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 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…
In a recent show, I mentioned that I’m celebrating Women’s History Month by bringing you interviews about women and money. Each one includes diverse financial females sharing their financial expertise and tips for success. Listen as Money Girl host, Laura Adams talks with a panel of female financial experts about their career and personal success. Click the link above or in this player: Today, I’m joined by Denise Piazza, CPA and managing partner of One Street Capital, a private equity real estate firm focused on acquiring real estate assets in growth markets nationwide. Denise has an impressive background, working in…
You probably know I’m a big financial independence and literacy champion. And March gives me a special opportunity to discuss various financial topics related to women because it’s Women’s History Month! The 2023 theme is “Celebrating Women Who Tell Our Stories.” I’ll bring you several interviews with diverse women who are working for a more equitable world and sharing their financial expertise. While sound financial advice doesn’t necessarily change based on your gender, women typically face a few more challenges than men. In a nutshell, women live longer and earn less. Plus, they’re more likely to take time away from…
A Money Girl podcast listener named Piper says, “I’m a big fan of your podcast and want some advice before moving forward with my finances. I’m 23 years old, just started my first job, and make $60,000 with an extra $9,250 as reimbursement for traveling full-time. I have student debt and really want to get rid of it. But I also want to contribute to a Roth, save for emergencies, and buy a car. My company matches up to 6% on retirement contributions, so I was planning on contributing that much and paying off my loans at the same time.…
The latest episode of the Money Girl podcast was inspired by an email I received from Dave K. in New York. He says: “I know you generally recommend against closing credit cards so your average credit age isn’t adversely affected. However, is there a downside to opening a credit card to take advantage of a promotion (such as getting $200 for spending $1,000 in the first 90 days) and then closing it a few months later? It seems that strategy would preserve my credit age. Also, is my credit score negatively affected by having too many credit cards, even if…
Fidelity Investments recently announced that it would be the first major retirement plan provider to add cryptocurrency to its 401(k) investment menu later this year. Over 20,000 employers offer a Fidelity retirement plan, and they’ll have the option to add crypto, allowing workers to invest up to 20% of their account balance, specifically in bitcoin. If employers choose, they can set a lower bitcoin limit, such as 5%. While there are thousands of cryptocurrencies in circulation, bitcoin is called the “king of crypto” because it’s the oldest and most well-known digital asset. However, if the bitcoin 401(k) gets popular, Fidelity…