What is the new 529 plan rule in 2024? : 529 rollovers to a Roth IRA

What is the best way to save and invest for education? Many parents are looking for the answer to this question. A 529 plan is a tax-advantaged education savings plan offered by the US government, and it is a popular choice for many people. But a 529 plan is not only for education expenses. Starting from 2024, there is a new rule that allows you to convert your 529 plan into a retirement savings plan. How does this rule work, and what are the benefits?

What is a 529 plan?

A 529 plan is a special investment account that can be used for any accredited school in the US. You can also use it for K-12 education expenses since 2017, for apprenticeship programs since 2019, and for student loan repayment and Roth IRA account opening since 2024. The benefit of a 529 plan is the tax advantage. The money you invest in a 529 plan is tax-free, and when you withdraw it, you don't have to pay taxes if you use it for education expenses. There are two types of 529 plans. Education savings plans and prepaid tuition plans. Education savings plans allow you to earn tax-free investment returns and use them for education expenses without taxes. Prepaid tuition plans allow you to pay the current tuition in advance and avoid future tuition increases.

What is the new rule in 2024?

Starting from 2024, there is a new rule that allows you to convert your 529 plan into a retirement savings plan. This rule lets you transfer your 529 plan balance to a Roth IRA account if you are over 59 years old and the beneficiary is over 18 years old. A Roth IRA account is a tax-free retirement savings account that allows you to withdraw money without taxes if you are over 59 years old and have had the account for more than 5 years. A Roth IRA account can be used for purposes other than education.

This new rule makes your 529 plan more flexible and versatile. For example, if your child does not go to college or gets a scholarship and has leftover education expenses, you can convert your 529 plan balance into a retirement savings plan. Also, when you transfer your 529 plan to a Roth IRA account, you don't have to change the beneficiary. This means that you can increase your retirement savings for yourself.

However, there are some things to be careful about this new rule. First, you have to pay taxes when you convert your 529 plan to a Roth IRA account. If your 529 plan balance includes tax-free investment earnings, you have to pay income tax on that portion. Second, you have to follow the annual contribution limit when you convert your 529 plan to a Roth IRA account. As of 2024, you can only contribute up to $7,000 per year to a Roth IRA account ($8,000 if you are over 50 years old). This means that if your 529 plan balance is more than that, you have to convert it over several years.

A 529 plan is a great way to save and invest for education in the US. But it is not only for education expenses, but also for retirement savings. You need to understand the new rule that applies from 2024 and plan accordingly to your situation and goals. If you want to know more about 529 plans, visit [this site] or [this site]. Also, compare 529 plans with other education savings plans.

Why You Should Start a Side Hustle Even If You Have a Full-Time Job: 3 Tax Benefits

Having a full-time job has many benefits. You get a steady paycheck, insurance coverage, and a stable life.

But having a full-time job also has many drawbacks when it comes to taxes. You pay income tax and sales tax twice, you can't deduct your business expenses, and you have limited ways to increase your income.

On the other hand, if you start a side hustle, you can take advantage of various tax-saving strategies, generate revenue, and increase your income in multiple and unlimited ways.

In this post, I will show you three tax benefits of starting a side hustle even if you have a full-time job.

1. You can save taxes by deducting your net income only.

When you have a full-time job, income tax and social security contributions such as pension, health insurance, and employment insurance are automatically deducted from your salary.

The amount deducted is not your actual income, so you can get a refund when you file your tax return.

But in this process, you pay income tax and sales tax twice.

Why? Because your company already paid income tax and sales tax before paying you your salary.

This means that you pay more taxes than your actual income by adding the taxes paid by your company and the taxes paid by yourself.

On the other hand, if you start a side hustle, you only have to pay taxes on your net income after deducting your necessary expenses.

This means that all the expenses incurred by your side hustle are tax-deductible.

For example, office rent, labor costs, advertising costs, material costs, transportation costs, travel expenses, etc. are all recognized as business expenses and can save you taxes.

Also, you have several ways to adjust your income tax rate as a side hustler.

For example, if you register as a corporation, your income tax rate is fixed unlike individuals, so your tax burden will be lower even if your income increases.

Also, you can reduce your income tax by distributing your income through retirement pension or children's education expenses, donating to charities, investing, saving, transferring your assets, etc.

2. You can deduct your business expenses.

When you have a full-time job, you can't deduct your work-related expenses from your taxes.

