McKenzie Mack
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let's get rich đ¤đ¸â¨ đ [email protected] budget template ⤾ď¸
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payday routine and investment update as a 28 year old paying off $80k in debt#personalfinance #personalfinancetips #payday #paydayroutine #paycheckbreakdown #checkingaccount #financialliteracy #financialeducation #moneygoals #investment #retirement
update on my Q1 resolutions!! #personalfinance #moneygoals #resolutions #2024resolution #investing #spendingmoney #overspending #lowbuy #budgeting #greenscreen
my march debt payoff update#personalfinance #debtpayoffjourney #debtpayoff #debt #studentloans #studentloanrepayment #moneygoals #budget #budgeting
my 2024 money goal updates ď¸$5K TOWARDS DOWN PAYMENT Iâm still back and forth on the idea of a house (Iâve moved almost every year since graduating college so Iâm not sure where I want to âsettle downâ). However, I would like the OPTION to buy a house at some point in the next 3-5 years after paying down the rest of my debt. My goal is to build up a 20% down payment, which basically means shoveling as much as I can to savings since home prices are insanely expensive.MAX 2024 401K, ROTH IRA, AND HSA Last year was the first year I ever maxed out all of my retirement accounts and it was a HUGE mindset shift for me. I told myself I couldnât afford it for years, but truthfully I was just chronically overspending. Once I actually increased my 401k contribution and had to make do with less money coming in every paycheck I learned thatâŚâŚ I had plenty. I didnât need to go shopping every week!!!! Imagine that!!SAVE 7.5K FOR 2025 ROTH IRA Last year was also the first year I saved ahead of time for my Roth IRA. Thereâs nothing wrong with DCA, but I found that saving ahead was a huge motivator for me and the accomplishment of maxing out my Roth IRA all at once made it worth it!!MOVE SOFI LOAN PAYOFF DATE UP TO DECEMBER 2027 Since my minimum payments are ~$750 that gives me motivation to get rid of them a little quicker so I can reduce my fixed expenses. My original payoff date was October 2028. I want to move that up almost a year to December 2027 through making extra payments. One strategy I have is to use the interest I make in my HYSA from my fully funded emergency fund towards my debt every single month. Since I donât need this money to grow in my EF, it makes more sense to put it towards this goal âĄĚ250K NET WORTH My most delusional goal!! I just hit $100k last year, and this is mostly at the whim of the stock market.. but I like to set aggressive goals bc even if I fall short Iâll still be further than I wouldâve been before!! #personalfinanc
Replying to @purple.honeycombs HYSA 101 ď¸What is a HYSA? A High-Yield Savings Account (HYSA) is just like a regular savings account, except they offer a much higher interest rate compared to traditional savings accounts. HYSAs are typically offered by online banks and financial institutions.Why are the rates so much higher? Is there a catch? Online banks can afford to provide higher rates simply because they have lower overhead costs than traditional brick-and-mortar banks. Without the cost of physical locations, these online banks can pass on the savings to the customer through higher interest rates.Do I have to pay taxes? Yes, the interest earned on a High-Yield Savings Account is considered taxable income. You will need to report this income on your tax return, and your bank will provide a 1099-INT form if you earn $10 or more in interest in a year, so make sure to include this income when filing your taxes.Is this an alternative to investing? NO. A HYSA is an amazing addition to your financial strategy, but it is not an alternative to investing. HYSAs are best for short-term savings goals and emergency funds because your cash is more liquid and at a lower risk compared to investing. But you WILL NOT grow wealth or retire by putting your money in a HYSA - you need to be investing in the stock market.WHO IS MARCUS? Marcus by Goldman Sachs is the HYSA that I personally use.#personalfinance #hysa #highyieldsavingsaccount #financialliteracy
My monthly budget for June ď¸ I always estimate my budget for the calendar year, and then finalize it as I get closer to the new month.#personalfinance #monthlybudget #budget #budgeting
my rules for paying off debt vs investingDEBT BEFORE INVESTING FOR INTEREST RATES OVER 7% I graduated with over $50k of Sallie Mae loans at 10-11% (how is this legal???) on top of another ~$50k in federal loans of various interest rates. Over the course of 2 years I refinanced my student loans every 6 months (mostly my private loans). During this time period I contributed up to the match on my 401k, maxed my Roth IRA, and my HSA because I was able to refinance these below 7%.PAY OFF DEBT AFTER MAXING OUT RETIREMENT ACCOUNTS FOR DEBT HIGHER THAN 4% I have 1 private loan left in this category and a couple federal loans. The majority of my loans have a 5 year payment plan, so my minimum payments are high (I donât completely ignore my debt). However, every extra penny I can put towards maxing my retirement accounts will help me build wealth MUCH faster than paying off this debt early. I am lucky that after maxing out my retirement account I do have some leftover cash I can put towards this debt.MINIMUM PAYMENTS ONLY FOR DEBT BELOW 4% Not a single extra penny will be going towards this debt. I value wealth building over emotional decisions. I WILL be debt free, but I donât NEED to be debt free at the expense of my future. I know my money will be put to work much better in the stock market. ď¸REMINDER: These are MY rules - Iâm not saying this is the best choice for everyone âĄĚ#personalfinance #debt #debtfreejourney #debtpayoff #invest #investing #retirement #debtorinvest #money #moneytok
