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Try your calculations both with and without a monthly contribution - say, $5 to $200, depending on what you can afford.

This savings calculator includes an example rate of return. To see the annual percentage yield you can expect, compare rates on NerdWallet for thousands of savings accounts and certificates of deposit .

A savings account is a place where you can store money securely while earning interest.

A savings account is a place where you can store money securely while earning interest.

SoFi Checking and Savings

CIT Bank Platinum Savings

Min. balance for APY

$5,000

Deposits are FDIC Insured

BMO Alto Online Savings Account

What is compound interest?

For savers, the definition of compound interest is basic: It's the interest you earn on both your original money and on the interest you keep accumulating. Compound interest allows your savings to grow faster over time.

In an account that pays compound interest, such as a standard savings account, the return gets added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, it results in a larger balance. With the compound interest formula, the account earns more interest in the next compounding period.

For example, if you put $10,000 into a savings account with a 4% annual yield, compounded daily, you'd earn $408 in interest the first year, $425 the second year, an extra $442 the third year and so on. After 10 years of compounding, you would have earned a total of $4,918 in interest.

But remember, that's just an example. For longer-term savings, there are better places than savings accounts to store your money, including Roth or traditional IRAs and .

Compounding investment returns

When you invest in the stock market, you don't earn a set interest rate but rather a return based on the change in the value of your investment. When the value of your investment goes up, you earn a return.

If you leave your money and the returns you earn are invested in the market, those returns compound over time in the same way that interest is compounded.

If you invested $10,000 in a mutual fund and the fund earned a 6% return for the year, it means you gained $600, and your investment would be worth $10,600. If you got an average 6% return the following year, it means your investment would be worth $11,236.

Over the years, that money can really add up: If you kept that money in a retirement account over 30 years and earned that average 6% return, for example, your $10,000 would grow to more than $57,000.

In reality, investment returns will vary year to year and even day to day. In the short term, riskier investments such as stocks or stock mutual funds may actually lose value. But over a long time horizon, history shows that a diversified growth portfolio can return an average of 6% annually. Investment returns are typically shown at an annual rate of return.

Compounding can help fulfill your long-term savings and investment goals, especially if you have time to let it work its magic over years or decades. You can earn far more than what you started with.

More NerdWallet calculators

Compounding with additional contributions

As impressive as compound interest might be, progress on savings goals also depends on making steady contributions.

Let's go back to the savings account example above and use the daily compound interest calculator to see the impact of regular contributions. We started with $10,000 and ended up with $4,918 in interest after 10 years in an account with a 4% annual yield. But by depositing an additional $100 each month into your savings account, you'd end up with $29,648 after 10 years, when compounded daily. The interest would be $7,648 on total deposits of $22,000.

Frequently asked questions

To calculate interest without a calculator, use the formula A=P(1+r/n)^nt, where:

A = ending amount P = original balance r = interest rate (as a decimal) n = number of times interest is compounded in a specific timeframe t = time frame

Use the formula A=P(1+r/n)^nt. For example, say you deposit $5,000 in a savings account that earns a 3% annual interest rate, and compounds monthly. You'd calculate A = $5,000(1 + 0.03/12)^(12 x 1), and your ending balance would be $5,152. So after a year, you'd have $5,152 in savings.

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Compound Interest Calculator - NerdWallet

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Compounding interest calculator: Here's how to use NerdWallet's calculator to determine how much your money can grow with compound interest.

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How to calculate your financial independence number when investing in stocks and bonds

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How to calculate your financial independence number when investing in stocks and bonds

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How to Calculate Your Financial Independence Number When Investing In Stocks & Bonds | Our Course!

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How Much $ Do You Need to Retire? The 4% Rule for 2023

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What Is the 4% Rule?

The 4% Rule is a practical rule of thumb that may be used by retirees to decide how much they should withdraw from their retirement funds each year.

The purpose of adopting the rule is to keep a steady income stream while maintaining an adequate overall account balance for future years. The withdrawals will consist primarily of interest and dividends on savings.

Experts are divided on whether the 4% withdrawal rate is the best option. Many, including the creator of the rule, say that 5% is a better rule for all but the worst-case scenario. And some caution that 3% may be safer in current interest-rate conditions.

Key Takeaways

Understanding the 4% Rule

The 4% Rule is a guideline used by some financial planners and retirees to estimate a comfortable but safe income for retirement.

An individual's life expectancy plays an important role in determining if the rate will be sustainable. Retirees who live longer need their portfolios to last longer, and their medical costs and other expenses can increase with age.

History of the 4% Rule

The concept of the 4% Rule is attributed to Bill Bengen, a financial adviser in Southern California who created it in the mid-1990s, and has since complained that it has been over-simplified by many of its adherents. He said that the 4% rule was based on a "worst-case" scenario and that 5% would be a more realistic number.

The rule was created using historical data on stock and bond returns over the 50-year period from 1926 to 1976, focusing heavily on the severe market downturns of the 1930s and early 1970s.

Bengen concluded that, even during untenable markets, no historical case existed in which a 4% annual withdrawal exhausted a retirement portfolio in fewer than 33 years.

Accounting for Inflation

While some retirees who adhere to the 4% rule keep their withdrawal rate constant, the rule allows retirees to increase the rate to keep pace with inflation. Possible ways to adjust for inflation include setting a flat annual increase of 2% per year, which is the Federal Reserve's target inflation rate, or adjusting withdrawals based on actual inflation rates. The former method provides steady and predictable increases, while the latter method more effectively matches income to cost-of-living changes.

Advantages and Disadvantages of the 4% Rule

While following the 4% rule can make it more likely that your retirement savings will last the remainder of your life, it doesn't guarantee it. The rule is based on the past performance of the markets, so it doesn't necessarily predict the future. What was considered a safe investment strategy in the past may not be a safe investment strategy in the future if market conditions change.

There are several scenarios in which the 4% rule might not work for a retiree. A severe or protracted market downturn can erode the value of a high-risk investment vehicle much faster than it can a typical retirement portfolio.

Furthermore, the 4% Rule does not work unless a retiree remains loyal to it year in and year out. Violating the rule one year to splurge on a major purchase can have severe consequences down the road, as this reduces the principal, which directly impacts the compound interest that the retiree depends on for sustainability.

However, there are obvious benefits to the 4% Rule. It is simple to follow and provides for a predictable, steady income. And, if it is successful, the 4% Rule will protect you from running short of funds in retirement.

The 4% Rule and Economic Crises

Actually, the 4% Rule may be a little on the conservative side. According to Michael Kitces, an investment planner, it was developed to take into account the worst economic situations, such as 1929, and has held up well for those who retired during the two most recent financial crises. Kitces points out:

The 2000 retiree is merely "in line" with the 1929 retiree, and doing better than the rest. And the 2008 retiree-even having started with the global financial crisis out of the gate-is already doing far better than any of these historical scenarios! In other words, while the tech crash and especially the global financial crisis were scary, they still haven't been the kind of scenarios that spell outright doom for the 4% Rule.

This is, of course, not a reason to go beyond it. Safety is a key element for retirees, even if following it may leave those who retire in calmer economic times "with a huge amount of money left over," Kitces notes, adding that "in general, a 4% withdrawal rate is really quite modest relative to the long-term historical average return of almost 8% on a balanced (60/40) portfolio!"

