Smart Choices, Smart Life

 Also see the associated  YouTube Video 401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000 The IRS raised the standard 401(k) contribution limit from $23,000 to $23,500 (+$500 or +2.2%) . It did not increase the IRA contribution limit, which remains $7,000. From the IRS Website The catch-up contribution limit that generally applies for employees aged 50 and over who participate in most 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan remains $7,500 for 2025. Therefore, participants in most 401(k), 403(b), governmental 457 plans and the federal government’s Thrift Savings Plan who are 50 and older generally can contribute up to $31,000 each year, starting in 2025. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62, and 63 who participate in these plans. For 2025, this higher catch-up contribution limit is $11,250 instead of $7,500. That is an additional $...

 If you are using simple passwords or the same ones repeatedly, I will pass along my sympathy now for the upcoming hack. Stop using documents and “Post It notes” to store your passwords, and STOP using simple passwords. You need a Password manager! Special Note: Nothing is free, so I recommend paying for a service that is as important to your financial health as this. A password manager will help create complicated passwords, track them, and make them available for your loved ones should something happen to you. Here is a list of popular password managers. Where the best is subjective, the list below is from best to worst based on my opinion after reviewing many sources. 1Password Families Dashlane Premium Keeper Unlimited Keeper Free Bitwarden Families LastPass Premium LastPass Free Bitwarden Free My Tips Usernames: Avoid using your email, name variation, or account number as a username. Bad Guys know then, and you just made their jobs easier. Two-factor Authentication...

I started listening to Clark Howard on AM radio in 1989 when I moved to Atlanta. Although times have changed, I still listen to and enjoy his podcast. His personal finance advice and travel topics have taught me a lot.  In these days of influencers, Clark Howard's approach is unique and refreshing, especially in a world where paid promotions are common. Like any human, he has his favorites, like Vanguard, Schwab, and Fidelity, or Toyota and Tesla, but his commitment to independent, unbiased advice builds trust with his audience. Clark has a reputation for making decisions or recommendations because it is what he and his staff believe is right. He does NOT accept money for other benefits to push products or services. To the best of my knowledge, he also does not choose his advertisers; he does, however, instruct the advertising agency to reject specific categories. Clark and his team developed these two tools to help you make better choices and save money. Cell/Mobile Phone Pla...

Providing and updating is so important in both business and personal lives. Here is a writing tip that I am sure will help you. After writing your update as your self “so what” and “what’s next”, let’s look at an example. This week, I met with the team to discuss our new product. This probably looks familiar, doesn’t it? So What: This week, I met with the team to discuss our new product, and we reviewed the project's scope. Better, now let’s ask what’s next. This week, I met with the team to discuss our new product, and we reviewed the project's scope. The team agreed to meet again in two weeks and provide comments on the scope and a list of dependencies. Summary This writing tip emphasizes clarity and progression, making communication much more effective. "So what" helps to establish the purpose or impact, while "what’s next" gives a sense of direction. This approach is especially useful for team updates or business reports, where context ...

Also see the associated YouTube Video If you love budgeting, this article may not be for you. However, if you are like me and have failed at budgeting and hate tracking every piece of gum you buy, hopefully, this article will let you know there is hope! Warning: This approach is not designed for people in serious debt; please get help from a reputable organization such as the  National Foundation for Credit Counseling at  NFCC.org  or by calling 800-388-2227. Remember, there is no shame in asking for help. There are several names for what I am about to describe, but for me, I call it successful. Pay yourself first, then have fun with the rest! I have modernized the Budget Envelope System , where you put money into envelopes for different categories, like food, housing, etc., and only spend what is in the envelope. My take is a little different. Step 1. Put it to work before you see it. Work at least one hour for your future. If you are fortu...