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, some years you get really inspired by setting money goals, but for others, it just doesn’t happen. Whether you set financial resolutions at the beginning of the year or wish you had, this post is for you. I’ll review ways to improve your finances with a mid-year checklist for more success. What is a mid-year money checkup? The beginning of July marks the year’s halfway point, so it’s a perfect time to review your finances, make any needed adjustments, and stay on track with your goals. If you don’t have any money goals, create some by…
Tax questions answered Today, I have three excellent questions about reducing taxes and saving money. Kari says, “Love your podcast! Can you clarify whether investing in a Roth IRA and I bonds helps your taxes by reducing your taxable income–or are pre-tax retirement assets, such as a 401k, the only way to bring your taxable income down? Jennie says, “I love your podcast. My fiance and I both qualify to contribute to our Roth IRAs. Once we get married, can we still contribute to them if we file taxes separately, or do we have to file jointly?” Lisa, F. from…
If you work for a company, organization, or government entity that offers a retirement plan, like a 401(k), 403(b), or 457, it’s an excellent way to invest for the future and reduce your taxes. In addition to regularly contributing a portion of your paycheck, you may get extra money from your employer through a “match.” This article will review how retirement plan matching works, ways to maximize it, and what to do if you don’t have a retirement account or matching at work. What is 401(k) matching? A 401(k) match is when an employer contributes to your retirement plan based…
Retirement accounts offer excellent tax perks, like deferring or eliminating income taxes. However, the downside is that following IRS (Internal Revenue Service) regulations can be challenging. Knowing the rules can help you avoid costly mistakes and save more for retirement. A great example is an often underutilized retirement strategy called a spousal IRA. This post will explain what a spousal IRA is, its benefits, and who can use one to invest more for retirement. Who qualifies for an IRA? To understand the benefits of a spousal IRA (individual retirement account), it helps to review who qualifies for one in the…
Today on the Finance Friday edition of your favorite personal finance podcast, Money Girl, I answer a question from a listener named Maya, who says: “Hi, Laura, I love the podcast! My husband and I are in our mid-thirties with a dual household income of $175,000 and two kids under three, which means a considerable daycare expense. Our mortgage balance is $120,000 at 7% interest, but we have no auto loans or credit card debt. We have emergency money in high-yield savings for three to six months. I max out a Roth IRA annually and contribute enough to get my…
If you’re like me, you love the idea of having tax-free income in retirement from a Roth IRA. That can help you stretch your savings much farther after you stop working. However, there’s a catch: if you earn too much, you can’t contribute to a Roth IRA. But the good news is that you can still get Roth benefits, even as a high earner, using a “mega backdoor Roth.” It can help you save much more for retirement and make entirely tax-free withdrawals! This post will review how it works and who can take advantage of a mega backdoor Roth,…
This week on the Finance Friday installment of the Money Girl podcast, I reply to a great question from Elaine. “I’m retired and have Social Security benefits, a pension, savings, and a traditional IRA. About six years ago, I bought some real estate stock that went up, and I’m thinking about cashing it out. What taxes would I owe on the sale, and how should I reinvest the money?” Thanks so much, Elaine! I’ll review what tax you must pay on various investments and recommend some options to consider when you have extra cash in retirement. Types of investment taxes…
If you’re too busy to stay up-to-date on financial markets and investing strategies, one of the best ways to boost your returns with minimal effort is using a robo-investing platform. Whether your goal is to save for a new car soon, build a multimillion-dollar nest egg for retirement, or anything in between, I’ll review what a robo platform is and eight benefits of using one. 8 Robo Platform Benefits Investors Should Know Understanding eight primary benefits of robo-investing platforms can help you take the right amount of risk, cut fees, and meet your short- and long-term financial goals. You get…
We have two great retirement questions today. The first comes from Kevin, who says, “My wife and I have loved your podcasts for years and are taking every possible step to build our financial futures. We’re in our early thirties and max out our Roth 401(k)s by contributing 25% of our paychecks. If we struggle to maintain savings for emergencies and a new car, do you think we’re investing too much?” The second question is from Michael M., who says, “I have been listening for many years, and you deliver good advice in a very understandable way. I have a…
The time value of money, or TVM, is a fundamental concept that affects your financial planning and investment success. Whether you’re considering borrowing, saving, or investing, understanding TVM helps you make better money decisions. This post will review the time value of money, why it matters, and how to calculate your investment returns. What is the time value of money (TVM)? The time value of money is the concept that a dollar today is worth more than a dollar tomorrow. For instance, if you’re paid $1,000 now, it’s more valuable than getting paid $1,000 in a year. That’s because you…