From the monthly archives:
We tag certain pools of money for certain purposes. We have emergency funds, opportunity funds, new car funds, etc. Similarly, most of us tend to see retirement accounts and taxable accounts as separate entities. We think of retirement accounts as intended for long-term goals and taxable accounts as intended (at least partially) for short-term goals. [...]
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As many of you know, I write a series of books that’s intended to be something akin to CliffsNotes for financial topics. So far, there’s one about accounting, one about business entity selection, one about taxes for independent contractors/sole proprietors, and one about taxes for people with “regular jobs.” At the moment, I’m wrapping up [...]
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We have a little toaster oven in our kitchen. Right on the glass door the following warning is painted: “IF CONTENTS IGNITE, KEEP DOOR CLOSED AND UNPLUG OVEN.” I like that. Right upfront, it warns you about the worst-case scenario and gives you sound advice about how to react in case such an event occurs. [...]
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For whatever reason, anytime somebody brings up index funds one of the bigger personal finance blogs (like The Simple Dollar or Get Rich Slowly), there tends to be somebody in the comments who says something to the effect of “Index funds failed investors over the last decade.” I can’t tell you how much this frustrates [...]
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The topic of “emergency funds” is popular in the realm of personal finance. The general idea is that things come up (car repairs, medical bills, job losses, etc.), and you need some accessible funds (savings account or money market most likely) so that you’re prepared for such scenarios. Typically, the discussion is focused on avoiding [...]
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Readers often email me to ask what to do when you have asset that you’d like to sell, but which has a large unrealized capital gain. The two most common examples being: Shares of a given stock which now make up far too high a percentage of their overall net worth, or An actively managed [...]
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