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.
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…
I received a question from Maria M., who said, “I’m a new U.S. immigrant working hard to build good credit and make smart financial decisions. I’m so glad to find your Money Girl podcast because it’s helping me a lot. I have $8,000 in credit card debt and am considering paying it off with a 3-year loan that would charge 16% APR. Would that be a good option for me, and how would it affect my credit score?” Welcome to the U.S., and thank you for the great question, Maria! I’ll give you an answer on this show and discuss…
Figuring out how much you should save for retirement can seem more like an art than a science, especially if you’re unclear about critical planning variables. That’s why having a benchmark for the amount to save by age can be helpful. On this recent episode of my long-standing finance podcast, Money Girl we went over this topic in depth. Feel free to read on to learn what we covered or listen in the player at the top of this article. We cover typical sources for retirement income, how much you’ll need, the best investment accounts to use, and savings goals…
You’ve probably heard that you need good credit scores to qualify for the best terms on credit accounts like mortgages, personal loans, and credit cards. Plus, good credit helps you save money and improve your finances in other ways, even if you never borrow a dime. Today, we will highlight nine savvy tips for building credit. You’ll learn why maintaining high credit scores improves your financial life and how your scores stack up against the average. Why you need good credit scores OK, let’s talk about savvy credit-building strategies that help you save money and boost your finances. But first,…
There’s no denying that building wealth takes time and effort—it’s a marathon, not a sprint, as the saying goes. While most good money advice—such as living within your means and keeping credit card debt low—is intuitive, many counterintuitive tips can help you achieve huge financial wins. So, let’s dig into nine counterintuitive money tips that actually help you build wealth. Being too frugal can cost you One of the most counterintuitive tips I’ve learned is that being too frugal can cost you. Yes, frugality can be a virtue that helps you avoid overspending and get ahead. But I’m talking about…
On my award winning personal finance podcast, Money Girl, I mostly talk about things you should do to save more, build net worth, and protect your wealth. But today’s topic is about the opposite, what to stop doing if you want more financial security. I find that focusing on what not to do is a helpful way to reframe your financial situation, set better goals, and create beneficial money habits. Here are nine things you should immediately stop doing for more financial success. 1. Stop overlooking unhealthy habits While it might seem like health has little to do with wealth, it’s actually critical for…
News of bank collapses has become familiar to Americans, prompting many to fear the possibility of their own bank shutting down. Several banks with significant exposure to the technology sector, namely Silicon Valley Bank (SVB) and Signature Bank, fell earlier this year, making a big splash. To better understand how this happened and if it could happen again, let’s dig into Silicon Valley Bank’s collapse. SVB’s downfall began when they announced they were looking to raise capital. That set off alarm bells for their customers, which started a chain reaction of depositors pulling funds out of the bank. The problem…
Lately, I’ve been thinking a lot about how my various retirement accounts will affect my future income, specifically the taxes I’ll have to pay. That’s because my investments are spread among the three basic account types: taxable brokerages, tax-deferred or traditional retirement accounts, and tax-free or Roth retirement accounts. Since I’m self-employed and always have a hefty tax bill, I’ve enjoyed making deductible SEP IRA contributions that significantly reduce my taxable income for many years. However, as that tax-deferred account grows, it’s a reminder that I’m simply delaying an inevitable tax bill. Roth IRA’s Contributions for High Earners When I…
Today’s topic is courtesy of Neelema, who says, “Hello Laura, I enjoy the Money Girl podcast. I’m an anesthesiologist married to a hospitalist. We wanted to buy real estate and I took a loan from my 401(k) for $40,000 at 4.5% interest. However, we never bought a property. We have $45,000 in credit card debt with a 25% APR, costing $800 per month in interest charges. Should we use the loan to pay off the credit card?” Thank you for the question, Neelema! This show will answer your question and review some 401k pros and cons of taking a loan…