🤓 CPA helping moms:📈 Invest confidently🚸 Raise money-savvy kids 🤑 👉 My FREE Money Challenge helps you accomplish the MOST important financial tasks step-by-step!
💸 2022 Goal Made Easy + New 401k, IRA Limits ✨
Hey Reader,
Make your Financial Goal EASY with AUTO-CONTRIBUTIONS!
Best thing about financial goals: you can change your auto-contributions ONCE and automatically make progress toward your goals for DECADES. #WINNING!!
Potential Financial Goals: PAY-OFF DEBT -or- INCREASE INVESTING 📈
If you have credit card debt . . . set a goal to pay that off ASAP! (Start Your Debt-Free Journey in 4 Easy Steps)
If you are debt-free (other than a mortgage) . . . Consider increasing your INVESTING goals!
Some people think they're maxing out their 401k because they've maxed out the employer match. But *you* can contribute more than that!
HIGHER Contribution Limits For 2023 -- Woohoo!
Here are the 2023 401k contribution limits. For most people, it's $22,500 ($2,000 more than last year).
- Roth IRA Contributions are up to $6,500 per spouse for 2023, assuming you're under the 2023 income limits.
Not sure how much to contribute to be on track for retirement?
Or just don't feel confident about investing in general? Consider joining my Invest 101 Class -- starts January 30th!
AMAZING news for 529 Plans!!
Other thing you might want to increase contributions to . . . Your kids' 529 Plans! I know I will be.
There's a NEW, *amazing* law coming into play in 2024 that will allow you to rollover up to $35,000 of leftover 529 Plan funds to a Roth IRA! Accounts must be >15 years old and limits apply. I'll be posting about this new law on social media all week, so stay tuned!
Money Fit Challenge of the Month: Update Your Net Worth!
It's a GREAT way to your progress toward debt-payoff, spending less than you earn, and saving for retirement.
A budget can hide a lot, but asset and debt balances cannot.
I update my Net Worth using:
- The free Personal Capital Financial Dashboard (so I don't have to log into dozens of accounts)
- A spreadsheet (like my Money Fit Tracker) - so I can track my progress and make any additional calculations I want (like how close we are to our FI Number)
Still a Financial Nerd,
Lisa Schader, CPA @MoneyFitMoms 🤓💸
🤓 CPA helping moms:📈 Invest confidently🚸 Raise money-savvy kids 🤑 👉 My FREE Money Challenge helps you accomplish the MOST important financial tasks step-by-step!
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