RESOURCE PAGE
Thanks for visiting the resource page! This was created to be used alongside the Money Talk Workshop. There are certain specific questions that we get on repeat want to answer here and there are also specific informational articles that we're going to link to as well. Throughout the workshop there will be times that we'll mention the resource page as a place to visit for more in-depth explanation of things we’re going over.
If you have a questions you'd like us to answer email [email protected] and we'll add it to our next page update!
q. what high interest savings account do you recommend?
a. You can find a list of the most up to date high interest yielding accounts here (it’s updated monthly). I personally use and recommend the Capital One Performance Savings Account. I like it because it has no minimums, no fees, one of the nation’s highest interest rates and great customer service.
q: I'm having a hard time finding a zero interest credit card for a balance transfer?
a: nerd wallet keeps an updated list that you can find here. i like that they outline pros and cons of each card and also explain why they like it.
q: what credit card to you recommend?
a: i personally use and love the capital one venture card. i spend enough that the annual fee is offset by how many rewards i earn. if you are only using your credit card to build credit and spend very little on it i recommend getting a card with no annual fee. if you are struggling to get approved for a credit card. this list shows ones that are available to someone with a lower crediting rating.
q: i can't decide between a traditional or a ROTH IRA?
a: this is a very common question! the biggest difference is the tax aspect, with a traditional you put in pre-tax money and pay tax when you take it out at retirement which means that it can lower your taxes now and with a ROTH you put in money after tax but when you take it out you owe no taxes on it. i like the side by side comparison that fidelity offers here.
also, this calculator by Fidelity makes it very straight forward to know if you can use a traditional or ROTH IRA.
q: where should i open an investment account?
a: there are a lot of great options out there, i personally like Vanguard, Fidelity and Charles Schwab. all of these have an option to chat with a representative. utilize that feature and ask any and every question you might have, there are no bad questions!
q: what is the maximum contribution i can make to my IRA?
a: $6,000 ($7,000 if you're age 50 or older), or if less, your taxable compensation for the year.
q: i don't have a job, can i still contribute to an IRA?
a: contributions to an IRA need to be earned income. this gives you the specifics.
q: should i contribute to my 401k or open an IRA?
a: if you have any type of employer match for your 401k i highly recommend contributing enough to get the full match. after that, if you want to contribute more you can open an IRA. the advantage of an IRA over a 401k is that there may be lower fees and also more options on how to invest your money.
q: do you have a recommendation for a budgeting app you like?
a: i like budgeting apps as they give you a good overview picture and they also automatically upload your transaction so it’s easier to enter things. It’s less about each category and more about understanding how much money is coming in and out every month. And then once you feel comfortable looking at that part you can get into the categories. I know people spend a lot of time setting up specific ones and trying to put everything in its place which is great but sometimes that level of detail can cause burn out and you won’t even want to look at what money is going where. Start with the big picture and work smaller as it feels right. I recommend Simplifi by Quickbooks or Mint.
q. I’m leaving my job, should I cash in my 401k?
a. It can feel tempted to cash in your 401k. You might think there isn’t much in there, doesn’t really matter, easier this way…
But the truth is that when it comes to retirement every dollar counts. If you cash in your 401k you’re most likely going to pay penalties and fees. I really want you to rollover your 401k to an IRA. The company you roll it over, i.e Vanguard, Fidelity, will help you with this. It won’t be overwhelming or more than you can manage, you can do it. Read more here.
q. what high interest savings account do you recommend?
a. You can find a list of the most up to date high interest yielding accounts here (it’s updated monthly). I personally use and recommend the Capital One Performance Savings Account. I like it because it has no minimums, no fees, one of the nation’s highest interest rates and great customer service.
q: I'm having a hard time finding a zero interest credit card for a balance transfer?
a: nerd wallet keeps an updated list that you can find here. i like that they outline pros and cons of each card and also explain why they like it.
q: what credit card to you recommend?
a: i personally use and love the capital one venture card. i spend enough that the annual fee is offset by how many rewards i earn. if you are only using your credit card to build credit and spend very little on it i recommend getting a card with no annual fee. if you are struggling to get approved for a credit card. this list shows ones that are available to someone with a lower crediting rating.
q: i can't decide between a traditional or a ROTH IRA?
a: this is a very common question! the biggest difference is the tax aspect, with a traditional you put in pre-tax money and pay tax when you take it out at retirement which means that it can lower your taxes now and with a ROTH you put in money after tax but when you take it out you owe no taxes on it. i like the side by side comparison that fidelity offers here.
also, this calculator by Fidelity makes it very straight forward to know if you can use a traditional or ROTH IRA.
q: where should i open an investment account?
a: there are a lot of great options out there, i personally like Vanguard, Fidelity and Charles Schwab. Vanguard is great because they are focused on low fees and is essentially owned by its customers which means they are looking out for you and not for their bottomline. all of these have an option to chat with a representative. utilize that feature and ask any and every question you might have, there are no bad questions!
q: what is the maximum contribution i can make to my IRA?
a: $6,000 ($7,000 if you're age 50 or older), or if less, your taxable compensation for the year.
q: i don't have a job, can i still contribute to an IRA?
a: contributions to an IRA need to be earned income. this gives you the specifics.
q: should i contribute to my 401k or open an IRA?
a: if you have any type of employer match for your 401k i highly recommend contributing enough to get the full match. after that, if you want to contribute more you can open an IRA. the advantage of an IRA over a 401k is that there may be lower fees and also more options on how to invest your money.
q: do you have a recommendation for a budgeting app you like?
a: i like budgeting apps as they give you a good overview picture and they also automatically upload your transaction so it’s easier to enter things. It’s less about each category and more about understanding how much money is coming in and out every month. And then once you feel comfortable looking at that part you can get into the categories. I know people spend a lot of time setting up specific ones and trying to put everything in its place which is great but sometimes that level of detail can cause burn out and you won’t even want to look at what money is going where. Start with the big picture and work smaller as it feels right. I recommend Simplifi by Quickbooks or Mint.
q. should I convert my IRA to a ROTH?
a. this is a very common question, and Fidelity has a great calculator for this as well that you can find here. I highly recommend using this if you are considering converting any non-Roth accounts.
a. do I need a financial advisor to invest?
a. no, you don’t. In this modern day and age there is so much that can be done through your own computer and on your own time. i personally use both Public and Robinhood to make personal investments on my own.
q. i’m a freelancer, what retirement account should I use?
a. there are three great options for freelancers who work alone or who have a few employees. You can find a zillion articles about them but I this one offers the most clear explanation.
i also like Vanguard’s small business page. they ask you specific questions to guide you in the process.
don’t get overwhelmed with the choices. spend some time reading and then make a choice, any choice is a huge win as it puts you on a great track towards saving for retirement. I highly recommend using this if you are considering converting any non-Roth accounts.