Millennials should skip the 401(k) and go ROTH all the way

When I was a young adult there were only two options to prepare for retirement: Pensions and 401(k)s. Well, there was also Social Security – but we won’t go there! The investing landscape has changed dramatically. The government has created other venues for tax favored accounts – and all of them are better than doing nothing. Everyone’s situation is different. I’m not a Financial Advisor so you need to seek the advice of a trained professional but I do think Millennials have the best opportunities to become investors and get complete control over their financial destinies if they skip the […] Read more »

Pay the mortgage or credit cards first? Which do you let be late?

Let me start off by saying: I hope you never find yourself in this difficult situation! Life gets really stressful when money is tight. People get sick, layoffs happen, and the household income drops due to unforeseen circumstances. When you find yourself short on cash, which do you let be late: The mortgage or credit cards? According to TransUnion, one of the major credit reporting agencies, more Americans choose to pay their credit card bills to keep from being late than keep a mortgage current. Is this wise? Let’s walk through a few scenarios to expose the pros and cons […] Read more »

A Sure-Fire Way To Save On Taxes

Thomas J. Stanley studied America’s wealthy for decades. One of the observations he made was that the top wealth holders, those who kept a larger portion of their income, only realized 3.66 percent of their wealth in taxes compared to 6.7 percent for those those who consumed it. In other words, those who pay less in taxes do so by spending less and saving more. When spending money we pay: Sales and local tax Income tax Property tax If I want to pay lower taxes then follow these three simple suggestions: Consume Less A simple way to save on sales tax […] Read more »

Renting isn’t throwing money away

How many times have you heard someone say “renting an apartment is just throwing money away?” Maybe you’ve been told it’s better to buy a house when the monthly mortgage payment is equal to rent. It sounds reasonable but it isn’t true: Renting isn’t throwing money away. The dollars left out of the deal Buying a house will cost you much more than just a monthly payment. Rentals often include things like water, trash collection, and even heat that a mortgage just doesn’t cover. A home owner has to pay those on top of their principle, interest, taxes, and insurance. […] Read more »

Using Arcade Games to Teach My Daughter About Gambling

I am writing this as my daughter skates around the local roller rink. There was a time when she would bring $5 with her and blow it all on the arcade games. After many failed attempts to grab the stuffed animal or put the ball in the right slot I think she’s learned the value of a dollar – and that most gambles don’t pay out. Tickets are the real reward here and they don’t get you very much. Each one is worth a penny at the “Stuff Shop” and the assortment of plastic trinkets is vast. Spider Rings are […] Read more »

3 Ways to Get the Most From Your Income Tax Refund

Over 100 million Americans received refunds in 2013. Undoubtedly, the effects of such windfalls wore off long ago. Were these bonuses used wisely? Here are three ways you can get the most from your income tax refund: 1. Prepare for an Unexpected Event This sounds like an oxymoron, being prepared for something unexpected, but this could be the smartest move for anyone – even someone in debt. Nothing could be smarter than to cash the check and put it into a savings account for emergencies. Let’s face it – something bad is going to happen someday and those things usually cost […] Read more »

Lies We Tell Ourselves So We Can Keep Our Credit Cards

People love their credit cards. Why? They aren’t valuable, can’t be traded or sold, and cost people money and often their freedom. I’ve been separated from my credit cards for over seven years and can tell you that I don’t miss them a bit. Now that I’m coaching people through their debt problems I get to hear all the same lies I used to say that justified my reason for keeping the plastic crutches. Do you feel a shiver in your spine when you hear these lies people say so they can keep their credit cards? “I only use my […] Read more »

How to pay $2,048 in debt before Thanksgiving by doubling-down

Would you be interested in knowing how to pay off $2,048 in debt? We all know having a budget is important, but budgeting doesn’t work unless you do. That is why motivation, encouragement, and a vision to succeed is required when putting on the uniform as an Enemy Of Debt. Follow these three ideas to pay $2,048 in debt before carving your next Thanksgiving turkey.   The power of a post-it note Write your most urgent goal on a post-it note and stick it to your bathroom mirror. It doesn’t have to be prolific and it doesn’t have to be […] Read more »

We Doubled Our Net Worth and You Can Too!

Note from Travis:  I’m excited to announce a new addition to TeamEOD!   Steve Stewart, who hails from his home blog of MoneyPlanSOS, will be sharing with us a dose of no-nonsense personal finance once a month.  I’ve been a HUGE fan of Steve for several years, and know that he is an excellent addition to the team.   Please give him a warm EOD Nation welcome by leaving a comment below on his debut post here on Enemy Of Debt! Despite the blame-scream media’s coverage of The Great Recession and all the bad decisions Congress has made, my wife and I […] Read more »