It’s time for a Friday Flight! These episodes are all about the week’s financial news and the impact on your personal finances. There are a lot of headlines out there, but we distill it down to specific takeaways that will allow you to kick off the weekend informed and help you to continue to make smart money moves. In this episode we cover some relevant and helpful stories like: free Covid tests, Roth 401k options abound, the embarrassing issue of 401k leakage, the best way boost your income, employer matches on the rise, cheapo bikes that are made to fail, higher insurance rates, the best times to travel, & the time to refinance is now!
Additional links:
- CovidTests.gov is the site where you can order free tests.
- Check out our full post on how to save money on travel
- And of course we touched on investing during this episode- listen back to how we invest our money with brokerage houses like Fidelity, M1 Finance, and Vanguard.
- Head to TreasuryDirect.gov and snag you some i bonds paying over 7%.
- We firmly believe that you can bike your way to wealth!
- Don’t cheap out on insurance but we do want you to save as much money as you can!
- Now is a fantastic time to refinance your home by shopping around with a company like Credible, before rates climb even higher. Learn why it might be a great idea for you.
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money. Have an awesome weekend!
Best friends out!
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Hi Matt and Joel,
I know you’re both huge fans of Roth contributions (as mentioned in this episode), so I’m curious what your thoughts are on the numbers run by folks like the Mad Fientist, showing that money put in a traditional 401(k) can last about 10 years longer in early retirement than money paid out from a Roth 401(k): https://www.madfientist.com/how-to-access-retirement-funds-early/.
I hear you on the likelihood of taxes going up, but anyone aiming for early retirement won’t pay tax on most or any of that money anyway, if they’re slowly converting traditional money into Roth money in the way the Mad Fientist suggests, right?
Hey Michael, thanks for your question. First off, the Mad Fientist is one smart and excellent dude. PLUS, he likes good beer. So he’s a rock star in my book.
And he makes an excellent case for traditional 401(k) contributions for folks who want to retire early. And it’s not that we’re not in favor of folks quitting work early, it’s just that we’re speaking to a different audience. A lot of HTM listeners don’t necessarily have that goal. And for those folks Roth IRA contributions likely make more sense. But I love that the Mad Fientiest goes into such detail to help folks who are specifically looking to quit work early because there are a lot of folks in that boat too. Cheers!