Replying to @_justpeachykeen_My certificates:PMP Probably the most widely recognized cert in this space. I did pay for this and my study materials myself and I do think this looked good on my resume and in interviews.&CSM & CSPO Very beginner level courses for agile/tech specific project management work. Also very pricey, I would invest in the PMP over these two. I got these expensed through work.SIX SIGMA GREEN BELT I got this during my undergrad program in a Quality class - I found this information to be really interesting and could be a good cert for a more technical PM position, but def not necessary if quality or process improvements arenât your cup of tea.GRADUATE CERTIFICATE IN PROJECT MANAGEMENT I coordinated my masters schedule around this PM cert. I wouldnât pay grad school prices just for a certificate, but if youre already in grad school you should be looking into certifications you can get alongside your degree (without taking extra classes). #projectmanagement #projectmanager #career #careerdevelopment #careergoals #pmp #csm #cspo #gradschool #mastersdegree
my payday routine and investment update as a 28 year old paying off $80k in debtď¸ my salary gets deposited to my SoFi checking account to get that 4.6% interest.in bio to get a sign up bonus! ď¸ I budget for the entire year so I can understand how much extra money I can put towards my debt and other financial goals!in bio if you want to get started using my template! #personalfinance #payday #paydayroutine #personalfinancetips #paycheckbreakdown #financialliteracy #moneygoals #investment #retirement
Replying to @lukemaiers so yeah.. it is a little high, but its intentional and what works best for me to feel safe. #personalfinance #emergencyfund #savingmoney #hysa #highyieldsavings #personalfinancetips #budget #budgeting
I love a new month!!this is the time when I sit down and finalize my April budget, see if I hit my goals, and update alllll of my numbers. I genuinely find it so fun to see the progress I make each month and the breakdown of all the numbers.Review last months spending + update transactions This is dedicated time to go through every account and make sure I didnât miss a transaction.Update Debt + Net Worth trackers This is probably the most exciting part for me (even tho sometimes the market isand my net worth decreases ). But either way I can see that I always trend positive over time and thatâs whatâs important! This is a guide to see if Iâm taking the right steps to improve my financial picture.Review April Dashboard Now that all of my final numbers are in I can review the entire dashboard to see my final savings numbers and the final amount leftover in my checking account buffer. If this number goes under $2500 thatâs a signal for me to get my sh together and do some intentional low spend months to get it back up.Reconcile Accounts This is when I compare my budget to my actual bank accounts. Since I spend randomly in my sinking funds I donât automate my savings amount (I would just need to go back and fix it anyways). For April I spent a bit more than I saved, so I will transfer money from my HYSA to my bank account to cover that spending and make sure all of my numbers line up. If I had a HUGE purchase out of my sinking funds that I couldnât cover with my checking fund, I wouldnât wait until the end of the month to transfer this money over. But since it was just a smallish amount, I am able to hold off on the transfer.Review May Budget Once my final numbers are in I can actually go in and finalize my plan for the month. I have a very fluid way of budgeting so I donât mind switching gears in the middle of the month, but I do like to START the month with a goal and plan in mind so I am more intentional with my spending. #personalfinance #budget #b
my payday routine and investment update as a 28 year old paying off $80k in debtmy salary gets deposited to my SoFi checking account to get that 4.6% interest.in bio to get a sign up bonus! I budget for the entire year so l can understand how much extra money I can put towards my debt and other financial goals!in bio if you want to get started using my template! #personalfinance #payday #paydayroutine #personalfinancetips #paycheckbreakdown #financialliteracy #moneygoals #investment #retirement
what i spent in the month of april #personalfinance #whatispend #whatispendinamonth #budget #budgeting #zerobasedbudget
