Its Educated Money

Unfortunately I have to cancel the tax lunch & learn scheduled tomorrow 😞 I've been sick this weekend and lost my voice, so sadly I can't lead an hour long seminar. I debated this all day but I don't want to waste anyone's time or do a last minute cancellation tomorrow knowing it's probably not possible.

I will plan to post some content around FAQ's this week and if you have any specific questions or want more information feel free to reach out!

Thanks for your support and I'm sorry this one isn't going to work out! ❤️

High Yield Interest Savings Accounts (HYSA) went up AGAIN!

This is always one of the first things I recommend to anyone I talk to, if you have money in a traditional savings get your money into a HYSA, now! You can open an account in minutes and it's worth every second!! FREE money!!

The interest rates on a HYSA fluctuate with the market, so as the fed raises rates, the savings rates go up, as the fed lower rates, the savings rates go down. With rates on the rise you're getting a FOUR percent savings rate. It's incredible!

The best part, it's just like your regular savings, FDIC insured, safe and is held as cash so you are not investing it. You can deposit and withdraw (some limit to 6 withdraws per month) at anytime.

These are just some of the banks that offer HYSA and their current interest rates.

If you don't have your savings in a HYSA you're losing out on so much!! Get it switched over ASAP!! 🤑💰

One of the questions I get asked the most, when can I start investing!?

These are just starting points but if you can cross off everything on this list you should be close, if not ready to start investing!

If you carry a balance on a credit card, most interest rates are in the 20% range, so that should be one of your first priorities to pay off. We LOVE utilizing credit cards, there are so many great benefits and rewards, however you have to be able to pay them off every month and not carry a balance, otherwise you are going to be paying extremely high amounts of interest that negate all the benefits and rewards.

I don't consider low interest loans (in my opinion anything under 7%) to be necessary to be paid off UNLESS it is causing an issue with your cash flow and you're not able to save at the end of the month, then it should be a priority. Otherwise, typically you can earn 9-10% investing so it can end up being a better return to keep paying the monthly loan and invest (rather then focusing on paying the loan off).

You NEED an emergency fund, this should be your #1 priority. Depending on how you earn your income (salary vs contractor vs business owner, etc) the minimum you should have is 3 months of expenses saved, before you start investing.

You should also be contributing to a retirement account, and if you have an employer match you should be contributing at least the amount of the match into your retirement.

If you can check all these off, you should be comfortable to start looking into investing! Of course it is different for everyone and every situation, but this is a good starting point!

Let me know if you have any questions! And if you want help figuring out where you're at, or to create your personalized plan to start investing- click the link in bio to schedule a free 15-min Q&A call!

I posted recently about taxes and got a ton of feedback! Clearly taxes are not taught to us and is a topic most steer clear of- yet every single person has to do their taxes either themselves or by hiring someone.

My question is - does anyone want to learn about taxes? Or do you just want someone to prepare them for you and you don't care how it gets done? (there's no wrong answer here, ha!)

I am considering hosting a FREE virtual tax event where I talk through the concepts of a tax return, how your tax liability is determined and what it means to be paying taxes as a w-2 or 1099 employee. I would also allow time for a Q&A session, IF people are interested. So please comment below or DM me, I'll also add a survey in my story where you can answer! If there's interest I'll create a sign-up and officially announce a date and time. So make sure to let me know!!

Here's the disclaimer- I will not be providing any personal tax advice, I will not provide tax services, and I am not a CPA. I have work experience preparing tax returns for individuals, partnerships, corps, non-profits, etc. so I understand tax forms and can offer insight on how they work, and help you to make sense out of filing taxes. But again, I will not offer any tax services, I will not offer any tax advice on your personal taxes, and I am not a CPA - this is strictly for educational purposes.