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The 2008 financial crisis was one of the world’s worst that we have seen in history. It punctured the global economy. It left people without money. In fact, the seemingly “sudden” crisis had really been brewing for a few years. Several years before the traumatic crisis, America’s housing sector was soaring high. The home prices […]

For most people, a house is a financial asset, a place to rest your head and a way to get your kids into the good schools. Some people may even put it up for rent to earn “passive” income. Some people may buy and rent many homes to earn money. Income from rent is a

Imagine this: you run a successful convenience store in your neighborhood. Everything is running smoothly and you’re making good money. Years pass, and now you are a couple of years short from turning your retirement age. You have low energy these days and you can’t run the business as efficiently as when you were in

Many people participate in an employer-sponsored retirement plan called, “the 401(k) plan.” If you are lucky enough to get such an account, you would know that every month you will have to contribute to the account, and your employer will have to match it, usually 3%-6%. This will go on until you are no longer

1.  No CONCEPT of Deferred Gratification When you are planning for your retirement, you will have to cut down on your non-essential expenses of today. For example, contributing to a 401(k) plan or maintaining other types of retirement accounts would ask you to say “no” to eating out, a new car purchase or not buying

The entire world was once in a lockdown due to the Coronavirus outbreak, now it looks like we may be headed that way again. Small businesses such as restaurants, bars, salons, gift shops, etc. were closed for months, putting hundreds of people to be out of work. While we have seen a rebound from those

The Coronavirus has sent shock waves through our entire culture, not just the financial system. The other challenges we faced in January seem pale in comparison, including the SECURE ACT changes pushing back the RMD age and ending the Stretch IRA. Mandatory lock downs, closed schools and banned public gatherings have led to a recession

New law ALERT: As of January 1, 2020, the new Secure Act repeals the age restriction on contributions to traditional IRAs. So, for tax years beginning in 2020 and beyond, you can make contributions after reaching age 70½. … Thanks to the new law, you can make contributions for tax year 2020 and beyond AND it pushed back the RMD age to