Meantime, some experts-pointing to the recent low interest rates on bonds and savings-suggest that 3% might be a safer withdrawal rate. The best strategy is to review your situation with a financial planner, starting with how much you have saved, what your current investments are, and when you plan to retire.

Does the 4% Rule Still Work?

The 4% rule was created to meet the financial needs of a retiree even during a worst-case economic scenario such as a prolonged market downturn. Many financial advisers say that 5% allows for a more comfortable lifestyle while adding only a little more risk.

How Long Will My Money Last Using the 4% Rule?

The 4% Rule is intended to make your retirement savings last for 30 years or more.

Does the 4% Rule Work for Early Retirement?

The 4% Rule is focused on preparing for retirement at age 65. If you're hoping to retire early or expect to keep working past age 65, your long-term financial needs will be different.

What Is a 4% Rule Calculator?

You can use any online retirement withdrawal calculator, using the 4% rule as the amount you intend to withdraw annually. One example can be found at MyCalculators

The Bottom Line

For most people, managing their retirement savings is a balancing act. If they withdraw too much too fast, they'll risk running out of money. Not withdrawing enough money can deny them the full benefit of their hard-earned savings.

For those who want a rule of thumb to follow, the 4% Rule is an easy-to-use choice.

Correction- Jan. 20, 2022: An earlier version of this article misstated the type of bonds that might be included in a balanced portfolio of stocks and bonds. They are intermediate-term Treasury bonds, not immediate-term Treasury bonds.

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What Is the 4% Rule for Withdrawals in Retirement and How Much Can You Spend?

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The 4% rule can help a retiree determine how much to withdraw from retirement savings each year. Read about the pros and cons of the 4% rule.

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How to Invest in Index Funds and Best Index Funds of July 2023 - NerdWallet

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Index funds are a low-cost, easy way to build wealth. Here’s how to invest in index funds and some of the best index funds out there.

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Ex-Wall Street Trader turned financial literacy advocate helping YOU get RICH! Forbes 30 under 30 (2023), Forbes Top Creators (2022), and featured in Bloomberg, CNBC, Wall Street Journal, BuzzFeed & More! *** Disclaimer: Nothing on this channel is financial advice. For educational purposes only.

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Expats & International School Educators - Financial Advise Facebook Group

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Expats & International School Educators - Financial Advise Facebook Group

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Expats & International School Educators - Financial Advice | Facebook

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This group is designed for international educators and expats to share investment information, expose financial investment scams, and learn best how to build retirement accounts (since many of us...

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Budget Tracker & Planner | Free Online Money Management | Mint

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Take charge of your finances with Mint's online budget planner. Our free budget tracker helps you understand your spending for a brighter financial future.

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18 Money Saving TRAVEL HACKS I always use…spilling my secrets

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The opportunity to make money while we sleep is one few of us would turn down. And passive income, at face value, suggests we can do just that.

Social media is chock-full of influencers telling us how to make passive income. And while many of those content creators do actually earn money even when they're not on the clock, fewer of them are forthcoming about the work required to get there.

"A lot of people are surprised by how much work it takes because I think a lot of people who are earning a passive income are talking about how great it is having earned that," says Pat Flynn, a California-based entrepreneur and creator of the "Smart Passive Income" podcast. "But they don't necessarily tell you the whole truth. You're seeing the tip of the iceberg."

"Passive" income, in most cases, won't be created passively. Whatever the pursuit - investing in stocks to receive dividends, buying rental properties , earning ad revenue on video channels - you'll have to put in work upfront before you can start making money while doing little, or no, work. And in many cases, you'll have to keep doing work to maintain that income, too.

Passive income has no set definition

When does a job or side hustle turn into passive income? That depends on how you define it.

There is no clear-cut point where income turns passive. For some, it could be when no work or upkeep is required, or for others, it could be when a minimal amount of work each week is required. And "minimal work" is also subjective.

"Passive income, for me, is really something that you have to work to set up, but after that, it takes very minimal work to maintain and to keep that income stream coming," says Joseph Hogue, a chartered financial analyst and creator of the YouTube channel Let's Talk Money.

Other sources of passive income include investing in bonds or peer-to-peer lending, generating ad revenue from a blog, or putting your money in a high-yield savings account . Even the money an artist makes through plays of their songs on a streaming platform can qualify as passive income.

If you want passive income, be ready to work

Contrary to what the phrase passive income suggests, you need to put in work in order to attain it.

Investing money you inherited or won in a lottery may be the only path to truly passive income, start to finish. But for most of us, creating this new revenue stream will involve investing money made from more traditional means like a job, or investing our time building a source of income from the ground up.

Without a large initial financial investment, people often underestimate the "sweat equity" or time and energy required at the beginning, says Jannese Torres-Rodriguez, a Florida-based entrepreneur and creator of the "Yo Quiero Dinero" podcast.

"That initial workload, that time it's going to take to get to a place where it's passive, is what freaks a lot of people out and makes them think that, 'Oh, well, this is obviously a scam because I just want to make money quickly,'" says Torres-Rodriguez.

For both Torres-Rodriguez and Flynn, it took at least a year before they saw earnings from some of their current sources of passive income. Both said that it took consistent work during that period before they started seeing money come from their blogs, including from affiliate marketing, ad revenue and selling courses, among other sources.

The amount of work upfront can depend on the income stream and what you want to get out of it. For instance, if you're making income from rental properties, you can hire a person or a company to take care of all the property management. That'll take away from your earnings, but putting in your own time will make the income more active than passive.

If you're looking to make passive income, keep in mind it's not guaranteed down the road - even if you do put in the work. There's no promise your investment, whether that's time or money, will pay off. Inevitably, there is risk involved.

Seeing other peoples' successes, or hearing about them, can trigger that fear of missing out on a good thing. But before you try to emulate them, consider the journey. It's not unattainable, but it won't happen overnight.

This article was written by NerdWallet and was originally published by The Associated Press.

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Just How Passive Is Passive Income? - NerdWallet

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The opportunity to make money while we sleep is one few of us would turn down. And passive income, at face value, suggests we can do just that. Social media is chock-full of influencers telling us how to make passive income.

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As you're diligently building your nest egg-thinking of your future self as you forego lattes and flight upgrades-you might be dreaming of how you will spend these ample sums of money in your golden years. But the truth is that saving and investing wisely is just one component of a comfortable retirement. You also need to think strategically about how you spend the money you've worked so hard to amass.

A key question is how much you can appropriately spend each year without fear of running out of money. Enter the "4% rule." Here's how this rule of thumb came to be-and whether it still holds water today.

What is the 4% rule?

You may have noticed that a vast number of financial questions are often answered with "It depends." For those of us who prefer specific answers, that vague statement can be maddening. That's where the 4% rule can be helpful. It aims to provide some guidelines on how to spend your retirement funds to ensure a steady income through your later years.

The rule is designed as a benchmark around how much retirees can theoretically withdraw from their nest egg annually without depleting their funds. The thinking is that, on average, the money that remains in your portfolio will earn almost as much as you withdraw each year (though that will vary by year, depending on how your investments are performing), allowing the income to keep flowing for as long as you are around to spend it.

