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Category: Side Hustle/Business Taxes

Top 8 Posts of 2017

Top 8 Posts of 2017

Though this blog is a baby bird still in its nest, I still want to celebrate the wins this blog has had over the past year! So here’s a list of the top 8 posts of 2017 :). Enjoy! 1. Hustle In Your 20s To Be Financially Independent In Under 10 Years I did the math behind how much faster you could retire if you took up a side hustle. There’s a limit to how much you can save on…

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Favorite Books of 2017

Favorite Books of 2017

Compound interest grows exponentially, so why not read, to compound your knowledge? 🙂 I like to read books in the behavioral economics, finance, and personal growth department, so my books will mainly reflect that. They’re listed below unranked — just 15 of my favorite out of the 52 books I read last year. 1. Guns Germs and Steel: Jared Diamond Have you ever wondered why Europe was building multi-level stone buildings, while developed Asian countries at the time were mostly…

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8 Tips for Creating Your Own Financial Luck

8 Tips for Creating Your Own Financial Luck

1. Know the Market Price There are a ton of people who go out to yard sales, thrift stores, and estate sales and buy things for incredibly cheap prices, and turn around and sell it on eBay, Amazon, etc. When most people hear their story, they say things like,”Oh, they must be incredibly lucky! That kind of thing never happens to me!” First of all, this is a defeatist attitude. Second of all, the reason they can do this is…

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i401k or SEP IRA: An extra $54,000 in tax advantaged retirement accounts a year

i401k or SEP IRA: An extra $54,000 in tax advantaged retirement accounts a year

If you’re self-employed or have a side hustle, you have the best retirement accounts available to you. Have you ever wondered if an i401k or SEP IRA was better? A normal 401k has a contribution limit of $18,000, with an additional $6,000 in catch-up contributions if you’re 50 and older for the year of 2017. For an IRA, your maximum contribution is $5,500, with an additional $1,000 catch-up contribution if you’re 50 and older. For the long-term, I’d recommend a…

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Tax Loss Harvesting for newer investors

Tax Loss Harvesting for newer investors

Every year, the IRS allows for $3,000 of tax losses on securities. Any losses higher than $3,000 are rolled into later years. But why would one want to have losses on their securities? We’re here to make money right? Well, some brilliant person many years ago realized that you could artificially have tax losses by buying and selling correlated pools of securities (ETFs, indexes, mutual funds). I’m 25, and plan on being FI/RE by 35. As a conservative assumption, I’ll…

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Birds of a feather, let’s reach Financial Independence together!

Birds of a feather, let’s reach Financial Independence together!

I remember the first time learning about Financial Independence, Retire Early (FIRE). My SO had just casually dropped that he wanted to retire in 10 years. “Say what?”, I said, as I looked back at him. Turns out he had just convinced his SO to FIRE. FIRE – Financial Independence, Retire Early No one had ever said anything like that to me in my life. Everyone just worked until 65. They worked hard, and they accumulated wealth, but there wasn’t…

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