When should you be most wary of making a costly mistake? It’s not when things feel difficult or when you’re in the middle of solving a big problem. It’s when things are going great and you’re experiencing big success. Massive layoffs at Facebook and Amazon. Stumbles at Google and Lyft. A shaky year in the…
How to Pay Less Taxes: 5 Strategies to Reduce Your Tax Burden
“…In this world, nothing is certain except death and taxes,” wrote Benjamin Franklin when updating his friend, French scientist Jean-Baptiste Le Roy, on the latest political developments in the States. And while we can’t do anything to change your mortality, we CAN offer you some tax breaks in this episode. Want to pay less in…
Money Is Not a Math Problem: How Using Numbers Alone Leads to Irresponsible Planning
“It’s irresponsible to use math alone to build a financial plan,” says the Certified Financial Planner with a bachelor’s degree in finance and accounting from the number-one entrepreneurship college in the country. Wait, what? It might sound a bit odd coming from the finance pros, but it’s true. Eric did say using math alone is…
7 Steps to a Foolproof Financial Plan
A foolproof financial plan is one that you can stick to, that you can execute, consistently over time – even through challenging times or unexpected setbacks. This is what to keep in mind if you want to build your own. People are (remarkably) bad at understanding how probabilities work in real life. We often fail…
How to Use Your 401(k) to Retire Early
Because of the rules and requirements around 401(k)s, most people don’t think of this retirement plan as a useful tool when they’re on a mission to retire early. But failing to optimize your plan could mean missing a huge opportunity to grow wealth and achieve an early retirement goal. Most advice with 401ks starts and…
Financial Planning To-Dos for Expecting Parents
Having a baby or adding more children to the family is a big decision – and there are some major financial implications to this life milestone. Consider taking care of these financial planning to-dos for expecting parents. We stepped away from the podcast for about a year. Why? Because we had a baby! Our daughter…
Are You Making These 5 Mistakes with Stock Options?
Stock options are a type of equity compensation, which is a way for employers to reward key employees beyond the usual paycheck. Most equity comp packages can provide a great opportunity to build wealth, but managing that well requires advanced planning. If you want to avoid making big mistakes with stock options, there are specific…
The 3-Step Process to Saving 40 Percent of Income
Prefer to listen rather than read? Pair this post with Episode 25 of the Beyond Finances podcast, where we talk about the process of saving 40 percent of income and the steps to take to make that happen. Do you know how much money you save right now? And perhaps more importantly… do you know…
What You Need to Save Before Having a Baby Might Be the Wrong Question
Most of my clients are in their 30s and 40s, and many of them are either starting families or adding to them. Many of these soon-to-be parents ask me, “how much do we need to save before having a baby? What should we have in the bank before we start thinking about having kids?” It’s…
Beyond Finances Podcast #49: Managing Equity Comp: How to Balance the Risks and Rewards
Leveraging equity compensation is one of the potential avenues we previously highlighted for use on the road to building wealth. But to enjoy the rewards, you have to know how to manage the risks along the way. Many industries offer a piece of ownership to company employees through equity compensation packages. If you receive equity,…
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