What's an example of the 4% rule?

One way to figure out how much money you need to have by the time you retire is to think about how much you want to live on per year once you stop working. If you're using the 4% rule as a guideline, and want to be able to draw about $40,000 a year from your retirement portfolio to cover expenses, you would need to have $1 million in your portfolio at retirement ($40,000 X 25 = $1 million). If you think you can live on around $30,000 a year, you'd want to have amassed $750,000 by retirement ($30,000 X 25 = $750,000).

While those figures may seem intimidating, remember that while some of that amount will be money you contributed, much of it can come from investment earnings and interest. And that can be significant, thanks to compounding. This occurs when your investments generate gains, which then earn money, too. Over time, those gains can be a key contributor to a future comfortable nest egg.

Say, for example, you contribute $6,000 to an IRA each year starting at age 35. By the time you reach age 65, you will have contributed $180,000. Assuming a 7 percent compounding annual rate of return, your IRA account balance will be about $612,438. That's $432,438 in earnings! Combine that with contributions to a 401(k), and reaching $750,000 or more by retirement can feel more attainable.

Where did the 4% rule for retirement come from?

It sounds pretty arbitrary, doesn't it? Why not a 5% rule? Or a 3% rule? It turns out that 5 percent used to be the commonly accepted amount, and then in the mid-90s, financial advisor William Bengen began to question that theory. He took historical data on stock and bond returns from the 50-year period between 1926 and 1976, which allowed him to focus on two extreme market downturns-one in the 1930s and another in the early 1970s.

His calculations found that no matter how much market volatility had occurred, any retirement portfolio could withstand a 4 percent annual withdrawal for at least 33 years without being depleted. That means that someone retiring at age 65 could live to the ripe old age of 98 with income still flowing, if this theory is correct. Since the average life expectancy today in the U.S. is 76.1 for men and 81.1 for women, that would cover the majority of people.

But what about inflation? You can account for that, too. Some advisors suggest an additional annual increase of 2 percent, which keeps pace with the Federal Reserve's target inflation rate. Others recommend a percentage that's based on actual inflation rates, which means your rate wouldn't be as steady but presumably will match increases in the cost of living, which theoretically would help you maintain the same purchasing power. Just keep in mind that the more you withdraw from your portfolio each year, the faster it will shrink.

Does the 4% rule hold up today?

Like any "rule of thumb," the 4% rule has its drawbacks and detractors. After all, even though we love a concrete number, the fact is that your retirement future depends on many factors.

For example, it depends on when you retire. It depends on your life expectancy. It depends on your goals and situation. It depends on how conservative or aggressive your portfolio is and your mix of investments. It depends on how much you are spending in management fees, which can deplete your account total. And it depends on how faithfully you adhere to the rule. In other words, you can't randomly decide to withdraw 10 percent one year for the "trip of a lifetime" and expect not to suffer consequences.

Also, of course, the answer depends on the market's performance in the years in which you are making your withdrawals. Ideally your investment portfolio is geared toward your time horizon, which means that you should be moving money into less volatile investments like bonds, CDs and cash the closer you get to retirement. That's because even though historically the stock market has always recovered, even after a severe downturn or recession, the question is how long it might take to recover-and whether you, as a retiree, have time to wait it out. That's why conventional wisdom calls for a diversified portfolio that is structured to better weather inevitable market ups and downs, geared to your time horizon and risk tolerance (your ability to stomach the market's inevitable ups and downs). (Acorns allows you to start investing in funds with exposure to thousands of stocks and bonds with just spare change. Learn more.)

So that's the bad news. On the flip side, of course, 4 percent can seem modest if you are fortunate enough to retire during a period of stock market exuberance, when your money is growing faster than average.

Should you rely on the 4% rule?

No matter how sound the 4% rule appears in theory, outliving your money is not a risk anyone would want to take. That's why even though the 4% rule is a helpful guideline, it's important to consider it as just that-a guideline, rather than a one-size-fits-all answer. A better strategy might be to plan to more flexibly withdraw funds based on the market's performance in any given year.

And because there is so much that you can't foresee or control, the fact remains that your key goal should be to save as much for retirement as you possibly can, given the effect that inflation might eventually have on your account; the questionable state of the Social Security fund; and the fact that people are (fortunately!) living longer than ever.

What should I do today to save for retirement?

The most important thing you can do to promote a healthy retirement savings account is to invest early and often. That means that even if you're decades away from thinking about needing to withdraw 4 percent-or any amount-from your retirement accounts, it's smart to start socking away as much as you can in order to take advantage of compounding, as discussed earlier.

The best place to start is by taking advantage of tax-advantaged accounts like a 401(k) -especially if your company kicks in funds through an "employer match"-or a traditional IRA or Roth IRA. You also might want to open a brokerage account, which allows you to invest even more money. (Acorns offers both regular brokerage accounts and IRA accounts. Learn more.)

The smartest strategy for your account is to build a diversified portfolio of investments in different asset classes, such as stocks, mutual funds, bonds and exchange-traded funds, known as ETFs. The theory is that different asset classes move in different ways, which can help protect your portfolio in different kinds of markets.

And remember the caveat related to your time horizon. Investors who are farther away from retirement may want to look into more aggressive options in order to potentially grow their retirement savings faster. However, don't neglect to consider your risk tolerance in order to build a portfolio that meets your goals.

Whether you eventually end up withdrawing an annual 4 percent-or more or less depending on your individual situation at the time-your focus today should be on choosing the investment strategy that's unique to your goals and situation, which will always be different from someone else's. A guideline like the 4% rule can be a good place to start, but a "one-size-fits-all approach" is never the only answer.

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The 4% rule is a guideline for how much money you can safely withdraw in retirement. But is it still viable today? Find out what investors should know.

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50/30/20 budget calculator

Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment.

Find out how this budgeting approach applies to your money.

Savings and debt repayment

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Do you know your "want" categories?

Become a NerdWallet member to track your monthly spending trends, including how much you're allocating to needs and wants.

The 50/30/20 rule is a popular budgeting method that splits your monthly income among three main categories. Here's how it breaks down:

Monthly after-tax income

Necessities are the expenses you can't avoid. This portion of your budget should cover required costs such as:

Before you build a budget

NerdWallet breaks down your spending and shows you ways to save.

Distinguishing between needs and wants isn't always easy and can vary from one budget to another. Generally, though, wants are the extras that aren't essential to living and working. They're often for fun and may include:

20% of your income: savings and debt

How, exactly, to use this part of your budget depends on your situation, but it will likely include:

A smart view of your financial health

Get a quick read on how you're set up to meet expenses and money goals.

Get more help with monthly budget planning

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This calculator uses the 50/30/20 budget to suggest how much of your monthly income to allocate to needs, wants and savings.