For example, the computer, smartphone, internet fee, transportation fee, food expense, education fee, etc. that you use at work are all considered as personal expenses.

Therefore, you can't deduct these expenses when you file your tax return.

This means that you pay for all the expenses you need to perform your work out of your own pocket.

On the other hand, if you start a side hustle, all the expenses related to your business are tax-deductible.

For example, the computer, smartphone, internet fee, transportation fee, food expense, education fee, etc. that you use for your side hustle are all recognized as business expenses and can save you taxes.

This means that you can get your money back from the taxes you need to perform your business.

3. You can increase your income.

When you have a full-time job, you have limited ways to increase your income.

Your income is mainly composed of salary, bonus, allowance, etc.

To increase these income, you have to get a raise or a promotion, find a side income, invest, etc.

But these methods all require a lot of time and effort, have high risks, are limited, or are uncertain.

This means that you don't have much control over your income and are influenced by various external factors.

On the other hand, if you start a side hustle, you have multiple and unlimited ways to increase your income.

You can generate revenue through your time and effort, improve your business model, increase your customers, diversify your products or services, adjust your prices, enhance your marketing, expand your partnerships, extend your business area, sell your business to someone else, etc.

This means that you have a lot of control over your income and can change it according to various internal factors.

Conclusion

In this post, I showed you three tax benefits of starting a side hustle even if you have a full-time job.

You can save taxes, deduct your business expenses, and increase your income by starting a side hustle.

These benefits are hard to get as a full-time employee.

Therefore, you should start a side hustle even if you have a full-time job.

There are various and easy ways to start a side hustle.

For example, you can sell your hobbies or talents online, share your knowledge or experience through consulting or education, create content related to your interests or expertise and generate revenue through platforms such as blogs or YouTube, etc.

These methods are all relatively easy and cheap to start, and you can do them without being bound by time and place.

Also, these methods help your growth and development.

You can increase your value, communicate with others, discover new opportunities, challenge new things, achieve new things, and feel new satisfaction through your hobbies or talents, knowledge or experience, interests or expertise.

These things are hard to get as a full-time employee.

Therefore, you should start a side hustle even if you have a full-time job.

How to check your social security on the Social Office website

Social security is an important income that covers 1/3 of the necessary expenses after retirement. The Social Office website provides a lot of information related to social security. You can check your estimated social security amount after retirement, as well as your earnings record that was used to calculate your social security. In this article, we will learn how to check your social security on the Social Office website.

Sign up for the Social Office website

Signing up for the Social Office website is free, and by signing up, you can check your earnings record as well as your accurate estimated social security based on your actual income. You should answer the identity verification questions carefully when signing up. If you get them wrong, you will have to wait for 1-2 days and sign up again. Click [here] to go to the sign up page.

Check your estimated social security amount after retirement

After logging in, click on my Social Security on the bottom left to go to the screen below. On the screen above, click on View Estimated Benefits to see your estimated social security amount by scenario (At early retirement age (62), At full retirement age (67), At age 70). Your social security amount varies depending on your retirement age, so please reflect it well on your retirement plan.

[Estimated Benefits]

Check your earnings record

After logging in, click on my Social Security on the bottom left to go to the screen below. On the screen above, click on View Earnings Record to see your earnings record so far. If there is anything wrong, you can request a correction. Social security is determined in proportion to your earnings, so it is important to check that your income is recorded correctly.

[Earnings Record]

Conclusion

We have learned how to check your social security on the Social Office website. Social security is a system that guarantees a stable income even after retirement, so please use it well.

Explore the links for more insights!

• How much Retirement Savings Do You Need?
• Understanding Social Security Benefits: A Comprehensive Guide
• The 4% Rule for Retirement Fund Withdrawals
• The Perfect Plan for Retirement Savings: 8 Key Elements for Employees
• How to Save for Retirement with 401K
• What You Need to Know About the Roth IRA 5-Year Rule
• How to Invest Your Money in a Tax-Efficient Way
• 401k and annunity: Two choices for retirement preparation

Cigna vs Anthem: Which Medicare Plan is Right for You?

Choosing a Medicare plan can be overwhelming, especially when there are so many options available. Two of the most popular Medicare providers are Cigna and Anthem, both of which offer a variety of plans to suit different needs and budgets. But how do you decide which one is right for you?

