Latest news with #Roth IRA
Yahoo
4 days ago
- Business
- Yahoo
Why Your Next Podcast Listen Could Be Worth Thousands
It may sound overly simple, but it's true: The more you learn about a topic, the greater the mastery you'll gain. Whether you want to learn how to swim, change your own oil, paint a masterpiece (at least to your friends and family), or bake pies, you'll need to crack the books or stream those podcasts (not to mention the YouTube tutorials). And the same strategy that made your blueberry pie the treasure of every get-together can help you grow your wealth. For You: Check Out: How so? Building financial literacy means learning the ins-and-outs of personal finance — specifically how to manage your money in ways that will help you achieve your financial goals. It goes beyond the basics — from having a high-yield savings account for your emergency fund to asking whether you're maximizing tax-advantaged accounts like a Roth IRA, or how asset allocation can impact your long-term wealth building. If you understand what to learn about and where you can go to get that knowledge, you could turn any learning moment — whether it's a podcast during your commute, a YouTube series over lunch, or a book before bed — into a wealth-building opportunity that pays dividends for decades. Sure, you've got the budgeting basics down, but true financial literacy takes you deeper into strategies that can unlock real wealth-building potential. Instead of simply tracking expenses, you adopt budgeting techniques that free up enough cash flow to max out your 401(k) contributions — a move that could be worth hundreds of thousands by retirement. As you keep learning, you'll move beyond basic money management to master the psychology of spending, seeking out experts and materials that can teach you how to automate your finances for maximum efficiency. You may also have a basic understanding that a high credit score is important — it can affect where you live or what you drive — but did you know that advanced credit optimization can save you tens of thousands on mortgage rates and unlock premium investment opportunities? A deep understanding of how compound interest can work for — or against — you, or how tax-advantaged accounts can fast-track your financial independence timeline: that kind of knowledge can open the door to serious wealth-building, and it only takes a few minutes of learning per day. Explore More: Investing may seem like the domain of more experienced financial experts, but it's not. You're likely already contributing to your 401(k), but investing education can help you optimize your entire portfolio, whether it's learning to maximize both traditional and Roth IRA contributions or how to tackle more advanced wealth-building techniques like backdoor Roth conversions. With the right learning material, you can become a more confident investor by demystifying concepts like compound interest, tax-loss harvesting, stocks, bonds, mutual funds and ETFs — like how to build a three-fund portfolio that requires minimal maintenance. There are so many learning materials out there, from financial educators on TikTok like YourRichBFF who are dedicated to taking the jargon out of investing, to authors and podcasters like Tori Dunlap, who help people who are often frozen out of financial literacy — like women — make empowered choices. If you're toying with the idea of retiring early, podcasts like 'The Mad Fientist' and 'ChooseFI' specifically target professionals interested in financial independence and early retirement. Many people think of life insurance as an extra perk they get from their employer — and then they don't think about it at all. A deeper financial education reveals how life insurance can become a sophisticated wealth-building tool. For those on a mission to build wealth — and accumulating significant assets — life insurance serves multiple purposes beyond basic protection. As a cornerstone of estate planning, the right coverage ensures your loved ones aren't left in a financial lurch if you pass away suddenly — and it can make the difference in everything from keeping the family home to covering your children's education without disrupting your spouse's retirement timeline. But here's where advanced financial literacy pays off: you need to understand how much coverage aligns with your wealth-building strategy, which means you'll need to find experts you trust. Well-known financial experts like Dave Ramsey and Suze Orman have their own opinions about how much life insurance you could need — and they're easy enough to Google. However, there are other ways to use life insurance to meet your financial goals. Some whole life policies accrue cash value that you can borrow against, using the money to support major financial milestones like buying a home or funding a business venture. This strategy isn't for everyone, and understanding your options requires consultation with a financial advisor or insurance broker. That said, learning about life insurance strategies through podcasts or other learning resources can at least help you ask the right questions. A simple Google search for 'life insurance podcast' yields a plethora of results, including a ranking of the top 20 life insurance-oriented podcasts from FeedSpot. Fortunately, we live in an age where nearly everything you need to build your financial literacy — whether you're just learning to budget or building an investment strategy