January 2024 Better of the Net

I hope your yr is off to a fantastic begin! I’ve some excellent assets that can assist you enhance your funds in 2024 and I’m giving freely a singular expertise to a fortunate reader.

We’ll begin with a number of assets that can problem you to get extra intentional about what you need life to appear like alongside the trail to monetary independence and in retirement. Assets additionally reinforce traditional FIRE ideas which can be relevant even when FIRE isn’t your aim. 

You’ll study why discovering tax assistance is getting more durable and costlier whenever you do discover it. I share regarding statistics associated to well being care prices and chapter. Lastly, I’ll shut out with some assets to make you a greater investor.

Rethinking Retirement

The second publish I ever contributed to this web site was about Redefining Retirement. I actually wasn’t the primary particular person selling alternate options to a conventional retirement. However this concept was extra uncommon almost a decade in the past.

The primary three assets present that this concept is extra frequent at this time, which I feel is a good factor.

Jim Dahle challenges readers to consider methods to greatest make use of your well being, wealth, and time all through your life. He writes The Seasons of Your Life.

Christene Benz and Jeff Ptak explored these concepts with Dan Haylett on the Morningstar Lengthy View Podcast: Retirement Planning = Life Planning.

Michael S. Fischer experiences on survey outcomes exhibiting that Extra Than Half of Individuals Wish to Retire Regularly.

EconoMe

Diania Merriam created the EconoMe convention to assemble likeminded folks exploring the concepts of pursuing monetary independence and creating distinctive existence. You’ll be able to learn my interview with Diania from 2021 right here to study extra.

I will probably be talking at this yr’s convention. It will likely be held in Cincinnati, OH from March 15-17. I’ve an additional ticket I want to supply to a reader. If you’re , go away me a remark explaining in 2-3 sentences why you want to go. I’ll choose a winner this Friday, February 2.

Tis the Season…

Tax season is approaching. Mike Piper explains why these of you searching for an accountant to assist along with your taxes shouldn’t be stunned to seek out assist getting more durable to seek out and costlier whenever you do. He writes My Tax Preparer Simply Raised Her Charges – What Ought to I Do?

FIRE

John P Greaney shares How I used the 4% rule over the previous 29 years. It is a fabulous have a look at an actual particular person’s early retirement expertise.

Many critics of FIRE equate saving with sacrifice. Katie Gatti Tassin expresses a robust counterargument. Being intentional with spending truly makes life higher. She writes Consumerism is Exhausting.

Our Damaged Well being Insurance coverage System

The most important monetary threat for FIRE practitioners who go away employer supplied well being care is navigating America’s damaged well being care system, presumably having to cope with a long time of uncertainty till reaching Medicare age.

Jessica Glenza experiences a Majority of debtors to US hospitals now are folks with medical health insurance. Of specific curiosity to readers planning for well being care prices have been numbers shared associated to excessive deductibles for Obamacare plans.

This rang true for me. Even with beneficiant ACA premium subsidies, my family of three is paying $4,500 in annual premiums in 2024 (the retail value with out subsidies is about triple that) for a plan with max-out-of-pocket bills of $16,100 for 2024. Plan accordingly.

Investing Rules

I just lately accomplished William Bernstein’s second version of The 4 Pillars of Investing. The guide shouldn’t be gentle studying. Nonetheless, Bernstein’s explorations of the 4 Pillars (principle, historical past, psychology, and enterprise of investing) is a should learn for anybody severe about managing your personal investments.

Probably the most necessary funding ideas to know is diversification. But as I discuss with new purchasers and see their portfolios, I see many individuals with immensely complicated portfolios, but they lack diversification. The subsequent three assets will assist perceive this idea.

Ben Carlson calls diversification The Holy Grail of Portfolio Administration.

Nick Maggiulli explores The Downsides of Diversification.

Lastly, I’ll shut out with a video from Abundo Wealth a couple of technique that provides huge diversification with excessive simplicity. Lori Bodenhamer shares 4 Easy Advantages of a 3 Fund Portfolio.

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[Chris Mamula used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. After achieving financial independence, Chris began writing about wealth building, DIY investing, financial planning, early retirement, and lifestyle design at Can I Retire Yet? He is also the primary author of the book Choose FI: Your Blueprint to Financial Independence. Chris also does financial planning with individuals and couples at Abundo Wealth, a low-cost, advice-only financial planning firm with the mission of making quality financial advice available to populations for whom it was previously inaccessible. Chris has been featured on MarketWatch, Morningstar, U.S. News & World Report, and Business Insider. He has spoken at events including the Bogleheads and the American Institute of Certified Public Accountants annual conferences. Blog inquiries can be sent to chris@caniretireyet.com. Financial planning inquiries can be sent to chris@abundowealth.com]

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