Resources

Your Free Financial Toolkit

MedSavvy: Unlocking Secrets to Affordable Healthcare

FREE FULL COURSE COMING SOON! I truly believe that every person has a basic right to affordable, accessible healthcare no matter what their income level. And that is why this program is free.

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Pain-free tax deductions guide for solopreneurs & independent contractors

An easy, free checklist that follows the tax form used to record your deductions so you are ready for tax time! Group your business expenses into these categories and save time & money.

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FAQs

Answers to The Top 10 Most Common Financial Questions.

General Financial Questions

What’s the difference between a 401(k) and an IRA?

A 401(k) is an employer-sponsored retirement plan, often with matching contributions, while an IRA is an individual account you can set up independently. Both have tax benefits, but the right choice depends on your goals.

Pro Tip: If your employer offers a match, always contribute enough to take full advantage—it’s free money!

How do I create a strategic financial plan?

Strategic planning begins with identifying your financial goals—short-term (1-3 years), mid-term (3-7 years), and long-term (7+ years). Steps to create your plan:

Assess your current financial situation.
Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-Bound).
Prioritize actions like paying off debt, building savings, and investing.
Regularly review and adjust based on life changes.
Pro Tip: Working with a financial mentor can help you create a plan tailored to your goals and adapt it as your needs evolve.

What’s the best way to start saving for a big goal, like buying a home?

Open a dedicated savings account and calculate how much you need to save monthly to reach your goal within your timeline. Consider high-yield savings accounts or CDs to grow your money faster.

Investments

What’s the difference between a Roth IRA and a traditional IRA?

Roth IRA: Pay taxes on contributions now; withdrawals in retirement are tax-free.
Traditional IRA: Contributions may be tax-deductible; you’ll pay taxes on withdrawals later.
Pro Tip: If you expect to be in a higher tax bracket in retirement, a Roth IRA might be the better choice.

Retirement

How much should I save for retirement?

A general rule is to aim for 15% of your income, but the exact amount depends on factors like your current age, expected retirement lifestyle, and other savings.

Pro Tip: Use retirement calculators to estimate how much you’ll need.

Taxes

How can I lower my taxable income?

Maximize tax deductions and credits, such as:

Contributing to a 401(k) or IRA.
Writing off business expenses if you’re self-employed.
Claiming education credits or dependent care expenses.
Pro Tip: Keeping organized records can help you avoid missing out on key deductions.

What are estimated taxes, and do I need to pay them?

Estimated taxes are quarterly payments required if you earn income without withholding (e.g., freelancing or rental properties). You’ll need to pay if you expect to owe $1,000 or more in taxes for the year.

Insurance

How often should I review my insurance policies?

Review your policies annually or after major life changes like getting married, buying a home, or having a child. Look for gaps in coverage or opportunities to save.

What type of life insurance is best for me?

Term Life Insurance: Affordable, straightforward, and ideal for covering a specific period.
Whole Life Insurance: More expensive but includes a savings component and lifetime coverage.
Pro Tip: Choose term life insurance if your goal is to protect your family during key earning years.