to achieve early retirement — is right at your fingertips, quite literally. Your daily commute, gym sessions, or evening walks can become wealth-building opportunities. Plugging a search term into your favorite podcast app, TikTok or YouTube can give you a veritable orchard of options. The key is finding creators who understand your goals. You'll want to cross-reference the hosts or creators to ensure that they have solid credentials and expertise that you can trust. And while learning online is a great way to continuously upgrade your financial knowledge, you should eventually check in with a fee-only financial advisor to develop a personalized financial plan to help you achieve your specific wealth-building From GOBankingRates 5 Steps to Take if You Want To Create Generational Wealth I'm a Financial Advisor: My Clients Who Retire Early All Do These 3 Things 4 Things You Should Do if You Want To Retire Early Dave Ramsey: The 3 Worst Mistakes People Make When Trying To Build Wealth This article originally appeared on Why Your Next Podcast Listen Could Be Worth Thousands
Yahoo
5 days ago
- Business
- Yahoo
5 Important Signs You Should Consider Semi-Retirement
Traditionally, the idea of retirement meant that when you turn 65, you would retire from work and live off your savings and investments. However, today, fewer people want a comfortable ending to their employment completely. Some reports have found that 44% of individuals between the ages of 55 and 64 plan to continue working to some extent past retirement age. Be Aware: Read Next: Semi-retirement is the growing trend of continuing to work part time past the age of retirement. Here are five reasons you might want to consider it. Retiring isn't a fundamental right. It takes a long time to build up the savings and investments it takes to live out your old age comfortably. In fact, only 42% of Americans feel confident that they'll have enough to retire comfortably. For those between 55 and 64, the average 401(k) balance is $196,000, and 15% of those older than 55 don't have any savings at all. Even if you have saved diligently over the years, it may not be enough to live out the retirement you want. Semi-retirement is an option that allows your investments to continue compounding for a few more years while providing an income. If you're able to work a high-paying job, like a real estate agent, you can begin cutting down the number of clients or hours you take on and continue to contribute money to your retirement accounts. For example, with a Roth IRA, individuals under 50 are able to contribute $7,000 a year that they can grow tax-free until they withdraw it after the age 59 ½. However, after turning 50, you can contribute up to $8,000 annually. By deciding to semi-retire, you can continue to contribute more money that will grow in your account tax-free. Check Out: On the opposite side of the spectrum, you might have held a high-stakes role full of stress for years and feel: Fatigued Detached Declining job performance Easily irritated Headaches Tense muscles All of these are symptoms of employee burnout, and it can vary depending on the individual. Unfortunately, the longer you ignore employee burnout, the worse it gets, and it isn't just limited to the office. Burnout can lead to dramatic shifts in your personal relationships, where you may have a short fuse, become apathetic, fail to communicate effectively and show less interest in intimacy with your partner. Semi-retirement can offer you a lifeline. By limiting your role and duties, you can set clear boundaries to separate your work and personal life. Reduced work and responsibilities will allow you to have more time for sleep and exercise throughout the week, leading to a better lifestyle without completely leaving your role. To some, the thought of retiring may be depressing on its own. If you were lucky enough to go into a field you enjoyed and find a job that you loved doing, saying goodbye to your work would be difficult. Semi-retirement offers an opportunity to stay on board in a reduced role and continue doing what you love, while giving the younger generation a chance to develop. Going from a routine work schedule to having more free time than you know what to do with is a major life change that can be difficult. Retirement syndrome is the onset of feelings of loneliness, emptiness and uselessness after someone retires. This often stems from an unclear understanding of one's purpose now that they're no longer working. Semi-retirement can help you slowly adjust to these changes. You'll have more free time to pursue hobbies and determine how you'll spend your retirement, but you'll also have some work to fill your days with meaning. Even if you're past retirement age, you might still have the skills and experience that a lot of companies are willing to pay the big bucks for. Being in demand can allow you to choose your own hours and earn a decent income at the same time. Some of these roles include: Consulting Health services Professional and business services Education Manufacturing Transportation Finance Hospitality Animal care Coaching Personal assistant Having skills that still translate to a good income is another reason to consider semi-retirement. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 5 Types of Cars Retirees Should Stay Away From Buying Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 5 Important Signs You Should Consider Semi-Retirement
