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Exercise vs Budgeting: A Simple Analogy

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I want to write a quick note about lifting. This is not my field of expertise, but as an avid weight lifter and researcher, I can tell you there are similarities between exercise and the ways you utilize your money. There are two primary forms of exercise: Lifting, and cardio. There are two methods of utilizing money: Spending, and investing. For the purposes of this article, we will not be going into the details of paying bills or rent. This is a comparison of what to do with disposable income. When you lift weights with the purpose of getting stronger: The body builds muscle. The muscle adds on dense weight to the body. Metabolic rate of muscle is higher, therefore the body's metabolism increases long term. The benefits are not reaped short term, you will see it overtime. Performing cardio exercises for the purpose of burning calories: The body burns calories, typically leading to a loss of fat. The benefits are generally for the short term results, the results will not last long...
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Save Money by Using Cash!

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 If you want to save money, there are many methods to take. - create a budget and stick to it. - stop drinking Starbucks everyday 🤣 - automatically have 10% of your paycheck directly deposited into savings. - ** Insert another random cliche' "savings hack". ** The fact is most people overlook one major method that would be easy, and noticeably reduce spending without even trying. When you spend, whether it be on everyday items, groceries, or shopping, you should use cash. Extensive studies have shown spending patterns: Paying with a card vs paying with cash - you generally spend more paying with a card.  In 2018 a U.S Consumer Payment Study was done by TSYS to analyze the spending patterns between debit cards, credit cards, and cash. The study showed consumers will spend 83% more on a credit card than with cash.  There have been studies reported about how cash payments activate pain receptors in the brain, and there is no such activity using plastic. This claim is especi...
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IRAs: Traditional Vs. Roth

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  Traditional IRA vs. Roth IRA Planning for retirement is a must do for people regardless of your age. The sooner you start, the better. With the power of compounding interest, your retirement account will grow exponentially. Now while many people have access to an employer sponsored plan; in most cases a 401(k), an Individual Retirement Account (IRA) allows you to save money for retirement without an employer. There are several types of IRAs but the two most popular plans are Traditional IRAs and the Roth IRA. Both have their own tax benefits. Let's start by going over the specific differences of each one: TRADITIONAL IRA: Started in 1974 Tax caveat: The annual contributions are deductible (with some limitations) - whilst the distributions at retirement are subject to ordinary income tax. Early withdrawals (before age 59.5): Taxed as ordinary income and may be subject to a 10% penalty with certain exceptions. Income Limit: If you or your spouse participate in a comp...
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Reduce Taxes as Your Own Business

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Running your own business is a lucrative venture. Benefits of having your own include freedom to pick your hours, Being your own boss, and most importantly: a higher earning potential. But with higher earnings may come higher taxes. Listed below are five important methods to reduce your taxes as someone self-employed. Write Off Your Business Expenses First and foremost, your business expenses are deductible. Whether it be office supplies or software, utilities, employees wages and many others. Make sure to write off your business expenses to reduce your net earnings.       A best practice is to have a separate business bank account and business credit card; do not mix your business and personal accounts. If you use an accountant, they can easily writeup your books and prepare a set of financials. Have receipts ready for cash purchases.  Self Employed Health Insurance Deduction As an employee of a company, your health insurance is deducted pre-tax. In the same man...
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Four Tips to pass the CPA Exam

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  Passing the CPA exam is undoubtedly a challenging and rigorous journey, but with the right approach and dedication, it is entirely achievable. As the famous saying by Steven Covey goes, "begin with the end in mind." Envision the day you'll proudly see "CPA" on your business card after successfully passing the exams, and let that be your driving force or having your diploma framed and proudly displayed on your eqo wall for all to see.   It was certainly not an easy journey, but I am proud to have passed several years ago. See below four detailed tips that I stand by to help you pass the CPA exam.   1.       Find the perfect time and place to study Firstly, when it comes to having a time and place to study, be comfortable. Everyone has a preference of what works for them, and why it works for them. Fact is, suggestion of where to study is not one size fits all. In your first week of studying, feel free to explore different places (be...
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