In this blog post, I will compare Cigna and Anthem on several factors, such as:

- Plan types and availability

- Costs and benefits

- Customer service and ratings

- Enrollment and eligibility

By the end of this post, you will have a better idea of which Medicare plan from Cigna or Anthem meets your health care needs and preferences.

Plan Types and Availability

Both Cigna and Anthem offer the following types of Medicare plans:

- Medicare Advantage (Part C): 

These are plans that combine the coverage of Original Medicare (Part A and Part B) with additional benefits, such as prescription drug, dental, vision, and hearing coverage. Some plans may also offer wellness programs, fitness memberships, and telehealth services.

- Medicare Supplement (Medigap): 

These are plans that help pay for some of the out-of-pocket costs that Original Medicare does not cover, such as deductibles, coinsurance, and copayments. Some plans may also cover foreign travel emergencies or excess charges from providers who do not accept Medicare assignment.

- Medicare Prescription Drug (Part D): 

These are plans that provide coverage for prescription drugs. You can enroll in a standalone Part D plan if you have Original Medicare or a Medicare Advantage plan that does not include drug coverage. Alternatively, you can enroll in a Medicare Advantage plan that includes drug coverage.

The availability of these plans may vary depending on where you live. Cigna offers Medicare plans in 48 states and the District of Columbia, while Anthem offers Medicare plans in 25 states. You can check the availability of plans in your area by visiting the [Medicare Plan Finder] or the providers' websites.

Costs and Benefits

The costs and benefits of Medicare plans from Cigna and Anthem may vary depending on the type of plan, the service area, and the provider network. However, here are some general trends and examples to give you an idea of what to expect.

Medicare Advantage

Medicare Advantage plans from Cigna and Anthem typically have low or zero monthly premiums, but they may have higher deductibles, copayments, and coinsurance than Original Medicare. They may also have more restrictions on which providers you can see and require referrals or prior authorization for certain services.

However, Medicare Advantage plans from Cigna and Anthem also offer more benefits than Original Medicare, such as coverage for prescription drugs, dental, vision, and hearing services. They may also offer extra perks, such as wellness programs, fitness memberships, and telehealth services.

For example, the Cigna-HealthSpring Preferred (HMO) plan in Arizona has a $0 monthly premium, a $0 deductible, and a $6,700 out-of-pocket maximum. It covers prescription drugs, dental, vision, and hearing services, as well as SilverSneakers fitness program and 24/7 nurse line.

The Anthem MediBlue Plus (HMO) plan in Ohio also has a $0 monthly premium, a $0 deductible, and a $6,700 out-of-pocket maximum. It covers prescription drugs, dental, vision, and hearing services, as well as SilverSneakers fitness program and LiveHealth Online telehealth service.

Medicare Supplement

Medicare Supplement plans from Cigna and Anthem have higher monthly premiums than Medicare Advantage plans, but they have lower or no deductibles, copayments, and coinsurance. They also have more flexibility on which providers you can see and do not require referrals or prior authorization for any services.

However, Medicare Supplement plans from Cigna and Anthem do not offer any additional benefits beyond what Original Medicare covers. You will need to enroll in a separate Part D plan if you want prescription drug coverage. You may also need to purchase additional coverage for dental, vision, and hearing services.

For example, the Cigna Medicare Supplement Plan G in Arizona has a monthly premium of $122.58, a $0 deductible, and a $0 out-of-pocket maximum. It covers all the gaps in Original Medicare, except for the Part B deductible ($203 in 2021). It also covers foreign travel emergencies up to 80%.

The Anthem Medicare Supplement Plan G in Ohio has a monthly premium of $127.75, a $0 deductible, and a $0 out-of-pocket maximum. It covers all the gaps in Original Medicare, except for the Part B deductible ($203 in 2021). It also covers foreign travel emergencies up to 80%.

Medicare Prescription Drug

Medicare Prescription Drug plans from Cigna and Anthem have varying monthly premiums, deductibles, and copayments or coinsurance, depending on the tier of the drug and the pharmacy you use. They may also have different formularies, which are lists of drugs that they cover, and different rules, such as prior authorization, quantity limits, and step therapy, that may affect how you get your drugs.

However, Medicare Prescription Drug plans from Cigna and Anthem also offer coverage for a wide range of drugs, including generic and brand-name drugs, and access to a large network of pharmacies, including mail-order and specialty pharmacies. They may also offer discounts or savings programs for certain drugs or pharmacies.

