A dollar saved is more than a dollar earned. If you factor in federal and state income taxes, you need to earn more than a dollar to save a dollar. One way to wealth accumulation is not about making more money but spending less. People who are frugal or thrifty usually reduce wasteful spending and…
Author: Adam
Hey, I'm Adam. I started Wonder of Compounding in 2021 to help others learn about financial literacy and achieve their financial goals. I’m a lifelong student and eternal optimist with a passion for investing, technology and entrepreneurship. I’ve worked in the financial services industry for more than a decade. In 2008, I earned my Bachelor of Engineering and Master of Engineering from Stevens Institute of Technology and in 2015, I received my MBA from New York University.
How to Open a 529 plan and Save for Future Educational Expenses
According to data from the College Board for the 2022-2023 academic year, the average annual tuition and fees for public four-year in-state colleges was $10,940, while the average for public four-year out-of-state colleges was $28,240. The average annual tuition and fees for private nonprofit four-year colleges was $39,400. It is important to note that these…
Tax Season! Understanding Your Tax Refund
Each year, almost every person files his or her taxes by mid-April, the IRS deadline. The process is more complicated than it should be and at the end you may owe money or receive a refund. But what does it truly mean to get a tax refund? What is a Tax Refund? A tax refund…
Social Security Benefits COLA 2023: What You Need to Know
During the past few months, the United States has experienced the largest jump in inflation since the early 1980s. Seniors, especially those on a fixed income such as Social Security, are one of the most vulnerable groups negatively impacted and hurt the most by rising inflation and increased costs. If you are a retiree and…
The Best Personal Finance Apps and Tools
There’s many personal finance apps and tools available but which one is best? This article introduces some of the most popular personal finance apps that people use for net worth tracking, budgeting, and investing. Net Worth Net Worth is a measure of one’s financial health. It’s a key indicator and data point of financial health…
How to Buy Stocks with Fidelity (Step By Step Guide with Screenshots)
Fidelity Investments, also referred to as Fidelity, is a financial services investment firm and is a solid brokerage for investors. It boasts over 40 Million individual investors and has $11.1 Trillion in customer assets under administration1. The company has a long history and reputation and offers low-cost mutual funds and ETFs, advice, and other services.…
Money Saving Tax Deductions for Real Estate Rental Properties
Investing in real estate rental properties is different than investing in stocks and bonds. There are pros and cons to each and the jury is out which is the better investment choice. As a realtor, I’ve had many clients find themselves becoming landlords but a surprising number did not take advantage of the many tax…
Top High Paying Jobs Without a Degree or Experience
Are you looking for a high paying career without a bachelor’s degree or experience – it’s possible. Many careers require a college degree but you don’t need a bachelor’s or master’s degree to be successful. Workers who have higher levels of education typically earn more and have lower rates of unemployment compared with workers who…
Where to Invest During Inflation – Try I-Savings Bonds
The Bureau of Labor Statistics tracks the consumer price index (CPI) which measures the average change in prices over time that consumers pay for a basket of goods and services. In October 2021, this number was 6.2% — a 30 year high for inflation. Whether or not this inflation is short term or “transitory,” people…
How To Make Money Online At Home – 10+ Side Hustle Ideas
There’s a saying, “Don’t put all your eggs in one basket”. Finance professionals advise people to diversify their investments but you should also diversify your income and have multiple income streams. Job security is a thing of the past. Industry changes over time and an economic downturn can happen at any moment. At most companies,…