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.
There’s no doubt that raising kids is expensive. According to a 2017 report from the U.S. Department of Agriculture, the average cost for a child through age 17 is about $235,000. That doesn’t even include the cost of college! Fortunately, there are many good financial vehicles that help parents save and invest money for a child’s future. There’s no one account that makes sense for every family, but I’ll review the pros and cons of six of the best savings options so you know which one is right for you. 6 Ways to Save and Invest Money for Kids 529…
No matter how frugal you are, no one is immune from making impulse purchases from time to time. But the more you give in, the more harmful it can be to your financial life. Overspending is a common barrier to achieving key financial goals, such as saving 10% of your gross income for retirement or building a 3-month emergency cash cushion. Spending more than you can afford, or buying things you simply don’t need, can throw your financial stability off kilter. Instead of caving to impulses, develop strategies that stand in the way between the compulsion to buy and buying.…
THE QUICK AND DIRTY When your income exceeds annual thresholds for your tax filing status, you might get fewer or no tax benefits for having a retirement plan at work and a traditional IRA. Find out the income limits and how to choose the best retirement accounts for your situation. A podcast listener named Justin says, “I maxed out my 401(k) for 2022 and still have more money to invest. Can I also max out an IRA—and if so, would the contribution also be tax-deductible?” Justin, thanks for your question, and congratulations on being such a good saver! I’ll answer your question in…