Author: Laura Adams, MBA

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…

On our Finance Friday edition of Money Girl, I answer your burning money questions! Last week’s topic came from Andrea, who asked: “I’m 45 and have arranged my lifestyle to live on about $18,000 per year. Since I don’t have a mortgage, any other debt, or kids at home, this income covers my expenses, barring any surprises.  After receiving a cash windfall, I put most of it in a high-yield savings account and CDs. I also have a couple of retirement accounts from previous jobs and a Roth IRA that I plan to max out every year. After that, If…

Whether you’re feeling stressed out by a high-pressure job or dreaming of a different lifestyle, getting ready for retirement sooner rather than later is a wise money move!  When can you retire? Most people qualify for Social Security retirement benefits as early as 62, and some get pensions from their old jobs, but you typically also need your own assets to fund a comfortable retirement. Building a nest egg means investing regularly with enough growth to cover your estimated future expenses after you no longer earn an income.  But what if you’ve been a good saver and want to retire…

Today’s topic comes from Jesse F., who says: “I’m 52 and self-employed and my wife is 51 and works for a hospital. We recently moved from New Mexico to Florida. What do you recommend I do with my 401(k) from my former employer?” Thanks for your question, Jesse! Knowing what to do with a retirement plan from an old employer, like a 401(k), 403(b), or 457, can be confusing. But handling it wisely is essential for your financial future. This post will answer your question by reviewing the best options for an old retirement account. What is workplace retirement plan…

Today, I’m excited to be joined by a special guest, Abigail Hale, who goes by Abbie. She’s the Head of Growth at Found, an all-in-one banking solution. She graduated Cum Laude from Princeton University and has experience in sales, strategy, operations, marketing, and more. As you’ll hear in today’s interview, Found’s mission is making it easier for entrepreneurs, especially solopreneurs, to run their businesses and be more successful. So, whether you’re running a small business full-time or are considering starting a one-person side hustle for extra income, this show will cover solutions for common challenges and terrific productivity tips for…

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…