From the Mailbag

I’m facing a big tax bill. Every year I have trouble putting away money for quarterly taxes. What’s a good trick to get money saved?

Here’s my favorite technique to save money: save into a central savings account that’s difficult to reach, then pay yourself a separate amount into checking from this fund. Have money automatically deducted from this central savings account each month for your tax bill before you pay yourself money to live so that you don’t face these   Continue reading this post >

From the Mailbag

Miata,

Should I pay extra on my mortgage? I’m making a little extra money right now and I’m thinking paying off my house is a good idea.

 

– Jon

Hi Jon,

This is an intensely personal question. Certainly, less debt is always a step in the right direction, but there might be better choices to grow your net worth more quickly.

Here are a few areas to think about before tackling extra mortgage payments:

From the Mailbag

Abundance Bound,

 

I’m single and have no real possessions.  Do I need a will?

Although you may not need a will, you should be thinking about your estate plan. Here are some areas you’ll want to consider.

  • Investments and cash accounts. Add a TOD (sometimes called POD….”transfer/payable on death”) to your checking, money market and investment accounts. This gives someone your money when you pass away without it being hung up in court. IRA plans and 401k’s allow you to name specific beneficiaries   Continue reading this post >