For example, the Cigna Secure-Essential Rx (PDP) plan in Arizona has a monthly premium of $21.20, a $445 deductible, and a $4,130 out-of-pocket maximum. It covers most generic and some brand-name drugs, and has a 5-tier copayment or coinsurance system, ranging from $0 to 50%. It also offers a preferred mail-order pharmacy option that can save you up to 66% on your drug costs.

The Anthem Blue MedicareRx Plus (PDP) plan in Ohio has a monthly premium of $86.80, a $0 deductible, and a $4,130 out-of-pocket maximum. It covers most generic and brand-name drugs, and has a 5-tier copayment or coinsurance system, ranging from $0 to 33%. It also offers a preferred mail-order pharmacy option that can save you up to 50% on your drug costs.

Customer Service and Ratings

Both Cigna and Anthem have customer service representatives that can help you with any questions or issues you may have with your Medicare plan. You can contact them by phone, email, online chat, or mail. You can also access online tools and resources, such as plan information, claims status, provider directories, drug formularies, and wellness programs, on their websites or mobile apps.

Both Cigna and Anthem also have ratings from various sources, such as Medicare, the National Committee for Quality Assurance (NCQA), and J.D. Power, that measure their performance and satisfaction on various aspects, such as quality of care, customer service, and plan benefits. However, these ratings may vary depending on the type of plan, the service area, and the year of evaluation.

For example, the Cigna-HealthSpring Preferred (HMO) plan in Arizona has a 4 out of 5 star rating from Medicare for 2021, a 3.5 out of 5 rating from NCQA for 2019-2020, and a 3 out of 5 rating from J.D. Power for 2020.

The Anthem MediBlue Plus (HMO) plan in Ohio has a 3.5 out of 5 star rating from Medicare for 2021, a 3 out of 5 rating from NCQA for 2019-2020, and a 3 out of 5 rating from J.D. Power for 2020.

Enrollment and Eligibility

To enroll in a Medicare plan from Cigna or Anthem, you need to be eligible for Medicare, which means you are 65 or older, or under 65 with certain disabilities or health conditions. You also need to live in the service area of the plan you want to join.

You can enroll in a Medicare plan from Cigna or Anthem during one of the following enrollment periods:

- Initial Enrollment Period: 

This is the 7-month period that starts 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65. If you are under 65 and eligible for Medicare due to disability, you have a similar 7-month period that starts 3 months before your 25th month of receiving Social Security or Railroad Retirement Board disability benefits and ends 3 months after your 25th month of receiving disability benefits.

- Annual Enrollment Period: 

This is the period from October 15 to December 7 each year, when you can switch from one Medicare plan to another, or enroll in a new Medicare plan if you did not enroll during your Initial Enrollment Period.

- Special Enrollment Period: 

This is a period that allows you to enroll in or change your Medicare plan outside of the regular enrollment periods, if you have a qualifying life event, such as moving to a new service area, losing your current coverage, or becoming eligible for other programs. The length and timing of this period depend on the type of event.

To enroll in a Medicare plan from Cigna or Anthem, you can visit their websites, call their phone numbers, or contact a licensed agent. You will need to provide some personal information, such as your name, date of birth, address, Medicare number, and current coverage. You will also need to choose a plan that suits your needs and preferences.

Conclusion

Cigna and Anthem are two of the most popular Medicare providers, offering a variety of plans to suit different needs and budgets. However, there is no one-size-fits-all answer to which one is right for you. You need to compare the plan types, costs, benefits, customer service, ratings, and availability of each provider, and consider your own health care needs and preferences.

To help you make an informed decision, you can use online tools, such as the Medicare Plan Finder or the providers' websites, to search for and compare plans in your area. You can also read reviews and testimonials from other customers, or consult with a licensed agent or a trusted advisor.

I hope this blog post has helped you understand the differences between Cigna and Anthem Medicare plans, and how to choose the best one for you.

Cigna vs Kaiser Permanente: Which Medicare Plan is Right for You?

Choosing a Medicare plan can be overwhelming, especially when there are so many options available. Two of the most popular Medicare providers are Cigna and Kaiser Permanente, but how do they compare? In this post, we will look at the pros and cons of each plan, and help you decide which one is best for your needs.

Cigna Medicare Plans

Cigna is a global health insurance company that offers a variety of Medicare plans, including:

- Medicare Advantage (Part C): 

These are plans that combine the benefits of Original Medicare (Part A and Part B) with additional coverage, such as prescription drugs, dental, vision, and hearing. Cigna offers both HMO and PPO plans, as well as special needs plans for people with chronic conditions or dual eligibility for Medicare and Medicaid.