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9 Things To Do To Reach Financial Independence and Retire Early

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If you’ve been following Our Rich Journey, you know that Amon and I have achieved our decade-long goal of becoming financially independent and retiring early. But, we didn’t just stumble into this achievement. No, to get where we are today, we had to take real, actionable steps. Interested in pursui…

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FIRE Calculator - Financial Independence Retire Early | WalletBurst

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Visualize and calculate how much money you need to reach Financial Independence / Retire Early (FIRE)

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Millionaire Expat: How To Build Wealth Living Overseas

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Millionaire Expat: How To Build Wealth Living Overseas [Hallam, Andrew] on Amazon.com. *FREE* shipping on qualifying offers. Millionaire Expat: How To Build Wealth Living Overseas

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For a lot of people, their goal is to achieve a perfect credit score of 850. There are a few beliefs associated with a perfect credit score:

1. You'll receive better interest rates for a mortgage, which is true (bear with me).

2. Lower interest rates on your credit cards.

With mortgages, the rule of thumb is you need a 750 or above to get the best interest rates. These interest rates are crucial because adding a few points to an interest rate can translate to a few thousand dollars.

Even if you have a credit score of 800 or 820, you're still going to receive the same interest rate as someone with a score of 750. After consulting with a few experts in the space (my local bankers), they recommended a credit score between 720-740.

A good analogy for this is to imagine that you're in college and the highest test score in the class was an 89. Even if you scored a 90 or 100, it doesn't matter because the class would be graded on a bell curve. With a score of 89+, you're at already at the top of the class, and any number above will still grant a 4.0 GPA.

The second reason people want to achieve a higher credit score is to receive lower credit card interest rates. In most cases, credit card interest rates shouldn't matter because you should not keep a balance on your credit card in the first place.

The factors that impact your credit score the most are credit card utilization, payment history, and derogatory marks.

FACTORS THAT IMPACT YOUR CREDIT SCORE

What surprises most people about total number of accounts is 0-5 cards is considered very poor. Most people who have an 800+ credit score have 15+ credit cards.

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For a lot of people, their goal is to achieve a perfect credit score of 850. There are a few beliefs associated with a perfect credit score: You'll receive better interest rates for a mortgage, which is true (bear with me). Lower interest rates on your credit cards.

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The .gov means it's official.

Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.

The site is secure.

The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Your Money and Coronavirus: Resources for Financial Relief

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How to rebuild your finances following a disaster

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Find out your financial well-being

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​Public Meeting October 13

The next public meeting of the Financial Literacy and Education Commission (FLEC) will be held on October 13, 2021, 2:00-3:30 p.m., Eastern Time. The meeting will be webcast here.

Under Secretary of the Treasury for Domestic Finance Nellie Liang will chair the meeting on behalf of Secretary of the Treasury Janet Yellen. Invited speakers include Richard Cordray, Chief Operating Officer, Federal Student Aid, U.S. Department of Education and a panel of other federal agency experts on financial education.

You do not need to register to view the webcast. If you require a reasonable accommodation or communication access services such as Communication Access Real-Time Translation (CART) or sign language interpreters, please contact ReasonableAccommodationRequests@treasury.gov. Please submit sign language interpreter requests at least five days in advance of the meeting, if possible. For more information, visit the FLEC website.

National Strategy for Financial Literacy 2020

The National Strategy details the federal government's financial literacy priorities and underscores its plan to collaborate with state, local, and tribal governments and the private sector to strengthen financial capability for all Americans.

The Financial Literacy and Education Commission's vision is of sustained financial well-being for all individuals and families in the U.S. In furtherance of this vision, the Commission sets strategic direction for policy, education, practice, research, and coordination so that all Americans make informed financial decisions.

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The .gov means it's official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site. The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

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Author and financial journalist Andrew Hallam joined us from Menton, France for this episode.
Andrew Hallam is an international bestselling author and one of the world's most prolific financial wellness speakers. He has given hundreds of talks in over 30 different countries on financial wellness, sound investing, and life satisfaction. He had built a million-dollar portfolio on a schoolteacher's salary by the time he was in his late 30s.
As a financial journalist, Andrew has written for numerous international publications, too many to name. He has been interviewed on the radio, multiple podcasts, and TV.
Andrew and his wife are adventurous travelers. They cycled around Europe and Asia on their tandem bike and explored Mexico and Central America in their camper van. Andrew says: "Intelligent investing allows people to buy the only non-renewable resource they'll ever have: time."
Andrew is the internationally bestselling author of Millionaire Teacher and Millionaire Expat. His latest book isBalance: How To Invest and Spend for Happiness, Health, and Wealth.
The guiding question for the episode was "How can international educators best set themselves up for financial success?"
We covered a wide range of topics including advice for those new to international teaching, school retirement benefits, currencies in salaries, investing for non-American expatriates, countries welcoming retiring expatriates, and highlights of Andrew's books.
This episode was recorded on September 27, 2022.
Andrew's Contact Information: Andrew Hallam | Facebook Millionaire Teacher and Expats & International School Educators - Financial Advice

Categories: Finance | Recruiting | Nature of International Schools |

Resources Mentioned in the Episode:
Cost of Living Around the World at Numbeo
Investing Services for Expatriates Plan Vision by Mark Zoril
Music: YouTube. (2022). Acoustic Guitar | Folk | No copyright | 2022❤️. YouTube. Retrieved October 11, 2022, from https://www.youtube.com/watch?v=YOEmg_6i7jA.
Remember to access the Resources section of our Educators Going Global website for more information.

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2. international teacher finances: an interview with millionaire teacher andrew hallam

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‎Educators Going Global: 2. International Teacher Finances: An Interview with Millionaire Teacher Andrew Hallam on Apple Podcasts

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Author and financial journalist Andrew Hallam joined us from Menton, France for this episode. Andrew Hallam is an international bestselling author and one of the world's most prolific financial wellness speakers. He has given hundreds of talks in over 30 different countries on financial wellness, s...

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https://gflec.org/initiatives/sp-global-finlit-survey/

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Percentage of financial literacy by group

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Percentage of financial literacy by group

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Financial literacy is a growing challenge as developing countries experience an increased access to financial services. Financial access, formerly a serious problem in developing countries, is rapidly being achieved as geographic, technological, and national barriers are eliminated. Mobile phone technology, urbanization, the growth of microfinance, and the prevalence of remittances all ensure that even poor, rural populations can easily access a bank account from a mobile phone or Internet connection. Encouraging financial participation and providing access without creating literacy programs will create problems for new bank account holders who do not understand how to invest and budget their savings. Increasing financial literacy in developing countries is a public good and a potential function of foreign assistance in partnership with financial service companies, civil society, educators, and financial regulators.

Universal access to finance will be a possibility within the next decade. The surge in new bank account holders and financial consumers will create new responsibilities for regulators, educators, and donors as financial literacy rates remain low.

Financial literacy is defined as the ability to understand and execute matters of personal finance, including basic numeracy, interest compounding, inflation, and risk diversification. Someone who is financially literate understands compound savings rates, changes in value of money over time, mechanics of credit and debt, and how these various economic tools affect their choices. Those who are not financially literate are unable to make informed choices about personal finances.

The financial crisis in 2009 brought the need for increased financial literacy to the world's attention. Even developed countries, the crisis proved, suffer from low levels of financial literacy, which can have a powerful impact on both local and global economies. Globally, financial literacy levels range from 13 percent to 71 percent, with a loose correlation between higher economic development and higher literacy rates.

