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.
Can you use a 403(b) and a 457(b) together? In this article, let’s review who can have 403(b) and 457(b) retirement plans. We’ll cover the account rules and whether you can max out both accounts in the same year. What is a 403(b)? If you’ve ever wondered why many retirement plans (except for the individual retirement account or IRA) have such strange names, they come from numbered sections of the IRS tax code that created them. A 403(b) is a sister account to the well-known 401(k) retirement plan, with a few differences. Both accounts allow workers to save for retirement; however, a…
At the end of 2022, the SECURE Act 2.0, short for Setting Every Community Up for Retirement Enhancement, became law. It expands earlier legislation, changing many aspects of the savings and retirement landscape for Americans. The rule changes make various accounts more beneficial or flexible, so it’s important to stay up-to-date and understand how the updated regulations affect your current and future financial life. In this article, I will review ten changes to various tax-advantaged accounts starting in 2024. So, if you want to pay less tax and save more for a secure future, read on to learn more. ALSO SEE: 7…
If you’re a parent or a future college student wondering how you’ll ever pay for college, the tax-advantaged 529 college savings plan was designed to encourage saving for future education expenses–even for elementary and secondary students. I’m working with Pelican to help educate people on how to save for college, especially with support from your family and friends. By saving in advance and allocating 529 funds to various investment options, you might not need to take out any student loans to attend college. That can save a considerable amount of interest over the life of a loan. Can a 529…
So many people are curious how to build generational wealth. We want the best for our kids and for them to have financial security. Today’s article was inspired by a question from Nate M., who says, “Does interest income from savings bonds purchased for my 3-year-old child count as qualified income for contributing to an IRA for her retirement?” Thanks for your question, Nate! I love that you’re already thinking about her financial future. If you also have kids or want to start a family someday, it’s essential to get familiar with strategies and accounts that make it a little…
If you want a secure financial future, maxing out a tax-advantaged retirement account as early and as often as possible is the secret. But many people don’t realize you can have multiple retirement accounts. You can sock away even more money if you follow the rules for each type of account. Here will review the rules for contributing to multiple retirement accounts. You’ll learn how to qualify for different accounts and avoid mistakes. How many workplace retirement accounts can you have? Technically, there’s no limit on the number of retirement accounts you can have. However, there are strict contribution limits…
If you or a loved one has federal student loans, there’s good news and bad news. You probably already know the bad news: President Biden’s attempt at student loan forgiveness for up to $20,000 got struck down by the Supreme Court in June. Plus, after a suspension of monthly payments since March 2020 for pandemic relief, they’ll be due again starting in October 2023. But the good news is that the White House created a new and more generous income-driven student loan repayment program known as SAVE, or Saving on a Valuable Education. Some of its benefits begin this summer,…
Kerri H. asks, “I have about $20,000 in credit card debt and want to know if it’s better to pay it off using a home equity line of credit or a loan from my 401(k)?” I appreciate your question, Kerri! This show will answer it by reviewing eight of the best methods to pay off debt and their pros and cons. You’ll learn how to evaluate different options and know which one is best for you in the long run. Hello, friends, and thanks for joining me this week! I’m Laura Adams, a money expert and author who’s been hosting…
A Money Girl listener named Teresa P. says, “I just listened to your recent podcast on UGMA and UTMA accounts. I’m 38 years old and discovered about three years ago that my mom set up one of these accounts for me, and I had to pay taxes on it. Should I keep the money where it is or transfer it to a different account, such as a Roth IRA, brokerage, or high-yield savings?” Thanks for your question, Teresa! You must have been pretty surprised to find that you own assets in a custodial account. Knowing what to do with an…
Differences Between Banks and Credit Unions The fundamental difference between banks and credit unions is that banks are for-profit businesses and credit unions are non-profit financial cooperatives. That’s a fancy way of saying that credit unions are owned by their customers or members, and banks are owned by outside investors, who may or may not deposit money there. Therefore, banks are in business to please their investors, which can be at odds with what’s best for customers. But credit unions have the sole responsibility to serve their members. That’s why credit unions are known for giving high levels of customer…
Since there’s been so much in the news lately about a potential recession, on top of inflation, stock market volatility, and interest rate hikes, I’d like to go over seven steps to protect your finances if you’re feeling uneasy about the economy. Even if there isn’t a recession, “recession-proofing” your finances is an excellent way to strengthen them and ease the impact of any future hardship! Recessions There are different definitions of a recession; however, most economists agree that it’s a period of declining economic performance that lasts at least several months. Since the 1940s, we’ve had a recession in…