This page consists of investment related blog posts. Here you will find FinTech or investment app reviews and comparisons and you will learn about different ways to invest for retirement, for fun, for real estate, for your health, and for your education. Invest at your own risk.
No parent is perfect. Even I admit making some of these mistakes when teaching my daughter about money. Here are 9 mistakes that parents make when teaching their children about finance. 1. Keeping Quiet The biggest financial mistake a parent can make is not teaching their children about money at all. If you want to give your children the tools to understand the concepts of money and grow their savings, you need to have frequent conversations with them. One way…
The SEP IRA is an individual retirement account for the self-employed. If you own a small business or have a side job earning passive income, you can qualify for a SEP IRA. You may think that SEP stands for self-employed, but it actually stands for Simplified Employee Pension. As an alternative to 401k's, SEP IRA's give small business owners the ability to contribute money for their employees. A SEP IRA can be ideal for a small business with 10 employees…
I have been passively investing with Betterment since 2015, but I recently opened another brokerage account and Roth IRA with M1 Finance. I also convinced my wife to open her first Roth IRA with Wealthfront so that I can use and compare all three. I have written comprehensive reviews on all three platforms so I won't go into every feature offered by these three companies. If you want to skip the reading, scroll down to see the table comparing the…
IRS Section 1031 is a code that allows you to swap one of your investment properties for another, as many times as you want, allowing capital gains taxes to be deferred. It is called a 1031 exchange and it is only applicable to investment properties of like-kind. You can do a 1031 exchange on an investment property that used to be your primary residence, but it must be classified as an investment property for at least 1 year at the…
Due to FOMO, or Fear Of Missing Out, most people will want the answer to be Investing. In reality, paying off debt is the better option for most people and most situations. As a velocity banker, I definitely prefer to pay off debt. Investing When it comes to Investing, there are many different ways to invest. You can invest in real estate, stocks and ETF's, bonds, index funds, and start up companies. Within stock market investing, you can choose to…
In 2008, KaChing! was founded. Why am I talking about KaChing!? Because KaChing! changed their name to Wealthfront in 2012 and revamped their services and platform to compete with Betterment. At the time, Betterment was well known as being the best robo-advisor platform. They revolutionized and ignited the robo-advising financial services industry. Up until recently, Wealthfront's growth was slow. Within the past 2 years, they have redone their marketing and website design to target and attract Millennials and Generation Z…
So you just turned 18. Now what? As an 18 year old, you are now officially an adult by law. You can rent a car, open a new bank account, invest, and so much more. You will also need to memorize your social security number as you will need it for almost every financial-related application. Unfortunately high school curriculums don't prepare students on the topics of personal finance and paying taxes. My aim with this post is to help introduce…
I bought my house in November of 2018 and refinanced from 4.875% to 3.875% in June of 2019. The whole process was easy and took a little over 1 month. In August of 2020, I tried to refinance my home again to go from 3.875% to 2.5%. SIX months later, I am still trying to refinance. Interest rates were historically low. As someone who uses a HELOC, or Home Equity Line of Credit, for the purpose of Velocity Banking, I…
As a 24 year old landlord with limited resources, I didn't take the time to do background check aside from the interview questions. For a small 8' x 9' bedroom, I was lucky to get anyone willing to pay $300 per month with a $300 deposit. With all three bedrooms rented out, I made $1250 per month while paying a $650 per month mortgage. I was house hacking, which is another way of saying that I was a live-in landlord.…
A friend of mine (get it?) has been mining Bitcoin since 2013. To date, he has earned 1 complete Bitcoin, meaning he owns about $56,000 in Bitcoin at the time of this post. When I visited his home, I found a computer mining Bitcoin in almost every room of the house. In total, he had 8 or 9 computers mining Bitcoin, including an ASIC unit specifically designed for mining. He couldn't install more because the power requirements needed to mine…