In 2014, the Programme for International Student Assessment (PISA) published the findings of their financial literacy test. In their study of over 500,000 15-year-old students in 65 different countries, they found that students with a higher socioeconomic status perform better on a test of basic financial literacy than those with poorer families. In several countries, students who hold a bank account perform better than those who do not, all else equal.

Financial literacy is generally much lower among poorer populations. In the McGraw Hill Financial report Financial Literacy Around the World, the countries with the highest rates of financial literacy are Australia, Canada, Denmark, Finland, Germany, Israel, the Netherlands, Norway, Sweden, and the United Kingdom, where at least 65 percent of adults are financially literate. Major emerging economies, like the BRICS (Brazil, Russia, India, China, and South Africa) experience only 28 percent literacy among adults on average.

A broader definition of financial literacy, expanded to include understanding the use and meaning of data and trends, proves an ongoing challenge for the developed world. The United States has struggled with deficient levels of financial literacy, as was highlighted by the recent financial crisis, and currently experiences only 57 percent literacy among adults.

Some examples of financial literacy programs include inclusion and literacy initiatives at both Visa and MasterCard, which encourage basic understanding of transactions, loans, and interest rates to make individuals smarter about money management. The Jump$tart Coalition for Personal Financial Literacy is a coalition of organizations including banks, insurance providers, and government entities that support financial literacy for children in the United States.

The World Bank launched a Consumer Protection and Financial Literacy program in 2010, looking at both sides of the financial literacy issue-transparency requirements of financial institutions and the literacy rate of consumers. While consumer protection laws, supervisory structures, and oversight boards exist in the vast majority of the 114 countries the World Bank studied, the extent to which these structures advocate for consumers' literacy is questionable. Accion, a microfinance and investment firm, has been working on financial literacy and basic business training since 1995.

As the McGraw Hill Financial report shows, teaching financial literacy in schools encourages students to think critically about financial needs versus wants, smart ways to save their money, and how to take charge of their future by becoming financially independent. While financial literacy is seen as a developed world problem, urbanization, the growing middle class, and expanding financial access means that individuals are more empowered to make financial choices and need to be better prepared for the consequences of those choices.
Daniel F. Runde holds the Schreyer Chair in Global Analysis and directs the Project on Prosperity and Development at the Center for Strategic and International Studies (CSIS) in Washington, D.C. Erin Nealer is a research assistant with the CSIS Project on U.S. Leadership in Development. Commentary is produced by the Center for Strategic and International Studies (CSIS), a private, tax-exempt institution focusing on international public policy issues. Its research is nonpartisan and nonproprietary. CSIS does not take specific policy positions. Accordingly, all views, positions, and conclusions expressed in this publication should be understood to be solely those of the author(s). © 2015 by the Center for Strategic and International Studies. All rights reserved. This Commentary is informed by the discussion at the CSIS Schreyer Chair Dinner on Finance & Development, which discussed financial literacy challenges and was led by Daniel F. Runde, director of the Project on Prosperity and Development and William A. Schreyer Chair in Global Analysis at CSIS.
Further reading:

Financial Literacy Around the World: Insights from the Standard & Poor's Ratings Services Global Financial Literacy Survey (pdf)

PISA 2012 Results: Students and Money - Financial Literacy Skills for the 21st Century , Volume VI (pdf)

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Financial Literacy: Challenges and Opportunities

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Financial literacy is a growing challenge as developing countries experience an increased access to financial services. Financial access, formerly a serious problem in developing countries, is rapidly being achieved as geographic, technological, and national barriers are eliminated.

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Earn Apple Cash for FREE + 4.15% AYP Savings

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Earn Apple Cash for FREE + 4.15% AYP Savings

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Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent ¹ - a rate that's more than 10 times the national average. ² With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet. ³

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Apple Card's new high-yield Savings account is now available, offering a 4.15 percent APY

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Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent 1 - a rate that's more than 10 times the national average.

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https://www.psychologytoday.com/intl/blog/liking-the-child-you-love/202102/why-financial-literacy-is-vital-happiness#:~:text=Balanced%20Financial%20Awareness%20Means%20Greater%20Happiness&text=The%20less%20stressed%20you%20are,the%20happier%20you%20will%20feel.

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Balanced Financial Awarenss Means Greater Happiness

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10 WEIRD Money Saving Tips That Actually Work

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Coast FIRE is a strategy that involves saving enough to generate sufficient future retirement income, then working to pay current expenses before "coasting" into retirement.

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0:45- 2:04

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Financial Literacy - A Beginners Guide to Financial Education

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The Simple Path To Financial Independence | Ryan Sterling | TEDxFarmingdale

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Get expert personal finance advice about budgeting, saving, making money, checking your credit score, paying off debt, lowering your bills and more.

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Pay your mortgage every two weeks and save thousands of dollars.

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US: Affordable Cell Service - $15/5GB a month

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All of our full phone plans and See for Yourself Kits feature a 7-Day Money Back Guarantee for all purchases made on mintmobile.com or using the app. You can cancel your wireless phone plan service for any reason within 7 days of activation and we will refund you 100% of the purchase price, including any fees and taxes. Shipping is not refunded.

Got an unused SIM card? We'll honor returns for these within 10 days of purchase. It must be returned in its original unopened packaging and the SIM card must not be activated (condition counts-we aren't called Mint for nothing). This does not apply to SIM cards purchased from one of our national retail partners or any other store website.

Yep. All plans include the Mobile Hotspot feature at no extra charge. The data you use just pulls from your monthly 5G * 4G LTE amount. All you need is a hotspot-capable phone.
Reminder: Mobile hotspot is limited to 10GB for Unlimited Plans.

After you have tried our service and know what data plan is right for you, then you can choose the length of plan depending on how clever you want to get; 3, 6 or 12 months.

Mint Tip: You can lock in our introductory 3-month pricing by renewing for 12 months.

Log into your account at mintmobile.com/login anytime to view our available plans and pricing.

Per month, baby! So stream away-it comes back. For example, if you buy a 12 month, 15GB plan, you will get 15GB of high-speed 5G * 4G LTE data to use each month for 12 months. Any unused data does not roll over, though. It resets at the end of your data cycle.

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ii. Add more 5G * 4G LTE data by logging into your account at mintmobile.com/login and clicking UpData

iii. Message UPDATA to 6700 and follow the instructions. You will need to have money in your Mint Mobile wallet to make this purchase.

You can't change the duration of your current plan once it has started. You can, however, set up a new duration to automatically renew at the end of your current plan by logging into your account at mintmobile.com/login.

Short answer: You choose. Long answer: All Mint Mobile plans allow you to choose how much 5G * 4G LTE data you need each month-4GB, 10GB, 15GB or Unlimited (first 35GB at 5G * 4G LTE speeds). When you hit your data limit, we don't cut you off, we just slow it down. If you need more data, then you can purchase a once-monthly data add-on in your account. Or, if you find you are hitting the limit each month, simply upgrade your plan to the next data level at any time.

You sure can. Just make sure you have the most recent version of the Mint Mobile app.

For detailed instructions check out our Help Center article on How to switch from physical SIM card to eSIM.