Part 2 Replying to @jonahgraciani22Does it make more financial sense to pay off low interest debt or invest?? Letâs debunk some weird misinformation.Using the historical average of 10% return, investing in this scenario would put you over $770,000 AHEAD. That could literally be the difference between running out of money in retirement or not.Using a more conservative 7% rate still nets you $143,320 more dollars than paying off your mortgage early. Either way - the point is that this idea that you need the full amount of debt ALSO invested for investing to be the right financial decision is incorrect.đ¤I completely understand that the flexibility and freedom that comes with a paid off house may be worth the extra cost. I would never be one to judge others on what makes them feel safe financially and emotionally!ď¸ However, I do think itâs important to have ALL the facts before you make debt payoff and investment decisions. I would hate for someone to get close to retirement age and realize they donât have enough money invested because they spent so many years focusing on low interest debt payments. Especially if their decision to pay off debt was rooted in this kind of misinformation.At the end of the day, thereâs tradeoffs to both decisions. Itâs important to run the numbers and then decide what makes the most sense for you.#personalfinance #debt #debtpayoff #debtorinvest #invest #money #retirement #retirementplanning #debtfree #debtfreejourney
Part 1 Replying to @jonahgraciani22Does it make more financial sense to pay off low interest debt or invest?? Letâs debunk some weird misinformation.Using the historical average of 10% return, investing in this scenario would put you over $770,000 AHEAD. That could literally be the difference between running out of money in retirement or not.Using a more conservative 7% rate still nets you $143,320 more dollars than paying off your mortgage early. Either way - the point is that this idea that you need the full amount of debt ALSO invested for investing to be the right financial decision is incorrect.đ¤I completely understand that the flexibility and freedom that comes with a paid off house may be worth the extra cost. I would never be one to judge others on what makes them feel safe financially and emotionally!ď¸ However, I do think itâs important to have ALL the facts before you make debt payoff and investment decisions. I would hate for someone to get close to retirement age and realize they donât have enough money invested because they spent so many years focusing on low interest debt payments. Especially if their decision to pay off debt was rooted in this kind of misinformation.At the end of the day, thereâs tradeoffs to both decisions. Itâs important to run the numbers and then decide what makes the most sense for you.#personalfinance #debt #debtpayoff #debtorinvest #invest #money #retirement #retirementplanning #debtfree #debtfreejourney
the 3 biggest money mistakes I made in collegespending my student loan refunds When I graduated college I had Sallie Mae loans that were 10-11%+ interestthat $900 refund I spent freshman year alone cost me upwards of $450 in interest (I hope it was worth it freshman year me!!!).opening a STORE credit cardI worked at Kohlâs during college and boy did those managers pressure you into getting a card so they could artificially inflate their credit card numbers!!!!!!!! We love middle aged men taking advantage of young womenI WISH I knew about responsible cards that would have helped me build credit responsibly, without the risk of getting into debt or paying fees or interest. I am SO excited to partner with @Fizz Card and show you guys that there are responsible ways to build credit in college (and beyond).use my code âMckenzieâ to get a $10 bonus with your first purchase! đŤśđťnot checking my bank account or student loan balances 𫣠I was scared to look at my accounts the ENTIRE time I was in college, so I just didnâtthis one was probably my biggest mistake because it led me to be ignorant of my financial situation and led to a whole lot of other problems (like #1). Even if itâs scary, itâs way more scary to not check because youâll never be able to make any progress that way.#personalfinance #college #financetips #moneymistakes #fizzpartner #student #university #debitcard #buildingcredit
Replying to @eleanor_sy Paying rent with a credit card for pointsWhat credit card do you use? I use the BILT credit card. $0 annual fee card, 1x points on rent, 2x on travel, and 3x on dining. Referral link in my Stan store đŤśđťBut what about the credit card fees? BILT provides a routing and account number so your credit card actually looks like a bank! This means no fees!! BILT can also send a check to your landlord.Whatâs the catch? No catch, but you do have to make 5 transactions every statement period in order to earn points. I get around this by putting smaller subscriptions on my BILT card so I never have to remember to spend money. ď¸ What can I use the points for? You can use BILTs travel portal to book flights, hotels, car rentals. You can transfer points to their transfer partners. You can also simply redeem points towards paying your rent.Paying rent with a credit card scares me..You have two options!! 1: You can set up auto pay2: You can set up BiltProtect Debit - this lets you pay rent without using your credit limit. BILT will pull the full payment directly from your linked bank account, just like a debit card.#personalfinance #creditcard #cashback #creditcards #bilt #rent
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