It’s only the first quarter of the year but already layoffs are making financial headlines. Tens of thousands –and more each day–of traditionally secure government employees are finding themselves with a pending layoff. As someone who has worked with employees of varying businesses and entities for over two decades, here are my valuable tips on what to do if you’re facing a job loss. Meet DOGE: Department of Governmental Efficiency? Or Dismissals, Outsourcing, and General Exits? According to a recent Forbes article and the Bureau of Labor Statistics (BLS) and the Office of Personnel Management (OPM), government job cuts reported…

As the April 15 tax deadline approaches, it’s essential to understand the benefits and differences between Health Savings Accounts (HSAs), Traditional Individual Retirement Accounts (IRAs), and Roth IRAs. Each offers unique tax advantages and contribution limits for the 2024 tax year. Health Savings Accounts (HSAs) An HSA is a tax-advantaged account designed to help individuals save for medical expenses. To contribute, you must be enrolled in a High-Deductible Health Plan (HDHP). Contribution Limits for 2024: Individual: Up to $4,150. Family: Up to $8,300. Individuals aged 55 and above can make an additional catch-up contribution of $1,000. Tax Benefits: Triple Tax…

While high-earning parents often get a raw deal when it comes to their kids qualifying for financial aid for college, individuals who have control over their income and the ability to plan early have access to the ultimate workaround. In fact, it’s totally possible to have millions of dollars in certain non-retirement assets and see your child qualify for the maximum Pell Grant amount ($7,395) plus generous institutional aid and federal student loans to cover remaining balances. You may be wondering how high net worth individuals can set up their finances so they score maximum financial aid for their kids?…

It’s been a whirlwind month for student loan borrowers, as the Trump administration has taken a series of actions that have plunged repayment and student loan forgiveness programs into turmoil and uncertainty. Many borrowers may feel paralyzed. In February, following a new ruling by the 8th Circuit Court of Appeals in an ongoing legal challenge over the Biden-era SAVE plan, the Trump administration effectively shut down the entire income-driven repayment plan system. The U.S. Department of Education removed the online and paper applications for income-driven repayment, and ordered loan servicers to stop processing any pending IDR requests, including for repayment…

My previous post, Being Sad Is Expensive: How Your Money-Mindset Matters showed how emotions play a crucial role in shaping financial behavior. One potential explanation for why this is comes from the broaden and build theory of positive emotions (BBT), which argues that positive emotions tend to allow a person to grow in such a way that they develop new skills that lead towards greater financial resources. Understanding this connection between emotions and financial resources can give entrepreneurs, business owners, and professionals a competitive advantage in wealth-building and long-term financial well-being. But, why, exactly, are emotions connected to financial resources?…

Dr. Jordan Peterson is controversial, with large camps of fans and detractors. He offers opinions on a wide range of topics. By accident, I ran across his opinion that equity is the same as equality of outcome. According to dictionary definitions and previous research, he’s misusing the term. Unintentionally, I would suspect, because whether you agree with him on a topic or not, Peterson does seem sincere. However, many others also misuse or misconstrue equity and its place in society, so let us start with some definitions. What Equity Means Merriam-Webster offers the following major definitions: The fair or just…

Building financial independence isn’t just about saving—it’s about growing your income and taking charge of your future by making wise decisions. For many, that means starting a business to fuel their financial freedom. In the past, launching a company—especially one in tech—came with a pricey tag. However, today, costs have dropped, making entrepreneurship attainable and more accessible than ever. For those who have hesitated due to financial concerns, now may be the right time to take the leap. Advances in technology have eliminated many of the barriers that once made starting a business expensive, allowing more people to turn their…

I’d bet a pint of Guinness on St. Patrick’s Day that anyone who’s been a financial advisor for more than a minute has been faced with a client crying at some point. Some would even argue, only half kiddingly, that if you haven’t had someone cry in your presence as a financial advisor, you’re probably not doing it right. But almost none of us have gotten any training on what to do—and what not to do—when a client reaches that intensity of emotion in our presence. Yet there is a right and wrong way to handle it; or, at least,…

Many Amazon sellers are small business owners relying on the platform as a side job to earn extra income or as the backbone of their small and medium-sized businesses. For these entrepreneurs, every dollar counts, and losing revenue to fulfillment mishaps can have a significant impact on their bottom line. The $1.2 billion lost annually due to misplaced inventory, damaged goods, and overlooked discrepancies isn’t just a statistic—it’s a direct hit to their ability to grow, reinvest, and stay competitive. Amazon’s Fulfillment by Amazon (FBA) program has revolutionized e-commerce, but it’s not without its pitfalls. Every year, millions of sellers…

A Roth solo 401(k) can make up for the loss of your access to an employer-sponsored retirement plan. Planning for retirement is crucial, especially for self-employed individuals or those without access to employer-sponsored retirement plans. One effective option to consider is the Solo 401(k), also known as an Individual 401(k) or Self-Employed 401(k). This plan offers significant tax advantages and flexibility, making it an excellent choice for business owners without full-time employees. What is a Roth Solo 401(k)? A Roth Solo 401(k) is a retirement savings plan designed specifically for self-employed individuals or business owners with no full-time employees, except…