And if you need help, you can always call our Care Team at 800-683-7392. We will help you switch to eSIM, step by step.

Sure you can. You have up to 45 days from your plan purchase date to activate your SIM card. Don't worry we will let you know before we deactivate it. If you need more time then please call customer support at 800-683-7392 or chat with us at mintmobile.com/chat.

True story: the most common fix for issues with data connection, text messages and domestic and international calling is simply turning your phone off and then back on.

You can also try removing and reinserting your Mint Mobile SIM Card. This essentially re-registers your phone in the mobile network. This will help you with problems related to data connection, text messages and domestic and international calling.

If you continue to experience issues, call customer support at 800-683-7392 or chat with us at mintmobile.com/chat.

On iPhones: Your voicemails won't immediately appear in your Visual Voicemail screen, even if you currently have messages in your inbox. They will appear once you get a new message, so we recommend you leave yourself a voicemail message after updating your Carrier Settings. Tell yourself how stoked you are about your new savings!

On Androids: To access your voicemail, press and hold the number 1 on your phone's keypad, or dial 805-637-7456. To reset your voicemail password, type #PWD# on your keypad and hit "Send." To record a greeting that doesn't make you want to cringe, you're on your own. Certain Android users can leverage native visual voicemail on their device.

For non-native-VVM Android devices, we recommend you download a third-party app.

If you have any questions our team of customer care humans can help you out.

If you're activating your eSIM through the Mint app, it will walk you through the installation. If you're activating through the web, it's pretty easy, and we walk you through the steps. Once you purchase your plan and select an 'eSIM delivery' then you can choose to either activate your plan right away, or activate later in two easy steps...

1. Activate your plan- On the order confirmation page there will be a large orange button which says 'Activate now'. Hit this if you wish to activate your plan immediately after purchase. If you want to wait, no problem. We will email you with the same link to activate at your leisure.

2. Install your eSIM- Once your plan is activated, then you will need to install the eSIM onto the eligible phone you will be using Mint on. To do this, you will scan the QR code that appears on screen after you activate your plan. If you close the screen before scanning, again no problem. We'll be following up with an email that will contain the QR code.

1. If you've scanned the QR code, but the screen is frozen on 'Cellular Plan', close the window on your phone, and rescan the QR Code.

2. If you're using an Apple phone, scan the code with your camera. If you're using an Android phone, you must navigate to your settings to scan a QR code.

You will need a new eSIM. First, make sure that your new device will be eligible with a Mint eSIM, and is unlocked. If not, then you will need to switch back to a physical SIM.

When you have your new eligible device follow the below steps:

1. Install the Mint Mobile app on your new iPhone and log in to your account

2. Click the "Change Device" option in the Account menu

If your Mint Mobile account is already using eSIM on your previous device, simply select the "Get an eSIM" option to move your account to a new eSIM on your new device

If your Mint Mobile account is currently using a Physical SIM, you have the option of following the instructions on the screen to transfer your physical SIM to the new device, or you can switch to eSIM. To switch to eSIM, look to the bottom of the screen where it says "Want to switch to an eSIM? Order one here" and tap the link.

3. Follow the instructions on screen to complete the eSIM installation process.

When you switch to a new eSIM, you will keep you current plan and number. No change there.

With our Bring Your Own Phone (BYOP) program, you can easily get Mint Mobile service on your current device. Just switch out the SIM card and presto. If your phone is unlocked and compatible with Mint Mobile eSIM, you can activate your plan instantly right on your phone.

Compatible BYOP devices include:
- Most unlocked, GSM-network phones
- Unlocked AT&T, T-Mobile, Cricket Wireless, Simple Mobile, and Straight Talk phones
- Most phones with a SIM card
You may need to hit up your carrier to unlock your phone.
If you're still not sure if your phone will work with Mint Mobile, visit willmyphonework.net. Once there, enter your phone's brand and model, U.S. for country and, under "Carrier," choose our partner company, Ultra Mobile. (This, however, does not guarantee if the device is unlocked or that the phone will work with our service).

If you're on a prepaid or pay-as-you-go plan, your phone is probably unlocked; however, if you're on a two-year contract or something similar, your phone is probably carrier-locked until you finish paying it off.

The most reliable way to determine whether or not your phone is unlocked is by calling your current carrier and asking them to verify your phone's status. You will most likely need to provide your account password (if applicable) and your phone's IMEI number. You can find this on most phones by dialing *#06# on your keypad.

Phones need to be unlocked prior to activating your Mint Mobile service.

Yep. You just have to switch up a few things on your phone:

1. Open the Google Play Store on your phone.

2. Search "Messages by Google LLC".

3. Download the Messages app (by Google LLC, of course).

4. When you open it for the first time it'll ask to be your default messaging app. Go ahead and click "Yes".

5. Make sure you enable chat features in the app settings so you get the whole shabang (nobody wants just half of a shabang).

Thanks to RCS, Android users have access to key features that Apple's iMessage users have been bragging about for years like read receipts, typing bubbles (three dots ftw), and the ability to send richer media. Now you can send full-size selfies to your friends in HD. Shoutout to Rich, whoever he is, for making it possible.
Note: RCS only applies to Android 6.0 and up. RCS requires a data connection (either WiFi or cellular). Both the sender and the recipient must have RCS enabled in order to send messages through RCS.

See Infrequently Asked Questions

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Phone Plans with Unlimited Talk, Text, & Data | Mint Mobile

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Unlimited talk & text Nationwide coverage 40GB of 5G * 4G LTE Data $90 for 3 months of service Our New Customer Offer lets you try us out for 3 Months at our lowest possible price. Unlimited plan customers using >40GB/mo will experience lower speeds. Videos stream at 480p.

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3-6 month of living expenses in High Interest Savings Account

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Watch and Question: Investing in the market to Achieve FIRE

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Watch and Question: Investing in the market to Achieve FIRE

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Watch this and write down any questions that you have. (maybe make template)

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You Can Retire Early By Investing in the Stock Market Like This | Guide to Mastering Investing

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"personal finance" "chase sapphire reserve" "ask sebby" asksebby "credit cards" chase "credit score" "amex platinum" "travel credit cards" "chase credit card...

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Welcome to our channel, dedicated to helping you become a credit expert and master the art of leveraging credit for your advantage! We believe that credit education is crucial for achieving financial freedom and unlocking opportunities in various aspects of life.

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US: Social Security Credits can be earned through self-employment (i.e. a side business in US)

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US: Social Security Credits can be earned through self-employment (i.e. a side business in US)

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"You must earn at least 40 Social Security credits to qualify for Social Security benefits. You earn credits when you work and pay Social Security taxes.

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You must earn at least 40 Social Security credits to qualify for Social Security benefits. You earn credits when you work and pay Social Security taxes.

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During your lifetime, you might earn more credits than the minimum number you need to be eligible for benefits. These extra credits do not increase your benefit amount. The average of your earnings over your working years, not the total number of credits you earn, determines how much your monthly payment will be when you receive benefits.

Read our publication, " How You Earn Credits," for more information.

Number of Credits Needed for Retirement Benefits

You need 40 credits to qualify for retirement.

