Author: Laura Adams, MBA
Laura Adams, MBA
Laura Adams was named one of Empower's "Top 50 Women in Personal Finance" in 2018. She's one of the nation’s leading personal finance and small business authorities who works as an on-camera spokesperson, voice-over talent, and multimedia creator. She’s written multiple books, and the latest title, Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, was an Amazon #1 New Release. As an award-winning author and host of the top-rated Money Girl podcast since 2008, millions of readers, listeners, and loyal fans benefit from her practical advice. Laura is a trusted source of practical financial advice for the national media, including TV, radio, digital, and print outlets. She’s been featured on most major network news outlets, Bloomberg, NPR, The New York Times, The Wall Street Journal, The Washington Post, Money, Time, Kiplinger’s, USA Today, US News, Forbes, Fortune, Consumer Reports, MSN, and many more. Her mission is to empower consumers to live healthy and prosperous lives by making the most of what they have, planning for the future, and making smart money decisions every day. Laura received an MBA from the University of Florida. She lives in Vero Beach, Florida, with her husband. Visit LauraDAdams.com to learn more.
If you’re like me, you love the idea of having tax-free income in retirement. The primary way to do that is by investing in Roth retirement accounts. Having more money in a Roth is terrific because the account growth is never taxed, if you follow some basic rules. However, the problem is that Roth IRAs have income limits prohibiting high earners from contributing. But there are some easy options and workarounds to consider. This post will review Roth benefits and four ways to boost your Roth investments regardless of income. What is a Roth IRA? Unlike a pre-tax, traditional IRA,…
Hi again! As you know, on the Money Girl podcast I answer your burning money questions! Today’s topic comes from Mary, who says: “I know that I need to invest for the future but really don’t know where to start. My job doesn’t offer a retirement plan. Can you give tips for how a complete novice can start investing without taking a lot of risk?” Mary, I appreciate your question because investing can initially seem complicated and risky. But I promise it’s easy to start slowly and without taking too much risk. This post will review the steps anyone can…
Philanthropy for everyone Most of us would like to give more to causes we care about, whether animal welfare, the environment, or curing a disease. However, you may have issues holding you back from giving, like your budget, finding the right charitable organizations, or understanding how to maximize charitable tax breaks. On the Money Girl podcast, episode 862 this week, I’m excited to be joined by two special guests from The Center for Effective Philanthropy (CEP). The first is Phil Buchanan, President of CEP and a passionate advocate for the importance of philanthropy. He’s an award-winning author of Giving Done…
Whether your bank account balance was low, you forgot to make a payment, or the mail arrived late, missing a due date on a credit card or loan feels terrible. If you don’t take quick action, a late payment can negatively affect your finances for years to come. This post will explain what happens when you make a late payment, how your credit gets affected, and tips to minimize potential damage. Plus, I’ll answer a question from a long-time Money Girl Podcast listener named Daniel S., who’s trying to help his daughter boost her credit after missing several payments. How…
Today’s topic comes from Sarah, who says, “I’m starting my first real job with benefits soon, and I should have a little money left each month to start investing. I want to make it grow as fast as possible. My question is, how do wealthy people invest their money?” Thanks so much for your question, Sarah. While you can invest money in endless ways, I’ll review the best place wealthy people grow their money, and so can you! Should you save or invest? Sarah, before you do anything with your extra money, you must know its purpose. For instance, should…
If you’re an investor or want to be one, you’ve probably heard that it’s critical to rebalance your investment portfolio. Rebalancing is shifting investments, so you have the right balance of risk and reward to achieve your goals without sleepless nights. This post will review what investment rebalancing is, why it’s essential for success, and six strategies to rebalance your portfolio, whether you’re a novice or an experienced investor. What is investment diversification? Before we discuss specific rebalancing strategies, I need to review investment diversification and how the two are related. Being a diversified investor means you reduce potential risk…
If you’re a homeowner, your mortgage payment is probably your largest monthly expense. So, it’s wise to stay alert for opportunities to refinance your home loan for a lower interest rate and cut your payment. Plus, your financial circumstances and needs today may differ from when you originally got your mortgage. In this post, I’ll cover what a mortgage refinance is, common reasons for doing one, and tips to know when it’s right for your situation. What is a mortgage refinance? Refinancing a mortgage is when you get a new mortgage that pays off and replaces your existing one. The…
Today’s topic comes from Barbara, who says, “I have quite a bit of debt, including mortgages, prep school, and college for my kids that I worry about. What’s the best way to plan and pay off debt?” I appreciate your question, Barbara! I know having a lot of debt can be stressful. This show will review wise strategies for creating a debt payoff plan that, hopefully, helps you worry less and eliminate debt faster. What’s the best way to get out of debt? Before I cover strategies to get out of debt, I want to review the differences between good…
Today’s article comes from a question for Money Girl listener Nancy P., who says: “I recently discovered your podcast and really enjoy it! I’m 60, single, have an annual income of $84,000, and want to retire at 63. I participate in my 401(k), which has a $900,000 balance, and have a Roth IRA. Should I do annual Roth conversions up to the maximum annual amount–and how would that affect my taxes?” Thanks for your question, Nancy! Knowing if or when you should do Roth conversions is an excellent topic we’ll cover in this post. I’ll review the Roth conversion rules,…
The annual inflation rate for the United States looks much better than when it shot up to 7% in 2021 and 6.5% in 2022. Last year, inflation came down to 3.4%, and as of July 11, 2024, it was as low as 3%. However, inflation affects goods and services differently. For instance, energy and gas prices have decreased while housing prices have increased. So, everyone feels the financial strain of inflation based on what they buy. No matter your budget, the best way to fight inflation is to be mindful of your spending by cutting costs or getting more for…