- Medicare Supplement (Medigap): 

These are plans that help pay for some of the out-of-pocket costs that Original Medicare does not cover, such as deductibles, coinsurance, and copayments. Cigna offers 8 different Medigap plans, each with different levels of coverage and premiums.

- Medicare Prescription Drug (Part D): 

These are plans that help pay for prescription drugs that are not covered by Original Medicare or Medicare Advantage. Cigna offers 3 different Part D plans, each with different formularies, copays, and deductibles.

Some of the benefits of choosing Cigna for your Medicare plan are:

- Wide network of providers: 

Cigna has a large network of doctors, hospitals, and pharmacies that accept its plans, which gives you more flexibility and choice in your health care.

- Customer service: 

Cigna has a 24/7 customer service line, as well as online tools and resources to help you manage your plan and health.

- Wellness programs: 

Cigna offers various wellness programs and incentives to help you stay healthy and prevent illness, such as fitness discounts, health coaching, and preventive care.

Some of the drawbacks of choosing Cigna for your Medicare plan are:

- Higher costs: 

Cigna's plans tend to have higher premiums, deductibles, and copays than some of its competitors, which can add up over time.

- Limited availability: 

Cigna's plans are not available in every state or county, which means you may not have access to the plan you want or need.

- Plan changes: 

Cigna may change its plan benefits, costs, or network from year to year, which means you may have to switch plans or providers to keep your coverage.

Kaiser Permanente Medicare Plans

Kaiser Permanente is a nonprofit health care organization that offers only one type of Medicare plan:

- Medicare Advantage (Part C): 

These are plans that combine the benefits of Original Medicare (Part A and Part B) with additional coverage, such as prescription drugs, dental, vision, and hearing. Kaiser Permanente offers only HMO plans, which require you to use its network of providers and facilities.

Some of the benefits of choosing Kaiser Permanente for your Medicare plan are:

- Low costs: 

Kaiser Permanente's plans tend to have lower premiums, deductibles, and copays than some of its competitors, which can save you money in the long run.

- High quality: 

Kaiser Permanente has a reputation for providing high-quality care and service, and has consistently received high ratings from Medicare and other organizations.

- Integrated care: 

Kaiser Permanente offers a coordinated and integrated approach to health care, which means you can get all your services and prescriptions from one place, and your providers can communicate and collaborate with each other.

Some of the drawbacks of choosing Kaiser Permanente for your Medicare plan are:

- Narrow network: 

Kaiser Permanente has a limited network of providers and facilities that accept its plans, which means you have less choice and flexibility in your health care.

- Restricted availability: 

Kaiser Permanente's plans are only available in 8 states and the District of Columbia, which means you may not have access to the plan you want or need.

- No Medigap or Part D options: 

Kaiser Permanente does not offer any Medigap or Part D plans, which means you cannot supplement your Medicare Advantage plan with additional coverage.

How to Choose Between Cigna and Kaiser Permanente

There is no one-size-fits-all answer to which Medicare plan is right for you. It depends on your personal preferences, health needs, budget, and location. However, here are some questions to ask yourself when comparing Cigna and Kaiser Permanente:

- How much can you afford to pay for your Medicare plan? Consider the premiums, deductibles, copays, and coinsurance of each plan, and how they fit into your budget.

- How often do you use health care services? Consider how often you visit the doctor, hospital, or pharmacy, and how much you spend on prescriptions, tests, and procedures.

- What kind of coverage do you need? Consider what benefits and services are important to you, such as prescription drugs, dental, vision, hearing, or wellness programs.

- How flexible do you want to be in your health care choices? Consider how important it is for you to choose your own providers and facilities, or to travel outside your service area.

- What plans are available in your area? Check the availability and ratings of each plan in your state or county, and compare the network of providers and facilities that accept each plan.

By answering these questions, you can narrow down your options and find the best Medicare plan for you. You can also use online tools and resources, such as Medicare's Plan Finder, to compare plans and costs. Alternatively, you can consult with a licensed insurance agent or broker, who can help you find and enroll in a plan that suits your needs.

