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After a week of reviewing the tax-free exclusion rule for selling a rental property, I decided not to sell. I’d already used my $500,000 tax-free exclusion amount and would need to wait at least two more years before I could potentially use the full amount again. Most importantly, I’m on a mission to boost my […] The post Earning Passive Income Requires Optimization And Sacrifice appeared first on Financial Samurai.
The Roth IRA is one of the best investment vehicles available, which is one reason why they limit your contribution based on your modified adjusted gross income. Normally, if you’re under the income limits, a single filer can contribute $7,000 for 2025 ($8,000 if you are age 50 and older). If you make more than $150,000 but less than $165,000, the contribution limit is decreased as you move up that income spectrum. If you make more than $165,000 – you are not permitted to contribute to a Roth IRA. (For married filing jointly, the income phaseout is $230,000 to $240,000) But there are still ways for you to get money into a Roth IRA if you exceed the income limits. 😍 If you are looking for a Roth IRA, here are our favorite Roth IRA brokerages. Table of ContentsRoth 401(k)Roth ConversionBackdoor Roth ConversionMega-backdoor Roth ConversionConsult a Tax Professional Roth 401(k) While not technically a Roth IRA, it still benefits from the tax treatment of a Roth IRA but in 401(k) form. If your employer offers it, it’s a great way to essentially get a supercharged Roth IRA because there are no income limits and the contribution limit is $23,500 in after-tax funds. Those ages 50 and up can contribute an extra $7,500 while those ages 60-63 can contribute up to $11,250 more. This limit is shared with your traditional 401(k) so make sure you plan for this accordingly. Roth Conversion A Roth conversion is when you convert a tax-deferred account, like a traditional IRA, into a Roth IRA. You can convert all of it or just part of it and you’ll owe income tax on the amount you convert. This includes your original contributions plus any appreciation or dividends that have accrued. If you contributed after-tax dollars to a traditional IRA, those will not be taxed on conversion. If you convert a mixture of pre-tax and post-tax dollars, the pro rata rule says you pay taxes based on the percentage of pre-tax and post-tax dollars in all of your IRA accounts. You can’t “pick” to convert just the post-tax dollars. Another thing to remember is that the conversion has its own five-year holding period (for the purposes of calculating penalties if you withdraw the funds before 59.5) that starts on January 1st of the year you make the conversion. 🤔 Remember, when you withdraw funds from a Roth IRA, the IRS assumes you’re taking out contributions first, then conversions (in order of oldest to youngest), then earnings. Backdoor Roth Conversion A backdoor Roth conversion is a special name for a Roth conversion where you contributed dollars into a traditional IRA but never took the tax deduction, thus making them after-tax contributions. It’s titled backdoor because other than a few extra logistical steps, you’ve essentially contributed into a Roth IRA. You can convert the Traditional IRA into a Roth IRA at any time but if you invest your funds while in the Traditional IRA, any gains are subject to income taxes.
For 2024 I published my side hustle income report each month to maintain accountability. This year, my main goal is to be profitable. To maintain transparency, I’ve been reporting both on my income and my expenses this year. My day job has been subsidizing my side hustles, which kind of play out as a time-consuming hobby. My goal this year is to turn this around. Working at my business regularly helps me to sleep better […]
Being a mom is a full-time job. Juggling bills, kids, schedules, and sometimes hope takes serious strength. I’ve seen it firsthand: hardworking moms everywhere doing everything they can to make things work. If you’re raising little ones solo, this guide is for you. Here are 30 flexible, realistic side hustles tailored to fit your…
Debt-to-income ratio (DTI) is a vital number in anyone’s financial life, yet most people have no idea what theirs is or how to improve it. Lenders use your DTI to decide whether you qualify for mortgages, car loans, and credit cards. Employers check DTI for financial stress indicators. Even landlords use it to evaluate rental […] The post Debt-to-Income Ratio Calculator: Find Your Number & 5 Ways to Fix a High DTI appeared first on […]
There’s a moment in every physician’s career when the thought creeps in quietly between patients or during another late-night charting session: “Is this it?” Not because the work isn’t meaningful. But because of the weight of it. The pace, the pressure, the lack of control… starts to feel heavier than it used to. The truth is, many physicians today aren’t looking to quit medicine. They’re just looking to breathe. To create some space. To feel […]
One of the best ways to teach young kids about anything is to make learning a fun experience. This is especially key when it comes to anything money related. If you can find a way to think outside-the-box you can get kids excited about finances, budgeting, saving, and making money. And hopefully that excitement and eagerness will stick with them for years to come. My oldest daughter has been saving her money for quite a […]
We took about half of July off to go on a road trip, where we spent 6 nights camping and 4 nights in hotels. We drove to Banff and Calgary. Our kids did better than expected in the long car ride. We put our soft … Read moreJuly 2025 Dividend Income Update The post July 2025 Dividend Income Update appeared first on Genymoney.ca.
Living frugally doesn’t always mean cutting more or earning extra. Sometimes it’s about learning how to boost your budget without more income. When you’re trying to stick to a tight budget or stretch every dollar, it’s so easy to get discouraged by numbers alone. If your paycheck barely covers the essentials, it might feel like there’s no breathing room. But what if I told you there’s a whole other kind of income that doesn’t come […]
Looking for new bank promotions in Canada? Here are some of the Canadian bank account promos available and their caveats! Some of these new account bank promotions come on more regularly than others. For example, the iPad promotion from the Royal Bank of Canada (RBC) … Read moreCanadian New Bank Account Promotions Aug 2025 (FREE iPad or $400 Cash) The post Canadian New Bank Account Promotions Aug 2025 (FREE iPad or $400 Cash) appeared first […]
Looking to boost your income fast? Discover five good side hustles you can start right now—even with limited time or money. From selling digital products on Etsy to flipping finds on Facebook Marketplace, these ideas are practical, profitable, and proven to work. The post 5 Good Side Hustles for People Looking for More Money Now appeared first on Money Hacking Mama.
Strength and Economic performance Attempts to justify the unjustifiable The topic in this post is cash flow. It is such a reassuringly simple notion. Cash flow is the flow of cash into and out of a company. And I would go so far as to say, understanding cash flow is critical for understanding the financial strength, economic performance and valuations of companies we invest in. The problem is that company financial statements produced in accord […]
For 2024 I published my side hustle income report each month to maintain accountability. This year, my main goal is to be profitable. To maintain transparency, I’ve been reporting both on my income and my expenses this year. My day job has been subsidizing my side hustles, which kind of play out as a time-consuming hobby. My goal this year is to turn this around. Working at my business regularly helps me to sleep better […]