support your lifestyle. Create a budget to verify you can support yourself and save 3-6 months of expenses. You will want to take time to evaluate your financial goals, before moving out. Tell your
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How do you quit a job you hate so badly? You should consider quitting a job that you are not happy with or that causes you stress. Ensure you have a plan in place for after you quit, even if you don’t have a job lined up. Give your boss two weeks notice and a
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What should you do if someone used my debit card without permission, even if I have the card on hand? Debit card fraud should immediately be reported to your card issuer to stop further fraudulent charges. Look through your financial transactions and note which transactions are fraudulent. The bank may replace your lost or stolen
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What does a pending transaction mean? A pending transaction means a card has been charged, but the payment has not been processed. The charge shows as pending, but the money is not available for spending. A pending transaction is typically resolved within 2-3 business days, but can take 7 days. Imagine, getting the pending charge
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How much money is 6 figures? An annual six-figure salary ranges from $100,000 up to $999,999 per year, referring to the number of digits in the salary (e.g. $100,000 has 6 digits). Taxes and deductions will reduce gross income. However, a $100k earner earns about $48 an hour with a 2,080 hour work year. Imagine,
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Is saving $500 a month good and enough for retirement? Investing $500 a month is a good amount to save for retirement if you are investing for 30 or more years. $500 per month invested over 30 years yields $1.7 million at 8% interest, which is a $68k salary at 4% withdrawal rate. Keep in
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How do I find retirement planning near me? Find retirement planning near me by finding a fee-only adviser via the National Association of Personal Finance Advisors (NAPFA). Alternatively, search Google or ask friends and family for recommendations. Ensure you are working with a certified financial planner working to a fiduciary standard. Imagine, understanding who to
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What is a custodial Roth IRA? A custodial Roth IRA is an individual retirement account for minors, managed by the custodian until the minor reaches legal age. The contributions are post-tax and the contributions and earnings are considered tax-free. Contributions can be withdrawn at any time, but earning withdrawals must be qualified. Imagine, setting up
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How long does it take to save $100k? Contributing $500 per month at an 8% return on investment will give you $100k in 11 years. You can achieve your first $100k faster by contributing more or finding a better return on investment. Most people have more control over their contribution amount than rate of return.
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