How can you withdraw cash from the post office? You can only get cash from the post office via debit card cash back on purchases, money orders, or from your post office services account. The post office no longer has post office savings accounts, which acted like a bank account. The post office can be […]
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How much does it cost to do laundry for one person? A single person should pay about $0.84 per load of laundry at home and $4.25 per load of laundry at a laundromat. The bulk of the cost comes from energy used by the washer and dryer. Therefore, selecting energy efficient machines can reduce your
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What should you do with $50k in savings or inheritance? The smartest thing to do with $50k in savings or inheritance is invest in low-cost index funds. However, you can feel free to spend a little of the money on yourself as long as you are planning for your future. Avoid making any sudden lifestyle
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What’s the difference between high cost of living areas versus low cost of living? High cost of living areas (HCOL) are considered more expensive to live in than low cost of living (LCOL). Homes, gas, food, and other daily expenses are more expensive. Typically, salaries are higher in HCOL areas, but your purchasing power tends
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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 Contributions can be withdrawn at any time, but earning withdrawals must be qualified.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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Can I retire on $300,000 and make it last? It is possible to retire on $300,000 and make it last. You can invest in a growth portfolio and withdraw 4% every year. Alternatively, you can invest in dividend paying assets which will continue to pay you for ownership in the company. Imagine, being able to
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Can I retire at 55? You can legally retire at 55 if you have enough saved for retirement. Keep in mind, there is a 10% early withdrawal penalty for 401k withdrawals before 65 and IRA withdrawals before 59.5. Reduced social security benefits are not available until you reach 62 years old. Imagine, being able to
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