Conclusion

Cigna and Kaiser Permanente are two of the most popular Medicare providers, but they have different strengths and weaknesses. Cigna offers more variety and flexibility in its plans, but also higher costs and limited availability. Kaiser Permanente offers lower costs and high quality in its plans, but also a narrow network and restricted availability. The best way to choose between them is to compare their plans and costs, and consider your personal preferences, health needs, budget, and location. By doing so, you can find the Medicare plan that is right for you.

How to Buy Reddit Stock Before It Goes Public in 2024

Reddit is a representative site of the internet community. On Reddit, you can discuss various topics, share information, and rate content. Reddit was founded in 2005 and is currently one of the most visited websites in the world.

Reddit also has a great influence on the stock market. Recently, there was a lot of discussion about stock investing on one of Reddit's subreddits, r/WallStreetBets. The members of this subreddit mainly buy and sell undervalued stocks or options, challenging institutional investors. Their activities caused huge fluctuations in the stock prices of GameStop, AMC, BlackBerry, and others.

With the influence and popularity of Reddit, many people want to buy Reddit stock. However, Reddit is not yet a public company, so ordinary people cannot buy Reddit stock directly. Reddit received $300 million in investment in 2019 and was valued at $3 billion at that time. Reddit has a high potential for growth, so it may go public someday.

Just because you can't buy Reddit stock directly doesn't mean you can't buy stocks related to Reddit. 

Here are some ways to buy stocks related to Reddit.

- Buy stock of The Walt Disney Company, the parent company of Twentieth Century Fox, one of Reddit's major investors. Disney invested $150 million in Reddit and owns more than 10% of Reddit's stake. Disney's stock is listed on the New York Stock Exchange (NYSE) and its ticker symbol is DIS.

- Buy stocks of websites that have a lot of traffic on Reddit. For example, you can buy stocks of Netflix, Microsoft, Apple, Amazon, and others that are often mentioned on Reddit. These stocks are listed on NASDAQ and their ticker symbols are NFLX, MSFT, AAPL, AMZN, respectively.

- Buy stocks that Reddit's community prefers. Reddit's r/WallStreetBets subreddit recommends, discusses, and evaluates popular stocks every day. The members of this subreddit usually trade high-risk high-reward stocks or options, so you should research, analyze, and judge well before following their recommendations. Also, you should consider whether you can afford the loss, as these stocks are very volatile.

We have looked at some ways to buy Reddit stock. Reddit is not yet a public company, so you can't buy Reddit stock directly. But you can buy stocks related to Reddit or stocks that Reddit's community prefers. If you want to buy Reddit stock, please refer to this article.

In addition to the above information, you may also want to know the latest news about Reddit's IPO. According to Bloomberg, Reddit is holding talks with potential investors for an IPO next year. The IPO could happen as early as the first quarter of 2024. Reddit has also chosen its future home: The New York Stock Exchange. However, Reddit faces fierce competition from other social media platforms such as Meta, TikTok, and Pinterest. It remains to be seen whether Reddit can achieve profitability and growth by raising billions through an IPO. Reddit's IPO will be an interesting event for many investors, especially those who follow r/WallStreetBets.

The Simple Path to Wealth by JL Collins: Book Review

If you are interested in personal finance, you might have heard of <The Simple Path to Wealth by JL Collins>. This book is a personal finance guide that was published in 2016, based on the letters that the author wrote to his daughter. The author started investing in 1975 and shares his investment experience and wisdom in this book.

The main content of this book is as follows.

• The purpose of personal finance is to achieve freedom and happiness. Therefore, the author recommends simple and safe investment methods rather than complex and risky ones.

• The most important tool for personal finance is F-You Money. F-You Money means having enough money to live the way you want. With F-You Money, you can reduce stress and pressure from work and choose a job that aligns with your values.

• The simplest way to invest is to invest in the stock market. The author claims that the stock market always rises in the long run and brings profits to investors. Therefore, the author suggests investing in index funds or ETFs that follow the entire market, rather than individual stocks or active trading.

• The safest way to invest is to eliminate debt. The author says that debt is the biggest enemy of personal finance and paying off debt gives a higher return than investing. Therefore, the author emphasizes reducing unnecessary spending and debt, and increasing saving and investing.

This book explains the basic principles and methods of personal finance in an easy and friendly way. The author also adds his personal stories and humor, making it fun to read. This book will help you reduce fear and confusion about personal finance and make your own financial plan.

You can buy this book on Amazon. Click here to go to Amazon. If you buy the book that I recommended, I will receive a referral fee. This will help me a lot and allow me to create better content. Thank you.