Number of Credits Needed for Disability Benefits

To be eligible for disability benefits, you must meet a recent work test and a duration work test.

The number of credits necessary to meet the recent work test depends on your age. The rules are as follows:

Before age 24 - You may qualify if you have 6 credits earned in the 3-year period ending when your disability starts.

Age 24 to 31 - In general, you may qualify if you have credit for working half the time between age 21 and the time your disability began. As an example, if you develop a disability at age 27, you would need 3 years of work (12 credits) out of the past 6 years (between ages 21 and 27).

Age 31 or older - In general, you must have at least 20 credits in the 10-year period immediately before your disability began.

The following table shows how many years of work credits you need to meet the duration of work test based on your age when your disability began. For the duration of work test, your work does not have to fall within a certain period. The table only provides an estimate of how many work credits you need. It does not cover all situations. If you are statutorily blind, you must only meet the duration of work test. When statutory blindness is involved, there is not a recent work test requirement.
NOTE: This table is an estimate only and does not cover all situations

Number of Credits Needed for Survivors Benefits

The number of credits needed for family members to be eligible for survivors benefits depends on your age when you die. The younger you are, the fewer credits needed. Nobody needs more than 40 credits.

Under a special rule, we can pay benefits to your children and your spouse caring for your children, even if your record doesn't have the number of credits needed. They can get benefits if you have credits for 1 and 1/2 year's work (6 credits) in the 3 years before your death.

If you are receiving retirement or disability benefits at the time of your death, we will pay your survivors based on that entitlement. We will not have to determine your credits again.

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To be eligible for Social Security benefits you must earn Social Security Credits. You earn these credits by paying Social Security tax on your income. Read more to understand how credits work and how many you will need to qualify for benefits.

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Whether you are just getting started, already retired, or somewhere in between, we can help. We evaluate your personal circumstances to recommend a simple, low-cost portfolio.

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Interested in this bundle? Email us at [email protected]

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Using this calculator

This interactive calculator makes it easy to calculate and visualize the growth of your current investments as you plan your journey of Coasting to Financial Independence.

The green line on the graph represents the growth of your current net worth over time with the monthly contribution that you input. The blue line on the graph shows the amount at each age you need to have saved and invested to reach the Coast FIRE milestone. You can see how these curves shift relative to each other as you adjust the sliders. If your net worth is greater than your Coast FIRE number, then you have reached Coast FIRE!

The math behind the calculator

First, let's recall how to calculate your regular FIRE number:

On the left, start by entering your current age and the age you plan to retire.

Then enter the amount you plan to spend annually in retirement. Note that in many cases, this number will be less your current spending, because (1) you will be covered by Medicare and (2) you may have paid off your primary residence, so you no longer have to pay a mortgage.

In the Current Invested Assets box, enter the amount that you currently have invested. For example, if you have $100,000 invested in the stock market (perhaps through your employer's 401k) and $25,000 saved in your emergency fund, then you should enter $100,000 in this field.

Use the sliders to adjust the rates and watch the graph to the right immediately react to your change!

Investment rate of return is the average return that you expect your investments to grow, not adjusted for inflation. This calculator uses 7% as a default Investment rate of return, which is a relatively conservative assumption. Historically, the S&P 500 has returned on average 10% annually from its inception in 1926 to 2018.

Inflation rate is the average annual rate of inflation that you expect to experience in the future. Historically, the US economy has experienced an annual average inflation rate of 3%.

Safe Withdrawal Rate (SWR) is the estimated percentage of your net worth that you expect to withdraw to cover your living expenses in retirement. 4% is widely considered as the recommended SWR for retirement planning. This 4% withdrawal rate was found by the Trinity Study to have a 100% success rate over a 30-year retirement horizon with a 50% / 50% mix of stocks and bonds.

(FIRE number) = (annual spending) / SWR

This calculator uses the compound interest formula:

Here A is the final amount, P is the principle (initial amount), n is the annual growth rate, and t is the time in years. We can set our final amount A to be equal to our FIRE number and then solve for P, the initial amount, which is our Coast FIRE number. This gives us:

(Coast FIRE number) = (annual spending) / ( SWR * (1 + n)^t )

But what about inflation?

Inflation is an important variable to account for when planning for retirement decades in the future. It is almost certain that we will experience inflation in the future, and for this reason having your money invested in assets and not all stuffed under your mattress is crucially important. Assets like stocks and real estate tend to rise with inflation while cash loses value, meaning the best way to preserve your wealth in times of high inflation is to be invested in these assets.

Don't worry about inflation, it's built-in to the calculator! This calculator accounts for inflation by subtracting the inflation rate (from the input slider) from the investment growth rate of return. This gives an inflation-adjusted rate of return which is then used to calculate your Coast FIRE number and draw the graph. With this approach, all the numbers in the calculator are adjusted to be in today's dollars. Think about it like this - you don't have to worry about cost-of-living increases because it's already skimmed off of your expected investment returns.

Auto Insurance Calculator

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Coast FIRE Calculator - Coasting to FIRE | WalletBurst

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Visualize and calculate how much you need to "coast" to Financial Independence by using the power of compound interest.

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Acorns App - Round Up Program

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Welcome to the Acorns site, operated by Acorns Advisers, LLC ('Acorns'). If you register for an Acorns Account and start investing, we will credit a reward in the form of investments to your Acorns Account. You will not be charged for the cost of what we pay to obtain your account or any differential from the fees we charge clients who come to us on their own without being referred by a friend. The referral reward is subject to change at the firm's discretion. Limited time offer. Shares are purchased once your account is approved. To be eligible for the reward, you must use your friend's personal invitation code to complete sign up. Acorns is only offered to US-residents who are 18 years of age or older. Acorns reserves the right to restrict or revoke this offer at any time. More information about Acorns Advisers is available in the wrap fee program brochure, and our customer relationship summary.

© 2023 Acorns

Important Risk Disclosures

Investing involves risk, including loss of principal. Please consider, among other important factors, your investment objectives, risk tolerance and Acorns' pricing before investing. Acorns Subscription Fees are assessed based on the tier of services in which you are enrolled, view details in our program agreement. Investment advisory services offered by Acorns Advisers, LLC (Acorns), an SEC-registered investment advisor. Brokerage services are provided to clients of Acorns by Acorns Securities, LLC, an SEC-registered broker-dealer and member FINRA/SIPC. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principle. Compounding is the process in which an asset's earnings are reinvested to generate additional earnings over time. It does not ensure positive performance nor does it protect against loss. Acorns clients may not experience compound returns and investment results will vary based on market volatility and fluctuating prices.

Spare change invested with Round-Ups® is transferred from your linked funding source to your Acorns Invest account, where the funds are invested into a portfolio of selected ETFs. If you do not maintain an adequate amount of funds in your funding source sufficient to cover your Round-Ups® investment, you could incur overdraft fees with your financial institution. Round-Up investments from an external account, will be processed when your Pending Round-Ups reach or exceed $5. Acorns Invest is an individual investment account. Acorns Later is an Individual Retirement Account (either Traditional, ROTH or SEP IRA) selected for clients based on their answers to a suitability questionnaire. Invest and Later recommend a portfolio of ETFs (exchange traded funds) to clients, please note that a properly suggested portfolio recommendation is dependent upon current and accurate financial and risk profiles.

