When Can You Withdraw From Your 401k? (…and When Should You?)

withdraw from your 401k

You’re smart. You’ve been putting money away into your 401k for years and it’s actually starting to turn into quite the pot of gold! But…then life happened and you could really use some money…and fast. You don’t have much in your savings, and you probably don’t have enough time to earn the money….so it’s leaving your wondering, “When can you withdraw from your 401k?…and should you??”

When Can You Withdraw From Your 401k?

You’ve heard it again and again:

If you withdraw money from your 401k before the age of 59 1/2, you’ll be taxed and penalized.

But is that really true??

Not always.

In fact, there are quite a few circumstances where you can withdraw from your 401k without penalty (but of course, you’ll still have to pay the income tax). Take a look at all the scenarios below where the government actually can’t penalize you . . . → Read More: When Can You Withdraw From Your 401k? (…and When Should You?)

Investing After 50: How and Why to Start

investing after 50

When you think about retirement, you may think of living it up on a nice beach, volunteering when you want to, sleeping in, and just relaxing. However, would you believe that 45% of Americans, and 40% of baby boomers have $0 saved for retirement? If you are investing after 50, it may seem hopeless to retire well, but all is not lost. Let’s learn how you can still prepare for retirement, even your later years.

Investing After 50: How and Why to Start

This post has been written by our talented staff writer, Kimberly Studdard. It may contain affiliate links.

Sure, you’re over 50, but you can still build up a nice chunk of change in retirement! Check it out!

1) Know Where You’re At

When you are investing after 50, the most important numbers to know are:

how much you currently have saved, and how much you will need . . . → Read More: Investing After 50: How and Why to Start

Is It Better to Be an Employee or Entrepreneur?

employee or entrepreneur

The percentage of freelancers and entrepreneurs in the workforce in 2016 was 34%. That number is expected to increase to at least half the workforce in a decade with 50% of millennials already active in the “gig economy”. But that begs a question of “Is it better to be an employee or entrepreneur?”.

Is It Better to Be an Employee or Entrepreneur?

This post has been written by our talented staff writer, Kimberly Studdard!

If you’ve been wondering whether it’s better to be an employee or entrepreneur, here are the pros and cons to both, and which one may be the better option for you.

Work the 9-to-5

What’s so wrong with having a 9-to-5 job (which typically means 8-6…) anyways? Being an employee has its benefits and it even offers benefits that you wouldn’t receive as a full-time entrepreneur. For example, working a 9-to-5 offers you the ability . . . → Read More: Is It Better to Be an Employee or Entrepreneur?

How to Volunteer While In Debt

volunteer while in debt

Volunteering can be a fun and it can be a life-changing experience. Not only are you making a difference in your community (or the world), you’re also gaining experience, and you can feel good about the changes you’re helping to create. But what do you do if you want to volunteer while in debt? Is it possible?

Related: How the Debt Snowball Really Works (Free Tool Included!!)

How to Volunteer While in Debt

This post has been written by Kimberly Studdard, our fabulous staff writer!

Okay, sure. Of course you can volunteer while in debt, but what’s the most effective way to do it without harming your own well-being and helping someone else’s? Check out the suggestions below and go out and make a difference!

Find A Program

Did you know that some programs will allow you to volunteer while in debt and they’ll actually help you pay off your . . . → Read More: How to Volunteer While In Debt

5 Reasons Your High Credit Score Doesn’t Impress Me

high credit score has nothing to do with wealth

“Hey Derek, guess what? My credit score just got bumped up to 803! BOOM!!”

Okay…is that supposed to impress me? I mean, have you really sat down and thought about what your credit score means (both for you AND the bank)?? Long story short, your high credit score has nothing to do with wealth and therefore doesn’t impress me at all…but let’s make sure you understand why.

5 Reasons Your Credit Score Doesn’t Impress Me

The idea of the credit score was born with the banks. With the increase in demand for loans, they needed a way to quickly understand who would likely repay the loan and who would not. There were many varieties of credit score calculations throughout the years, but the one that stuck (and is now widely accepted as the credit score) is FICO’s credit score model, born in 1989.

