What a Simplified Wardrobe Can Teach You About Saving

Some of you may know that I’m a big fan of the blog and podcast, The Art of Manliness. The content is robust, timely, and always helps me find small ways to become a better man.

I recently came across an Art of Manliness article that has had me thinking. It was about simplifying your wardrobe by focusing in on a few high quality clothing items rather than having dozens of low quality t-shirts or seven or eight pair of jeans.

I’ve tried really hard to embrace this idea. A couple years ago I bought myself a really nice navy blazer and had it tailored. It was kind of pricey for me, but I wanted something that would really last and look great.

The Financial Key to Growing My Family of IVF Babies

After a couple years of marriage, Kellie and I were beginning to suspect that we couldn’t have children naturally. This was a serious downer, but the path to growing our family through in-vitro fertilization (IVF) was lighted as we talked with friends and family who shared the same disheartening experience but later found success.

But there was another problem at work--it was financial. IVF costs a TON of money and health insurance didn’t cover much of it. We’re talking around $15,000 for the whole process, and that assumes it actually works for you the first time around. In our case, “retries” are another $2,700 each. (I’m in the wrong business.)

We were diligent savers with a sizeable emergency fund--perfect for something like this--but one IVF attempt would have bled our fund dry.

Our financial boon laid in a tool that I’ve praised on my blog before, but not enough young families are paying attention to it.

My Favorite Type of Tax Deduction That Most Families Don’t Think About

Yes, I know. Tax season is far, far past us (cue angelic chorus from above). Those tight deadlines and stacks of financial documents are all nicely tucked away in our mental or physical files--or completely forgotten and shredded.

So why discuss taxes in the Summer? Filing taxes each year is one thing, but doing a little tax planning for your family is not only essential, but it’s wise to do so well before year’s end.

In that light I’d like to discuss tax deductions, but with a perspective that’s crucial to understand which I don’t hear discussed very often. And while I’m not a tax professional, I feel that understanding the nature of deductions can make one of the most significant financial impacts on your tax situation each year.

For Self-Employed Savers, Few Tools Are Better Than the Solo 401(k)

With nearly 1 out of every 10 U.S. workers self-employed, at least 10% of workers are going without a traditional 401(k) plan. While some may create future retirement income from the sale of their business, generating substantial retirement income from a business sale tends to be the exception rather than the rule.

What are the options for self-employed savers? Are IRAs, with their relatively small contribution amounts and income restrictions, all that’s available?

Just as a company with thousands of employees is allowed to have a 401(k) plan, part of the IRS tax code allows businesses with just one employee--that’s YOU--to have a 401(k) as well.

It’s called a Solo or Individual 401(k), and it’s an excellent retirement saving tool for sole proprietors.

5 Pointers for Every First-Time Homebuyer

I recently wrote a blog post about the costs of homeownership. These costs are real and should be strongly considered by any homeowner.

But if you’re just starting on the path to buying your first home, there’s even more to consider. Despite what HGTV might portray, the homebuying process is not easily condensed into a 20-minute episode. Before leaping into the fray, here are 5 tips that every first-time homebuyer should try putting into action.