Wallet Hacks

2 weeks ago | wallethacks.com | Ashley Barnett

To retire early, you'll need a nest egg that is large enough to cover your expenses for the rest of your life. The general rule is that you'll need to save 25 times your annual expenses. To make this happen, you'll need to plan ahead and the earlier you start, the better. Here are 5 things you can do now to ensure an early retirement. Increase Your Savings RateYou'll need to be an aggressive saver if you want to retire early. The more you can save, the sooner you'll be able to retire.

2 weeks ago | wallethacks.com | Jim Wang

If you're nearing or in retirement, you should be familiar with the 4% rule. It says that you can withdraw 4% of your retirement savings each year, adjust it for inflation annually, and your money should last you at least 30 years. It was an idea suggested by William Bengen in 1994 and one that is often cited in literature. Bengen was a financial advisor in California and came to the 4% number analyzing historic stock market data and found hat 4% was a safe withdrawal rate.

2 weeks ago | wallethacks.com | Jim Wang

There's no question that the recent market volatility, including the trillions lost in the stock market recently on the release of President Trump's retaliatory tariffs, is difficult to stomach. The Dow Jones Industrial Average fell almost 4%, the NASDAQ shed nearly 6%, and the S&P 500 index fell almost 5%. In a sea of red, the natural inclination is to take action. Our lizard brains tell us it's fight or flight, not fight or flight or sit and get eaten by a lion.

4 weeks ago | wallethacks.com | Jim Wang

I’ve been a huge fan of Southwest Airlines for decades. I live near BWI Airport and fly Southwest for almost all my flights. In the last ten years, I’ve probably flown on another airline fewer than once a year. Their recent business decisions, mostly pushed by the hands of Elliott Investment Management, have made me rethink our relationship. It’s making many people rethink their relationship with Southwest. And competing airlines are pouncing at the opportunity.

1 month ago | wallethacks.com | Jim Wang

When each of our kids were born, we started a 529 plan for them. And while our kids are brilliant and beautiful, you never know if they’ll all go to college. And it’s a lot of money to have invested in an educational account if your kids won’t be using it. Now, given that we have four kids and how expensive college is, it seems unlikely that the money will “go to waste.”Fortunately, even if they don’t use it, you can now use the 529 plan funds to juice up a Roth IRA… for your kids.