Related: What’s Killing Your Credit Score? And . . . → Read More: 5 Reasons Your High Credit Score Doesn’t Impress Me

6 Things I Did to Graduate Without Debt

graduate without debt

Small things matter big time — especially if you want to graduate without debt.

When I look back at my life as a student, I realize the significance of this adage. And I was fortunate that I didn’t have to learn it in the hard way. Wait…was I fortunate, or smart? I don’t mean to humblebrag, but I think it was the latter.

6 Things I Did to Graduate Without Debt

This post was written by James from Basic Finance Care.

During my college days, when fellow students were working their tail off to repay their loans, I was chilled and worry-free. I only made couple of small adjustments to my lifestyle and punched debt in the face.

Want to know what tricks I pulled to graduate without debt? If you’re a student and managing debt is one of your financial resolutions for 2018, then I suggest you . . . → Read More: 6 Things I Did to Graduate Without Debt

Your House is a Terrible Investment

house is a terrible investment

“Want to be wealthy? Then you should buy yourself a house!”… said the person that knows nothing about wealth building. Sure, buying a reasonably priced house is often better than renting, but it’s not a wise investment. Truthfully, buying a house is a terrible investment – one of the worst that you’ll probably ever make.

Your House is a Terrible Investment

This post contains affiliate links.

“What do you mean, Derek? I was always told that it was wise to buy a house, and look at home prices today! They’re going up like crazy!”

Let me just jump into it with the facts here…

Average Home Appreciation

Since 1963, home prices have appreciated by an average of 5.4% per year. Sounds pretty decent right?

And let’s just say that in 1963 you bought your first house (assuming you were alive then…and if not, just humor me here. You’ll still . . . → Read More: Your House is a Terrible Investment

How to Predict the Future and Use It to Get Rich!

predict the future and get rich

I want to tell all of you a secret. You can predict the future!!

For some of you this may come as a shock. For others you’ve known this so long you have “I told you so” tattooed across your forehead.

Whichever group you belong to it’s important that you use this power wisely. Luckily for you this is a personal finance website and I am your humble servant. This means I do want you to use this power to get rich!!

Don’t use it buying lotto tickets or betting on sporting events. I want you to use it to protect yourself from the future you. Future you is constantly trying to sabotage all of your hard work with their nonsense. Today I’ll show you how to defeat your evil alter ego.

How to Predict the Future and Use It to Get Rich

This post has been written by Brandon . . . → Read More: How to Predict the Future and Use It to Get Rich!

50+ High Paying Side Hustles for Single Moms

high paying side hustles for single moms

The stereotype…Single moms are young, low-income earners that have to live in their parents’ basement to survive. For the most part, this couldn’t be further from the truth. From my experience, single moms are strong, relentless, hard-charging, and thirsty to create an amazing future for themselves and for their children, and they’ll stop at nothing to achieve their dreams. That’s why I made this list of 50+ high paying side hustles for single moms. They’re all asking about it, and they’re ready to do the work to make it happen.

50+ High Paying Side Hustles for Single Moms

This post contains affiliate links.

Dang, you single moms are amazing. You do it all…and then some, and now you’re reading this article about how you can do more! I love it!

My hope is that from this list you’ll find the exact side hustle that’s right for you, make a load . . . → Read More: 50+ High Paying Side Hustles for Single Moms

Why Not You?? It’s Your Turn!

your turn

You’re in debt.

You’ve been in debt.

And it honestly feels like you’re never going to get out.

Any time there’s a glimmer of hope where you think you’re getting some traction, something happens….

You get sick or injured, Your car breaks down, or You lose your job

Ugh… You just can’t seem to catch a break!

It’s official. You’ve given up. You’ll always be in debt and that’s just the way it’s going to be…

Bite. Your. Tongue.

You are NOT giving up! I won’t let you!

Why Not You? It’s Your Turn

Explosions are going off everywhere. Smoke is billowing from the craters that were peaceful pastures just a second ago. Men and women are falling in front of you. They’re injured, laying down, and most of them have given up. They’ll never make it to the other side.

Then somehow, through the smoke and the earth-shattering booms, . . . → Read More: Why Not You?? It’s Your Turn!