Acorns is not a bank. Acorns Visa™ debit cards and banking services are issued by Lincoln Savings Bank or nbkc bank, members FDIC. Acorns Checking clients are not charged overdraft fees, maintenance fees, or ATM fees for cash withdrawals from in-network ATMs.

Acorns Earn provides subscribers access to shop with our partners and earn bonus investments into your Acorns Invest portfolios when purchasing items from the partner brands. Acorns Earn rewards investments are made by Acorns Grow, Inc. into your Acorns Invest account through a partnership Acorns Grow maintains with each Acorns Earn partner.

The average Acorns investor, with a verified and active account, has invested $166 between 1/1/21 and 4/30/21 using the Round-Ups® feature. Individual results will vary and averages only take into account the Round-Ups® investments themselves and do not reflect the impact investment volatility will have on overall performance.

App store reviews and star ratings reference the all-time ratings received in Google Play and the Apple App Store, as of 10/22. 10+ Million all-time Acorns customers, as of 11/22. 4.5+ Million Acorns customers is the total amount of current customers, as of 1/23.

Acorns, Round-Ups® investments, Real-Time Round-Ups® investments, Invest the Change and the Acorns logo are registered trademarks of Acorns Grow Incorporated. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

For additional important risks, disclosures, and information, please visit https://www.acorns.com/terms/

© 2023 Acorns Grow Incorporated | Disclosures | Accessibility | Privacy | Your Privacy Choices

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Welcome to the Acorns site, operated by Acorns Advisers, LLC ('Acorns'). If you register for an Acorns Account and start investing, we will credit a reward in the form of investments to your Acorns Account.

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Vanguard: Helping you reach your investing goals

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Vanguard funds, IRAs, 401(k) rollovers, and advice so you can sort it out. All from Vanguard, where we put you first.

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Invest from overseas - Interactive Brokers

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Invest from overseas - Interactive Brokers

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Trade Online Globally with Interactive Brokers | Interactive Brokers LLC

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IBKR offers transparent, low commissions and financing rates, support for best price execution, and stock yield enhancement program help minimize costs to maximize your returns.

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If your income is too high for a Roth IRA, you could get to a Roth through the "back door."

To use this strategy, you'd start by placing your contribution in a traditional IRA-which has no income limits. Then, you'd move the money into a Roth IRA using a Roth conversion.

But make sure you understand the tax consequences before using this strategy because a Roth conversion is permanent-the contribution can't be moved back to a traditional IRA.
Learn more about Roth conversions

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Roth IRA: What is a Roth IRA? | Vanguard

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With a Roth IRA, every penny you withdraw in retirement goes into your pocket, tax-free.

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The following infographic, "A Guide to Investing Your HSA Account for Growth", provides an overview on Health Savings Account (HSA) basics.

Read below to find out why HSAs are a great option for retirement, investment strategies, and more.

Guide To Investing Your HSA Account for Growth

Health Savings Accounts (HSAs) are more than just a tax-advantaged tool for paying medical expenses. They can also help you save for retirement.

Why include HSAs in retirement planning?

HSAs offer a triple tax advantage:

All contributions to your HSA account are tax-deductible

All funds in your account grow tax-free - including interest, dividends, or capital gains

Withdrawals that pay for qualified medical expenses are tax-free

HSA funds can be invested similarly to those in a 401k or IRA account

Let's start with the basics.

Withdrawals that pay for qualified medical expenses are always tax-free, regardless of your age

You must be enrolled in an HDHP to contribute and may not be on Medicare

After age 65, you can use withdrawals for any expense, although they will be taxed at your standard rate

You own your HSA account and take it when you change jobs or retire

HSA Contribution Limits

For 2023

Self: (TBA by IRS mid-2023)

Family: (TBA by IRS mid-2023)

"Catch-up" contributions (age 55 or older): $1,000 in addition to the above amounts

HSA Investment Strategies

Treat your HSA like an investment account. Don't spend the funds unless you need them for medical expenses

Max out your investment by making the maximum annual contribution each year (including the extra $1,000 catch-up after age 55)

Take full advantage of any employer-matching contributions

Invest unspent funds wisely, using sound diversification and risk strategies

How Large Could Your Account Grow?

With maximum annual contributions and minimal medical expense withdrawals, you can build a hefty nest egg to complement your regular retirement plan.

Assume the following parameters:

You start your HSA account at age 26

You make the maximum family coverage contribution every year until age 65, including catch-up contributions

You earn an average annual return of 8% by investing in the stock market

You do not withdraw funds for medical expenses

You pay no fees for your plan

When you retire at age 65, your HSA may be worth more than $1.9 million!

Even if you only contribute $3,000 a year for 20 years, don't withdraw any funds, and the money grows at 8%, you will still end up with about $143,000 - an excellent addition to anyone's nest egg.

(Calculations via Fidelity Bank's HSA Calculator)

Is an HSA superior to an IRA/401k plan?

Once you withdraw funds from a 401k or IRA, you pay income tax regardless of how the funds are spent.

Unlike 401(k)s, or IRAs, an HSA does not require you to begin making withdrawals at a certain age.

The funds can stay in your HSA account (earning interest or investment income) as long as you want.

DataPath has been a full-service TPA solutions provider for nearly four decades. The company's cloud-based Summit platform is the industry's first all-in-one solution for CDH, HSA, Well-Being, COBRA, and Billing administration. Please enter your email (above right) to be notified when new blog articles are published.

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Guide to Investing Your HSA Account for Growth

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Read below to find out why HSAs are a great option for retirement, investment strategies, and more. Health Savings Accounts (HSAs) are more than just a tax-advantaged tool for paying medical expenses. They can also help you save for retirement.

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I'm glad that you are here. As a literacy strategist for EKC, I've got the best gig in the universe, spreading literacy far and wide.

This special course combines our shared passion for literacy learning with lots of financial wisdom for you.

In just four short hours, we'll unlock the secrets of finance and equip ourselves with savvy decision-making skills. Get set for an adventure like no other!

*This Padlet includes affiliate links. I recommend you also share your affiliate links with friends so you can both earn.

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Andrew Hallam - Speaker, Author, Personal Finance Journalist

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Andrew Hallam is a speaker, finance journalist and the international best-selling author of Millionaire Teacher, Millionaire Expat and Balance: How To Invest and Spend for Happiness, Health and Wealth.

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DISCLAIMER: I am not a financial advisor. This course is for educational purposes only and represents my personal opinions. Conduct your own research and consult a licensed financial advisor for tailored advice. All investments carry risks and success is not guaranteed. Make informed decisions and prioritize thorough research.

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"personal finance" "financial independence" parenthood fatherhood "marriage and money" "financial literacy" "make money" "save money" "financial freedom" "de...

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Marriage Kids and Money is dedicated to helping you strengthen your family tree and live financially free. Andy Hill, an award-winning family finance coach, interviews debt-free parents, financially independent couples and personal finance experts to help you grow your young family's wealth and thrive.

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Aggressive Savings Strategy: Coast Fire Explained

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Aggressive Savings Strategy: Coast Fire Explained